IPH LIMITED — Investor Presentation 2018

Apr 17, 2018

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ASX Announcement

18 April 2018

- Presentation by Andrew Blattman to Goldman Sachs Small & Mid Cap Conference

Attached is a presentation to be given today by IPH’s CEO & Managing Director, Andrew Blattman, to the Goldman Sachs Ninth Annual Small & Mid-Cap Conference 2018.

For more information, please contact:

Dr Andrew Blattman, Managing Director & CEO John Wadley, Chief Financial Officer Ph: +61 2 9393 0301

About IPH Limited

IPH Limited (“IPH”, ASX:IPH), the holding company of Spruson & Ferguson, Practice Insight, Fisher Adams Kelly Callinans, Pizzeys, Cullens and AJ Park, is the leading intellectual property (“IP”) services group in the Asia-Pacific region offering a wide range of IP services and products. These services are provided across Australia, New Zealand, Papua New Guinea, the Pacific Islands and Asia from offices in Sydney, Brisbane, Melbourne, Canberra, Auckland, Wellington, Singapore, Kuala Lumpur, Jakarta, Shanghai, Beijing, Hong Kong and Bangkok. The group comprises a multidisciplinary team of approximately 635 people, including some of the most highly regarded IP professionals in the Asia-Pacific region. The team services a diverse client base of Fortune Global 500 companies and other multinationals, public sector research organisations, foreign associates and local clients. IPH is the first IP services group to list on the Australian Securities Exchange.

IPH Limited | ABN 49 169 015 838

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Goldman Sachs Ninth Annual Small & Mid-Cap Conference

18 April 2018

Dr. Andrew Blattman | Managing Director / CEO, IPH Limited John Wadley | Chief Financial Officer, IPH Limited

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Disclaimer

This document has been prepared by IPH Limited (IPH) and comprises written materials/slides for a presentation concerning IPH.

This presentation is for information purposes only and does not constitute or form part of any offer or invitation to acquire, sell or otherwise dispose of, or issue, or any solicitation of any offer to sell or otherwise dispose of, purchase or subscribe for, any securities, nor does it constitute investment advice, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any or contract or investment decision.

Certain statements in this presentation are forward looking statements. You can identify these statements by the fact that they use words such as “anticipate”, “estimate”, “expect”, “project”, “intend”, “plan”, “believe”, “target”, “may”, “assume” and words of similar import.

These forward looking statements speak only as at the date of this presentation. These statements are based on current expectations and beliefs and, by their nature, are subject to a number of known and unknown risks and uncertainties that could cause the actual results, performances and achievements to differ materially from any expected future results, performance or achievements expressed or implied by such forward looking statements.

No representation, warranty or assurance (express or implied) is given or made by IPH that the forward looking statements contained in this presentation are accurate, complete, reliable or adequate or that they will be achieved or prove to be correct. Except for any statutory liability which cannot be excluded, IPH and its respective officers, employees and advisers expressly disclaim any responsibility for the accuracy or completeness of the forward looking statements and exclude all liability whatsoever (including negligence) for any direct or indirect loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission therefrom.

Subject to any continuing obligation under applicable law or relevant listing rules of the ASX, IPH disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements in these materials to reflect any change in expectations in relation to any forward looking statements or any change in events, conditions or circumstances on which any statement is based. Nothing in these materials shall under any circumstances create an implication that there has been no change in the affairs of IPH since the date of the presentation.

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Agenda

1. Company Snapshot

2. Industry Overview

3. IPH Position

4. IPH Growth Strategy

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COMPANY SNAPSHOT

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Summary

Asia-Pacific’s leading intellectual property group

• IPH Limited (“IPH”) is the holding company for intellectual property (“IP”) and associated companies, Spruson & Ferguson (incorporating Fisher Adams Kelly Callinans and Cullens), AJ Park, Pizzeys and Practice Insight.

• IPH companies provide a wide range of specialist services for protection, commercialisation, enforcement and management of all types of IP.

• IPH companies employ a highly skilled multidisciplinary team of approximately 650 people in Australia, New Zealand, Singapore, Malaysia, China, Indonesia, Thailand and Hong Kong.

Key facts

• » Exchange: ASX

• » Ticker: IPH

• » Issued shares: 197.3m (incl escrow)

• » Market Cap: $680m

• » Employees: 650

• » Offices: 17 in 7 countries

• » Patent Filings: 16,000+

• » Trade Mark filings: 5,000+

• » Patent market share AU/SG: 24%

• » Patent market position AU/NZ/SG: No.1

• IPH companies service a diverse client base of Fortune Global 500 companies, multinationals, public sector research organisations, SMEs and professional services firms worldwide.

• IPH was listed on the Australian Securities Exchange (“ASX”) in November 2014. On 11 March 2016 IPH was included in the S&P/ASX 200 index.

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IPH – first listed IP group in Australia

Innovative leader

• The changes to the Australian Patent Act introduced in April 2013 enabled patent and trademark attorney firms to practice through a corporate structure.

• Demonstrating innovation and leadership across the sector IPH became the first IP services group to list on the Australian Securities Exchange (ASX) in 2014. A number of Australian IP firms/groups followed IPH.

• The public listing allowed IPH to:

• access capital to unlock opportunities for growth;

• increase operational flexibility greater flexibility in day-to-day operations, management and focus on delivering an outstanding client service; and

• create opportunities for career progression and professional development for staff.

• In Feb 2018, the corporate operating model was validated by the Trans-Tasman IP Attorneys Board by its issuing of a new code of conduct and associated guidelines;

• represents a new paradigm for the IP profession approx. half of patent applications filed in Australia are filed by member firms of one of the IP groups listed on the ASX;

• the new code reaffirms the systems and processes IPH already has in place; and

• the higher standards of governance and transparency required of a publicly listed company were welcomed by clients.

• –

• First Australian IP firm in Asia in 1997 and 18 years before any other Australian IP firm, Spruson & Ferguson became the first Australian IP firm to enter the Asian IP market with the opening of the firm’s Singapore office.

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INDUSTRY OVERVIEW

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What is IP?

80% of IPH’s service charges are derived from services related to patents

Types of IP

Types of IP services

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Patents (80% of service charges) A monopoly right that is granted for a device, substance, method or process that is new, inventive, and useful.

Trademarks (17% of service charges) May consist of any stylised letter, word, name, signature, numeral, device, brand, heading, label, ticket, aspect of packaging, shape, colour, sound or scent, or a combination of any of those things.

Other IP

Designs, Copyright, Domain Names, Circuit Layout Protection, Plant Breeder’s Rights.

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Drafting & Filing

Preparation and filing application with the relevant country’s IP office.

Prosecution

A prosecution phase which leads to grant or registration of the IP right and involves the IP office examining various criteria to ensure IP rights are applicable.

Renewals

An ongoing renewal process, involving the payment of fees at defined times over the life of the IP rights.

Commercial legal advice & IP litigation Enforcement of IP rights and providing IP related legal and commercial advice.

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Business of patent and trademark attorneys

Annuity-style business with consistent revenues and earnings

Core business: prosecution of IP rights before the relevant National IP Office (not to be confused with the legal or any other profession)

• IP services are typically provided by specialist patent and trade mark firms, or large legal firms with an IP division.

• In Australia, registration as a patent attorney requires a degree qualification in science or engineering, IP courses at university, in practice for two year minimum period and a statement of skills from experienced attorney.

• Clients typically include Fortune Global 500 companies, multinationals, public sector research organisations, SMEs and professional services firms worldwide.

• Majority of clients are from “primary” IP markets: USA, Japan and Europe.

• Clients are “sticky” to the business, not to the individuals.

• Long life IP cycle which supports consistent revenues and earnings.

• Low WIP and short cash conversion cycle.

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Patent market trends

Asian growth engine

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Australian Patent Filings
FY96 - FY17
CAGR = 2.5%
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
FY96 FY97 FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17
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Asian Patent Filings (excl. China) CY10 - CY16**

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70000 CAGR = 5.1%
60000
50000
40000
30000
20000
10000
0
CY10 CY11 CY12 CY13 CY14 CY15 CY16
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• In Australia, the long-term filing growth rate of 2.5% (and slightly lower over the shorter-term) reflects maturity of the market.

  • Asia – 20 year growth engine.

  • Bigger market, faster growth.

• IPH targets slightly higher revenue growth through pricing and market share improvement.

• IPH’s focus is on further margin improvements.

• Source: IP Australia. IPH management estimate based on filing information recorded by IP Australia as at 17 Apr 18.

• ** Source: WIPO. As at 17 Apr 18. Incl. Hong Kong, Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam. Excl. Japan and South Korea.

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Industry growth drivers

Positive industry fundamentals supporting growth

• IP is often fundamental to the operations and value of many of the world’s leading companies.

• IPH believes IP protection is becoming increasingly important in the higher growth Asian region.

• Industry growth drivers:

• increased corporate spend on R&D and product innovation to drive competitive advantage;

• legislation/Government policy supporting

  • “knowledge industries” and innovation;

• GDP growth driving increased economic activity;

• taxation incentives for R&D, NPD;

• increased product differentiation and branding requiring IP protection; and

• regulation on a country by country basis requires local expertise in each jurisdiction.

Key Lead Indicator

PCT (Patent Cooperation Treaty) applications filed in the key jurisdictions (USA, JP and EU) is a leading indication for the number of PCT national phase patent applications to be filed in the ‐ subsequent 18 19 months in the countries serviced by IPH.

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PCT filings in US by residents
CY12 - CY17
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
2012/1 2012/5 2012/9 2013/1 2013/5 2013/9 2014/1 2014/5 2014/9 2015/1 2015/5 2015/9 2016/1 2016/5 2016/9 2017/1 2017/5 2017/9
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• Source: WIPO. As at 17 Apr 18.

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Patent lifecycle

Long-life IP cycle supports consistent revenues and earnings

Each year more than half* of the total patent applications filed in Australia come through the PCT system in the form of PCT National Phase patent applications.

Typical (indicative) patent application route in Australia

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31 months
18 months
12-16
8-15 months 12 months 4 months up to 20 years
12 months months
3 - 5 years
Application PCT PCT PCT Request Examination Response to Acceptance Grant Renewals
filed with International International National Examination Report Examiners
Patent Application Application Phase issued Report
Office in filed published application
country of filed in
origin Australia * Revenue event – typically flag fall.
Revenue event – typically combination of flag fall and hourly charges.
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• The process from filing the Australian application (or entering the Australian national phase) to grant of a patent typically takes 3-5 years.

• Patents can be renewed by paying official renewal fee annually up until the expiry of the patent 20 years from the filing date of PCT International Application.

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• Source: IP Australia. The IPH management estimate based on patent applications filed in Australia in CY17.

IPH POSITION

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Timeline of key milestones

130-year history in Australia and 21 years in Asia

2 Nov 2015 1 Feb 2016 8 Mar 2016 31 May 2016 Merge of Fisher Pizzeys open SF open office in SF open office in Adams Kelly & office in Singapore Indonesia Thailand Callinans (FAKC)

9 Apr 2018 Merger of Cullens, FAKC and SF

19 Nov 2014 2 Apr 2015 28 May 2015 18 Sep 2015 8 Oct 2015 30 Jun 2016 26 Oct 2016 31 Oct 2017 IPH established. Acquisition of Acquisition of Acquisition of Acquisition of Acquisition of Acquisition of Acquisition of Acquisition of Practice Insight Fisher Adams Kelly Pizzeys Callinans Cullens Ella Cheong AJ Park Spruson & (HK & Beijing) Ferguson. 1 2 3 4 5 6 7 8 9 IPO.

1887 1997 2014

Spruson & Spruson & Incorporation of Ferguson Ferguson Spruson & Ferguson founded opens office in Singapore

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Unique Asian Positioning

Strong scaleable platform to service multiple jurisdictions

Service Charges split – Australia vs Asia (FY17)

IPH’s presence in Asia-Pacific

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36%
64%
Australian IP Asian IP
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• Well positioned to grow through offering existing client base additional countries.

• 17 offices in 7 countries.

• Unparalleled regional service offering.

• Consistent service standard and reduced administration.

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Leading market position

No.1 patent market position in Australia, New Zealand and Singapore

IPH Group combined market share in Australia (HY18)*

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30%
24%
22% 22%
20%
15%
10%
0%
FY15 FY16 FY17 HY18
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IPH Group market share in Singapore (CY17)**

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30%
25% 24%
24%
23%
20%
10%
0%
CY14 CY15 CY16 CY17
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IPH Group market share in key jurisdictions in Asia (CY16)***

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14%
10%
7%
6%
5%
3%
1%
<1%
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• IPH group continues to hold 24% market share in both Australia and Singapore and remains the patent market leader in both markets.

• Relatively small market shares in key Asian markets represent a significant opportunity for IPH’s organic growth in Asia.

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• Source: IP Australia. IPH management estimate based on agent recorded with IP Australia as at 1 Feb 18 and may not reflect any change of agent recorded since filing.

• ** Source: IPOS IPH management estimate based on agent recorded with IPOS. Includes filings by SF(Asia) and Pizzeys (Asia)

• *** Source: WIPO & IPH. Indicative market share estimate by IPH management based on non-resident patent applications filed by all current IPH group companies in CY16.

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Financial performance history

Mix of organic and acquisitive growth

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Underlying Revenue $'m
Australia IP Asia IP
186.0
157.5
109.9
94.2
FY14 * FY15 * FY16 FY17
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Underlying EBITDA $'m
Australia IP Asia IP
Data & Analytics Serv Corp & Interco
71.6
65.0
42.5
30.0
FY14 FY15 FY16 FY17
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• Australia and New Zealand – GDP style growth.

• Margin expansion in IP businesses.

• Higher growth in Asian markets, including China.

• Investment in Data and Analytics Services.

• Maturing Corporate function reflecting listed international business.

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• Restated to reflect accounting policy change in FY16.

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Strong Balance Sheet and Cash Conversion

Consolidated Balance Sheet

		Balance Sheet as at 31 Dec 2017 Balance Sheet as at 30 Jun 2017 18.3 24.4 47.1 38.0 272.4 213.1 19.4 11.5 357.2 287.0 33.3 0.0 54.7 47.3 88.0 47.3 269.2 239.7 269.2 239.7
	$'m Cash and cash equivalents Trade and other receivables Acquisition intangibles & goodwill Other assets Total assets Borrowings Other liabilities Total liabilites Net assets Total equity

Cash Flow Statement

		HY18 Cash Flow Statement HY17 Cash Flow Statement 31.8 35.1 0.1 (0.5) (2.9) (2.0) (1.8) (1.1) 27.2 31.5 86% 90%
	$'m Statutory EBITDA Non-cash movements Change in working capital Operating capital expenditure Cash flow before acquisitions, financing activities and tax Cash conversion ratio

• Large proportion of cash and receivables denominated in USD.

• Intangible assets predominantly goodwill and customer relationships on acquisition.

• Net debt of c$15M (gearing ratio: 6%).

• Interim dividend of 11.5c franked to 40%. Expectation of future franking at between 40-60%.

• High proportion of earnings converted to cash.

• Minimal working capital requirements.

• Low CAPEX business.

• Strong cash flows support dividend payout and ability to service debt.

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IPH STRATEGY

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IPH Growth Strategy

To become the leading IP group in secondary IP markets

• Continue to maintain the leading position in Australia, New Zealand and Singapore.

(patent applications filed annually in each jurisdiction)

• Expand market share in other Asian jurisdictions through:

• “network effect” building up flow of cases from Australian/New Zealand businesses into Asian operations;

• organic growth through effective marketing and business development initiatives; and

• strengthening and expanding existing infrastructure in Asia, including possible future acquisitions.

• In China and Hong Kong the focus is on strengthening patent capability of the offices and capturing market share of our addressable market.

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41,986
10,799
133,522
46,333
Australia / New Zealand (CY17)
Singapore (CY17)
Rest of Asia (CY 16)
China (non-resident, CY16)
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• Margin improvement across all businesses through:

– IT initiatives and business process improvements; and

– brand consolidation.

• Source: Australia – IP Australia; New Zealand – NZIPO, Singapore – IPOS, Rest of Asia (Hong Kong, Indonesia, Malaysia, Philippines, Thailand and Vietnam) – WIPO, China (filings by non-residents only) – WIPO. IPH management estimate.

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Summary

IPH well positioned to harness positive industry dynamics for future growth opportunities

 IP sector dynamics remain positive

• IP has long life cycle supporting long term revenue and earnings.

• Industry growth drivers support stable growth in Australia with significant growth potential across Asia.

 IPH is well positioned to harness industry growth potential

• Top-tier client base across many jurisdictions.

• Number one market positions in key markets (Australia, New Zealand and Singapore) with scaleable platform.

 Consistent revenue and earnings profile with growth opportunities

• Annuity-style revenue from long term IP portfolio.

• Strong cash generation with low ongoing capital expenditure requirements.

 IPH targeting further growth opportunities across core and adjacent businesses

• Leverage existing network in Asia and Australia/New Zealand.

• Strengthen patent capability in China to increase market share.

• Margin improvement from IT initiatives, business process improvements, merge of subsidiaries.

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APPENDICIES

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FX Sensitivity

Earnings Currency Sensitivity

• Based on the USD profile in HY18, a 1c movement in the AUD/USD exchange rate equates to approximately $1.3m of revenue on services charges on an annualised basis.

• This sensitivity fluctuates on the basis of acquisitions, their timing and their mix of currencies.

Balance Sheet Sensitivity

• The Group is also exposed to FX on the level of its USD denominated cash and receivables in the balance sheet, balances of which fluctuate.

• 63% of the Group’s invoicing is denominated in USD.

• Average USD cash[1] held US$15m.

• Average USD monetary assets (incl cash)[2] US$30m.

• USD debt drawn of US$26m.

Currency Profile

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Operating Expenses
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Revenue Net of Recoverable Expenses
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SGD NZD
NZD HKD EUR 5% 3%
8%
11% 5%
SGD
25%
AUD
24% USD
AUD 63%
56%
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Notes

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1. Average of closing monthly USD cash balance

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1. Average of opening & closing USD denominated net assets

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Escrow Information

Ordinary Shares on Issue1	Number	Holders	%
Free float	188,941,809	12,659	95%
Escrowed, incl.	9,021,573	52	5%
-Pizzeys (31 Aug 18)	1,229,545	22
- Cullens(30 Jun 18) - Cullens(31 Aug18)	2,042,905 390,315	10
- SF HK(31 Oct 18)	737,261	2
- AJ Park(31 Oct 19)	4,621,547	18
TOTAL	197,963,382	12,711	100%

1. As at 11 April 2018

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America Invents Act (AIA) Overview

• The Leahy-Smith America Invents Act (AIA) was signed on 16 September 2011 introducing a number of significant reforms to US patent law.

• Some of the most significant provisions of AIA went into effect on 16 March 2013, including those converting the US patent system from a “first-to-invent” to a “first-inventor-to-file”. As a result, there was a spike in the US first filings from applicants wishing to file patent application under old provisions before the 16 March deadline.

• Under the PCT (Patent Cooperation Treaty) system, international PCT application must be filed up to 12 months after the filing of the original application (first filing). As a result, there was an increase in US originating PCT applications leading up to 15 March 2014.

• The deadline for entering National Phase of PCT application varies between 30 to 31 months from the date of the first filing - in Singapore, surge of US originating PCT national phase entry patent applications peaked on 15 September 2015 and in Australia - on 15 October 2015.

• Approximately 12 months (depending on technology of application) after entering National Phase of PCT application in Australia Direction to Request Examination may be issued by the Patent Office. The deadline for Requesting Examination is 2 months. This means that 1HY17 was a peak for requesting examination for US-originating PCT application filed as a result of introduction of AIA.

16 September 2011 16 March 2013 15 March 2014 15 September 2015 15 October 2015 15 October 2016 15 December 2016 The Leahy-Smith America AIA went into effect. Peak US-originating Peak of US-originating Peak of US-originating Peak for Direction to Peak for Request Invents Act (AIA) signed Peak of the surge in PCT applications. PCT National Phase PCT National Phase Request Examination for Examination the US first filings. applications in Singapore applications in for US-originating US-originating PCT (30 months) Australia (31 months) PCT applications in applications in 12 months Australia Australia 30 months 31 months approx.12 months 2 months

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