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RealD IPOreport with valuation metrics

|Includes: RealD Inc. (RLD)

RealD (NYSE:RLD),prices at $16, above range, sells more shares, raises 33% more than projected
RLD financial analysis & valuation

. Market leader with established worldwide technology for 3D movies for theaters
. Recurring theater revenue model
. Moving into consumer products
. Pure play way of participating in 3D theater & consumer technologies
. Strong patent portfolio
. Relatively small burn rate because only 78 employees

A leading global licensor of 3D technologies. Extensive intellectual property portfolio enables a premium 3D viewing experience in the theater, the home and elsewhere.
. Licenses RealD Cinema Systems to motion picture exhibitors that show 3D motion pictures and alternative 3D content.
. Also provide RealD Format, active and passive eyewear, and display and gaming technologies to consumer electronics manufacturers and content producers and distributors to enable the delivery and viewing of 3D content on high definition televisions, laptops and other displays.
. Cutting-edge 3D technologies have been used for applications such as piloting the Mars Rover, heads-up displays for military jets and robotic medical procedures.

Global market leader in 3D-enabled theater screens
. As of June 1, 2010, RealD Cinema Systems were deployed on 5,966 theater screens in 51 countries, which RealD believes are more 3D screens than all of competitors combined.
. Seventeen of the world's top 18 motion picture exhibitors, including all of the top 10, utilize RealD Cinema Systems in their theaters, including AMC, Cinemark, ODEON Cinemas Holdings Limited, or ODEON, Regal, and Warner Mycal Corporation, or Warner Mycal. Domestic (United States and Canada) . Box office RealD-enabled screens represented over 75% of total domestic 3D box office in 2009.
. As of June 1, 2010, was working with motion picture exhibitor licensees to deploy RealD Cinema Systems on up to approximately 5,100 additional screens under existing agreements with them, and are actively engaged with other motion picture exhibitors regarding potential new license agreements.

. Pioneer in the emerging 3D consumer electronics market
. Have already entered into agreements to provide RealD Format, active and passive eyewear, and display and gaming technologies to leading consumer electronics manufacturers, including Panasonic Corporation, or Panasonic, Samsung Electronics Company Limited, or Samsung, Sony Electronics, Inc., or Sony Electronics, Toshiba Corporation, or Toshiba, and Victor Company of Japan, Limited, or JVC.

. Expertise in polarization control, photonics, optics, liquid crystal physics and digital image processing has allowed RealD to develop new and innovative technologies for the motion picture industry, the emerging 3D consumer electronics market and other markets.
. Working with The Walt Disney Company, or Disney, to release Chicken Little in 3D in 2005, RealD became the first company to commercially enable 3D theater screens using digital projection.
. Patented RealD Cinema Systems deliver superior light output, providing for a high quality, brighter image and enabling display on larger theater screens than most competing technologies.

. Licensees include American Multi-Cinema, Inc., or AMC, Cinemark USA, Inc., or Cinemark, and Regal Cinemas, Inc., or Regal. 
. Deploys RealD Cinema Systems on their own premium-branded large-screen formats.
. RealD Format, active and passive eyewear, and display and gaming technologies provide our consumer electronics licensees the ability to display high quality 3D content that can be delivered through the current cable, satellite and broadcast infrastructure.
. RealD Format is also highly scalable and can meet the future needs of our licensees as the infrastructure for 3D content production, distribution and viewing grows and evolves.

. Brand is well-recognized among licensees and consumers as a result of motion picture studios and exhibitors co-branding with RealD
. Consumers have worn branded RealD eyewear over 200 million times.
. Believes the prominence of RealD’s brand in the motion picture industry will enhance marketing efforts in the 3D consumer electronics market.

Licenses 3D technologies under a scalable business model with recurring revenue from those licenses. As an example, multi-year (typically five years or longer), generally exclusive agreements with motion picture exhibitors generate revenue on a per-admission, periodic fixed-fee or per-motion picture basis at limited incremental direct cost to us.
Although there is a history of net losses, and incurred a net loss of $39.7 million for the year ended March 26, 2010, RealD believes it will continue to increase to grow licensing revenue at a faster rate than operating expenses

. As of March 26, 2010, had over 100 patent families comprising approximately 109 individual issued patents and approximately 218 pending patent applications in approximately 15 jurisdictions worldwide.
. Issued patents are scheduled to expire at various times between February 2010 and December 2027. Of these, seven patents are scheduled to expire in 2010, four patents are scheduled to expire in 2011 and one patent is scheduled to expire in 2012.
. RLD believes the expiration of these patents will not adversely affect the business. Patents are used in the areas of algorithms, autostereo, eyewear, projection, format, direct view, retarder stack filters, polarization switches, eyewear protection, color switching and other areas.
. Currently derives license revenue principally from RealD Cinema Systems. Patents relating to our RealD Cinema Systems generally expire between 2010 and 2027.

. Primary competitors RealD Cinema Systems include Dolby, Xpand, MasterImage, IMAX and others.
. As of December 25, 2009, these competitors had enabled approximately 1,960, 1,560, 500, 150 and 150 worldwide theater screens, respectively, as compared to 4,286 RealD-enabled worldwide theater screens.

As of March 26, 2010, had 74 employees located in the United States, United Kingdom, Japan and Canada
. 38 are scientists engaged in research and development, and 36 are in sales and general and administrative functions.

Of $75mm from sale of 6mm shares, shareholders intend to sell 4.75mm shares
. Repay $25.1 million of debt
. Remainder for general corporate purposes, including investments in technology.

RLD financial analysis & valuation