IP Backed Financing - Relecura · •IP backed financing is used by small and large organizations...

Relecura Inc..

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[email protected] May 2015

Relecura IP Intelligence Report

IP Backed Financing

Overview of Trends

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IP Backed Financing – Motivation & Objective

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• Why did we do this study?• IP backed financing is used by small and large organizations alike

• Start-ups and SMEs use it as a means to raise capital employing their intangible assets

• Large organization use it as a route to raise debt financing in uncertain economic times

• The study was conducted to better understand the trends of this financing route, and is based on patent assignment records.

• Who will benefit from this report?• Business and financial analysts, who wish to understand and incorporate

the effect of a company’s IP assets on its valuation and financing options, are expected to benefit from the report.



IP Backed Financing – Key Findings

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1. IP backed financing is a growing trend

2. Prominent sectors in IP backed financing

• Software and hardware companies lead the charge in using IP to raise financing.

• Decreasing trends are observed in transportation, mechanical elements, engines pumps and turbines, containers and packages.

• Active sectors employing IP backed financing include digital data processing, digital communication, IT methods for management, telecommunication, semiconductors, and television & video transmission.

• Percentages denote the proportion of IP financing related assignment transfers - Digital data processing (11.33%), digital communication (9.79%), medical devices (5.76%), semiconductors (5.36%) and transportation (5.23%).

• Other technology areas raising such financing includes nanotechnology, lighting, musical instruments, and food technology.

• Age of the IP collateral – A majority of the patents in the semiconductor industry, transacted for financing, have been filed prior to 2000.

3. Companies raising IP backed financing

• The key companies securing loans using patents include General Motors, Avago, Alcatel Lucent and Kodak.

• Kodak has mortgaged patents with multiple banks -including Bank of America, Citigroup, JP Morgan Chase and the Wilmington Trust.

• General Motors has transacted patents with the U.S. Treasury, Wilmington Trust Company, UAW Retiree Medical Benefits Trust, and Citigroup (in 2009, 2010).

• Transportation sector - Lear, TRW Automotive, and Visteon.

• Television and video transmission - Kodak in digital cameras, Rovi Corp in multimedia, Alcatel Lucent of communications, Avago a chip manufacturer

• Digital data processing - Avago, Dell, Freescale, Unisys.

• Medical devices - Endo Pharma. Hologic Corp, MasimoCorp and Devicor Medical Products.

• Avago has mortgaged patents in 2014 to Deutsche Bank. The patent used as collateral address digital data processing, digital communications, semiconductors, television & video transmission, and data storage.

• Alcatel Lucent has given patents as security for financing, in 2013 and 2014 to Credit Suisse Bank.

• Chrysler, in the auto sector, has transactions with Citigroup, JP Morgan Chase and the U.S. Treasury.

• LyondellBasell, a multinational chemical company, has acquired loans from Citigroup, Deutsche Bank and Wells Fargo.

• Momentive has acquired loans from JP Morgan Chase, The Bank of New York Mellon, and Wilmington Trust.

• Acushnet, a maker of golf equipment, has been active in raising financing in this manner (except in 2009).

• Unisys, an IT company has transactions across various years (except in 2013).

4. Financing entities

• Banks are the primary financing entities involved in these transactions. In addition, capital venture and financing arms of companies are also providing IP backed financing.

• JP Morgan Chase, Bank of America, Citigroup, Wells Fargo, Wilmington Trust, and Deutsche bank are the top banks doing IP backed financing deals.

• The financing arm of General Electric, GE Capital, is also active in providing loans to companies – primarily in the digital data processing and medical device sectors.

• Government bodies like the U.S Treasury and large union-based trusts like the UAW Retiree Medical Benefits Trust have advanced IP backed loans to the auto sector – to companies like Chrysler and General Motors in 2009.

• Investment banking and venture capital firms are providing finance to companies with IP as collateral. Some notable examples of such firms are Jefferies Finance, CPPIB Credit Investments, Venture Lending & Leasing, and Highbridge Principal Strategies.



IP Financing – Patent Assignment Analysis

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Methodology

• Patent assignment records were searched to get all records involving financing entities as receivers of patents as collateral. The search was conducted in two steps.• Patent assignment search was made initially to retrieve all assignments of patents transacted as collateral, identified through

keywords such as “security”, “lien”, “loan”, and “mortgage” in its conveyance field. The data was further refined by removing all assignments from financing entities that had phrases such as “release of security interest” in its conveyance text. Various keywords including “release”, “foreclosure”, and “terminate” were used in combination with “security” to accurately determine these assignments.

• The second step was used to identify assignments that didn’t have relevant keywords in its conveyance text but have been assigned to financing entities. The search was based on keywords that indicated financing entities such as “banks”, “collateral agents”, “administrative agents”, “trusts”, “lenders”, and “capital firms” in its “transaction assignee” field. Assignment transfers across financial entities were not considered in the study.

• The searches from step 1 and step 2 were combined to get the complete set of transaction records.

• Patent assignments from 2009 to 2014 (a 6-year period) were considered in the study. It yielded 896,254 transactions comprising of 333,577 applications.

• To eliminate repeated counting of transactions for the same patent application, the assignment records were grouped by application, and only one transaction per application was considered in the set for analysis.




Transaction Trend - IP Backed Financing

• The execution trend is based on the date of execution of patent assignments.

• The trend of IP financing seems to be increasing in the recent times, with a small dip in 2011 and 2012.

• The above trend is based on the 896,254 transactions comprising of 333,577 applications*.

*An application refers to a set of patent transactions with the same application number, representing a single application.




Top Companies – raising IP Backed Financing

• General Motors, Avago, Alcatel Lucent, Kodak, Freescale and Seagate have raised significant financing using IP as collateral.

• The companies that have raised financing in this manner belong to various technology sectors such as automobiles, semiconductors, digital communication, and others.


CompanyNo. of

ApplicationsShare of transactions

(%)

General Motors 15866 4.76

Avago 12946 3.88

Alcatel-Lucent 10023 3.00

Kodak 8438 2.53

Freescale 8149 2.44

Seagate 5910 1.77

Dell 4609 1.38

Avaya 3162 0.95

Chrysler 2914 0.87

Ps4 Luxco 2313 0.69

Scientific Games Int Inc.. 2247 0.67

Spansion 2112 0.63

Acushnet 2062 0.62

Laserband LLC 2029 0.61

Unisys 1962 0.59

Visteon 1916 0.57

NCR Corp 1904 0.57

Rovi Corp 1784 0.53

Momentive 1587 0.48

Ciena 1567 0.47



• General Motors has transactions in 2009 and 2010.

• Freescale has patent transactions in all the six years analysed, except 2011.

• A smaller number of IP financing related transactions are observed, done by the top companies in 2011 as compared to the other years.

• Acushnet, a maker of golf equipment, has transactions in all the years analysed, except in 2009.

• Unisys, a IT company has transactions in all the years looked at, except in 2013.

• Some large transactions related to IP financing

• Avago has transacted all it’s patents in 2014 to Deutsche Bank.

• Ps4 Luxco has mortgaged it’s patents to Elpida Memory in 2013.

• Spansion has mortgaged all of it’s patents in 2010 to Barclays Bank.

• Laserband LLC has mortgaged it’s portfolio in 2014 to Morgan Stanley.


General Motors

Avago

Alcatel-Lucent

Kodak

Freescale

Seagate

Dell

Avaya

Chrysler

Ps4 Luxco

Scient Games Int Inc

Spansion

Acushnet

Laserband LLC

Unisys

0

6,000

12,000

2009 2010 2011 2012 2013 2014

5,6178,365

1

12,955

1 9,728 296

5,074

3,29571

408

3,164

6243,753

213

2,510 3,175225

4,464

146

373 1,455 660 674

2,021 473 421

2,313

2 1,082 1,163

2,112

10 1,711 98 138 112

2030

853 33 1,017 52 6

Co

mp

an

ies

No

. o

f

Ap

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s

Execution Year

Top Companies – Execution Year Trends



Sector-wise Analysis




Major Industries – IP Backed Financing


TechnologyNumber of

ApplicationsShare of transactions (%)

Digital Data processing 37,784 11.33

Digital communication 32,671 9.79

Medical devices 19,165 5.75

Semiconductors 17,866 5.36

Transportation 17,438 5.23

IT methods for management 14,602 4.38

Data Storage 13,853 4.15

Telecommunications 13,139 3.94

Mechanical elements 11,383 3.41

Television and video transmission 10,105 3.03

Pharmaceutical 9,298 2.79

Engines, pumps and turbines 9,123 2.73

Green Technology 9,096 2.73

Containers and packages 8,618 2.58

Polymers 8,415 2.52

Organic Chemistry 7,830 2.35

Checking Devices 7,353 2.20

Electrical Machines and devices 5,693 1.71

Gaming 5,350 1.60

Printing 4,648 1.39

Batteries 3,591 1.08

Surface Coating Technology 2,909 0.87

Nano Technology 2,797 0.84

Lighting 2,630 0.79

Musical Instruments 2,334 0.70

Food Technology 1,810 0.54

• Digital data processing (11.33%), digital communication (9.79%) followed by medical devices (5.76), semiconductors (5.36%) and transportation (5.23%) are the key industries involved in the transactions related to IP backed financing.

• The smaller industries include nanotechnology, lighting, musical instruments, and food technology.



Top Technologies – IP Backed Financing


• The Topic Map is created using Relecura Technologies.

• The various sectors from the previous slide are represented by clusters of relevant technologies.

Topic Map representation:• The size of each bubble represents the relative prevalence (count) of the parameter.• The relative proximity of the circles represents the relatedness of the technologies.

Medical Devices

Digital Communication

Pharmaceutical



Top Financing Entities – giving IP Backed Loans

Financing EntitiesNo. of

ApplicationsShare of

Transactions (%)

JP Morgan Chase 48804 14.63

Bank Of America 46897 14.06

Citigroup 34658 10.39

Wells Fargo 32716 9.81

Wilmington Trust 31369 9.40

Deutsche Bank 27172 8.15

Credit Suisse 18758 5.62

The Bank Of New York Mellon 16142 4.84

GE Capital 12774 3.83

U.S. Treasury 12212 3.66

Morgan Stanley 12143 3.64

Barclays 11380 3.41

Silicon Valley Bank 11290 3.38

UAW Retiree Medical Benefits Trust 9550 2.86

PNC Bank 8818 2.64

U.S. Bank National Association 7636 2.29

Scotiabank 7085 2.12

Goldman Sachs 6634 1.99

Comerica 4813 1.44

UBS 4081 1.22


• JP Morgan Chase, Bank of America and Citigroup, followed by Wells Fargo, Wilmington Trust and Deutsche Bank are the top financing entities advancing loans to companies with patents as collateral.

• The financing arm of the GE, GE Capital, has advanced IP backed loans to various companies.• Government institutions and Union Trust, for example the U.S. Treasury and the UAW Retiree Medical Benefits Trust have advanced IP backed loans.



Sector-wise Trends – for IP Backed Financing


• Increasing trend for the following – software+hardware

• Digital data processing

• Digital communications

• Semiconductors

• IT methods for management

• Telecommunication

• Television and video transmission

• Decreasing trend for the following,

• Transportation

• Mechanical elements

• Engines pumps and turbines

• Containers and packages

• Flat trend - Medical devices, Pharmaceutical, and Green technology.

Digital Data processing

Digital communication

Medical devices

Semiconductors

Transportation

IT methods for management

Data Storage

Telecommunications

Mechanical elements

Television & video transmission

Pharmaceutical

Engines, pumps & turbines

Green Technology

Containers & packages

Polymers

0

6,000

12,000

2009 2010 2011 2012 2013 2014

3,632 4,006 3,6364,827 9,676

11,027

3,140 4,0312,949 3,404

11,0217,455

2,607 2,852 2,9163,596

2,711 3,903

1,543 4,118 1,668

1,802

4,410 4,078

4,502

4,9401,357 2,263 1,390 1,815

1,576 1,829 1,814 2,2772,866 3,844

2,8421,524

3,4181,298

2,3542,226

1,088 2,057 1,821 1,6083,894

2,370

2,747 2,9451,065 1,227 1,100 1,505

750 815 1,487 2,141 2,638 1,970

1,396 1,264 1,991 1,586 1,281 1,410

2,388 2,502775 1,054 854 993

1,156 1,873 989 1,221 1,907 1,615

1,3331,371 1,240 1,575 1,125 1,810

1,755 1,465 1,740 1,090 1,304 858

In

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Execution Year



Financing Entities vs. Sectors Financed

• Bank of America and Deutsche Bank have extended more loans to the digital data processing sector.

• Credit Suisse and Bank of America have the highest number of transactions in the digital communications space.

• Loans to the Semiconductor sector is dominated by Citi and Deutsche Bank.

• Wilmington Trust, JP Morgan Chase and the U.S. Treasury have advanced loans to the transportation and mechanical machinery sectors.

• GE Capital’s focus is mainly in digital data processing and medical devices.

• JP Morgan and Wells Fargo has lot of transactions in the data storage

• Wells Fargo has very few transactions in transportation.

• Credit Suisse has focused least in the data storage


Digital data processing


Medical devices

Semiconductors

Transportation


Data storage

Telecommunications

Mechanical elements

Television & video transmission

0

4000

8000

JP

Mo

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an

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Ban

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ew

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GE

Cap

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U.S

. Treasu

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3770 6650 3332 30631358

5076

24703540

1515236

23244075

13012377 2096 2903 6502 2449

208 246

1877749 990 883 234 775 668 453

18114

1331 11923227

761 6202845

273 278 93 67

4898

673

4438

406723 455 172 765 688 4571

2340 2586524

1787443 398 1245 630 253 171

4778

534 835 5149 1541448

91 219 89 15

1866 1219 446 1072 1012 8851995 1531

100 133

2171 14072914

934

3850

507 460 207 3582479

2176 1727 1957319 1022 623 700 268 77 13

In

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No

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Financing Entities



Key Companies vs. Financing Entities by Industry


Digital Data Processing

(37,784)


(32,671)Medical Devices (19,165)

Semiconductors (17,866)

Transportation (17,438)

Avago (3310) Alcatel Lucent (5800) Endo Pharmaceuticals (576) Freescale (2975) General Motors (6108)

Dell (2819) Avago (1649) Hologic (444) Avago (2532) Chrysler (1245)

Freescale (1611) Avaya (1448) Masimo Corp (366) Ps4 Luxco (1064) Lear (887)

Unisys (1371) Dell (850)Devicor Medical Products (287)

Spansion LLC (1244)TRW Automotive Holdings (624)

Kodak (1280) Freescale (672) Angiodynamics Inc. (277) Mosaid Tech (498) Visteon (602)

• This table provides the key companies taking loans using patents as collateral in the various industries.

• Avago in the above list includes the patents of LSI, Agree and Avago.

• Avago has transactions in various technologies like Digital data processing, digital communications, Semiconductors , television and video transmission anddata storage

IT Methods For Management (14,602)

Data Storage (13,853)

Telecommunications (13,139)

Mechanical Elements (11,383)Television & Video

Transmission (10,105)

First Data Corp (536) Seagate (4750) Alcatel Lucent (1743) General Motors (3324) Kodak (1820)

AOL (361) Avago (1334) Avaya (1377) Chrysler (450) Rovi Corp (1373)

Alcatel Lucent (331) Ps4 Luxco (1213) Aspect Software (415) Federal Mogul Corp (361) Arris Group (535)

Avaya (329) Spansion (879) Genesys Telecom (384) Epicor Ind (304) Alcatel Lucent (481)

Dell (264) Freescale (630) Siemens (376) Seagate (263) Avago (475)

• Alcatel Lucent has a lot of patents in digitalcommunication in comparison to others.Similarly, General Motors has lot of transactionsin transportation.

• Transportation sector is dominated by thesuppliers of automobile equipment includingLear, TRW Automotive and Visteon.

• Television and video transmission includesvarious companies of different sort like Kodak indigital cameras, Rovi Corp in multimedia, Alcatellucent of communications and Avago a chipmanufacturer.

• Avaya has transactions in the Digitalcommunications, IT methods for managementand Telecommunications



Digital Data Processing


Assignor Assignee

Avago (3310) Deutsche Bank (3310)

Dell (2823)

Bank Of America (2822)

Bank Of New York (2822)

Square1 Bank (3)

Freescale (1615)Citigroup (1613)

Zenith Investments (87)

Unisys (1371)

Deutsche Bank (1256)

General Electric (1171)

Citigroup (60)

Kodak (1280)

Citigroup (1154)

Wilmington Trust (515)


Barclays (416)

JP Morgan Chase (416)

LASERBAND LLC (1075) Morgan Stanley (1075)

Alcatel Lucent (951) Credit Suisse (951)

NCR Corp (620) JP Morgan Chase Bank (620)

Atmel (593) Morgan Stanley (593)

Seagate (548)

Scotia Bank (515)

Wells Fargo (475)

JP Morgan Chase Bank (438)

2009

2010

2011

2012

2013

2014

0

800

1600

Prio

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00

0

20

00

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803

147 158 154 215 215 292 365 331 375 208 10 12 15 1 1

1024

182 185 219 200 221 298 294 406 398 280 220 66 83 80 2

794

155 172 163 198 199 227 266 300 298 335 403160 11 7 1

617193 186 218 189 204 229 316 357 386 390 405 500 311

31 5

1567

330 348 341 387 375 455 529 537 659 642 777 9771262

952

49

1492

403 502 435 382 422 502 536 607 633 599 735 8201144 1334

450

Execu

tion

Year

No

. o

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Ap

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Filing Year

• 96,970 transactions grouped to 37,784 applications have been transacted in the area of digital data processing.

• Majority of the patents executed in the recent times are also filed in the recent times.

• Key companies mortgaging patents in the digital data processing include Avago, Dell, Freescale and Unisys.

• Bank of America, Deutsche bank, JP Morgan Chase bank and Citigroup are the key banks having transactions in thetechnology

• Freescale has the patent transaction with the Zenith Investments which is investment provider.




Assignor Assignee

Alcatel Lucent (5801) Credit Suisse (5801)


Avaya (1448)

The Bank Of New York Mellon (1419)

Citigroup (303)

Dell (853)Bank Of America (853)


Freescale (673)Citigroup (672)


Ciena (621)Bank Of America (621)

Deutsche Bank (621)

Optis Wireless (619)

Highbridge Principal Strategies, LLC (615)


Mcdata Corp (511)Wells Fargo (511)


AOL (503)Bank Of America (453)


Unwired Planet, LLC (493)

Cluster LLC (493)


2009

2010

2011

2012

2013

2014

0

1000

2000

Prio

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00

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20

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20

01

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20

06

20

07

20

08

20

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10

20

11

20

12

20

13

20

14

374 124 170 175 225 260 255 351 358 381 217 14 8 11 1

840232 250 280 286 280 309 344 393 294 258 176 77 62 46 1

424151 158 139 153 172 197 226 258 235 230 275 162 8 9 10

289 118 153 141 136 194 224 245 284 263 271 311 378 244 41 12

1819

550 509 531 578 573 635 759 745 772 745 812 955 1025605

25

952351 384 302 271 334 379 370 444 380 372 431 500 721 768

292

Execu

tio

n Y

ear

No

. o

f

Ap

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s

Filing Year

• 80,171 transactions grouped to 32,761 applications have been transacted in the area of digital communication.

• Majority of the patents are executed in the recent times.

• Key companies mortgaging patents in the digital communication include Alcatel Lucent, Avago, Avaya and Dell.

• Credit Suisse and Bank of America are the key financing entities having transactions in the digital communications technology

• Freescale has the patent transaction with the Zenith Investments which is investment provider.

• Optis Wireless has transactions with Highbridge Principal Strategies and Unwired planet LLC has transactions with Cluster LLCa subsidiary of Ericsson.



Medical Devices


Assignor Assignee

Endo Pharmaceuticals (576)

Deutsche Bank (502)

Morgan Stanley (414)

JP Morgan Chase (5)

Hologic Corp (444) Goldman Sachs (444)

Masimo Corp (366) JP Morgan Chase (366)

Devicor Medical Products, Inc.. (287)

GE Capital Corp (287)

Angiodynamics Inc. (277) JP Morgan Chase (277)

Bausch And Lomb (266)

Citigroup (255)

Goldman Sachs (222)

Credit Suisse (52)

Applied Med Resources Corp (254)

Citigroup (254)

K2m Inc. (231) Silicon Valley Bank (231)

Apollo Endosurgery Inc.. (215)

Oxford License LLC (210)

Comerica Bank (44)

Carestream Health (212) Credit Suisse (212)

2009

2010

2011

2012

2013

2014

0

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454

124 133 170 218 238 234 238 289 298103 24 5

693

112 145 147 168 193 201 232 297 290 239108 7 6 4

676

109 134 142 145 180 177 200 234 229 237 22692 3 4 2

749

122 123 140 161 190 196 225 275 264 312 333 344166

13 11

31086 100 111 121 131 147 129 174 196 219 253 319 318 237

5

406

122 183 119 155 153 164 203 250 193 229 308 334 442 517

192

Execu

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Year

No

. o

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Ap

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Filing Year

• 43,424 transactions grouped to 19,165 applications have been transacted in the area of medical devices.

• Key companies mortgaging patents in medical devices include Endo Pharma. Hologic Corp, Masimo Corpand Devicor Medical Products.

• JP Morgan Chase and GE Capital are the key financing entities having transactions in medical devicetechnology

• Apollo Endosurgery has mortgaged patents with Oxford License LLC.



Semiconductors


Assignor Assignee

Freescale (2978)

Citigroup (2976)

Tang Sung Capital, LLC (20)



Spansion LLC (1244) Barclays Bank (1244)

Ps4 Luxco (1064) Elpida Memory (1064)

Mosaid Technologies (527)

Royal Bank Of Canada (527)

CPPIB Credit Investments Inc. (407)

Magnachip Semiconductor (433)

Crosstek Capital, LLC (328)

U.S. Bank National Association (235)

Intersil (344) Morgan Stanley (344)

Entegris (342)Goldman Sachs (301)

Wells Fargo (127)

Vishay Electronics (281)JP Morgan Chase (273)

Comerica (175)

Seagate (260)

Scotia Bank (258)

Wells Fargo (195)


2009

2010

2011

2012

2013

2014

0

700

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31644 61 102 108 125 167 153 144 140 97 1 1 1

1387

218 194 300 278 290 330 348 301 324 179 150 29 8 3

38693 102 117 82 84 134 122 124 135 178 125 99 3 4 2

161 35 67 80 49 66 81 105 92 167 153 245 264 159 5

568135 117 146 200 214 277 246 240 286 274 345 417 470 303

5

1238

299 281 219 266 187 165 154 127 110 123 168 206 210 198 115

Execu

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• 48,824 transactions grouped to 17,886 applications have been transacted in the area of semiconductors.

• Majority of the patents are filed prior to 2000.

• Key companies mortgaging patents in the semiconductors include Freescale, Avago, Spansion LLC and Ps4 Luxco.

• Citigroup and Deutsche Bank are the key financing entities having transactions in semiconductors.

• Freescale has the patent transaction with the Tang Sung Capital LLLC and Zenith Investments.

• Mosaid Technologies has transactions with CPPIB Credit Investments Inc..

• Magnachip Semiconductor has patent transactions with Crosstek Capital LLC



Transportation

Assignor Assignee

General Motors (6112)


U.S. Treasury (3539)

UAW Retiree Medical Benefits Trust (3478)

Citigroup (2745)

Chrysler (1247)

Citigroup (1213)


U.S. Treasury (1085)


Lear Corp (887) JP Morgan Chase (887)

TRW Automotive Holdings (624)


Visteon (602)


Morgan Stanley (370)

Citigroup (185)


Navistar (433) JP Morgan Chase (433)

Key Safety Systems Inc. (235)

UBS (235)

IAC Group (231)GE Capital (228)


BE Aerospace Inc. (166) JP Morgan Chase (166)

Arvinmeritor Technology LLC (144)



2009

2010

2011

2012

2013

2014

0

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889

141 178 223 225 243 311 321 438 485 459

1

422

61 92 105 142 216 193 195 152334 350

760 722 662477

2

621

53 56 72 90 81 97 131 108 82 76 159 61 1

529

148 132 120 177 143 185 182 133 116 164 107 107 98 1 1

23842 57 67 86 105 68 95 94 116 93 103 143 163 60 1

31471 69 83 106 90 89 72 90 72 88 100 168 297 267

78

Execu

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Year

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Filing Year

• 69,145 transactions grouped to 17,438 applications have been transacted in the area of transportation.

• Key companies mortgaging patents in transportation include General Motors, Chrysler, Lear Corp and TRWAutomotive Holdings.

• Wilmington Trust, JP Morgan Chase and the U.S. Treasury are the key financing entities having transactionsin transportation technology.

• A majority of the companies have transactions with JP Morgan Chase.

• A majority of the patents executed in 2010 are filed in recent times.



Financing Entities (Banks + Others)JP Morgan Chase, Bank of America, Citigroup (detailed analysis)




Financing Entities (other than Banks)

Financing Entity No of Applications (as collateral)

GE Capital 12788

Jefferies Finance LLC 2099

CPPIB Credit Investments Inc. 1616

Venture Lending & Leasing Inc. 1527

Highbridge Principal Strategies LLC 1222

Cerberus Business Finance LLC 1100

Macquarie US Trading LLC 1079

Ares Capital Corp 1042

Madison Capital Funding LLC 1014

Capital Royalty Partners 967

Parallel Investment Opportunities Partners 925

Triplepoint Capital LLC 887

Hercules Technology Growth Capital, Inc.. 653

Manufacturers And Traders Trust Company 604

Patriarch Partners Agency Services, LLC 560

DBD Credit Funding LLC 560

Crosstek Capital, LLC 537

Telecom Holding Parent LLC 500

Golden Hill Capital 459

Capital One 431

Guggenheim Corporate Funding, LLC 429

Fortress Credit Co LLC 410

Knobbe, Martens, Olson & Bear, LLP 358

Pinnacle Ventures LLC 329

Warren & Lewis Investment Corp 316


• The non-banking firms doing IP financing deals are listed along with the number of patent transactions connected with them.

• GE Capital, Jefferies Finance, CPPIB Credit Investments, Venture Lending & Leasing, and Highbridge Principal Strategies are the key non-banking entities advancing loans with patents as collateral.



Top Financing Entities – Execution Year Trends

• The U.S. Treasury and the UAW Retiree Medical Benefits Trust have IP financing related transactions only in 2009 with General Motors and Chrysler (sectors – auto, mechanical elements).

• JP Morgan Chase and Bank of America show an increasing number of transactions related to IP financing.

• Bank of America, Credit Suisse, Bank of New York Mellon, and Barclays bank have a large number of IP financing related transactions in 2013.

• Wells Fargo shows a decreasing trend of IP financing based patent transactions.

• Deutsche Bank and Wilmington have executed a significantly larger number of transactions in 2014 and 2010 respectively – compared to the other financing entities analyzed.


JPMorgan Chase

Bank Of America

Citigroup

Wells Fargo

Wilmington Trust

Deutsche Bank

Credit Suisse

The Bank Of New York Mellon

GE Capital

U.S. Treasury

Morgan Stanley

Barclays

Silicon Valley Bank

UAW Retiree Medical Benefits Trust

PNC Bank

0

10,000

20,000

2009 2010 2011 2012 2013 2014

9,2074,984 6,381 5,497

10,707 9,491

5,115 5,101 4,462 4,103 19,648 7,934

9,4765,695 2,882

9,8494,021 2,352

7,832 6,486 4,849 6,361 3,525 3,103

2,772 16,690 770 1,2518,363

1,496

3,514 2,762 444 739 1,36318,318

520 769 1,790 1,466

11,760

2,445

3,439 2,321 2,245 2,532 5,309182

772 2,042 3,301 2,547 1,693 1,939

8,438

278 2,401 1,950 867 1,219 1,913

95 2,529 595 1,2346,308

610

1,585 1,614 1,561 1,520 1,070 2,371

9,550

976 2,166 1,786 2,329 2,559 2,089

Fin

acin

g E

nti

ties

No

. o

f A

pp

licati

on

s

Execution Year



Financing Entities vs. Companies – Key Transactions 1


Financing Entity Companies

Bank Of America

Kodak (5329)

Dell (4603)

Scient Games Int Inc. (2242)

Ciena (1567)

Arris Group, Inc. (1227)

AOL (940)

Alliant Techsystems (804)

Nalco (772)

Graphic Packaging (686)

Hercules (637)

PMC Sierra Inc. (637)

RF Micro Devices Inc. (561)

Chemtura (540)

Commvault Systems Inc. (509)


Citigroup

Freescale (8156)


Kodak (7762)

Chrysler (2778)

Federal-Mogul Corp (769)

Bausch And Lomb (697)

Chemtura (594)

The Gates Corp (548)

Avaya (528)

Visteon (475)

Epicor Ind (466)

Equistar (384)

Flexsys America LP (379)

Lyondellbasell (373)

Sigmatel, LLC (271)


JP Morgan Chase

Kodak (5329)Seagate (5243)

Chrysler (2584)Visteon (1549)COMMSCOPE (1393)

Lear (1301)Momentive (1170)

Rovi Technologies (1162)

Harman Int (1042)Brunswick (1010)Wolverine Worldwide (983)

TRW Automotive Holdings (909)

Navistar (873)

BE AEROSPACE INC (541)

Aspect Software (511)





Wells Fargo

Seagate (5486)

Quantum Corp (657)

Spectrum Brands (1169)

Brocade Comm Systems Inc. (619)

Siemens (587)

First Data (564)

Oclaro Inc. (519)

Synaptics (461)

Remy Technologies (416)

Nektar Therapeutics (382)

Entegris (376)

Aliph, Inc.. (330)

Enterasys Networks Inc. (330)


Skechers (326)


Wilmington Trust


Kodak (5917)Optis Wireless Technology, LLC (636)

Air System Components, Inc.. (466)Mitel (439)Axalta Coating Systems (432)Optis Cellular Technology (389)

Tekelec (322)

Hexion Specialty Chemicals Inc. (307)Momentive (258)

Dura Global (280)Nova Wildcat (244)Lifecell Corp (240)

Tapco International (239)


Deutsche Bank

Avago (12955)

Unisys (1807)

Ciena (1569)

Scient Games Int Inc. (1223)

Invista North America Sarl (978)

Endo Pharmaceuticals Inc. (675)

Lantiq Deutschland Gmbh (635)

ACCO Brands (449)

Mallinckrodt (386)

Sunedison (353)


Equistar (313)

Crown Packaging Technology Inc. (312)






Credit Suisse

Alcatel-lucent (10026)

Carestream (1011)

Novell (559)

Siemens (337)

JDA Software Group (330)

BMC Software Inc. (308)

The Gates Corporation (289)

Prestone Products Corp (258)

Solenis Technologies (238)

Macdermid (230)

Verint Americas Inc. (181)

Water Pik Inc. (180)

First Data Corp (179)

Terex Corp (176)

ECI Telecom (131)


The Bank Of New York Mellon

Avaya (3096)

Dell (4464)

Momentive (1300)

Brunswick (843)

Conexant (581)

Pactiv Corp (547)

Graham Packaging (503)

Conexant (497)

Trimas Corporation (445)

Reynolds Consumer Prod (297)

GSI Group (254)

Innotek (226)

International Automotive Components Group (249)

Delphi Technologies (225)

Physio-control, Inc. (225)


GE Capital

Unisys (1583)Affymetrix Inc. (604)Heritage Home Group LLC (389)

Broyhill Home Furnishings (374)

International Automotive Components Group (308)

Devicor Medical Products (305)Hunter Fan (293)Shop Vac Corp (263)

Alere Medical Inc. (251)Dura Global (246)

Arizant Technologies (196)

The Chef'n Corporation (174)Water Pik Inc. (158)

Brookstone Company Inc. (144)Nxstage Medical Inc. (142)


US TreasuryGM (9709)

Chrysler (2540)




Execution Year Trends – JP Morgan, Bank of America, Citigroup

May 2015

These trends are based on 84,925 transactions comprising of 48,836 applications.

27Copyright © Relecura Inc.., All rights reserved.

JP Morgan Chase

Bank of America

Citigroup



Filing Year Trends – JP Morgan, Bank of America, CitigroupAge of patent collateral


• Some of the patents held as collateral were filed in the 1980s and 1990s.

• A bulk of the mortgaged patents were filed post the 2000-2002 period.

JP Morgan Chase

Bank of AmericaCitigroup



JP Morgan Chase – Detailed Analysis




CompanyNo of

ApplicationsShare of

Transactions (%)

Kodak 5329 10.91

Seagate 5243 10.74

Chrysler 2584 5.29

NCR Corp 1904 3.90

Visteon 1549 3.17

Commscope 1393 2.85

Lear 1301 2.66

Momentive 1170 2.40

Rovi Technologies 1162 2.38

Harman Int 1042 2.13

Brunswick 1010 2.07

Wolverine Worldwide 983 2.01

TRW Automotive Holdings 909 1.86

Navistar 873 1.79

BE Aerospace Inc. 541 1.11

Aspect Software 511 1.05

Genesys Telecomm Lab Inc. 445 0.91

Masimo Corp 411 0.84

Vishay 411 0.84

Bissell Homecare Inc. 387 0.79

Schlage Lock Company LLC 348 0.71

May 2015 30Copyright © Relecura Inc.., All rights reserved.

JP Morgan - Key Companies (Assignor)




Industry No of Applications

Transportation 4898

Data storage 4778

Digital data processing 3770

IT methods for management 2340

Digital communication 2324

Television & video transmission 2176

Mechanical elements 2171

Medical devices 1877

Telecommunications 1866

Semiconductors 1331

JP Morgan – Transacted Technologies



JP Morgan – Sector-wise Spread


Transportation

Data Storage




Printing

Engines, pumps and turbines

Television and video transmission

Mechanical elements

Medical devices

Telecommunications

Electrical Machines and devices

Polymers

Containers and packages

Semiconductors

0

2500

5000

2009 2010 2011 2012 2013 2014

570 137 2111,381

4001,658

4,30033 263 32 84 48

634 193 550 148966 1,204

124 194 318 90582 1,016

268284

321 135756 539

27 33 24 30

1,912

207

158 60 213 605 131628

175 591,050

49794

141

547 126 146 492 119 598

24 444 279 365 279 486

184 466 357 62 527 240

273 156 552 94 177 143

31 286 162 40760

106

45

286 187 46 357 434

222 450 97 4 458 65

Tech

no

log

y

No

. o

f A

pp

licati

on

s

Execution Year

Technology Main execution year/s

Transportation technology 2012, 2014

Data storage 2009

Printing 2013

Medical devices 2009-2014 consistent activity

Electrical machines and devices 2011

IT methods and management 2013, 2014




• Kodak has mortgaged patents to JP Morgan during 2013 and 2014.

• Seagate has assigned all their patents in 2009 and Chrysler in 2014.

• Companies involved in various technologies have mortgaged patents to JP Morgan.

• Kodak – printing, digital data processing

• Seagate – Information storage

• Transportation – Chrysler, Visteon

• Lear, TRW Automotive, Navistar, BE Aerospace -Transportation

• Commscope – Digital communication

• Rovi, Harman International – Television and video transmission

• Brunswick – Gaming

• Aspect Software, Genesys Telecom Lab - IT methods for management

Kodak

Seagate

Chrysler

COMMSCOPE

Lear

Momentive

Rovi Technologies

Harman Int

Brunswick

Wolverine Worldwide

TRW Automotive Holdings

Navistar

BE AEROSPACE INC

Aspect Software

GENESYS TELECOMM LAB INC

0

3000

6000

2009 2010 2011 2012 2013 2014

5,256

75

5,243

2,585

1,269124

639 73 481 108

1 41 311,069

28

231,138

310 732

4 475 119

9773 3

909

873

66 6 469

527

445

Co

mp

an

y

No

. o

f A

pp

licati

on

s

Execution Year

JP Morgan– Assignor Execution Trends



• Patents mortgaged by Seagate were filed prior to2011 and patents mortgaged by Visteon were filedprior to 2007.

• Patents of Kodak, Lear, Brunswick, Wolverineworldwide and BE Aerospace were filed across allthe time in 2000 to 2014.

• Rovi, Harman Int, Seagate and Visteon have notmortgaged the patents filed in the recent times.


Kodak

Seagate

Chrysler

NCR Corp

Visteon

Commscope

Lear

Momentive

Rovi Corp

Harman Int

Brunswick

Wolverine Worldwide

TRW Automotive

Navistar

BE Aerospace Inc

0

1000

2000

301 404 383 266 306 190 159 199 210 251 304 395 421208 23

413 568 409 439 312 287 295 318 31689 1

171 82 97 142 112 145 111 118 67 29 42 88 147 53

142 119 89 44 61 82 71 88 85 79 119 108 107 80

123 196 255 200 122 113 19

59 56 87 78 64 54 55 67 104 115 124 77 26

21 33 55 80 119 97 77 88 95 64 71 94 73 63 40

55 56 45 43 28 69 79 48 46 42 55 67 44 30

42 30 43 70 48 64 56 106 55 153 175 3

36 68 89 78 82 123 112 111 93 42 48

46 51 55 64 76 61 48 63 28 29 35 28 34 30 3

48 28 45 77 148 109 157 198 82 29 12 4 2 3 1

68 79 48 44 43 58 40 33 19 32 23 26 16

52 56 72 65 77 73 85 74 32 103 52 53 7

14 20 14 25 29 21 29 39 39 32 35 28 46 63 48

Tran

sacti

on

Assig

no

r

No

. o

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pp

licati

on

s

Filing Year

JP Morgan - Filing Trends of Top Assignors



JP Morgan - Top Cited Mortgaged Patents


Publication Number Title Execution Date Transaction AssignorForward Citations

Count

US6177931B1 Systems and methods for displaying and recording control interface with television programs, video, advertising information and program scheduling information

13-09-2011 Rovi Corp 1488

US5677955A Electronic funds transfer instruments 30-04-2010 Telcordia Technologies 1095

US5724424A Digital active advertising 07-05-2010 Aspect Software 1086

US7402506B2 Methods of making thin film transistors comprising zinc-oxide-based semiconductor materials and transistors made thereby

03-09-2013 Kodak 1001

US7691666B2 Methods of making thin film transistors comprising zinc-oxide-based semiconductor materials and transistors made thereby

03-09-2013 Kodak 990

US8207063B2 Process for atomic layer deposition 03-09-2013 Kodak 959

US5353121A Television schedule system 13-09-2011 Rovi Corp 933

US5589892A Electronic television program guide schedule system and method with data feed access 13-09-2011 Rovi Corp 910

US6002394A Systems and methods for linking television viewers with advertisers and broadcasters 13-09-2011 Rovi Corp 787

US5479268A User interface for television schedule system 13-09-2011 Rovi Corp 712

US5536267A Multiple electrode ablation apparatus 22-05-2012 ANGIODYNAMICS INC 681

US6081735A Signal processing apparatus 23-04-2014 Masimo Corp 650

US5253066A TV recording and viewing control system 13-09-2011 Rovi Corp 630

US5472441A Device for treating cancer and non-malignant tumours and methods 22-05-2012 ANGIODYNAMICS INC 627

US8046801B2 Interactive television program guide with remote access 13-09-2011 Rovi Corp 609



US6002952A Signal processing apparatus and method 23-04-2014 Masimo Corp 576

US5946386A Call management system with call control from user workstation computers 07-05-2010 Aspect Software 572

US5758644A Manual and automatic probe calibration 23-04-2014 Masimo Corp 569




AssignorTotal No of

applicationsNo of Applications of high

patent quality*Percentage of High

Quality PatentsTechnology

Masimo Corp 411 208 50.61 Non-invasive patient monitoring technologiesRovi Corp 1162 123 10.59 Interactive television program guide systemKodak 5329 27 0.51 Carbon Nanotubes, Photosensitive materialsAngiodynamic Inc. 286 26 9.09 Tissue ablation apparatusChrysler 2584 23 0.89 Hybrid vehicles control systemVeveo 69 22 31.88 Search engines and user interfaceSeagate 5243 19 0.36 Information StorageIngenio LLC 132 17 12.88 Advertising Technologies

Hewlett Packard 242 16 6.61 Mobile DevicesMomentive 1170 15 1.28 Gallium Nitride based LED, Filled rubber agentsDivx LLC 144 14 9.72 MultimediaCommscope 1393 14 1.01 Wireless communication devicesAOL 335 14 4.18 Messenger

Riverbed Technology Inc. 277 13 4.69 Networking Architectures

Conmed Corp 82 12 14.63 Surgical InstrumentsHarman Int 1042 11 1.06 Audio-video (AV) systemsPPC Broadband 19 11 57.89 Coaxial cable connectorsGenesys Telecom Lab Inc. 445 10 2.25 Call centre managementNCR Corp 1904 8 0.42 e-commerce

Telcordia Technologies 119 8 6.72 Mobile communication techniques and electronic document processing

Unomedical As 91 8 8.79 Needles for subcutaneous injections

* High quality patents = Relecura Patent Quality of 4 and above.

JP Morgan – High Quality Mortgaged Patents



Bank of America – Detailed Analysis




14-05-2015 Copyright © Relecura Inc.., All rights reserved. 38

Assignor No of Applications Share of Transactions

Kodak 5332 11.36

Dell 4617 9.84

Scient Games Int Inc. 2320 4.94

Ciena 1571 3.35

Arris Group Inc. 1227 2.61

AOL 941 2.00

Alliant Techsystems 804 1.71

Nalco 772 1.64

PMC Sierra Inc. 728 1.36

Graphic Packaging 687 1.46

Ashland Inc. 646 1.36

RF Micro Devices Inc. 561 1.20

Chemtura 540 1.15

Commvault Systems Inc. 509 1.08

Kwikset Corp 491 1.05

Spectrum Brands 444 0.95

Mitel 439 0.94

Nortek Corp 433 0.92

Babcock & Wilcox 408 0.87

Remy Technologies LLC 391 0.83

Bank of America – Key Companies (Assignor)



Bank of America – Transacted Technologies


Industry Bank of America

Digital Data processing 6650

Digital communication 4075

Checking Devices 2750


Printing 2152

Containers and packages 1826

Television and video transmission 1727

Polymers 1421


Gaming 1318

Telecommunications 1219

Semiconductors 1192

Green Technology 809

Electrical Machines and devices 781






Checking Devices


Printing

Containers and packages


Polymers

Mechanical elements

Gaming

Telecommunications

Semiconductors

Green Technology

Electrical Machines and devices

Pharmaceutical

0

2500

5000

2009 2010 2011 2012 2013 2014

534 218 190 284 4,145

1,212

500 144 148 281

1,8331,154

31 37 113 69

2,076

400

361 229 213 238958 534

1195

17 10

1,945

56

105 171 213 176 399 761

87 51 63 80

1,336

98

134 550 249 78 263 139

241 236 165 110 360 253

24 222 29 28586 428

120 65 19 48610 342

177 28 251 258 416 58

48 73 95 60 343 186

53153 136 40 263 135

117 110 295 75 129 47

In

du

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No

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pp

licati

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s

Execution Year

• The majority of the transportation technology transactions have been executed in 2012 and 2014.

• Transactions in the pharmaceutical have been decreasing in recent times.

• The graph indicates a great deal of IP financing activity in the digital data processing, digital communication, checking devices, IT methods for management, containers & packages and gaming in 2014.

• IP based financing in green technologies show an increase in recent times.

Bank of America – Sector-wise Spread



Bank of America - Assignor Execution Trends

• This picture provides the trends of the top companiestransacted with Bank of America.

• AOL and Nalco has transactions only in 2009.

• Kodak, Dell and Scientific games, Arris Group, PMC SierraInc. and RF Micro Devices have majority of executedtransactions in 2013.

• Ciena, Graphic Packaging, Commvault Systems, KwiksetCorp are mainly active in 2014.

• Ashland Inc. has executed majority of their transactionsin 2010.

• Alliant Techsystems executed majority of transactions in2010 and 2013.

• Chemtura has transacted mainly in 2010.


Kodak

Dell


Ciena

Arris Group Inc

AOL

Alliant Techsystems

Nalco

Graphic Packaging

PMC Sierra Inc

Ashland Inc

RF Micro Devices Inc

Chemtura

Commvault Systems Inc

Kwikset Corp

0

3000

6000

2009 2010 2011 2012 2013 2014

5,257

75

4,470

147

2,040

280

1571

1227

941

3 392 25 12 372

772

114 571

6722

6627

12

561

534 6

509

491

Com

pan

y

No

. o

f A

pp

licati

on

s

Execution Year



Bank of America - Filing Trends of Top Assignors

• Patents mortgaged by Kodak to Bank of America have varying filing years.

• A lot of the recent filings of Dell have been mortgaged to Bank of America.

• AOL has mortgaged patents to Bank of America in 2009, and a majority of these patents are filed in between 2002 and 2006.

• A majority of the patents mortgaged by Scientific Games are filed after 2005.

• Commvault Systems transacted patents have been filed post 2000 with a large number that have a filing year of 2013.

• A majority of the Ciena transacted patents were filed in the early 2000s.


Kodak

Dell


Ciena

Arris Group Inc

AOL

Alliant Techsystems

Nalco

Graphic Packaging

PMC Sierra Inc

Ashland Inc

RF Micro Devices Inc

Chemtura

Commvault Systems Inc

Kwikset Corp

0250500

301403 383

266 306190 159 199 210 251 304 385 421

20823

160 190 145 200 171 237 289 310 394297 231 282

423 462

83

22 48 63 107 88 157 207 246 292150 163 173 245 214

17

204 194 123 113 103 43 61 75 63 47 53 42 62 38 4

74 137 94 45 44 83 63 91 71 67 57 77 66 37

57 66 100 113 91 57 118 74 74 52

29 40 28 50 37 21 57 40 44 54 49 35 42 37

42 36 36 28 25 25 58 49 52 21

11 17 15 24 15 41 46 53 28 59 61 62 42 70 41

59 78 62 36 35 30 37 31 30 22 23 23 26 25

36 32 35 42 22 38 31 36 23 23 31 7

23 27 30 30 24 29 37 47 34 16 59 89 71 9

21 23 18 31 33 20 27 22 35 33 28

2 7 4 5 12 19 39 19 43 37 54 44 49 132 40

52 49 39 43 47 39 26 50 15 13 22 8 3

Tran

sacti

on

Assig

no

r

No

. o

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pp

licati

on

s

Filing Year




Publication Number Title Execution DateNormalized Transaction

AssignorsForward Citations

Count

US5740549A Information and advertising distribution system and method 2009-12-09 AOL 1556

US7402506B2Methods of making thin film transistors comprising zinc-oxide-based semiconductor materials and transistors made thereby

2013-09-03 Kodak 1025

US7691666B2Methods of making thin film transistors comprising zinc-oxide-based semiconductor materials and transistors made thereby

2013-09-03 Kodak 1014

US5816918A Prize redemption system for games 2013-11-25 Scient Games Int Inc. 987

US8207063B2 Process for atomic layer deposition 2013-09-03 Kodak 983

US6159097A Gaming machine with variable probability of obtaining bonus game payouts 2013-10-18 Scient Games Int Inc. 925

US5297032A Securities trading workstation 2010-08-06 Scient Games Int Inc. 872

US6159098A Dual-award bonus game for a gaming machine 2013-10-18 Scient Games Int Inc. 846

US6190255B1 Bonus game for a gaming machine 2013-10-18 Scient Games Int Inc. 828

US6159095A Video gaming device having multiple stacking features 2013-10-18 Scient Games Int Inc. 787

US6126542A Gaming device and method offering primary and secondary games 2010-12-17 Boyd Gaming Corp 716

US6004207A Slot machine with incremental pay-off multiplier 2013-10-18 Scient Games Int Inc. 692

US5671279A Electronic commerce using a secure courier system 2009-12-09 AOL 681

US6155925A Bonus game for gaming machine with payout percentage varying as function of wager 2013-10-18 Scient Games Int Inc. 670

US6203429B1 Gaming machine with bonus mode 2013-10-18 Scient Games Int Inc. 647

US6014638A System for customizing computer displays in accordance with user preferences 2009-12-09 AOL 637

US5116055AProgressive jackpot gaming system linking gaming machines with different hit frequencies and denominations

2014-12-19 Multimedia Games Inc. 634

US5997401A Slot machine with symbol save feature 2014-12-19 Multimedia Games Inc. 634

US5275400A Pari-mutuel electronic gaming 2014-12-19 Multimedia Games Inc. 632

US5796393A System for integrating an on-line service community with a foreign service 2009-12-09 AOL 617

Bank of America - Top Cited Mortgaged Patents



https://search.relecura.com/details.php?pnum=US5740549A

https://search.relecura.com/details.php?pnum=US7402506B2



















Bank of America – High Quality Mortgaged Patents


AssignorNo of Applications of high

patent quality*Total No of applications

Percentage of High Quality Patents

Technology

Scientific Games Int 164 2320 7.07 Gaming

Commvault Systems Inc. 103 509 20.24 Information technology

AOL 102 941 10.84 Messenger

Dell 45 4617 0.97 Information technology

Biomet 45 158 23.42 Medical devices

Kodak 27 5332 0.51 Printers

Lifecell Corp 27 242 11.16 Medical devices

Otter Products LLC 22 340 6.47 Electronic device accessories

Arris Group 18 1227 1.47 Television and video transmission

Ciena 16 1571 1.02 Digital Communication

Touchtunes Music Corp 12 108 11.11 Interactive music and entertainment platform

Multimedia Games Inc. 11 281 3.91 Gaming




Citigroup – Detailed Analysis





Company No of Applications Share of Transactions

Freescale 8156 23.52

Kodak 7762 22.38

General Motors 7465 21.52

Chrysler 2778 8.01

Federal-Mogul Corp 769 2.22

Lyondellbasell 746 1.08

Bausch & Lomb 697 2.01

Chemtura 594 1.71

The Gates Corp 548 1.58

Avaya 528 1.52

Visteon 476 1.37

Flexsys 379 1.09

Diversey Inc. 344 0.92

TI Group Automotive Systems LLC 275 0.79

Sigmatel LLC 271 0.78

Applied Med Resources 255 0.74

Physio-Control Inc. 223 0.64

Revlon 198 0.57

Gambro Lundia AB 180 0.52

ACCO Brands 150 0.43

Citigroup – Key Companies (Assignor)



Citigroup– Transacted Technologies


Technology Citigroup

Transportation 4438Digital Data processing 3332

Semiconductors 3227


Engines, pumps and turbines 2273

Printing 2183

Television and video transmission 1957

Polymers 1342

Digital communication 1301Green Technology 1220

Medical devices 990

Batteries 938

Organic Chemistry 849

Data Storage 835





Transportation


Semiconductors

Mechanical elements

Engines, pumps and turbines

Printing


Polymers


Green Technology

Medical devices

Batteries

Organic Chemistry

Data Storage


0

1,500

3,000

2009 2010 2011 2012 2013 2014

2,708136

1,070

15 32

475

285

873

691,343 629

131

1631,374

6431

1,162 92

1,714 259 37143 13

508

1,349117

43116 41 314

3 3 22,165

8

20 117 3

1,763

42 12

414 36714

3933 27

240700

14 93 217 36

959

94 22 58 71 12

187 70 14706

10 3

900

1 20 10 3 4

302 3127 134 6

41

3117 213 244 20

157 60 36 187 8 72

In

du

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No

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pp

licati

on

s

Execution Year

• Majority of the printing, television & video transmission and medical devices transactions are financed in 2012.

• A bulk of the transactions in the transportation area were executed in 2009 and 2011.

• A majority of the transactions related to battery, green technology, engines pumps & turbines and mechanical elements were executed in 2009.

• A majority of the medical devices related transactions were executed in 2012.

Citigroup – Sector-wise Spread



Citigroup - Assignor Execution Trends


• Freescale has transitions with Citigroup in all the yearsexcept 2011, with the highest number of filings in 2010and 2013

• Kodak has transacted majority of their patents in 2012and General Motors have transacted in 2009.

• Of the top companies, only Chrysler and Diversey Inc. hasmortgaged patents to Citigroup in 2011.

• Federal Mogul Corp and Visteon has transacted thepatents with Citigroup in 2014.

• Avaya and Epicor has transacted their patent portfoliowith Citigroup during 2010.Freescale

Kodak

General Motors

Chrysler

Federal-Mogul Corp

Lyondellbasell

Bausch & Lomb

Chemtura

The Gates Corp

Avaya

Visteon

Epicor Ind

Diversey Inc

Ti Group Automotive Systems LLc

0

3000

6000

2009 2010 2011 2012 2013 2014

365

3,832

684

3,062

221

7742

20

7465 2490

277

768

409 337

697

164 430

345 203

528

476

466

306 22 16

212 1 54 8

Com

pan

y

No

. o

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pp

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Execution Year



Citigroup- Filing Trends of Top Assignors

• This picture provides the filing trends of topcompanies mortgaged to Citigroup during2009-14.

• Patents financed to Freescale, Federal-MogulCorp and Visteon by Citigroup are filedcontinuously since 2000.

• Majority of the patents transacted byGeneral Motors are filed between 2005-2008.

• Majority of the patents transacted byLyondellBasell are filed between 2003-2008.

• Patents transacted by Avaya are filed before2009.


Freescale

Kodak

General Motors

Chrysler

Federal-Mogul Corp

Lyondellbasell

Bausch & Lomb

Chemtura

The Gates Corp

Avaya

Visteon

Diversey Inc

Ti Group Automotive

Systems LLc

Sigmatel LLC

010002000 322 200 312 309 288 533 540 516 577 466 374 395 502 450 115

597 564 567 435 425 300 265 310 316 422 498 59819 10

202 272 495 605 733 858 909 1177 1555

1

175 82 97 140 113 149 112 126 68 31 44 88 147 53

15 29 28 19 28 34 45 71 35 76 53 64 82 69 33

377 354 592 745 846 1007 1021 1303 1623

31 45

42 40 30 32 39 34 40 49 73 42 35 45 14

22 28 23 39 36 29 35 25 35 33 4

28 57 30 13 36 23 24 38 40 48 24 28 14 10

57 11 26 36 45 35 30 20 47

28 52 61 57 26 28 11 27 26 12 16 18 15 16 2

12 16 18 7 21 26 45 44 16 21 11 4

18 8 6 16 12 16 17 9 9 9 2 0 14 3

21 9 3 34 7 50 40 16 4 1 1 2

Tran

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Assig

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No

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f A

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Filing Year




• The table provides the top cited patents executed by Citigroup during 2009 -2014.

• Majority of these patents are transacted Kodak and Freescale

Publication Number Title Execution DateNormalized Transaction

AssignorsForward Citations

Count

US7402506B2 Methods of making thin film transistors comprising zinc-oxide-based semiconductor materials and transistors made thereby 2012-02-15 Kodak 1025

US7691666B2 Methods of making thin film transistors comprising zinc-oxide-based semiconductor materials and transistors made thereby 2012-02-15 Kodak 1014

US8207063B2 Process for atomic layer deposition 2012-02-15 Kodak 983US5216278A Semiconductor device having a pad array carrier package 2010-04-13 Freescale 595US5222014A Three-dimensional multi-chip pad array carrier 2010-04-13 Freescale 488

US5493677A Generation, archiving, and retrieval of digital images with evoked suggestion-set captions and natural language interface 2012-02-15 Kodak 470

US5633678A Electronic still camera for capturing and categorizing images 2012-02-15 Kodak 429

US5477264A Electronic imaging system using a removable software-enhanced storage device 2012-02-15 Kodak 412

US5474958A Method for making semiconductor device having no die supporting surface 2010-04-13 Freescale 346

US5200362A Method of attaching conductive traces to an encapsulated semiconductor die using a removable transfer film 2010-04-13 Freescale 345

US5285352A Pad array semiconductor device with thermal conductor and process for making the same 2010-04-13 Freescale 344

US5626614A T-anchor suturing device and method for using same 2012-04-17 Applied Med Resources 343

US5666215A System and method for remotely selecting photographic images 2012-02-15 Kodak 341

US5239198A Overmolded semiconductor device having solder ball and edge lead connective structure 2010-04-13 Freescale 337

US5172214A Leadless semiconductor device and method for making the same 2010-04-13 Freescale 322

US5683934A Enhanced mobility MOSFET device and method 2013-11-01 Freescale 309US6594090B2 Laser projection display system 2012-02-15 Kodak 307US5610635A Printer ink cartridge with memory storage capacity 2012-02-15 Kodak 306

US5273938A Method for attaching conductive traces to plural, stacked, encapsulated semiconductor die using a removable transfer film 2010-04-13 Freescale 305

US5789733A Smart card with contactless optical interface 2010-04-13 Freescale 304

Citigroup - Top Cited Mortgaged Patents
























AssignorNo of Applications of high

patent quality*Total No of applications Percentage of High Quality Patents Technology

General Motors 185 7465 2.48 Hybrid vehicles

Kodak 79 7762 1.02 Cameral & Digital printing

Freescale 43 8156 0.53 Semiconductors

Applied Med Resources 37 255 14.51 Surgical Devices

Chrysler 20 2778 0.72 Hybrid vehicles

Avaya 6 528 1.14 Digital Communication

Physio-Control Inc. 6 223 2.69 Defibrillators

Visteon 3 476 0.63 Lighting

Bausch and Lomb 2 697 0.29 Eye Treatments

Sigmatel LLC 2 271 0.74 Multimedia

Citigroup – High Quality Mortgaged Patents




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This document is provided for information purposes only and the contents hereof are subject to change without notice. Thisdocument, including the information and analysis and any opinion or recommendation, is neither legal advice nor intendedfor investment purposes. This document is not warranted to be error-free, nor subject to any other warranties or conditions,whether expressed orally or implied in law, including implied warranties and conditions of merchantability or fitness for aparticular purpose. Relecura Inc. specifically disclaims any liability with respect to this document and no contractualobligations are formed either directly or indirectly by this document.

Relecura is a web-based patent and portfolio analysis platform that uses a knowledge discovery framework to simplify IPanalysis for prior-art search, technology landscaping, competitive intelligence, and IP commercialization activities. For moredetails visit www.relecura.com or write to [email protected].


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