AI-MEDIA TECHNOLOGIES LIMITED — Capital/Financing Update 2021

May 18, 2021

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NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION OR RELEASE IN THE UNITED STATES

19 May 2021 ASX Announcement

Results of Retail Entitlement Offer

Access Innovation Holdings Limited (ACN 122 058 708) ( Company or Ai-Media ) is pleased to announce the results of the retail entitlement component ( Retail Entitlement Offer ) of its 1 for 5.79 fully underwritten pro rata accelerated renounceable entitlement offer to raise gross process of $20.0 million ( Entitlement Offer ).

Completion of the Retail Entitlement Offer represents the final stage of Ai-Media’s $40.0 million capital raising announced on 28 April 2021 ( Capital Raising ). The placement and the institutional component of the Entitlement Offer completed on Monday, 10 May 2021. The proceeds raised under the Capital Raising will be used to pay the consideration owing for the acquisition of EEG Enterprises, Inc and associated transaction costs and to fund future growth initiatives.

Retail Entitlement Offer

The Retail Entitlement Offer closed at 5:00pm on Friday, 14 May 2021 (Sydney time). Eligible retail shareholders subscribed for approximately 1.93 million new Ai-Media shares ( New Shares ), raising approximately $1.55 million. This represents a participation rate of retail entitlements of approximately 31%.

Under the Retail Entitlement Offer, eligible retail shareholders were able to deal with their allocated entitlements ( Retail Entitlements ) in the following ways:

• take up all or part of their Retail Entitlements; and

• allow any Retail Entitlements not taken up be offered for sale through the retail shortfall bookbuild process ( Retail Shortfall Bookbuild ).

Retail Shortfall Bookbuild

Approximately 4.37 million Retail Entitlements not taken up by eligible retail shareholders (which includes the entitlements of certain ineligible retail shareholders) will be offered for sale for the benefit of those shareholders in the Retail Shortfall Bookbuild. Any retail premium, being the excess (if any) of the price at which each Retail Entitlement is sold through the Retail Shortfall Bookbuild over the offer price of $0.80 ( Retail Premium ), net of any applicable withholding tax and expenses, will be paid to those renouncing and ineligible retail shareholders on or about Thursday, 27 May 2021.

Ai-Media advises that the Retail Shortfall Bookbuild will be conducted after market close today, Wednesday, 19 May 2021. The results of the Retail Shortfall Bookbuild will be announced to ASX pre-open on Thursday, 20 May 2021.

Registered Office Level 6, 277 William Street, Melbourne VIC 3000 aihl0001_2000374_128.docx

Corporate Office Level 1, 103 Miller Street, North Sydney NSW 2060

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Issue of New Shares

Key remaining dates in relation to the New Shares to be issued under the Retail Entitlement Offer and the Retail Shortfall Bookbuild are as follows:

Event	Date (2021)
Retail Shortfall Bookbuild	Wednesday, 19 May
Announcement of results of Retail Shortfall Bookbuild	Thursday, 20 May
Settlement of Retail Entitlement Offer and Retail Shortfall Bookbuild	Tuesday, 25 May
Allotment of New Shares issued under the Retail Entitlement Offer and Retail Shortfall Bookbuild	Wednesday, 26 May
New Shares issued under the Retail Entitlement Offer and Retail Shortfall Bookbuild commence trading on ASX	Thursday, 27 May
Retail Premium (if any) provided	Thursday, 27 May

Questions and further information

Further details on the Capital Raising are set out in the Investor Presentation which was released to ASX on Wednesday, 28 April 2021 and the Retail Offer Booklet lodged with ASX on Wednesday, 5 May 2021. The Investor Presentation and the Retail Offer Booklet contain important information including key risks and foreign selling restrictions with respect to the Entitlement Offer.

Bell Potter Securities Limited and Morgans Corporate Limited are acting as Joint Lead Managers and Underwriters to the Capital Raising.

If you have any questions regarding the Retail Entitlement Offer, you should contact the AiMedia Share Registry between 8.30am to 5.00pm, Monday to Friday, AEST on:

• 1300 850 505 (from within Australia); or

• +61 3 9415 4000 (from outside Australia).

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ENDS

For more information, please contact:

Investors:

Sue Sanossian Company Secretary +61 2 8870 7711 investorrelations@ai-media.tv

Media:

Clive Mathieson Cato & Clive +61 411 888 425 clive@catoandclive.com

This ASX announcement was authorised for release by Ai-Media’s Board of Directors

Registered Office Level 6, 277 William Street, Melbourne VIC 3000 aihl0001_2000374_128.docx

Corporate Office Level 1, 103 Miller Street, North Sydney NSW 2060

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About Ai-Media

Founded in Australia in 2003, technology company Ai-Media has become a global leader in the provision of high-quality live and recorded captioning, transcription and translation services. Its technology platform combines artificial intelligence and human expertise to deliver speech-to-text accuracy. The company is the biggest captioning provider in the Australian market, with clients including major free-to-air and pay television networks, and has a growing international footprint, with offices in Australia, the US, UK and Canada. Globally, it provides captioning for around 1 million minutes of live and recorded media content, and online events and web streams, every month. Ai-Media (ASX:AIM) commenced trading on the ASX on 15 September 2020.

For more information on Ai-Media please visit https://www.ai-media.tv/

IMPORTANT NOTICES

This announcement is not financial product or investment advice, a recommendation to acquire securities or accounting, legal or tax advice. It does not constitute an invitation or offer to apply for securities. It has been prepared without taking into account the objectives, financial or tax situation or needs of individuals. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial and tax situation and needs and seek legal and taxation advice appropriate for their jurisdiction. Ai-Media is not licensed to provide financial product advice in respect of an investment in securities.

NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES

This announcement has been prepared for publication in Australia and may not be released or distributed in the United States. This announcement does not constitute an offer, invitation or recommendation to subscribe for or purchase any security or financial product and neither this announcement nor anything attached to this announcement shall form the basis of any contract or commitment. In particular, this announcement does not constitute an offer to sell, or the solicitation of an offer to buy, securities in the United States or any other jurisdiction in which such an offer would be illegal. Any securities described in this announcement have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state or jurisdiction of the United States. Accordingly, the securities may not be offered or sold, directly or indirectly, in the United States or to any person acting for the account or benefit of any person in the United States unless they have been registered under the U.S. Securities Act (which Ai-Media has no obligation to do or procure) or are offered and sold in a transaction exempt from, or not subject to, the registration requirements of the U.S. Securities Act and applicable securities laws of any state or other jurisdiction of the United States.

Registered Office Level 6, 277 William Street, Melbourne VIC 3000 aihl0001_2000374_128.docx

Corporate Office Level 1, 103 Miller Street, North Sydney NSW 2060