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GP Bullhound LLP

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OLED: LIGHT AT THE END OF THE TUNNEL

Display Market Ramping up Capacity

The OLED market for Display applications has been limited to niche

applications in cameras and high end mobile phones where the relative

screen price is marginal to the total bill of materials. Major screen vendors are

now stepping up their CAPEX investments significantly to move the market

into mass production of cheaper screens, monitors and TVs.

OLED represents a unique opportunity for a battered down screen industry to

regain control of their value chains and to rebuild their deteriorated profit

margins due to higher barriers to entry and a fundamentally cheaper

manufacturing process over time. 2012 is a significant year for capacity scale-

ups, but mass markets are only forecast to materialise in 2013 and beyond.

Lighting Farther Behind but new Apps Look Promising

The OLED Lighting market is still in its infancy with continued challenging

price competition from existing technologies, including LEDs. The long term

opportunity looks bright however as a range of new revolutionary applications

are set to enter our daily working and private lives, delivering energy and cost

savings, improved aesthetics, comfort and convenience.

The industry has started making modest capacity investments but mass-

market adoption is over three years away. It will however bring revolutionary

change in how we view screens and are able to use light in our everyday

lives. The Future is Bright.

EXHIB I T 1 : T E N T L I G H T I N G W I T H O U T A G E N E R A T O R

Source: OLED-info.com.

Sector Update August 2012

CHRISTIAN LAGERLING [email protected]

San Francisco: +1 415 986 0196

CARL BERGHOLTZ

[email protected] London: +44 207 101 7577

LILJANA XHEKA

[email protected] San Francisco: +1 415 200 4281

INDEPENDENT TECHNOLOGY RESEARCH

SECTOR RESEARCH AUGUST 2012 OLED MARKET

Important disclosures appear at the back of this report. GP Bullhound LLP is authorised and regulated by the Financial Services Authority in the United Kingdom

GP BULLHOUND – OLED MARKET

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GP Bullhound LLP

INTRODUCTION & SUMMARY CONCLUSIONS

Innovation in the OLED market has never been so vibrant in terms of new production

methods, a consolidated value chain, and a range of new and revolutionary products such as,

rollable OLED TV screens, wearable OLEDs, transparent OLEDs embedded in windows,

windscreens or in buildings.

The market opportunity for OLEDs is rapidly increasing and significant capacity (CAPEX)

investments are being made this year to enable competitively priced products in the not too

distant future.

The early organic displays in the market today are still expensive, but prices are falling as the

technology matures and volumes ramp up. Current improvements to display performance

have resulted in enhanced product competitiveness, so we expect that demand for smaller

OLEDs for mobile devices, especially smartphones, will continue to grow at a healthy pace.

On the large display market, we look for demand for OLED displays used in flat-screen TVs to

pick up from late 2012 / 2013 as manufacturers roll out more competitively priced OLED TVs.

Mass production processes need further refinements however before large OLED panels can

reach their commercial potential.

OLED lighting, as the fifth generation of lighting, is still a few years away from mass market

applications. While still not price competitive, we do expect that demand for OLED specialty

lighting products will show early traction as consumers are willing to pay a premium for cutting

edge design and unique and futuristic applications of OLED lighting panels. Improvements in

brightness, power efficiency, and lifespan will result in enhanced product competitiveness over

the next 2-3 years.

The OLED market is experiencing a rapid shift from western markets to Asia, following other

commoditized industries such as electronics and solar photovoltaics. The European region

has been the major production hub for OLEDs, contributing 90% of total OLED lighting

production in 2010 but it is expected that the APAC countries' production share will increase

to about 50% by 2020 due to the availability of cheaper labour, abundant raw materials and a

robust infrastructure. Proactive western technology companies are already positioning for an

Asia centric future strategy and position.

Even so, we believe that OLED technology offers a unique opportunity for the display (in

particular) and lighting industries to regain healthier profit margins and a more controllable

supply chain due to its unique characteristics.

This report provides an overview of the main OLED markets (Display/Screens and

Lighting/Illumination), a perspective on timing of adoption, as well as the long term drivers for

industry and consumer adoption. In the course of our research, GP Bullhound has interviewed

a number of companies in the space including LG, Samsung, Philips, Osram, Novaled,

sim4tec, and others.


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GP Bullhound LLP

OLED MARKET OVERVIEW

Quick recap: What are OLEDs?

Organic light emitting diodes, or OLEDs, simply put are thin films of organic molecules

sandwiched between sheets of plastic that illuminate when electricity is applied. OLEDs can

be cut, folded, wrapped around corners – and printed in rolls, like a newspaper.

OLED technology is already used in a broad variety of consumer electronics such as mobile

phone displays, MP3 players, Bluetooth headsets, hand held game consoles, digital cameras,

car audio displays, and in various other industrial applications where the relatively high price

of OLEDs can be justified.

Over time, OLED’s unique features such as its self-luminous and transparent nature, simple

structure, ultra-thin form factor, light weight, high contrast, high brightness and wide viewing

angles have the potential to revolutionize the broader mainstream display and lighting

markets. These should become a reality if prices reduce considerably.

Future possible OLED applications include rollable OLED TV screens, wearable OLEDs,

transparent OLEDs embedded in windows/ architecture, OLEDs in car windshields and so on.

EXHIB I T 2 : OLED P R OD U CT S

MOBILE PHONES A/V PLAYERS

Mobile phones were the first to adopt

AMOLED displays and currently it is the

largest market for OLEDs

Simple MP3 players with small

character displays or A/V players

with large full-colour displays - today

many such devices use OLED panels

DIGITAL CAMERAS OLED TVS

Several compact and high-end cameras

use AMOLED displays that offer rich

colors, high contrast and brightness

OLED TVs are not available yet

commercially - but some high end

compact models are already shipping

in small volumes

OLED LAMPS OTHER DEVICES

OLED lamps are currently expensive,

but several companies are already

offering these in the premium lighting

category

OLEDs are also used in wrist

watches, headsets, car audio systems,

remote controllers, digital photo frames

and many other kinds of devices

Source: OLED-info.com, GP Bullhound.

The two major application areas for OLEDs are in Screens (Display) and in Lighting

(Illumination) solutions, each built in a slightly different structure (see Exhibit 3 below).


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EXHIB I T 3 : S T R U C T U R E O F O L E D S

Source: Merck OLED presentation.

What are the Benefits?

OLEDs for Screens have a number of potential benefits compared to current generation

screen technologies, such as Liquid Crystal Displays (LCDs), Plasma Display Panels (PDPs)

or Cathode Ray Tubes (CRTs), for example:

Greater brightness

Faster response time for full motion video improving viewing experience, roughly 100

to 1000 times faster than LCDs

Fuller viewing angles - 180°

Lighter weight

Transparent view

Greater environmental durability (e.g. lower concussion sensitivity)

More power efficiency

Broader operating temperature range

Greater cost-effectiveness in the future

OLEDs for Lighting applications also have a number of related benefits compared to current

incandescent and fluorescent lamps:

Lower power consumption

Enabling more flexible form factors (thinner and lighter)

Offers better visual comfort

Environmentally sound

And of course, more cost efficient over time

Optimizing Material Integration and Performance

OLED performance is largely determined by how well the number of sophisticated materials

are combined. We counted 17 larger OLED material makers (see Exhibit 4 below) in the key

OLED materials category of luminescent materials.

METAL ELECTROIDE (CATHODE)

BLUE EMITTING

LAYER

GREEN EMITTING

LAYER

RED EMITTING

LAYER

TRANSPARENT ELECTRODE (ANODE)

GLASS SUBSTRATE

ORGANIC LAYER

RGB IN PARALLEL

STRUCTURE OF OLED FOR DISPLAY

METAL ELECTROIDE (CATHODE)

BLUE EMITTING LAYER

GREEN EMITTING LAYER

RED EMITTING LAYER

TRANSPARENT ELECTRODE

GLASS SUBSTRATE

ORGANIC LAYER

STACKING RGB WHITE LIGHT

STRUCTURE OF OLED FOR LIGHTING


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GP Bullhound LLP

EXHIB I T 4 : M A I N O L E D M A T E R I A L M A K E R S

Source: Company, Citi Research, GP Bullhound data.

Organic light-emitting diodes can be divided into two main classes: OLEDs (small-molecule

based light emitting diodes) and PLEDs (polymer light emitting diodes).

A typical double-heterostructure small-molecule OLED consists of three organic layers

sandwiched between electrodes. The organic layers adjacent to cathode and anode are the

electron transport layer (EIL / ETL) and the hole transport layer (HIL / HTL), respectively. The

emissive layer (EML) usually consists of light-emitting dyes or dopants dispersed in a suitable

host material. PLEDs have relatively simple architectures, with the light-emitting polymer

(LEP) layer combining host, emitter and charge transport functions in a single solution-

processed layer of the device.

Manufacturing Platforms Need to Mature

Production of small screen displays involves a process of thermal evaporation in vacuum.

Whereas this vapour-based technique has proven effective in the past, unfortunately it makes

the production process expensive and thus unsuitable for larger-area device production. New

technology breakthroughs have introduced solution-processible techniques, such as ink jet

printing, laser-induced thermal imaging (LITI) and thin-film encapsulation (TFE) which are

perfect candidates for efficiently manufacturing large-area OLEDs at a lower cost. The ink

print method has not yet been adopted in mass production because material technologies

suitable for printing have not yet been fully developed and tested. On the other hand,

Samsung Electronics and Sony are leading the developments in the laser-induced thermal

imaging technology in order to manufacture high-definition panels. More recently the

commercialization of the thin-film encapsulation (TFE) method, which covers the surface of

the OLED with a thin coating of organic and metal material, has emerged as next-generation

technology. Some of the key advantages and disadvantages of these technology platforms

are listed in Exhibit 5.

Emissive LayerCompany HIL / HTL EIL / ETL Red Green Blue PolymerCheil Industries ○ ○ ○Daejoo ○ ○Doosan ElectronicsDow Chemical ○ (Host)Duksan Hi-Metal ● ○Hodogaya Chemical ● ○ ○ ● Idemitsu ○ ○ ○ ○ ○ LG Chemical ●Merc ○ ○ ○ ○ ○ ○Nippon Steel Chemical ○ ○ ○ ○ ○ (Host)Nissan Chemical ○ ○Novaled ○ ○Sumito ChemicalToray ○ ○ ○ ○ ○Tosoh ○ ○Toyo Ink ○ ○ ○UDC ○ ○ ○Note: ●= commercialized; ○= good


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EXHIB I T 5 : C O M P A R I S O N O F O L E D P R O D U C T I O N T E C H N O L O G Y P L A T F O R M S

Source: Company data, Citi Research, GP Bullhound.

Vacuum Deposition Ink Jet Printing Laser TransferWhite OLED with

Color Filter

Development stage Commercialized Basic research level Samsung developing Commercialized

Resolution (dpi) Around 300 Under 300 300-400 300-400

Aperture ratio (%) 40-50 Under 70 70-80 60-70

Upscalability ▲ ● Upscalable Upscalable

Cost ▲ ● ○ ▲

Productivity ▲ ● ○ ○Advantage

Mass production achieved

Little capexEasy to improve

resolutionSimple manufacturing

process

Problems Low yields, Upscaling diff icult

Materials development issues

Commercialization uncertainties

High pow er consumption, CF

necessary

Note: ●= excellent; ○= good ; ▲= poor


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GP Bullhound LLP

OLED DISPLAYS PROMISES RETURN OF PROFITS FOR THE INDUSTRY

OLED displays are lightweight, durable, energy efficient and thus ideal for portable

applications. OLEDs will replace the current technology in many applications due to the

following performance advantages listed in Exhibit 6 over Liquid Crystal Displays (LCDs),

Plasma Display Panel (PDPs) and Cathode Ray Tube (CRTs).

EXHIB I T 6 : P E R F OR MA N CE C OM P A RI S O N O F MA I N D IS PLA Y T E C HN O L O GI E S

Source: Various, GP Bullhound.

The OLED display market is already established and was valued at $3.3bn in 2011; Display

Research believes it will achieve a CAGR of 40% during 2011-2018 to reach $25bn by 2018.

EXHIB I T 7 : OLED D I S P L A Y M A R K E T F O R E C A S T

Source: Display research.

The application areas have to date been focused on small form factors and high value devices

where the high component cost has been manageable, such as high end cell phones, digital

cameras, mp3 players and other small panel applications. Mobile phones have been the main

revenue contributor with almost 65% of the overall OLED revenues.

OLEDs LCDs PDPs CRTs

Cost ▲ (● in the future) ● ○ ○Thin displays ● ○ ○ xLarge displays x (○ in the future) ● ● xEnergy consumption ● ○ ▲ xLifespan 30,000h 60,000h 100,000h 20,000h

Flexibility ● x x xImpact resistance ● ○ ○ xPicture quality ● ○ ○ ●Response speed (ms) 0.001 1 0.001 0.01

View angle 180◦

Under 180◦

180◦

180◦

Contrast ratio 1,000,000;1 5,000;1 1,000,000;1 20,000;1

Small screen display resolution 300dpi+ 300dpi+ x x

Note: ●= excellent; ○= good ; ▲= poor; X = very poor

$0.5 $1.2$3.3

$8.0$11.0

$15.1

$18.3$21.3

$23.4$25.0

0

5

10

15

20

25

30

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

$ in

bn

Mobile TV Tablet/PC Other


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EXHIB I T 8 : C U R R E N T OL E D P R O D U C T S I N T H E M A R K E T

Source: OLED-Info.com, GP Bullhound.


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The future mass-market opportunity rests in the more price sensitive applications such as

television sets, monitors and desktop computers. Whereas early products were launched in

2011 and 2012, the timing of mass-market adoption is still uncertain and dependent on further

steep price declines.

2012 – a Year of Positioning and Ramping Capacity

2012 has seen major manufacturers scale up their investments in OLED production capacity

and assuming strategic positioning through alliances, acquisitions or organic initiatives.

LG Display is planning to invest over $225m in their new OLED mass production line; the 5.5

generation which is a 3-line production platform, ready to mass produce 50 inch OLED-TV

panels. More significantly, Korean arch-rival Samsung, also announced recently that its total

investment in manufacturing facilities and R&D for 2011 was in excess of a staggering $38bn,

of which $26.5bn was invested in the display facilities to expand capacity and about $4.8bn

was invested in OLED R&D facilities. Additionally, Samsung plans to increase its 2012 total

displays investment to a record $41.4bn.

EXHIB I T 9 : O L E D D I S P L A Y M A J O R F A B P R O J E C T S

Source: Various company data.

The OLED Association makes the following shipment estimates:

2012: 1-2m 30-40” TVs

2013-2014: 5-6m 30-50” TVs

2015: 10-15m OLED panels (including TV, monitors, notebooks, etc.)

Capital Equipment Market Exploding as Capacity Ramps

The strongest indicator of the expanding capacity is the projected growth in OLED equipment

sales.

The OLED equipment market is forecast to grow 380% Y/Y in 2011, reaching ~$3.5B in

2011/2012. Beyond 2012, while oversupply could be a concern in the display segment, OLED

for lighting could be the main driver for further equipment growth. Even though OLED does

cannibalize the LCD display market, it is a net positive to the display equipment market with

higher capex intensity.

Generation Capacity NotesSamsung Gen 4.5 3M displays In production Samsung Gen 5.5 100k panels Ramping start mid-2011Samsung Gen 8 pilot Planned for 2012LGD Gen 4.5 12K panels Ramping complete in 2011LGD Gen 8 pilot Planned for 2012AUO Gen 3.5 7K panels Ramping complete in 2011AUO Gen 4.5 15k panels Ramping in 2012Chimei Innolux Gen 3.5 Possible conversion from LCDIrico Display Gen 4 Planned for 2013


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GP Bullhound LLP

EXHIB I T 10 : O L E D K E Y M A R K E T P L A Y E R S A N D E Q U I P M E N T B E N E F I C I A R I E S

Source: Various, Capital IQ.

How Will the Industry Drive Down Prices Long Term?

The fundamental question is whether OLED costs can come down enough to really compete

with LCDs in the notebook, monitor, and TV markets. The continued improvements in the

conventional technologies, (e.g. LCD backlighting: CCFL to LED), have questioned the broad

deployment of OLEDs any time soon.

EXHIB I T 11 : OLED TV S P R I C E A N D P E R F O R M A N C E C O M P A R I S O N

Source: Amazon.com and Best Buy.

Notably, the display industry is highly motivated to adopt OLED technology as this technology

offers an opportunity to regain some of the margins lost in the last decade of cutthroat

competition in the LCD and plasma markets. The key drivers for this are:

Barriers to Entry – The OLED manufacturing process is complex due to the advanced

materials science required, creating a hard to copy process.

Ability to control the whole value chain – The simpler device structure of OLEDs and thus

the use of far fewer components results in a narrower supply chain and an opportunity for

the major vendors to own and control the entire value chain.

Lower CAPEX for capacity increases – Once the technology has been established, OLED

manufacturing requires less processing steps and hence lower incremental CAPEX

investments for expanded capacity, enabling more profitable volume production.

Technology/ Material Providers Equitment Providers Manufacturers

Advanced Nano Products Anw ell Technologies Ltd. AU Optronics

Cheil Industries Inc. Asia Pacif ic Systems Incorporated Chimei InnoluxCorning Avaco L-3 CommunicationsDoosan Chipbond Technology Corp. LGDS HI-Metal ICD Co., Ltd. Nokia

Hitachi Jusung Engineering Co. Ltd. PanasonicIdemitsu Kosan NCB Netw orks Photonis SAS LDT Inc. Riber SA SamsungNovaled SFA Engineering Corp. SonyPrinceton Technology Corp. Tera Semicon TianmaSolomon Systech International Ltd. WiseChip Semiconductor Inc. ToshibaSystems Technology Inc. Toyota

Ulvac

Universal Display Corp.

Product OLED TV (**) UN55D8000Y 55LW6500 KDL55HX820 TC-P55VT30 LC70LE735U

CompanySamsung, LG Electronics

Samsung Electronics

LG Electronics Sony Panasonic Sharp

Display OLED LED LCD LED LCD LED LCD PDP LED LCDRetail price $5,500-$9,000 $3,600 $2,400 $2,200 - $2,400 $1,900 - $2,000 $2,800Display size (inches) 55 inches 55 inches 55 inches 55 inches 55 inches 70 inchesResolution 1920x1080px 1920x1080px 1920x1080px 1920x1080px 1920x1080px 1920x1080pxView angle +180* NA +178* +178* NA +176*Contrast ratio Superior to LCDs 25,000000:1 (*) 5,000000:1 (*) Inf inite (*) Infinite (*) 6,000000:1 (*)HZ 240Hz 240Hz 240Hz 240Hz 600Hz 240HzSlimness A few mm 1.2 inches 2.9 inches 1.1 inches 2.2 inches 3.1 inchesLifespan (**) 30,000h 60,000h 60,000h 60,000h 100,000h 60,000hWeight Under 15kg 18.6kg 22.0kg 23.2kg 38.5kg 42.5kg

3D ● ○ ○ ○ ○ ○

Note: Retail prices as of July 7, 2012. * Dynamic contrast ratio . ** CIRA estimates. ●= excellent;○ = good


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Lower OPEX – OLEDs require fewer and less expensive materials, hence the

manufacturing cost per unit is cheaper. For example, the light-emitting nature of OLEDs

completely eliminates the costly backlight structure of an LCD.

The early market players will enjoy leading positions due to their substantial R&D investments

over many years and their control and ownership of proprietary OLED IP and know-how. The

fierce competition in the LCD market largely eroded all margins for the big screen producers;

OLED now offers an opportunity to reverse this situation.

Whereas the LCD market saw a broad and diverse supply chain, OLEDs offer an opportunity

to control and manage the entire value chain, keeping competition at bay and capturing more

margins. The leading Korean vendors have made progress building tightly integrated OLED

supply chains. Samsung Mobile Display has structured its supply chain through acquisitions,

minority investments as well as technology licensing partnerships with companies like SNU

Precision, AP System, SFA, Universal Display Corp and Terasemicon.

The CAPEX and OPEX reductions are enabled by new manufacturing methods like solution-

based printing technology which is designed to significantly cut production costs for television-

sized displays when compared to the current methods. This technology is highly scalable,

requires fewer materials and will lower equipment cost. Other complementary attributes are

increased throughput and yield by limiting the number of patterned layers.

Other evidence of manufacturing improvements include Corning’s announcement earlier this

year of the formation of a new equity venture with Samsung Mobile Display to manufacture

specialty glass substrates for OLEDs. The glass is able to withstand thermal cycles better

than conventional LCD glass thus enabling the displays to better retain their shape and

surface quality during the high-temperature processing that helps prevent against sagging and

warping of the glass while integrating components onto them. More importantly the advanced

thickness control and surface quality will ultimately allow for thinner devices with superior

image quality that consume less energy, and in turn producing more cost competitive OLEDs.

EXHIB I T 12 : OLED P R OD UC TI O N C OS T B RE AKD O WN

Source: Company data, Korean Investment & Securities.

OLED LIGHTING ENABLES NEW APPLICATIONS AND PREMIUM PRICES

According to McKinsey, the total lighting industry in 2010 generated revenues of $85Bn of

which mainly LED and to a lesser extent OLED products represented 10% market share. The

15.3%

41.9%13.5%

4.8%

21.2%

3.3%Array process materials

Organic material deposition cost

Mobile process materials

Labor cost

Depreciation cost

Indirect cost


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GP Bullhound LLP

total OLED lighting market in 2011 was valued at $144m and expected to exceed $8 billion by

2020.

The lighting market can be divided into four main stages of evolution or ‘generations’:

Traditional (includes incandescent and halogen lamps),

Non-LED Green (includes fluorescent and HID lamps),

LED, and

OLED

The future technology split will shift towards a more energy-efficient mix, with

incandescent/fluorescent technologies playing a major role before giving way to LED

and OLED by 2016 when OLED also becomes more cost competitive.

EXHIB I T 13 : G L OBA L L I G HT IN G P R OD UC T MA RKE T T RE N D

Source: McKinsey, Philips investor presentation, NanoMarkets LC

OLED lighting has strong long term potential in a number of application areas including

specialty lighting, architectural lighting, back lighting, signage and general illumination.

The primary revenue driver for OLED lighting is expected to be specialty lighting, which will

contribute almost 38% of the overall OLED lighting revenues by 2020 according to

ElectroniCast.

$0

$20

$40

$60

$80

$100

$120

2010 2012 2014 2016 2018 2020

$ in

bill

ion

s

Traditional Green LED OLED

85

122.3

138

32

44

949

49

21 15

39

79

8

3.3


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EXHIB I T 14 : C OMP A R IS O N W IT H EX I S T I N G F O RMS O F I LL UMI N ATI O N

Source: Konika Minolta, GP Bullhound.

OLED lighting Incandescent

light bulbs Fluorescent

lamps LED

Illustration

Principle of Light Emission

Emits light by applying a voltage to organic matter

Emits light by sending an electric current to a metallic filament

Ultraviolet rays generated by an electric current collide with fluorescent material to produce visible light

Emits light by applying a voltage to an inorganic semiconductor

Characteristics

- Illuminates large area (surface light source)

- Energy efficient - Low heat-

generation - Slim, lightweight - Flexible (when

plastic substrate used)

- Environmentally sound

- Illuminates small area (point light)

- High power consumption

- High heat-generation

- Closely approximates natural light

- Size of area illuminated is between point light source and surface light source (linear light source)

- Uses hazardous substance (mercury)

- Illuminates small area (point light source)

- Energy efficient - Long life - Easy to reduce

size - Environmentally

sound - any colour, pattern

or shape

Uses

Anticipated applications include living spaces, offices, decorative illumination, car interior lighting, and POP lighting

Photographic lighting, living spaces such as dining rooms or bedrooms, etc.

Living spaces, offices, commercial premises, etc.

Indirect lighting, floor level lighting, spotlights for retail spaces, etc.


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GP Bullhound LLP

New Players Challenging Strong Incumbents

OLED panel manufacturers are now entering this massive market, challenging traditional

lighting companies as the dynamics of the industry shifts towards higher performance.

EXHIB I T 15 : K E Y P L A Y E R S

Source: Capital IQ, GP Bullhound.

Current OLED panels typically achieve about 12lm/W although recently Philips and Konica

introduced a 45lm/W panel (in 2011). Panel efficiencies are expected to grow from as low as

12lm/W through to 120lm/W by 2020, and research results will drive commercial

implementations over the coming three to five years. The majority of individual projections of

efficiency improvements all indicate that OLED panels will steadily increase, although how

quickly this will be reached remains uncertain.

Ultimately, OLED lighting has the potential of reaching energy efficiencies of 150+lm/W, which

is more than 15 times higher than conventional incandescent light bulbs.

EXHIB I T 16 : F O R E C A S T P A N E L E F F I C I E N C Y ( 20 10 -2 02 0 )

Source: Various, Cintelliq, GP Bullhound.

Philips

Osram

Panasonic

GE

OLED LIghting

Ledon OLED

Polyphotonix

Cambridge Display

Technology

Novaled

Fraunhofer IPMS

Traditional Lighting Companies

New Entrants

Technology Providers

0

50

100

150

200

2010 2015 2020

Pan

el E

ffic

ien

cy (

lm/W

) Kaneka Showa DenkoDoE Philips


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According to Cintelliq research, OLED lighting production technology is expected to reach

commercialization and be fully operational by 2015 with yield and utilization close to 80%. In

addition, manufacturing and operational efficiency will continue to improve and TACT (time

needed for manufacturing a unit) will fall from four to two and eventually one minute.

Long Term Potential, but it is Still Early Days

The market is projected to grow at a +90% CAGR from $675m of revenues in 2012 and reach

$6bn of revenues in 2018 according to McKinsey and Display Research.

EXHIB I T 17 : OLED L I GH T IN G MA RKE T O U TL O O K - SALE S ($ M)

Source: Display Research, McKinsey, GP Bullhound and NanoMarkets LC.

Similarly to the Screen market, Lighting OLEDs have formidable competition from incumbent

technologies, in this case fluorescent and candescent lamps as well as LEDs.

EXHIB I T 18 : OLED L I GH T IN G PA NEL P R O DU C TI O N CAPA CI TY RA MP -U P

Source: Cintelliq, GP Bullhound.

$0

$2,000

$4,000

$6,000

$8,000

2011 2012 2013 2014 2015 2016 2017 2018

Market Entry Market Traction Volume Business

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Initial Ramp-up Peak Sustaining

Initial Ramp-up Peak Sustaining

Market Approach

Gen 2.0/2.5 Production

Gen 5.5 Production

Ramp-upProcess Maturing

Output Increasing

Yield Improving

40% of Max Output

PeakProcess Mature

Output Near Full Capacity

Yield high

80% of Max Output

SustainingProcess Mature

Output at Full Capacity

Yield high

90% of Max Output

InitialProcess Immature

Output Limited

Yield Low

20% of Max Output

Phase 1 Phase 2 Phase 3


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GP Bullhound LLP

Even though OLED lighting is today not on a par with LED lighting in terms of power

efficiency, longevity and price (~30x CFL lighting vs. ~10-15x for LED), the cost is certain to

continue to come down with continued technology improvements and scaling production

volume. We believe that the rapid progress in light extraction technologies, the

commercialization of the print method production process, greater longevity for light emitting

elements, and technical innovations in a host of other areas will allow for OLED technology to

truly compete with LED and other lighting products over time.

EXHIB I T 19 : LU MI OTE C OLED L I GH TI N G PA NEL FU TU RE

Source: Lumiotec.

Philips plans to invest $57m to expand their OLED lighting panel production capacity in

Aachen, Germany with the additional capacity being available this year. Similarly, First O-Lite

plans to invest around $150m to develop and manufacture OLED lighting panels. OSRAM

invested up to €50m in research and production to launch their new OLED lighting pilot

production line in Regensburg, Germany.

The Long Term Outlook is Bright…

OLED technology has inspired companies to introduce revolutionary products like the WAC

Lighting’s Sol OLED chandelier, which made its commercial debut in 20 lighting galleries

across North America in October last year. The chandelier is crafted with upgraded Orbeos

OLED panels from Osram Opto Semiconductors to deliver a light output of 420lm/W. The

fixture received The LED Award for the "Most Creative Use of LED/OLED" at The LED Show

in Las Vegas in July 2011. This is just the beginning and companies are already envisioning

and researching the development of products like lighting a tent without the use of a

generator, a self-powered flat-screen TV you can roll up like a poster and smart textiles that

can be used in monitoring heart rate and other vital signs.

Metrics 2010 - 2013 2014 - 2016 2017 - forward

Energy eff icacy lm / W 10 ~ 40 60 ~ 100 ~

Life-time / h @ 1,000 cd/m2 25,000 ~ 50,000 100,000 100,000 ~

Half Illuminance @ 3,000 cd/m2 5,000 ~ 10,000 20,000 20,000 ~

CRI Ra 80 80~ 80~

Target Price per 145x 145mm square-type panels

$ / piece 288 ~ 340 104 ~ 288 ~ 52


16

GP Bullhound LLP

SELECTED COMPANY PROFILES

Business description: Founded in 1938, Samsung engages in the manufacture and

sale of semiconductors, LCDs and OLED, telecommunication products, and digital

media products. Samsung has fully integrated OLED technologies ranging from panels

(Samsung Mobile Display) to brand OLED applications for smartphones, tablets and

TVs. It has maintained virtually monopology (+95% market share) in OLED panels,

with large-scale commercial production capacities as the early mover.

Business description: Founded in 1936, Konica Minolta engages in business

technologies, optics, medical and graphic imaging, and sensing operations in Japan,

North America, Europe, and the rest of Asia. Its Business Technologies segment

provides office multi-functional peripherals, laser printers, and production printing

systems. In June 2006 Konica Minolta announced its development of an OLED lighting

device with the light emission efficiency and long life equivalent to that of a fluorescent

lamp.

Business description: Headquartered in the Netherlands, Royal Philips Electronics

of the Netherlands is a diversified Health and Well-being company, focused on

improving people’s lives through meaningful innovations. As a world leader in

healthcare, lifestyle and lighting, Philips integrates technologies and design into

people-centric solutions, based on fundamental customer insights and the brand

promise of “sense and simplicity”.

Business description: Founded in 2007 and is based in Dresden, Germany. sim4tec

GmbH is the leading provider of simulation software in the area of OLED design and

organic material characterization. The product family is comprised of SimOLED OPTIC

and SimOLED ELECTRIC, calculating any physical characteristics of modern OLEDs.

Furthermore, with the product SimOLED FITTING they are the first company to

provide a solution to determine electrical parameters like energy levels, mobilities and

impurities of any organic material. Based on the FITTING technology they will soon

offer an instrument performing a completely automated organic material analysis with

respect to electrical material parameters. In addition, they also provide comprehensive

training on their products and in-house organic material analysis on a service contract

base.


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GP Bullhound LLP

Business description: Universal Display Corporation engages in the research,

development, and commercialization of organic light emitting diode (OLED)

technologies and materials used in flat panel display, solid-state lighting, and other

product applications. It owns exclusively license or has the sole right to sublicense

approximately 1,400 patents issued and pending worldwide. The company licenses

and supplies its proprietary UniversalPHOLED phosphorescent OLED technologies

and materials to display manufacturers and others.

Business description: Cambridge Display Technology, Inc. was founded in 1992

and is based in Wilmington, Delaware. Cambridge Display Technology, Inc., through

its subsidiary Cambridge Display Technology Limited, develops and commercializes

polymer organic light emitting diodes. Its products are used in various electronic

display products used for information management, communications, and

entertainment. The company was formerly known as CDT Acquisition Corporation and

changed its name to Cambridge Display Technology, Inc.

Business description: Founded in 1958 and is based in Seoul, South Korea. LG

Electronics Inc., together with its subsidiaries, engages in the manufacture and sale of

consumer electronics, home appliances, computer products, and mobile phones

worldwide. The company offers TV/audio/video products, including liquid crystal

display (LCD) televisions (TVs), plasma TVs, color TVs, home theatre system, music

system, digital versatile disc players; mobile phones; and computer products

comprising LCD monitors, projectors, notebooks, and optical media products.

Business description: Founded in 1919 and is headquartered in Munich, Germany.

OSRAM GmbH designs, develops, manufactures, and sells lighting products in

Europe, North America, South America, Africa, the Near and Middle East, Asia, and

Australia. It offers lamps and lighting systems for consumers, including halogen lamps,

energy saving lamps, light emitting diode (LED) lamps, incandescent lamps, and

luminaires; and automotive lighting products, such as headlights, motorcycle lamps,

signal lights, LED lamps, and spare lamp kits.


18

GP Bullhound LLP

Business description: Founded in 2003 and is headquartered in Dresden, Germany.

Novaled AG engages in the research, development, and commercialization of organic

light-emitting diode technologies and proprietary materials. Its technology is used for

flat panel displays and light generating devices, such as signage, architecture lighting,

automotive controls and instruments, consumer electronics, digital entertainment,

digital photography and digital imaging, manufacturing systems engineering, medical

equipment, micro displays, mobile communications, PCS, notebooks, personal/mobile

storage and MP3 components, telecommunications, and telematics and navigations.

Business description: Founded in 1996 and is based in Hsinchu, Taiwan. AU

Optronics Corp. researches, develops, produces, and sells thin film transistor liquid

crystal displays (TFT-LCDs) and other flat panel displays to original equipment

manufacturing service providers. The company offers its panels for use in computer

products, such as notebook computers, and desktop monitors; consumer electronics

products, including mobile phones, digital photo frames, digital still cameras, portable

navigation display, and portable DVD players; LCD televisions; and industrial displays.

Business description: Founded in 1918 and is based in Kadoma-shi, Japan.

Panasonic develops, manufactures, and sells electronic products worldwide. The

company offers video and audio equipment, and information and communications

equipment; imaging equipment, such as flat-panel TVs and LCDs / and more recently

OLEDs; digital AVC network equipment, including blu-ray disc recorders, digital

cameras, and digital camcorders; business-use audiovisual (AV) equipment; notebook

PCs; printers; security-related products comprising network cameras and POS system

solutions; mobile phones; motors; car navigation systems, cameras, and digital

terrestrial tuners.

Business description: Lumiotec was established on May 28th, 2008 as the world’s

first company specialized in the development, production and sale of OLED panels.

Thin, lightweight and with no UV eemission, OLED lighting can create a new people-

friendly environment in everyday living spaces like homes, offices, stores and also in

vehicles such as cars, trains and aircrafts.


19

GP Bullhound LLP

Business description: Founded in 1949 and is headquartered in Osaka, Japan.

Kaneka Corporation manufactures and sells chemicals, functional plastics,

expandable plastics and products, foodstuffs, life science products, electronic

products, and synthetic fibers. The company’s chemical products include polyvinyl

chloride (PVC), caustic soda, hydrochloric acid, flexible PVC compounds, rigid PVC

compounds, paste PVC, and chlorinated PVC; and functional plastic products

comprise modifiers, modified silicone polymers, weather-resistant acrylic films, Allyl

(Silyl) terminated, polyisobuthylenes, and more recently developing OLED lighting

panels.

Business description: Founded in 2009 and is headquartered in Dresden, Germany.

LEDON OLED Lighting sees itself as an innovative partner for lighting manufacturers,

promotional lighting or light designers for the implementation of innovative OLED light

solutions. LEDON OLED Lighting develop and manufacture innovative light modules

based on organic light diodes. As well as the manufacturing of OLED modules,

LEDON OLED Lighting also develops and implements complete OLED light solutions,

including bonding and light elements as well as controls systems for large OLED

systems.

Business description: Founded in 1985 and is based in Hudson, New Hampshire.

Princeton Technology Corp. engages in electronic contract manufacturing services of

electro-mechanical and mechanical products. Its product line includes printed circuit

board assembly, cable assemblies, complex box build and system level assembly, and

testing.

Business description: Founded in 2007 and is based in Grenoble, France.

Princeton. MicroOLED S.A.S. engages in the design and development of organic light

emitting diode technologies. It offers micro displays for use in video glasses for mobile

HDTV, viewfinders for cameras, and professional and medical applications. As of June

16, 2010, Microoled S.A.S. operates as a subsidiary of PHOTONIS SAS.


20

GP Bullhound LLP

Business description: Founded in 1896 and is headquartered in Seoul, South Korea.

The company’s infrastructure support products and services comprise castings and

forgings, construction and engineering services, chemical process equipment,

AMOLED systems, power generation equipment, power plants, water treatment

systems, seawater desalination plants, and retrofits and upgrades services.

Business description: Founded in 1998 and is headquartered in Hwaseong-si, South

Korea. SFA Engineering Corp. engages in the manufacture and sale of automation

equipment including liquid crystal display manufacturing equipment, organic light

emitting diode manufacturing equipment, and PDP manufacturing equipment’s; solar

cell manufacturing equipment’s; semiconductor equipment’s comprising sputtering

systems, and logistics semiconductor assembly automation systems.


21

GP Bullhound LLP

SELECTED RECENT M&A TRANSACTIONS

Source: Capital IQ.

Date Target Acquirer EV ($m)

EV/LTM

Revenue Target Business Description

19-Jun-12 APLUS Products, LLC Diversif ied Electronics n/a n/aIt offers LCD display modules, OLED display modules, and battery packs and modules; light emitting diodes, including lamps and displays

12-Apr-12 Beneq Oy RusNano 32.9 3.3Manufactures and supplies production and research equipment for thin film coatings including industrial OLED encapsulation

16-Jan-12 UBprecision Co. Ltd. - 3.9 1.7Manufactures display and semiconductor inspection equipment including OLED probe stations

30-Dec-11 Ichor Systems, Inc. Francisco Partners Management n/a n/aDesigns and manufactures gas and liquid delivery systems for semiconductor, solar, LED, OLED, and the electronics marketplace

17-Jun-11 Semprius, Inc. Siemens AG n/a n/aIt licenses its micro-transfer printing technology for OLED displays, LCD displays, large area sensors, and medical devices

22-Mar-11 UBprecision Co. Ltd. Shinsung System Co. Ltd n/a n/aProvides display parts, such as LCD probe stations, OLED probe stations, FED align systems, and probe units

16-Sep-10 YAS Co., Ltd. LG Display Co., Ltd. 8.7 16.5xDevelops and manufactures OLED process equipment. It offers OLED displays and lighting products

28-Jun-10 Tokki Corp. Canon Inc. 54.5 1.2xDevelops, designs, and manufactures systems for manufacturing organic light-emitting diode (OLED) displays

16-Jun-10 MicroOLED S.A.S. PHOTONIS SAS n/a n/aEngages in the design and development of organic light emitting diode technologies

7-Jun-10 Global OLED Technology LLC Idemitsu Kosan Co. Ltd. n/a n/aGlobal OLED Technology LLC ow ns 2000 patents related to organic electroluminescent technology

31-Mar-10 Ortus Technology Co., Ltd. Toppan Printing Co., Ltd. n/a n/aDevelops, manufactures, and sells small and medium-sized liquid crystal displays (LCDs). It also offers TFT/OLED displays

3-Feb-10Bright View Technologies Corporation

Tredegar Corp. (NYSE:TG) n/a n/aDevelops microstructure-based optical f ilms for the display industry and OLED applications

27-Jan-10 Can Yang Investments Limited LG Display Co., Ltd. 9.9 n/aManufactures and markets TFT-OLED, a display panel technologies used in the manufacture of f lat panel displays

18-Dec-09 MicroEmissive Displays GmbH Fraunhofer Institute For Photonic n/a n/a Manufactures Polymer Organic Light Emitting Diode microdisplays (P-OLEDs)

30-Nov-09 Eastman Kodak Co., OLED Display LG Electronics Inc. 100.0 n/aEastman Kodak Co., OLED Display Business used to manufacture plasma televisions, computer monitors, and plasma display

27-Oct-09 Ichor Systems, Inc. American Industrial Partners n/a n/aDesigns and manufactures gas and liquid delivery systems for semiconductor, solar, LED, OLED, and the electronics marketplace

5-Jun-09 SVA Electron Co. Ltd. Shanghai Yidian Holding 162.6 8.1xProvides photoelectron display devices and application products including LCD, LCM, PDP, VFD and OLED

13-Nov-08 Advanced Neotech Systems Inc. Snu Precision Co Ltd 1.2 n/aDevelops, manufactures, markets, and services solar cell, OLED deposition, encapsulation, and vacuum systems

4-Apr-08 Gracel Display Inc. Rohm and Haas Company 41.0 n/aEngages in the fabrication and evaluation of organic light emitting devices (OLED)

31-Jul-07 Cambridge Display Technology Sumitomo Chemical Co. Ltd. 258.3 24.2xDevelops and commercializes polymer organic light emitting diodes for various electronic display products

22-Dec-06 Next Sierra, Inc. Cambridge Display Technology 1.6 n/aEngages in designing hardw are products in the areas of netw orking, data communications, storage devices, and consumer electronics

30-Jan-06 SK Display Corp. SANYO Electric Co., Ltd. n/a n/aManufactures OLED displays for consumer devices such as cameras and portable entertainment devices

16-Feb-05 Orion Electric Co., Ltd. MatlinPatterson Global Advisers 117.0 n/aProvides full-color organic light-emitting diode panels and modules for sub displays; and displays for mobile phones and PDAs

8-Feb-05 Merck OLED Materials GmbH Merck KGaA 64.0 n/aDesigns, develops, manufactures, and markets organic semiconductor material solutions for the electronics market

18-Nov-04 Ichor Systems, Inc.Ares Management LLC; Gryphon Investors; Tennenbaum Capital

n/a n/aDesigns and manufactures gas and liquid delivery systems for semiconductor, solar, LED, OLED, and the electronics marketplace

29-Dec-04 CDT Oxford Limited Cambridge Display Technology 8.6 n/a Provides light emitting technology for f lat displays


22

GP Bullhound LLP

SELECTED PRIVATE PLACEMENTS

Source: Capital IQ.

Date Target Investor(s)

Transaction

Value($m) Target Business Description

6-Jul-12 NeoView KOLON Kolon Corp. 10.0Develops and produces organic light emitting diode (OLED) displays

17-Apr-12 Plextronics, Inc. Universal Display Corp. 7.0Develops printed lighting, display, solar, and other organic electronics (including OLEDs)

28-Mar-12 Semprius, Inc.Arch Venture Partners, L.P.; Intersouth Partners; Siemens Venture Capital GmbH

7.5Develops concentrator photovoltaic modules for large-scale solar pow er generation also used in OLED displays

28-Feb-12 NeoView KOLON Kolon Industries, Inc. 6.4Develops and produces organic light emitting diode (OLED) displays

15-Feb-12 C3Nano Inc. GSR Ventures Management Co. Ltd.; Phoenix Venture Partners 6.7Develops hybrid carbon nanotube based transparent electrode inks and films for display OLED devices

18-Jan-12 dreipuls GmbHMittelständische Beteiligungsgesellschaft Sachsen mbH; e²C³ GmbH & Co. KGaG

1.3Develops technology solutions for light control and light distribution based on LED and OLED light bulbs

19-Sep-11 NeoView KOLON Kolon Industries, Inc 7.9Develops printed lighting, display, solar, and other organic electronics including OLED and LCD displays

30-Jun-11 Plextronics, Inc. Solvay North America Investments, LLC 15.5Develops printed lighting, display, solar, and other organic electronics including OLED and LCD displays

16-Jun-11 Semprius, Inc.Arch Venture Partners, L.P.; Intersouth Partners; In-Q-Tel, Inc.; Siemens Venture Capital GmbH; IllinoisVENTURES, LLC; Morgan

30.0It licenses its micro-transfer printing technology for non-solar applications, including OLED displays and LCD displays

10-Jan-11 Beneq Oy Finnish Industry Investment Ltd; Via Venture Partners A/S 11.7Manufactures and supplies production and research equipment for thin f ilm coatingsZ for industrial OLED encapsulation

31-Dec-10 C3Nano Inc. GSR Ventures Management Co. Ltd. 3.2Develops hybrid carbon nanotube based transparent electrode inks and films for display OLED devices and photovoltaic solar

28-Dec-10Jusung Engineering

Korea Finance Corporation 26.8Offers f lat panel display products, such as plasma enhanced chemical vapor deposition equipment and organic light emitting

1-Nov-10 Mylan Group Top High Image Corp. 2.5Provides OLED and PLED materials, laser and NIR dyes, organic solar cells, organic thin-f ilm transistors, and organic intermediates

27-Feb-10 Mylan Group Jaccar 12.0Provides OLED and PLED materials, laser and NIR dyes, organic solar cells, organic thin-f ilm transistors, and organic intermediates

9-Jun-09 Semprius, Inc.Arch Venture Partners, L.P.; Intersouth Partners; In-Q-Tel, Inc.; X-FAB Semiconductor Foundries AG; IllinoisVENTURES, LLC;

8.1It licenses its micro-transfer printing technology for non-solar applications, including OLED displays, LCD displays and medical

21-Apr-09 Bright View Intersouth Partners 4.0Develops microstructure-based optical f ilms for the display industry and contrast enhancing products for PDP and OLED

31-Dec-08 OLED-T Ltd. Foresight Group; Foresight 4 Vct PLC; Foresight 3 VCT Plc 1.4Invents, patents, develops, manufactures, and licenses organic light emitting diode materials and device structures

10-Jun-08 Bright View Battery Ventures; Duke Management Company 15.0Develops microstructure-based optical f ilms for the display industry. It offers contrast enhancing products for PDP and OLED

2-Apr-08 eMagin Corp. Iroquois Capital, LP; Kettle Hill Capital Management, LLC 1.7Manufactures microdisplays using organic light emitting diode technology (OLED)

21-Mar-08 Wintest Corp Takatori Corp. 7.8Engages in the design, development, and manufacture of measuring circuit for OLED, LCD, LCOS, CCCD, CMOS, and image

13-Nov-07 Tokki Corp. Canon Inc. 52.4Engages in the development, design, manufacture, and sale of systems for manufacturing organic light-emitting diode (OLED)

30-Aug-07 Plextronics, Inc.Birchmere Ventures; Draper Triangle, LLC; Firelake Capital Management, LLC; Solvay North America Investments, LLC

39.0Develops printed lighting, display, solar, and other organic electronic, such as organic light emitting diodes (OLED) mobile

15-Aug-07 Beneq Oy Inventure Oy; Via Venture Partners A/S 4.1Manufactures and supplies production and research equipment for thin f ilm coatings and industrial OLED encapsulation

16-Apr-07 Semprius, Inc.Arch Venture Partners, L.P.; Intersouth Partners; IllinoisVENTURES

4.1It licenses its micro-transfer printing technology for non-solar applications, including OLED displays, LCD displays, and medical

3-Nov-06 Astron-Fiamm Assicurazioni Generali SpA; EonTech Ventures SA 5.1Develops new -generation lighting products based on laser and organic light emitting device (OLED) technologies targeting road

15-Aug-06 Plextronics, Inc.Birchmere Ventures; Draper Triangle, LLC; Innovation Works; Firelake Capital Management, LLC; SEA Ventures

13.1Develops printed lighting, display, solar, and other organic electronics, such as organic light emitting diodes (OLED) mobile

21-Jul-06 eMagin Corp.Iroquois Capital, LP; Alexandra Investment Management, LLC; Nite Capital Management, LLC

6.0Manufactures microdisplays using organic light emitting diode technology (OLED)

19-Jun-06 Beneq Oy Inventure Oy 1.3Manufactures and supplies production and research equipment for thin f ilm coatings for industrial OLED encapsulation

25-May-06 OLED-T Ltd.Aberdeen Asset Management PLC (LSE:ADN); Foresight Group; Gartmore Investment Management Limited; E-Synergy Ltd

7.1Patents, develops, manufactures, and licenses organic light emitting diode materials and device structures

31-Mar-06Nuelight Corporation

Enterprise Partners Venture Capital; KTB Ventures 4.0Provides products and technology for uniform brightness, balanced colors, and long lifetimes of active matrix OLEDs

9-Mar-06 Bright ViewBattery Ventures; Tri-State Investment Group; Charlotte Angel Partners; Piedmont Angel Netw ork LLC; Charleston Angel

7.5Develops microstructure-based optical f ilms for the display industry. It offers contrast enhancing products for PDP and OLED

20-Oct-05 eMagin Corp.Angelo, Gordon & Co., Private Equity Group; Alexandra Investment Management, LLC; Firebird Management LLC; Enable


31-Jul-05 OLED-T Ltd.Aberdeen Asset Management PLC; Foresight Group; Gartmore Investment Management Limited; Foresight 4 Vct PLC

5.8Invents, patents, develops, manufactures, and licenses organic light emitting diode materials and device structures

12-Apr-05 Integral VisionBernay Box & Co., Inc.; AWM Investment Company Inc.; Becker Drapkin Management, L.P

7.0Engages in the development, manufacture, and marketing of f lat panel display inspection systems for the display manufacturing

24-Nov-04 MicroEmissive3i Group plc; Scottish Equity Partners LLP; ISIS Equity Partners LLP; Cazenove Private Equity; Braveheart Investment Group plc

29.5Engages in the development, manufacture, and sale of Polymer Organic Light Emitting Diode (P-OLED) microdisplays

25-May-04 Plextronics Innovation Works; Smithfield Trust Company 3.4Develops printed lighting, display, solar, and other organic electronics, such as organic light emitting diodes (OLED) mobile

5-Feb-04 Eikos Inc. ITOCHU International Inc. 1.0Develops and manufactures carbon nanotube inks and conductive coatings for use in solar cells, f lat panel displays and OLED lighting

9-Jan-04 eMagin Corp.Gabriel Capital Group; RAM Capital Management; Stonestreet Limited Partnership; Atoll Asset Management; Gamma Capital


27-Jun-03 Bright ViewTri-State Investment Group; Charlotte Angel Partners; Piedmont Angel Netw ork LLC; Charleston Angel Partners, LLC

2.0Develops microstructure-based optical f ilms for the display industry and contrast enhancing products for PDP and OLED

24-Jun-03 OLED-T Ltd. Maven Capital Partners UK LLP 3.7Invents, patents, develops, manufactures, and licenses organic light emitting diode materials and device structures

25-Apr-03 eMagin Corp. Emerald Venture Capital 6.0Manufactures microdisplays using organic light emitting diode technology (OLED)

10-Dec-02 Ichor Systems Behrman Capital; MidOcean Partners 50.0Designs and manufactures gas and liquid delivery systems for semiconductor, solar, LED, OLED, and the electronics marketplace

27-Feb-02 eMagin Corp. Iroquois Capital, LP; Rainbow Gate Corp 2.5Manufactures microdisplays using organic light emitting diode technology (OLED)

14-Dec-01 Ichor SystemsBehrman Capital; Gryphon Investors; Century Park Capital Partners, Inc.; MidOcean Partners; The Northw estern Mutual

69.0Designs and manufactures gas and liquid delivery systems for semiconductor, solar, LED, OLED, and the electronics marketplace

29-Oct-01 OLED-T Ltd.Advent Venture Partners; YFM Private Equity; Classic Fund Management Ltd.; Foresight 4 Vct PLC; Foresight 3 VCT Plc


16-Nov-00 Ritek Display Intel Capital 24.2Focus mainly on the production of full-color organic electroluminescent (OLED) display

14-Nov-00 OLED-T Ltd.Advent Venture Partners; Elderstreet Investments Limited; YFM Private Equity; Classic Fund Management Ltd.; Foresight 4 Vct



23

GP Bullhound LLP

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