IPH LIMITED — Investor Presentation 2018

Aug 15, 2018

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2018 Full Year Results Investor Presentation Year ended 30[th] June 2018 16[th] August 2018

Presented by:

Dr. Andrew Blattman Managing Director / CEO, IPH Limited John Wadley Chief Financial Officer, IPH Limited

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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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Cover image: Bridge of Future Science & Technology Park, Beijing, China.

Financial year 2018 highlights

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Operational highlights Delivering results in key areas of focus in the second half

Key focus areas for 2[nd] half FY18

Australian market and IPH patent filings 01 Asian revenue and earnings growth 02 03 Strategic clarity on Data and Analytics Software AJ Park contribution 04

05 Merger of FAKC / Cullens and Spruson & Ferguson

06 Retention of Vendor Principals

Results for FY18

IPH companies out-perform patent filing market

Strong second half performance of Asian business

Successful divestment of IP data products and re-focus on WiseTime business

AJ Park outperformance due to margin expansion

Businesses successfully integrated with expected synergies of $1m in FY19

Overwhelming majority of Pizzeys and FAKC Vendor Principals coming off employment periods re-commit for further periods with IPH

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2018 Full Year Results Investor Presentation | www.iphltd.com.au

Financial highlights Strong second half with scope for further improvement

Revenue $226m EBITDA $70.1m NPAT $40.7m Diluted EPS 20.7 cents per share 21.5% 2.1% 5.2% 7.3%	FY Dividend 22.5 cents per share 2.3%
	Underlying EBITDA $74.0m 3.3%
	Underlying NPAT $51.9m 1.4%
	Underlying Diluted EPS 26.4 cents per share 1.1%

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Market overview

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Patent market - Australia

IPH Group filings grew by 5.2% in 2H vs PcP

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Australian patent market filings
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IPH filings and Group market share

• Annual decline in market of 0.3% (105 cases), however, the second half growth of 1.6% is in line with the medium trend

• Review of US PCT filings (a key lead metric) indicates stability

• Similarly, the percentage of these filings into Australia is also stable

• IPH Group filings grew by 1.7% in FY18

• In 2H, IPH Group filings grew by 5.2%

• Combined, the IPH group continues to hold the No.1 patent market position in Australia with 23.8% of patents filed

• The AJ Park group (filing into Australia) made up of 1.6% of filings in FY18[3]

• Organic market share growth of 0.5% (2.3% growth in market share year on year)

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1.6%
(0.3%)
(2.2%)
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1. IPH Management estimate based on filing information as recorded on IP Australia as at 3 Aug 2018. Includes all types of patent applications.

2. IPH Management estimate based on share of agents recorded with IP Australia as at 3 Aug 2018 for FY18 and 6 Jul 2018 for FY15 - FY17 and may not reflect any change of agent recorded since filing. IPH Group market share includes filings by the following entities: FY15 - SF & FAKC, FY16 and FY17 - SF, FAKC, Pizzeys, Cullens, FY18 - SF, FAKC, Pizzeys, Cullens and AJ Park.

3. Acquired companies filings are included from the first day of the relevant period.

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2

Patent market - Singapore

IPH Group continues to hold number 1 patent market position

1 Singapore patent market filings

IPH filings and Group market share

• Overall Singapore market down 1% (99 cases), from CY16 to CY17

• In CYTD18 (30 June 2018), the overall market was flat, however IPH Singapore filings have grown by 1.5%

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• IPH Group filings up 9.7% in CY17 over CY16

• Combined, IPH Group continues to hold the No.1 patent market position in Singapore with 24.4% of patents filed

• Pizzeys Singapore filings tripled in CY17 to 124 cases and in the current calendar year has already filed 133 cases

• CY14-CY17 - IPOS reported filing statistics - IPOS statistics. CYTD18 - IPH management estimates based on filings data records at IPOS as at approx. 2 Aug 18.

• IPH management estimates based on share of agents recorded with IPOS on 2 Aug 18. CYTD18 as at approx. 2 Aug 18, 9 Jul 18 (CY17 patent filing), 10 Aug 17 (CY16 patent filing), 4 Feb 16 (CY15 patent filings) & 6 Aug 15 (CY14 patent filings) and may not reflect any change of agent recorded since filing. In CY16,CY17 and CYTD18 IPH's percentage of market share represents patent filing by SF (Asia) and Pizzeys over total number of applications filed in Singapore.

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Patent market - Asia

IPH growth driver

IPH Group filings in key 1 jurisdictions in Asia

Total patent filings by IPH 2 Asian entities (all countries)

• Strong growth exhibited in China (44%) and Indonesia (16%) in FY18

• Total growth in these jurisdictions in FY18 was 12.5%

• Filings by IPH Asian entities have grown by 5.6% in FY18 (all locations)

• Solid long term historical growth profile for the region

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(8%)
44% 16%
20%
(10%) 16%
13%
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1. IPH management analysis based on total incoming/outgoing patent applications filed by IPH Group entities in key jurisdictions in Asia.

2. IPH management analysis based on total incoming/outgoing patent applications filed by SF (Asia) in FY14-FY18; excludes applications referred by IPH's Australian entities and applications filed by SF Thailand and Indonesian offices. *In FY17-18 total incoming/outgoing patent filings by SF (China/HK) exclude applications referred by IPH's Australian entities. Applications filed by SF (China/HK) are those filed by the firm across the entire financial year.

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Filings by IPH companies Underpins future earnings and growth

1 Patent filings by IPH Group

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Trade mark filings by IPH Group

• Total patent filings by IPH companies increased by approximately 17% in FY18 (combination of organic and acquisition growth)

• Significant increase in trade mark filings due to the acquisition of substantial trade mark practices of Spruson & Ferguson (HK/China) in FY17 and AJ Park in FY18

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1. IPH management estimate based on internal filing information. FY16 and FY17 include SF (Australia), SF (Asia), FAKC, Pizzeys and Cullens. Additionally FY17 also includes filings by SF (China/HK) entity. FY18 includes filings by AJ Park (acquired in FY18). All incoming/outgoing patent/trademark applications filed either directly or indirectly (through an agent) by IPH companies, including where incoming / outgoing agent is IPH entity. Applications filed by SF (China/HK) and AJ Park are those filed by the firm across the entire financial year.

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FY18 Results

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Revenue and EBITDA

Strong revenue and earnings growth – organically and by acquisition

Underlying Revenue $’m

Underlying EBITDA $’m

Australia IP

Australia IP

Data & analytics services Asia IP New businesses Corp & interco

Data & analytics services Asia IP New businesses Corp & interco

1. Revenue from FY16 onwards includes the gross amount of the reimbursement by clients of official filing fees paid to national bodies. Previously these fees were recorded on a net basis. Previous periods have not been amended.

2. Underlying EBITDA excludes costs incurred in pursuit of acquisitions, revaluations of deferred settlements & earn outs, new business establishment costs and accounting charges for share based payments. 3. New Businesses FY18 includes the following: 4 months of Ella Cheong and 8 months of AJ Park.

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Like for Like revenue and EBITDA

Asia delivers strong 2[nd] half

	Underlying Revenue FY18	New Businesses	Accounting FX Movements	Currency Adjustment	Like for Like Revenue Jun 18	Underlying Revenue Jun 17	YoY Chg %	H1	H2
Australia & NZ IP	155.4	(33.7)	(0.9)	1.1	121.9	123.2	(1%)	(5%)	5%
Asian IP	78.0	(4.4)	(0.5)	0.9	73.9	68.6	8%	4%	16%
Data Services	1.2				1.2	0.7
Corporate	(1.2)		0.9		(0.3)	(0.2)
Eliminations	(7.3)				(7.3)	(6.3)
	226.0	(38.1)	(0.5)	1.9	189.4	186.0	2%	(1%)	8%
	Underlying EBITDA FY18	New Businesses	Accounting FX Movements	Currency Adjustment	Like for Like EBITDA Jun 18	Underlying EBITDA Jun 17	YoY Chg %	H1	H2
Australia & NZ IP	54.1	(5.5)	(0.9)	1.1	48.8	50.6	(3%)	(2%)	3%
Asian IP	31.1	(0.7)	(0.5)	1.0	31.0	29.6	5%	3%	18%
Data Services	(2.7)				(2.7)	(2.5)
Corporate	(8.4)		0.9		(7.4)	(5.6)
Eliminations	(0.2)				(0.2)	(0.4)
	74.0	(6.1)	(0.5)	2.1	69.5	71.6	(3%)	(3%)	5%

1. Underlying EBITDA excludes costs incurred in pursuit of acquisitions, revaluations of deferred settlements & earn outs, new business establishment costs and accounting charges for share based payments. 2. New Businesses FY18 includes the following: 4 months of Ella Cheong and 8 months of AJ Park.

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Underlying NPAT and EPS

Year ended 30 June 2018 $'m	FY18 Statutory Income Statement	Adjustments	Underlying Earnings FY182	FY17 Statutory Income Statement	Adjustments	Underlying Earnings FY17
Total revenue	226.0		226.0	186.0		186.0
Recoverable expenses	(66.0)		(66.0)	(51.0)		(51.0)
	160.0		160.0	135.0		135.0
Compensation	(65.3)	0.7	(64.6)	(49.0)	1.3	(47.7)
Occupancy	(9.0)		(9.0)	(5.4)		(5.4)
New businesses / acquistions related net expenses	(3.3)	3.3	0.0	(1.6)	1.6	0.0
Other	(12.4)		(12.4)	(10.3)	1.2	(10.3)
Total expenses	(89.9)		(86.0)	(66.3)		(63.4)
EBITDA	70.1		74.0	68.7		71.6
EBITDA %	31.0%		32.8%	36.9%		38.5%
Depreciation & Amortisation	(13.1)	9.4	(3.7)	(10.4)	7.7	(2.7)
Impairment of intangibles	(2.2)	2.2	0.0	0.0		0.0
EBIT	54.9		70.3	58.3		68.9
Net Finance Costs	(1.5)		(1.5)	(1.1)		(1.1)
NPBT	53.4		68.8	57.2		67.8
Tax(expense)/ benefit	(12.6)	(4.3)	(16.9)	(14.3)	(2.3)	(16.6)
NPAT	40.7	11.2	51.9	42.9	8.3	51.2
Diluted EPS (cents)1	20.7c		26.4c	22.3c		26.7c

1. Diluted EPS includes performance and retention rights that are yet to vest.

2. Underlying EBITDA excludes costs incurred in pursuit of acquisitions, revaluations of deferred settlements & earn outs, new business establishment costs and accounting charges for share based payments. Underlying NPAT excludes amortisation expense on intangible assets arising from acquisitions.

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Cash flow statement

Cash conversion remains strong despite short term impacts in FY18

Commentary • High proportion of earnings are converted to cash • Strong cash flows support a high dividend pay-out (91% of cash NPAT in FY18) • Cash conversion in FY18 has shown a marginal decline due to the impact of the strong final quarter sales, particularly in Asia, which will be collected in the first quarter, and the impact of acquisitions with a slower cash conversion cycle. None of these factors represent a permanent structural decline.

	Year ended 30 Jun 2018 $'m	FY18 Cash Flow Statement	FY17 Cash Flow Statement
	Statutory EBITDA	70.1	68.7
	Non-cash movements	(0.0)	0.1
	Change in working capital	(5.1)	(0.1)
	Operating capital expenditure	(4.0)	(3.3)
	Cash flow before acquisitions, financing activities and tax	61.0	65.4
	Cash conversion ratio	87%	95%
	Income taxes paid	(17.0)	(17.7)
	Net interest paid	(1.5)	(1.1)
	Free cash flow	42.2	46.6
	Dividends paid (net DRP)	(38.0)	(40.4)
	Undistributed free cash flow	4.2	6.2
	Acquisitions, investments & intangibles	(38.6)	(39.1)
	Share buy back	(2.7)	-
	Net borrowing proceeds/(repayments)	39.0	-
	Net cash flow	1.8	(32.9)

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Balance sheet

Strong balance sheet

Commentary • $26.2m cash • $40.1m of bank borrowings • Undrawn bank facilities of $48.0m available • Intangibles increase from acquisition of AJ Park • Deferred tax liabilities related to acquisition intangibles • Proceeds of the Data Analytics sale will be used to pay down debt. Expected net interest expense of $1.2-1.5m in FY19.	$'m Balance Sheet as at 30 Jun 2018 Balance Sheet as at 30 Jun 2017
	Cash and cash equivalents 26.2 24.4
	Trade and other receivables 57.1 38.0
	Other current assets 5.3 3.4
	Total current assets 88.6 65.8
	PP&E 6.2 3.0
	Acquisition intangibles & othergoodwill 266.3 212.9
	Deferred tax asset 6.6 5.1
	Total assets 367.9 287.0
	Trade and other payables 16.7 11.2
	Tax provisions 6.3 6.9
	Deferred tax liability 22.9 18.7
	Borrowings 40.1 -
	Other liabilities 14.3 10.5
	Total liabilities 100.3 47.3
	Net assets 267.6 239.7
	Equity
	Issued capital 262.8 233.6
	Reserves (11.5) (12.3)
	Retained profits 16.3 18.4
	Total Equity 267.6 239.7

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Impact of foreign currency

Earnings currency sensitivity

• Based on the USD profile in FY18, a 1c movement in the AUD/USD exchange rate equates to approximately $1.3m of revenue on

• services charges on an annualised basis.

• This sensitivity fluctuates on the basis of acquisitions, their timing

• and their mix of currencies.

Balance sheet sensitivity

• The Group is also exposed to FX on the level of its USD denominated cash and receivables in the balance sheet, balances of which fluctuate.

• 54% of the Group’s invoicing is denominated in USD.[1]

• Average USD cash[2] held US$8m.

• Average USD monetary assets (including cash)[3] US$15m.

• USD debt drawn of US$26m.

Currency profile

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Operating
expenses
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NZD
7%
HKD
10%
Service AUD
20%
charges USD
54%
SGD
5%
EUR
4%
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SGD
29%
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NZD
18%
HKD
8%
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1. Excludes USD billing in SF Hong Kong where HKD is pegged to USD. IPH exposure is to HKD.

2. Average of closing monthly USD cash balance. 3. Average of opening and closing USD denominated assets.

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Operations review

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Operational highlights Strengthening and consolidating the IPH Group

Three firms now operating as Spruson & Ferguson

• FAKC and Cullens are now fully integrated into the Spruson & Ferguson business and are operating as Spruson & Ferguson from 30 June 2018

• FAKC and Cullens offices have been consolidated to one primary office in Brisbane and a satellite office on the Gold Coast

• FY19 incentive plans are being rolled out to all eligible Queensland Spruson & Ferguson staff for FY19

• Clients of FAKC and Cullens now have direct access to Spruson & Ferguson’s service offering across Asia Pacific

• Cost savings of approximately $1m are expected in FY19

AJ Park acquisition

• Outperformance through margin expansion EBITDA NZ$6.25m vs forecast NZ$5.5m

• Business Improvement program implemented post acquisition

• Australian office closed

• Process review underway

• Referral synergies to Asia have commenced

• Full 12 months EBITDA contribution for AJ Park ~NZ$9.5-10m expected in FY19

Streamlined patent filing capability in China

• S&F successfully established an exclusive arrangement with an independent Chinese patent agency (Beijing Pat SF Intellectual Property Agency Co Ltd) late FY18 for conduct of regulated patent services

• Undertakes regulated patent work in China exclusively for Spruson & Ferguson clients and enables a more streamlined offering for clients with Spruson & Ferguson quality, service, reliability and communication standards

• Strengthens the Group’s footprint in an addressable market of approximately 130,000 incoming Chinese patent filings annually

• Spruson & Ferguson continues to act directly in China for trade mark prosecution services

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2018 Full Year Results Investor Presentation | www.iphltd.com.au

Focus on our people

Attract, Motivate and Retain

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Data & analytics software business update

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IP data products divestment Focus on WiseTime

Two IP Data products (“Filing Analytics” and “Citation Eagle”) have been sold to CPA Global on 15 August 2018 for A$10m.

Generates c$2m in profit in FY19 (excluded from underlying results) taking into account asset carrying values, transaction costs and transition support costs.

Funds received will be used to pay down existing debt.

Strategically it was felt that a global organisation with established marketing and software distribution channels would be best placed to take these products to the next stage of their evolution. Data and Analytics Software business to focus on the final development and sales of its WiseTime product. Reduce the net costs in this segment by approximately $1m in FY19.

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WiseTime

Delivery of a new product offering

About A new autonomous timekeeping platform WiseTime that produces accurate records of an employee’s time throughout their day, without needing their input.

WiseTime’s competitive advantage

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• WiseTime A 1-year pilot of WiseTime with a group of ~10 attorneys completed July 2018.

• pilot results

• positive

• The most recent iteration produced observable time efficiency gains of ~10%.

• Recent firm-wide trial rollouts at law firms in Germany and Singapore have reported similar efficiency gains.

Existing time keeping tools in the market tend to rely on a ‘start/stop’ timer or ledger that require the employee to spend time estimating and allocating time for their activities.

In contrast, WiseTime autonomously collects time spent on activities, resulting in:

• the client receiving more accurate and granular charge reporting; and

• the service professional improving their efficiency in providing their service.

• WiseTime also provides (i) uncompromising user privacy (ii) integration to targeted existing case-management/billing systems in a manner that can replace or augment existing mechanisms, and (iii) is proven in the professional services environment.

Target The reshaped Practice Insight sales team is market now focused solely on promoting WiseTime into the IP law firm market and progressing partnerships into the broader legal services software providers on the back of continued evidence of its efficacy.

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Priorities for FY19

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FY19 strategic priorities

Leverage strong platform to further build position in core IP secondary markets

Australia and New Zealand IP

• Leverage market leading position in Australia

• Continued focus on market share initiatives

• Margin expansion through AJ Park and successful merger of FAKC, Cullens into Spruson & Ferguson

Asia

• Maintain leading market share in Singapore; expand share in other SE Asian markets

• Focus on building share in Chinese addressable market

• Continue to leverage existing network to grow internal filings and case transfers

Data and analytics software

• Practice Insight Sales Team refocused on WiseTime into the IP Law firm market

Corporate

• Continued focus on strategy to attract, motivate and retain key talent across

the group

• Continue to evaluate acquisition and expansion opportunities

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2018 Full Year Results Investor Presentation | www.iphltd.com.au

Appendix

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Business snapshot

Leading intellectual property group in Asia-Pacific

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2018 Full Year Results Investor Presentation | www.iphltd.com.au

Patent lifecycle

Long-life IP 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 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.

Typical (indicative) foreign patent application route in Australia

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31 months
18 months
12-16
12 months months 8-15 months 12 months 4 months up to 20 years
3 - 5 years
Application PCT PCT PCT National Request Examination Response to Acceptance Grant Renewals
filed with International International Phase Examination Report issued Examiners
Patent Office Application Application application Report
in country of filed published filed in
origin Australia
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• Revenue event – typically flag fall.

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

Source: IP Australia. The IPH management estimate based on patent applications filed in Australia in CY17.

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IPH corporate information Leading intellectual property group in Asia-Pacific

Directors • Mr. Richard Grellman AM Chairman • Dr. Andrew Blattman CEO and Managing Director • Ms. Robin Low • Mr. John Atkin Company Secretary • Mr. Philip Heuzenroeder General Counsel		Ordinary Shares on Issue Number Holders %
		Free float, including 190,362,898 11,274 99.5%
		• Cullens (escrow released 30 Jun 18) 2,042,905 10
		Escrowed, including 6,978,668 52 0.5%
		• Pizzeys (31 Aug 18) 1,229,545 22
		• Cullens (31 Aug 18) 390,315 10
		• SF HK (31 Oct 18) 737,261 2
		• AJ Park (31 Oct 19) 4,621,547 18
		Total 197,341,566 11,326 100%

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www.iphltd.com.au

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Thank you

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