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INDEPENDENT RESEARCH CLASSIFICATION

This document constitutes independent market-structure research produced in Paris by N72 Semiconductor Value Insights. It does NOT constitute:

• Investment advice (conseil en investissement) as defined under AMF regulations (Article L. 321-1)
• Portfolio management services (gestion de portefeuille)
• A solicitation to buy, sell or hold any financial instrument

REGULATORY COMPLIANCE

This analysis has been prepared in accordance with European frameworks governing independent research, including:

• AMF General Regulation
• MiFID II transparency requirements (Article 36)
• European market abuse regulations
• Professional research standards for independent analysis

INDEPENDENCE CERTIFICATION

In accordance with MiFID II Article 36 requirements:

• N72 maintains no proprietary trading positions in securities discussed or analysed
• No N72 personnel have material financial interests in issuers or companies analysed
• This research was not shared with any issuer or related party prior to publication
• N72 receives no compensation from issuers for coverage or analysis
• N72 has no investment banking or advisory relationships with companies analysed

All scenarios, projections and structural assessments are provided solely for informational and educational purposes. N72 does not recommend buying, selling or holding any security.

Readers remain fully responsible for:

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• Assessing suitability of any decision in light of their objectives and regulatory obligations
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• Making final decisions based on their own judgment and fiduciary responsibilities

N72 reports contain forward-looking statements regarding potential future market conditions, revenue requirements, infrastructure constraints and timing scenarios. These statements are based on:

• Engineering specifications and physics constraints
• Historical pattern analysis
• Financial modelling under stated assumptions
• Balance of Forces methodology

These statements do NOT represent predictions of specific market movements, guarantees of future events, or timing certainty. All forward-looking statements carry substantial uncertainty. Actual results may differ materially from projected scenarios.

Copyright © 2025 N72 Semiconductor Value Insights. All rights reserved.

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PROHIBITED USE

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While extensive efforts have been undertaken to ensure accuracy through triangulation of data sources and verification protocols, residual errors may exist.

Readers identifying substantive errors should contact the report author whose email is provided inside the report, and on the purchase confirmation email.

N72 commits to:

• Investigating reported errors promptly
• Publishing corrections for material errors
• Providing corrected versions to purchasers

These terms are governed by French law.

Any disputes shall be subject to the exclusive jurisdiction of the courts of Paris, France.