1. M&A 2013 9 13 IP Valuation

2. 2013/09/13 IP Valuation Patent Office 3. 1975 83 2005 80 1975 2005 16.8 79.7 83.2 20.3 (Parr, Russell L. and Smith, Gordon V. Intellectual Property) 2013/09/13 IP Valuation Patent Office3 4. M A 104 886 GSK 13.5 (2,106 ) Microsoft 37.9 euro 16.5 euro KKR 1,500 2 LTE 164 12 7,800 Google HMD n/a 2013/09/13 IP Valuation Patent Office4 5. M A 2011 8 Google Motorola Mobility 1 2,500 2011 7 Sony, Apple, Microsoft 6 NORTEL 6,000 4,500 2011 5 1 1000 2010 3 OSI 3,700 2008 11 50.2 4,038 2008 6 4,900 2008 4 8,800 2013/09/13 IP Valuation Patent Office5 6. (1) 2013 4 1,500 95 2012 12 Apple,Google Kodak 1,100 527 2012 11 ARM MIPSTechnologies 580 350 2012 7 Universal DisplayCorp EL 1,200 105 2012 6 InterDigital 3G/LTE 1,700 375 2013/09/13 IP Valuation Patent Office6 7. (2) 2012 4 Facebook Microsoft AOL 650 550 2012 4 Microsoft AOL 925 1,056 2012 3 Facebook IBM 750 n/a 2011 7 Google IBM 1,000 n/a 2011 7 Sony, Apple, Microsoft 6 NORTEL 6,000 45 2013/09/13 IP Valuation Patent Office7 1 20 40 8. 2013/09/13 IP Valuation Patent Office 9. OECD (BEPS; Base Erosion and Profit Shifting) TPP 10 2013/09/13 IP Valuation Patent Office9 10. OECD: BEPS Apple,Google, Starbucks Apple CEO Tim Cook 2013/09/13 IP Valuation Patent Office10 11. 10 6 2013/09/13 IP Valuation Patent Office11 12. 2013/09/13 IP Valuation Patent Office12 10 9 27.5 2.5 13. 2013/09/13 IP Valuation Patent Office13 14. 26 2013/09/13 IP Valuation Patent Office14 15. M A 2013/09/13 IP Valuation Patent Office 16. 2013/09/13 IP Valuation Patent Office16 50.2 4,038 M&A 17. 2013/09/13 IP Valuation Patent Office17 Google Motorola Mobility Google Motorola Mobility 125 M&A 18. 2013/09/13 IP Valuation Patent Office 19. 2013/09/13 IP Valuation Patent Office19 20. 2013/09/13 IP Valuation Patent Office20 21. PPA 2013/09/13 IP Valuation Patent Office21 22. 2013/09/13 IP Valuation Patent Office22 23. 2013/09/13 IP Valuation Patent Office23 24. 2013/09/13 IP Valuation Patent Office24 25. DCF 2013/09/13 IP Valuation Patent Office 26. 2013/09/13 IP Valuation Patent Office26 27. DCF FCF WACC 2013/09/13 IP Valuation Patent Office27 28. (Debt) (Equity) 2013/09/13 IP Valuation Patent Office28 29. NPE WACC WACC 2013/09/13 IP Valuation Patent Office29 30. (Debt) (Equity) 2013/09/13 IP Valuation Patent Office30 31. 2013/09/13 IP Valuation Patent Office 32. 2013/09/13 IP Valuation Patent Office32 33. royaltystat database (www.royaltystat.com) RoyaltySource database (www.royaltysource.com) 2013/09/13 IP Valuation Patent Office33 34. 2013/09/13 Year 1 Year 2 Year 3 Year 4 Year 5 10,000 8,500 6,500 3,250 1,000 5% 5% 5% 5% 5% 500 425 325 163 50 40% (200) (170) (130) (65) (20) 300 255 195 98 30 10% 0.50 1.50 2.50 3.50 4.50 0.95 0.87 0.79 0.72 0.65 286 221 154 70 20 750 263 0.35 1,013 IP Valuation Patent Office34 35. 2013/09/13 + + IP Valuation Patent Office35 36. 2013/09/13 Year 1 Year 2 Year 3 Year 4 Year 5 10,000 8,500 6,500 3,250 1,000 (7,000) (5,950) (4,550) (2,275) (700) 3,000 2,550 1,950 975 300 500 425 325 163 50 CAC CAC 1.0% (100) (85) (65) (33) (10) CAC 3.0% (300) (255) (195) (98) (30) CAC 1.0% (100) (85) (65) (33) (10) CAC 4.0% (400) (340) (260) (130) (40) 2,600 2,210 1,690 845 260 40% (1,040) (884) (676) (338) (104) 1,560 1,326 1,014 507 156 15% 0.50 1.50 2.50 3.50 4.50 0.93 0.81 0.71 0.61 0.53 1,455 1,075 715 311 83 3,639 1,456 0.40 5,095 IP Valuation Patent Office36 37. WACC WARA (Debt) (Equity) WARA (Weighted Average Return on Assets) 2013/09/13 IP Valuation Patent Office WACC (Weighted Average Cost of Capital) 37