At this time, I’d like to draw your attention to the Safe Harbor statement contained in today’s press release and in our online presentation both of which can be found on our website at www.asml.com. The Safe Harbor statement will apply to this call and all associated presentation materials. The length of this call will be 30 minutes.
And now I’d like to turn the call over to Peter Wennink for a brief introduction. Peter?
Thank you. Good afternoon and good morning, everyone, and thank you for attending today’s conference call regarding our recently issued press release. Before we begin the Q&A session, I’d like to provide a brief overview of the key points of the announcement. Following the introduction, Eric and I would gladly take as many of your questions as time will allow.
ASML announced today that we’ve established a program to enable minority equity investments in the company, by its largest customers in addition to commitments to partially fund ASML’s research and development spending for our future programs. The objective of the program is to accelerate our development of EUV beyond this current generation and our development of future 450 millimeter wafer technology, both due in the second half of this decade.
The possession is focused on risk sharing through co-investments by customers and contains basically three elements: first, the first element is that it has customers contributing potentially up to €1.4 billion towards our research and development cost for what we call a non-recurring engineering cost over and above the five year period starting in 2013.
The second element is that customers will have the ability to take a minority interest in the company, which in essence provides the cement for the strategic relationship between ASML and the industry. And the third element is that the money that we will receive for the issuance of the maximum of 25% additional shares will be returned in full to the adjusting shareholders through the use of a synthetic buyback program.