MEMO

FROM: PTEDEPE

TO: IN-TELL PROG-23 GROUP

The profitability of Nanoscript will be determined by its network-value relative to its cost. Cost must include both start-up expense and operating expense, for both the transmitter and receiver sides of the industry. Value will be determined mostly by market forces, and will be further clouded by subjective perceptions that vary from user to user. Estimates will be crude. Optimisms and pessimisms will creep into the analysis. Please see my follow-up memo for more developments in this area.