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Patent or Be Damned - An Investor’s Perspective on

IP

23 March 2010

Martin RowlandInvestment Director

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An Investor’s Perspective on IP

A key consideration in assessing the attractiveness of an investment opportunity :

- Due diligence – use of IP specialists

- Growing the business

- Exit – value drags

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Case Studies

1. Recent investment in Speed Check Services

Product partly developed by a 3rd party Ownership of IP – protection

2. Aborted investment in an ERP software provider

Carve out from a larger group Ownership of key IP uncertain Impact on transaction – timing and outcome

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IMPORTANT NOTICE

Neither Lloyds TSB Development Capital Limited (‘LDC’) nor any other member of the Lloyds Banking Group will be acting for you in any way in relation to the transaction referred to in this presentation. In particular LDC will not provide any investment services to you or advise you or your shareholders on the merits of, or make any recommendation to you in relation to, the terms of any transaction. LDC is not therefore responsible for providing you with the protections afforded to its clients and you should seek your own independent legal, investment, and tax advice as you see fit.

LDC will not advise you or your company on insurance matters or arrange insurance cover. If you ask us to, LDC can give you contact details for an insurance broker who can advise you and/or your company on any insurance matters.

No representative of LDC has authority to behave in any way which would contradict the statements made above.'

Lloyds TSB Development Capital Limited

Registered Office: One Vine Street, London W1J 0AH

Registered in England No. 1107542

Authorised and regulated by the Financial Services Authority

Part of the Lloyds Banking Group