Investor Presentation

Strategic Acquisition & Capital Raising

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© Atomos 2019 | Strategic Acquisition & Capital Raising 2
 The Problem The Solution The Opportunity
Synchronising footage Enable multi-device Democratise multiple
from multiple video and wireless timecode capture device
audio sources is difficult, synchronisation capability productions across all
expensive, time into EVERY video and market segments –
consuming & you need audio capture device Social, Pro Video,
to be a pro! Entertainment

Expanding the Atomos Ecosystem

Smartphones Wearable / DSLRs Monitor recorders Broadcast & Bodycams Audio recorders
Action cameras Cinema cameras

© Atomos 2019 | Strategic Acquisition & Capital Raising 3

Overview

Strategic acquisition COLLABORATIVE VIDEO SOLUTIONS FOR

• In the area of multi-device synchronisation and content creation -
Professionals Prosumers Consumers
a key emerging trend that is acknowledged as a “next big thing”
and will be driving significant future strategic partnerships and
revenue growth
Growth working capital
• As a global, disruptive tech company with substantial growth
opportunities, Atomos seeks to be positioned for the targeted
growth trajectory and required operational support including
working capital, inventory flexibility and optimal freight
management
Financial firepower
• Atomos require adequate financial firepower to take advantage of
emerging market development opportunities for organic growth
and/or potential strategic acquisitions if and when they arise

Demand for multi-device video is HUGE and GROWING RAPIDLY

© Atomos 2019 | Strategic Acquisition & Capital Raising 4

Agenda
Executive Summary 6

Timecode Systems Overview 9

Capital Raising 16

Key Risks 19

Appendices 22

Presenting:
Jeromy Young
Managing Director & CEO

James Cody
CFO
Executive summary
Transaction Details:
Atomos Limited (“Atomos” or the “Company”, ASX: AMS) is proposing a strategic acquisition of Timecode Systems Ltd (“TCS”)
• TCS is a UK based company that has developed unique IP which delivers multi-device synchronisation applications for video and audio capture devices
• The acquisition is expected to be signed on or around 25 October with completion to occur in early December
• Consideration is to be paid in $5.68 million cash and 9,237,309 Atomos shares (escrowed for between 6 - 24 months)
Strategic Rational:

Strengthened market position Technology advantage Growth, revenue and cost synergies
• Expand and strengthen current core partnerships • TCS technology allows content creators to wirelessly Atomos expect the TCS acquisition to deliver financial
lock multiple video and sound sources together at benefits in three distinct areas:
• Broaden market segments, to enable Atomos to
the point of shooting
cover all video and audio capture markets • product commercialisation through new and
• Critical element in video and audio capture as any enhanced existing products
• Enhancing Atomos’ technology offering to allow for
sync/frame timing issue leads to inconsistences in
TCS’ leading wireless technology - enabling reliable • increased sales of the existing TCS product range via
post-production editing
performance over long distances and crowded rebranding to Atomos and utilising Atomos’ sales and
environments • Traditionally, timecode synching has been achieved distribution channels
by linking cameras and sound recorders via cables.
• With Atomos’s capabilities, relevant products, • cost synergies from transitioning to Atomos supplier
Wireless is the new evolution for the industry and
partners and channels, the acquisition can propel arrangements and manufacturing processes
TCS have a number of patents over the IP
this technology to be adopted industry-wide as
demand for multi-device content creation grows

TCS has a disruptive and protected technology acknowledged as a world-class solution for multi-device synchronisation
© Atomos 2019 | Strategic Acquisition & Capital Raising 6
Executive summary
Financial impacts:
• TCS current revenue is growing as the technology is being commercialised
• TCS’ leading technology under Atomos control is expected to drive significant growth in revenue within 12-18 months
• Significant synergies through 30% reduced production costs and sales uplift from rebranding and leveraging Atomos’ distribution channel and marketing
• TCS is expected to be earnings accretive in FY21
Risk mitigation:
• TCS hold a number of patents over their developed IP providing protection from the introduction of similar competitor offerings
• TCS has a proven track record of performance, in addition to Atomos being a current licensee
• TCS tech is already working on complex multicamera shows for TVs and movies with the following:

© Atomos 2019 | Strategic Acquisition & Capital Raising 7

Agenda
Executive Summary 6

Timecode Systems Overview 9

Capital Raising 16

Key Risks 19

Appendices 22
Background
Synchronising footage from multiple video and audio sources is
difficult, expensive, time consuming & you need to be a pro!

How do you sync the huge Hours can be spent during the Solutions available are
volumes of footage captured edit process manually lining expensive and cumbersome &
during multiple camera and up video and audio Not suitable for consumers
audio shoots?

To enable amateur videographers sound/music recording to transition from consumers to social

filmmakers and podcasters, they need technology that makes creating high quality multicamera video and
audio productions achievable

HISTORICALLY IT’S BEEN TOO DIFFICULT AND REQUIRED PRO SKILLS

© Atomos 2019 | Strategic Acquisition & Capital Raising 9

Overview
• Timecode Systems Limited is the UK based global leader in the provision of accurate timecode and metadata, synced and shared wirelessly over RF and WiFi /
BlueTooth. The IP underlying its products is protected by a series of patents
• Whilst it has been feasible for decades to synchronise devices via cable, TCS has developed the next generation of this technology, achieving accurate wireless
synchronisation of different devices, e.g. phones, professional audio recorders and cameras
• TCS sync technology works across all multicamera and multisound devices and formats (standard platform, 360VR and motion capture) using any combination
of cameras, from large scale film cameras, to DSLRs, GoPros and iPhones
• Like Atomos, TCS is working with audio and video companies including Panasonic, JVC, Nikon, GoPro, Zoom, Sound Devices, Mavis, Apogee, Adobe and ARRI to
develop new bespoke applications for their wireless protocol and APIs
• The following case studies provide more detail of how the TCS products are used in the field:

How sync put the crew back in Synching an arena- Streamlining the workflow of a self-
the driver’s seat based game show shot show
Synching feature film
action sequences © Atomos 2019 | Strategic Acquisition & Capital Raising 10
Opportunity
Make multiple capture device productions mainstream by enabling wireless timecode synchronisation

Embed or licence wireless multi-device synchronisation

capability into EVERY video and audio capture device

Smartphones Wearable / DSLRs Monitor recorders Broadcast & Bodycams Audio recorders
Action cameras Cinema cameras

SOLUTIONS FOR

Social | Professional | Entertainment

© Atomos 2019 | FY19 Results Presentation 11

Stages to consumer delivery

© Atomos 2019 | Strategic Acquisition & Capital Raising 12

Existing products by market

• Currently the video camera and audio capture market are addressed • TCS’ acquisition will enable Atomos to cover all video and audio
by separate products capture markets

© Atomos 2019 | Strategic Acquisition & Capital Raising 13

Integration of TCS and key terms

Integration of TCS Key terms of the acquisition

• Ownership of TCS will enable full integration of the TCS sync technology • The acquisition is expected to be signed on or around 25 October with
throughout the Atomos product lineup completion to occur in early December
• High quality, experienced management team to stay in place post the • Consideration is to be paid in $5.68 million cash and 9,237,309 Atomos shares
acquisition and continue to drive business (escrowed for between 6 - 24 months)
• Founders – escrowed for 24 months (25% of shares escrowed for 6
• Existing TCS CEO, Paul Scurrell will manage the integration, reporting to the
months)
Atomos CEO and board
• Other vendors – escrowed for 6 months
• Integration will be relatively straightforward, with only 10 staff and the primary
• No third-party approval required
asset is IP
• No regulatory approval required
• Acquisition consideration of AMS shares will be escrowed for between 6 – 24
months • Conditions precedent to completion of the acquisition: shareholder approval for
the issues of consideration shares to the vendors
• Strong existing relationship has developed over the past 2 years while Atomos
has been a licensee of the TCS technology
• Atomos’ strong relationships expected to accelerate OEM partnership take-up
• Due diligence of TCS was extensive and covered over many months, which has
supported Atomos board and management’s expectations

© Atomos 2019 | Strategic Acquisition & Capital Raising 14

Agenda
Executive Summary 6

Timecode Systems Overview 9

Capital Raising 16

Key Risks 19

Appendices 22
Offer details

Details

Placement • Two tranche placement offer to institutional and sophisticated investors to raise approximately $22.56 million via the issue of
approximately 17.36 million fully paid ordinary shares (‘Placement’). The Placement will settle in two tranches:
• Tranche 1: issuing approximately 15.3 million shares to raise approximately $19.9 million pursuant to the Company’s
available placement capacity under ASX Listing Rules 7.1
• Tranche 2: issuing approximately 2.06 million shares to raise approximately $2.68 million, subject to shareholder
approval at the Annual General Meeting to be held on Friday, 29 November 2019
• Issue price of $1.30 per share, representing:
– 8.1% discount to the last close price ($1.415)
– 12.1% discount to the previous 5-day VWAP ($1.479)
– 15.7% discount to the previous 15-day VWAP ($1.541)

Use of Funds The Placement funds are expected to be used as follows:

• Acquisition costs $6.0 million Cash consideration and transaction costs

• To provide growth capital:
– For the core business to maximise sales opportunities; and $10.0 million $5 million for inventory buffer to maximise
– To take advantage of emerging market development $5.56 million sales (transition from just-in-time
opportunities for organic growth and strategic acquisitions manufacturing) and $5 million to move to sea

• Capital raising costs $1.0 million freight (~$2 million annual saving)

© Atomos 2019 | Strategic Acquisition & Capital Raising 16

Key dates of the offer

Timetable

Wednesday, 23 October 2019 –

Trading halt
Thursday, 24 October 2019

Company announces capital raising details and signing acquisition agreement Friday, 25 October 2019

Settlement of tranche 1 Placement Wednesday, 30 October 2019

Allotment and quotation of Securities under tranche 1 Placement Thursday, 31 October 2019

Annual general meeting date Friday, 29 November 2019

Proposed completion date of the acquisition subject to shareholder approval Monday, 2 December 2019

Settlement of tranche 2 Placement Tuesday, 3 December 2019

Allotment and quotation of Securities under tranche 2 Placement Wednesday, 4 December 2019

Note: times and dates above are based on AEDT (Sydney, Australia). The above timetable is indicative only and may change without notice.

© Atomos 2019 | Strategic Acquisition & Capital Raising 17

Agenda
Executive Summary 6

Timecode Systems Overview 9

Capital Raising 16

Key Risks 19

Appendices 22
Risks associated with the acquisition of TCS
The TCS acquisition is reliant on Atomos raising funds under the Placement to fund the cash component of the consideration. The capital raising is not being underwritten, so there is a risk
Conditions to that Atomos may not raise sufficient funds from the capital raising to complete the acquisition if any investors were to default on settlement. If this was the case, Atomos will consider
acquisition other funding options. Atomos may seek to obtain alternative funding by issuing additional shares or borrowing money. Any additional equity financing may be dilutive to shareholders
and any debt financing (if available) may involve restrictive covenants, which may limit Atomos’ operations and business strategy.

TCS is currently loss-making but expected to be earnings accretive in FY21. Atomos has undertaken financial, tax, legal and commercial analysis on TCS in order to determine its
Analysis of attractiveness to Atomos and whether to acquire it. It is possible that despite such analysis and the best estimate assumptions made by Atomos, the conclusions drawn are inaccurate or
acquisition are not realised (including assumptions as to synergies from increased scale of the group following the TCS acquisition). To the extent that the actual results achieved by the acquisition of
opportunities TCS are different to those indicated by Atomos’ analysis, there is a risk that the profitability and future earnings of the operations of Atomos may be materially different from the
profitability and earnings expected as reflected in this presentation.

The acquisition of TCS involves the integration of TCS’ business, which has previously operated independently to TCS. As a result there is a risk that the integration may be more complex
Integration risk than currently anticipated, encounter unexpected challenges or issues (including maintaining the current culture of the TCS business and the successful integration and reliance on TCS key
personnel), take longer than expected, divert management attention or not deliver the expected benefits.

Uncovered Atomos may suffer a loss as a result of conduct of the vendors of TCS for which the representations, warranties and indemnities negotiated by Atomos in its agreement to acquire TCS turn
warranty and out to be inadequate in the circumstances. Atomos has put in place warranty and indemnity insurance to support the warranties and indemnities received from the vendors of TCS,
indemnity however, that policy will not respond on all matters and is subject to a maximum liability cap, and therefore may provide no coverage on a particular liability for Atomos. Such uncovered
breaches liability may adversely affect the financial performance or position of Atomos post acquisition.

Atomos has prepared (and made assumptions in the preparation of) the financial information relating to the acquisition of TCS included int this presentation in reliance on financial
information and other information provided by TCS. If any of the data or information relied upon by Atomos in its due diligence process and its preparation of this presentation proves to
Reliance on
be incomplete, incorrect, inaccurate or misleading, there is a risk that the actual financial position and performance of Atomos may be materially different to the financial position and
information
performance expected by Atomos. Investors should also note that there is no assurance that the due diligence conducted by Atomos and its advisors on TCS was conclusive and that all
provided
material issues and risks in respect of the acquisition have been identified, Therefore there is a risk that unforeseen issues and risks may arise, which may also have a material impact on
Atomos.

© Atomos 2019 | Strategic Acquisition & Capital Raising 19

General risks associated with Atomos
Atomos competes against other video technology companies. Atomos faces the risk that (amongst other things) existing competitors could increase their market share through aggressive sales and marketing
Competition risk campaigns, product research and development or price discounting, Atomos may fail to anticipate and respond to changing opportunities, technology or customer requirements as quickly as its competitors
or new market entrants into the video technology industry could develop products which compete with Atomos’ products.

The development and release of new products, including those utilising TCS technologies, or the adoption of these new products by OEM licensees and end users, may take longer than expected or such new
Launch of new
products may not be well received by customers as a result of various reasons including (amongst others) the new products not being well priced when compared with competing products or the new
products
products lacking a strong feature that resonates with customers.

Atomos does not have formal written contracts in pace with a majority of its distributors who order and purchase products from Atomos on an ad hoc basis with no minimum purchase order obligations. This
Reliance on key
represents a risk of current sales revenue not being replicated. Atomos’ customers and distributors may decide not to continue to place purchase orders in the future or at the same level as in prior periods.
distributors
As a result, Atomos’ operating performance may vary from period to period and may fluctuate significantly in the future.

There are certain components for which Atomos has a single or limited source of supply. Accordingly, there is a risk that if the supplier was to cease supply, this could cause a disruption to Atomos’ ability to
Supply chain risk
deliver its products. Further to this, Atomos would have difficulty in sourcing alternative suppliers for certain of these components which are only available from a single source.

The loss of key members of the management team or members of the design and engineering teams, or any delay in their replacement, may adversely affect Atomos’ ability to implement its strategies and
Ability to retain or
may also adversely affect Atomos’ future financial performance. Atomos performance and future success depends on its continuing ability to identify, hire, develop, motivate and retain highly skilled
attract key personnel
personnel for all areas of the organisation. Competition for qualified employees in Atomos’ industry is intense.

Failure to manage Atomos will need to continue to invest in sales and marketing and other systems and processes to support the development of its business (including post acquisition of TCS) if Atomos gains significant market
growth share over and above its current short-term expectations. If this is not done in a timely, robust and efficient way to handle projected growth it may negatively impact on Atomos’ financial performance.

The value of Atomos’s products is dependent on Atomos’ ability to effectively identify, protect, defend and in certain circumstances keep secret, its intellectual property (including the intellectual property of
Intellectual property
TCS post acquisition). Actions Atomos takes to protect its intellectual property may not be adequate or enforceable and therefore may not prevent the misappropriation of its IP and proprietary information.

Breach of third party

There is a risk that third parties may allege that Atomos’ products use intellectual property derived by them or from their products without their consent or permission. Atomos may be the subject of claims
intellectual property
which could result in dispute or litigation, which could result in monetary damages, cause delays and increase costs, and have an adverse impact on Atomos’ operations, reputation or financial performance.
rights

Inability to pay There is no guarantee that dividends will be paid on shares in Atomos in the future, as this is a matter to be determined by the Board in its discretion and the Board’s decision will have regard to, amongst
dividends other things, the financial performance and position of Atomos, relative to its capital expenditure and other liabilities.

Atomos may in the future elect to issue new shares or engage in capital raising to fund ongoing working capital requirements of Atomos or acquisitions that Atomos may decide to make. While Atomos will be
Risk of shareholder
subject to the constraints of the ASX Listing Rules regarding the percentage of its capital that it is able to issue within a 12-motnh period, Shareholders at the time may be diluted as a result of such issues of
dilution
shares and capital raisings.

Atomos may need to raise additional funds from time to time to finance ongoing development and growth and meet its other longer-term objectives. Directors can give no assurance that future funds can be
Availability of funding raised on favourable terms, if at all. If further funds are required but cannot be raised, this may force curtailment of product development initiatives, operations and may adversely impact Atomos’ financial
position. © Atomos 2019 | Strategic Acquisition & Capital Raising 20
Agenda
Executive Summary 6

Timecode Systems Overview 9

Capital Raising 16

Key Risks 19

Appendices 22
 Current Timecode systems current offering
Broadcast &
Radio Cinema cameras

Wireless Receivers
Radio Sync
Generator Monitor recorders

Radio to
Wifi/Bluetooth All devices can be used
Converter for one production
** Patented

4cm
Bulletproof signal Pro Cameras
Wearable
Low bandwidth
for accuracy

300m Smartphones
Audio recorders

Range
© Atomos 2019 | Strategic Acquisition & Capital Raising 22
 Post Acquisition -→ More Supported Devices
Broadcast &
Radio Cinema cameras

Receivers
Atomos Devices
become touch
screen
Monitor recorders
Wireless Radio Sync
Generators
Radio to
Wifi/Bluetooth All devices can be used
Converter for one production
** Patented

+
Pro Cameras
Wearable

300m Smartphones
Audio recorders

Range
© Atomos 2019 | Strategic Acquisition & Capital Raising 23
TCS key management

Paul Scurrell – CEO and Co-Founder

• Brings 30 years of professional audio and engineering experience in TV and Radio to his role as co-founder and CEO of Timecode
Systems.
• Paul founded TCS in 2012 with an exciting new concept for a wireless timecode solution and an ambitious vision.
• Through TCS’s ground-breaking application of wireless technologies, it’s now simple for any filmmaker to capture precisely
synchronized multi-angle video content. Applicable for filming with PRO cameras, DSLRs, wearables or smartphones.
• Having steered the company through rapid growth and several years of R&D investment, Paul is now commercialising the technology
across many verticals.

Paul Bannister – CTO and Co-Founder

• Brings over 30 years experience in hardware, firmware, wireless, FPGA and software design to his role as CTO and co-founder of
Timecode Systems.
• Previous experience in airport security design, encryption systems, analogue audio and gaming algorithm design.
• Paul has a deep understanding of how wireless technology can be deployed to enhance video production workflows. Driven by a
passion to create and produce engineering solutions that are ground-breaking and disruptive to market. He produces new wireless
protocols and implementations from the ground up.
• Many of these designs and protocols are now patented and form a solid foundation to create new products, licensing and OEM
opportunities.

© Atomos 2019 | Strategic Acquisition & Capital Raising 24

TCS technology

• TCS’s leading wireless sync technology is unique, allowing reliable performance over long distances and in crowded environments.
• TCS can transmit timecode at a longer range and lower more robust radio frequency due to the use of 900MHz shorter wave which is a very
stable wave band. There is little to no interference from congestion or other channels (such as 2.4GHz or 5.0GHz). Competitors use 2.4 or 5.0.
• TCS addresses the issue of being compatible with wireless standards like Bluetooth and WiFi by providing a bridge between their proprietary
sub-gigahertz network and these other standard wireless networks.
• The timecode and sync data is transmitted to receiving OS X, iOS, Windows and Linux devices.
• This way, you get the best of both worlds: a reliable and long range "backbone" which works in any environment but can interoperate with
prevailing wireless network standards. TCS products are the only system to offer the dual transmission method (stable radio frequency +
consumer protocols) and this is patented.

© Atomos 2019 | Strategic Acquisition & Capital Raising 25

Atomos unlocks the creative and commercial potential of digital cameras

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

• Heavily compressed recordeddata

• Not designed for computerworkflows Complex
menus
• Short recordtimes
• Expensive media
• Small lower resolutionmonitors
• Complex menus andbuttons
Short
record
Expensive times
media

© Atomos 2019 | Strategic Acquisition & Capital Raising 26

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

© Atomos 2019 | Strategic Acquisition & Capital Raising 27

Content creation workflow

CAPTURE PROCESS &ENHANCE FINISH & DELIVERY

From the sensor of Atomos products enhance content creation, quality and Edit, Colour Grade, Titles, Graphics
all major camera manufacturers creativity Finish in Post

Atomos’ devices are compatible

with all levels of content creation
& equipment

© Atomos 2019 | Strategic Acquisition & Capital Raising 28

Target markets – current & future
Atomos’ growing product portfolio will address a US$10B camera equipment market1

Content Creation Social Professional Entertainment

Camera Equipment Phone & PhotoCameras Pro Video Cameras Broadcast, TV & Cinema

SHINOBI
NINJA
Atomos
Products SHOGUN
SUMO
NEON
23% CAGR 18% CAGR 35% CAGR

NEW MARKETS NEW MARKETS

Social Entertainment
Future Markets

1 CIPA
© Atomos 2019 | Strategic Acquisition & Capital Raising 29
Report, 2017
© Atomos 2019. | Strategic Acquisition