Advanced Substrates Overview: From IC Package to Board - 2017 Report by Yole Developpement

© 2017
Publication date: February 2017
From Technologies to Market
Advanced
Substrates
Overview:
From IC package
to board

2
THE ADVANCED SUBSTRATE ACTIVITY
Standalone activity focused on the analysis of PCBs, IC substrates and RDLs
• From 2017, Yole Développement is starting a separate and standalone “Advanced Substrate” activity, dedicated to exploring the
market and technologies of PCBs, IC substrates and RDLs
• The “Advanced Substrate” activity will aim to connect the landscapes of boards, IC substrates and RDLs and provide analysis on these
topics “under one roof”
• The objectives of the “Advanced Substrate” activity will be to:
• Propose a common terminology framework
• Identify and analyze competitive and overlapping “advanced substrate” technologies
• Analyze the supply chain and business model shifts
• Provide substrate related market forecasts
• Provide substrate related technology roadmaps
• Provide an outlook on market dynamics and disruptions
• Identify market shares
• Provide analysis on substrate architectures,equipment and materials
Start of the
Advanced
Substrates
activity
©2017 | www.yole.fr | Advanced Substrates Overview: From IC Package to Board | Sample

3
OBJECTIVES OF THE FIRST REPORT
• To provide an overview of board, substrate and RDL interconnects
o Terminology definition
o Segmentation by types of substrates
o Segmentation by players and respective business models
• To provide analysis of technology trends
o Competition zones and overlaps
o Board vs. FC substrate
o FC substrate vs.WLP RDL
o High Level Technology comparison
o Technology roadmaps
• To assess the future development of the advanced substrate market
o Identification of main players
o Supply chain analysis and shifting business models
o Market forecasts for IC substrates andWLP RDL
o Outlook on new market drivers and emerging applications
This report, the first report of the “Advanced Substrate” activity, will act as an overview report that
will be followed by further in-depth reports.The objectives of the first report are as follows:

4
REPORT METHODOLOGY
Market segmentation methodology
Market forecast methodology

5
REPORT METHODOLOGY
Technology analysis methodology Information collection

6
TABLE OF CONTENTS
o Introduction 3
• Report Synergies
• Advanced Substrate activity
• Objectives
o Advanced substrate segmentation 10
• PCB/Substrate/RDL segmentation
• Report Scope
o Executive summary 20
o Market drivers 68
• Advanced packaging drivers
• Board and advanced substrate drivers
• Players and supply chain 163
• Player landscape and positioning
• Overview of business models and strategies
• Market forecasts 194
• Adv. FC substrates vs.WLP
• Unit count
• Revenue
• FC CSP vs. FC BGA
o Conclusions 208
o Yole Développement presentation 215
o Market dynamics 89
o Competing platforms (board vs. IC substrate, IC
substrate vs.WLP)
o Disruptions and opportunities
o IoT segmentation scenario
o Board vs. FC substrate 100
• Market segments
• Applications
• Technology competition
o FC substrate vs. WLP 106
• Market segments
• Applications
• Substrate Technology comparison
• Accessible markets
o Substrate technology 141
o Technology comparison and overview by key players
o Technology roadmaps

7
Biography & contact
ABOUT THE AUTHOR
Andrej Ivankovic
Andrej Ivankovic is a Technology & Market Analyst on the Advanced Packaging and Semiconductor Manufacturing team at Yole Développement, the "More than
Moore" market research and strategy consulting company. Andrej holds a master’s degree in Electrical Engineering with specialization in Industrial Electronics from
the University of Zagreb, Croatia, and a PhD in Mechanical Engineering from KU Leuven, Belgium. He started at ON Semiconductor, performing reliability tests,
failure analysis, and characterization of power electronics and packages. He then worked for several years as an R&D engineer at IMEC Belgium on the
development of 3D IC technology, focused on electrical and thermo-mechanical issues of 3D stacking and packaging. During this time he also worked at
GLOBALFOUNDRIES as an external researcher. Andrej regularly presents at international conferences and has authored or co-authored >20 papers and one
patent.
Contact: ivankovic@yole.fr

8
COMPANIES CITED IN THE REPORT
3CEMS, 3M, 3Win Group,AMD,Amkor, Amphenol,Aoshikang,Apple,AOI AT&S,ASE, Avago, Benchmark, Boardtek, Career,
CCTC, Celestica, Chin Poon, ChipBond, ChipMOS, CMK, Compeq, Cosmotech, Daeduck, Deca Technologies, Dynamic, Eastern,
Ellington, Ericsson, Facebook, Fast Print, Flex, Flexium, Founder, Foxconn, Fujikura, Fujitsu, Gold Circuit, Google, HannStar Board,
HiSilicon, Hitachi Chemical, Huatian, Huawei, Ibiden, Ichia, Inari Berhad, Infineon, Intel, Isu Petasys, Jabil, JCET, Juniper Networks,
KCE Electronics, Kingboard, Kinsus, Kinwong, KYEC, Kyocera, Kyoden, Lenovo, LG Innotek, Meiko, Mflex, MGC, Micron, Nanium,
Nantong Fujitsu, NanYa PCB, Nepes, Nippon Mektron, Nitto Denko, NTK, NXP, OKI, Olympic, Oracle, Plexus, Powertech
Technology, Renesas, Samsung, Sanmina, Schweizer, Shennan Circuit, Shinko, Simmtech, SK Hynix, Somacis, SPIL, STATS ChipPAC,
Sumitomo Denko, Taiwan PCB Techvest,TDK,Toppan,Tripod,TTM Technologies, Qorvo, Qualcomm,TSMC, Unimicron, Unisem,
Unitech, UTAC,Wus Group,Würth Elektronik,Wuzhou, Xilinx,Yamamoto Manufacturing, Young Poong Group, ZD Tech…
and many more
> 120 companies cited in the report
(non-exhaustive list)

9
o With the maturing smartphone market as the semiconductor industry driver:
• an abundance of new applications are proposed
• new markets are rising from IoT – infrastructure and smart things, to automotive, industrial and
robotics
o Diversification of semiconductor products is reflected into requirements for a variety of architectures
from system to package level, subsequently impacting the technology and market of boards, substrates
and RDLs
o Two main drivers for advanced substrates can be identified:
• Further scaling of front-end technology nodes continues to drive miniaturization and
performance of interconnects from wafer level to substrate and board level
• Growth of multi die System-in-Packages requires more functionality and design flexibility from
integration of heterogeneous dies to substrate size, resolution, I/O count, layer count and
embedding possibilities
o Scaling on one hand and diversified requirements on the other are causing overlaps of board,
substrate and RDL landscapes leading to competing technologies and causing new player competitions
WHAT’S NEW ON THE ADVANCED SUBSTRATE MARKET?
=> Mobile sector is still driving the semiconductor industry, however, diversification of semiconductor products lies
ahead bringing new competition between previously neutral players and board, substrate and RDL technologies

© 2017
Advanced Substrate
Segmentation
+
Scope

11
SYSTEM INTEGRATION LEVELS
iPhone 6
LEVEL 3:
End
Device/Equipment
LEVEL 2:
Device/Equipment
board
iPhone 6 PCB
Qorvo RF SiP
in the iPhone 6s Plus
LEVEL 1:
Semiconductor
Packaging
LEVEL 0:
Semiconductor
Die/Wafer
Power amplifier in
Qorvo RF SiP
Semiconductor
wafer
LEVEL 1+2:
Semiconductor Package + Board
Semiconductor
package
Board (PCB)
Si dies
Package Substrate

12
BOARDVS. SUBSTRATE VS.THIN FILM RDL
Substrate
Multi-Die FC BGA
Multi-Die Fan-OutWLP/PLP Fan-InWLP
2.5D/3D IC on FC BGA
Thin Film
RDL
Interposer
Board
Board
Board
Board
Die Die
Die Die
Die
Die

13
Overall board, substrate and RDL
segmentation
Rigidity
Substrate type
Organic
manufacturing
Si/Ceramic/Glass
manufacturing
Metal basis
Integration Level
IC Package level Rigid • FC/WB
core/coreless
laminate/build up
substrate
• Embedded Die in
Substrate
• Fan-Out PLP
• WB/FC ceramic
substrate
• Thin Film RDL
(Fan-Out, Fan-In
WLP)
• Si/Glass
interposers
• Leadframes
Board Level Rigid Rigid board Rigid ceramic board Rigid board with metal
core
Flexible Flexible board N/A N/A
Rigid-Flexible Rigid-Flexible board Rigid-Flexible board
(Rigid ceramic
connected with
organic flex)
Rigid-Flexible board
(Rigid with metal core
connected with
organic flex)
ADVANCED INTERCONNECT SEGMENTATION N/AFocus of this report
Rigid board

14
Leadframes
QFN,QFP
w/o IC substrates
Fan-in Fan-out
IC substrates-based
Package Substrate
(organic)
W/B BGA
Flip Chip
BGA
3DIC
Interposer
based
(Si, Glass, Org)
SiP
Embedded
die
(in substrate)
ADVANCED PACKAGING PLATFORMS
Overview of
advanced
packaging
platforms
PCB
(organic board)
Increased functionality,performance…
Interconnect:
Single die
Multiple Dies
Integration:2D 3D
Embedded die
(in substrate or
PCB)
Bumping,Pillars,Studs,Through-silicon-via,Bump-less,EmbeddedTechnologies...
Focus of this report
X
X
X
Indicates explored advanced packaging platforms

15
DIVERSIFICATION OF SEMICONDUCTOR PRODUCTS
Mainframes
PCs
IoT
Autom
otive
AR&VR
AI
5G connectivity
Servers/Datacenters
IoT infrastructure – the
connectivity and data
processing backbone
Diversification
• No single leading driver, but a fragmented growing market!
Smartphones

16
BOARD, SUBSTRATE AND RDL DRIVERS
Smaller form
factor and
higher
performance
at lower
cost
Dimensional Board,
Substrate
and RDL
drivers
Electrical
Manufacturing
Higher
frequency
operation
Higher
bandwidth
Ever lower
cost
Shorter
Design and
Manufacturing
time
Lower z-
height
Higher
resolution
(L/S)
• Boards, package substrates and RDL essentially share the same governing drivers, on different scales
Cost
Thermal
Lower
thermal
resistances

17
ADVANCED SUBSTRATES IN LATEST SMARTPHONE APPLICATION PROCESSORS
• A selection of latest PoP application processors from high end smartphones – iPhone 7, Samsung Galaxy S7 (2 versions), Huawei P9
• Z refers to the height of the bottom package substrate or RDL (between application processor and board), without solder balls
Integrationlevel
Memory
APU
Board
Memory
APU
Board
Memory
APU
Board
Memory
APU
Board
Source: SystemPlus Consulting
A10
Thin film RDL
Z= 60 µm
XX layers
Snapdragon 820
Coreless Substrate
Z= 140 µm
XX layers
Exynos 8
Substrate with core
Z= 280 µm
XX layers
Kirin 955
Substrate with core
Z= 424 µm
XX layers

18
CASE OVERVIEW: INTERNET OF THINGS
Information Flux
Information Flux
HUB / Gateway
Data End device
Cloud
Service
Companies
Third
Party
Statistics
Targeted Ads
Wireless
Sensor
Module
Wireless
Sensor
Module
Wireless
Sensor
Module
Connected
Devices
Network
connectivity
IoT
Market
structure
• End device
• IoT connected end device such
as industrial sensor modules,
wearables, car infotainment
etc.
• Network connectivity
• Wireless networking hardware
(routers, switches etc.)
• Cloud
• Servers and storage
• Data
• Software based data processing
and analytics

19
IoT LANDSCAPE SCENARIO
Cloud Network
connectivity
End device
Connected
DevicesHUB / Gateway
Requirements
Applications
Packages
Servers, datacenters Base stations Small area networks
(WiFi)
Smartphones, tablets
Wearables,
environmental/control
sensors etc.
Future applications will require a variety of advanced substrates with L/S < 15/15 um
and boards with L/S < 30/30 um!

20
ADVANCED SUBSTRATE TECHNOLOGY SEGMENTATION
Wafer processing
100/10010/101/10.1/0.1
L/S [um/um]
2016
LayerThickness(Cu+dielectric),[um]
0.1
1
10
100 Board
Semiconductor
Packaging
Semiconductor
Packaging
• Current interconnect
coverage of board,
semiconductor
packaging andWafer
processing technology

21
Cu damasceneWafer BEOL
ADVANCED SUBSTRATE TECHNOLOGY – COMPETITIVE AREAS
100/10010/101/10.1/0.1
L/S [um/um]
Subtractive
2020
0.1
1
10
100
Semi-additive (thin film RDL)
Semi-additive (substrates)
Fan-In/Fan-Out WLP/PLP
Board
2.5D / 3DIC
vs. Fan-Out
IC substrates
vs.WLP
Board vs. IC
substrate
1
2
3
3 Competition
areas are
developing,
explored in detail in
the report!
1
2
3
Board vs. IC substrate
IC substrates vs.WLP
2.5D/3D IC vs. Fan-Out

22
CAN ADVANCED SUBSTRATES REPLACE PCBs in COMPUTING?
DDR4 3D 64GB Dual Inline Memory
Modules (RDIMMs) - SAMSUNG
Are we looking at a future with large (>100x100 mm2)
advanced substrates replacing PCBs for the high end? :
3D DDR4
directly on
FC substrate
XXX supply chain
? ? ?
?
?

23
HVM EXAMPLES
• Recent
products
GPU:
AMD Radeon R390
SK Hynix HBM stack
Si interposer on FC substrate Coreless substrate
Front End Module:
iPhone 6s Plus
QorvoTQF6405 BAW filter
WLP thin film based
77GHz radar:
Infineon RRN7745P
& NXP MC33MR2001
14 Layers: 7 Layers:
SiP eWLB & RCP
1 Layer:

24
L/S (µm/µm)
ADVANCED SUBSTRATE ADDRESABLE MARKETS
24
RF, PMIC,
CODEC,TXVR
BB
APP
CPU/ GPU/
DTV/ STB
Servers,
High-end
FPGA,
GPU/CPU
, HBM
IoT,WE
(+Display drivers,
ASIC, CIS, LED)
RDL layers
RF SiP
Advanced substrates needed
below L/S < 10/10 um!
Status end 2016
– gap present
Discover current and
future applications,
package architectures and
technologies to scale
below L/S < 10/10 um, by
2020!
Technology distribution
per market segment and
application by 2020 in full
report!
2/2 5/5 10/10 15/15 20/20

25
FC/FO UNIT FORECAST 2015 - 2021
• Highest unit count CAGR expected
from Fan-Out and 2.5D / 3D IC
Yole Developpement ©

26
FLIP CHIP SUBSTRATE REVENUE FORECAST 2015 - 2021
Yole Developpement ©
Potential FC loss due to FO
WLP penetration!

27
CURRENT TECHNOLOGY NODE DISTRIBUTION
• Device distribution per technology node:
• 14nm/16 nm to 28nm/20nm node
• >40 nm node:
• >90 nm node:
XXX
16/14 nm28 nm40 nm65 nm
XXX
XXX
XXX
90 nm110 nm180 nm250 nm350 nm 10 nm
XXX
XXX
XXX
XXX
XXX
XXX
XXX
XXX
XXX
XXX
>40 nm>90 nm
IC type
distribution per
technology node
XXX
XXX
XXX
XXX
XXX
XXX
XXX
XXX
XXX
XXX

28
ADVANCED SUBSTRATE TECHNOLOGY SEGMENTATION
Tech D
L/S [um/um]
Tech A
2020
Tech C
Tech B
100/10010/101/10.1/0.1
L/S [um/um]
0.1
1
10
100
Discover
comparative
analysis and
overlaps of boards,
package substrate
and Fan-Out WLP
technologies in
the full report!

29
FC SUBSTRATE
Technology roadmap
Organic FC
substrate
technology
roadmap
2016
Process
2017 2018
Builduplayer
L/S (µm) SAP
2019 20202015 HVM
FCpitch(µm)
Via pad/via (µm)
CTE
Df
CuP+SOP
CuP+BOL
Volume manufacturing
L/S (µm) ETS

30
FAN-OUT HVM TECHNOLOGY ROADMAP
2010 2015
XXX
20122011 2013 201420092008
Min. Package
thickness
Minimum
Line/space
Bump pitch
< 2007
Max package
size
XXX
XXX
XXX XXX
XXX
Max
I/O count XXX
202020172016 2018 2019
XXX
XXX >1000
XXXXXX
XXX
Fan-Out is
exhibiting
faster scaling
than FC
substrates!
XXXXXX XXX XXX
XXX XXX
XXX XXX
Max. RDL
count
XXX XXX
Passivation
material
XXX
Min. Die
thickness XXX XXX XXX XXX

31
ADVANCED SUBSTRATE CHANGING BUSINESS MODELS AND PLAYER DIFFERENTIATION
System /
Product
Sub-Module /
Sub-systems
Design & Assembly
Design
of chip & package
Wafer Level
Packaging
« Middle -end »
Silicon
Manufacturing
« Front-end »
Package Assembly
& Final test
« Back-end »
2016 2020
General assembly, module
and packaging area

32
9 CURRENT BUSINESS MODELS IN PCB/SUBSTRATE MANUFACTURING
XXX
XXX
XXX
XXXXXX
XXX
1
2 4
3
6 7
8
95
XXX
XXX
XXX
XXX XXX XXX
• The following list represents some of the key players in each business model
• The list is non-exhaustive and can be considerably extended
• Manufacturing -> in-house production
• Integration -> assembling a board/substrate/RDL
into a system (package or PCB card/system etc.)

33
TOP 100 PCB AND SUBSTRATE MANUFACTURERS
By count and revenue per country

34
TOP 100 PCB AND SUBSTRATE MANUFACTURERS

35
ADVANCED PACKAGING AND MANUFACTURING RELATED REPORTS
Status of the Advanced
Packaging Industry 2017
February 2017
October 2016
November 2015
Equipment and Materials
for Fan-Out Packaging
February 2017
Equipment and Materials
for 3D TSV and 2.5D
Packaging
February 2017
September 2016
November 2016
August2016
February 2017

© 2017
From Technologies to Market
Yole Développement
FromTechnologies to Market

37
FIELDS OF EXPERTISE
Yole Développement’s 30 analysts operate in the following areas
MEMS & Sensors
Compound
Semi.
Imaging
Photonics
MedTech
Manufacturing
Advanced
Packaging
Batteries / Energy Management
Power Electronics
Displays
RF
Devices &
Techno.
Advanced
Substrates
Solid State
Lighting
(LED, OLED, …)
©2017 | www.yole.fr | About Yole Développement

38
4 BUSINESS MODELS
o Consulting and Analysis
• Market data & research, marketing analysis
• Technology analysis
• Strategy consulting
• Reverse engineering & costing
• Patent analysis
www.yole.fr
o Reports
• Market & technology reports
• Patent Investigation and patent infringement risk analysis
• Teardowns & reverse costing analysis
• Cost simulation tool
www.i-Micronews.com/reports
o Financial services
• M&A (buying and selling)
• Due diligence
• Fundraising
• Maturation of companies
• IP portfolio management & optimization
www.yolefinance.com
www.bmorpho.com
o Media
• i-Micronews.com website
• @Micronews e-newsletter
• Communication & webcast services
• Events
www.i-Micronews.com

39
A GROUP OF COMPANIES
Market, technology
and strategy
consulting
www.yole.fr
M&A operations
Due diligences
www.yolefinance.com
Manufacturing costs analysis
Teardown and reverse engineering
Cost simulation tools
www.systemplus.fr
IP analysis
Patent assessment
www.knowmade.fr
Innovation and business maker
www.bmorpho.com
Test & Measurement
Expertise
Research & Innovation
www.piseo.fr

40
OUR GLOBAL ACTIVITY
30%of our business
40%of our business
30%of our business
Yole Inc.
Greater
China office
Yole Japan
HQ in Lyon
Nantes
Paris
Nice
Vénissieux
Europe office
Frankfurt
Hsinchu
Tokyo
Phoenix
Yole Korea
Seoul

41
RESEARCH PRODUCTS - CONTENT COMPARISON
Custom analysis scope is defined with
you to meet your information and
budget needs
Breadth of the analysis
Depthoftheanalysis
Custom
Analysis
Workshops
Standard Reports

42
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

43
SERVING MULTIPLE INDUSTRIAL FIELDS
We are
working
accross
multiples
industries to
understand the
impact of
More-than-
Moore
technologies
from device to
system
From A to Z…
Transportation
makers
Mobile phone
and consumer
electronics
Automotive
Medical
systems
Industrial and
defense
Energy

44
REPORTS COLLECTION
o Yole Développement publishes a comprehensive collection of market & technology reports and patent analysis in:
• MEMS & Sensors
• RF devices & technologies
• Imaging
• Medical technologies (MedTech)
• Photonics
• Advanced packaging
• Manufacturing
• Power electronics
• Batteries and Energy management
• Compound semiconductors
• LED
• Displays
o You are looking for:
• An analysis of your product market
• A review of your competitors evolution
• An understanding of your manufacturing and production costs
• An understanding of your industry technology roadmap and related IPs
• A clear view on the evolution of the supply chain
The combined team of 50+ experts (PhDs, MBAs, industry veterans…) from Yole Développement, System Plus Consulting and KnowMade, collect information, identify
the trends, the challenges, the emerging markets, the competitive environments and turn it into results to give you a complete picture of your industry landscape.
In the past 18 years, we worked on more than 1 500 projects, interacting with technology professional and high level opinion makers from the main players of the
industry.
o Every year, Yole Développement, System Plus Consulting and Knowmade publish +120 reports. Gain full benefit from our Bundle and Annual Subscription offers.
www.i-Micronews.com

45
OUR 2017 REPORTS PLANNING (1/2)
MARKET ANDTECHNOLOGY REPORTS byYole Développement
o MEMS & SENSORS
− Fingerprint Sensor Applications and Technologies - Consumer Market Focus 2017
− MEMS Microphones, Speakers and Audio Solutions 2017
− Status of the MEMS Industry 2017
− MEMS & Sensors for Automotive 2017
− High End Inertial Sensors for Defense and Industrial Applications 2017
− Sensor Modules for Smart Building 2017
− Sensing and Display for AR/VR/MR 2017 (Vol 1)
− MEMS Packaging 2017
− Magnetic Sensors Market and Technologies 2017**
− Microspectrometers Markets and Applications 2017**
o RF DEVICES AND TECHNOLOGIES
− RF Components and Modules for Cellphones 2017
− Advanced RF SiP for Cellphones 2017
− 5G and Beyond (Vol 1): Impact on RF Industry, from Infrastructure to Terminals
2017
− 5G and Beyond (Vol 2): RF Materials Platform, from Infrastructure to Terminals
2017
− RF Technologies for Automotive Applications 2017
− GaN and Si LDMOS Market and Technology Trends for RF Power 2017
o IMAGING & OPTOELECTRONICS
− 3D Imaging & Sensing 2017
− Status of the CMOS Image Sensor Industry 2017
− Camera Module for Consumer and Automotive Applications 2017
− Uncooled Infrared Imaging Technology & Market Trends 2017
− Active Imaging and Lidars 2017 (vol 1)
o MEDTECH
− Status of the Microfluidics Industry 2017
− Solid State Medical Imaging 2017
− Sensors for HomeCare 2017
− Sensors for Medical Robotics 2017
− Organs-on-a Chip 2017
o ADVANCED PACKAGING
− Advanced Substrates Overview 2017
− Status of the Advanced Packaging Industry 2017
− Fan Out Packaging: Market & Technology Trends 2017
− 3D Business Update: Market & Technology Trends 2017
− Advanced QFN: Market & Technology Trends 2017**
− Inspection and Metrology for Advanced Packaging Platform 2017**
− Advanced Packaging for Memories 2017
− Embedded Die Packaging: Technologies and Markets Trends 2017
o MANUFACTURING
− Glass Substrate Manufacturing 2017
− Equipment & Materials for Fan Out Technology 2017
− Equipment & Materials for 3D T(X)V Technology 2017
− Emerging Non Volatile Memories 2017
** To be confirmed

46
OUR 2017 REPORTS PLANNING (2/2)
o POWER ELECTRONICS
− Status of Power Electronics Industry 2017
− Power Mosfets Market and Technology Trends 2017
− IGBT Market and Technology Trends 2017
− Power Packaging Market and Technology Trends 2017
− Power SiC 2017: Materials, Devices, and Applications
− Power GaN 2017: Materials, Devices, and Applications
− Materials Market Opportunities for Cellphone Thermal Management (Battery
Cooling, Fast Charging, Data Processing, Battery Cooling, etc.) 2017
− Gate Driver Market and Technology Trends in Power Electronics 2017
− Power Management ICs Market Quarterly Update 2017
− Power Electronics for Electrical Aircraft, Rail and Buses 2017
− Thermal Management for LED and Power 2017
o BATTERY AND ENERGY MANAGEMENT
− Status of Battery Industry for Stationary, Automotive and Consumer Applications
2017
o COMPOUND SEMICONDUCTORS
− Power SiC 2017: Materials, Devices, and Applications
− Power GaN 2017: Materials, Devices, and Applications
− GaN and Si LDMOS Market and Technology Trends for RF Power 2017
− Bulk GaN Technology Status and Market Expectations (Power, LED, Lasers) 2017
o DISPLAYS
− Microdisplays and MicroLEDs 2017
− Display for Augmented Reality, Virtual Reality and Mixed Reality 2017
− QD for Display Applications 2017
− Phosphors & Quantum Dots 2017 - LED Downconverters for Lighting & Displays
− Emerging Display Technologies 2017**
o LED
− UV LEDs 2017 - Technology, Manufacturing and Application Trends
− Agricultural Lighting 2017 - Technology, Industry and Market Trends
− Automotive Lighting 2017 - Technology, Industry and Market Trends
− Active Imaging and Lidar 2017 (Vol 2) - IR Lighting**
− LED Lighting Module 2017 - Technology, Industry and Market Trends
− IR LEDs 2017 - Technology, Manufacturing and Application Trends
− Phosphors & Quantum Dots 2017 - LED Downconverters for Lighting & Displays
− CSP LED Module 2017
− LED Packaging 2017
PATENT ANALYSIS by Knowmade
− 3D Monolithic Memory: Patent Landscape Analysis
− Microfluidic Diagnostic: Patent Landscape Analysis
− GaN Technology: Top-100 IP profiles**
− Uncooled Infrared Imaging: Patent Landscape Analysis**
− MEMS Microphone: Patent Landscape Analysis**
− MEMS Microphone: Knowles' Patent Portfolio Analysis**
− MicroLEDs: Patent Landscape Analysis**
− Microbolometer: Patents used in products**
− Micropumps: Patent Landscape Analysis**
− Flexible batteries: Patent Landscape Analysis**
TEARDOWN & REVERSE COSTING by System Plus Consulting
More than 60 teardowns and reverse costing analysis and cost simulation tools to be
published in 2017.
** To be confirmed

47
OUR 2016 PUBLISHED REPORTS LIST (1/2)
MARKET AND TECHNOLOGY REPORTS by Yole Développement
o MEMS & SENSORS
− Gas Sensors Technology and Market 2016
− Status of the MEMs Industry 2016
− Sensors for Cellphones and Tablets 2016
− Market and Technology Trends of Inkjet Printheads 2016
− Sensors for Biometry and Recognition 2016
− Silicon Photonics 2016
o IMAGING & OPTOELECTRONICS
− Status of the CMOS Image Sensor Industry 2016
− Uncooled Infrared Imaging Technology & Market Trends 2016
− Imaging Technologies for Automotive 2016
− Sensors for Drones & Robots: Market Opportunities and Technology Evolution 2016
o MEDTECH
− BioMEMS 2016
− Point of Care Testing 2016: Application of Microfluidic Technologies
o ADVANCED PACKAGING
− Embedded Die Packaging: Technology and Market Trends 2017
− 2.5D & 3D IC TSV Interconnect for Advanced Packaging: Business Update 2016
− Fan-Out: Technologies and Market Trends 2016
− Fan-In Packaging: Business update 2016
− Status and Prospects for the Advanced Packaging Industry in China 2016
o MANUFACTURING
− Thin Wafer Processing and Dicing Equipment Market 2016
− Emerging Non Volatile Memories 2016
o COMPOUND SEMICONDUCTORS
− Power GaN 2016: Epitaxy and Devices, Applications and Technology Trends
− GaN RF Devices Market: Applications, Players, Technology and substrates 2016
− Sapphire Applications & Market 2016: from LED to Consumer Electronics
− Power SiC 2016: Materials, Devices, Modules, and Applications
o LED
− UV LED Technology, Manufacturing and Applications Trends 2016
− OLED for Lighting 2016 – Technology, Industry and Market Trends
− Automotive Lighting: Technology, Industry and Market Trends 2016
− Thermal Management Technology and Market Perspectives in Power Electronics and
LEDs 2017
− Organic Thin Film Transistor 2016: Flexible Displays and Other Applications
− Sapphire Applications & Market 2016: from LED to Consumer Electronics
− LED Packaging 2017: Market, Technology and Industry Landscape
o POWER ELECTRONICS
− Power Electronics for EV/HEV 2016: Market, Innovations and Trends
− Status of Power Electronics Industry 2016
− Passive Components Technologies and Market Trends for Power Electronics 2016
− Power SiC 2016: Materials, Devices, Modules, and Applications
− Power GaN 2016: Epitaxy and Devices, Applications, and Technology Trends
− Inverter Technologies Trends & Market Expectations 2016
− Opportunities for Power Electronics in Renewable Electricity Generation 2016
− Thermal Management Technology and Market Perspectives in Power Electronics and
LEDs 2017
− GaN RF Devices Market: Applications, Players, Technology and substrates 2016
o BATTERY AND ENERGY MANAGEMENT
− Beyond Li-ion Batteries: Present and Future Li-ion Technology Challengers 2016
− Stationary Storage and Automotive Li-ion Battery Packs 2016
− Opportunities for Power Electronics in Renewable Electricity Generation 2016

48
OUR 2016 PUBLISHED REPORTS LIST (2/2)
PATENT ANALYSIS by Knowmade
− Microbattery Patent Landscape Analysis
− Miniaturized Gas Sensors Patent Landscape Analysis
− 3D Cell Culture Technologies Patent Landscape
− Phosphors and QDs for LED Applications Patent Landscape 2016 report
− TSV Stacked Memory Patent Landscape
− Fan-Out Wafer Level Packaging Patent Landscape Analysis
TEARDOWN & REVERSE COSTING by System Plus Consulting
More than 60 teardowns and reverse costing analysis and cost simulation tools to be
published in 2017.
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Contact your sales team according to your location (see the last slide).

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50
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In an uncertain, transformative semiconductor
market, advanced packaging is one of the key
technologies offering stability and a long-term
solution. On one hand it can adapt to product
diversification, offering more functionality,
system integration, and performance, as well
as potentially lower manufacturing cost; and on
the other hand it can adhere to future scaling
requirements. Advanced substrates are the key
interconnect component of advanced packaging
architectures and are critical in enabling future
products and markets. For this reason, Yole
Développement has established this stand-alone
dedicated advanced substrate activity, focused on
exploring the market and technologies of PCBs,
package substrates and RDLs. This first report
will serve as an overview of advanced substrate
technologies, markets, and supply chain, to be
supported by subsequent in-depth reports.
Today’s advanced substrates in volume are Flip
Chip (FC) substrates, 2.5D/3D TSV assemblies,
and thin-film RDLs (Fan-Out WLP, or “FOWLP”)
below an L/S resolution of 15/15 um and with
transition below L/S < 10/10 um. These advanced
substrates are traditionally linked to higher-end
logic (CPUs/GPUs, DSPs, etc.) driven by ICs in
the latest technology nodes in the computing,
networking, mobile, and high-end consumer
market segments (gaming, HD/Smart TV).
However, due to additional form factor and low
power demands, WLP and advanced FC substrates
are also widespread in majority of smartphone
functions: application processors, baseband,
transceivers, filters, amplifiers, WiFi modules,
drivers, codecs, power management, etc.
Future higher-end products will require package
substrates with L/S < 10/10 um and boards with
L/S < 30/30 um. These demands have given rise
to three distinct competition areas, as depicted
in figure 1:
1- Board vs. IC substrate
2- IC substrate vs. FOWLP
3- FOWLP vs. 2.5D/3D packaging
This overview report proposes a common
terminology for diverse substrate architectures
and provides an advanced substrate segmentation,
followed by in-depth analysis of advanced
substrate drivers, markets and dynamics, the three
competition areas, current and future substrate
technologies and architectures, supply chain, player
positioning, business models shifts, and advanced
substrate market forecasts (2015 - 2021).
ADVANCED SUBSTRATES OVERVIEW: FROM IC
PACKAGE TO BOARD
Market & Technology report - February 2017
ADVANCED SUBSTRATES AS A KEY ENABLER OF FUTURE PRODUCTS
AND MARKETS
How can advanced substrates and boards bridge the gap created by front-end scaling?
KEY FEATURES OF THE REPORT
Get the sample of the report
on www.i-Micronews.com
Overview of board, substrate and
RDL interconnects
• Terminology definition
• Segmentation by substrate types
• Segmentation by players and
respective business models
Analysis of technology trends
• Competition zones and overlaps
Board vs. IC substrate
IC substrate vs. WLP RDL
• High-level technology comparison
• Technology roadmaps
Future advanced substrate market
development
• Identifying the main players
• Supply chain analysis and shifting
business models
• Market forecasts for IC substrates
and WLP RDL
• Outlook on new market drivers
and emerging applications
(Yole Développement, February 2017)
Advanced substrate technology - Competitive areas
Cu damasceneWafer BEOL
100/10010/101/10.1/0.1
L/S [um/um]
Layerthickness(Cu+dielectric),[um]
0.1
1
10
100
Semi-additive (thin film RDL)
Semi-additive (substrates)
Fan-In/Fan-Out WLP/PLP
Board
1
2
3
IC substrates
vs.WLP
Board vs. IC
substrate
2.5D / 3DIC
vs. DD Fan-
Out

ADVANCED SUBSTRATES OVERVIEW: FROM IC PACKAGE TO BOARD
The board vs. FC substrate area is characterized
by the transition from the subtractive to the mSAP
process, and competition between board and
substrate manufacturers. Evaluation of “substrate-
like PCBs” is already under way at OEMs, and so
too the potential new integration opportunities
they could bring. Furthermore, developments in
FC substrate, FOWLP, and 2.5D/3D packaging have
created an immense competitive arena for L/S
10/10 um packaging, with a large variety of solutions
coming from business models across the supply chain:
IDMs, foundries, OSATs, WLP houses, substrate
manufacturers, and EMS. As shown in figure 2, the
transition to substrates for ICs below L/S 10/10 um
has begun, led by application processors/basebands
in FOWLP and advanced FC substrates in mobile,
and the first GPUs in 2.5D/3D TSV configuration.
The “below L/S 10/10 um” advanced substrate
roadmap is open, with intense RD underway and
each manufacturer developing strategies and targets
for their respective solutions.
This report offers a detailed analysis of applications
that will scale below L/S 10/10 um by 2020, the
limitations and advantages of competing technologies,
and links the applications to prospective advanced
substrate solutions and their providers.(Yole Développement, February 2017)
Advanced substrate addresable markets
TECHNOLOGY EVOLUTION AND ITS IMPACT ON SUPPLY CHAIN SHIFTS
The competitive areas of boards, substrates, and
thin-film RDLs are directly linked to the underlying
technologies used. Board manufacturers are
representatives of the subtractive process, which
is hard to scale beyond L/S 30/30 um. Meanwhile,
substrate manufacturers have experience with
SAP and mSAP processes that can lead to larger
substrates and potentially “substrate-like PCBs”, but
at higher cost. On the other side, when competing
with FOWLP, FC substrates have a cost advantage
but FOWLP scales faster. This report compares the
main processes and technologies used, discusses the
limitations, advantages, and opportunities for each
process, and provides roadmaps for FC substrates
2/2 5/5 10/10 15/15 20/20
RF, PMIC,
CODEC,TXVR
BB
APP
CPU/ GPU/
DTV/ STB
Servers,
High-end
FPGA,
GPU/
CPU,
HBM
IoT,WE
(+Display drivers,
ASIC, CIS, LED)
RDL layers
RF SiP
Advanced substrates needed
below L/S 10/10 um!
L/S [um/um]
THREE DISTINCT COMPETITIVE AREAS, AS A CONSEQUENCE OF SCALING
(Yole Développement, February 2017)
9 current business models in PCB/substrate manufacturing
XXX
XXX
XXX
XXXXXX
XXX
1
2 4
3
6 7
8
95
XXX
XXX
XXX
ADVANCED SUBSTRATE SOLUTIONS - FUELING TOMORROW’S MARKETS
FOWLP and 2.5D/3D platforms are the advanced
packagingplatformswiththehighestgrowth,boasting
revenue CAGRs of 49% and 43% respectively from
2015 - 2021. The Fan-Out platform is forecast to
exceed $2.5B in packaging services revenue by 2021,
while the 2.5D/3D platform is expected to surpass
$1B in the same timeframe. The Flip Chip packaging
platform holds 85% of the advanced packaging
market, but regardless of its solid 5% CAGR, it is
losing market share to FO WLP resulting in a drop
to 76% by 2021. The fast-rising FOWLP platform
is ambitiously developing higher density solutions
while at the same time facing more competition
from advanced FC and hybrid FC solutions. Though
the FC substrate market exhibited a dip in 2016 due
to further adoption of Fan-Out (lead by TSMC inFO,
it is expected to bounce back with mild growth
at a 1.6% revenue CAGR. This can be split into a
3.6% FC CSP CAGR and a stagnating 0.6% FC BGA
CAGR. Overall, FC substrate revenue is expected
to exceed $8B by 2021.(Yole Développement, February 2017)
Flip Chip substrate revenue forecast 2015-2021
0
2
4
6
8
10
12
2014 2015 2016 2017 2018 2019 2020 2021
FCsubstraterevenue($B)
Potential FC substrate loss due to FO WLP penetration
FC lossFC BGAFC CSP

Find more
details about
this report here:
MARKET TECHNOLOGY REPORT

Introduction 3
Report synergies
Advanced substrate activity
Objectives
Advanced substrate segmentation 10
PCB/substrate/RDL segmentation
Report scope
Executive summary 20
Market drivers 68
Advanced packaging drivers
Board and advanced substrate drivers
Market dynamics 89
Competing platforms (board vs. IC substrate; IC
substrate vs. WLP)
Disruptions and opportunities
IoT segmentation scenario
Board vs. FC substrate 100
Market segments
Applications
Technology competition
FC substrate vs. WLP 106
Market segments
Applications
Substrate technology comparison
Accessible markets
Substrate technology 141
Technology comparison and overview, by key
players
Technology roadmaps
Players and supply chain 163
Player landscape and positioning
Business models and strategies - overview
Market forecasts 194
Adv. FC substrates vs. WLP
- Unit count
- Revenue
FC CSP vs. FC BGA
Conclusions 208
Yole Développement presentation 215
TABLE OF CONTENTS (complete content on i-Micronews.com)
COMPANIES CITED IN THE REPORT (non exhaustive list)
3CEMS, 3M, 3Win Group, AMD, Amkor, Amphenol, Aoshikang, Apple, AOI ATS, ASE, Avago,
Benchmark, Boardtek, Career, CCTC, Celestica, Chin Poon, ChipBond, ChipMOS, CMK, Compeq,
Cosmotech, Daeduck, Deca Technologies, Dynamic, Eastern, Ellington, Ericsson, Facebook, Fast Print,
Flex, Flexium, Founder, Foxconn, Fujikura, Fujitsu, Gold Circuit, Google, HannStar Board, HiSilicon,
Hitachi Chemical, Huatian, Huawei, Ibiden, Ichia, Inari Berhad, Infineon, Intel, Isu Petasys, Jabil, JCET,
Juniper Networks, KCE Electronics, Kingboard, Kinsus, Kinwong, KYEC, Kyocera, Kyoden, Lenovo,
LG Innotek, Meiko, Mflex, MGC, Micron, Nanium, Nantong Fujitsu, Nan Ya PCB, Nepes, Nippon
Mektron, Nitto Denko, NTK, NXP, OKI, Olympic, Oracle, Plexus, Powertech Technology, Renesas,
Samsung, Sanmina, Schweizer, Shennan Circuit, Shinko, Simmtech, SK Hynix, Somacis, SPIL, STATS
ChipPAC, Sumitomo Denko, Taiwan PCB Techvest, TDK, Toppan, Tripod, TTM Technologies, Qorvo,
Qualcomm, TSMC, Unimicron, Unisem, Unitech, UTAC, Wus Group, Würth Elektronik, Wuzhou,
Xilinx, Yamamoto Manufacturing, Young Poong Group, ZD Tech, and many more…
Andrej Ivankovic is a Technology
Market Analyst on the Advanced Packaging
and Semiconductor Manufacturing team
at Yole Développement, the “More than
Moore” market research and strategy
consulting company. Andrej holds a
master’s degree in Electrical Engineering
with specialization in Industrial Electronics
from the University of Zagreb, Croatia,
and a PhD in Mechanical Engineering from
KU Leuven, Belgium. He started at ON
Semiconductor, performing reliability tests,
failure analysis, and characterization of
power electronics and packages. He then
workedforseveralyearsasanRDengineer
at IMEC Belgium on the development of
3D IC technology, focused on electrical
and thermo-mechanical issues of 3D
stacking and packaging. During this time
he also worked at GLOBALFOUNDRIES
as an external researcher. Andrej regularly
presents at international conferences and
has authored or co-authored 20 papers
and one patent.
• 3DIC and 2.5D TSV Interconnect for
Advanced Packaging: 2016 Business Update
• Embedded Die Packaging: Technology and
Market Trends 2017
• Thin Wafer Processing and Dicing Equipment
Market
• Status of Panel-Level Packaging Manufacturing
Find all our reports on www.i-micronews.com
RELATED REPORTS
Benefit from our Bundle Annual Subscription offers and access our analyses at the best
available price and with great advantages
and thin-film RDLs (FOWLP). Competitive
technologies, scaling, system-level integration
(SiP), and market uncertainty are affecting the
supply chain and triggering several observable
business model shifts and expansions. While the
overall semiconductor supply chain is shifting
down one tier due to scaling, system-level
manufacturers are expanding in both directions.
A detailed analysis of main players and their
rankings, strategies and business model shifts is
provided in this report.
What advanced substrate solutions are present
today? Which markets and applications will
require advanced substrates below L/S 10/10
um, what solutions are being developed, and
how does this also affect boards? What are each
advanced substrate technology’s limitations and
advantages, which players are taking charge
of which solution, and how is the supply chain
changing? Discover the answers in the Advanced
Substrates Overview, Yole Développement’s
latest report!

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Founded in 1998, Yole Développement has grown to become a group of companies providing marketing, technology and strategy consulting, media and corporate
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HSBC, 1 place de la Bourse 69002 Lyon France
Bank code: 30056
Branch code: 00170
Account n°: 0170 200 1565 87
BIC or SWIFT code: CCFRFRPP
IBAN: FR76 3005 6001 7001 7020 0156 587
To ensure the payments, the Seller reserves the right to request
down payments from the Buyer. In this case, the need of down
payments will be mentioned on the order.
3.4 Payment is due by the Buyer to the Seller within 30 days
from invoice date, except in the case of a particular written
agreement. If the Buyer fails to pay within this time and fails
to contact the Seller, the latter shall be entitled to invoice
interest in arrears based on the annual rate Refi of the «BCE»
+ 7 points, in accordance with article L. 441-6 of the French
Commercial Code. Our publications (report, database, tool...)
are delivered only after reception of the payment.
3.5 In the event of termination of the contract, or of misconduct,
during the contract, the Seller will have the right to invoice
at the stage in progress, and to take legal action for damages.
4. LIABILITIES
4.1 The Buyer or any other individual or legal person acting on
its behalf, being a business user buying the Products for its
business activities, shall be solely responsible for choosing the
Products and for the use and interpretations he makes of the
documents it purchases, of the results he obtains, and of the
advice and acts it deduces thereof.
4.2 The Seller shall only be liable for (i) direct and (ii) foreseeable
pecuniary loss, caused by the Products or arising from a
material breach of this agreement
4.3 In no event shall the Seller be liable for:
a) damages of any kind, including without limitation, incidental
or consequential damages (including, but not limited to,
damages for loss of profits, business interruption and loss of
programs or information) arising out of the use of or inability
to use the Seller’s website or the Products, or any information
provided on the website, or in the Products;
b) any claim attributable to errors, omissions or other
inaccuracies in the Product or interpretations thereof.
4.4 All the information contained in the Products has been
obtained from sources believed to be reliable. The Seller
does not warrant the accuracy, completeness adequacy or
reliability of such information, which cannot be guaranteed to
be free from errors.
4.5 All the Products that the Seller sells may, upon prior notice
to the Buyer from time to time be modified by or substituted
with similar Products meeting the needs of the Buyer. This
modification shall not lead to the liability of the Seller,
provided that the Seller ensures the substituted Product is
similar to the Product initially ordered.
4.6 In the case where, after inspection, it is acknowledged that
the Products contain defects, the Seller undertakes to replace
the defective products as far as the supplies allow and without
indemnities or compensation of any kind for labor costs,
delays, loss caused or any other reason. The replacement is
guaranteed for a maximum of two months starting from the
delivery date. Any replacement is excluded for any event as set
out in article 5 below.
4.7 The deadlines that the Seller is asked to state for the mailing
of the Products are given for information only and are not
guaranteed. If such deadlines are not met, it shall not lead to
any damages or cancellation of the orders, except for non
acceptable delays exceeding [4] months from the stated
deadline, without information from the Seller. In such case only,
the Buyer shall be entitled to ask for a reimbursement of its first
down payment to the exclusion of any further damages.
4.8 The Seller does not make any warranties, express or implied,
including, without limitation, those of sale ability and fitness for
a particular purpose, with respect to the Products. Although
the Seller shall take reasonable steps to screen Products for
infection of viruses, worms, Trojan horses or other codes
containing contaminating or destructive properties before
making the Products available, the Seller cannot guarantee
that any Product will be free from infection.
5. FORCE MAJEURE
The Seller shall not be liable for any delay in performance directly
or indirectly caused by or resulting from acts of nature, fire, flood,
accident, riot, war, government intervention, embargoes, strikes,
labor difficulties, equipment failure, late deliveries by suppliers or
other difficulties which are beyond the control, and not the fault
of the Seller.
6. PROTECTION OF THE SELLER’S IPR
6.1 All the IPR attached to the Products are and remain the
property of the Seller and are protected under French and
international copyright law and conventions.
6.2 The Buyer agreed not to disclose, copy, reproduce,
redistribute, resell or publish the Product, or any part of it
to any other party other than employees of its company. The
Buyer shall have the right to use the Products solely for its
own internal information purposes. In particular, the Buyer
shall therefore not use the Product for purposes such as:
• Information storage and retrieval systems;
• Recordings and re-transmittals over any network (including
any local area network);
• Use in any timesharing, service bureau, bulletin board or
similar arrangement or public display;
• Posting any Product to any other online service (including
bulletin boards or the Internet);
• Licensing, leasing, selling, offering for sale or assigning the
Product.
6.3 The Buyer shall be solely responsible towards the Seller of
all infringements of this obligation, whether this infringement
comes from its employees or any person to whom the Buyer
has sent the Products and shall personally take care of any
related proceedings, and the Buyer shall bear related financial
consequences in their entirety.
6.4 The Buyer shall define within its company point of contact for
the needs of the contract. This person will be the recipient
of each new report in PDF format. This person shall also be
responsible for respect of the copyrights and will guaranty that
the Products are not disseminated out of the company.
6.5 In the context of annual subscriptions, the person of contact
shall decide who within the Buyer, shall be entitled to access
on line the reports on I-micronews.com. In this respect, the
Seller will give the Buyer a maximum of 10 password, unless
the multiple sites organization of the Buyer requires more
passwords. The Seller reserves the right to check from time
to time the correct use of this password.
6.6 In the case of a multisite, multi license, only the employee
of the buyer can access the report or the employee of the
companies in which the buyer have 100% shares. As a matter
of fact the investor of a company, the joint venture done with
a third party etc..cannot access the report and should pay a
full license price.
7. TERMINATION
7.1 If the Buyer cancels the order in whole or in part or postpones
the date of mailing, the Buyer shall indemnify the Seller for
the entire costs that have been incurred as at the date of
notification by the Buyer of such delay or cancellation. This
may also apply for any other direct or indirect consequential
loss that may be borne by the Seller, following this decision.
7.2 In the event of breach by one Party under these conditions
or the order, the non-breaching Party may send a notification
to the other by recorded delivery letter upon which, after a
period of thirty (30) days without solving the problem, the
non-breaching Party shall be entitled to terminate all the
pending orders, without being liable for any compensation.
8. MISCELLANEOUS
All the provisions of these Terms and Conditions are for the
benefit of the Seller itself, but also for its licensors, employees
and agents. Each of them is entitled to assert and enforce those
provisions against the Buyer.
Any notices under these Terms and Conditions shall be given in
writing. They shall be effective upon receipt by the other Party.
The Seller may, from time to time, update these Terms and
Conditions and the Buyer, is deemed to have accepted the latest
version of these terms and conditions, provided they have been
communicated to him in due time.
9. GOVERNING LAW AND JURISDICTION
9.1 Any dispute arising out or linked to these Terms and
Conditions or to any contract (orders) entered into in
application of these Terms and Conditions shall be settled
by the French Commercial Courts of Lyon, which shall have
exclusive jurisdiction upon such issues.
9.2 French law shall govern the relation between the Buyer and
the Seller, in accordance with these Terms and Conditions.
TERMS AND CONDITIONS OF SALES

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