AUDINATE GROUP LIMITED — Annual Report 2017

Nov 27, 2017

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Im ortant notice and disclaimer p

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presentation. The non-IFRS information has not been subject to audit or review by Audinate's external auditor. The non-IFRS measures do not have any standard definition under IFRS and may be calculated differently by other companies.

Past performance

Disclaimer

To the maximum extent permitted by law, none Past performance information, including past of the Audinate Group Limited or its share price information, given in this subsidiaries or their directors, employees or presentation is given for illustrative purposes agents accepts any liability, including, without only and should not be relied upon as an limitation, any liability arising out of fault or indication of future performance. negligence, for any loss arising from the use of the information contained in this presentation. Future performance In particular, no representation or warranty, express or implied, is given as to the accuracy, Forward-looking statements, opinions and completeness or correctness, likelihood of estimates provided in this presentation are achievement of reasonableness of any based on assumptions and contingencies which forecasts, prospects, statements or returns are subject to change without notice, as are contained in this presentation. Such forecasts, statements about market and industry trends, prospects, statements or returns are by their which are based on interpretations of current market conditions. nature subject to significant uncertainties and contingencies. Actual future events may vary Financial information from those included in this presentation.

Market share information

All market share information in this presentation Forward-looking statements, opinions and is based on management estimates and estimates provided in this presentation are internally available information, unless based on assumptions and contingencies which otherwise indicated. are subject to change without notice, as are statements about market and industry trends, No offer of securities which are based on interpretations of current market conditions. Nothing in this presentation should be

Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell Audinate securities in any jurisdiction.

Certain financial data included in this presentation is 'non IFRS financial information.' These measures are used internally by management to assess the performance of the business and make decisions on the allocation of resources and are included in this presentation to provide greater understanding of the underlying financial performance of the Group's operations. When reviewing business performance, this non-IFRS information should be used in addition to, and not as a replacement of, measures prepared in accordance with IFRS. Readers are cautioned not to place undue reliance on any non-IFRS financial information and ratios included in this

Summary information

Reliance on third party information

This presentation is for information purposes only is not a recommendation or advice in relation to Audinate or any product or service offered by Audinate or any of its subsidiaries. The information in the presentation is of a general nature only and is not intended to be relied upon as advice to investors or potential investors.

The views expressed in this presentation contain information that has been derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. This presentation should not be relied upon as a recommendation or forecast by Audinate.

Currency

All amounts in this presentation are in Australian dollars unless otherwise stated.

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Stadiums Churches Parliament Education Concerts & Theatre

Conference Casinos Rooms Hotels Transport

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Cruise Ships
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Leading the digital transformation of the AV industry

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Audinate Customers
products (OEM Brands)
Chips
Modules
Cards
Software
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OEM Products

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Benefits of Dante

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Analogue signal distribution

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Rapid product development

Commercially supported, turnkey solution for OEMs, with unsurpassed networking expertise

Plug and play

Auto discovery with one-click routing and stored network configuration

Simplified connection management

Simple, logical user interface, easy to scale, real-time network monitoring

Interoperability

Interoperability between all Dante-enabled devices regardless of the manufacturer

Product ecosystem

Large number of available Dante-enabled devices, interoperability, and support services

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Dante signal distribution
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Audinate Today

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Global business, based in Australia

• Spinout from NICTA (Data61/CSIRO)

• Established international customer base

• Main office in Sydney, offices in the USA, UK, HK

Global leader in audio networking technology

• Used by the market leading AV brands (OEMs)

• 383 OEM brands as customers, with 1,232 Dante-enabled products available

• More than 5x OEM products on the market than any competitor

Attractive financial profile

• High gross margins of 75%, reflecting strong IP position and software/firmware focus

• Revenue growth of 30% CAGR[(USD) ] in FY 2017

Significant market opportunity

• Investing in growth initiatives to drive future revenue

• Market in early stages of penetration, with market opportunity in excess of $400 million

• New product initiatives (software, adapters and video) expected to increase overall market opportunity to over $800 million

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Increasing customer adoption: Pipeline for growth

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Total customers and customers with Dante-enabled products available

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Customers with Dante-enabled products available Total customers 383
346
258
189
170 180 185
153 160
144
120 129
106 109
93
64 73 80
52
44
2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18
Note: per financial year quarter
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• Audinate has grown to 383 OEM customer brands as at 30 September 2017

• 185 OEM brands have announced products in the market

• Number of customers with Dante-enabled products available lags total customers due to OEM product development cycle

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Competitive landscape

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• There are several competing audio networking solution providers; however, Audinate is the clear global market leader

• Dante has over four times the adoption of its closest competitor

Progression of products supporting audio networking solutions[(1)]

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1000
Dante 916
900
(now at 1,232) [2]
800
700
600
500
400
300
Proprietary 221
Cobranet 220
200
Ravenna 139
100
Ethersound 55
AVB 22
0
2013 2014 2015 2016 2017
Dante AVB Cobranet Ethersound Ravenna Proprietary
Number of Products
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• 1) Frost & Sullivan, The Professional AV Market, Independent Market Report, 2017 (original source: RH Consulting, Audio Networking 2017) 2) Audinate

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Product development initiatives

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1. Dante software & applications 2. Adapter products 3. Video products
Provide Software to better manage and Proliferate Dante by enabling connection Use Dante to transport video with audio
maintain Dante-enabled networks of analogue end-points (Add the “V” in “AV”)
• Immediate opportunity with Dante • Single customer product available • Use cases displacing HDMI cables
Domain Manager today with IP networking infrastructure
– Establish a revenue • Develop a family of adapter • Significant market potential of
channel from existing products and solutions approximately A$400 million
Dante end customers
–
Leverage installed base of
Dante products
Strategy
Overview
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New product initiatives expected to significantly expand Audinate’s addressable market

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2017 Statutory Income Statement

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A$('000) Statutory Statutory Year Ended 30 June FY16 $∆ %∆ FY17	• • • • • •
Sales Revenue 11,903 3,160 27% 15,063 COGS (3,062) (740) 24% (3,802)
Gross Profit 8,841 2,420 27% 11,261 Employee related costs (5,885) (1,405) 24% (7,290) Marketing expense (1,639) 36 (2%) (1,603) Administration and other operating expenses (1,382) (202) 15% (1,584) IPO costs - N/A N/A (1,694)
Total operating expenses (8,906) (3,265) 37% (12,171)
EBITDA (65) (845) 1300% (910) Depreciation and amortisation expense (627) (462) 74% (1,089)
EBIT (692) (1,307) 189% (1,999) Net interest income 39 11 28% 50 Conversion of preference shares - N/A N/A (18,548) R&D tax incentive 573 (253) (44%) 320 FXgains &losses 146 (364) (249%) (218)
Other Income 719 (617) (86%) 102
Profit before taxation 66 (20,461) (>1000%) (20,395) Income taxexpense (12) (36) 300% (48)
NPAT 54 (20,497) (>1000%) (20,443)

Revenue growth of 30% in USD, reduced the currency impacts growth rate in AUD to 27%

• Slight improvement in gross margin

One-off IPO costs of $1.7m were in line with forecast

Excluding IPO costs EBITDA is $0.8m (rather than $0.9m loss)

$18.5m non cash charge for conversion of preference shares at IPO

In total $20.2m charge for both items resulting in a net statutory loss of $20.4m

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Strong growth in revenue and units shipped

Revenue (USD$M)

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$12 11.3 100%
90%
$1.6
$10
80%
8.7
70%
$8 $1.3
6.7 60%
6.0
$6 $1.2 50%
$1.2
$9.7 40%
$4
$7.4 30%
$5.5
$4.8 20%
$2
10%
$- 0%
FY14 FY15 FY16 FY17
Chips, Cards, Modules Other Gross Margin
Millions
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• 30% USD revenue growth in FY17

• 4% better than FY17 forecast

• Audinate bills customers & pays COGS in USD

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Dante units shipped Chips Modules and Cards

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200
180.7
180
160
140
121.9
120
100
80 73.1
60
43.1
40
20
0
FY14 FY15 FY16 FY17
Thousands
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• 48% growth in units shipped in FY17

• 5% better than FY17 forecast

• 70% growth in Ultimo, ~ 30% growth in Brooklyn

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2018 Forecast

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AUD $’M
Employment costs (4.2)
Marketing spend (0.8)
System & processes (0.3)
Development capex 2.5
FY18 Pro Forma EBITDA ($1.2m)
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• New initiatives include DDM, Video & Adaptors – more than doubles the current addressable market

• Expenditure relates to FTEs primarily focused on new products, dedicated marketing spend and system & process expenditure to support growth – net of development capex

• New initiatives are largely funded by Core business growth of $2.6m in gross margin

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1Q18 – Appendix 4C

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Cash collections $4.5m

• Cash collections for first quarter were $4.5m compared to $4.4m for the last quarter of 2017. The appreciation of the Australian dollar against the USD had a modest impact on cash receipts. Measured in USD cash, receipts increased more than 7.5% relative to last quarter.

Net operating cash outflow ($1.5m)

• Outgoing cash payments include $0.7m relating to annual staff bonuses and $0.9m for the payment of IPO costs.

• Operating cash payments for product manufacturing and operating costs were more than the forecast set out in the previous Appendix 4C due to additional inventory purchases.

Financing Cashflows

• Financing costs includes the receipt of the balance of funds from the IPO and payments to selling shareholders.

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Summary

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Global market leader

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Dominant position as global leader in audio networking Five times the market adoption of its closest competitor

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Attractive financial profile

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High gross margins supported by strong IP Revenue growth supported by repeat product orders

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Innovative products

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Strong portfolio of intellectual property developed in Australia Significant continued investment in R&D

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Significant market opportunity

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AV market currently in the early stages of transformation to digital networking Audinate is perfectly positioned to capitalise on market growth and increased penetration

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Strong customer base

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Existing customer base includes leading global AV equipment companies Customer base is broad and expanding

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Experienced management team

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Stable executive team with extensive industry experience

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Built Audinate into a sustainable market leadership position

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A endicies pp

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2017 Statutor Income Statement y

A$('000)	Statutory				Statutory
Year Ended 30 June Sales Revenue COGS	FY16 11,903 (3,062)	$∆	3,160 (740)	%∆ 27% 24%	FY17 15,063 (3,802)
Gross Profit	8,841		2,420	27%	11,261
Employee related costs	(5,885)	(1,405)		24%	(7,290)
Marketing expense Administration and other operating expenses	(1,639) (1,382)		36 (202)	(2%) 15%	(1,603) (1,584)
IPO costs	-		N/A	N/A	(1,694)
Total operating expenses	(8,906)	(3,265)		37%	(12,171)
EBITDA	(65)		(845)	1300%	(910)
Depreciation and amortisation expense	(627)		(462)	74%	(1,089)
EBIT	(692)	(1,307)		189%	(1,999)
Net interest income	39		11	28%	50
Conversion of preference shares R&D tax incentive	- 573		N/A (253)	N/A (44%)	(18,548) 320
FXgains & losses Other Income	146 719		(364) (617)	(249%) (86%)	(218) 102
Profit before taxation	66	(20,461)		(>1000%)	(20,395)
Income tax expense	(12)		(36)	300%	(48)
NPAT	54	(20,497)		(>1000%)	(20,443)

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Reconciliation of statutory to pro forma income statements

A$('000)		Forecast	Actual	Actual
Year Ended 30 June	FY16	FY17	FY17
Statutory EBITDA	(64)	(1,224)	(910)
Offer costs	-	1,695	1,694
Listed company costs	(1,203)	(943)	(943)
LTI expense	(258)	(204)	(204)
Pro forma EBITDA	(1,525)	(676)	(363)

A$('000)		Forecast	Actual	Actual
Year Ended 30 June	FY16	FY17	FY17
Statutory NPAT	54	(20,600)	(20,443)
Offer costs		1,695	1,694
Listed company costs	(1,203)	(943)	(943)
LTI expense	(258)	(204)	(204)
Development cost amortisation	(93)	-	-
Interest income	236	234	234
Change in fair value of preference
shares	-	18,596	18,548
Pro forma NPAT	(1,263)	(1,222)	(1,114)

• Adjustments set out in the tables above relate to the following categories A. Items of a non-recurring nature including IPO Offer costs and the change in the fair value of preference shares

• B. Items to reflect the post IPO capital structure and cost base including listed company costs, additional LTI expense, extra interest income from IPO proceeds

• C. Items to reflect the consistent application of accounting policies, specifically for the amortisation of development costs which only commenced with the adoption of IFRS in FY14

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O eratin Costs p g

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Operating costs $ and % revenue

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12 100%
90%
10
80%
70%
8
60%
6 50%
40%
4
30%
20%
2
10%
- 0%
FY14 FY15 FY16 FY17
Employee related costs Marketing expense
Administration & other opex Operating costs % revenue
Millions
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Statutory operating costs

	AUD $'000s	FY14	FY15	FY16	FY17
	Employee related costs	4,311	4,206	5,885	7,290
	Marketing expense	525	1,015	1,639	1,603
	Administration & other opex	875	1,188	1,382	1,584
	Total Operating Costs	5,712	6,409	8,906	10,477

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Headcount
60
40
58
50
20 38 43
0
FY14 FY15 FY16 FY17
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• Audinate has demonstrated leverage in cost base as operating costs as % of revenue continues to decline over time

• Increase in employee related costs includes headcount added to focus on new growth initiatives of Dante Domain Manager and launch of adaptor products

• The expansion of Audinate offices in Sydney and Portland was the main reason for the increase in Administration & other Opex

• Amounts above include research element of R&D expenditure – FY17:$1.3m (FY16: $1.4m)

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2017 Statutor Balance Sheet y

AUD $’000s	30 June 2017
Assets Cash & cash equivalents Receivables	18,694 2,030
Receivable from issue of shares	4,062
Inventory R&D incentive Other current assets	767 902 247
Total current assets	26,702
Property, plant and equipment	365
Intangibles Total non-currentassets	2,001 2,366
Total assets	29,068
Liabilities Payables	2,558
Payable to selling shareholders Income tax payable	7,030 34
Provisions	1,393
Other current liabilities	164
Total current liabilities Provisions	11,179 305
Total non-current liabilities	305
Total liabilities	**11,484 **
Net assets Equity	17,584
Issued capital	63,262
Reserves Retained earnings	302 (45,980)
Total equity	**17,584 **

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• Balance sheet reflect completion of IPO on 30 June 2017 – Cash includes $3m paid to selling shareholders in July

• Receivable from issue of shares was ($4.1m)

  • received in July

• to shareholders was in

• Payable selling ($7.0m) paid July

• Receivables increase reflects strong end of year sales in debtors (current), rise in GST receivable and loan for employee options

• R&D incentive is receivable from the ATO upon

• lodgement of the corporate tax return

• Increase in intangibles reflect net capex of R&D activities ($1.6m) & current period amortization

• Increase in payables primarily due to accrued IPO costs

• Equity balance reconstructed due to Top Hat structure

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2017 Cash-flow statement

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A$('000) Year Ended 30 June Cash flows from operating activities Receipts from customers (inclusive of GST) Payments to suppliers and employees (inclusive of GST) Interest received Interest and other finance costs paid Research and development incentive received for research activities Income taxes paid Net cash from operating activities Cash flows from investing activities Payment for property, plant and equipment Payments for intangibles Research and development incentive received for development activities Net cash from investing activities Cash flows from financing activities Proceeds from issue of shares Share issue transaction costs Net cash flows from financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the financial year Cash and cash equivalents at the end of the financialyear	Statutory Cash Flows FY16 $∆ %∆ FY17 11,764 3,316 28% 15,079 (11,472) (2,936) 26% (14,407) 38 14 36% 52 (0) (1) 289% (2) 447 152 34% 599 (12) (69) 585% (80)
	764 476 62% 1,240
	(212) 73 (35%) (139) (1,435) (872) 61% (2,307) 605 (24) (4%) 581
	(1,042) (823) 179% (1,865)
	3 16,985 >1000% 16,988 - (777) - (777)
	3 16,208 >1000% 16,211
	(275) 15,861 >1000% 15,586 3,383 (275) (8%) 3,108
	3,108 15,586 >1000% 18,695

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Forecast – FY18

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A$('000) Forecast	A$('000) Forecast
Year Ended 30 June	FY18
Sales Revenue	18,552
COGS	(4,428)
Gross Profit	14,125
Employee related costs	(10,342)
Marketing expense	(2,006)
Admin and other operating expenses	(2,965)
Total operating expenses	(15,313)
EBITDA	(1,188)

• FY18 prospectus forecast was calculated using an AUD/USD exchange rate of 77c. The sensitivity to changes in exchange rates is summarised in the table below (per page 79 of the prospectus)

A$('000)		FY18 EBITDA	FY18 EBITDA	FY18	NPAT
Assumption	Variance	Negative	Positive	Negative	Positive
Foreign exchange rate (AUD/USD)	-/+ 1c	105	(102)	104	(101)
Foreign exchange rate (AUD/USD)	-/+ 5c	554	(486)	549	(482)

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A endices pp

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Audinate’s current addressable market

Audio networking addressable market (A$m)[(1)]

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454.6
352.8
2016 2021
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Trend in audio networking adoption[(2)]

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Percentage of respondents where >50% 69%
of projects were networked
19%
2014 2016
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Audio networking addressable market drivers[(1)]

• Collaboration in corporate, government and institutional workplaces

• Strong pipeline of events and meetings

• Growth in the live music market

• Growth in the recording, post-production and broadcasting equipment market

• Smart campuses

• Growth in transport infrastructure investment

Penetration of audio networking

• Audinate is the clear market leader

• Over $400 million of unpenetrated market potential, which currently represents analogue signal distribution

• Expect ongoing growth in adoption as evidenced by increasing number of networked installations

• 1) Frost & Sullivan, The Professional AV Market, Independent Market Report, 2017 2) Based on Audio Networking Survey by RH Consulting, 2016

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Sound Reinforcement industry overview

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Market size [(1)] Sound Reinforcement products [(1)]
Product % of digital
Audio
networking for
Pro-AV
A$352.8m Microphones 36%
A$352.8m
Sound Reinforcement market [(1)]
(Audinate’s directly
addressable market)
5-year CAGR: 2.9%
Mixers 15%
10.7
10.0 9.3
4.0
8.0
3.8 Processors 8%
Sound
6.0
Reinforcement
A$9.3bn 4.0
6.6
5.4
2.0
Amplifiers 3%
0.0
2016 2021
Digital Non-Digital
Speakers 18%
Total Pro-AV
A$150.3bn
Other
20%
Products
1) Frost & Sullivan, The Professional AV Market, Independent Market Report, 2017
Sound Reinforcement (A$b)
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Selected products

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Chips, Modules and Cards

Dante Ultimo (Chip) Dante Brooklyn II (Module)

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Cards Dante Broadway (Chip)

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Product launched in April 2017

Used in low channel applications (e.g. speakers and microphones up to 4x4 channels)

Used in medium to high channel applications (e.g. mixers and amplifiers up to 64x64 channels)

Peripheral soundcards and network option cards specifically designed for individual OEMs

Used in medium channel count applications (e.g. amplifiers, interfaces, mixers from 4x4 to 16x16 channels)

Reference designs

Adapter products

Dante HC / Brooklyn II / Custom designs

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Enables OEMs to incorporate Dante software into their own chips (up to 512x512 channels)

Dante Analog Output Module Enables connection of analogue equipment to a digital Dante network

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Selected products

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Software	Software	Software	Software
Dante Controller	Dante Virtual Soundcard	Dante Via	Dante Domain Manager
Software to enable the configuration and setup of Dante enabled networks	Software-only sound card enabling PC and Mac audio applications to connect to Dante-enabled devices on the network Robust, high channel count application that makes a PC or Mac an audio component in an audio network	Software that turns audio applications and computer audio hardware into Dante channels, that can be connected to Dante- enabled devices on the network Enables computer-only Dante networks to be created	Product launch expected in second half FY18 Provides network administrators with the ability to secure their audio networks from unwanted changes and modifications Provides the ability to scale and segment audio networks regardless of the physical constraints of the network. For example, in a campus setting, different audio groupings can be managed and integrated by room, building and site

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Intellectual property

Audinate has a total of 38 granted or pending patents across 8 families…

In the key markets of…

1

• 1 25 granted patents USA - Germany 2 13 pending patent applications - UK IP will be held in a separate 3 - China legal entity within the Group

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