advanced substrates overview: from ic package to board - 2017 report by yole developpement

© 2017

Publication date: February 2017

From Technologies to Market

Advanced Substrates Overview:

From IC package to board

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THE ADVANCED SUBSTRATE ACTIVITY

Standalone activity focused on the analysis of PCBs, IC substrates and RDLs

• From 2017, Yole Développement is starting a separate and standalone “Advanced Substrate” activity, dedicated to exploring the

market and technologies of PCBs, IC substrates and RDLs

• The “Advanced Substrate” activity will aim to connect the landscapes of boards, IC substrates and RDLs and provide analysis on these

topics “under one roof”

• The objectives of the “Advanced Substrate” activity will be to:

• Propose a common terminology framework

• Identify and analyze competitive and overlapping “advanced substrate” technologies

• Analyze the supply chain and business model shifts

• Provide substrate related market forecasts

• Provide substrate related technology roadmaps

• Provide an outlook on market dynamics and disruptions

• Identify market shares

• Provide analysis on substrate architectures, equipment and materials

Start of the Advanced Substrates

activity

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OBJECTIVES OF THE FIRST REPORT

• To provide an overview of board, substrate and RDL interconnects

o Terminology definition

o Segmentation by types of substrates

o Segmentation by players and respective business models• To provide analysis of technology trends

o Competition zones and overlaps

o Board vs. FC substrate

o FC substrate vs. WLP RDL

o High Level Technology comparison

o Technology roadmaps

• To assess the future development of the advanced substrate marketo Identification of main players

o Supply chain analysis and shifting business models

o Market forecasts for IC substrates and WLP RDL

o Outlook on new market drivers and emerging applications

This report, the first report of the “Advanced Substrate” activity, will act as an overview report thatwill be followed by further in-depth reports.The objectives of the first report are as follows:


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REPORT METHODOLOGY

Market segmentation methodology

Market forecast methodology


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REPORT METHODOLOGY

Technology analysis methodology Information collection


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TABLE OF CONTENTS

o Introduction 3

• Report Synergies

• Advanced Substrate activity

• Objectives

o Advanced substrate segmentation 10

• PCB/Substrate/RDL segmentation

• Report Scope

o Executive summary 20

o Market drivers 68

• Advanced packaging drivers

• Board and advanced substrate drivers

• Players and supply chain 163

• Player landscape and positioning

• Overview of business models and strategies

• Market forecasts 194

• Adv. FC substrates vs. WLP

• Unit count

• Revenue

• FC CSP vs. FC BGA

o Conclusions 208

o Yole Développement presentation 215

o Market dynamics 89

o Competing platforms (board vs. IC substrate, ICsubstrate vs.WLP)

o Disruptions and opportunities

o IoT segmentation scenario

o Board vs. FC substrate 100

• Market segments

• Applications

• Technology competition

o FC substrate vs. WLP 106

• Market segments

• Applications

• Substrate Technology comparison

• Accessible markets

o Substrate technology 141

o Technology comparison and overview by key players

o Technology roadmaps


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Biography & contact

ABOUT THE AUTHOR

Andrej Ivankovic

Andrej Ivankovic is a Technology & Market Analyst on the Advanced Packaging and Semiconductor Manufacturing team at Yole Développement, the "More thanMoore" market research and strategy consulting company. Andrej holds a master’s degree in Electrical Engineering with specialization in Industrial Electronics fromthe University of Zagreb, Croatia, and a PhD in Mechanical Engineering from KU Leuven, Belgium. He started at ON Semiconductor, performing reliability tests,failure analysis, and characterization of power electronics and packages. He then worked for several years as an R&D engineer at IMEC Belgium on thedevelopment of 3D IC technology, focused on electrical and thermo-mechanical issues of 3D stacking and packaging. During this time he also worked atGLOBALFOUNDRIES as an external researcher. Andrej regularly presents at international conferences and has authored or co-authored >20 papers and onepatent.

Contact: [email protected]


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COMPANIES CITED IN THE REPORT

3CEMS, 3M, 3Win Group, AMD, Amkor, Amphenol, Aoshikang, Apple, AOI AT&S, ASE, Avago, Benchmark, Boardtek, Career, CCTC, Celestica, Chin Poon, ChipBond, ChipMOS, CMK, Compeq, Cosmotech, Daeduck, Deca Technologies, Dynamic, Eastern, Ellington, Ericsson, Facebook, Fast Print, Flex, Flexium, Founder, Foxconn, Fujikura, Fujitsu, Gold Circuit, Google, HannStar Board, HiSilicon, Hitachi Chemical, Huatian, Huawei, Ibiden, Ichia, Inari Berhad, Infineon, Intel, Isu Petasys, Jabil, JCET, Juniper Networks,

KCE Electronics, Kingboard, Kinsus, Kinwong, KYEC, Kyocera, Kyoden, Lenovo, LG Innotek, Meiko, Mflex, MGC, Micron, Nanium, Nantong Fujitsu, Nan Ya PCB, Nepes, Nippon Mektron, Nitto Denko, NTK, NXP, OKI, Olympic, Oracle, Plexus, Powertech

Technology, Renesas, Samsung, Sanmina, Schweizer, Shennan Circuit, Shinko, Simmtech, SK Hynix, Somacis, SPIL, STATS ChipPAC, Sumitomo Denko, Taiwan PCB Techvest, TDK, Toppan, Tripod, TTM Technologies, Qorvo, Qualcomm, TSMC, Unimicron, Unisem,

Unitech, UTAC, Wus Group, Würth Elektronik, Wuzhou, Xilinx, Yamamoto Manufacturing, Young Poong Group, ZD Tech… and many more

> 120 companies cited in the report

(non-exhaustive list)


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o With the maturing smartphone market as the semiconductor industry driver:

• an abundance of new applications are proposed

• new markets are rising from IoT – infrastructure and smart things, to automotive, industrial and robotics

o Diversification of semiconductor products is reflected into requirements for a variety of architectures from system to package level, subsequently impacting the technology and market of boards, substrates and RDLs

o Two main drivers for advanced substrates can be identified:

• Further scaling of front-end technology nodes continues to drive miniaturization and performance of interconnects from wafer level to substrate and board level

• Growth of multi die System-in-Packages requires more functionality and design flexibility from integration of heterogeneous dies to substrate size, resolution, I/O count, layer count and embedding possibilities

o Scaling on one hand and diversified requirements on the other are causing overlaps of board, substrate and RDL landscapes leading to competing technologies and causing new player competitions

WHAT’S NEW ON THE ADVANCED SUBSTRATE MARKET?

=> Mobile sector is still driving the semiconductor industry, however, diversification of semiconductor products lies

ahead bringing new competition between previously neutral players and board, substrate and RDL technologies


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Advanced Substrate Segmentation

+Scope

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SYSTEM INTEGRATION LEVELS

iPhone 6

LEVEL 3:

End

Device/Equipment

LEVEL 2:

Device/Equipment

board

iPhone 6 PCB

Qorvo RF SiP

in the iPhone 6s Plus

LEVEL 1:

Semiconductor

Packaging

LEVEL 0:

Semiconductor

Die/Wafer

Power amplifier in

Qorvo RF SiPSemiconductor

wafer

LEVEL 1+2:

Semiconductor Package + Board

Semiconductor

package

Board (PCB)

Si dies

Package Substrate


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BOARD VS. SUBSTRATE VS. THIN FILM RDL

Substrate

Multi-Die FC BGA

Multi-Die Fan-Out WLP/PLP Fan-In WLP

2.5D/3D IC on FC BGA

Thin Film

RDL

Interposer

Board

Board

Board

Board

Die Die

Die DieDie

Die


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Overall board, substrate and RDL

segmentationRigidity

Substrate type

Organic

manufacturing

Si/Ceramic/Glass

manufacturing

Metal basis

Integration Level

IC Package level Rigid • FC/WB

core/coreless

laminate/build up

substrate

• Embedded Die in

Substrate

• Fan-Out PLP

• WB/FC ceramic

substrate

• Thin Film RDL

(Fan-Out, Fan-In

WLP)

• Si/Glass

interposers

• Leadframes

Board Level Rigid Rigid board Rigid ceramic board Rigid board with metal

core

Flexible Flexible board N/A N/A

Rigid-Flexible Rigid-Flexible board Rigid-Flexible board

(Rigid ceramic

connected with

organic flex)

Rigid-Flexible board

(Rigid with metal core

connected with

organic flex)

ADVANCED INTERCONNECT SEGMENTATION N/AFocus of this report


Rigid board

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Leadframes

QFN,QFP

w/o IC substrates

Fan-in Fan-out

IC substrates-based

Package Substrate

(organic)

W/B BGAFlip Chip

BGA3DIC

Interposer based

(Si, Glass, Org)SiP

Embedded die

(in substrate)

ADVANCED PACKAGING PLATFORMS

Overview of advanced packaging platforms

PCB

(organic board)

Increased functionality, performance…

Interconnect:

Single die

Multiple Dies

Integration:2D 3D

Embedded die

(in substrate or PCB)

Bumping, Pillars, Studs, Through-silicon-via, Bump-less, Embedded Technologies...

Focus of this report

X

X

X

Indicates explored advanced packaging platforms


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DIVERSIFICATION OF SEMICONDUCTOR PRODUCTS

Mainframes

PCs

IoT

Autom

otive

AR&VR

AI

5G connectivity

Servers/Datacenters

IoT infrastructure – the

connectivity and data

processing backbone

Diversification

• No single leading driver, but a fragmented growing market!

Smartphones


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BOARD, SUBSTRATE AND RDL DRIVERS

Smaller formfactor and higherperformance at lowercost

Dimensional Board,

Substrate

and RDL

drivers

Electrical

Manufacturing

Higher

frequency

operation

Higher

bandwidth

Ever lower

cost

Shorter

Design and

Manufacturing

time

Lower z-

height

Higher

resolution

(L/S)

• Boards, package substrates and RDL essentially share the same governing drivers, on different scales

Cost

Thermal

Lower

thermal

resistances


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ADVANCED SUBSTRATES IN LATEST SMARTPHONE APPLICATION PROCESSORS

• A selection of latest PoP application processors from high end smartphones – iPhone 7, Samsung Galaxy S7 (2 versions), Huawei P9

• Z refers to the height of the bottom package substrate or RDL (between application processor and board), without solder balls

Inte

grat

ion leve

l

Memory

APU

Board

Memory

APU

Board

Memory

APU

Board

Memory

APU

Board

Source: SystemPlus Consulting

A10

Thin film RDL

Z= 60 µm

XX layers

Snapdragon 820

Coreless Substrate

Z= 140 µm

XX layers

Exynos 8

Substrate with core

Z= 280 µm

XX layers

Kirin 955

Substrate with core

Z= 424 µm

XX layers


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CASE OVERVIEW: INTERNET OF THINGS

Information Flux

Information Flux

HUB / Gateway

Data End device

Cloud

Service

Companies

Third

Party

Statistics

Targeted Ads

Wireless

Sensor

Module

Wireless

Sensor

Module

Wireless

Sensor

Module

Connected

Devices

Network

connectivity

IoT

Market

structure

• End device

• IoT connected end device such

as industrial sensor modules,

wearables, car infotainment

etc.

• Network connectivity

• Wireless networking hardware

(routers, switches etc.)

• Cloud

• Servers and storage

• Data

• Software based data processing

and analytics


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IoT LANDSCAPE SCENARIO

Cloud Network

connectivity

End device

Connected

DevicesHUB / Gateway

Requirements

Applications

Packages

Servers, datacenters Base stations Small area networks

(WiFi)

Smartphones, tabletsWearables,

environmental/control

sensors etc.

Future applications will require a variety of advanced substrates with L/S < 15/15 um

and boards with L/S < 30/30 um!


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ADVANCED SUBSTRATE TECHNOLOGY SEGMENTATION

Wafer processing

100/10010/101/10.1/0.1

L/S [um/um]

2016

Lay

er

Thic

kness

(C

u +

die

lect

ric)

, [um

]

0.1

1

10

100 Board

Semiconductor

Packaging

Semiconductor

Packaging

• Current interconnect

coverage of board,

semiconductor

packaging and Wafer

processing technology


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Cu damasceneWafer BEOL

ADVANCED SUBSTRATE TECHNOLOGY – COMPETITIVE AREAS

100/10010/101/10.1/0.1

L/S [um/um]

Subtractive

2020

Lay

er

Thic

kness

(C

u +

die

lect

ric)

, [um

]

0.1

1

10

100

Semi-additive (thin film RDL)

Semi-additive (substrates)

Fan-In/Fan-Out WLP/PLP

Board

2.5D / 3DIC

vs. Fan-Out

IC substrates

vs. WLP

Board vs. IC

substrate

12

3

3 Competition

areas are

developing,

explored in detail in

the report!

1

2

3

Board vs. IC substrate

IC substrates vs. WLP

2.5D/3D IC vs. Fan-Out


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CAN ADVANCED SUBSTRATES REPLACE PCBs in COMPUTING?

DDR4 3D 64GB Dual Inline Memory

Modules (RDIMMs) - SAMSUNGAre we looking at a future with large (>100x100 mm2)

advanced substrates replacing PCBs for the high end? :

3D DDR4

directly on

FC substrate

XXX supply chain

? ? ?

?

?


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HVM EXAMPLES

• Recentproducts

GPU:

AMD Radeon R390

SK Hynix HBM stack

Si interposer on FC substrate Coreless substrate

Front End Module:

iPhone 6s Plus

QorvoTQF6405 BAW filter

WLP thin film based

77GHz radar:

Infineon RRN7745P

& NXP MC33MR2001

14 Layers: 7 Layers:

SiP eWLB & RCP

1 Layer:


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L/S (µm/µm)

ADVANCED SUBSTRATE ADDRESABLE MARKETS

24

RF, PMIC,

CODEC, TXVR

BB

APP

CPU/ GPU/

DTV/ STB Servers,

High-end

FPGA,

GPU/CPU

, HBM

IoT, WE(+Display drivers,

ASIC, CIS, LED)

RDL layers

RF SiP

Advanced substrates needed

below L/S < 10/10 um!

Status end 2016

– gap present

Discover current and

future applications,

package architectures and

technologies to scale

below L/S < 10/10 um, by

2020!

Technology distribution

per market segment and

application by 2020 in full

report!

2/2 5/5 10/10 15/15 20/20


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FC/FO UNIT FORECAST 2015 - 2021

• Highest unit count CAGR expected

from Fan-Out and 2.5D / 3D IC

Yole Developpement ©


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FLIP CHIP SUBSTRATE REVENUE FORECAST 2015 - 2021

Yole Developpement ©

Potential FC loss due to FO

WLP penetration!


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CURRENT TECHNOLOGY NODE DISTRIBUTION

• Device distribution per technology node:

• 14nm/16 nm to 28nm/20nm node

• >40 nm node:

• >90 nm node:

XXX

16/14 nm28 nm40 nm65 nm

XXX

XXX

XXX

90 nm110 nm180 nm250 nm350 nm 10 nm

XXX

XXX

XXX

XXX

XXX

XXX

XXX

XXX

XXX

XXX

>40 nm>90 nmIC type

distribution per

technology node


XXX

XXX

XXX

XXX

XXX

XXX

XXX

XXX

XXX

XXX

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ADVANCED SUBSTRATE TECHNOLOGY SEGMENTATION

Tech D

L/S [um/um]

Tech A

2020

Tech C

Tech B

100/10010/101/10.1/0.1

L/S [um/um]

Lay

er

Thic

kness

(C

u +

die

lect

ric)

, [um

]

0.1

1

10

100

Discover

comparative

analysis and

overlaps of boards,

package substrate

and Fan-Out WLP

technologies in

the full report!


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FC SUBSTRATE

Technology roadmap

Organic FC substrate

technology roadmap

2016

Process

2017 2018B

uild

up lay

er

L/S (µm) SAP

2019 20202015 HVM

FC

pitch

(µm

)

Via pad/via (µm)

CTE

Df

CuP+SOP

CuP+BOL

Volume manufacturing

L/S (µm) ETS


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FAN-OUT HVM TECHNOLOGY ROADMAP

2010 2015

XXX

20122011 2013 201420092008

Min. Package

thickness

Minimum

Line/space

Bump pitch

< 2007

Max package

sizeXXX

XXX

XXX XXX

XXX

Max

I/O count XXX

202020172016 2018 2019

XXX

XXX >1000

XXXXXX

XXX

Fan-Out is exhibiting

faster scaling than FC

substrates!

XXXXXX XXX XXX

XXX XXX

XXX XXX

Max. RDL

countXXX XXX

Passivation

materialXXX

Min. Die

thickness XXX XXX XXX XXX


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ADVANCED SUBSTRATE CHANGING BUSINESS MODELS AND PLAYER DIFFERENTIATION

System /

Product

Sub-Module /

Sub-systemsDesign & Assembly

Design of chip & package

Wafer Level

Packaging« Middle -end »

SiliconManufacturing

« Front-end »

Package Assembly

& Final test« Back-end »

2016 2020

General assembly, module

and packaging area


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9 CURRENT BUSINESS MODELS IN PCB/SUBSTRATE MANUFACTURING

XXX

XXX

XXX

XXXXXX

XXX

1

2 4

3

6 7

8

95

XXX

XXX

XXX

XXX XXX XXX

• The following list represents some of the key players in each business model

• The list is non-exhaustive and can be considerably extended

• Manufacturing -> in-house production

• Integration -> assembling a board/substrate/RDL

into a system (package or PCB card/system etc.)


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TOP 100 PCB AND SUBSTRATE MANUFACTURERS

By count and revenue per country


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TOP 100 PCB AND SUBSTRATE MANUFACTURERS


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ADVANCED PACKAGING AND MANUFACTURING RELATED REPORTS

Status of the Advanced

Packaging Industry 2017February 2017

October 2016

November 2015

Equipment and Materials

for Fan-Out PackagingFebruary 2017

Equipment and Materials

for 3D TSV and 2.5D

PackagingFebruary 2017

September 2016

November 2016

August2016

February 2017


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http://www.i-micronews.com/advanced-packaging-report/product/p3dic-and-2-5d-tsv-interconnect-for-advanced-packaging-2016-business-update.html

http://www.i-micronews.com/manufacturing-report/product/thin-wafer-processing-and-dicing-equipment-market.html

http://www.i-micronews.com/advanced-packaging-report/product/fan-out-technologies-market-trends-2016.html

http://www.i-micronews.com/advanced-packaging-report/product/status-of-panel-level-packaging-manufacturing.html

http://www.i-micronews.com/advanced-packaging-report/product/embedded-die-packaging-technology-and-market-trends-2017.html

© 2017

From Technologies to Market

Yole Développement

FromTechnologies to Market

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FIELDS OF EXPERTISE

Yole Développement’s 30 analysts operate in the following areas

MEMS & Sensors

Compound

Semi.

Imaging

Photonics

MedTech

Manufacturing

Advanced

Packaging

Batteries / Energy Management

Power Electronics

Displays

RF

Devices &

Techno.

Advanced

Substrates

Solid State

Lighting(LED, OLED, …)

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4 BUSINESS MODELS

o Consulting and Analysis

• Market data & research, marketing analysis

• Technology analysis

• Strategy consulting

• Reverse engineering & costing

• Patent analysis

www.yole.fr

o Reports

• Market & technology reports

• Patent Investigation and patent infringement risk analysis

• Teardowns & reverse costing analysis

• Cost simulation tool

www.i-Micronews.com/reports

o Financial services

• M&A (buying and selling)

• Due diligence

• Fundraising

• Maturation of companies

• IP portfolio management & optimization

www.yolefinance.com

www.bmorpho.com

o Media

• i-Micronews.com website

• @Micronews e-newsletter

• Communication & webcast services

• Events

www.i-Micronews.com


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A GROUP OF COMPANIES

Market, technology

and strategy

consulting

www.yole.fr

M&A operations

Due diligences

www.yolefinance.com

Manufacturing costs analysis

Teardown and reverse engineering

Cost simulation tools

www.systemplus.fr

IP analysis

Patent assessment

www.knowmade.fr

Innovation and business maker

www.bmorpho.com

Test & Measurement

Expertise

Research & Innovationwww.piseo.fr


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OUR GLOBAL ACTIVITY

30%of our business

40%of our business 30%

of our business

Yole Inc.

Greater

China office

Yole Japan

HQ in Lyon

Nantes

Paris

Nice

Vénissieux

Europe office

Frankfurt

Hsinchu

Tokyo

Phoenix

Yole Korea

Seoul


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RESEARCH PRODUCTS - CONTENT COMPARISON

Custom analysis scope is defined with

you to meet your information and

budget needs

Breadth of the analysis

Dep

th o

f th

e a

naly

sis

Custom

Analysis

Workshops

Standard Reports


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SERVING THE ENTIRE SUPPLY CHAIN

Our analysts provide market

analysis, technology

evaluation, and business plan

along the entire supply

chain

Integrators and

end-users

Device

makers

Suppliers: material,

equipment, OSAT,

foundries…

Financial investors,

R&D centers


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SERVING MULTIPLE INDUSTRIAL FIELDS

We are workingaccrossmultiples industries to understand the impact of More-than-Moore technologies from device to system

From A to Z…

Transportation

makers

Mobile phone

and consumer

electronics

Automotive

Medical

systemsIndustrial and

defense

Energy


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REPORTS COLLECTION

o Yole Développement publishes a comprehensive collection of market & technology reports and patent analysis in:

• MEMS & Sensors

• RF devices & technologies

• Imaging

• Medical technologies (MedTech)

• Photonics

• Advanced packaging

• Manufacturing

• Power electronics

• Batteries and Energy management

• Compound semiconductors

• LED

• Displays

o You are looking for:

• An analysis of your product market

• A review of your competitors evolution

• An understanding of your manufacturing and production costs

• An understanding of your industry technology roadmap and related IPs

• A clear view on the evolution of the supply chain

The combined team of 50+ experts (PhDs, MBAs, industry veterans…) from Yole Développement, System Plus Consulting and KnowMade, collect information, identifythe trends, the challenges, the emerging markets, the competitive environments and turn it into results to give you a complete picture of your industry landscape.

In the past 18 years, we worked on more than 1 500 projects, interacting with technology professional and high level opinion makers from the main players of theindustry.

o Every year, Yole Développement, System Plus Consulting and Knowmade publish +120 reports. Gain full benefit from our Bundle and Annual Subscription offers.

www.i-Micronews.com


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OUR 2017 REPORTS PLANNING (1/2)

MARKET AND TECHNOLOGY REPORTS by Yole Développement

o MEMS & SENSORS

− Fingerprint Sensor Applications and Technologies - Consumer Market Focus 2017

− MEMS Microphones, Speakers and Audio Solutions 2017

− Status of the MEMS Industry 2017

− MEMS & Sensors for Automotive 2017

− High End Inertial Sensors for Defense and Industrial Applications 2017

− Sensor Modules for Smart Building 2017

− Sensing and Display for AR/VR/MR 2017 (Vol 1)

− MEMS Packaging 2017

− Magnetic Sensors Market and Technologies 2017**

− Microspectrometers Markets and Applications 2017**

o RF DEVICES AND TECHNOLOGIES

− RF Components and Modules for Cellphones 2017

− Advanced RF SiP for Cellphones 2017

− 5G and Beyond (Vol 1): Impact on RF Industry, from Infrastructure to Terminals

2017

− 5G and Beyond (Vol 2): RF Materials Platform, from Infrastructure to Terminals

2017

− RF Technologies for Automotive Applications 2017

− GaN and Si LDMOS Market and Technology Trends for RF Power 2017

o IMAGING & OPTOELECTRONICS

− 3D Imaging & Sensing 2017

− Status of the CMOS Image Sensor Industry 2017

− Camera Module for Consumer and Automotive Applications 2017

− Uncooled Infrared Imaging Technology & Market Trends 2017

− Active Imaging and Lidars 2017 (vol 1)

o MEDTECH

− Status of the Microfluidics Industry 2017

− Solid State Medical Imaging 2017

− Sensors for HomeCare 2017

− Sensors for Medical Robotics 2017

− Organs-on-a Chip 2017

o ADVANCED PACKAGING

− Advanced Substrates Overview 2017

− Status of the Advanced Packaging Industry 2017

− Fan Out Packaging: Market & Technology Trends 2017

− 3D Business Update: Market & Technology Trends 2017

− Advanced QFN: Market & Technology Trends 2017**

− Inspection and Metrology for Advanced Packaging Platform 2017**

− Advanced Packaging for Memories 2017

− Embedded Die Packaging: Technologies and Markets Trends 2017

o MANUFACTURING

− Glass Substrate Manufacturing 2017

− Equipment & Materials for Fan Out Technology 2017

− Equipment & Materials for 3D T(X)V Technology 2017

− Emerging Non Volatile Memories 2017

** To be confirmed


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OUR 2017 REPORTS PLANNING (2/2)

o POWER ELECTRONICS

− Status of Power Electronics Industry 2017

− Power Mosfets Market and Technology Trends 2017

− IGBT Market and Technology Trends 2017

− Power Packaging Market and Technology Trends 2017

− Power SiC 2017: Materials, Devices, and Applications

− Power GaN 2017: Materials, Devices, and Applications

− Materials Market Opportunities for Cellphone Thermal Management (Battery

Cooling, Fast Charging, Data Processing, Battery Cooling, etc.) 2017

− Gate Driver Market and Technology Trends in Power Electronics 2017

− Power Management ICs Market Quarterly Update 2017

− Power Electronics for Electrical Aircraft, Rail and Buses 2017

− Thermal Management for LED and Power 2017

o BATTERY AND ENERGY MANAGEMENT

− Status of Battery Industry for Stationary, Automotive and Consumer Applications

2017

o COMPOUND SEMICONDUCTORS

− Power SiC 2017: Materials, Devices, and Applications

− Power GaN 2017: Materials, Devices, and Applications

− GaN and Si LDMOS Market and Technology Trends for RF Power 2017

− Bulk GaN Technology Status and Market Expectations (Power, LED, Lasers) 2017

o DISPLAYS

− Microdisplays and MicroLEDs 2017

− Display for Augmented Reality, Virtual Reality and Mixed Reality 2017

− QD for Display Applications 2017

− Phosphors & Quantum Dots 2017 - LED Downconverters for Lighting & Displays

− Emerging Display Technologies 2017**

o LED

− UV LEDs 2017 - Technology, Manufacturing and Application Trends

− Agricultural Lighting 2017 - Technology, Industry and Market Trends

− Automotive Lighting 2017 - Technology, Industry and Market Trends

− Active Imaging and Lidar 2017 (Vol 2) - IR Lighting**

− LED Lighting Module 2017 - Technology, Industry and Market Trends

− IR LEDs 2017 - Technology, Manufacturing and Application Trends

− Phosphors & Quantum Dots 2017 - LED Downconverters for Lighting & Displays

− CSP LED Module 2017

− LED Packaging 2017

PATENT ANALYSIS by Knowmade

− 3D Monolithic Memory: Patent Landscape Analysis

− Microfluidic Diagnostic: Patent Landscape Analysis

− GaN Technology: Top-100 IP profiles**

− Uncooled Infrared Imaging: Patent Landscape Analysis**

− MEMS Microphone: Patent Landscape Analysis**

− MEMS Microphone: Knowles' Patent Portfolio Analysis**

− MicroLEDs: Patent Landscape Analysis**

− Microbolometer: Patents used in products**

− Micropumps: Patent Landscape Analysis**

− Flexible batteries: Patent Landscape Analysis**

TEARDOWN & REVERSE COSTING by System Plus Consulting More than 60 teardowns and reverse costing analysis and cost simulation tools to be

published in 2017.

** To be confirmed


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OUR 2016 PUBLISHED REPORTS LIST (1/2)

MARKET AND TECHNOLOGY REPORTS by Yole Développement

o MEMS & SENSORS

− Gas Sensors Technology and Market 2016

− Status of the MEMs Industry 2016

− Sensors for Cellphones and Tablets 2016

− Market and Technology Trends of Inkjet Printheads 2016

− Sensors for Biometry and Recognition 2016

− Silicon Photonics 2016

o IMAGING & OPTOELECTRONICS

− Status of the CMOS Image Sensor Industry 2016

− Uncooled Infrared Imaging Technology & Market Trends 2016

− Imaging Technologies for Automotive 2016

− Sensors for Drones & Robots: Market Opportunities and Technology Evolution 2016

o MEDTECH

− BioMEMS 2016

− Point of Care Testing 2016: Application of Microfluidic Technologies

o ADVANCED PACKAGING

− Embedded Die Packaging: Technology and Market Trends 2017

− 2.5D & 3D IC TSV Interconnect for Advanced Packaging: Business Update 2016

− Fan-Out: Technologies and Market Trends 2016

− Fan-In Packaging: Business update 2016

− Status and Prospects for the Advanced Packaging Industry in China 2016

o MANUFACTURING

− Thin Wafer Processing and Dicing Equipment Market 2016

− Emerging Non Volatile Memories 2016

o COMPOUND SEMICONDUCTORS

− Power GaN 2016: Epitaxy and Devices, Applications and Technology Trends

− GaN RF Devices Market: Applications, Players, Technology and substrates 2016

− Sapphire Applications & Market 2016: from LED to Consumer Electronics

− Power SiC 2016: Materials, Devices, Modules, and Applications

o LED

− UV LED Technology, Manufacturing and Applications Trends 2016

− OLED for Lighting 2016 – Technology, Industry and Market Trends

− Automotive Lighting: Technology, Industry and Market Trends 2016

− Thermal Management Technology and Market Perspectives in Power Electronics and

LEDs 2017

− Organic Thin Film Transistor 2016: Flexible Displays and Other Applications

− Sapphire Applications & Market 2016: from LED to Consumer Electronics

− LED Packaging 2017: Market, Technology and Industry Landscape

o POWER ELECTRONICS

− Power Electronics for EV/HEV 2016: Market, Innovations and Trends

− Status of Power Electronics Industry 2016

− Passive Components Technologies and Market Trends for Power Electronics 2016

− Power SiC 2016: Materials, Devices, Modules, and Applications

− Power GaN 2016: Epitaxy and Devices, Applications, and Technology Trends

− Inverter Technologies Trends & Market Expectations 2016

− Opportunities for Power Electronics in Renewable Electricity Generation 2016

− Thermal Management Technology and Market Perspectives in Power Electronics and

LEDs 2017

− GaN RF Devices Market: Applications, Players, Technology and substrates 2016

o BATTERY AND ENERGY MANAGEMENT

− Beyond Li-ion Batteries: Present and Future Li-ion Technology Challengers 2016

− Stationary Storage and Automotive Li-ion Battery Packs 2016

− Opportunities for Power Electronics in Renewable Electricity Generation 2016©2017 | www.yole.fr | About Yole Développement

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OUR 2016 PUBLISHED REPORTS LIST (2/2)

PATENT ANALYSIS by Knowmade

− Microbattery Patent Landscape Analysis

− Miniaturized Gas Sensors Patent Landscape Analysis

− 3D Cell Culture Technologies Patent Landscape

− Phosphors and QDs for LED Applications Patent Landscape 2016 report

− TSV Stacked Memory Patent Landscape

− Fan-Out Wafer Level Packaging Patent Landscape Analysis

TEARDOWN & REVERSE COSTING by System Plus Consulting More than 60 teardowns and reverse costing analysis and cost simulation tools to be

published in 2017.

MORE INFORMATION

o All the published reports from the Yole Group of Companies are available on our website

www.i-Micronews.com.

o Ask for our Bundle and Annual Subscription offers: With our bundle offer, you choose the

number of reports you are interested in and select the related offer. You then have up to 12

months to select the required reports from the Yole Développement, System Plus Consulting

and KnowMade offering. Pay once and receive the reports automatically (multi-user format).

Contact your sales team according to your location (see the last slide).


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• Japan & Rest of Asia: Takashi Onozawa, General Manager, Asia Business DevelopmentEmail: [email protected] - +81 3 4405 9204

• Greater China: Mavis Wang, Director of Greater China Business DevelopmentEmail: [email protected] - +886 979 336 809

• RoW: Jean-Christophe Eloy, CEO & President, Yole DéveloppementEmail [email protected] - +33 4 72 83 01 80

o REPORT BUSINESS

• North America: Steve LaFerriere, Director of Northern America Business DevelopmentEmail: [email protected] – +1 31 06 008 267

• Europe: Lizzie Levenez, EMEA Business Development ManagerEmail: [email protected] - +49 15 123 544 182

• Rest of Asia: Takashi Onozawa, General Manager, Asia Business DevelopmentEmail: [email protected] - +81 3 4405 9204

• Japan & Asia: Miho Othake, Account ManagerEmail: [email protected] - +81 3 4405 9204

• Greater China: Mavis Wang, Director of Greater China Business DevelopmentEmail: [email protected] - +886 979 336 809

o FINANCIAL SERVICES

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In an uncertain, transformative semiconductor market, advanced packaging is one of the key technologies offering stability and a long-term solution. On one hand it can adapt to product diversification, offering more functionality, system integration, and performance, as well as potentially lower manufacturing cost; and on the other hand it can adhere to future scaling requirements. Advanced substrates are the key interconnect component of advanced packaging architectures and are critical in enabling future products and markets. For this reason, Yole Développement has established this stand-alone dedicated advanced substrate activity, focused on exploring the market and technologies of PCBs, package substrates and RDLs. This first report will serve as an overview of advanced substrate technologies, markets, and supply chain, to be supported by subsequent in-depth reports.

Today’s advanced substrates in volume are Flip Chip (FC) substrates, 2.5D/3D TSV assemblies, and thin-film RDLs (Fan-Out WLP, or “FOWLP”) below an L/S resolution of 15/15 um and with transition below L/S < 10/10 um. These advanced substrates are traditionally linked to higher-end logic (CPUs/GPUs, DSPs, etc.) driven by ICs in the latest technology nodes in the computing, networking, mobile, and high-end consumer

market segments (gaming, HD/Smart TV). However, due to additional form factor and low power demands, WLP and advanced FC substrates are also widespread in majority of smartphone functions: application processors, baseband, transceivers, filters, amplifiers, WiFi modules, drivers, codecs, power management, etc.

Future higher-end products will require package substrates with L/S < 10/10 um and boards with L/S < 30/30 um. These demands have given rise to three distinct competition areas, as depicted in figure 1:1- Board vs. IC substrate2- IC substrate vs. FOWLP3- FOWLP vs. 2.5D/3D packaging

This overview report proposes a common terminology for diverse substrate architectures and provides an advanced substrate segmentation, followed by in-depth analysis of advanced substrate drivers, markets and dynamics, the three competition areas, current and future substrate technologies and architectures, supply chain, player positioning, business models shifts, and advanced substrate market forecasts (2015 - 2021).

ADVANCED SUBSTRATES OVERVIEW: FROM IC PACKAGE TO BOARDMarket & Technology report - February 2017

ADVANCED SUBSTRATES AS A KEY ENABLER OF FUTURE PRODUCTS AND MARKETS

How can advanced substrates and boards bridge the gap created by front-end scaling?

KEY FEATURES OF THE REPORT Get the sample of the report on www.i-Micronews.comOverview of board, substrate and RDL interconnects• Terminology definition• Segmentation by substrate types • Segmentation by players and

respective business models

Analysis of technology trends• Competition zones and overlaps

> Board vs. IC substrate> IC substrate vs. WLP RDL

• High-level technology comparison• Technology roadmaps

Future advanced substrate market development• Identifying the main players• Supply chain analysis and shifting

business models• Market forecasts for IC substrates

and WLP RDL• Outlook on new market drivers

and emerging applications

(Yole Développement, February 2017)

Advanced substrate technology - Competitive areas

Cu damascene Wafer BEOL

100/100 10/10 1/1 0.1/0.1 L/S [um/um]

Laye

r th

ickn

ess

(Cu

+ di

elec

tric

), [u

m]

0.1

1

10

100

Semi-additive (thin film RDL)

Semi-additive (substrates)

Fan-In/Fan-Out WLP/PLP

Board

12

3

IC substrates vs. WLP

Board vs. IC

substrate

2.5D / 3DIC vs. DD Fan-

Out

ADVANCED SUBSTRATES OVERVIEW: FROM IC PACKAGE TO BOARD

The board vs. FC substrate area is characterized by the transition from the subtractive to the mSAP process, and competition between board and substrate manufacturers. Evaluation of “substrate-

like PCBs” is already under way at OEMs, and so too the potential new integration opportunities they could bring. Furthermore, developments in FC substrate, FOWLP, and 2.5D/3D packaging have created an immense competitive arena for L/S < 10/10 um packaging, with a large variety of solutions coming from business models across the supply chain: IDMs, foundries, OSATs, WLP houses, substrate manufacturers, and EMS. As shown in figure 2, the transition to substrates for ICs below L/S < 10/10 um has begun, led by application processors/basebands in FOWLP and advanced FC substrates in mobile, and the first GPUs in 2.5D/3D TSV configuration. The “below L/S < 10/10 um” advanced substrate roadmap is open, with intense R&D underway and each manufacturer developing strategies and targets for their respective solutions.

This report offers a detailed analysis of applications that will scale below L/S < 10/10 um by 2020, the limitations and advantages of competing technologies, and links the applications to prospective advanced substrate solutions and their providers. (Yole Développement, February 2017)

Advanced substrate addresable markets

TECHNOLOGY EVOLUTION AND ITS IMPACT ON SUPPLY CHAIN SHIFTS

The competitive areas of boards, substrates, and thin-film RDLs are directly linked to the underlying technologies used. Board manufacturers are representatives of the subtractive process, which is hard to scale beyond L/S 30/30 um. Meanwhile, substrate manufacturers have experience with SAP and mSAP processes that can lead to larger substrates and potentially “substrate-like PCBs”, but at higher cost. On the other side, when competing with FOWLP, FC substrates have a cost advantage but FOWLP scales faster. This report compares the main processes and technologies used, discusses the limitations, advantages, and opportunities for each process, and provides roadmaps for FC substrates

2/2 5/5 10/10 15/15 20/20

RF, PMIC, CODEC, TXVR

BB

APP

CPU/ GPU/ DTV/ STB

Servers, High-end

FPGA, GPU/CPU, HBM

IoT, WE (+Display drivers,

ASIC, CIS, LED)

RDL layers

RF SiP

Advanced substrates needed below L/S < 10/10 um!

L/S [um/um]

THREE DISTINCT COMPETITIVE AREAS, AS A CONSEQUENCE OF SCALING

(Yole Développement, February 2017)

9 current business models in PCB/substrate manufacturing

XXX

XXX

XXX

XXX XXX

XXX

1

2 4

3

6 7

8

95

XXX

XXX

XXX

ADVANCED SUBSTRATE SOLUTIONS - FUELING TOMORROW’S MARKETS

FOWLP and 2.5D/3D platforms are the advanced packaging platforms with the highest growth, boasting revenue CAGRs of 49% and 43% respectively from

2015 - 2021. The Fan-Out platform is forecast to exceed $2.5B in packaging services revenue by 2021, while the 2.5D/3D platform is expected to surpass $1B in the same timeframe. The Flip Chip packaging platform holds 85% of the advanced packaging market, but regardless of its solid 5% CAGR, it is losing market share to FO WLP resulting in a drop to 76% by 2021. The fast-rising FOWLP platform is ambitiously developing higher density solutions while at the same time facing more competition from advanced FC and hybrid FC solutions. Though the FC substrate market exhibited a dip in 2016 due to further adoption of Fan-Out (lead by TSMC inFO, it is expected to bounce back with mild growth at a 1.6% revenue CAGR. This can be split into a 3.6% FC CSP CAGR and a stagnating 0.6% FC BGA CAGR. Overall, FC substrate revenue is expected to exceed $8B by 2021.(Yole Développement, February 2017)

Flip Chip substrate revenue forecast 2015-2021

0

2

4

6

8

10

12

2014 2015 2016 2017 2018 2019 2020 2021

FC s

ubst

rate

rev

enue

($B

)

Potential FC substrate loss due to FO WLP penetration

FC lossFC BGAFC CSP

Find more details about

this report here:

MARKET & TECHNOLOGY REPORT

Introduction 3

> Report synergies> Advanced substrate activity > Objectives

Advanced substrate segmentation 10

> PCB/substrate/RDL segmentation> Report scope

Executive summary 20 Market drivers 68

> Advanced packaging drivers> Board and advanced substrate drivers

Market dynamics 89

> Competing platforms (board vs. IC substrate; IC substrate vs. WLP)

> Disruptions and opportunities> IoT segmentation scenario

Board vs. FC substrate 100

> Market segments> Applications> Technology competition

FC substrate vs. WLP 106

> Market segments> Applications> Substrate technology comparison> Accessible markets

Substrate technology 141

> Technology comparison and overview, by key players

> Technology roadmaps

Players and supply chain 163

> Player landscape and positioning> Business models and strategies - overview

Market forecasts 194

> Adv. FC substrates vs. WLP - Unit count- Revenue

> FC CSP vs. FC BGA

Conclusions 208

Yole Développement presentation 215

TABLE OF CONTENTS (complete content on i-Micronews.com)

COMPANIES CITED IN THE REPORT (non exhaustive list)3CEMS, 3M, 3Win Group, AMD, Amkor, Amphenol, Aoshikang, Apple, AOI AT&S, ASE, Avago, Benchmark, Boardtek, Career, CCTC, Celestica, Chin Poon, ChipBond, ChipMOS, CMK, Compeq, Cosmotech, Daeduck, Deca Technologies, Dynamic, Eastern, Ellington, Ericsson, Facebook, Fast Print, Flex, Flexium, Founder, Foxconn, Fujikura, Fujitsu, Gold Circuit, Google, HannStar Board, HiSilicon, Hitachi Chemical, Huatian, Huawei, Ibiden, Ichia, Inari Berhad, Infineon, Intel, Isu Petasys, Jabil, JCET, Juniper Networks, KCE Electronics, Kingboard, Kinsus, Kinwong, KYEC, Kyocera, Kyoden, Lenovo, LG Innotek, Meiko, Mflex, MGC, Micron, Nanium, Nantong Fujitsu, Nan Ya PCB, Nepes, Nippon Mektron, Nitto Denko, NTK, NXP, OKI, Olympic, Oracle, Plexus, Powertech Technology, Renesas, Samsung, Sanmina, Schweizer, Shennan Circuit, Shinko, Simmtech, SK Hynix, Somacis, SPIL, STATS ChipPAC, Sumitomo Denko, Taiwan PCB Techvest, TDK, Toppan, Tripod, TTM Technologies, Qorvo, Qualcomm, TSMC, Unimicron, Unisem, Unitech, UTAC, Wus Group, Würth Elektronik, Wuzhou, Xilinx, Yamamoto Manufacturing, Young Poong Group, ZD Tech, and many more…

Andrej Ivankovic is a Technology & Market Analyst on the Advanced Packaging and Semiconductor Manufacturing team at Yole Développement, the “More than Moore” market research and strategy consult ing company. Andrej holds a master’s degree in Electrical Engineering with specialization in Industrial Electronics from the University of Zagreb, Croatia, and a PhD in Mechanical Engineering from KU Leuven, Belgium. He started at ON Semiconductor, performing reliability tests, failure analysis, and characterization of power electronics and packages. He then worked for several years as an R&D engineer at IMEC Belgium on the development of 3D IC technology, focused on electrical and thermo-mechanical issues of 3D stacking and packaging. During this time he also worked at GLOBALFOUNDRIES as an external researcher. Andrej regularly presents at international conferences and has authored or co-authored >20 papers and one patent.

• 3DIC and 2.5D TSV Interconnect for Advanced Packaging: 2016 Business Update

• Embedded Die Packaging: Technology and Market Trends 2017

• Thin Wafer Processing and Dicing Equipment Market

• Status of Panel-Level Packaging & Manufacturing

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

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

and thin-film RDLs (FOWLP). Competitive technologies, scaling, system-level integration (SiP), and market uncertainty are affecting the supply chain and triggering several observable business model shifts and expansions. While the overall semiconductor supply chain is shifting down one tier due to scaling, system-level manufacturers are expanding in both directions. A detailed analysis of main players and their rankings, strategies and business model shifts is provided in this report.

What advanced substrate solutions are present today? Which markets and applications will require advanced substrates below L/S 10/10 um, what solutions are being developed, and how does this also affect boards? What are each advanced substrate technology’s limitations and advantages, which players are taking charge of which solution, and how is the supply chain changing? Discover the answers in the Advanced Substrates Overview, Yole Développement’s latest report!

http://www.i-micronews.com/advanced-packaging-report/product/fan-out-technologies-market-trends-2016.html

http://www.i-micronews.com/advanced-packaging-report/product/p3dic-and-2-5d-tsv-interconnect-for-advanced-packaging-2016-business-update.html

http://www.i-micronews.com/advanced-packaging-report/product/embedded-die-packaging-technology-and-market-trends-2017.html

http://www.i-micronews.com/manufacturing-report/product/thin-wafer-processing-and-dicing-equipment-market.html

http://www.i-micronews.com/advanced-packaging-report/product/status-of-panel-level-packaging-manufacturing.html

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Founded in 1998, Yole Développement has grown to become a group of companies providing marketing, technology and strategy consulting, media and corporate finance services. With a strong focus on emerging applications using silicon and/or micro manufacturing, the Yole Développement group has expanded to include more than 50 collaborators worldwide covering MEMS, Compound Semiconductors, LED, Displays, Image Sensors, Optoelectronics, Microfluidics & Medical, Advanced Packaging, Manufacturing, Nanomaterials, Power Electronics and Batteries & Energy Management.The “More than Moore” company Yole and its partners System Plus Consulting, Blumorpho, KnowMade and PISEO support industrial companies, investors and R&D organizations worldwide to help them understand markets and follow technology trends to develop their business.

MEDIA & EVENTS• i-Micronews.com, online disruptive technologies website• @Micronews, weekly e-newsletter• Communication & webcasts services• Events: Yole Seminars, Market Briefings…More information on www.i-micronews.com

CONTACTSFor more information about :• Consulting Services: Jean-Christophe Eloy ([email protected])• Financial Services: Jean-Christophe Eloy ([email protected])• Report Business: Fayçal Khamassi ([email protected])• Press relations: Sandrine Leroy ([email protected])

CONSULTING• Market data & research, marketing analysis• Technology analysis• Reverse engineering & costing services• Strategy consulting• Patent analysisMore information on www.yole.fr

REPORTS• Collection of technology & market reports• Manufacturing cost simulation tools• Component reverse engineering & costing

analysis• Patent investigationMore information on www.i-micronews.com/reports

FINANCIAL SERVICES• Mergers & Acquisitions• Due diligence• FundraisingMore information on Jean-Christophe Eloy ([email protected])

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“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