Photolithography for Advanced Packaging, MEMS & LEDs

Transcription

1 From Technologies to Market Photolithography for Advanced Packaging, MEMS & LEDs Report June 2015

2 ABOUT THE AUTHORS Biography & contact Amandine PIZZAGALLI, Market & Technology Analyst, Equipment and Materials for Advanced Packaging Amandine is in charge of equipment & material fields for the Advanced Packaging & Manufacturing team at Yole Développement after graduating as an engineer in Electronics, with a specialization in Semiconductors and Nano Electronics Technologies. She worked in the past for Air Liquide with an emphasis on CVD and ALD processes for semiconductor applications. Contact: pizzagalli@yole.fr Claire TROADEC, Market & Technology Analyst, MEMS and Semiconductor Manufacturing Claire Troadec has been a member of the MEMS manufacturing team at Yole Développement since She graduated from INSA Rennes in France with an engineering degree in microelectronics and material sciences. She then joined NXP Semiconductors, and worked for 7 years as a CMOS process integration engineer at the IMEC R&D facility. During this time, she oversaw the isolation and performance boost of CMOS technology node devices from 90 nm down to 45 nm. She has authored or co-authored seven US patents and nine international publications in the semiconductor field and before joining Yole Développement managed her own distribution and e-commerce company. Contact: troadec@yole.fr Jérôme AZEMAR, Market & Technology Analyst, Advanced Packaging Manufacturing Jérôme Azémar is a member of the Advanced Packaging & Manufacturing team. Upon graduating from INSA Toulouse with a master s in Microelectronics and Applied Physics, he joined ASML and worked in Veldhoven for three years as an Application Support Engineer, specializing in immersion scanners. During this time he acquired Photolithography skills which he then honed over a two year stint as a Process Engineer at STMicroelectronics. While with ST he developed new processes, coauthored an international publication and worked on metrology structures embedded on reticules before joining Yole Développement in Contact: azemar@yole.fr 2

3 TABLE OF CONTENTS 1/2 Introduction, Definitions & Methodology Glossary Companies Cited in this Report Definitions, Limitations & Methodology Who Should be Interested in this Report? EXECUTIVE SUMMARY Forecasts Breakdown by application o o o Lithography equipment market forecasts provided both in $M, Munits with associated growth rates Volume shipment by application (packaging platform vs MEMS) Volume shipment by technology Overall Market Share: breakdown by MEMS,AP & LEDs Major suppliers positioning (by techno, by application) PART 1: CURRENT LITHOGRAPHY EQUIPMENT & MATERIALS Geographical mapping of the players Major suppliers positioning Technology overview (MA, Projection steppers, scanners) ADVANCED PACKAGING o o Equipment Current lithography technologies used Future or potential technologies used Current status Technical specification required Challenges Unmet needs by process step Technology trends market forecast in $M and units Equipment and materials suppliers involved in lithography Market share in 2014 Case studies: cost structure examples and process steps Photoresist materials Current materials technologies used Trends Challenges Key technical specifications Market share in 2014 Breakdown by material supplier Breakdown by type of photoresist: positive vs negative; spin vs dry 3

4 TABLE OF CONTENTS 2/2 MEMS o Equipment Current lithography technologies used Future or potential technologies used Current status Technical specification required Challenges Unmet needs by process step Technology trends market forecast in $M and units Equipment and materials suppliers involved in lithography Market share in 2014 Case studies: cost structure examples and process steps o Photoresist materials overview LEDS o Equipment Current lithography technologies used Future or potential technologies used Current status Technical specification required Challenges Unmet needs by process step Technology trends market forecast in $M and units Equipment & materials suppliers involved in lithography Market share in 2014 Case studies: cost structure examples & process steps o Photoresist materials overview PART II: DISRUPTIVE TECHNOLOGIES Technology overview o Laser direct imaging o Laser ablation o Nanoimprint lithography Geographical mapping of the players Major suppliers positioning PART III: LITHOGRAPHY COMPETITIVE LANDSCAPE SCENARIOS AND TRENDS Conclusions & Perspectives Company presentation 4

5 REPORT OBJECTIVES (1/2) We have decided to make a technology and market report on the lithography technology for the following reasons: Growing interest for lithography has been noticed in the industry Competitive market which attracts new entrants in the lithography business The objectives of the reports are : Provide an overview of the lithography technologies Description of the key lithography applications Who are the current and future industrial users in each application Provide market data and forecasts on lithography equipment and materials for lithography technologies Identify the lithography solutions and equipment suppliers supporting Advanced Packaging, MEMS & LEDs markets Determine the competing landscape for each segment mentioned above 5

6 REPORT OBJECTIVES (2/2) Assess the market for lithography tools Production forecast in number of tools and in revenue Production forecast by lithography method Players roadmap, expected year for market entry Analyze the lithography techniques (mask aligner, stepper, projection scanner, laser ablation, laser direct imaging) trends Global lithography technologies and materials used for lithography trends Manufacturing challenges related to each lithography method Provide an overview of the technological trends for lithography tools and materials solutions for lithography The following applications, where lithography processes are also required, are not included: Power devices (IGBT, MOSFET ) 6

7 WHO SHOULD BE INTERESTED IN THIS REPORT? Equipment & material suppliers: Identify new business opportunities and prospects Understand the differentiated value of your products and technologies in this market Identify technology trends, challenges and precise requirements related to lithography Evaluate your lithography technologies market potential Position your company in the market Monitor and benchmark your competitors IDMs, CMOS foundries and OSAT players: Understand technology trends related to lithography technologies when used in Advanced Packaging, MEMS and LED devices Spot new opportunities and define diversification strategies R&D organizations and investors: Evaluate market potential of future technologies and products for new applicative markets Identify the best candidates for technology transfer Monitor the global activity and consolidation currently occurring in the semiconductor equipment and material business in order to identify new partners and targets, and make the right decisions before committing to one particular supplier 7

8 COMPANIES CITED IN THE REPORT (NON-EXHAUSTIVE LIST) ASML, Canon, Dongjin Semichem Co., Dow Corning Corporation, Dow Electronic Materials, Eulitha, Enthone (Cookson Electronics), EVG Group, Hefel Advantools Semiconductor co, Ltd, HD Micro/Dupont, Heidelberg Instruments, JSR Micro, Limata, SUSS MicroTech, JSR Micro, Merck/AZ Em, Micronic Mydata, Molecular imprint, Nikon, Obducat, Orbotech, ORC, Rudolph, Shanghai Micro Electronics Equipment Co. Ltd. (SMEE), SCREEN, Tokyo Ohka Kogyo Co., LTD. (TOK), Shin-Etsu MicroSi, Ultratech, USHIO, Visitech, and many more 8

9 SCOPE OF THE REPORT 2014 Market size ($B) Large Mainstream Front-End (Logic+Memories) > $400B Focus of the report Indiquer appli final market MEMS >$11B LEDs >$14B Small Advanced Packaging >$9B 0.01 µm 0.1 µm 1 µm 10 µm Resolution (µm) 9

10 OVERVIEW OF LITHOGRAPHY TECHNOLOGIES There are 5 main available technologies that could be used in the Advanced Packaging, MEMS devices and LED applications : Lithography technologies for Advanced Packaging, MEMS & LEDs Patterning in Advanced Packaging is required for Via formation, bumping process and RDL Mask aligner on production Projection on production Stepper Scanner on production Laser direct imaging Ready for production Laser ablation Qualification on FO WLP Disruptive technologies NanoImprint (NIL) Ready for production Today, patterning is performed by various photolithography solutions such as: Mask aligner, Projection stepper & scanner. Laser direct imaging and Laser ablation could be alternative solution to the lithography technologies used today 10

11 EQUIPMENT SUPPLIERS STRONG COMPETITION IN THE LITHOGRAPHY AREA: HOW CAN NEW EQUIPMENT VENDORS ENTER THE MARKET AND BECOME SUCCESSFUL? Advanced Packaging and substrates MEMS devices LED devices Mask aligner Projection (Stepper & scanner) Laser ablation Laser direct Imaging Stepper NIL NIL Full-field NIL DTL 11

12 OVERVIEW OF THE EQUIPMENT VENDORS INVOLVED IN THE PACKAGING AREA Major competitors for Mask aligners* Major competitors for steppers *SUSS provides Projection scanner which is in-between mask aligner and projection stepper Internal re-use or re-sale About Yole Développement 12

13 LITHOGRAPHY EQUIPMENT TECHNOLOGY Price vs Resolution capabilities Price ($M) $4M Laser ablation Top-tiers vs specialized equipment vendors $3M $2M $1M 1 µm 2 µm 3 µm 4 µm Resolution (µm) 13

14 LITHOGRAPHY TECHNOLOGIES TRENDS IN ADVANCED PACKAGING Current solutions Disruptive technologies/future solutions Type of lithography technologies Mask aligner Stepper Projection Scanner Laser direct imaging Laser ablation Mask aligner Stepper Projection Scanner Laser direct imaging Laser ablation NIL 3D IC & 2.5D interposer FO WLP WLCSP Flip Chip wafer bumping on BGA 3D WLP (CMOS Image Sensors) Embedded die FO WLP Panel Organic/Glass panel interposer 14

15 LITHOGRAPHY EQUIPMENT TECHNOLOGY Price vs Resolution capabilities l Throughput (Wafer/hour) Stepper ~50-60 Scanner Wafer ~75 Laser ablation ~20 to 100 (depending on the material type) Mask Aligner ~100 Laser Direct Imaging ~70 to µm 2 µm 3 µm 4 µm Resolution (µm) 15

16 KEY LITHOGRAPHY CHALLENGES BY ADVANCED PACKAGING PLATFORM 3D IC with TSV Resolution: < 2µm IR alignment Flip Chip Sidewall coverage bump pitches reduced, very thick resist required 3DIC with TSV Flip-Chip 3-D WLP 3D WLP No specific concerns in the lithography process steps MEMS With their own characteristics Fan-Out WLP Package Embedded Devices FO WLP challenges Warpage Overlay issue due to die shift PCB Embedded die challenges Line width/spacing limited today Die placement accuracy Die shift issues WLCSP challenges Resolution Challenging to go down to 2µm L/S Vertical sidewalls Dielectric processing 16

17 Tool shipment forecast (in units) LITHOGRAPHY EQUIPMENT MARKET FORECAST Number of production tools Photolithography equipment market forecast for Advanced Packaging, MEMS and LED devices (in unit of production tools) Breakdown by application Advanced Packaging represents more than half of the projection systems shipped in 2014 and exhibit the highest CAGR (15%) Yole Developpement June Advanced Packaging MEMS devices LED devices 17

18 PHOTORESIST FOR ADVANCED PACKAGING Breakdown per equipment supplier Yole Developpement June 2015 Ultratech is leading the lithography market for Advanced Packaging 18

19 PHOTORESIST FOR ADVANCED PACKAGING Breakdown per material supplier JSR is leading the photoresist market for Advanced Packaging 19

20 PROFILES OF COMPANIES ADDRESSING THE MEMS MARKET 2014 Revenue ($M) > $10B 2 main profiles serving the MEMS projection system market: Mainstream Front End players with internal re-use or re-sale equipment Niche market players with dedicated new MEMS equipment New equipment base > $1B Mainly internal re-use or re-sale base Niche markets > $150M >$100M Mainstream Front End 20

21 MEMS PROJECTION SYSTEMS TAM For new equipment in Units We estimate the total available market to be 42 tools in This would represent a 9% CAGR C 21

22 INVOLVEMENT OF THE FE AND BE EQUIPMENT SUPPLIERS Requirements especially in the Advanced Packaging have driven the adoption of equipment coming from Front- End and Back-End area migration for equipment suppliers towards Middle-End space FE Wafer manufacturing Specialized equipment vendors already involved in the Packaging area BE Assembly & Test ++ More suitable for achieving aggressive features -- Expensive ++ Lower cost -- Scaling issues About Yole Développement 22

23 MORE SLIDES EXTRACTS About Yole Développement 23

24 OUR LATEST REPORTS 3D IC Business Update D IC & WLP Equipment and Materials 2014 N o k i a N o k i a Coming Soon Coming Soon Coming Soon Coming Soon 24

25 Market & Technology Report Equipment and Materials Photolithography Equipment and Materials for Advanced Packaging, MEMS and LED Applications KEY FEATURES OF THE REPORT forecast for lithography equipment and materials, with unit and market value metrics for Advanced Packaging, MEMS and LED devices In-depth analysis of the lithography equipment and materials landscape Key technical insights and detailed analysis of lithography equipment and material solutions, trends, requirements and challenges Competitive landscape, including market share, product split, lithography technology overview, comparison and roadmaps Technology roadmap for adoption of new lithography technologies and associated key equipment suppliers Analysis of market disruptions and impact on the current lithography market Cost structure analysis of various MEMS and LED devices REPORT OUTLINE Photolithography Equipment and Materials for Advanced Packaging, MEMS and LED Applications PDF & Excel file 5,990 Multi user license (300+ slides) 4,990 One user license (300+ slides) June slides Growing photolithography equipment markets in Advanced Packaging, MEMS and LEDs are attracting new players but they have to navigate complex roadmaps Clear leaders and outsiders: At first glance, the projection systems industry serving the More Moore and the More than Moore markets are similar The semiconductor industry is very often identified by its More Moore players, driven by technology downscaling and cost reduction. There s one clear leader supplying photolithography tools to the More Moore industry: ASML, based in The Netherlands. It s followed by two Japanese outsiders, Nikon and Canon. Providing this market with photolithography equipment is highly complex and there are gigantic barriers to market entry. Enormous R&D investments are required as the key features to print shrink ever further. Also, the tolerances specified are very aggressive and thus equipment complexity keeps on increasing. In the More than Moore industry the holy grail isn t downscaling any more it s adding functionality. There are two clear leaders, SUSS MicroTec in the MEMS and Sensors industry, and Ultratech in the Advanced Packaging industry. They re closely followed by the outsiders, EVG, Rudolph and USHIO. But the similarities are only superficial, because the market entry barrier is much lower in the More than Moore market. Equipment in the Advanced Packaging, MEMS and LEDs industries is less complex but customer adoption needs are higher, which leads to a much broader photolithography landscape. The photolithography market structure for these three industries is very different compared to the More Moore, or mainstream semiconductor, industry. New entrants can penetrate these markets with a good knowledge of the technological building blocks. But the key to success is to adapt the equipment to the specific customer s needs. That means that these markets are complex to develop and that they take a long time to penetrate. Some players entered through acquisition. Rudolph acquired Azores Corp. in 2012 to enter the Advanced Packaging photolithography equipment arena. Also in 2012, Suss MicroTec acquired Tamarack Scientific Co. Inc. to enlarge its semiconductor back end photolithography equipment market. Others like Orbotech, which acquired a leading MEMS and Advanced Packaging company, SPTS, is today only present in substrate and PCB direct imaging. Strong competition in the lithography area: How can new equipment vendors enter the market and become successful? Related reports LED Front End Manufacturing Trends Equipment and Materials for 3DIC & Wafer-Level Packaging Applications Inertial MEMS Manufacturing trends AAC Technologies MEMS Microphone in iphone 5S Avago FBAR filter ACMD-7612: UMTS Band 1 Duplexer OSRAM OSTAR Automotive Headlamp Pro CREE CXA1520 Lumileds Luxeon S EQUIPMENT SUPPLIERS Mask aligner Projection (Stepper & scanner) Laser ablation Laser direct Imaging NIL Stepper NIL Fullfield NIL DTL Advanced packaging and substrates MEMS devices LED devices Find all our reports on (Yole Développement, June 2015)

26 Photolithography Equipment and Materials for Advanced Packaging, MEMS and LED Applications the ADvAnCED PACkAging, MEMS AnD LEDS ProjECtion SyStEMS MArkEt represents us $150M in 2014 Of course, in these More than Moore markets, retrofit equipment does represent a big slice of the pie. Nevertheless business opportunities for brand new equipment are important, considering the very fragmented and therefore highly customer specific orientation of these equipment markets. Photolithography equipment market forecast for Advanced Packaging, MEMS and LEDs (in system units) The Advanced Packaging market is ver y interesting and is growing dynamically as it includes many different players along the supply chain. It encompasses outsourced assembly at test firms (OSATs), integrated manufacturers (IDMs), MEMS foundries and mid-stage foundries. Tool shipment forecast (in units) CAGR 150 CAGR 100 ~ 3% ~ 9% % GR ~ CA Advanced Packaging We estimate the projection systems market for Advanced Packaging, MEMS and LEDs to represent more than US$150M in Advanced Packaging has the strongest growth, with an estimated equipment installation base of 60 systems in 2014 and a compound annual growth rate (CAGR) of 14-15% envisaged through In the meanwhile, MEMS photolithography equipment looks set for an 9% CAGR and LEDs 3% MEMS devices LED devices (Yole Développement, June 2015) In comparison, even if the MEMS and Sensor industry is growing at a fast pace, components are also experiencing die size reduction due to strong cost pressure in the consumer market. Consequently wafer shipments are not following the same trend as unit shipments. Lastly, LED equipment growth is back to a normal rhythm, after big investments made in recent years. technology MiX is important The technology mix for projection systems in the Advanced Packaging, MEMS and LEDs markets is quite important. Mask aligners and projection steppers offers a wide resolution range while disruptive technologies like laser direct imaging (LDI), laser ablation, and nano-imprint lithography could re-shuffle the photolithography pack by offering good enough technology specifications at lower prices. This will of course depend on the final application as roadmaps differ in terms of resolution needs. We do not foresee any big specification evolution in the future. However, the MEMS sector is evolving towards greater stepper needs, as layer to layer alignment is becoming very accurate key lithography challenges for Advanced Packaging Flip Chip Sidewall coverage bump pitches reduced, very thick resist required 3D IC with TSV Resolution: < 2µm IR alignment 3DIC with TSV 3-D WLP Flip-Chip 3D WLP No specific concerns in the lithography process steps MEMS Fan-Out WLP Package Embedded Devices WLCSP challenges PCB Embedded die challenges FO WLP challenges Warpage Overlay issue due to die shift Line width/spacing limited today Die placement accuracy Die shift issues (Yole Développement, June 2015) Resolution Challenging to go down to 2µm L/S Vertical sidewalls Dielectric processing down to 0.1 µm and any misalignment of mechanical features will lower performances, for example in gyros and micromirrors. However this technological evolution is happening slowly as MEMS do not follow Moore s law, with its constant two-year cycles. The LED equipment market is also very stable as the investment cycle resulted in worldwide overcapacity at most levels of the value chain. Advanced Packaging has ver y complex technical specifications. Warpage handling as well as heterogeneous materials represent big challenges to photolithography. Due to aggressive resolution targets in Advanced Packaging, performance must be improved. The current minimum resolution required is below 5 µm for some advanced packaging platforms, like 3D integrated circuits, 2.5D interposers, and wafer level chip scale packaging (WLCSP). A lot of effort is being made to reduce overlay issues due to shifting dies and obtain vertical sidewalls for flip-chip and WLCSP. Although steppers are already well established in the packaging field, new disruptive lithography technologies are also emerging and could contribute to market growth from Huge business opportunities in the Advanced Packaging market are therefore driving photolithography equipment demand. Given the high growth rate of this market, there is no doubt that already established photolithography players and new entrants will be attracted.

27 Market & Technology Report This report provides an overview of all the key lithography technologies used in Advanced Packaging, MEMS and LED applications and benchmarks them in terms of feature requirements. Moreover, it provides examples of lithography process steps for these applications. It describes associated technological breakthroughs and manufacturing process. More insights are included on specific lithography equipment tools for Advanced Packaging, MEMS and LED devices. Competition trends are carefully analyzed and presented as a competitive landscape and competitive analysis of the major equipment and materials suppliers involved in Advanced Packaging, MEMS and LED applications. Finally, a section is also dedicated to disruptive technologies such as LDI, laser ablation and nanoimprint lithography, which could reshape the lithography landscape in the future. Possible reshaping scenarios are described, including acquisitions, mergers, and joint ventures, along with their anticipated impact on the global photolithography market. OBJECTIVES OF THE REPORT To provide: Market metrics both at lithography equipment and photoresist materials levels from 2014 to (Forecast until 2020: revenue, unit count) Market share of the key equipment and materials suppliers involved in the packaging, MEMS and LED industries Key technical insights into future lithography equipment and materials trends and challenges Analysis of the technology trends - Technology roadmap - Latest technical innovations Analysis of the key equipment and materials vendors Analysis of market disruptions and impact of alternative technologies on the lithography market New analysis based on the competitive landscape and market share for all main equipment and materials suppliers Key technical insights and detailed analysis on equipment and materials solution trends, requirements, and challenges Roadmap for technology, evolution and future development, including disruptive technologies COMPANIES CITED IN THE REPORT (non exhaustive list) ASML, AZ EM/Merck, Canon, Dongjin Semichem Co., Dow Corning Corporation, Dow Electronic Materials, DuPont Electronic Technologies, Enthone (Cookson Electronics), Eulitha, EVG Group, Hefei Advantools Semiconductor co, Ltd, HD Micro/Dupont, Heidelberg Instruments, JSR Micro, Limata, SUSS MicroTech, JSR Micro, Micronic Mydata, Molecular Imprint, Nikon, Obducat, Orbotech, ORC, Rudolph, Shanghai Micro Electronics Equipment Co., Ltd. (SMEE), SCREEN, Shin- Etsu MicroSi, Inc, Tokyo Ohka Kogyo Co., LTD. (TOK), Ultratech, Ushio, Visitech, and many more... TABLE OF CONTENTS Introduction, definitions and methodology p4 Executive summary p8 > forecasts, broken down by application - Lithography equipment market forecasts provided both in $M, and Munits with associated growth rates - Volume shipment by application (packaging platform vs MEMS) - Volume shipment by technology > Overall market size: breakdown by MEMS and Advanced Packaging > Major supplier positioning by technology and application Current lithography equipment and materials used today p27 > Geographical mapping of the players > Major suppliers positioning > Technology overview: Mask aligners, projection steppers and scanners > Advanced packaging - Equipment : Current lithography technologies used / future or potential technologies used / current status / technical specification required / challenges / Unmet needs by process step / technology trends / market forecast in $M and units / equipment and materials suppliers involved in lithography / market share in 2014 / case studies: cost structure examples and process steps - Photoresist materials : Current materials technologies used / trends / challenges / key technical specifications / Market share in 2014 (Breakdown by material supplier and by type of photoresist: positive vs negative; spin vs dry) > MEMS - Equipment : current lithography technologies used / future or potential technologies used / current status / technical specification required / challenges / unmet needs by process step / technology trends / market forecast in $M and units / equipment and materials suppliers involved in lithography / market share in 2014 / Case studies: cost structure examples and process steps - Photoresist materials overview > LEDS - Equipment : current lithography technologies used / future or potential technologies used / current status / technical specification required / challenges / unmet needs by process step / technology trends / market forecast in $M and units / equipment and materials suppliers involved in lithography / market share in 2014 / Case studies: cost structure examples and process steps Disruptive technologies p229 > Technology overview - Laser direct imaging - Laser ablation - Nanoimprint lithography - Geographical mapping of the players - Major suppliers positioning Lithography competitive landscape scenarios and trends p277 Conclusions & Perspectives p310 Company presentation p315 AUTHORS Amandine Pizzagalli is in charge of the equipment and material areas for the Advanced Packaging and Manufacturing team at Yole Développement. She graduated as an electronics engineer, with a specialization in semiconductors and nanoelectronic technologies. In the past, she worked for Air Liquide with an emphasis on CVD and ALD processes for semiconductor applications. Contact: pizzagalli@yole.fr Claire Troadec has been a member of the MEMS manufacturing team at Yole Développement since She graduated from INSA Rennes in France with an engineering degree in microelectronics and material sciences. She then joined NXP Semiconductors, and worked for 7 years as a CMOS process integration engineer at the IMEC R&D facility. During this time, she oversaw the isolation and performance boost of CMOS technology node devices from 90 nm down to 45 nm. She has authored or co-authored seven US patents and nine international publications in the semiconductor field and before joining Yole Développement managed her own distribution and e-commerce company. Contact: troadec@yole.fr Jérôme Azémar is a member of the Advanced Packaging & Manufacturing team. Upon graduating from INSA Toulouse with a master s in Microelectronics and Applied Physics, he joined ASML and worked in Veldhoven for three years as an Application Support Engineer, specializing in immersion scanners. During this time he acquired Photolithography skills which he then honed over a two-year stint as a Process Engineer at STMicroelectronics. While with ST he developed new processes, co-authored an international publication and worked on metrology structures embedded on reticules before joining Yole Développement in Contact: azemar@yole.fr

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If the Product s electronic delivery format is defective, the Seller undertakes to replace it at no charge to the Buyer provided that it is informed of the defective formatting within 90 days from the date of the original download or receipt of the Product. TERMS AND CONDITIONS OF SALES 2.5 The person receiving the Products on behalf of the Buyer shall immediately verify the quality of the Products and their conformity to the order. Any claim for apparent defects or for non-conformity shall be sent in writing to the Seller within 8 days of receipt of the Products. For this purpose, the Buyer agrees to produce sufficient evidence of such defects No return of Products shall be accepted without prior information to the Seller, even in case of delayed delivery. Any Product returned to the Seller without providing prior information to the Seller as required under article 2.5 shall remain at the Buyer s risk. 3. Price, invoicing and payment 3.1 Prices are given in the orders corresponding to each Product sold on a unit basis or corresponding to annual subscriptions. They are expressed to be inclusive of all taxes. The prices may be reevaluated from time to time. The effective price is deemed to be the one applicable at the time of the order. 3.2 Yole may offer a pre release discount for the companies willing to acquire in the future the specific report and agreeing on the fact that the report may be release later than the anticipated release date. In exchange to this uncertainty, the company will get a discount that can vary from 15% to 10%. 3.3 Payments due by the Buyer shall be sent by cheque payable to Yole Développement, credit card or by electronic transfer to the following account: HSBC, 1 place de la Bourse Lyon France Bank code: Branch code: Account n : BIC or SWIFT code: CCFRFRPP IBAN: FR To ensure the payments, the Seller reserves the right to request down payments from the Buyer. In this case, the need of down payments will be mentioned on the order. 3.4 Payment is due by the Buyer to the Seller within 30 days from invoice date, except in the case of a particular written agreement. If the Buyer fails to pay within this time and fails to contact the Seller, the latter shall be entitled to invoice interest in arrears based on the annual rate Refi of the «BCE» + 7 points, in accordance with article L of the French Commercial Code. Our publications (report, database, tool...) are delivered only after reception of the payment. 3.5 In the event of termination of the contract, or of misconduct, during the contract, the Seller will have the right to invoice at the stage in progress, and to take legal action for damages. 4. Liabilities 4.1 The Buyer or any other individual or legal person acting on its behalf, being a business user buying the Products for its business activities, shall be solely responsible for choosing the Products and for the use and interpretations he makes of the documents it purchases, of the results he obtains, and of the advice and acts it deduces thereof. 4.2 The Seller shall only be liable for (i) direct and (ii) foreseeable pecuniary loss, caused by the Products or arising from a material breach of this agreement 4.3 In no event shall the Seller be liable for: a) damages of any kind, including without limitation, incidental or consequential damages (including, but not limited to, damages for loss of profits, business interruption and loss of programs or information) arising out of the use of or inability to use the Seller s website or the Products, or any information provided on the website, or in the Products; b) any claim attributable to errors, omissions or other inaccuracies in the Product or interpretations thereof. 4.4 All the information contained in the Products has been obtained from sources believed to be reliable. The Seller does not warrant the accuracy, completeness adequacy or reliability of such information, which cannot be guaranteed to be free from errors. 4.5 All the Products that the Seller sells may, upon prior notice to the Buyer from time to time be modified by or substituted with similar Products meeting the needs of the Buyer. This modification shall not lead to the liability of the Seller, provided that the Seller ensures the substituted Product is similar to the Product initially ordered. 4.6 In the case where, after inspection, it is acknowledged that the Products contain defects, the Seller undertakes to replace the defective products as far as the supplies allow and without indemnities or compensation of any kind for labor costs, delays, loss caused or any other reason. The replacement is guaranteed for a maximum of two months starting from the delivery date. Any replacement is excluded for any event as set out in article 5 below. 4.7 The deadlines that the Seller is asked to state for the mailing of the Products are given for information only and are not guaranteed. If such deadlines are not met, it shall not lead to any damages or cancellation of the orders, except for non acceptable delays exceeding [4] months from the stated deadline, without information from the Seller. In such case only, the Buyer shall be entitled to ask for a reimbursement of its first down payment to the exclusion of any further damages. 4.8 The Seller does not make any warranties, express or implied, including, without limitation, those of sale ability and fitness for a particular purpose, with respect to the Products. Although the Seller shall take reasonable steps to screen Products for infection of viruses, worms, Trojan horses or other codes containing contaminating or destructive properties before making the Products available, the Seller cannot guarantee that any Product will be free from infection. 5. Force majeure The Seller shall not be liable for any delay in performance directly or indirectly caused by or resulting from acts of nature, fire, flood, accident, riot, war, government intervention, embargoes, strikes, labor difficulties, equipment failure, late deliveries by suppliers or other difficulties which are beyond the control, and not the fault of the Seller. 6. Protection of the Seller s IPR 6.1 All the IPR attached to the Products are and remain the property of the Seller and are protected under French and international copyright law and conventions. 6.2 The Buyer agreed not to disclose, copy, reproduce, redistribute, resell or publish the Product, or any part of it to any other party other than employees of its company. The Buyer shall have the right to use the Products solely for its own internal information purposes. In particular, the Buyer shall therefore not use the Product for purposes such as: Information storage and retrieval systems; Recordings and re-transmittals over any network (including any local area network); Use in any timesharing, service bureau, bulletin board or similar arrangement or public display; Posting any Product to any other online service (including bulletin boards or the Internet); Licensing, leasing, selling, offering for sale or assigning the Product. 6.3 The Buyer shall be solely responsible towards the Seller of all infringements of this obligation, whether this infringement comes from its employees or any person to whom the Buyer has sent the Products and shall personally take care of any related proceedings, and the Buyer shall bear related financial consequences in their entirety. 6.4 The Buyer shall define within its company point of contact for the needs of the contract. This person will be the recipient of each new report in PDF format. This person shall also be responsible for respect of the copyrights and will guaranty that the Products are not disseminated out of the company. 6.5 In the context of annual subscriptions, the person of contact shall decide who within the Buyer, shall be entitled to access on line the reports on I-micronews.com. In this respect, the Seller will give the Buyer a maximum of 10 password, unless the multiple sites organization of the Buyer requires more passwords. The Seller reserves the right to check from time to time the correct use of this password. 6.6 In the case of a multisite, multi license, only the employee of the buyer can access the report or the employee of the companies in which the buyer have 100% shares. As a matter of fact the investor of a company, the joint venture done with a third party etc..cannot access the report and should pay a full license price. 7. Termination 7.1 If the Buyer cancels the order in whole or in part or postpones the date of mailing, the Buyer shall indemnify the Seller for the entire costs that have been incurred as at the date of notification by the Buyer of such delay or cancellation. This may also apply for any other direct or indirect consequential loss that may be borne by the Seller, following this decision. 7.2 In the event of breach by one Party under these conditions or the order, the non-breaching Party may send a notification to the other by recorded delivery letter upon which, after a period of thirty (30) days without solving the problem, the nonbreaching Party shall be entitled to terminate all the pending orders, without being liable for any compensation. 8. Miscellaneous All the provisions of these Terms and Conditions are for the benefit of the Seller itself, but also for its licensors, employees and agents. Each of them is entitled to assert and enforce those provisions against the Buyer. Any notices under these Terms and Conditions shall be given in writing. They shall be effective upon receipt by the other Party. The Seller may, from time to time, update these Terms and Conditions and the Buyer, is deemed to have accepted the latest version of these terms and conditions, provided they have been communicated to him in due time. 9. Governing law and jurisdiction 9.1 Any dispute arising out or linked to these Terms and Conditions or to any contract (orders) entered into in application of these Terms and Conditions shall be settled by the French Commercial Courts of Lyon, which shall have exclusive jurisdiction upon such issues. 9.2 French law shall govern the relation between the Buyer and the Seller, in accordance with these Terms and Conditions.

30 Yole Développement From Technologies to Market 2015

31 FIELDS OF EXPERTISE Yole Développement s 30 analysts operate in the following areas Imaging Photonics MEMS & Sensors MedTech Compound Semi. LED Manufacturing Power Electronics PV Advanced Packaging 26

32 4 BUSINESS MODELS o Consulting and Analysis Market data & research, marketing analysis Technology analysis Strategy consulting Reverse engineering & costing Patent analysis o Media i-micronews.com e-newsletter Technology magazines Communication & webcast services Events o Reports Market & Technology reports Patent Investigation and patent infringement risk analysis Teardowns & Reverse Costing Analysis Cost Simulation Tool o Financial services M&A (buying and selling) Due diligence Fundraising Maturation of companies IP portfolio management & optimization

33 A GROUP OF COMPANIES M&A operations Due diligences Market, technology and strategy consulting Fundraising Maturation of companies IP portfolio management & optimization Manufacturing costs analysis Teardown and reverse engineering Cost simulation tools IP analysis Patent assessment 28

34 OUR GLOBAL ACTIVITY Yole Korea Yole Japan Yole Inc. 40% of our business is in EU countries 30% of our business is in Asia 30% of our business is in North America 29

35 SERVING THE ENTIRE SUPPLY CHAIN Integrators and end-users Our analysts provide market analysis, technology evaluation, and business plan along the entire supply chain Device makers Suppliers: material, equipment, OSAT, foundries Financial investors, R&D centers 30

36 CONTACT INFORMATION o Consulting and Specific Analysis North America: Steve LaFerriere, Business Development Manager, Yole Inc laferriere@yole.fr Japan: Yutaka Katano, General Manager, Yole Japan & President, Yole K.K. katano@yole.fr RoW: Jean-Christophe Eloy, President & CEO, Yole Développement eloy@yole.fr o Report business North America: Steve LaFerriere, Business Development Manager, Yole Inc laferriere@yole.fr Europe: Jérôme Azemar, Business Development Manager, European Office azemar@yole.fr Japan & Asia: Takashi Onozawa, Sales Asia & General Manager, Yole K.K. onozawa@yole.fr Korea: Hailey Yang, Business Development Manager, Korean Office yang@yole.fr o Financial services o General Jean-Christophe Eloy, CEO & President eloy@yole.fr info@yole.fr Follow us on 31