ATOMOS LIMITED — Investor Presentation 2019

Jun 30, 2019

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Investor Presentation

June 2019

Atomos unlockscreativity and profit for video content creators Advanced technology allows faster, higher quality, more flexible productions

Contents About Atomos 3 Financial Highlights 9 Outlook & Strategy 12 Capital Raising 18 Appendices 20

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“Our VISION is to invent and deliver ground breaking products and disruptive technologies that enhance, simplify and ultimately democratise video content creation”

Atomos unlocks the creative and commercial potential of digital cameras

Despite the advanced technology of modern digital cameras, users are limited by:

• Heavily compressed recorded data

• Not designed for computerworkflows

• Short record times

• Expensive media

• Small lower resolution monitors

• Complex menus and buttons

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Lower
quality
monitor
Complex
menus
Short
record
Expensive
times
media
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© Atomos 2019. | Investor Presentation

Atomos devices take images directly from the camera’s sensor, then enhance, record and distribute them for content creation

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© Atomos 2019. | Investor Presentation

Content Creation Workflow

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CAPTURE PROCESS & ENHANCE
From the sensor of Atomos products enhance content creation,
all major camera manufacturers quality and creativity
Atomos’ devices are
compatible with all levels
of content creation
& equipment
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FINISH & DELIVERY
Edit, Colour Grade, Titles,
Graphics Finish in Post
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© Atomos 2019. | Investor Presentation

Target Markets – Current & Future

Atomos’ growing product portfolio will address a US$10B camera equipment market[1]

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Content
Social Pro Video Entertainment
Creation
Camera
Equipment Phone & PhotoCameras Pro Video Cameras Broadcast, TV & Cinema
SHINOBI
NINJA
Atomos
Products SHOGUN
SUMO
NEON
NEW MARKETS NEW MARKETS
Social Entertainment
Future
Markets
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Expansion into growing Social & Entertainment video content markets

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© Atomos 2019. | Investor Presentation

1 CIPA Report, 2017

Rapidly Growing Markets

Social Content

Accessibility of new social media platform allows individuals to produce, share & monetise their content

• New Technology is allowing Everybody to create quality video content

• Growing advert driven video capable platforms allow instant mass sharing of video

• Content creators have platforms to build significant followings & monetise their content

• DanTDM (YouTube) – US$16.5m earnings in FY17

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1 Boston Consulting Group, “The Future of Television”, 20 September 2016

Pro Video Content

Market wide increase in video-focused corporate marketing, advertising, event and content creation

• US$135B[1] 2017 spend on US digital video marketing

• Advertisers and publishers now ‘pivoting to video’ for brand exposure and marketing

• ~$20k ave. estimated spend in 2017 by US businesses on video marketing[1]

• Redefined Video Marketing

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• Create great, exciting content that audiences actively seek (Stratos Jump)

• – Redbull use Atomos products

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• 1 Magisto Report, Oct 2017 – The Modern Marketing Dilemma and the State of Business Video 2 Juniper Research, Future Digital Advertising AI, Ad Fraud & Ad Blocking

Entertainment Content

Increased original content by new online streaming platforms is driving demand for enhanced content

• Growth of on demand streaming has driven investment in original content

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• Netflix, Amazon and Apple are expected to grow their combined spend for original content from US$5B in 2017 to >US$23B in 2022[1]

• Massive growth in production of scripted TV Shows[2]

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• 1 Loup Ventures - Research, Gene Munster, Nov 21 2017

• 2 FX Network Research – Adweek.com article “There’s No Stopping Peak TV…”

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© Atomos 2019. | Investor Presentation

– Redshark News on new Shinobi monitor

Atomos – A financial snapshot

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Revenue ($m) [1]
$40.0m
35.6
$35.0m
31.1
30.5
$30.0m 27.5
17.2
$25.0m 16.7 2H
2H
$20.0m
24.2
$15.0m 1H
18.4
$10.0m 14.4 1H
1H
$5.0m
$0.0m
FY15 FY16 FY17 FY18 FY19
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EBITDA (Post R&D) ($m)[1]

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5.7
$6.0m
$4.0m
0.7
$2.0m
1H
0.2
$0.0m
FY15 FY16 FY17 FY18 FY19
($2.0m)
($4.0m)
(4.6) (4.5)
($6.0m)
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1H’19 Revenue by Region
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Asia
21%
US
EMEA 53%
26%
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FY18 Revenue Breakdown ($m)
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$5.4m
4K Monitor Recorders -
Portable
Production / Studio
$7.8m $22.5m
Broadcast, Pro AV,
Accessories & Other
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© Atomos 2019. | Investor Presentation

1 FY15, 1H’17, 2H’17, 1H’18 & 2H’18 Unaudited

Pro Forma FY18 Income Statement & FY19 Prospectus Guidance

			FY19 Forecast 42.2 (22.4) 19.9 47.1% 0.2 (1.6) (7.6) (3.3) (3.2) (15.5) 4.4 (4.1) 0.3
	Pro Forma(30 June Y/E)1 (A$m)	FY18	FY19
		Actual	Forecast
	Revenue 35.6 COGS (18.3)		42.2 (22.4)
	Gross Profit	17.3	19.9
	Gross Margin 48.5% Other Income 0.3 Freight (1.2) Wages & Salaries (6.5) Marketing (2.3) General & Administration (3.6) Operating Expenses (13.3) EBITDA (pre R&D) 4.0 R&D Expenses (3.8) EBITDA 0.2		47.1% 0.2 (1.6) (7.6) (3.3) (3.2)
			(15.5)
			4.4
			(4.1)
			0.3

22 May 2019: AMS issued upgraded FY19 Guidance:

• FY19 revenue now anticipated to be in excess of $50.0m (FY18: $35.6m), compared to Prospectus forecast of $42.2m

• Second half FY19 Pro Forma EBITDA anticipated to be ahead of expectations and broadly in line with the first half Pro Forma EBITDA of $0.7m.

This compares to the Prospectus forecast of $0.3m for the full year (FY18: $0.2m)

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© Atomos 2019. | Investor Presentation

1 For FY18 Pro Forma to Statutory reconciliation, refer to the Prospectus released to the ASX on 27 December 2018

• Videomaker.com on SUMO19

Outlook - Achievements Post End 1H’19 + Full Year FY19

Achievements post end 1H’19

• Finalised license agreement with RED.com LLC

• Released new products:

• 2 versions of 5” Shinobi monitor-only device

• AtomX SDI module

• Shogun VII (7” monitor recorder)

Full Year FY19 Outlook

22 May 2019: AMS issued upgraded FY19 Guidance:

  - FY19 revenue now anticipated to be in excess of $50.0m (FY18: $35.6m), compared to Prospectus forecast of $42.2m

  - Second half FY19 Pro Forma EBITDA anticipated to be ahead of expectations and broadly in line with the first half Pro Forma EBITDA of $0.7m. This compares to the Prospectus forecast of $0.3m for the full year (FY18: $0.2m)

• Neon series of HDR cinema-monitor recorders & Apple ProRes RAW 8K recording capability

• Won multiple awards including the prestigious Red Dot Design Award for Ninja V

• Announced license agreement with Dolby Vision and collaboration with Pond5 (world’s largest video marketplace)

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© Atomos 2019. | Investor Presentation

Outlook – Growth Initiatives for 2H’19 and beyond

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Growth Drivers Description Progress
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Growth Drivers Description	Progress
Growing Product Portfolio • Leverage tech portfolio to continue to develop new future products catering to Atomos’ market segments	✓Released flagship 5” Ninja V recorder/monitor ✓Released 2 versions of Shinobi 5” monitor only ✓Released AtomX SDI module ✓Announced Shogun VII (7” monitor recorder) ✓Launch of Neon series of HDR cinema monitor- recorders & Apple ProRes RAW 8K recording capability ✓Released 2 new products targeting the growing ‘Social’ segment with strong market acceptance ✓Released Neon series targeted at the high-end ‘Entertainment’ growth market ✓Announced ProRes Raw recording on Ninja V and bundled offering with Nikon camera ✓Licence agreement entered into with RED ✓Announced license agreement with Dolby Vision and collaboration with Pond5 (world’s largest video marketplace) ✓Hired two former Apple Final Cut Pro X software engineers ✓Announced two new Board members, Stephen Stanley & Bradley Whitcomb
Expand into New Adjacent Growth Segments • Expand further into adjacent high growth market segments (leveraging existing sales channels) - Social & Entertainment
Evolve Strategic Relationships • Continued relationships / partnerships with global camera makers and software video editing providers
Continue to Seek exceptional Management & Talent • Seek out exceptional talent globally to enable continued development of leading content creation products

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© Atomos 2019. | Investor Presentation

Growing the Atomos Ecosystem…

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© Atomos 2019. | Investor Presentation

Vision Statement

• “Our Vision is to invent and deliver ground breaking and disruptive technologies that enhance, simplify and ultimately democratise video content creation”

To achieve our vision we focus on:

1. Controlling and optimising processing, storage and display of raw video images from cameras to our monitor recorder devices to enhance story telling;

2. Improving the content creator’s range of tools from any camera by increasing record time, quality, resolution, frame rate and decreasing complexity and cost of equipment;

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1. Delivering cohesive integrated solutions through strategic relationships with leaders in the imaging and computer industries to enhance end to end video content creation.

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© Atomos 2019. | Investor Presentation

Investment Highlights

Leading technology & recognised brand

• Invested heavily in technology development resulting in significant proprietary processes, systems & ‘trade secrets’

• Recognised brand equity and proven track record improving the video content creation process and workflow

Extensive growth prospects

• Developed platform and ability to leverage future products without major investment

• Plans to expand further into adjacent high growth market segments including social and entertainment content markets

Significant market opportunity

• Demand for video content continues to grow globally, coupled with the accessibility and expectation for high quality video production

• Annual spend on original TV content from Netflix, Amazon and Apple forecast to grow to US$23b in 2022

Strong financial performance

• Strong 1H’19 results: $24.2m revenue and $0.7m EBITDA

• FY19 revenue now anticipated to be in excess of $50.0m (FY18: $35.6m), compared to Prospectus forecast of $42.2m

Strategic relationships

• Global license agreement with Apple to record ProRes & ProRes RAW formats

• Relationships with global camera manufacturers and major software video editing providers

• Development agreement with JVC Kenwood, a global electronics manufacturer

Strong sales network & global operations

• Trusted network of electronic equipment distributors globally who sell to resellers & retailers

• Approximately 84 employees across 10 offices in 7 countries, each servicing a key part of the global market

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© Atomos 2019. | Investor Presentation

“This is how you can supercharge any camera… You definitely want to check out the Ninja V. I was thoroughly impressed and I’m definitely going to be using this a lot more from now on.” – YouTube star Matti Haapoja on Ninja V

Capital Raising - Placement

Details

• Placement • Placement offer to raise approximately $7.5 million via the issue of approximately 7.5 million fully paid ordinary shares (‘Placement’)

• The Placement is within the Company’s existing placement capacity under ASX Listing Rule 7.1

• Issue price of $1.00 per share, representing:

  • 7.5% discount to the previous 5-day VWAP ($1.081)

  • 5.9% discount to the previous 10-day VWAP ($1.063)

  • 7.7% discount to the previous 15-day VWAP ($1.084)

• Secondary • Concurrent with the Placement, various sellers (non directors or Sell Down management) will offer up to approximately 30 million existing fully paid ordinary shares to investors via a secondary offering (Secondary Offering). The shares offered under the Secondary Offering will be sold at the same price as the Placement.

• Use of The Placement funds are expected to be used as follows: Funds • To strengthen the Company’s balance sheet as it continues to pursue opportunities for market development and accelerate growth

• • Capital raising costs

Timetable

Thursday, 27 June 2019 – Trading halt Friday, 28 June 2019 Company announces capital raising Monday, 1 July 2019 details Settlement of Placement & Thursday, 4 July 2019 Secondary Offering Allotment of Securities under the Friday, 5 July 2019 Institutional Placement Quotation of Securities under the Friday, 5 July 2019 Institutional Placement Note: times and dates above are based on AEST (Sydney, Australia). The above timetable is indicative only and may change without notice.

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© Atomos 2019. | Investor Presentation

Appendices

Product Suite

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4K Monitor Recorders Production / Studio Broadcast & Accessories
Shogun Studio + Converters +
NINJA + SHINOBI Range SHOGUN Range SUMO Range NEON Range
Accessories
• Ninja HDMI only – includes • HDMI & Quad SDI inputs • Larger format 19” monitor • HDR cinema monitor-recorder Shogun Studio
AtomX adaptor range • Broad market application due recorder range for on-set and in-studio • Rack mount 4K monitor
• Broad market application due to portability – targeting studio usage usage recorder solution
to portability • 7” high brightness screen • Quad SDI & HDMI in/out • Capable of 8K ProRes RAW • Dual 7” screens with
• Both 5” and 7” screen options • Record ProRes, DNxHR at • Record ProRes/ProRes RAW, recording by upgrading with Neon 8K Master Control Unit touchscreen interface
• Record ProRes®, DNxHR at 60p DNxHR, among others • Four screen size options – 17”, Converters
60p frame rates frame rates 24”, 31” and 55” • Range of 4K converters
• AtomHDR monitoring • ProRes RAW capability • Bluetooth controlled by using • SDI to HDMI or vice versa
• Includes recently released 5” • AtomHDR monitoring either Atomos iOS App or a Accessories
Shinobi monitor only physical remote control
• Shinobi available in both • Cables, Caddies & Adaptors
HDMI & SDI capability
Social / Pro-Video Segment P ro-Video / Entertainment Pro-Video / Entertainment Entertainment Various
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© Atomos 2019. | Investor Presentation

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We have worked hard to ensure our Brand Strength matches our Product Strength

Key Terms Explained

“ 4k60p ”

Refers to: Resolution / Frame Rates

• Resolution refers to the number of pixels displayed within each frame - simplistically, greater pixels (higher resolution) results in a sharper, clearer and more detailed image (video)

Standard Resolution (W x H)	Standard Resolution (W x H)
Standard Definition (SD)	720 x 480
Full High Definition (HD)	1920 x 1080
4K (UHD)	3840 x 2160
8K	7680 x 4320

• 4K contains 8 million pixels compared to 2 million pixels for Full HD

• The ‘p’ stands for progressive scanning and is increasingly become the standard over ‘i’ (or interlaced) which was popular in the early TV era

• Frame Rates refers to the frequency (no. of frames) that an image is recorded per second - the higher the frame rate the smoother the video appears

• There is a often a trade off between resolution & frame rate depending on application, setting, budget and editing software

Frame rates p/s (fps) Usage	Frame rates p/s (fps) Usage
24 / 30	Standard for home movies
60	Suited for faster paced video, e.g. sports
240	Slow motion video

“ ProRes recording”

Refers to: Recording Format

• Recording Format or “Codec” refers to how a video is captured & recorded by the camera or recording device

• The codec (abbreviation for Coder/Decoder) describes the type of compression used to record a video - the codec encodes a video stream thereby making the video file smaller & easier to manage/transport to editing software

• The editing software (assuming the codec is supported) is then able to decode (unpack) the video file based on the rules set by that codec, providing the user access to all the video information during post production (editing)

• For professionals some of the main codec’s include: − ProRes or ProRes RAW → Apple

• DNxHR → Avid

• CinemaDNG → Adobe

• For simplicity, we are only referring to codec’s typically used by video professionals – that is users who require video to be edited via an editing suite in post production

• For ‘amateur’ video requiring only minimal editing with the aim of uploading to a video streaming site other codec’s may be more applicable (e.g. H.264)

• RAW refers to uncompressed video footage taken directly from a camera's sensor. Although it provides the highest level of colour and image detail, it requires huge data capability and therefore is impractical for most users

“ 1,500 Nits brightness & HDR”

Refers to: Screen Brightness (Nits) / HDR

• Nits refers to a measurement of light that a screen sends to your eyes (luminance) within a given area – the greater Nits the more light output the screen can display

Tabled below are few examples for comparison:

Device Nits	Device Nits
iPhone X	625
Galaxy Note 8	1,200
Shogun Inferno	1,500
Samsung QLED Q9F TV	Up to 1,800

• HDR (High Dynamic Range) refers to the brightness range of an image and aims to present a similar range of colour and brightness to that experienced by the human eye

• In HDR video each pixel can capture a much wider and more granular range of light (whites appear whiter and darks appear darker)

• Atomos invented the ability to view (on an in-field monitor) what HDR video will look like once it has been through post-production

• Prior to Atomos, the only way to ‘approximate’ HDR while shooting in the field was to apply a LUT (colour style filter) to the video image

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© Atomos 2019. | Investor Presentation

Disclaimer

The information contained in this document (“Document”) has been prepared by Atomos Limited ACN 139 730 500 (referred to as “Atomos” or “Company”). This Document is current as at the date of this Document and should be read in conjunction with other Atomos periodic and continuous disclosure announcements filed with the Australian Securities Exchange (ASX), available at www.asx.com.au.

The information in this Document is not intended to form the basis of any investment decision in relation to the Company or its assets and should not be considered as a recommendation to the Recipient to acquire securities in the Company. This Document is not a prospectus, profile statement or disclosure document and does not constitute an offer or invitation to acquire securities or otherwise invest in the Company, and no agreement to subscribe for securities will be entered into on the basis of this Document.

No representation or warranty, expressed or implied, is or will be made, and no responsibility or liability is or will be accepted by the Company, any of their respective officers, servants, agents or advisers (collectively “Limited Parties”) as to or in relation to the accuracy, reasonableness, completeness or reliability of the information in this Document or any other written or oral information made available to any Recipients or their advisers. Any liability therefore is hereby expressly disclaimed. In particular, no representation or warranty is given as to the achievability or reasonableness of any future projections, management estimates or plans, prospects, returns or forecasts.

To the fullest extent permitted by law, the Limited Parties will not have any responsibility or liability for any loss or damage (whether foreseeable or not), however arising (including as a result of negligence), in relation to or in connection with the provision of this Document, the Recipient’s or any other person’s purported reliance on this Document, the failure to provide information of which any of the Limited Parties becomes aware or any errors in or omissions from this Document.

None of the Limited Parties makes or gives any representation, warranty or guarantee, express or implied, that the information in this Document is accurate, current, reliable or complete, has been or will be audited or independently verified, or that reasonable care has been taken in compiling, preparing or furnishing it. Various statements in this Document constitute statements relating to intentions, future acts and events including forecast financial information (“Forward Looking Statements”). Forward Looking Statements involve subjective judgment and analysis, known and unknown risks, uncertainties and other important factors that may cause those future acts, events and circumstances to differ from the way or manner in which they are expressly or impliedly portrayed herein. The Limited Parties do not make or give any representation, warranty or guarantee, express or implied, that any Forward Looking Statements will be achieved or proven correct, or that any assumptions or projections on which the Forward Looking Statements are based are reasonable. No historical financial information, forecast financial information, estimates or projections contained in this Document or any other financial information derived from that information, can be relied upon as a promise or representation, as to the past, present or the future. Past performance is not necessarily a guide to future likelihood of achievement or reasonableness of any Forward Looking Statement, forecast financial information or other forecast.

The Limited Parties do not undertake any obligation to (and expressly disclaim any obligation to) provide the Recipients with access to any additional information or to correct any inaccuracies herein which may become apparent or to disseminate any updates or revisions to any Forward Looking Statements in this Document to reflect any change in expectations in relation to any such statements or any change in events, conditions or circumstances on which any such statement is based.

This document also contains statistics, data and other information relating to markets, market sizes, market shares, market positions and other industry data pertaining to the Company's business and markets. Such information is generally based on independent market and industry data or research. The Company has not independently verified, and cannot give any assurances as to the accuracy and completeness of the information sourced from market and industry data or research contained herein. Accordingly, the accuracy and completeness of such information is not guaranteed. There is no assurance that any of the forecasts or projections contained in the independent market and industry data or research will be achieved. Forecasts and projections involve risks and uncertainties and are subject to change based on various factors. You should note that market data and statistics are inherently predictive and subject to uncertainty and not necessarily reflective of actual market conditions.

Neither the receipt of this Document by any person nor any information contained in it or supplied with it or subsequently communicated to any person in connection with a proposed investment in the Company constitutes, or is to be taken as constituting, the giving of investment or financial product advice (or any other advice) to any such person. Each such person should make their own independent assessment of the merits or otherwise of investing in the Company and should seek their own professional advice in respect of any future investment opportunity and not act on the basis of any matter contained in this Document. In providing this Document, the Company has not considered the objectives, financial position, taxation situation or other needs of any particular Recipient.

The distribution of this document in jurisdictions outside Australia may be restricted by law. Persons who come into possession of this document who are not in Australia, should seek advice on and observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable securities laws. In particular, this document does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States.

Non-IFRS financial measures

Recipients should note that certain financial data included in this Document is not recognised under the AAS, and is classified as ‘non-IFRS financial information’ under Regulatory Guide 230 ‘Disclosing non-IFRS financial information’ published by ASIC. The Company believes that this non-IFRS financial information provides useful information to users in measuring the financial performance and condition of Atomos. The non-IFRS financial measures do not have standardised meanings under AAS, and therefore may not be comparable with similarly titled measures presented by other entities, nor should these be interpreted as an alternative to other financial measures determined in accordance with AAS. Investors are cautioned not to place undue reliance on any non-IFRS financial information, ratios and metrics included in this Document.

Non-IFRS information descriptors:

• EBITDA (before R&D expenditure) is earnings before research and development expenditure, interest, taxation, depreciation, amortisation and impairment charges;

• EBITDA is earnings before interest, taxation, depreciation, amortisation and impairment charges;

• EBIT is earnings before interest, taxation and impairment charges;

• Working capital is defined by the Company as trade and other receivables, inventory and other current assets less trade and other payables and other current liabilities;

• Net cash flows from operations: the operating cash flows generated by the Company calculated as EBITDA excluding non-cash items and allowing for changes in working capital; and

• Net cash flows before financing activities: being net cash flows from operations less capital expenditure and other investing expenditure.

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© Atomos 2019. | Investor Presentation

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© Atomos 2019. | Investor Update