IPH LIMITED — Investor Presentation 2021

May 5, 2021

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6 May 2021

Presentation by Dr Andrew Blattman to the Macquarie Australia Conference 2021

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

For more information, please contact:

Martin Cole

Managing Director Capital Markets Communications T. +61 403 332 977

Authorised for release to ASX by:

Dr Andrew Blattman, Managing Director & CEO

About IPH Limited

IPH has the largest portfolio of Intellectual Property (IP) services firms in the Asia-Pacific region.

The IPH group employs more than 900 people, working from offices in Australia, China, Hong Kong SAR, Indonesia, Malaysia, New Zealand, Singapore and Thailand and providing IP professional services across 25 countries in Asia-Pacific.

Our group network comprises leading IP firms AJ Park, Griffith Hack, Pizzeys, Shelston IP and Spruson & Ferguson and WiseTime autonomous time-keeping software.

ABN 49 169 015 838

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Thursday, 6 May 2021

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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Contents

1 About IPH 4 2 IP market trends 10 3 IPH financial position 14 4 Looking ahead 16 5 Q & A 18

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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 IP office patent filing information: Australia (IP Australia) – 1H FY21 as at 3/02/21; Singapore (IPOS) – CY20 as at approx. 31/01/21; New Zealand (IPONZ) – 1H FY21 as at 6/01/21.

• 3) IPH Management estimate based on IP office trade mark filing information: Australia (IP Australia) – 1H FY21 as at 28/01/21 based on market share of filings from the top 50 agents; New Zealand (IPONZ) – 1H FY21 as at 6/01/21.

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Strategic direction

Focus on IPH’s growth strategy

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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 AsiaPacific 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

Key:

IPH offices Primary IP markets

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New IPH brand is a cornerstone of the group’s ambitions

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What is the network effect ?

Leveraging the combined power of the network to realise our vision

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Market trends in IP

1. Demand

Trend in patent applications for the top five offices, 1883-2019[1]

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China US Japan Republic of Korea European Patent Organisation

1) Source: WIPO, World Intellectual Property Indicators 2020

Non-resident patent filings in China (direct and PCT national phase entries)[2]

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2) Non-resident patent filings in China (direct and PCT national phase entries) from WIPO IP Statistics Data Center as at 29/04/21.

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 out-bound filings into jurisdictions where IPH has a presence

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Market trends in IP

2. Geographical Shift

What this means for IPH

Patent applications by region, 2009 and 2019

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• Asia has emerged as the growth engine for patent applications

• IPH is well placed to harness this growth as Asia Pacific's leading IP services group with more than 20 years of experience in Asia

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Market trends in IP

3. China-US rivalry

• China-US competition focussed on technology

• Biden administration – reset of science and technology

• “Managing our relationship with China, the biggest geopolitical test of the 21st century” (Secretary Blinken, Opening Remarks to House Committee on Foreign Affairs, 10 March 2021)

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

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

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

• US Strategic Competition Bill - designed to strengthen American competitiveness with investments in science and technology, global infrastructure development, digital connectivity and cybersecurity partnerships.

• 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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Geared for growth

IPH has demonstrated consistent earnings growth and cash flow conversion

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Underlying EBITDA FY dividend per share
30 28.5
140.0 126.0
25
120.0 25 22 22.5
21
100.0 89.7
20
80.0 71.6 74.0
65.0 FY20 total 15
60.0
Underlying
dividend
10
40.0
FY20 EBITDA [1,2]
20.0 5
28.5
0.0 (cents per share) 0
A$126.0m FY16 FY17 FY18 FY19 FY20 FY16 FY17 FY18 FY19 FY20
Strong balance sheet – HY21 Resilient cash flows – HY21
1) Underlying EBITDA for FY20 excludes costs incurred
in pursuit of acquisitions, new business establishment
costs, accounting charges for share-based payments, business acquisition costs, restructuring expenses, Low debt levels Operating cashflow – A$52m
impairment of Watermark brand and onerous lease
provisions and asset write-offs
2) Underlying FY20 EBITDA includes AASB16, prior (Leverage ratio of 0.6 times [[3]] ) Cash conversion in excess of 100%
periods do not include adoption of the standard
3) (Net debt / 12 month EBITDA) Total equity – A$421.6m
$M
Cents
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Low debt levels (Leverage ratio of 0.6 times[[3]] ) Total equity – A$421.6m

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Looking ahead

Continued focus on our growth strategy

• Longer term trends remain supportive for IP protection

• Investments in technology will continue to drive IP

• China and Asia are becoming an increasing focus for IP protection

• IPH is well placed to capitalise on these trends as the market leader in the Asia Pacific region and through the group's well established relationships in each of the primary markets

• IPH has demonstrated consistent earnings and cashflow generation to underpin returns to shareholders

• IPH retains a strong balance sheet and capacity for further acquisitive growth in secondary IP markets and IP adjacencies

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Thank you

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