Imagine ¡Memory ¡Everywhere™ ¡ Thin Film Electronics ASA (“Thinfilm”): A Smarter Everyday Powered by Printed Electronics Bringing Intelligence To Everything Company Presentation January 2014
The $100bn Market Gap Penetration of electronic intelligence in physical objects Imagine ¡Memory ¡Everywhere™ ¡ The market gap Bringing intelligence to everything 5-10 trillion [# disposable items A Smarter Everyday sold in 2012] Value potential of adding intelligence: 80 billion Why $100bn hasn’t this gap been addressed? [# apparel items sold in 2012] [~1% of retail value] • Cost of silicon and integration 15 billion • Lack of scalability for conventional [# microcontrollers sold in 2012] electronics Value of embedded electronic intelligence 1 : 2.3 billion $315bn [# computing /mobile A new paradigm needed to create the devices sold in 2012] Internet of Everything [~21% of retail value] 60 million [# cars sold in 2012] Existing market 1 Global semiconductor market (2012) 2 Source: IDC; Gartner; World Bank; IMF; The Semiconductor Industry Association ; OICA; IC Insight; MarketLine; Apparel Market; Planet Forward
Printing electronics breaks the cost & scalability barriers Memory Labels Memory Labels Sensor & Display Labels Near-field Smart Labels Imagine ¡Memory ¡Everywhere™ ¡ Silicon Printed Silicon Sensor Printed Sensor Silicon sensor Printed Sensor EEProm Memory System System systems w/ Label w/ near- vs vs vs wireless field read 6.5 ₵ 2 ₵ - 5 ₵ $11+ 30 ₵ - 50 ₵ communication $25+ 50 ₵ - $1.00 Current Product: Q3 2013 Current Development (2014) Next Step (2016) Extend Scale-up Create
Printing electronics breaks the cost & scalability barriers Memory Labels Memory Labels Sensor & Display Labels Near-field Smart Labels Imagine ¡Memory ¡Everywhere™ ¡ Silicon Printed Silicon Sensor Printed Sensor Silicon sensor Printed Sensor EEProm Memory System System systems w/ Label w/ near- vs vs vs wireless field read “the companies changing 6.5 ₵ 2 ₵ - 5 ₵ $11+ 30 ₵ - 50 ₵ communication the mobile landscape in the $25+ 50 ₵ - $1.00 most profound ways” Mobile 15 2012 Current Product: Q3 2013 Current Development (2014) Next Step (2016) Extend Scale-up Create Near-field communication catalyzes the Internet of Everything
Thinfilm Memory Enables the Internet of Everything Imagine ¡Memory ¡Everywhere™ ¡ Printed Electronics Ubiquity Local Information Smart Sensor and Display Labels Shared information Smart Labels Share Data with the Cloud
Commercial deals validate vision; Megatrends accelerate it Agreements with Fortune 1000 companies Megatrends in action Imagine ¡Memory ¡Everywhere™ ¡ “ Internet of Everything’ is an Global leader in flexible packaging • Work on intelligent packaging • exponential proxy for sensing, ( ~200bn packages/year ) • understanding and managing our world. Top 2 global Toys & Games • Dave Evans, Chief Futurist, Cisco Systems Monopoly, Trivial Pursuit & Scrabble • Connected objects by 2020: Leader in identification solutions • Cisco – 50 Billion; IBM – 1 Trillion More than $1billion annual revenue • 1 in 3 Mobile Phones with NFC by 2017; Luxury good manufacturer to trace • Apparel & 300% growth in 2012 gray market activity Accessories Printed Electronics $40-$50Billion Global fast-moving consumer • Consumer goods company testing for brand market by 2020—IDTechEx Goods protection. Sales > $50bn “Our agreement with Thinfilm could make printed electronics a component of every package we manufacture .” Henry Theisen, CEO, Bemis
Thinfilm Uniquely Positioned to Deliver Commercial Value Imagine ¡Memory ¡Everywhere™ ¡ “Thinfilm’s announcement of high volume production is the latest validation point for the commercialization of printed electronic devices.” Michael Palma, IDC Memory + Logic: Extensible platform for printed integrated systems; now includes only printed NFC interface supported by major mobile suppliers Strong ecosystem to deliver complete product 7
Application Example: Brand Protection Thinfilm Positioning Memory Labels Imagine ¡Memory ¡Everywhere™ ¡ HIGH RFID Security Leverages unique properties Taggants of Thinfilm Memory Commercial contracts with Holograms LOW FMCG and Luxury Goods Watermarks Companies Bar codes HIGH LOW $79 Billion Market 2014 9% CAGR Price 8
Thinfilm Brand Protection Imagine ¡Memory ¡Everywhere™ ¡ Authentic Not authentic Measuring… � Simple Conclusive Impossible to reverse engineer 9
Application Example: Time-Temperature Sensor Label Thinfilm Positioning Sensor & Display Labels Imagine ¡Memory ¡Everywhere™ ¡ Low Cost per function Temperature Monitoring for Sweet-spot Perishable Goods $1.4 Billion in 2010 9% CAGR High Color 500,000,000 color changing Simple changing Tracker labels labels sold per year Data Loggers & Alarm Tags Low High System performance 10
Integrated systems ahead of schedule October 2013 Imagine ¡Memory ¡Everywhere™ ¡ Imagine ¡Memory ¡Everywhere™ ¡ Major logic blocks demonstrated for closed systems July 2012 Concept Illustration Electrodes for addition Transistors sensor ink of Battery Sensor Memory Demonstrated December 2012 – October 2013 � BIPP Target Specifications � ü Printed Memory � ü Printed Memory � ü Resistive Temperature sensor � q Electrodes for incorporating resistive sensor � ü Printed Logic for reading sensor data � q Printed Logic for reading sensor � ü Printed Logic to write to memory � q Printed Logic to write to memory � ü Integrated battery power source � q In-label power source � ü Printed display (w/ organic display driver) � q Optional display read-out � q Wireless development next step � q Wireless read via near-field RF � 11
Thinfilm Acquires Kovio NFC Technology Accelerates time-to-market for wireless products Imagine ¡Memory ¡Everywhere™ ¡ ► Kovio NFC supported by Google Android and recent NFC controllers ► Technology complements Thinfilm’s developments of integrated system products ► Target is to demonstrate NFC-enabled systems in 2014 Kovio NFC Thinfilm Smart Label Internet of Everything 1-2 years sooner! 12
Addressable Market of $20-25bn Imagine ¡Memory ¡Everywhere™ ¡ Application Market size ($ bn) Monitoring of 1-2 Thinfilm Labels perishable goods Attractive Trillions Interactive 2-5 opportunities Devices packaging for partners ~2bn Personal 1-1.5 health care to create value in Software systems and Dynamic <1mm 5-10 price display solutions Cloud Anti-theft/ 2 brand protection Logistics 2-5 ~40k NFC & "Internet 10+ of Everything" 13
Revenue Target of $1.5bn By 2020 Thinfilm revenue projections, 2014-2020; USD millions Imagine ¡Memory ¡Everywhere™ ¡ 1,500 Key driver Market estimate Market share USDbn 2020 NFC Systems S&D Brand Protection Labels Near-field systems will catalyze the 10+ 8-10% Internet of Everything Disposable electronics in sensor and 10-15 4-5% display labels 300 Replacing holograms with more secure 15-20% 5 9 alternative 2014 2016 2020 Systems 5 1,400 11,000 # labels sold (millions) BP 100 5,000 24,000 GM BE 40% 60% 14
47 USDm cash position post October financing 47 Imagine ¡Memory ¡Everywhere™ ¡ ► Positive operational cash expected in 2016 45 ► Capex in 2014 - 2016 dependent on JV and licensing partners 2 ► Forecast model for 2014 – 2016 based on expected share of production of Q3 cash Oct financing Cash post partners Oct financing [USDm] ¡ 2012 ¡ 2013 ¡ 2014 ¡ 2015 ¡ 2016 Revenues ¡ 1 ¡ 2 ¡ 9 ¡ 60 ¡ 300 ¡ Operational cash ¡ -‑7 ¡ -‑7 ¡ -‑8 ¡ -‑12 ¡ 40 ¡ Capex ¡ 0 ¡ -‑3 ¡ -‑12 ¡ -‑18 ¡ -‑15 ¡ Net Cash Flow ¡ -‑7 ¡ -‑10 ¡ -‑20 ¡ -‑30 ¡ 25 ¡ Cash start of year ¡ 1 ¡ 6 ¡ 46 ¡ 26 ¡ -‑4 ¡ Financing ¡ 11 ¡ 50 ¡ 0 ¡ 0 ¡ 0 ¡ Cash end of year ¡ 6 ¡ 46 ¡ 26 ¡ -‑4 ¡ 21 ¡ 15
Award Winning Technology Portfolio Imagine ¡Memory ¡Everywhere™ ¡ ► 2012 Wall Street Journal Innovation Awards ► 2012 World Technology Award, sponsored by CNN, Time, Science, and Technology Review ► 2012 IDTechEx Product Development (#1 consulting firm in Printed Electronics) ► 2012 FlexTech Innovation Award (US National Consortium on Printed and Flexible Electronics) ► 2010 Frost & Sullivan Product Development ► 2009 IDTechEx Manufacturing Award 16
Imagine ¡Memory ¡Everywhere™ ¡ 17 APPENDIX
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