Rambus on the short term - down?

Royalties accounted for 85% of income for the first six months of '05 for a total of $67.606M.

Of this, approximately 74% is received from the top five licensees or $50M +/-.

Intel ($10M +?) - last $10M payment 2Q '06
Elpida ($5M +?)
NEC ($5M +?) - signed license 2Q '05, first payment to be received Q3 '05
Toshiba ($5M +?)
? > $5M.
____________
Total $50M

Royalties come from six categories:

1) SDRAM & DDR-compatible patent licenses

SDRAM / DDR SDRAM Controllers
Renesas Technology Corporation
Hitachi, Ltd.
Mitsubishi Electric Corporation
Matsushita Electronics Corporation
NEC Corporation
Oki Electric Industry Co., Ltd.
Samsung Electronics Co.,
Ltd.Toshiba Corporation

SDRAM / DDR SDRAM
Elpida Memory, Inc.
Infineon Technologies AG
Mitsubishi Electric Corporation
Oki Electric Industry Co., Ltd.
Samsung Electronics Co,. Ltd.
Toshiba Corporation

Most of the contracts related to the license of RMBS' patents for SDRAM & DDR-compatible products have expired or will expire in 2005.

Of these . . .

Four contracts expired on March 31, 2005. (? & ?)

One of these was terminated by RMBS prior to expiration - Samsung.

One was renewed - NEC / NECEL. First payment expected to be received Q3 '05.

One contract expired on June 30, 2005, but was subsequently extended for one year by amendment. (?)

One contract is set to expire on September 30, 2005. (?)

Payment and revenue are expected and then recognized in the trailing quarter.

Payment of the quarterly $5.85 Infineon installments are expected to start by November 15, 2005.


2) Patent cross-license with Intel

The cross-license agreement expires in September 2006. The final $10M payment of the cross-license agreement is expected in 2Q '06. Rambus has other licenses with with Intel, in addition to the cross-license agreement, for the the development of serial link interfaces.


3) XDR & FlexIO licenses

XDR™ Memory Controllers
Sony Corporation
Sony Computer Entertainment Inc.
Toshiba Corporation

FlexIO™ Processor Bus
Sony Corporation
Sony Computer Entertainment Inc.
Toshiba Corporation

XDR™ Memory
Elpida Memory, Inc.
Infineon Technologies AG
Samsung Electronics Co., Ltd.
Toshiba Corporation


4) DDR2 &/or other memory types



5) RaSer licenses -Serial Links
Acer Labs Corporatione
Silicon Corporation
IMC Semiconductor
Intel Corporation
Open-Silicon
NEC Electronics Corporation
PLX Technologies, Inc.
S3 Graphics, Inc.
ST Microelectronics NV
Transwitch Corporation
Toshiba Corporation


6) RDRAM licenses
RDRAM® Memory Controllers
Agilent Technologies
IBM Corporation
Matsushita Electronics Corporation
NEC Corporation
Silicon Integrated Systems Corporation
Sony Corporation
Switchcore AB
Teradiant Networks, Inc.
Toshiba Corporation
Vitesse Semiconductor Corporation

RDRAM® Memory
Elpida Memory, Inc.
Hynix Semiconductor Inc.
Infineon Technologies AG
Micron Technology, Ltd.
Samsung Electronics Co., Ltd.
Toshiba Corporation
Winbond Electronics Corporation


Changes from Q2 forward?*

Q3 '05
+ $8.7M +/- gain on repurchase of notes
- $?M - 2 licenses that expired 3/31/05


Q4 '05
+ $5.85M - Infineon
+ $? - NECEL renewed license
- $? - 2 licenses that expired 3/31/05


Q1 '06
+ $5.85M - Infineon
+ $? - NECEL renewed licesne
- $? - Expiration of 9/30/05 license
- $? - 2 licenses that expired 3/31/05


Q2 '06
+ $5.85M - Infineon
+ $? - NECEL renewed license
- $? - Expiration of 9/30/05 license
- $? - 2 licenses that expired 3/31/05


Q3 '06
+ $5.85M - Infineon
+ $? - NECEL renewed license
- $10M - Intel
- $? - Expiration of 9/30/05 license
- $? - 2 licenses that expired 3/31/05


Q4 '06
+ $5.85M - Infineon
+ $? - NECEL renewed license
- $10M - Intel
- $? - Expiration of 9/30/05 license
- $? - 2 licenses that expired 3/31/05

*Assumptions:
1) Samsung withheld any payment due Rambus once litigation commenced.
2) Last payment was received for licenses expiring March 31, 2005, within 60 days and reported in Q2 '05.

Events that could impact earnings before close of Q4 '06:
1) Early renewal of Intel cross-license agreement.
2) Settlement of any litigation prior to end of '06.
3) Victory in court that is not appealed prior to end of '06.
4) FTC ruling in favor of RMBS prior to end of '06 thus "inspiring" settlements.
5) PSIII arrives before Q3 '06.
6) New license agreements for non-litigated IP.
7) Expired license agreements extended, revised or renewed.