Exhibit 2035
`Bradium Technologies LLC - patent owner
`Microsoft Corporation - petitioner
`IPR2016-00449
`1
`
`

`
`I Acquisition Deal Metrics
`
`I1 Stock Price Performance
`
`III
`
`Internet Mapping Comparison
`
`IV Market Activity in the GIS I GPS Sector
`
`Table of Contents
`
`2
`
`

`
`I Acquisition Deal Metrics
`
`3
`
`

`
`BDVU I Acquisition Deal Metrics
`
`Google 2004 Acquisitions
`
`- According to Google’s Annual 10-K Report, the Company made a total of
`
`4 acquisitions in 2004 :
`
`1
`
`fr. F’iC0s0.~ =s«m-:-=s-
`
`- a photo organizer company
`
`3;“ ‘
`
`- a digital mapping company
`
`zipdash>>>
`
`- a traffic/mapping company
`
`Where2
`
`- an Australian mapping company
`
`- Total consideration for these companies was $56 million
`
`- $22 million in cash and $34 million in stock
`
`Source: Company filings and CEUT Research
`
`4
`
`

`
`BDVU l Acquisition Deal Metrics
`
`Keyhole Estimated Deal Terms
`
`- Based on a review of the Company’s other acquisitions, along with the
`
`quarterly cash flow (investing) statements, Google spent approximately
`
`$11 million in cash on the Keyhole acquisition
`
`- Additionally, in October 2004, Google issued 122,997 shares of
`
`common stock worth an aggregate value of $17.44 million at issuance
`
`- In the Notes to Consolidated Financial Statements, Google mentioned a
`
`$10 million cash earnout to certain former employees of an acquired
`
`company contingent upon their continued employment and their
`
`attainment of certain performance milestones
`
`' Given the initial consideration of Keyhole vs. other acquisitions, it can be
`
`assumed to be part of the Keyhole transaction
`
`- Total Estimated Deal Value of $88.44 million, including the earnout
`
`Source: Company filings and CEUT Flesearch
`
`5
`
`

`
`BDVU I Acquisition Deal Metrics
`
`
`Keyhole Deal Summary
`Hr-rho!-'
`
`
`
`
`
`
`DailyTradingVolume
`
`"°'°°°'°°°
`3m,_m
`
`3°‘°°°‘°°°
`mmm
`
`2°-°°°-00°
`15.000.000
`mow-ow
`
`5'°°”'°°°
`0
`
`
`
` 10.~"27i'04:
`Keyhole acquisition
`announced
`
`
`
` 10f21I04:
`
`eigfisgga
`
`announcemem
`
`
`
`9“
`$0
`
`iv“
`so
`
`63'
`3‘
`
`9*’
`34°
`
`at
`N3!‘
`
`Announce Date — October 27, 2004
`
`Estimated Deal Value — $38.44 million‘
`
`Deal Summary —
`Based in Sunnyvale, CA, Keyhole is a developer of
`geographic information software. The company’s
`products enable users to interact with geographic
`information and earth imagery via the Internet or secured
`networks.
`Investors included Google. 550 Digital Media
`Ventures, In-Q-Tel, Nvidia, and Oakstone Venture
`Partners.
`
`Deal Rationale —
`
`0 Provides Google with a multi-terabyte
`database of proprietary 3-D mapping information
`-
`.
`-
`- Keyhole provides an important component in
`Goog|e’s design of geographic and local search
`functions
`
`- Premium content is competitive differentiator
`
`- Potential for increased advertising and
`transaction revenue stream
`
`52‘°'°°
`52°“-°°
`9'9‘?-°°
`w $180-on
`:1’ $170.00
`g 3,5”,
`Q mm
`E-. 514339
`“3°'°°
`$120.00
`
`$110.00
`mm
`
`it?
`at
`
`' CEUT investment Banking estimate
`Source: Factsel and Venturssource. GOOG price lrom October 1, 2004 — November 30. 2004.
`
`6
`
`

`
`I1 Stock Price Performance
`
`7
`
`

`
`BDVU I Stock Price Performance
`
`Google vs. Microsoft
`
`- Since acquiring Keyhole on October 27, 2004, Google has significantly
`
`outperformed both the NASDAQ Composite Index and Microsoft.
`
`- The 122,997 shares of common stock issued to Keyhole would now be worth an
`
`estimated $43 million today, resulting in $64 million of total value
`
`Google
`
`200
`
`180
`
`160
`
`140
`
`120
`
`100
`
`80
`
`60
`
`
`
`
`
`IndexedPrices(°/a}
`
`Source: Factset. As of October 2?. 2005.
`
`1 OFO4
`
`‘l 2104
`
`H05
`
`3."O5
`
`4.-‘O5
`
`6f05
`
`7fO5
`
`BIOS
`
`‘l0fO5
`
`8
`
`

`
`III
`
`Internet Mapping Comparison
`
`9
`
`

`
`3DVU |
`
`Internet Mapping Comparison
`
`Search Traffic Market Share‘
`
`<1 %
`
`46.2%
`
`5.4%
`
`12.6%
`
`22.5%
`
`
`
`I
`
`IIDDI
`
`[:l
`
`DDICID
`
`|:|
`
`|:]
`
`|:|
`
`D D D
`
`30 Map View
`
`Aerial Imagery
`
`“Blockview” Images
`
`Real-time Traffic Mapping
`
`AJAX
`
`Public API
`
`D
`
`‘:|
`
`I
`
`‘:|
`
`-
`
`|:|
`
`I
`
`IIDDI
`
`1 Niel-5on!NetFlatings July 2005
`Source: Geos atial Solutions October 2005‘.
`
`10
`
`

`
`IV Market Activity in the GIS I GPS Sector
`
`11
`
`

`
`3DVU | Market Activity in the GIS I GPS Sector
`
`LTM Indexed Stock Price Performance
`
`240
`
`220
`
`200
`
`180
`
`160
`
`140
`
`120
`
`100
`
`80
`
`60
`
`40
`
`GIS Content
`
`GPS Device
`
`
`
`
`
`IndexedPrices(%)
`
`1 OIU4
`
`1 2X04
`
`H05
`
`3305
`
`M05
`
`SE05
`
`"H05
`
`8305
`
`1 O."05
`
`Source: Factset. As oi 10clober 26. 2005.
`GPS device companies include: Garmin. NAVTEQ. SiRF Technolog and Trimble Navigation
`GIS content companies include: Intergraph, Intermap Technologies. Maplnfo. ORBEMAGE and TeIeAtlas
`
`12
`
`

`
`I Market Activity in the GIS I GPS Sector
`
`
`Recent M&A Activity
`
`Sellerfunit
`Business
`Description
`Provides mobile and GPS systems and related integration
`services to direct store delivery markets
`Provides location-based mobile and digital mapping eottwsre
`
`Announce
`Date
`20-Oct-2005
`
`Trimble
`
`19-Oct-2005
`
`Yahoo! Inc.
`
`18-Oct-2005
`
`EarthData. Inc.
`
`0?-Oct-2005
`
`Tele Atlas NV
`
`03vOct—2D05
`
`Garmin. Ltd.
`
`23-Sep-2005
`
`SYS Technologies
`
`16-Sep-2005
`
`OHBIMAGE Holdings, Inc.
`
`1?-Aug-2005
`1 1-Jul-2005
`
`Google. Inc.
`
`NAVTEO Corp.
`
`59"“ "W0 i‘-Wit
`
`MobileTacit Solutions. Inc.
`
`Whereonearth
`LJT 8: Associates
`(Emerge Remote Sensing Services)
`PPWK Ge-olnvent
`
`Motionfiased Technologies. LLC
`Lomaeott Corp.
`{Fo!oeViz Software Product Suite}
`Space Imaging, LLC
`
`Android. Inc.
`
`Picture Map International Co. Ltd.
`
`Provides digital orthorectilied mosaic Imagery products
`
`Provides GIS mobile mapping and engineering senrices to
`navigation marl-tats
`Provides web-based GPS mapping and data analysis
`software
`Software suite that enhances the visualization of terrain and
`image data In geospetial applications
`Provides space imaged visual iniormation products and
`services
`Provides teiemstice. GIS and map production software for
`use in mobile applications
`Provides digital map services
`
`Enterprise
`vamer
`R€U&flU8
`
`Price!
`HEVSHUB
`
`Payment
`Cash
`
`iSmrn)
`Private
`
`Private
`
`Private
`
`7.8
`
`Private
`
`Private
`
`58.5
`
`Private
`
`28.5
`
`20.0
`
`18.0
`
`Private
`
`33.44‘
`
`Private
`
`1 ()0. 0
`
`Private
`
`Private
`
`Private
`
`Private
`
`90.?
`
`Cash
`
`Cash
`
`Combo
`
`Ca 5 it
`
`2.0::
`
`2.3!
`
`Cash
`
`4.83:
`
`5.3):
`
`D2-dun-2005
`
`StFlt Technology Holdings, Inc.
`
`Motorola. Inc. {GPS Chip Business)
`
`Manutactures GPS Chips
`
`Autodesit. Inc.
`
`c—pLan AG
`
`Provides geographic information
`
`uLocate Communications. Inc.
`
`GEOenappar.oorn. Inc.
`
`Provider of location-tagged photography software
`
`Keyhole. inc.
`
`Horizons. inc.
`
`Geographic Data Technology. Inc.
`
`Skyline Software Systems Inc
`
`Develops digital mapping software for the Internet
`
`Provides surveying sarvioas
`Develops rnap databases that provide the foundation for
`location—b-ased applications
`Develops network-based 3D Earth visualization soltware and
`services
`
`03-May-2005
`
`D9-Feb-2005
`
`2?—Oct-2004
`
`Google. Inc.
`
`OB-Sap-2004
`
`Eertttlilote. Inc.
`
`2?‘-Apr—2004
`
`21-Aug-2003
`
`Teie Atlas NV
`
`PlenetGov Inc
`
`15-Aprv20D3
`
`Intergraph Corporation
`
`Terra Map Server Gmbtl
`
`Serves as a central geo—data and application services portal
`
`14-Apr~2003
`
`03-Mar-2003
`
`22-Oct‘2002
`
`Earti1Data, Inc.
`
`Globexplorer
`
`Mlcrosott Corp.
`
`ISTAFI SA (Americas division)
`
`Eastman Kodak (Cilipixt
`
`Vicinity Corp.
`
`Provides digital mapping services
`Provides online database of aerials which cover 65
`metropolitan areas in the US
`Provides Web-based location services and business
`intelligence
`
`Source: Factset Mergerstat. The 451 Group
`‘ CEUT Investment Bankin estimate
`
`13
`
`

`
`3DVU | Market Activity in the GIS I GPS sector
`
`Public Comparables -— Trading Metrics
`
`
`.
`
`10!2&iD5
`
`of 52
`
`Equity
`
`Enterprise
`Value
`
`EntervrisevaiuemMulrivleoffi-ates
`
`Adobe Systems inc.
`
`Trimble Navigation Ltd.
`iniergraph Corp.
`SiHF Technology Holdings Inc.
`
`intermap Technologies Corp.
`
`5
`
`ADBE
`ADSK
`GHMN
`TOM2
`NUT
`TFIMB
`INGR
`SIFIF
`TAB
`MAPS
`ORBM
`|MF'_TO
`
`32 . 31
`43.95
`5? .1 1
`36.3?
`38.99
`28.?8
`-1?.?6
`25.06
`23.19
`12.20
`I 1.00
`4.23
`
`94%
`93%
`81%
`75°}:
`113°;-'0
`55%
`100%
`30%
`73%
`59%
`49%
`69%
`
`S
`
`15308.3
`10.1940
`6,036.6
`3385.?
`3.5?5.‘.i'
`1 . 5-|1-8 . 5
`1 .326 . 8
`1 210.4
`1.0261}
`247.0
`210. 1
`90.4
`
`5
`
`1 3 . 81 5.5
`Q.6?2.5
`5343.9
`3.5922
`3.4'.i'4.3
`1 .461 .9
`1 .0420
`1 . 1 08.9
`9?3.2
`194.5
`332.5
`35.?
`
`3.3 3:
`7.3 1:
`'.’.5 J:
`18.? x
`8.8 x
`2.2x
`1.9x
`9.4 3:
`7.6 >:
`1.5 3:
`10.? x
`4.1 x
`
`6.9x
`6.5 x
`5.? I:
`NA
`?'.0 1:
`1.9 x
`1.3):
`6.9::
`NA
`1.3 3:
`NA
`4.2 ::
`
`°"°‘”“5 °"°-SEEP?» CVWEEPS
`
`6.1 I
`5.? I
`4.8 1:
`NA
`5.9::
`1.? x
`1.'.r'x
`4.9 t:
`NA
`1.2 3:
`NA
`3.3::
`
`35.6 x
`49.0 1:
`30.3 1:
`2.3 3:
`66.3 x
`23.4 x
`10.9 X
`39.4 3:
`NM
`42.6 1:
`NM
`NM
`
`28.4 It
`36.21:
`21.8:
`NA
`382::
`20.8):
`39.? >:
`41.1 :4
`NA
`24.9x
`NA
`NM
`
`25.9):
`30.83:
`19.5):
`NA
`32.2 x
`1?.5 X
`32.0 1:
`32.6):
`NA
`20.0 K
`NA
`159.4 J:
`
`3.1 3:
`20.1 x
`5.? x
`19.9):
`9.1 ):
`5.? >:
`3.7 1:
`12 x
`26.6):
`3.0):
`NM
`5.0 x
`
`
`
`Sources: Capilal IO. Faclsel. and company filings.
`NM indicates not meaningiui. and NA indicates not available.
`Mullipies graaterihan 300 or less Ihan zero are considered NM.
`Enterprise value is delined as Ihe sum of market capitalization. total debt. 1o1aI
`preferred equity. and minorily interest lass cash and sho1'i—tem1 invesIments_
`
`
`
`14
`
`

`
`I Market Activity in the GIS I GPS Sector
`
`Public Comparables — Operating Metrics
`
`
`ompanr
`
`Adobe Systems Inc.
`
`3
`
`TnITI|:IIe Navigation Lld.
`
`SiHF Technology Hnldlrigs Inc.
`
`Intarmap Technulogies Corp.
`
`1.294.?
`951.6
`573.0
`39.1
`2112.6
`540.51
`525.0
`713.1
`36.5
`114.0
`9.2
`413.6
`
`5
`
`I,66B.6
`1.2319
`T635
`192.4
`392.9
`658.3
`551.1
`1111.4
`127.?
`130.6
`31.0
`21.?
`
`$
`
`1388.1
`1.48931
`1.0093
`NA
`1193.0
`76T.B
`531.5
`160.5
`NA
`153.2
`NA
`21.1
`
`3
`
`2.2?B.0
`1,703.9
`1.200.?
`NA
`535.?
`666.5
`624.4
`226.6
`NA
`158.3
`NA
`26.6
`
`S
`
`20.3"?»
`21.-1‘!-’o
`28.2%
`NA
`29.0%
`17.1%
`5.9%
`45.8%
`NA
`13.9%
`NA
`113.2%}
`
`5
`
`S
`
`0.55
`0.52
`1.64
`3.39
`2.59
`0.7!’?
`0.47
`0.06
`12.32!
`0.09
`1..73
`0.30
`
`0.91
`0.90
`1.89
`15.00
`0.59
`1.26
`11.3?
`0.64
`10.01!
`029
`(3.80)
`(0.331
`
`1.141
`1.21
`2.61
`NA
`1.02
`1.39
`1.20
`0.61
`NA
`0.41.9
`NA
`10.21;
`
`1.25
`1.42
`33.93
`NA
`1.21
`1.55
`1.49
`05'?
`NA
`0.61
`N11
`0.03
`
`31.3%
`39.9%
`21.3%
`NA
`{23.3°-H
`28.9%
`11?'.2°1$
`111.0%
`NR
`37.5%
`NA
`i56.l“.'\'a:
`
`96.1%
`37.3%
`54.6%
`44.493
`b4'|.'i’%
`I19.9".*1:
`50.4%
`56.0%
`1 16.5%
`?0.5‘N:
`0.9%
`48.6%
`
`36.2%
`2-|1.0".rl-.1
`35.5%
`24.0%
`26.5%
`15.5%
`5.5%
`15.0%
`141.3%}
`9.1%
`(36.3%)
`(62.1%!
`
`S
`
`29.7".-in
`21.0%
`27.1%
`111.0%
`33.8%
`10.11%
`17.4%
`26.101:
`[3.2°.«':}
`5.i|'%
`162.6%}
`162.3%}
`
`ash
`
`1.8923
`521.5
`342.7
`196.5
`11319
`317.3
`235.9
`101.5
`56.5
`68.4
`185.11
`2.6
`
`5
`
`-
`'
`-
`-
`-
`0.7
`1.1
`-
`0.1
`16.0
`30?.8
`1.3
`
`5
`
`1,944.?
`507.3
`1,069.3
`169.9
`392.0
`2?'1.9
`353.6
`163.3
`38.6
`82,?
`159.3]
`18.0
`
`
`
`Sources: Capital 10. Faclset. and company filings.
`NM inuicates not meaningiul. and NA indicates not avaiiahie.
`Multiples greater than 300 or tea: than zero are considered NM.
`Enterprise value is defined as the sum el marital capitaiizalion. Iu1aIdeI11, tu1al
`pte1eiied equity. and minorily interesl less cash and S110"-I€|'mlnUES1i'|'IEl'1IS.
`
`
`
`15