1. ARE PATENT VALUES DECLINING? GREY GOLD ADVISORS, LLC Wild Dunes 2015

2. Is the US ANTI PATENT? Hard to Stop Infringers Damages Decline Patent Litigation is Expensive Patent Win Rates are Low PTO Invalidates Contested Patents Patent Owners to Pay Defendant’s Legal Fees

3. What Happened? AIA Patent Litigation Declines PTO Inter Partes Disputes Sky Rocket Damage Awards are Apportioned Easier to Invalidate Patents Software Patents are Out of Favor Bio/Pharma Patents Riskier

5. Unintended Consequences PTO Inter Partes Disputes Accelerate Wild Card Patent Challenges Patent Portfolio Values Decline Bio/Pharma Core Patents at Risk GAAP Heart Burn from Toxic Patents Patent Assertion is Consolidated Patent Costs Increase

6. Winners? Deep Pockets IP Pirates Tech Aggregators Generic Drug Companies Off Shore Tech Companies Countries that Enjoin Infringement

7. Losers? Tech SMEs Independent Inventors Startups Universities Patent Portfolio Values US Economy

8. Trends IP Friendly Countries Attract Innovation Globalization of IP Enforcement Harder to Finance Startups Financial Entities Central to IP Assertion Too Many Patent Lawyers Emphasis on Patent Quality IP Expertise Is Critical

9. How To Make $$$ on IP Complexity Favors Expertise Bank Roll the Game Balance Risk vs. Reward –Hold or Fold? Patent QUALITY Diversify IP

10. Grey Gold Advisors LLC Dale C. Hogue, Sr. dale@grey-gold.com 704-823-6195 www.grey-gold.com Charlotte, NC