© 2015 - 2016

From Technologies to Market

Organic TFT 2016: Flexible Displays and other Applications

Are organic TFTs ready to disrupt the display industry and enable fully

flexible devices?

Sample

From Technologies to Market

Picture Credit: Samsung Display

From Technologies to Market

October 2016

2

TABLE OF CONTENTS

• Table Of Contents p2

• About the Authors p7

• Who should Be Interested In this Report p8

• Objective Of the Report p9

• Scope Of the Report p10

• Companies cited in the report p11

• Glossary and Display Fundamentals p12

• Definitions and Acronyms

• Display Application Trends and Requirements

• Evolution of Display Substrate Sizes

• Display Substrates Example: Gen 10

• Display Resolutions

• Display structure Overview

• Executive Summary p19

• The 2 page summary: Panel Industry Perspective

• Overview of TFT Channel Materials

• Pros and Cons

• Backplanes TechnologiesVs Applications

• Status of the Display Backplane Industry

• TFT Capacity Breakdown

• TFT Capacity Forecast

• Potential for Organic TFT (OTFT)

• OTFT Technology Status

• OTFT Performance: HypeVersus Reality.

• OTFT Status: EPD and OLCD.

• Mid PPI flexible AMOLED for Wearable and Embedded displays.

• High end AMOLED and True flexibility?

• Conclusions: Potential for OTFT

• OTFT Applications Scorecard

• OTFT Application Roadmap

• Display Market: Panel consumption through 2022

• OTFT adoption: Base Scenario

• OTFT adoption:Aggressive Scenario

• Comparisons

• Overview of TFT Backplane Technologies and Market p55

• Active and Passive Matrix

• TFT and OLED Pixel Structures

• TFT current

• OLED vS. LCD TFT

• Specific Challenges for AMOLED Backplanes

• Conclusions

• TFT Channel Materials

• Factors of Merits of theVarious TFT Chanel Materials

• Mobility vs Display Specifications:

• TFT TechnologiesVs Applications

©2016 | www.yole.fr | Organic TFT

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TABLE OF CONTENTS

• TFT Backplane Technologies: Pros and Cons

• TFT Supply and Demand

• 2016 Geographic Breakdown

• Amorphous Silicon Trends

• Metal Oxide Trends

• LTPS and Organic TFT Trends

• Flexible Displays – Overview and Technical Challenges p73

• Definition

• Introduction

• Potential Benefits

• Display Structure

• Challenges for Flexible display

• Technology Bricks for Flexible displays

• Flexible Display: Roadmap

• Commercial Status

• What’s coming next?

• Flexible Displays – Manufacturing Status p86

• Overview

• Flexible OLED capacity Expansion Plans

• Flexible EPD Status

• Front-planes For Flexible Displays p91

• Front-plane Candidates for Flexible Displays

• E-Papers: Electrophoretic And Cholesteric LCD

• Flexible LCD

• Flexible OLED

• Examples

• Japan Display Corporation

• JOLED

• Sony

• Sharp

• Substrates For Flexible Displays p108

• Requirements

• Major Types of Flexible Substrates

• Substrates Materials

• Substrates vs.TFT process Temperature

• Flexible Substrate Processing

• Roughness and Planarization

• De-bonding

• Material Trends

• Backplanes For Flexible Displays p118

• Introduction

• Candidates for Foldable Displays

• Technology Strategies for Flexible Backplanes

• Amorphous Silicon

• Amorphous Silicon for flexible Displays

• Low Temperature Polysilicon (LTPS)

• LTPS for flexible Displays

©2016 | www.yole.fr | Organic TFT

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TABLE OF CONTENTS

• Commercial Flexible LTPS Displays.

• Metal Oxides

• Benefits of IGZO TFT versus a-Si

• Evolution of IGZO technology at Sharp

• Other Metal Oxide TFT

• CBRITE

• Metal Oxides for flexible displays

• Illustration: LG 18” Flexible Display

• Illustration: SEL Flexible OLED Technology

• Solution Processed Oxide

• Other TFT:Amorphous Metal Non Linear Resistor (AMNR)

• Printed – Dopant Polysilicon (PDPS)

• Graphene and Carbon Nanotubes

• Focus on OrganicTFTs p143

• Overview

• Potential Benefits

• Organic TFT And True Flexibility

• Small Molecules vs Polymers

• Performance: Hype versus Reality.

• Pixel density and Channel Length

• Frequency Cut-Off

• Discussion

• TFT Performance vs Application Mapping

• OTFT Applications Roadmap

• Illustrations

• OTFT for LCD Displays

• OTFT For E-Paper

• Organic TFT Manufacturing p167

• Major OTFT Technology Bricks

• OTFT Structure:Top GateVs Bottom Gate

• Detailed OTFT Structure.

• Control of Crystallization (Small Molecules)

• Example: SmartKem

• Interface Engineering & Material choices

• Patterning & Compatibility with TFT Fabs

• Illustration: Patterning

• Example of Process Flow (Photolithography)

• Discussion

• Conclusions

• OTFT Cost Of Ownership p179

• Key Benefits

• Requirements for Mass Production

• Bill Of Material

• Cost of Ownership

• Cost Of Ownership: Smartkem

©2016 | www.yole.fr | Organic TFT

5

TABLE OF CONTENTS

• Organic TFTVolume and Revenue forecast p187

• Methodology

• Display Panel Market

• Applications Segment SWOT

• OTFT Forecast- Base Scenario p193

• EPD (and other reflective/passive Technologies)

• Wearables

• Mobile Phones

• Embedded Displays:Automotive and Transportation

• Embedded Displays: Others

• Tablet, Laptops and convertible

• Digital Signage

• Monitors and TV:AMOLED

• Monitors and TV: LCD

• OTFT adoption trends: Summary

• Organic TFT Application Roadmap

• Volume and Price Hypothesis (OSC and Gate Insulator)

• OSC And OGI: 2016 – 2022 Volume & Revenue Forecast

• Discussion:Aggressive Scenarios

• Technology Breakthrough Scenario #1: Printing Process p216

• Overview

• Illustrations

• Key Hypothesis

• Results

• Technology Breakthrough Scenario #2:Vertical Transistors p221

• Introduction

• Vertical OFET

• Vertical Organic Light Emitting Transistor (VOLET)

• Potential impact on market

• Price and consumption Hypothesis

• Conclusion

• Scenario Comparison and Conclusions p230

• Scenario comparisons

• OSC and OGI Revenue Scenario

• Conclusion

• End Game Scenario

• Non Display Applications p236

• Introduction

• Smart Tags

• Thin Film Electronics

• Sensors and Imager Arrays: ISORG

• Organic TFT Supply Chain p243

• OSC Suppliers

• Supply Chain

• Fab activity

©2016 | www.yole.fr | Organic TFT

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TABLE OF CONTENTS

• Selected Company Profiles p252

• SmartKem

• Merck - EMD

• BASF

• Polyera

• Neudrive

• Annex: OLED Display Structure and Key Technologies p266

• OLED: Operating Principle

• OLED Frontplane Structure Overview

• Full Amoled Display Structure (TFT + Frontplane)

• RGB OLED vs.White OLED

• Top and Bottom OLED Pixel Structures

• TFT and OLED Pixel Structures

• Summary: OLED Pixel Structures

• Discussion

• Expected Technology Evolution

©2016 | www.yole.fr | Organic TFT

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Biography & contact

ABOUT THE AUTHORS

Eric VIREY received a Ph-D in Optoelectronics from the National Polytechnic Institute of Grenoble. He’s held various R&D,engineering, manufacturing and marketing positions with Fortune 500 company Saint-Gobain in France and the United States. Inits most recent position, he was Market Manager Optoelectronics in charge various product lines and serving the LED, opticaltelecommunication and display industries. In parallel, he was leading the corporate “Lighting Community” effort, acting as amarket and technology competitive intelligence evangelist to identify and develop new business opportunities in solid statelighting and displays (LED/OLEDs) across multiple business units.

Eric has a broad knowledge of the solid state lighting and display value chains. In 2009, he joined Yole Developpement as a SeniorMarket and Technology Analyst for Solid State Lighting and Displays

Eric is also author / co-author of multiples reports (examples below) and contributed to various custom projects.

• LED Packaging

• LED Front End Manufacturing

• III-V Epitaxy

• Bulk GaN

• GaN on Silicon

• Status of the LED Industry

• Sapphire Market & Applications

• Phosphors and Quantum Dots

• …

Contact: virey@yole.fr

©2016 | www.yole.fr | Organic TFT

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WHO SHOULD BE INTERESTED IN THIS REPORT

• Organic TFT material and technologysuppliers

• Understand the flexible TFT and display panelecosystem.

• Understand the panel maker requirementsand constrains.

• Understand the real value of OTFT.. And themajor roadblocks for adoption

• Understand the strength and weaknesses ofother TFT technologies.

• OTFT competitive landscape: monitor andbenchmark your competitors

• Evaluate the volume and revenue potential foryour product

• R&D Organizations and Universities

• Understand the market potential of yourtechnologies for emerging markets

• Identify the best candidates for collaborationand technology transfer.

• Display Makers

• Hype versus reality: what is the status ofOrganic TFT? What can we expect in thenear future?

• Which application can OTFT address? Adetailed roadmap.

• What are the benefits and drawbacks ofOTFT vs established technologies?

• Find the right partner: detailed mappingof the OTFT ecosystem: channel and fullTFT stack providers.

• Financial and strategic investors

• Understand and value chain of the TFTindustry and the challenges for flexibledisplays.

• Key players and emerging start up inorganic semiconductors.

©2016 | www.yole.fr | Organic TFT

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OBJECTIVE OF THE REPORT

The report provides a complete review of established TFT backplanes technologies and a full analysis

of the status and prospect of Organic Thin Film Transistors for displays and other applications.

Market data, application

focus, analysis, deep

understanding…

• Understand the current status of the flexible display industry:

• Overview of the various types of flexible displays and main challenges associated in term of front plane (LCD, OLED, EPD), backplanes and substrates.

• Current status of flexible display manufacturing: key players, fabs, capacity)

• Understand the specific challenges related to the TFT backplane:

• Detailed overview of the various types of established TFT backplanes: a-Si, LTPS, Metal Oxide

• Capacity trends per technology.

• Their respective potential and associated challenges for flexible displays.

• The first comprehensive study of Organic TFT for displays and other applications:

• Technologies roadmap, SWOT analysis, manufacturing challenges, OTFT in the fab.

• Application analysis: pros and cons of OTFT for each segment, application roadmap.

• OTFT forecast (2017-2022): 3 different scenario with total OTFT surface (m2), OSC channel and gate dielectric volumes (kg) and revenue (US$M), ASP forecast.

©2016 | www.yole.fr | Organic TFT

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SCOPE OF THE REPORT

• There are numerous potential applications for Organic TFTs. Examples include flexible, large-area electronics

applications, such as TFT backplanes for flexible displays, conformable sensor arrays, and plastic circuits.

This report focuses on display applications which represent the single largest mid/short-term application potential for OTFT.

Digital

Signag

e

Wearables

E-readers

Temperature,

biological,

electrochemical… Sensor Arrays, Imagers

(X-Ray, fingerprint…)

True-flexible, wearable

sensors, e-skin etc…

Flexible smart

systems, logic…

Embedded

(Automotive,

Industrial,

Medical…)

MobileTV &

Monitor

s

E-Ink

LCD

OLEDSmart Card, Smart

tags

Sensors

Imagers

E-Skin, wearable

sensors

Logic

©2016 | www.yole.fr | Organic TFT

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CHALLENGES FOR FLEXIBLE DISPLAY

Flexible Display: every single layer needs to be flexible!

TFT (electrodes, channel, dielectric, passivation…)

Backlight (LCD display only)

Frontplane (LC cells, polarizers, color filter substrate…)

Encapsulation (OLED only)

Touch sensor (glass, electrodes..)

Cover Lens and coatings (AR, anti fingerprint…)

• In addition to the requirement on each individual layer, delamination and creasing of the stacked layersmust be eliminated.

• The total number of layers and the total thickness must be minimized to reduce the stress experienced bythe layers.

• Ideally, the structure must be designed so that the most fragile and critical layer can be moved to theneutral plane (experiencing the least stress) in the stack.

TFT Substrate

©2016 | www.yole.fr | Organic TFT

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EXAMPLES

Feature Specs

Presented August 2015

Size (Diagonal) 5”

Resolution / ppi 1280x720/ 295 ppi

TFT LTPS

Substrate PI

Panel Thickness 200 µm with touch

OLED Structure RGB+CF / Top Emission

Encapsulation TFE

Bending Radius > 500k cycles at 4 mm

AUO

Feature Specs

Presented May 2014

Size (Diagonal) 9.55”

Resolution / ppi 640x432 / 81

TFT A-IGZO

Substrate PI

Panel Thickness ?

OLED Structure RGB / Top Emission

Encapsulation TFE + barrier film

Bending Radius < 20 mm

BOE (CN)

Feature Specs

Presented May 2016 (SID)

Size (Diagonal) 4.35”

Resolution / ppi 1120x480 / 280

TFT ?

Substrate ?

Panel Thickness ?

OLED Structure ?

Encapsulation TFE

Bending Radius 5 mm

BOE (CN)

©2016 | www.yole.fr | Organic TFT

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FLEXIBLE OLED CAPACITY EXPANSION PLANS (1)

Company Prototype Mass Production 2016 2017 and beyond

XXXX Yes

• Fab Name X: Gen 4.5 LTPS with XXk

substrate capacity producing small volume rigid

OLED + flexible OLED pilot.

• The company is cautious about OLED investment.

XXXX Yes No

• Fab Name X: 2 Gen 6 LTPS lines with XXk substrate capacity each.

One line dedicated to flexible OLED. Production to start in Q3-2017.

Total investment: US$Xb.

XXXX Yes No • No plans announced

XXXX Yes No

• Fab Name X: Gen 4.5 LTPS fab. Started OLED production at XXk

substrate capacity in 2016. Plan to start flexible OLED in Q2-2017

• Fab Name XGen 6 LTPS with XXk substrate capacity. Construction

to start end of 2016, production in H2-2018 will include flexible OLED.

XXXX Yes No• Fab Name X: Gen 6 LTPS. Plan to manufacture OLED from 2018. will

have to include flexible OLED if expect to remain an Apple supplier.

XXXX Yes• Fab Name X: Gen 4.5 LTPS with XXk

substrates for flexible OLED. Supplies YYY

• Fab Name X: Gen 6 LTPS with initial capacity of XXk substrate for

flexible OLED to start in H2-2017. Total investment US$XXXm

XXXX Yes No ?

XXXX Yes No ?

©2016 | www.yole.fr | Organic TFT

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MAJOR TYPES OF FLEXIBLE SUBSTRATES

Flexible Glass(Corning “Willow”,

Schott…)

Metal foils(Stainless steel…)

High Temperature

Polymer optical Films(PI, PES, PEEK…)

Common optical

polymer films(PET, PEN, PC, TAC, PMMA…)

• Mechanical and thermal

characteristics well suited

for TFT manufacturing

process.

• Good oxygen and moisture

barriers (no need for back

encapsulation layer).

• Fairly low cost

• Not transparent.

• Poor surface roughness

(require planarization layer

or chemical-mechanical

polishing)

• Must be isolated to avoid

parasitic capacitance with

the TFT circuits.

• Can’t restored to original

shape once bent at a low

radius.

• Excellent optical properties

• Process ready surface

• Good oxygen and moisture

barrier.

• Low CTE

• Can’t be bent to small radius

(2016 best in class: 9 mm).

• Break easily, challenging to

handle in manufacturing.

• Excellent optical transparency.

• Low cost.

• Tend to birefringent: not

suitable for LCD.

• High CTE

• Poor surface roughness

(require planarization layer)

• Low glass transition

temperature Tg: unsuitable

for traditional TFT processes

(a-Si, LTPS or oxides).

• PI: Strong absorption in the

visible spectra unsuitable

for bottom emission and

transparent displays.

• High CTE (PES)

• High cost (>glass for display-

grade PI)

• Compatible with some or all

TFT process temperatures

(with some adjustments)

• Low CTE (PI)

Pros

Cons

©2016 | www.yole.fr | Organic TFT

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TFT AND OLED PIXEL STRUCTURES

• There are various TFT architectures:

Example of TFTs fabrication steps: (a) gate definition,

(b) gate-insulator deposition, (c) channel layer

deposition (d) source/drain (S/D) definition, (e)

passivation (source: Transparent Oxide Semiconductors

for Advanced Display Applications, Arokia Nathan,

Information Display, Jan 2013)

Gate

Substrate

Gate Insulator

ChannelSource Drain

Gate Insulator

Substrate

Gate Insulator

DrainChannelSource

Gate

Top Gate TFT Bottom Gate TFT

• In “Bottom Emission” display structures, the light generated by the pixel is emitted toward theTFT. In this configurations, the TFT array therefore blocks some of the light or reduces the activesurface of the pixel. It is therefore important to minimize the size of the TFT circuitry to increasedisplay brightness.

OLED

Emitting

area

Full

Pixel

Aperture ratio: in this example, the aperture ratio is ~ 30%

Picture: “Carbon Nanotube Driver Circuit for 6×6 Organic Light Emitting Diode Display”, Jianping

Zou et al. Scientific Reports 5, # 11755 (2015) ©2016 | www.yole.fr | Organic TFT

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2016 TFT GEOGRAPHIC BREAKDOWN

• Korea still dominates with close to 35% of worldwide capacity, followed by Taiwan with 30%.

• China currently represents 27% of the total capacity but is expected to become #1 by 2018 and capture 38% of the

total

China is on track to become the #1 country in term of panel manufacturing capacity by 2018

2016: Inner circle

2018: Outer circle

©2016 | www.yole.fr | Organic TFT

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DISPLAY MARKET: PANEL CONSUMPTION THROUGH 2022

• We estimate that the demand for TFTdisplay panels will reach XXX Millionsof m2 in 2016 and increase to XXXMof m2 by 2022.

• Demand is strongly dominated bylarge displays: television andcomputer monitors. Smartphonescome third despite their smaller areathanks to very high volumes. Together,those 3 segments represent > XX%of the total.

• Wearables (represented by thecategories “smartwatches” and “otherwearable”) as well as embeddeddisplays (automotive etc…) areexpect to experience fast growth butremain a small fraction of about XX%of the total TFT market.

• Note that “other wearable” categoryis a catch all category to account forwearable devices that are notsmartwatches. Those includewristband, fitness trackers etc… andpossibly new applications.

©2016 | www.yole.fr | Organic TFT

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Number of Pixels

Req

uir

ed

Mo

bilit

y (

cm

2/V

s)

1M 10M 100M0.1

1

10

100

120Hz Dual Scan

120Hz Single Scan

Reduced blur

240Hz Single Scan

Blur free or 3D

HD 2k1k

1920x1080

4k2k UHD1

4096x2160

8k4k UHD2

8192x4320

MOBILITY VS DISPLAY SPECIFICATIONS:

Due to low mobility, a-Si 4k2k panels are limited to 120 Hz refresh rate

other TFT materials such as Oxides or LTPS are required for high

end 4K2K TVs with reduced motion blur and good 3D performance.

High resolution TVs also require high performance TFT materials

(Yole, derived from MatsuedaY 2010, Digest of Int. Transistor Conf. 2010)

2k1k 4k2k 8k4k

a-Si

HD

IGZO

LPTS,

New Oxides (?)

480Hz Single Scan

Blur free + 3D

Refresh Rate Refresh Rate & Resolution

Line Time (µs) for different combinations of resolution and refresh rates (e.g.:

for UHD at 120Hz, only have 3.85 µs for each line)

©2016 | www.yole.fr | Organic TFT

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OTFT PERFORMANCE: HYPE VERSUS REALITY.

• Communication of OTFT performanceis often focused on mobility. But otherparameters such as homogeneity,reliability, manufacturability, cost ofownership etc.. are equally important.

• State of the art molecular engineeringallows to deliver on all those criteria: allthe building blocks are ready in the lab.But bringing it all together is anotherchallenge.

• Ultimately, the best OSC for massproduction of devices might not be theone with the highest electricalperformance but rather, one designedfor the application that offers the bestcompromise on those requirements.

• Material suppliers and OTFTmanufacturers will eventually developincreasingly versatile process andmaterial toolboxes allowing them toadjust the materials and the TFTprocess to each application.

Mobility

Homogeneity

Electrical Stability

Environmental Stability

Manufacturability

Cost

©2016 | www.yole.fr | Organic TFT

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SMALL MOLECULES VS POLYMERS

• While mobility is a critical parameter, reproducibility and processability

are equally important.

• Small molecules tend to be ahead in term of performance but

crystallization is difficult to control. This creates homogeneity and

reproducibility issues.

• Amorphous and polymer materials have a wider process window but

lag in term of performance.

Small molecule and polymer each have their pros and cons. But materials and processes have improved dramatically for both over the last few years.

Polymer OTFT (Merck)

W/L = 1000/20 µm

W

L

Small molecule OTFT (Merck)

W/L = 1000/50 µm

W

L

Homogeneity

Mobility

Polymers

©2016 | www.yole.fr | Organic TFT

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PIXEL DENSITY AND CHANNEL LENGTH• As the resolution of mobile displays increases, the available surface for the TFT circuit decreases. In the last 2 generations of

Samsung’s Galaxy S6 and S7 phones (discussed below), we estimate that the 5 transistors + 2 capacitor + data lines required todrive each subpixel must fit in a ~ XX x XX µm2 box (Samsung uses a top emission structure so the circuit can occupy theentire pixel area). This estimate was confirmed by our sister company “System+ Consulting” which conducted a tear downanalysis of the Galaxy S6 (next pages)

XX µm

The human eye is most sensitive to green, especially for high resolution luminance

information. The Galaxy displays exploit this feature and use a pentile diamond

subpixel arrangement in which green pixels are interleaved with red and blue pixels:• The green subpixels are mapped to input pixels on a one to one basis, reconstructing

the luminance signal to the display resolution (1440 x 2560). The red and blue

subpixels are subsampled, reconstructing the chromatic signal at a lower resolution.

• The Red, Green, and Blue sub-pixels have different sizes. The blue ones are the

largest because of the low material efficiency and human eye response sensitivity.

Feature Value

Display resolution 1440 x 2560

Display size 2.49” x 4.43” (5.1 inch diagonal)

Pixel density 577 PPI

Sub pixel count

Green: 3.69 millions (577 PPI)

Red, blue : 1.84 millions (408 PPI) each

Total: 7.37 millions

Average subpixel area XXX µm2

Estimated circuit area XX µm x XX µm

Subpixel driving circuit 5T1C

Pentile diamond subpixel arrangement in Samsung Galaxy S6 and S7 series.

XX µm

XX µm

©2016 | www.yole.fr | Organic TFT

22

EXAMPLE OF PROCESS FLOW (PHOTOLITHOGRAPHY)

Glass CarrierFlexible film substrate

S D OSC

Glass CarrierFlexible film substrate

S D

Gate DielectricGate

OSC

Glass CarrierFlexible film substrate

S D

Gate DielectricGate

Passivation

OSC

Glass CarrierFlexible film substrate

S D

Gate DielectricGate

Passivation

OSC

Glass CarrierFlexible film substrate

S D

Gate DielectricGate

Source & Drain

Mask #1

• Au, Ag, Cu or Al: sputtering

(typical: 50 nm/5nm)

• Patterned by photolithography +

wet etching.

• SAM treatment on contacts.

OSC and OGI

No Mask

• OSC (typ: 20-50 nm) and OGI deposited

by slot die or spin coating (small

substrates)

• OGI must be orthogonal to OSC

OSC

Glass CarrierFlexible film substrate

S D

Gate Dielectric

Gate

Mask #2

• Ag, Al, Cu or ITO: sputtering (typical: 50nm)

• Patterned by photolithography + wet etching

(additional passivation and/or adhesion layer

required before depositing and patterning the gate)

Organic Layers Patterning

• Dry etching (RIE)

• Use the gate metal as the mask

Passivation

Mask 3

• Solution processable (e.g.: Polyvinalalcohol)

formulated as a negative tone resist,

deposited by slot die.

• Patterning by photolithography (material can

be directly photo patternable)

Contacts

Mask 4

• Au: sputtering (typical: 50 nm)

©2016 | www.yole.fr | Organic TFT

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BILL OF MATERIAL

• The level of complexity in the molecular engineering and manufacturing process of the OSC is not too different from that ofOLED materials such as the ETL, HTL etc... As volume increase, the cost of the OSC material could decrease toward similarlevels (<$XX/g)

• The cost per gram of the gate dielectric is lower than that of the OSC but offers less opportunity for cost reduction. Longterm cost will depend on the chemistry and the level of functionalities put into them (crosslinked, photo-patternable etc…).

• The binder material used in the ink formulation is not highly engineered and generally low cost, to the exception ofcompanies that use a low performance polymer semiconductor.

• We estimate that the BOM for OTFT could drop by 40 to 50% over the next 3-5 years and a factor of 2.5 to 3x if adoptionrate enable high volumes and economies of scale. Ultimately, transition to an additive manufacturing process (inkjet or otherprinting technology) could further reduce the cost.

Key Hypothesis Short termMid term -

BaseHigh Volume

OSC cost ($/g) $XXX $XXX $XXX

Binder cost ($/g) $XXX $XXX $XXX

OGI ($/g) $XXX $XXX $XXX

Metal ($/g) $XXX $XXX $XXX

OSC & OGI ThicknessOSC: XX nm

OGI: XX nm

OSC: XX nm

OGI: XX nm

OSC: XX nm

OGI: XX nm

Organic material utilization

efficiency

(Slot dye coating)

75% 75% 75%

©2016 | www.yole.fr | Organic TFT

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OSC AND OGI REVENUE FORECAST THROUGH 2022

• The base scenario shows that under the current

technology roadmap and status of the industry,

OTFT will remain a niche market. The market for

OSC materials remains small and can’t support

more than a couple of companies able to capture

the most value by selling all materials in the stack.

• Under this scenario, it is not clear if the industry

will reach a critical mass to allow a massive take

off. Will material suppliers and panel makers

continue to invest to enable a larger market?

• Our “breakthrough” scenarios illustrate how

further technology advancements could enable a

much larger market. The underlying assumption

for those scenario are:

• The “Printing scenario” accelerates

penetration of AMOLED TVs versus LCD by

reducing manufacturing cost. It provides incentive

for panel makers to accelerate development of

printable TFTs. This enables OTFT penetration in

TVs

• The “Vertical TFT scenario” accelerates OTFT

performance and increases OSC consumption per

unit surface.

To create a significant market, a technology breakthrough, or an acceleration of the current OTFT roadmap is required.

©2016 | www.yole.fr | Organic TFT

25

THIN FILM ELECTRONICS

• The company initially developed various types of organic electronic devices in collaboration with Xerox PARC, including a displaydriver based on complementary organic logic demonstrated in 2013.

• Its commercial and development efforts now focus on thin film memories, smart labels and NFC barcodes.

• Its temperature threshold labels were initially based on OTFT with materials supplied by Polyera.

• Its sensing and logic development efforts (NFC-enables smart labels that combine sensing + wireless communication) however are focused onPrinted – Dopant Polysilicon (PDPS).The technology was acquired from Kovio / Printed Logic in 2014

Thinfilm’s Product Overview (source: Company)©2016 | www.yole.fr | Organic TFT

26

SMARTKEM (1)

• SmartKem was founded in 2009 and is based in Manchester (UK). The company sells or licenses its semiconductor inks and has the ability todeliver test kits including full TFT arrays[1] . As of Q4-2015, the company had 35 employees, rising to 40 by the end of 2016. The team includesformer employees of Samsung, Merck, Kodak, Liquivista, CDT,Avecia, ICI, Philips and Qualcomm.

• SmartKem has announced 4 joint-development agreement (JDA) and 2 Letters of intent (LOI) with various partners including some majorAsian display manufacturers. The intention of these agreements is to transfer SmartKem OSC technology into existing production lines atthose display manufacturers once process feasibility has been established.

• SmartKem also has a JDA with BASF and in August 2014, the company raised €3 million in a series A funding including €1 million from BASFventures and other investors. BASF stated that “The technologies and portfolios of both SmartKem and BASF have complementary aspects; moreover,BASF has a long experience on bringing technologies from an early stage to commercialization, leading to collaboration to help speed up the marketpenetration of flexible organic electronics. In this case, BASF VC has been supporting the company in their prioritization of the infrastructure needed tocommercialize their products, drawing on experience from BASF’s core chemical business”.

• SmartKem technology platform marketed under the trademark truFLEX™ consists of high mobility organic semiconductor molecules andinks for the fabrication of TFT backplanes. The company offers a “full stack” toolbox including OSC, OGI, passivation, planarization materials aswell as processes and transistor designs.

[1] In order to test and demonstrate its products, the company has the capabilities to produce its own TFT's using combinations of photolithography, printing and coating methods

(uses shadow and gate masks).

MOLECULES

Fully synthesized and purified small

molecule organic semiconductors

and fully synthesized functional

polymers.

INKS

Formulations comprising of

SmartKem molecules in suitable

solvent systems which are customized

for wet processing techniques such as

printing and coating.

PROCESSING

Specialized know-how relating

to wet processing methods

and fabrication conditions

DEVICES

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When trying to build a flexible display panel, the Thin Film Transistor (TFT) matrix is one of the most challenging and fragile functional layers.

Interest in OTFT emerged in the mid-2000s when mobility reached values similar to amorphous silicon (a-Si), the dominant display backplane technology. This triggered a flurry of activity at leading display manufacturers, and prototypes rapidly emerged. Besides fast-improving electrical performance, OTFT’s intrinsic flexibility made the technology ideal for the realization of flexible displays. In 2007, the first ever flexible AMOLED panel was demonstrated by Sony and featured an organic TFT.

However, interest waned as performance and homogeneity issues persisted, and other TFT technologies like LTPS and metal oxide emerged.

Nevertheless, organic semiconductor companies kept perfecting their molecules and ink formulations, gaining a better understanding of the interaction between the materials, the transistor structure, and the manufacturing process. Consequently, performance in the lab improved by another order of magnitude. Combined with the explosive growth of flexible displays and the promise of a cost-efficient, solution-based

manufacturing process, interest in OTFT has renewed.

Panel makers remain cautious, but a handful in Taiwan and China are currently attempting to retrofit older Gen 2.5 - 4.5 fabs with OTFT. These first attempts to move OTFT into mass production will be critical for the technology’s future. Failure in these initial industrialization attempts could be fatal for the OTFT industry, or, at the very least, set it back many years. However, if OTFT proves that it can be mass produced and enables panel makers to revive those obsolete fabs with high-margin flexible displays, there are no fundamental barriers prohibiting the technology from being quickly scaled up to fabs Gen 8 or above, and possibly challenge the vast market for traditional a-Si based panels like LCD TV, monitors, etc. In the long-term, because they are inherently solution-processable, OTFTs are also an ideal backplane candidate for additive manufacturing and fully printed displays.

This report presents a detailed review of flexible displays, including an analysis of technical challenges (frontplane, backplane, substrates), manufacturing status, key players, and technologies.This report also provides a complete review of established TFT backplane technologies.

ORGANIC THIN FILM TRANSISTOR (OTFT) 2016: FLEXIBLE DISPLAYS AND OTHER APPLICATIONS Market & Technology report - October 2016

ORGANIC TFTs ARE ENTERING THE FAB BY THE BACK DOOR

Are OTFTs ready to disrupt the display industry and enable fully-flexible devices?

KEY FEATURES OF THE REPORT Get the sample of the report on www.i-Micronews.com• Flexible displays: benefits,

challenges, roadmap, technologies (frontplanes, backplanes and substrates)

• Backplanes for flexible displays: a-Si, LTPS, metal-oxide, OTFT

• OTFT performance roadmap, challenges, cost of ownership, progress toward the fab, SWOT analysis

• OTFT application roadmaps: detailed segment analysis (wearable, mobile, laptops & tablets, TV & monitors, automotive & embedded displays, digital signage, e-readers)

• OTFT materials volume and revenue forecast through 2022

OBJECTIVES OF THE REPORTThis report provides a full analysis of the status and prospects for organic thin film transistors (OTFT) for displays and other applications: • Main challenges for producing

flexible displays• TFT backplanes: technology

review, capacity analysis, potential for flexible displays

• OTFTs: technology roadmap, SWOT analysis, manufacturing challenges, OTFT in the fab

• Application: pros and cons of OTFT for each segment, application roadmap, penetration forecast

• 2017 - 2022 forecast: total OTFT surface (m2), channel and gate dielectric volumes (kg) and revenue (US$M), ASP forecast

(Yole Développement, October 2016)

TFT performance and flexibilityMobility (cm2/vs)

Bending radius (mm)

1

0.1

10

100

0.1 1 10 100

True flexibility Curved Bendable / Conformable

Foldable / Rollable

Medical sensors

X-Ray Imager

0.01

EPD Mid-resolution

Wearable displays (<300 ppi)

Metal Oxide

LTPS

OTFT 2016 lab result / Mid term fab goal (5 years)

OTFT 2016 “Fab-level” performance

a-Si

Possible extension of oxide flexibility?

ORGANIC SEMICONDUCTOR (OSC) SUPPLIERS HAVE MORPHED INTO FULL SOLUTION PROVIDERS

The display panel industry tends to require high capex in order to generate fairly low margins. Companies are therefore relatively conservative when it comes to switching to new TFT. They look for technologies that:

• Are highly compatible with existing process and equipment.

• Generate higher margins than the incumbent technology by allowing higher added-value products (OLED, flexible displays) and/or reduced manufacturing costs.

ORGANIC THIN FILM TRANSISTOR (OTFT) 2016: FLEXIBLE DISPLAYS AND OTHER APPLICATIONS

ORGANIC TFTs ARE SEARCHING FOR THEIR FIRST KILLER APPLICATION

OTFT mobility in the lab now exceeds 10 cm2/vs, with record values up to 40 cm2/vs, theoretically good enough to drive all display types and compete with all TFT technologies. But while these results are a good indication of the progress made with organic semiconductors, they have been obtained in conditions far from practical in actual fabs and commercial devices. Current realistic fab-level performance stands in the range of 1 - 2 cm2/vs, with a credible path toward 3 - 5 cm2/vs over the next 18 months - 3 years, and possibly 10 cm2/vs and above within 5 - 10 years.

At the current level, OTFTs are already superior to the dominant a-Si platform and enable a whole new range of very cost-effective, flexible electrophoretic and LCD displays with a bending radius as low as 30 mm. Not exactly “foldable”, but flexible enough to conform to curved surfaces in all application types, such as embedded displays in automotive, consumer appliances, and digital signage. These displays also feature reduced weight and thickness and improved ruggedness from their plastic-based construction. The aforementioned applications could become a stepping stone for OTFT, allowing panel makers to validate and optimize the technology in their Gen 2.5 - 4.5 fabs and prepare to scale up to larger substrates while material suppliers fine-tune their molecules to reach performance sufficient to drive mid-pixel density OLEDs. This would unlock a whole new range of applications by enabling cost-effective manufacturing of low power consumption, fully flexible displays for wearable and mobile applications. From there, it remains to be seen if performance will further improve in order to serve the high-end OLED market, or if OTFT can deliver on its cost-effectiveness promises. If so, OTFT could become a credible alternative to a-Si in the manufacture of large LCD panels, enabling higher resolution and higher brightness - features that are critical to the UHD TV market’s emergence.

This report focuses on OTFT display applications and the associated market volume for the period 2016 – 2022, broken down in 13 segments. Moreover, this report provides an analysis of market volume and revenue for organic semiconductors (OSC) and gate insulators (i.e.: OGI). Our forecasts have been developed on the basis of different scenarios, taking into account potential future technology breakthroughs (i.e. printing process, vertical transistors).

OTFT performance vs. applications mapping

(Yole Développement, October 2016)

Virtual Reality /Augmented

Reality

Sensors EPD EWD

LCD TV FHD to UHD

50 200 100 400 800 0.1

1

10

100

Mobile OLED FHD to UHD

Mobility (cm²/vs)

Pixeldensity(PPI)

3

30

0.3 2016 OSC performance

status

Long term OSC potential ?

New applications: flexible OLED in wearable &

embeddable

1600

Traditional applications

Applications with strong potential for OTFT?

Conformable OLCD in wearable & embeddable

OLED TV FHD to UHD

Mobile LCD FHD to UHD

Organic semiconductor suppliers have realized that success means offering turnkey solutions comprising

the full material stack, and processes as compatible as possible with old a-Si equipment. This means photo-patternable, cross-linkable materials that can be processed with existing broadband lithography tools already present in the fab, and which can withstand traditional patterning and etching techniques.

In the short-term, this puts significant stress on companies that started as small teams of organic materials experts. These companies now must access additional capital and set up partnerships in order to access fab equipment and develop a full process toolbox.

However, in the long-term this will permit surviving companies to capture more added-value than by simply supplying the channel material.

This report presents a detailed analysis of OTFT, including benefits, challenges, performance status, and roadmaps. Additionally, this report provides an analysis of OTFT manufacturing (technologies, structure, etc.), cost of ownership, and competitive landscape (i.e. supply chain, OSC suppliers). Company profiles for key players are also included.

System approach for OTFT performance optimization

(Yole Développement, October 2016)

• Design for manufacturing• Contact resistance• Wavy channels • Optimized thicknesses: OSC, OGI

OSC molecule engineering

Ink engineering

Transistor architecture &

design

Manufacturing process

Optimization of non OSC materials and

surfaces

• High charge mobility• Stability

• Polymer / small molecule blends• Control of phase separation

Contacts materials, •SAM treatment

Surface roughness •and interfaces

Other surface treatment •to control wetting

Surface free energy •and phase separation

Limit damages of critical layers • Precise control of patterns •

(lithography or printing) Control of crystallization •(electric field, directional crystallization, substrate

patterning…)

OTFT Performance

• Phosphors & Quantum Dots for LED Applications: Patent Landscape 2016

• Samsung Galaxy S6 teardown & physical analysis of key components

Find all our reports on www.i-micronews.com

Find more details about

this report here:

MARKET & TECHNOLOGY REPORT

AUTHORDr Eric Virey serves as a Senior Market and Technology Analyst and has contributed to the development of sapphire & LED activities at Yole Développement (Yole), the “More than Moore” market research and strategy consulting company. Eric has a broad knowledge of the sapphire, solid state lighting and display industries: Since 2009, he authored multiple Yole’s reports, he also contributed to multiple custom projects with Yole Finance. Before that, he’s held various R&D, engineering, manufacturing and marketing positions with Fortune 500 Company Saint-Gobain in France and the United States. Those included a 5 year tenure as Market Manager in charge of Sapphire substrates and materials for optical telecoms and displays, a 3-year cross func t ional corporate position where he acted across multiple business units as a market and technology evangelist to identify and develop new business opportunities in solid state lighting (LED/OLEDs). Dr Eric Virey holds a Ph-D in Optoelectronics from the National Polytechnic Institute of Grenoble.

RELATED REPORTSBenef i t from our Bundle & Annual Subscription offers and access our analyses at the best available price and with great advantages

COMPANIES CITED IN THE REPORT (non exhaustive list)Amorphyx, Apple, Ares Materials, AU Optronics, BASF, BOE, Cambridge Display Technology, Cbrite, CEC Panda, Chunghwa Picture Tube, Coherent, Corning, CSOT, Dupont, Dupont Teijin, E-Ink, ETC. SAES, Everdisplay Corporation, Evonik, FlexEnable, FlexInk, FlexUp, Fujifilm, Hannstar, Innolux, ISORG, Japan Display, JOLED, Kaneka, Kateeva, Kolon, Konika Minolta, LG Displays, Merck, MGC, Mitsubishi Chemical, Neudrive, New Vision, Nippon Kayaku, Novaled, nVerPix, Panasonic, Plastic Logic, Polyera, Ricoh, Royole, Samsung, Schott, Seiko Epson, SEL, Sharp, SmartKem, Solip Technology, Sony, Sumitomo Bakelite, ThinFilm electronics, Tianma, Tokyo Electron, Toppan, Toyobo, Visionox; and more

Glossary and display fundamentals 12

Executive summary 19

Overview of TFT backplane technologies and market 55

> Active and passive matrix> TFT and OLED pixel structures> TFT current> OLED vs. LCD TFT> Specific challenges for AMOLED backplanes> TFT channel materials> Mobility vs. display specifications> TFT technologies vs. applications> TFT backplane technologies - pros and cons> TFT supply and demand> Amorphous silicon, metal oxide, LTPS and

organic TFT trends

Flexible displays - Overview and technical challenges 73

> Potential benefits> Display structure> Challenges for flexible displays> Technology bricks for flexible displays> Flexible display - roadmap> Commercial status> What’s coming next?

Flexible displays - Manufacturing status 86

Frontplanes for flexible displays 91> Frontplane candidates for flexible displays> E-papers - electrophoretic and cholesteric LCD> Flexible LCD and OLED> Focus on Japan Display Corporation, JOLED,

Sony, Sharp

Substrates for flexible displays 108> Requirements> Major flexible substrate types> Substrate materials> De-bonding> Material trends

Backplanes for flexible displays 118> Technology strategies for flexible backplanes> Amorphous silicon> Low-temperature polysilicon (LTPS)> Metal oxides> Focus on CBRITE> Solution-processed oxide> Other TFT - amorphous metal non-linear

resistor (AMNR)> Printed dopant polysilicon (PDPS)> Graphene and carbon nanotubes

Focus on organic TFTs 143> Potential benefits> Organic TFT and true flexibility> Small molecules vs. polymers> Performance - hype vs. reality

> TFT performance vs. application mapping> OTFT applications roadmap> OTFT for LCD displays and e-paper

Organic TFT manufacturing 167> Major OTFT technology bricks> OTFT structure > Crystallization control> Interface engineering & material choices> Patterning and compatibility with TFT fabs

Organic TFT cost of ownership 179> Key benefits> Bill of material> Cost of ownership

Organic TFT volume and revenue forecast 187

> Display panel market > Applications segment SWOT

Organic TFT forecast - Base scenario 193> EPD (and other reflective/passive technologies)> Wearables> Mobile phones> Embedded displays> Tablet, laptops, and convertibles> Digital signage> Monitors and TV> OTFT adoption trends> OTFT application roadmap> Volume and price hypothesis> OSC and OGI - 2016 - 2022 volume and revenue

forecast> Discussion - aggressive scenarios

Technology breakthrough scenario #1 - Printing process 215

> Key hypothesis> Results

Technology breakthrough scenario #2 - Vertical transistors 220

> Vertical OFET> Vertical organic light-emitting transistor (VOLET)

Scenario comparison and conclusions 229

Non-display applications 235> Smart tags> Thin film electronics> Sensors and imager arrays - ISORG

Organic TFT supply chain 242

Selected company profiles 251> SmartKem> Merck - EMD> BASF> Polyera> Neudrive

Appendix - OLED display structure and key technologies 265

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“Intellectual Property Rights” (“IPR”) means any rights held by the Seller in its Products, including any patents, trademarks, registered models, designs, copyrights, inventions, commercial secrets and know-how, technical information, company or trading names and any other intellectual property rights or similar in any part of the world, notwithstanding the fact that they have been registered or not and including any pending registration of one of the above mentioned rights.

“License”: For the reports and databases, 3 different licenses are proposed. The buyer has to choose one license:• One user license: one person at the company can use the report.• Multi-user license: the report can be used by unlimited users

within the company. Subsidiaries and Joint-Ventures are not included.

• Corporate license: purchased under “Annual Subscription” program, the report can be used by unlimited users within the company. Joint-Ventures are not included.

“Products”: Depending on the purchase order, reports or database on MEMS, CSC, Optics/MOEMS, Nano, bio… to be bought either on a unit basis or as an annual subscription. (i.e. subscription for a period of 12 calendar months). The annual subscription to a package (i.e. a global discount based on the number of reports that the Buyer orders or accesses via the service, a global search service on line on I-micronews and a consulting approach), is defined in the order. Reports are established in PowerPoint and delivered on a PDF format and the database may include Excel files.

“Seller”: Based in Lyon (France headquarters), Yole Développement is a market research and business development consultancy company, facilitating market access for advanced technology industrial projects. With more than 20 market analysts, Yole works worldwide with the key industrial companies, R&D institutes and investors to help them understand the markets and technology trends.

1. SCOPE 1.1 The Contracting Parties undertake to observe the following

general conditions when agreed by the Buyer and the Seller. ANY ADDITIONAL, DIFFERENT, OR CONFLICTING TERMS AND CONDITIONS IN ANY OTHER DOCUMENTS ISSUED BY THE BUYER AT ANY TIME ARE HEREBY OBJECTED TO BY THE SELLER, SHALL BE WHOLLY INAPPLICABLE TO ANY SALE MADE HEREUNDER AND SHALL NOT BE BINDING IN ANY WAY ON THE SELLER.

1.2 This agreement becomes valid and enforceable between the Contracting Parties after clear and non-equivocal consent by any duly authorized person representing the Buyer. For these purposes, the Buyer accepts these conditions of sales when signing the purchase order which mentions “I hereby accept Yole’s Terms and Conditions of Sale”. This results in acceptance by the Buyer.

1.3 Orders are deemed to be accepted only upon written acceptance and confirmation by the Seller, within [7 days] from the date of order, to be sent either by email or to the Buyer’s address. In the absence of any confirmation in writing, orders shall be deemed to have been accepted.

2. MAILING OF THE PRODUCTS 2.1 Products are sent by email to the Buyer:

• within [1] month from the order for Products already released; or • within a reasonable time for Products ordered prior to their effective release. In this case, the Seller shall use its best endeavours to inform the Buyer of an indicative release date and the evolution of the work in progress.

2.2 Some weeks prior to the release date the Seller can propose a pre-release discount to the Buyer The Seller shall by no means be responsible for any delay in respect of article 2.2 above, and including incases where a new event or access to new contradictory information would require for the analyst extra time to compute or compare the data in order to enable the Seller to deliver a high quality Products.

2.3 The mailing of the Product will occur only upon payment by the Buyer, in accordance with the conditions contained in article 3.

2.4. The mailing is operated through electronic means either by email via the sales department or automatically online via an email/password. 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.

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. .

2.6 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 69002 Lyon France Bank code: 30056 Branch code: 00170 Account n°: 0170 200 1565 87BIC or SWIFT code: CCFRFRPP IBAN: FR76 3005 6001 7001 7020 0156 587

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. 441-6 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 non-breaching 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.

TERMS AND CONDITIONS OF SALES