IPH LIMITED — Investor Presentation 2021

Oct 5, 2021

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6 October 2021

Presentation by Dr Andrew Blattman to the Morgans Queensland Conference 2021

Attached is a presentation to be given today by IPH’s Managing Director & CEO, Dr Andrew Blattman, to the Morgans Queensland Conference.

For more information, please contact:

Martin Cole Capital Markets Communications T . +61 403 332 977 martin.cole@capitalmarketscommunications.com.au

Authorised for release to ASX by:

Dr Andrew Blattman, Managing Director & CEO

About IPH Limited

IPH is the Asia Pacific’s leading intellectual property services group, comprising a network of member firms working in eight IP jurisdictions and servicing more than 25 countries. The group includes leading IP firms AJ Park, Griffith Hack, Pizzeys, Shelston IP and Spruson & Ferguson, online IP services provider Applied Marks, and the autonomous timekeeping business, WiseTime. IPH employs more than 900 people working in Australia, China, Hong Kong SAR, Indonesia, Malaysia, New Zealand, Singapore and Thailand.

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IPH Limited | Level 24, Tower 2, Darling Park, 201 Sussex St, Sydney NSW 2000 | ABN 49 169 015 838 | iphltd.com.au

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Morgans Queensland Conference

Disclaimer

This document has been prepared by IPH Limited (IPH) and comprises written materials/slides for a presentation concerning IPH.

This presentation is for information purposes only and does not constitute or form part of any offer or invitation to acquire, sell or otherwise dispose of, or issue, or any solicitation of any offer to sell or otherwise dispose of, purchase or subscribe for, any securities, nor does it constitute investment advice, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any or contract or investment decision.

Certain statements in this presentation are forward looking statements. You can identify these statements by the fact that they use words such as “anticipate”, “estimate”, “expect”, “project”, “intend”, “plan”, “believe”, “target”, “may”, “assume” and words of similar import.

These forward looking statements speak only as at the date of this presentation. These statements are based on current expectations and beliefs and, by their nature, are subject to a number of known and unknown risks and uncertainties that could cause the actual results, performances and achievements to differ materially from any expected future results, performance or achievements expressed or implied by such forward looking statements.

No representation, warranty or assurance (express or implied) is given or made by IPH that the forward looking statements contained in this presentation are accurate, complete, reliable or adequate or that they will be achieved or prove to be correct. Except for any statutory liability which cannot be excluded, IPH and its respective officers, employees and advisers expressly disclaim any responsibility for the accuracy or completeness of the forward looking statements and exclude all liability whatsoever (including negligence) for any direct or indirect loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission therefrom.

Subject to any continuing obligation under applicable law or relevant listing rules of the ASX, IPH disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements in these materials to reflect any change in expectations in relation to any forward looking statements or any change in events, conditions or circumstances on which any statement is based. Nothing in these materials shall under any circumstances create an implication that there has been no change in the affairs of IPH since the date of the presentation.

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About the IPH Group

Asia-Pacific’s leading IP professional services group

• 1) Approximate employee numbers across the Group.

• 2) IPH Management estimate based on patent filing data: Australia (IP Australia) – FY21 as at 13/07/21; Singapore (IPOS) – CY21 YTD Jun (preliminary) as at 5/08/21; New Zealand (IPONZ) – FY21 as at 14/07/21. 3) IPH Management estimate based on trade mark filing data: Australia (IP Australia) – FY21 as at 15/07/21 based on market share of top 50 agents; New Zealand (IPONZ) – FY21 as at 10/08/21.

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Realising our vision

To be the leading IP services group in secondary IP markets and adjacent areas of IP

• The IPH Group operates in eight secondary IP jurisdictions: Australia, New Zealand, Singapore, Thailand, Malaysia, Indonesia, China and Hong Kong and services more than 25 countries across the Asia-Pacific region

• IPH has a strong track record of successfully completing and integrating acquisitions

• Our acquisition strategy is supporting growth in client cross referrals

• Growth step-outs in secondary IP markets are a key part of our growth strategy

• The scale of the IPH Group provides the opportunity for IPH to look further at IP adjacencies

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Key:
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IPH offices Primary IP markets

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Long-term Patent Demand Trends

What this means for IPH

• This growth underpins the recurring revenue stream for IPH

• Growth in primary IP markets feeds into secondary IP markets, where IPH is strongly established in Asia, and ideally positioned for further growth

• IPH is well placed to capitalise on growth of filings both into China from non-residents as well as China outbound filings into jurisdictions where IPH has a presence

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Long-term Patent Demand Trends

China-US rivalry

• China-US competition focussed on technology

What this means for IPH

• US taking comprehensive containment measures for every component of the innovation ecosystem

• The Biden administration's focus on technology is a positive for the IP industry, particularly in the US

• US Innovation and Competition Act set to become a major reset for science and technology – designed to strengthen American competitiveness with investments in science and technology, global infrastructure development, digital connectivity and cybersecurity partnerships

• US customers are the largest market for IPH in terms of global patent filings[1]

1) Total patent cases filed or instructed to be filed by IPH entities into any jurisdiction in the world. Data based on internal filing statistics including acquired companies on a pro-forma basis.

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Long-term Patent Demand Trends

Increasing dependence on technology economically, socially and militarily

• Biggest tech companies in the world are US or Chinese

• Increasing focus on protection of data, privacy

• Competition not cooperation the focus for countries considering future regulatory requirements

What this means for IPH

• Investment in technology, leads to investment in IP protection in primary IP markets, which flows through to secondary IP markets

• Anticipated increased need for patent protection driven by countries seeking to protect data and domestic technology – particularly in the US and China

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Strategic direction

Focus on IPH’s growth strategy

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Enablers
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Organic growth Consolidate acquisitions Growth step-outs
Robust client management Expand service
Focus on our
programs focused on Targeted expansion offering to existing
people – attract,
delivering the highest across Asia-Pacific Australian and New
motivate and retain
levels of client service Zealand corporates
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Organic growth

The power of the IPH network

• Network effect leverages businesses across the network to generate client referrals

• IPH acquired Griffith Hack in 2019 as part of the Xenith IP acquisition and subsequently right sized the business

• Griffith Hack new case referrals into IPH Asian hubs grew 49.2% in FY21[1]

• In FY21, Griffith Hack represented over 40% of new cases referred into IPH Asian hubs by acquired businesses (up from 35% in FY20)

• This referral of work contributes to IPH revenue growth

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IPH offices
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1) New case referrals based on internal filing statistics

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Consolidate acquisitions

Demonstrated ability to realise synergies

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• Delivered $2 million in synergies from the combined entity in FY21

• Despite one-off impacts of integration (small client lose due to conflicts) and COVID, synergies realised

• Synergies delivered through property savings, rationalising support staff and leveraging fee earners

• 17% EBITDA margin improvement since acquisition

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• Delivered EBITDA contribution of A$2 million in 8.5 month period

• Synergies delivered through property savings, rationalising support staff and leveraging fee earners

• 19% EBITDA margin improvement since IPH acquired AJ Park

• Significant referrer of work into IPH Asia businesses in FY21

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• Spruson & Ferguson to become largest IP firm in Australia

• Operational synergies to be announced at AGM

• Shelston brand to be retired from 1 November, full integration by 13 December

• Greater access for Shelston clients into S&F established Asian network

• Significant referrer of work into IPH Asia businesses in FY21

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Growth step-outs and enablers

Expanding digital and trade mark capability with acquisition of Applied Marks

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Growth
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step-outs

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• Founded in 2008

• Leading Australian automated trade mark application platform

• Focused on retail market – individuals and SMEs filing less than 10 trade marks a year

• Number 4 trade mark filer (4.8% market share of top 50 agents)[1]

Reaching new markets

• Retail focus gives group access to an expanded market

• Evolves traditional trade mark services in line with the changing market

• Has already been extended into New Zealand and is expected to be extended into other IPH jurisdictions

Expanded digital capability

• Resources and technology will contribute to new Digital Services Function within the IPH Group

• Acquisition accelerates IPH’s digital capability

• Use platform capability to enable digitalisation of IP services

1) FY21 Australian trade mark market share calculated on total filings of top 50 agents excl. International Registrations, based on IP Australia filing data.

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Q&A

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Thank you

iphltd.com.au

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Patent market trends

No discernible impact to long-term trends

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Australian Patent Filings [1] CAGR (FY06 to FY21) = 1.6% CAGR (CY05 to CY20) = 1.5%
CAGR Post-GFC (FY10 to FY21) = 2.6% US PCT Applications [2] CAGR Post-GFC (CY10 to CY20) = 2.7%
70,000.00
45,000 60,000.00
50,000.00
40,000 40,000.00
30,000.00
35,000 20,000.00
10,000.00
0.00
30,000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Calendar Year
25,000
2) PCT applications originating from US filed at any receiving office by filing date from WIPO IP Statistics Data Center as at 11/08/21.
20,000
15,000 China PCT Applications [3] CAGR Post-GFC (CY10 to CY20) = CAGR (CY05 to CY20) = 24.7%18.8%
10,000 80,000.00
70,000.00
60,000.00
50,000.00
5,000 40,000.00
30,000.00
20,000.00
0 10,000.00
0.00
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Calendar Year
1) IPH Management estimate based on filing information recorded on IP Australia as at 13/07/21 (FY21), 14/07/20 (FY20), 7/07/19 (FY19),
3/08/18 (FY15-FY18) and 17/04/18 (FY05-FY14). Includes all types of patent applications (standard, provisional and innovation). 3) PCT applications originating from China filed at any receiving office by filing date from WIPO IP Statistics Data Center as at 11/08/21.
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FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21
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Patent lifecycle

Long-life cycle supports consistent revenues and earnings

Each year more than half[+] of the total patent applications filed in Australia come through the PCT system in the form of PCT National Phase patent applications.

• The process from filing the Australian application (or entering the Australian national phase) to grant of a patent typically takes 2.5-3.5 years.

• Patents can be renewed by paying official renewal fee annually up until the expiry of the patent 20 years from the filing date of PCT International Application.

• IPH Management estimate based on PCT National Phase entries from IP Australia data as at 13/07/21 (FY21), 14/07/20 (FY20) and 7/07/19 (FY18-FY19).

• Revenue event – typically flag fall.

• ** Revenue event – typically combination of flag fall and hourly charges

Typical (indicative) foreign patent route in Australia

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Request Examination
Examination Report issued Grant
31 months
18 months
9-12 months 6-12 months 12 months 4 months up to 20 years
12 months
2.5 – 3.5 years
Application PCT PCT PCT National Response to
filed with International International Phase Examiners
Patent Office Application Application application Report
in country of filed published filed in
origin Australia
Acceptance
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