Exhibit 20

AEHR TEST SYSTEMS LOGO December 2002

EXCITING TECHNOLOGY FOR TOMORROW

Nasdaq NM: AEHR
Stock Data

(as of 12/17/02)

TTM* Net Sales: .............$13.3 Million
Recent Price: ...............$3.09
52-week Range: ..............$1.85 - $5.95
Price/Sales (TTM*): .........1.7X
Price/Book (as of 8/31/02): .0.8X
Market Capitalization: ......$22.2 Million
Common Shares Outstanding: ..7.2 Million
Float: ......................5.9 Million
Inside Ownership: ...........19%
Institutional Ownership: ....53%
Fiscal Year End: ............May 31
Founded: ....................1977
Analyst Coverage: ...........Adams, Harkness & Hill

* Trailing Twelve Months as of 8/31/02

INVESTMENT CONSIDERATIONS

- - Market leader in an estimated $150 million niche in the $3 billion
semiconductor test equipment industry.
- - Over 2,000 systems installed with more than 100 customers in 25 countries.
- - Newly introduced leading-edge products target emerging markets.
- - No debt to service allows flexibility to invest in R&D and grow family of
products, even during industry downturns.
- - Company has weathered economic cycles for 25 years, positioning itself
during downturns to capitalize on upturns.
- - Seasoned management team with an average of 18 years of combined industry
experience with demonstrated ability to develop and introduce innovative
products.

CELEBRATING 25 YEARS AS A LEADER
IN THE IC BURN-IN AND TEST MARKET

For over two decades, Aehr Test Systems (AEHR) has been recognized as a
global leader in devising solutions for one of the semiconductor industry's
most persistent problems-driving time and cost out of the test process for
computer logic and memory devices. Its systems, some of which have
revolutionized the industry, test memory devices, perform reliability
screening-or burn-in-of complex logic and memory devices, and enable
integrated circuit (IC) manufacturers to perform test and burn-in of bare
die. AEHR has introduced several innovative product families in this
estimated $150 million niche segment, and many semiconductor manufacturers
have grown to rely on the Company's test systems to screen out defective
devices during the manufacturing process.

The semiconductor equipment industry can be characterized by perpetual change
and technology advances, some of which have been driven by AEHR. The Company
pioneered both parallel memory test during burn-in systems and bare die
carriers, and now has introduced full wafer-level burn-in and test systems
that have the potential to revolutionize the way chips are processed. These
new systems could fundamentally change the process flow for semiconductor
manufacturers and help them lower manufacturing costs.

Throughout 25 years of industry and economic ups and downs, AEHR has invested
in R&D to expand its family of products to drive technology advances, cement
its leadership position and enhance its long-term growth prospects.

Aehr Test's systems are modular, allowing them to be configured with optional
features to meet customer requirements. Systems can be configured for use in
production applications, where capacity, throughput and price are most
important, or for reliability engineering and quality assurance applications,
where performance and flexibility, such as extended temperature ranges are
essential.

MARKET OPPORTUNITY

The Company's burn-in systems test ICs' reliability by stressing them with
high temperatures and voltages. This process forces defective ICs to fail
before they are incorporated into assemblies where they may cause reliability
problems in the end products. AEHR set the standard for burn-in when its ATS
system was introduced in 1977. Its latest generation systems, MAX and ATX,
are designed to burn-in digital signal processors (DSPs), microprocessors
(MPUs) and other logic and mixed signal devices that require the lower-
voltage inputs dictated by state-of-the-art ICs. With the semiconductor
industry migrating to higher-power ICs, AEHR sees a significant opportunity
to replace its installed base with these leading-edge systems.

Massively parallel systems drive time and cost out of memory testing by
performing tests on thousands of chips simultaneously. AEHR's MTX system
performs a significant number of tests usually handled by lower throughput,
higher cost conventional memory testers that are designed to perform high-
accuracy, final test functions. The Company estimates that the MTX can
eliminate up to 70% of the test time of a conventional memory tester,
allowing manufacturers to reduce the required number of memory testers and as
a result, cut capital and operating costs. Initial production units were
installed in 1996. The Company estimates that the available market for
massively parallel systems to be $75 million in 2002, and expects this market
to reach $150 million by 2005.

The continuing growth in demand for small, portable electronic devices such
as wireless phones and notebook and palm-sized PCs, is driving demand for
smaller and lighter-weight ICs, which in turn is forcing IC manufacturers to
deliver bare die for use in multichip modules (MCMs) to increase packaging
density. In 1995, AEHR revolutionized this market segment by introducing
DiePak carriers - reusable, temporary die carriers that allow for test and
burn-in of bare die using the same systems used for packaged ICs. Testing
bare die allows manufacturers to screen out an individual bad die rather than
discarding a defective MCM that contains numerous chips. Because
manufacturers are assured that they only assemble known-good-die (KGD), they
produce a quality product at a reduced cost. According to Prismark
Associates, bare die sales are expected to triple from current levels by
2006.

Wafer-level burn-in is an emerging trend that is being driven by
semiconductor manufacturing's migration to wafer-level packaging, which
speeds the manufacturing process and produces lower-cost ICs. AEHR's FOX
Full Wafer Contact System is one of very few systems that simultaneously
performs burn-in and parallel testing of ICs while they are still in wafer
form, allowing manufacturers to achieve significant cost savings and reduce
cycle time. A unique feature of the FOX system is the WaferPak cartridge
system that accommodates a wide range of devices. The Company believes that
the potential market will grow rapidly over the next three years. Annual
cartridge revenue could grow to exceed system revenue by the end of 2006.

On the international front, opportunities for growth and demand overseas
require equipment vendors to provide global support and service, and AEHR has
already established sales and service support for its systems across Europe
and Asia. Some analysts claim that by 2010, China will represent 10% of the
global market for semiconductors, and the Company believes that AEHR's family
of test and burn-in products are an excellent match for China's emerging
semiconductor backend operations.

GROWTH STRATEGY

- - Invest in leading-edge products: The Company believes that to remain
competitive it must invest significant financial resources in new product
development. Despite downturns during its 25-year history, AEHR has been
able to support necessary research and development funding. The Company's
near-term objective is to invest in and grow its innovative FOX family of
products targeting the emerging market for full-wafer contact and burn-in
test systems.

- - Invest in R&D to expand market share: In addition to growing the FOX
family, AEHR is currently developing capability and performance enhancements
to the MTX and MAX systems for future generation ICs that will drive the need
for semiconductor manufacturers to upgrade the existing installed base of
burn-in and test systems.

- - Capitalize on reputation as industry's standard for more than two decades:
AEHR has set the standard for burn-in since 1977. The Company has become a
market leader in burn-in and parallel test systems by being ahead of the
curve, having new and upgraded products ready to reduce the cost of burn-in
and test of increasingly complex ICs. The Company believes that wafer-level
burn-in and test could

change the process flow for semiconductor manufacturers and help them lower
manufacturing cost and reduce cycle time.

- - Enhance relationships with blue-chip global semiconductor manufacturers:
AEHR enjoys long-standing relationships with many of its customers. The
Company focuses on having extensive support coverage across the globe.
Customers include many of the major semiconductor manufacturers throughout
the world.

- - Expand leading market position overseas: Semiconductor manufacturing is
increasingly being done overseas, requiring equipment vendors to provide
global support and service. AEHR has direct sales and support offices and
distributors in many countries across Europe and Asia. To support the sale
of the new MTX and MAX4 systems, the Company is strengthening its worldwide
sales, customer service and support operations. The Company has bolstered
its market position in China by arranging for ZMC Technologies to be its
sales representative. The Company is also encouraged by its growing business
in Taiwan, evidenced by repeat orders for several MTX parallel test systems
from test houses supporting a major DRAM production facility. Taiwan has
become the world's fourth-largest semiconductor manufacturer.

SEASONED MANAGEMENT TEAM

AEHR's highly experienced management team has an average of 18 years of
combined experience at semiconductor and technology companies, which provides
a strong foundation to execute on the Company's strategy to expand its
existing markets into new growth areas.

Rhea J. Posedel, Chairman and Chief Executive Officer, is a founder of the
Company and has served in his current capacity since the Company's inception
in 1977. Mr. Posedel also served as AEHR's President from inception through
2000. Prior to founding AEHR, Mr. Posedel served in various capacities at
Lockheed Martin, Ampex, and Cohu.

C.J. Meurell, President and Chief Operating Officer, was formerly AEHR's Vice
President of Worldwide Sales. Prior to joining the Company, Mr. Meurell
served in various capacities at Photon Dynamics, Megatest (a division of
Teradyne, Inc.), and Catapult Software Training (an IBM company).

Gary L. Larson, Vice President of Finance and Chief Financial Officer, was
formerly with Nanometrics as Chief Financial Officer and later, as President
and Chief Operating Officer. Prior to that, Mr. Larson served in various
capacities at General Electric.

Carl N. Buck, Vice President of Contactor Business Group, was formerly AEHR's
Vice President of Marketing. Prior to joining the Company, Mr. Buck served
as Product Marketing Manager at Intel Corporation.

David S. Hendrickson, Vice President of Engineering, was formerly with
Siemens Medical (formerly Acuson Corporation) and held various positions
including Platform General Manager, Engineering Director and Software
Director. Mr. Hendrickson also served as Director of Engineering and
Director of Software at Teradyne Inc. (formerly Megatest Corporation).

FINANCIAL OVERVIEW

For fiscal 2002 ended May 31, 2002, AEHR reported a year-over-year decline in
net sales to $12.6 million from $31.0 million, reflecting the dramatic
downturn in the semiconductor industry. Net loss was $5.3 million, or $0.74
per share, compared with a net loss of $141,000, or $0.02 per share, for
fiscal 2001. Excluding the impact of accounting changes recorded in both
years, net loss for fiscal 2002 was $2.8 million, or $0.39 per share, versus
net income of $1.5 million, or $0.21 per share, for the previous year.

For the first fiscal quarter of 2003 ended August 31, 2002, AEHR recorded
increased net sales of $3.5 million, up 25% from $2.8 million in the same
quarter of the prior fiscal year. While the operating loss narrowed for the
fiscal 2003 period, the net loss for the quarter was $887,000, or $0.12 per
share, compared with a net loss of $634,000, or $0.09 per share, in the same
quarter of the prior year. The 2002 period's net loss included a tax benefit
of $332,000, or $0.05 per share, while no income tax benefit was recorded in
the first quarter of fiscal 2003.

At August 31, 2002, the Company's balance sheet remained strong with cash and
short-term investments of $12.9 million, or $1.79 per share. Shareholders'
equity was $29 million or $4.03 per share. The Company ended the period with
no debt.

INCOME STATEMENT SUMMARY
(in thousands, except per share data)

Three Months Ended Twelve Months Ended
August 31, May 31,
2002 2001 2002 2001
---------- ---------- ---------- ----------

Net Sales...................................... $ 3,508 $ 2,805 $12,568 $31,039
Gross Profit................................... 1,559 1,395 6,080 13,116

Research and Development..................... 961 966 4,036 4,382
Selling, General & Administrative............ 1,711 1,631 6,547 7,262
Total Operating Expenses................... 2,672 2,597 10,583 11,644

Net Loss....................................... $ (887) $ (634) $(5,267) $ (141)
Net Loss Per Share (Diluted)................... $ (0.12) $ (0.09) $ (0.74) $ (0.02)

BALANCE SHEET DATA
(in thousands)

Balance At
August 31, May 31,
2002 2002
---------- ----------

Assets
Cash and Cash Equivalents .......................... $ 8,020 $ 7,485
Short-term Investments ............................. 4,856 8,003
Total Current Assets ............................... 27,670 29,626
Total Assets ..................................... $32,435 $33,818

Liabilities & Equity:
Current Liabilities ................................ $ 3,203 $ 3,674
Shareholders' Equity ............................... 28,957 29,885
Total Liabilities &
Shareholders' Equity ............................ $32,435 $33,818

CONTACTS

Aehr Test Systems:
Gary Larson
Chief Financial Officer
(510) 623-9400

FRB | Weber Shandwick:
James Hoyne
Investor/Analyst Contact
(310) 407-6546
jhoyne@webershandwick.com
or
Verity Chegar
General Information
(415) 296-2267
vchegar@webershandwick.com

FRB | Weber Shandwick serves as investor relations counsel to Aehr Test
Systems and is acting on the Company's behalf in issuing this bulletin and
receiving compensation therefor. The information contained herein is
furnished for information purposes only and is not to be construed as an
offer to buy or sell securities.

SAFE HARBOR STATEMENT
Certain statements in this document involve risks and uncertainties relating
to projections regarding industry growth and customer demand for Aehr Test's
products. Actual results may vary from projected results. These risks and
uncertainties include economic conditions in Asia and elsewhere, world
events, acceptance by customers of the FOX, MTX, MAX and DiePak technologies,
the ability of the Company to gain business in China, the Company's
development and manufacture of a commercially successful wafer-level burn-in
system, and the potential emergence of alternative technologies, which could
adversely affect demand for Aehr Test's products in fiscal year 2003. See
Aehr Test's 10-K and 10-Q reports filed with the SEC for additional risks
affecting Aehr Test.

AEHR TEST SYSTEMS LOGO

EXCITING TECHNOLOGY FOR TOMORROW

AEHR's Innovative Products

The FOX system is a full-wafer contact burn-in and test system with a unique
cartridge technology that accommodates full-wafer contactors combined with
industry-proven parallel test electronics to provide full-wafer burn-in and
test.

- - Fully contacts, burns-in and tests up to 14 wafers simultaneously.
- - Greater than 30,000 contact-point capability per wafer.
- - WaferPak cartridge accommodates different contactor technologies.
- - Cartridge design allows single Loader/Aligner to support many FOX systems.

The MTX system is a massively parallel test system designed to reduce the
cost of DRAM testing by performing both test and burn-in on thousands of
devices simultaneously.

- - Capable of testing more than 10,000 devices in a single system.
- - Offloads up to 70% of the tests normally performed by experienced high-
speed testers.
- - Performs functional tests in a combined burn-in and massively parallel test
system.

The MAX system can effectively burn-in and functionally test sophisticated
devices, such as digital signal processors, microprocessors, microcontrollers
and systems-on-a-chip. The latest offering is the MAX4 system that provides
a higher power burn-in system at a lower cost per device-under-test. Many of
today's logic ICs, such as microprocessors and digital signal processors, are
providing more functions per chip and operating at increasingly faster clock
speeds, resulting in more current and more power being consumed per IC. The
MAX4 system offers both higher current per device and the ability to control
the temperature of higher power devices.

The DiePak carrier is a reusable, temporary package that enables IC
manufacturers to perform cost-effective final test and burn-in of bare die.
The Company developed the DiePak carrier to enable burn-in and test of bare
die in order to supply known good die (KGD) for the use in applications such
as multichip modules.