Phosphors & Quantum Dots 2015: LED Downconverters for Lighting & Displays 2015 Report by Yole Developpement

April © 2015
From Technologies to Market
Phosphors and
Quantum Dots
2015:
LED Downconverters
for Lighting and Display
Applications
Report Sample

2
Biography & contact
ABOUT THE AUTHORS
Eric VIREY received a Ph-D in Optoelectronics from the National Polytechnic Institute of Grenoble. He’s held various R&D,
engineering, manufacturing and marketing positions with Fortune 500 company Saint-Gobain in France and the United States. In
its most recent position, he was Market Manager Optoelectronics in charge various product lines and serving the LED and
optical telecommunication industries. In parallel, he was leading the corporate “Lighting Community” effort, acting as a market
and technology competitive intelligence evangelist to identify and develop new business opportunities in solid state lighting
(LED/OLEDs) across multiple business units.
Eric has a broad knowledge of the entire solid state lighting value chain. In 2009, he joined Yole Developpement as a Senior
Market andTechnology Analyst for LED Devices and Materials.
Eric is also author / co-author of the following reports:
• LED Packaging
• LED Front End Manufacturing
• III-V epitaxy
• GaN bulk
• GaN on Silicon
• Status of the LED Industry
• Sapphire Market & Applications
• High Purity Alumina
Contact: virey@yole.fr
©2015 | www.yole.fr |Phosphor and Quantum Dots 2015

3
WHO SHOULD BE INTERESTED IN THIS REPORT?
o The report will be useful for executives, strategists, business development
managers, sales managers, market researchers and purchasing managers at
companies involved at all levels of the supply chain:
• Phosphor and Quantum Dots precursors.
• Phosphor and Quantum Dot manufacturing and dispensing equipment.
• Phosphors and Quantum Dots material manufacturers.
• Component manufacturers (phosphor sheets, remote phosphors, Quantum Dots components)
• LED packagers
• System manufacturers (Luminaires, LCD Backlight Unit, Display manufacturers).
o The report is prepared in a way that will help new comers to the LED industry or to the
particular segment represented by downconverters to rapidly gain a thorough
understanding of the technical aspects as well as key market forces driving this market.
This will benefit analysts at financial firms, VC firms, Academics in charge of R&D
valorization etc…

4
TABLE OF CONTENTS
• Report Objectives - Scope and Limitations P7
• Acronyms and Definitions P8
• Companies cited in the Report - Phosphor Manufacturers P9
• Companies cited in the Report: - QD Manufacturers P10
• Executive Summary P11
• LED Market Overview P38
• LED market growth cycles
• LED adoption trends per application
• Packaged LED: 2008 -2020 revenue forecast
• LED market trends - Lighting
• LED market trends - Display
• LED phosphor IP
• LED Downconverters - Overview and Major Requirements P48
• How to make white light?
• Key requirements for LED downconverters
• Temperature stability
• Particle size and distribution
• Angle color consistency
• Textured phosphors
• Downconverter requirements for display applications
• Downconverter requirements for lighting - CCT
• Downconverter requirements for lighting - CRI
• Downconverter requirements for lighting - Summary
• Major white LED designs downconverter combinations
• Conclusion
• Downconverter Configurations P67
• Downconverter configurations and deposition methods
• On-Chip Downconverters P69
• Overview - Various types of on-chip conversion
• Volume conversion deposition technologies
• Needle and jet dispensing
• Ceramic preforms
• Single crystal preforms
• Conformal coatings
• Conformal downconverters
• Phosphor sheets
• Chip scale packages and phosphor deposition
• Summary of on-chip configurations
• Conclusion
• Remote Downconverters P86
• Overview
• Benefits
• Drawbacks
• Potential applications
• Trends
• Summary
• Phosphor sheets in displays
• Conclusion
• Traditional Phosphors P98
• Application overview – Report scope

5
TABLE OF CONTENTS
• Compositions Overview P100
• Introduction
• Example of commercial offerings
• Yellow phosphors
• Green and red phosphors
• Focus on Garnet phosphors
• Focus on Silicates Phosphors
• Focus on Nitrides and Oxynitrides
• CarbidoNitride and oxycarbidonitrides
• Mn4+ red phosphors - PFS/KFS
• UV chip + RGB phosphor solutions
• Example - Soraa MR16
• Summary of phosphor compositions
• Premixed “white phosphors”
• Conclusions
• Materials timeline
• Materials application matrix
• Competitive Landscape P132
• Overview
• Top 3 phosphor suppliers
• Other leading international suppliers
• Focus on China P139
• Competitive landscape
• 2014 China volume breakdown
• Major suppliers
• Price Trends P146
• YAG price trends
• Nitrides price trends
• Other Garnets and Silicates price trends
• Volume and Revenue Forecast P152
• Methodology & Challenges
• Average quantity of phosphor per LED
• 2012-2020 forecast - Surface of downconverted LED
• 2012-2020 forecast - Phosphor volumes for on-chip conversion
• Revenue forecast - Challenges and hypothesis
• 2012-2020 revenue forecast for on-chip conversion
• Remote phosphor hypothesis
• 2012-2020 volume forecast with remote phosphors
• 2012-2020 volume forecast – Remote vs on-chip
• 2012-2020 revenue forecast with remote phosphors
• Conclusion on traditional phosphors
• Quantum Dots P172
• What’s a quantum dot?
• Benefits and challenges
• Quantum Dot Manufacturing P175
• Environmental impact
• Quantum Dots for Display Applications (1/2) P182
• Introduction
• Structure of an LCD display
• Color gamut: definition
• Color Gamut: standard LED LCD TVs

6
TABLE OF CONTENTS
• Quantum Dots for Display Applications (2/2) P182
• Major color gamut in the CIE 1931 and 1976 spaces
• Strategies for extended gamut
• Benefits of quantum dot
• Backlight units - Edge and direct configurations
• Local dimming schemes with LED backlights
• Quantum dots implementation
• “1D” edge configurations
• 2D film configuration
• Edge vs. Film - Cost structure
• Edge vs. Film - Summary
• 2013-2014 overview of commercial QD displays
• Color encoding and display gamut
• The UHD alliance
• UHD vs. Current display capabilities
• QD-LCD TV and rec. 2020 color gamut
• Traditional phosphors for extended color gamut
• The quest for narrow band green
• Narrowband phosphors in commercial displays
• Quantum Dots LCD vs. OLED P220
• OLED display technologies
• OLED and QD display comparison
• High Dynamic Range (HDR)
• TV makers strategy
• QD-LCD TV at the 2015 CES
• Samsung And LG strategy for UHD
• QD-LCD 2015 supply chain overview
• Major QD suppliers for display applications
• QD and OLED displays SWOT analysis
• QD-LED displays
• Conclusion
• Quantum Dots for Lighting Applications P237
• Overview
• QD challenges for lighting applications
• Recent improvements and results of On-Chip QD
• Conclusion on lighting
• Quantum Dots - Competitive Landscape P243
• Nanoco
• Nanosys
• QD-Vision
• Quantum Materials Corp & NN Crystal
• Other QD material suppliers
• Quantum Dots - 2015-2020 Forecast P252
• QD - The virtuous circle
• Segment analysis for QD adoption in displays
• Apple and Quantum Dots
• QD penetration forecast 2015-2020
• QD material forecast - Key hypothesis
• QD material forecast - QD Usage per display
• QD material 2015-2020 forecast - Volumes for displays
• QD material 2015-2020 forecast - Revenue for displays
• Quantum dots - Lighting
• QD in lighting - 2013-2020 volume forecast
• QD in lighting - 2013-2020 revenue forecast
• Conclusions
• Presentation ofYole Développement P268

7
REPORT OBJECTIVES – SCOPE AND LIMITATIONS
A downconverter is a material that has the capacity to absorb photons at a given wavelength and restitute light at a higher
wavelength (=lower energy). Downconverters are used in conjunction with blue LEDs to create light sources emitting various
colors including white. Two types of downconverters are used in the LED industry: traditional phosphors and Quantum Dots.
The objective of the report is to provide the reader with a comprehensive review of the LED downconverter
markets, technology trends, competitive landscape and price trends. Detailed volumes and revenue forecast are
provided for each downconverter group (phosphors and Quantum Dots)
• For readers new to the LED downconverter industry, the report provides an overview of the key requirements and
specifications for use in the major LED applications: lighting and displays. The fundamentals of color rendering and color gamut
are explained, as well as how application-specific requirements impact the choice of a downconverter material.
• The major configurations (on-chip and remote) are presented and an overview of the phosphor dispensing methods is provided.
An extensive discussion of remote configurations benefits and drawbacks helps the reader familiarize itself with drivers for
adoption and understand our detailed set of hypothesis.
• A thorough review of the major established and emerging phosphor families is presented as well as adoption and market trends
for each compositions.
• An extensive description of the competitive landscape including a special focus on China provides the reader an in-depth
understanding and knowledge of established and emerging players in the industry.
• Price trends are discussed globally and for each material family.
• An extensive review of Quantum Dot applications in displays and lighting is provided. The reader will understand how the
technology is positioned vs. established phosphor based LCD backlight and emerging Organic LED.
• Detailed volume and revenue forecast are provided for both traditional phosphor and quantum dots.
• The report does not provide a detailed analysis and quantifications of the dispensing equipment market.

8
DOWNCONVERTER REQUIREMENTS FOR LIGHTING: CRI
• The Color Rendering Index (CRI) is a measure of how
well a light source reproduces colors compared to a
reference illuminant.
• The CRI reports a unite-less value between 0 and 100,
with 100 being a color reproduction identical to the
reference.
• Depending on the color temperature of the observed
light bulb, the reference illuminant is sun light (when the
color temperature is > 5000 K), or a black radiator
(color temperature < 5000 K).
• The difference in color rendition between the source
being evaluated and the reference is measured for 15
reference colors. However, the result for only 8 colors
are averaged to obtain the CRI index.
• Because the CRI number is an average between those 8
colors, it can give no valuable insight into the rendering of
any specific color. Comparing 2 light sources with
identical CRI of 70, one might render good yellow and
poor red while the other will de the exact opposite.
• Similarly, 2 sources with a very different spectra can
deliver a similar CRI (next page).
CRI is an
imperfect
indicator of the
color rendering
ability of a light
source. Sources
with very
different
characteristic
can deliver the
same CRI but
very different
perception from
the user.
Comparisons of 2 sources with same CRI. Note the different
rendering of the blue, yellow and red colors.
(Picture: Lighting research Center)
Source CRI
Incandescent 95
T8 Linear Fluorescent 75 - 85
CoolWhite Linear Fluorescent 62
Compact Fluorescent 82
Standard Metal Halide 65
Standard HPS 22

9
PHOSPHOR SHEETS
• Various processes have been developed by different companies to manufacture phosphor sheets. In this process, a
phosphor material is embedded in a silicone binder and the mix is laminated or molded into a thin sheet. Typical
thickness varies from XXX to XXX µm.
Just like
ceramic
preforms,
phosphor
sheets allows
for individual
chromaticity
testing and
sorting and
precise
matching with
various LED
die bins.
• Depending on the mode of application (conformal or preform), full
curing is performed at the sheet level or after binding with the chips.
• Thickness control and uniform dispersion of the phosphor particles
are critical in controlling color uniformity.
• Light scattering particles can be added in order to further improve
color uniformity
Phosphor mixing +
homogenization in silicone
binder
Phosphor sheet manufacturing: lamination
or molding on a glass or PET substrate.
Initial curing.
Chromaticity testing and
sheet sorting
SEM cross section showing uniform dispersion of the
particles in the silicone sheet (source: Nitto Denko)

10
MN4+ RED PHOSPHORS: PFS/KFS
GE has
granted
licenses to
Sharp and
Nichia for
display
applications
but might
keep
exclusivity
for lighting.
• GE has granted licenses to Nichia and Sharp Corporation. PFS is already used in various commercial displays from
smartphone, tablets to TV (see Quantum Dot section of this report)
• Ge is also marketing the material for lighting applications under the brand name TriGainTM . The company already uses
PFS in some of its own high CRI luminaire showing significant efficiency improvement for high CRI thanks to the
narrow emission band falling almost entirely into the human eye sensitivity curve.
Low CRI
LED
High
CRI with
Nitride
High
CRI with
PFS
80 CRI 90 CRI 90 CRI
160 lm/W 127 lm/W 168 lm/W
Low R9 R9 = 45 R9 = 90
Comparison of white LED, 4000K CCT,
3020 2-die packages (source: GE)

11
MATERIALS TIMELINE
XXX is the most
established and best
performing LED
phosphor and could
completely eliminate
silicates once key IP
has expired after
2017. XXX is the
eading red phosphor
but will face
competition from
XX on some
segment.
XXX
XXX
XXX
XXX
XXX
XXX
XXX
XXX
XXX
XXX
XXX
XXX
XXX
XXX
1998 2000 2002 2004 2006 2008 2010 2012 2014
XXX
2016 2018
XXX
2020
XX
?
Not used anymore in lighting application because of
stability issues (moisture sensitive) but still considered
in display applications due to narrow emission,
possibility to use moisture barrier layers and shorter
lifetime requirements,
XXX
XXX
April 2015

12
OVERVIEW
There are
more than 50
phosphor and
30 Quantum
Dots
manufacturers
Down-converters Packaged LEDs OEMS
• Samsung (KR)
• LG Innotek (KR)
• Seoul
Semiconductor
(KR)
• Cree (US)
• Toyoda Gosei
(JP)
• Sharp (JP)
• Everlight (TW)
• Lextar (TW)
• Unity Opto (TW)
• Bright LED (TW)
• Harvatek (TW)
• Edison Opto
(TW)
• Ledtech (TW)
• Oasis (TW)
• Mason (TW)
• Bridgelux (US)
• Nationstar (CN)
• Hongli (CN)
• Changelight (CN)
• Refond (CN)
• Jufei (CN)
• Ledman (CN)
• …
LCD Backlight displays
Automotive Lighting
General Lighting
XXX
XXX  Osram Opto Semiconductor (DE)  Osram (DE)
XXX  Philips Lumileds (US)  Philips Lighting (NL)
PhosphorsQDs
April 2015

13
COMPETITIVE LANDSCAPE
• Many of those companies rely on initial expertise developed in the
fluorescent lamp phosphor market. Some are affiliates or joint
ventures with rare earth mining or processing companies (e.g.: XXX,
XXX…) and derive cost benefits from access to cheap sources of
Yttrium or Lutetium for garnet phosphors.
• Chinese phosphors manufacturers are still mostly focused on the
domestic market. Some of the leading ones such as XXX and XXX
are attempting to export their products in Taiwan, Korea and the US.
However, exports remain a challenge as very few can offer exclusive,
internally developed composition that could be used by LED makers
without infringing existing IP from their competitors or phosphor
manufacturers. However, some LED packagers have secured licenses
from Nichia for the use of YAG and are free to source the material
from whatever supplier they chose.
• As YAG mostly turns into a commodity for tier-2 LED makers, most
companies have shifted their focus on higher added value
compositions such as LuAG, Ga-YAG, nitrides and oxynitrides.
• Chinese vendors offer significantly lower prices and the performance
at some leading players is closing the gap with historical leaders
XXX, XXX or XXX. However, there are very large differences in
performance and consistency from one vendor to another.
Quality varies
strongly from
one vendor to
another. But
leading players
are closing the
gap with
overseas
suppliers while
offering
significantly
lower prices.

14
Others:
2014 CHINAVOLUME BREAKDOWN
• We estimate that the LED phosphor market in China was XX metric tons in 2014 (including both on-chip and
remote phosphor configurations)
• XXX, XXX, XXX and XXX dominated in volume thanks to large shipment ofYAG.
• However, XXX, XXX and XXX dominated in revenue thanks to more favorable product mix comprised of higher
ASP materials such as LuAG and Nitrides.
Few reliable
revenue data
point are
available.We
estimate that
XXX led in
revenue while
XXX and
XXX took the
lead in
volumes.

15
YAG PRICE TRENDS
• The price of YAG has dropped dramatically in the last 3 years. In some cases, Chinese phosphor suppliers are offering
YAG below cost to lure LED packagers into buying higher added value products such as Nitrides. ASP in China range
between $XX to $XX/kg with $XX-$XX/kg typical.
• At those prices, not even the raw materials cost is covered. Suppliers often cut corners by employing lower purity
raw materials (3N or less) and eliminating most of the quality controls.
• Outside of China, prices for high quality products from tier-1 vendors can still exceed $XX/kg small volumes and a
few $XX’s for larger users.
We expect
YAG prices to
have essentially
bottomed out
as the
technology is
now fairly
mature and
there’s little
additional
room for cost
reduction
Picture: Yuji Electronic And Technology Co., Ltd

16
METHODOLOGY
Phosphor converted LED Chip surface per Application (mm2)
Laptop and
Tablets
TV and
Monitors
Other
displays
Cell Phones Automotive
Signs and
displays
Projectors
Personal
Lighting
Residential
Lighting
Industrial
Lighting
Outdoor
Lighting
Commercial
Lighting
Breakdown per
conversion schemes:
• RGB: xx%
• Y: xx%
• R: xx%
• G+Y: xx%
• …
Breakdown per
conversion schemes:
• RGB: xx%
• Y: xx%
• R: xx%
• G+Y: xx%
• …
Breakdown per
conversion schemes:
• RGB: xx%
• Y: xx%
• R: xx%
• G+Y: xx%
• …
Breakdown per
conversion schemes:
• RGB: xx%
• Y: xx%
• R: xx%
• G+Y: xx%
• …
Breakdown per
conversion schemes:
• RGB: xx%
• Y: xx%
• R: xx%
• G+Y: xx%
• …
…
Quantity of
phosphor:
• Blue: xx kg
• Green: xx kg
• Yellow: xx kg
• Red: xx kg
Quantity of
phosphor:
• Blue: xx kg
• Green: xx kg
• Yellow: xx kg
• Red: xx kg
Quantity of
phosphor:
• Blue: xx kg
• Green: xx kg
• Yellow: xx kg
• Red: xx kg
Quantity of
phosphor:
• Blue: xx kg
• Green: xx kg
• Yellow: xx kg
• Red: xx kg
Quantity of
phosphor:
• Blue: xx kg
• Green: xx kg
• Yellow: xx kg
• Red: xx kg
…
Breakdown per
composition:
Green Phosphors
• LuAG: xx%
• GaYAG: xx%
• Silicate: xx%
• Oxynitride: xx%
Breakdown per
composition:
Yellow Phosphors
• YAG: xx%
• Silicate: xx%
Breakdown per
composition:
Red Phosphors
• Nitride: xx%
• Silicate: xx%
Breakdown per
composition:
Green Phosphors
• LuAG: xx%
• GaYAG: xx%
• Silicate: xx%
• Oxynitride: xx%
Breakdown per
composition:
Yellow Phosphors
• YAG: xx%
• Silicate: xx%
Breakdown per
composition:
Red Phosphors
• Nitride: xx%
• Silicate: xx%
Breakdown per
composition:
Green Phosphors
• LuAG: xx%
• GaYAG: xx%
• Silicate: xx%
• Oxynitride: xx%
Breakdown per
composition:
Yellow Phosphors
• YAG: xx%
• Silicate: xx%
……
Breakdown per
composition:
Red Phosphors
• Nitride: xx%
• Silicate: xx%

17
AVERAGE QUANTITY OF PHOSPHOR PER LED
• The table below shows our hypothesis for the average quantities of phosphors per mm2 of GaN chip for each conversion
scheme.Those numbers factor in process waste and manufacturing yields.
• In addition, we have considered the following factors:
• Improvements over time in phosphor conversion efficiency (especially for the less mature Nitrides, Oxynitrides, PFS).
• Improvement of the pump efficiency (blue chip): the # of photons delivered per mm2 of chip will increase over time, thereby also
increasing the amount of phosphor required to maintain a given color point.
• Various manufacturing losses and LED packaging yields.
• Because of those factors, the quantity of phosphors per mm2 changes in time.
2013 2014 2015 2016 2017 2018 2019 2020
UV Chip + RGB
Red Quantity (mg)
Green Quantity (mg)
Blue Quantity (mg)
Blue Chip +Y Yellow Quantity (mg)
Blue Chip + G+Y
Yellow Quantity (mg)
Green Quantity (mg)
Blue chip +Y + R
Red Quantity (mg)
Blue Chip + G+Y+R
Green Quantity (mg)
Red Quantity (mg)
Blue Chip + G+R
Green Quantity (mg)
Red Quantity (mg)
Blue Chip +Y + Red Chip Yellow Quantity (mg)
Blue Chip + G+R (display)
Green Quantity (mg)
Red Quantity (mg)

18
2012-2020VOLUME FORECAST WITH REMOTE PHOSPHORS.
Under our
remote
phosphor
adoption
scenario, the
total volume of
phosphor
would increase
from XXX
tons in 2015 to
XXX in 2020

19
MAJOR COLOR GAMUT IN THE CIE 1931 AND 1976 SPACES
* the ACES AP1 standards make use of “imaginary colors” and pokes out of the color spaces (the ACES AP0 that will be used for encoding features an even broader gamut
exceeding 100% of the CIE color space)
April 2015

20
QUANTUM DOTS IMPLEMENTATION
Edge (1D) and full surface (2D) configurations.
Due to
stability
limitations
(High flux,
temperature),
QD are
currently used
only in remote
configurations
• Despite significant progress over the last decade, Quantum dots still suffer from limitations in term stability when
exposed to high flux of blue photons and high temperatures. Those limitations have, so far, prevented QDs from
being utilized in on-chip configurations.
• For display applications, 2 configurations are currently competing:
Glass tube
with QD
Blue LED
Edges:
“Color IQ”
Source: QDVision
Full surface:
“QDEF”,“QLAS” etc…
Source: 3M/Nanosys
Quantum Dot
Enhancement Film

21
EDGEVS. FILM: COST STRUCTURE
QDs are not the major contributor to the cost of the remote components.
• At the full component level, we estimate that for a 55” TV produced in large volume, the additional cost resulting from
the adoption of QD is around $xx for 1D solutions and $xx to $xx for film solutions depending on the backlight type
(direct backlit films benefit less from photon recycling compared to edge lighting where the photons travels in the light
guide plate parallel to the plane of the film).
• QD components cost will drop as volume increase and QD performance and manufacturing process improve.
Especially, it is expected that new generations of QD less sensitive to oxygen and humidity will be developed. Films
could therefore been built without the 2 encapsulation barrier layers, allowing significant cost savings.
2D films are
more
expensive
but more
versatile and
easier to
implement.
1D
tubes
2D sheets
Edge
2D sheets
Direct
Backlit
QD Quantity (mg)
QD ASP ($/mg)
Total QD cost
Other components cost
(glass, polymer, barrier
layers, manufacturing …)
Margin
Total cost

22
COLOR ENCODING AND DISPLAY GAMUT
From content production to deliver.
The full content
production and
delivery chain
needs to define
and adopt
common
standards and
practices to
enable
improved image
quality for all
viewers.
Content
creation
Production -
encoding
Distribution /
broadcasting
Displays
• Digital cameras.
• Editing
• Codecs
• Connectivity (HDMI, DisplayPort,
Wireless..)
• Streaming
• BluRay
• Broadcasting
• Set top boxes
• TVs
• Tablets
• Laptops
• Smartphones ©2015 | www.yole.fr |Phosphor and Quantum Dots 2015

23
OLED AND QD DISPLAY COMPARISON
Each technology has fundamental strength and weaknesses
• Ultimately, one can expect OLED to remain superior in term of contrast ratio, viewing angles and response time
which, on QD-LCD displays, are all limited by the fundamentals of LCD TV designs or materials.
• But continuous LCD TV technology improvements contribute to reducing the gap. Film-compensated multi-domain
LC structures, polymer-stabilized blue phase liquid crystal (PS-BPLC [1]) local dimming or edge-lit ultra thin BLU are
example of such improvements. The major remaining challenges for LCD would be response time (best in class are
around 4ms).
• Both OLED and QD-LCD are moving targets. Ultimately cost will decide if both can survive in different market
segments (entry level for QD / high end for OLED) or if one will eventually dominate the whole TV market.
Both
technologies
are moving
targets: QD-
LCD will
strive to
improve
performance
while OLED
will attempt
to reduce
cost.
[1]) PS-BPLC nanostructure and short coherence length could lead to LCD response < 1 ms, significantly better than current best in class LCD display at 4 ms
April 2015

24
QD-LCD 2015 SUPPLY CHAIN OVERVIEW
Quantum Dots
Components
(Films,Tubes)
BLU
components &
systems
Display OEMs

25
TIER 1 QD SUPPLIERS PLAYERS: NANOSYS
• Develops, manufactures and sells QD materials (concentrates).
• 60,000 ft. facility in California with capacity to produce 20 tons of QD concentrate.
• The company has 2 streams of revenue:
• Sales of QD concentrates to its component partners
• Royalties from sales of its component partners to display makers and OEMs.
• In 2010, Nanosys received a US$15m investment from Samsung.
• In 2010 and 2011, Nanosys collaborated with LG Innotek to develop QD backlight based on 1D
glass tube (the “QuantumRail™”).The product received an award at the 2011 CES. Nevertheless,
Nanosys later switched its component design effort toward 2D sheets.
• In June 2012, Nanosys signed an agreement with the Optical system Division of 3M to
commercialize Quantum Dot Enhancement Film™ (“QDEF”).
• In June 2014, the company signed a similar agreement with Korean company LMS (KR). LMS will
manufacture and commercialize its Quantum Light Accumulation Sheet (QLAS).
• Nanosys started shipping its QD material in large volumes in 2013 to serve demand from
Amazon for its Kindle Fire HDX (total: 2000 kg of QD concentrate).
• Nanosys major design wins include Amazon, Hisense,Asus,VP Dynamics as well as a licensing
agreement for its Cd-free technology to Samsung.
• The company holds 222 worldwide granted patents + 75 more pending.
233 South Hillview Drive
Milpitas, CA 95035
Phone: 408-240-6700
Fax: 408-240-6900
Email: info@nanosysinc.com

26
SEGMENT ANALYSIS FOR QD ADOPTION IN DISPLAYS
Each segment have different drivers for adoption
Wider color
gamut would
increase device
consumption, a
no-go for
mobile phones.
QD also
present
integration
challenges.
Segment Analysis
Smart
phone:

© 2015
Presentation of Yole
Développement
With Focus on LED,
OLED and Sapphire
Activities
Corporate Presentation

29
FIELDS OF EXPERTISE
Our 30
analysts
operate in the
following
areas.
MEMS &
Sensors
LED &
OLED
Compound
Semi.
Imaging Photonics
MedTech
Manufacturing
Advanced
Packaging
PV
Power
Electronics

30
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analysis
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• Cost SimulationTool
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• Due diligence
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• @Micronews e-newsletter
• Technology magazines
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• Events
www.i-Micronews.com

31
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technology and
strategy
consulting
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Maturation of companies
IP portfolio management & optimization
www.bmorpho.com
Manufacturing costs analysis
Teardown and reverse engineering
Cost simulation tools
www.systemplus.fr
IP analysis
Patent assessment
www.knowmade.fr

32
OUR GLOBAL ACTIVITY
Yole
Japan
Yole Inc.
Yole
Korea
40% of our business is
in EU countries
in North America
in Asia

33
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

34
CONTACT INFORMATION
o Consulting and Specific Analysis
• North America: Steve LaFerriere, Director of Northern America Business Development,Yole Inc.
Email: laferriere@yole.fr
• Japan:Yutaka Katano, General Manager,Yole Japan & President,Yole K.K.
Email: katano@yole.fr
• RoW: Jean-Christophe Eloy, President & CEO,Yole Développement
Email: eloy@yole.fr
o Report business
• North America: Steve LaFerriere, Director of Northern America Business Development,Yole Inc.
Email: laferriere@yole.fr
• Europe: Fayçal El Khamassi, Headquarter Sales Coordination & Customer Service
Email: khamassi@yole.fr
• Japan & Asia:Takashi Onozawa, Sales Asia & General Manager,Yole K.K.
Email: onozawa@yole.fr
• Korea: HaileyYang, Business Development Manager, Korean Office
Email: yang@yole.fr
o Financial services
• Jean-Christophe Eloy, CEO & President
Email: eloy@yole.fr
o General
• Email: info@yole.fr
Follow us on

36
FOCUS ON LED, OLED AND SAPPHIRE ACTIVITIES
Yole is active throughout the value chain (LED and Sapphire activities)
We are active
throughout
the value
chain: from
substrates to
systems! And
we interact
with industrial
/ R&D players
from each
level!
Substrate
SiC / Sapphire / Silicon /
Bulk GaN / Engineered
substrates
LED epi-
wafer
Mesa LED, Flip Chip LED,
Vertical LED structures
LED dies-
on-wafer
LED dies
Front-end Level 0 - Epitaxy
• Nucleation layer
• n-type layer
• Active layers (MQW)
• p-type layer
Back-End Level 0 - Packaging
• Substrate separation & Bonding
• Die singulation
• Testing & Binning
LED systems and applications
Front-end Level 1 - Device Production
• Inspection
• Masking / Lithography
• Etching
• Metallization / Contacts / Mirrors
Back-End level 1 - Packaging
• Die Attach & Interconnections
• Phosphors
• Encapsulation & Optics
Packaged LEDs
Module Packaging
• Substrates (PCB)
• Encapsulation & Optics
• Heatsink
LED modules

37
Insights on Forecast Methodology
“What’s Behind
the Crystal Ball?”
Only analysts
that follow the
industry on a
daily basis
(trough
interviews and
developed
market modeling
tools based on
discussions with
key players of
the industry.
APPLICATION
Forecast of standard
product market volume
(unit)
Ex.: Smartphone, TVs, lamps (…)
Definition of functions using
LEDs
Ex.: “Flash vs. Keypad” for
smartphone (…)
Definition of technical
requirements
Ex.: Efficacy, size (…)
Definition of LED
penetration rate and
competitiveness with
alternative technologies
Ex.: “OLED vs. LED” in smartphone
(…)
Forecast of LED market volume (unit)
Split by application, power type (low vs. medium vs. high
power), package type (single vs. multi-die…) (… )
Definition of LED
ASP
Per power type, packaged
type (…)
Forecast of LED market size ($)
Split by application, power type, package type
(… )
Definition of manufacturing flows for
front-end and packaging (process,
technologies, materials, yields…)
Split by application, power type, package type (…)
Forecast of LED manufacturing
equipment and material markets
(unit and $)
Ex.: Phosphors, encapsulant, dicing equipment
Definition of LED die
surface (mm²)
Definition of substrate die surface (mm²)
and epiwafer volume (unit)
Split by type of substrate (…)
Forecast of LED substrate
markets (unit and $)
Split by type of substrate (…)
Definition of sale
levels of key
manufacturers ($)
Ex: LED, packaging
materials, epitaxy
materials, manufacturing
equipment, MOCVD
reactor, substrate (…)
System Plus Consulting
expertise in reverse
costing / reverse
engineering

38
AboutYole’s AnalystTeam
A team based
on persons
having
complementary
skills and
expertise.
Dr. Hong LIN - Market &Technology Analyst
Hong LIN holds a Ph-D in Physics and Chemistry of Materials from the University Pierre et Marie Curie (France). She
works as Market and Technology Analyst in the fields of Compound Semiconductors, Power Electronic and LED. She is also
responsible for investigation on China as being fluent in Chinese. Before joining Yole Développement, she has worked as R&D
Engineer (at Newstep Technologies SAS - France) and research scientist (at ONERA - French Aerospace lab).
Pars MUKISH - Business Unit Manager
Pars MUKISH holds a master degree in Materials Science & Polymers (ITECH - France) and a master degree in Innovation
& Technology Management (EM Lyon - France). Since 2015, Pars MUKISH has taken on responsibility for developing LED,
OLED and Sapphire activities as Business Unit Manager at Yole Développement. Previously, he has worked as Marketing
Analyst and Techno-Economic Analyst for several years at the CEA (French Research Center).
Dr. EricVIREY - Senior Market &Technology Analyst
Eric VIREY holds a Ph-D in Optoelectronics from the National Polytechnic Institute of Grenoble (INPG - France). He
works as Market and Technology Analyst in the fields of Sapphire and LED. In the last 12 years, he has held various R&D,
engineering, manufacturing and marketing positions with Saint-Gobain. Most recently, he was Market Manager at Saint-Gobain
Crystals, in charge of Sapphire and Optoelectronic products.
Dr. Milan ROSINA - Senior Market &Technology Analyst
Milan ROSINA holds a Ph-D in Optoelectronics from the National Polytechnic Institute of Grenoble (INPG - France). He
works as Market and Technology Analyst in the fields of Energy Conversion, LED / OLED and Emerging Materials. Before
joining Yole Développement, he has worked as research scientist and project manager in PV, microelectronics and LED
industries. He has more than 15 year experience with prominent research institutions and a utility company.

39
Report collection
Already published -Yole Développement:
• Status of the LED Industry
• LED in Road and Street Lighting
• LED Packaging
• LED Phosphors IP Investigation
• LED Front End ManufacturingTrends
• LED Front End Equipment Market trends
• GaN-on-SiTechnology and Market
From System Plus Consulting:
• LED CoSim+
• Reverse Engineering / Reverse Costing reports
To be published in 2015 -Yole Développement :
• 2015 UV LED - February 2015
• 2015 LED Phosphors Market andTechnologyTrends - April 2015
• 2015 Sapphire Market - June / July 2015
• Thermal management for LED and Power Electronic - Q3 2015
• 2015 High Purity Alumina (HPA) Market - Q3 2015
• LED Module (Chapter 1: LED Module Substrates) - Q3 2015
• 2015 OLED for Lighting - Q4 2014
A collection
of more than
15 reports on
LED, OLED
and Sapphire.
Our reports are unmatched in quality and technology depth and typically include:
• Technology trends and evolution:costs, barriers, roadmaps (…).
• Supply & value chain analysis:business models, relationships,value flows (…).
• In-depth analysis of applications and market drivers:challenges,inflection points (…).
• Market data ($, units, wafer starts…)

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Phosphors & Quantum Dots 2015: LED Downconverters
for Lighting & Displays
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SALES CONTACTS
• North America: Steve Laferriere - laferriere@yole.fr
• Japan Asia: Takashi Onozawa - onozawa@yole.fr
• Europe RoW: Faycal El Khamassi - khamassi@yole.fr
• Korea: Hailey Yang - yang@yole.fr
• General: info@yole.fr
(1)
Our Terms and Conditions of Sale are available at
www.yole.fr/Terms_and_Conditions_of_Sale.aspx
The present document is valid 24 months after its publishing date:
April 16th, 2015
/
ABOUT YOLE DEVELOPPEMENT
BILL TO
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Please enter my order for above named report :
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For price in dollars, please use the day’s exchange rate. All
reports are delivered electronically at payment reception. For
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I hereby accept Yole Développement’s Terms and Conditions of Sale(1)
Signature:
*One user license means only one person at the company can use the report.
Founded in 1998, Yole Développement has grown to become a group of companies providing marketing, technology and strategy consulting, media
in addition to corporate finance services. With a strong focus on emerging applications using silicon and/or micro manufacturing (technology or
process), Yole Développement group has expanded to include more than 50 associates worldwide covering MEMS, Compound Semiconductors, LED,
Image Sensors, Optoelectronics, Microfluidics Medical, Photovoltaics, Advanced Packaging, Manufacturing, Nanomaterials and Power Electronics.
The group supports industrial companies, investors and RD 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
• Technology Magazines dedicated to MEMS, Advanced Packaging,
LED and Power Electronics
• Communication webcasts services
• Events: Yole Seminars, Market Briefings…
More information on www.i-micronews.com
CONTACTS
For more information about :
• Consulting Services: Jean-Christophe Eloy (eloy@yole.fr)
• Financial Services: Jean-Christophe Eloy (eloy@yole.fr)
• Report Business: David Jourdan (jourdan@yole.fr)
• Press relations: Sandrine Leroy (leroy@yole.fr)
CONSULTING
• Market data research, marketing analysis
• Technology analysis
• Reverse engineering costing services
• Strategy consulting
• Patent analysis
More information on www.yole.fr
REPORTS
• Collection of technology market reports
• Manufacturing cost simulation tools
• Component reverse engineering costing
analysis
• Patent investigation
More information on www.i-micronews.com/reports
FINANCIAL SERVICES
• Mergers Acquisitions
• Due diligence
• Fundraising
More information on www.yolefinance.com

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