Investors Presentation

September 2019

2ATEME © 1991-2019

Disclaimer

This presentation does not constitute or form part of and should not be construed as any offer for sale of or solicitation of any offerto buy any securities of ATEME, nor should it, or any part of it, form the basis of or be relied on in connection with any contract orcommitment whatsoever concerning ATEME’s assets, activities or shares.

All statements other than historical facts included in this presentation, including without limitations, those regarding ATEME’sposition, business strategy, plans and objectives are forward-looking statements.

The forward-looking statements included herein are for illustrative purposes only and are based on management’s current views andassumptions. Such forward-looking statements involve known and unknown risks. For illustrative purposes only, such risks includebut are not limited to impact of external events on customers and suppliers; the effects of competing technologies competitiongenerally in main markets; profitability of the expansion strategy; litigation; ability to establish and maintain strategic relationshipsin major businesses; and the effect of future acquisitions and investments.

ATEME expressly disclaims any obligation or undertaking to update or revise any projections, forecasts or estimates contained in thispresentation to reflect any change in events, conditions, assumptions or circumstances on which any such statements are based,unless so required by applicable law. These materials are supplied to you solely for your information and may not be copied ordistributed to any other person (whether in or outside your organization) or published, in whole or in part, for any purpose.

3ATEME © 1991-2019

Presenters

Michel ArtièresFounder & Chief Executive Officer

Degree in Engineering from Supelec, Paris, with a specialization in signal processing and telecommunications

Fabrice Sana Chief Financial Officer

Degrees from the European Business School and ESSEC

4ATEME © 1991-2019

• In charge of the automotive market for simulation software editor MSC Software

• First head of sales and in charge of the company’s growth strategy at ATEME from 2001 to 2015

• International business development of ModusLink

• HEC, Paris and CEMS.

• Head of Financial Communications, Chief Transformation Officer of Eutelsat Communications

• Partner at the capital markets consultancy, Makinson Cowell (KPMG)

• Head of European equity research at BNP Paribas and head of Pan-European research at ABN AMRO.

• University of Cambridge.

Joanna Darlington Michel Artières Jacques Galloy

Board of Directors

• Co-founder, President and CEO of ATEME.

• R&D Directors in Image Processing and Compression at the French Ministry of Defence (works in the field of progressive lossless compression for very high definition images, and blurred image restoration in noisy environments)

• Supelec Paris

• Founder of Gaudeto, an Advisory and Investment Company focused on small to mid-size technology and media companies.

• Board member and CFO of EVS, worldwide leader in TV Technology niches, a top 30 Belgian listed company.

• Co-founder of Dcinex for 8 years till 2013, European leader in digital cinema.

Benoit Fouchard Laurent Cadieu

Independent Independent Independent Observer/Independent

• Founding Managing Partner of Largam, an investment boutique

• Head of European Equities of BNP Paribas,

• Member of the board of Nasdaq Europe and Easdaq

• Director of small technology companies in Europe.

• Ecole Polytechnique and ENST

5ATEME © 1991-2019

1.ATEME for beginners2. Market Trends

3. More for experts

4. Financial Performance

5. Strategy

6ATEME © 1991-2019

ATEME Factsheet

36 Patents

250 people in 18 countries

700 clients in 100 countries

Public since 2014

56.5 M€ in 2018 (+16%)

ATEME designs software video compression solutions to enable innovative live or on demand video delivery

services while preserving picture quality.

Strategic partnerships

7ATEME © 1991-2019

A Complete Offer for the Complete Video Flow

Service Provider(Satellite, Cable, Telco)

Video Headend

Event

ContributionPrimary

DistributionDistribution

OTT / Multiscreen

Subscriber

CDNContent Provider

TV Network

Kyrion encoders in the trucks and decoders at the TV station

TITAN is a virtualized Video Headend software covering all Live and File needs

8ATEME © 1991-2019

1. ATEME for beginners

2.Market Trends3. More for experts

4. Financial Performance

5. Strategy

9ATEME © 1991-2019

Video Growth DriversContinued Demand for High Efficiency Compression

Content Explosion

DelinearizationMore channels, more content

Monetization Opportunities

Multiplication of distribution formats

New Distribution Models

Multiscreen, OTT

Ultra HD Television

4K, HDR, WCG, HFR

Video content in global Internet traffic :

2018

75%Source : Cisco Visual Networking Index

2022

82%

10ATEME © 1991-2019

Industry Shift to Software, the Revolution in Progress

Today, Service Providers deploy Software Converged Video Headends (Live + VOD, Box + Multiscreen), in a virtualized environment

Legacy Video Headendfor the linear distribution to the box

VOD and Multiscreenseparated infrastructure

Software Virtualized Video Headendrunning on a private cloud

=Software

Virtualized Headend

Running on

Private cloud

+ + Multi-Screen

VOD

10 years ago,Video Head Ends consisted in heterogeneous specialized hardware for each operation

Then,VOD and multiscreen were added and managed as separate operations

Legacy VHE

11ATEME © 1991-2019

Sept 2015

$300-500M(5-7x Sales)

acquires

Sept 2015

$125M (4x Sales)

acquires

Dec 2015

€69M (1x Sales)

acquires

Consolidation Clearing the Way for ATEME

Essentially down from 7 to 4 Players

• Envivio partners are Ericsson competitors

• Redundant employees (Sales worldwide)

• Products end of life confusing clients

• Redundant employees (Rennes R&D) Ideal

Scenario

for ATEME

Jan 2018

acquires 51% of

and becomes

Oct 2018

acquires 100% of SPVTG

and becomes

• US service providers running away from their competitor (Amazon Prime Video)

12ATEME © 1991-2019

1. ATEME for beginners

2. Market Trends

3.More for experts4. Financial Performance

5. Strategy

13ATEME © 1991-2019

30% density increase without network or

decoder/STB upgrade

QAM reclamation enabling new services

ATEME’s research team is working to help

define the next MPEG video compression

standard

Close partnership with

Reduce the required bandwidth for main-

screen & OTT HD

Reduce the solution’s TCO

1st to market with a production -ready

HEVC solution

Deploying HEVC projects with Tier1 clients worldwide

Transforming Video Delivery, Reducing Distribution Costs

MPEG2 (1994)

The only compression vendor part of

AV1, the royalty free codec, will be released in 2018 and supported

by TITAN

H264 (2003) HEVC (2013) AV1 (2018) H266 (2020 ?)

TITAN supports all international video compression standardsRecent involvement of ATEME R&D and deployment successes include:

14ATEME © 1991-2019

ATEME member of Alliance for Open Media

Internet leaders partnering to standardize AV1 in 2018, a royalty-free alternative to HEVC

Technology Leadership through Standardization Activities

Television Formats

Co-Chairmanship of 2 working groups at ITU for HEVC

Final Performance of the HEVC Standard

ATEME involvement in the standardization activities is unique amongst video compression vendors

15ATEME © 1991-2019

Growing Demand For UHD TV

4K TV

+38%CAGR 2017-2022

Source : Dataxis

Growing number of 4K Set-Top Boxes

4K STB

31 millionunits

in 2017

There are now 142 channels and services transmitting in 4K worldwide of which:• 85 coming from IPTV-based services (60%) ;• 55 coming from satellite (39%) ;• 2 coming from terrestrial channels that are making experimental broadcasts (1%).

Source : Eutelsat Report, Oct. 2018

Connected 4K TV sets

162

260

379

514

658

799

2017 2018 2019 2020 2021 2022

Source : CISCO VNI global IP traffic forecast 2017-2022

By 2022, nearly two-thirds

(62%) of connected flat panel

TVs will support 4K.

Un

its

-in

mill

ion

s

16ATEME © 1991-2019

ATEME Honored By Sinclair Broadcast Group

“ATSC 3.0 will be a huge opportunity for broadcasters specifically because of the data they will be able to collect within 3.0’s IP-based delivery system that establishes two-way communication between broadcasters and viewers.” - David Smith, chairman of the Sinclair Broadcast Group.

« Next Gen TV » is based on ATSC 3.0, the new standard for the terrestrial digital broadcasting system in the United States and Korea

Sinclair and its joint venture ONE Media announced 40 U.S. cities getting ATSC 3.0 next-generation TV by the end of 2020.

$6.7B 2018 REVENUE

191 TELEVISION STATIONS

607 CHANNELS

89 US MARKETS

17ATEME © 1991-2019

Others Trends We Monitor

Dec. 1st, 2018 :NHK launched the first 8K channel in the world with a broadcast of “2001: A Space Odyssey.”NHK to broadcast 2020 Olympic Games in 8K.

Numerous Content/Service Providers launch 5G trial5G promises higher quality/faster delivery of entertainmentMay accelerate cord-cutting effect and enable more app-type bundles to succeed

18ATEME © 1991-2019

1. ATEME for beginners

2. Market Trends

3. More for experts

4.Financial Performance5. Strategy

19ATEME © 1991-2019

2011 2012 2013 2014 2015 2016 2017 2018 2019

Q1 Q2 Q3 Q4

Revenues Evolution by Quarter

€37.5m

€28.6m

€12.3m

€17.9m€20.6m

€24.8m

IPO

€48.6m

+29%Organicgrowthin H1 2019

+24%at constant

exchange rate

€56.5m

€30.1m

9.6

13.7

13.6

16.5

20ATEME © 1991-2019

H1 2019 Revenue Split and Growth by Region

EMEA33%

USA/Canada36%

LATAM18%

APAC13%

USA/CAN+26%

LATAM+76%

APAC+41%

H1 2019 REVENUE SPLIT BY REGION H1 2019 REVENUE GROWTH BY REGION

-xx%at constant

exchange rate

+xx%at constant

exchange rate

+xx%at constant

exchange rate EMEA+13%

+18%at constant

exchange rate

+66%at constant

exchange rate

+34%at constant

exchange rate

Combined revenues are now approaching level of EMEA and North America

Successful roll-out of multiyear engagements with key customers

21ATEME © 1991-2019

2018 P&LConsolidated data – IFRS –in thousands of euros

Lower gross margin due to : • product mix included substantial sales of

hardware• significant investment in 2018 in the

customer services team• Impact of currency effect

Operating profit impacted by increase in operating expenses :

• Increase in R&D investments

• Continued S&M international expansion

• Rise in total headcount from 220 to 250

2017 H1 2018 H2 2018 2018

Revenue 48,599 23,236 33,251 56,487

Gross profit 29,098 10,454 17,401 27,855

Gross margin 59.9% 45.0% 52.3% 49.3%

R&D expenses (6,158) (3,930) (3,316) (7,246)

Sales & marketing expenses(2) (15,633) (8,524) (8,221) (16,745)

Other G&A expenses(2) (2,416) (1,270) (1,272) (2,542)

Operating profit 4,890 (3,269) 4,592 1,323

Operating margin 10.1% - 13.8% 2.3%

Financial loss (200) (77) (62) (139)

Financial profit 1 9 3 12

Exchange effect (1,325) 240 334 574

Tax income 453 (95) 31 (64)

Net profit 3,819 (3,192) 4,898 1,706

Net margin 7.9% - 14.7% 3.0%

22ATEME © 1991-2019

IPO July 2014

201620152014

Evolution Since the IPO2017

50 hires in 12 months (R&D in France, Support engineers and Sales in all 4 regions)

€12.3m

€-2.5m

€15.0m

€-1.6m

€16.3m

€0.0m

€12.9m

€-1.1m

€11.9m

€-0.9m

Phase 2:Design of TITAN 4 and reorganization of international offices

Phase 3: Commercial launch

165

135

170

€22.5m

€3.6m

Growth acceleration in H2 2016: a 2 years ROI since the IPO

Revenues

Net Loss/Profit

220

€20.9m

€0.3m

Phase 1: 30 hires in 6 months (opened Rennes R&D office)

€27.7m

€3.5m

2018

€23.2m

€-3.2m

250

€33.3m

€4.9m

23ATEME © 1991-2019

2018/12/31 Balance SheetConsolidated data - IFRS – in thousands of euros

2017/12/31 2018/12/31

ASS

ETS

Non-current assets 6,364(1) 6,757

Current assets 32,591 37,518

o/w stocks 2,660 3,625

o/w trade receivables 23,538(2) 21,865

o/w cash and cash equivalents 2,451 6,254

38,775 44,275

LIA

BIL

ITIE

S

Shareholders’ equity 18,791(3) 21,537

Non-current liabilities 4,787 5,629

o/w non-current financial debt 4,222 5,022

Current liabilities 15,197 17,108

o/w current financial debt 1,622 1,444

o/w trade payables 6,722 8,738

38,775 44,275

(1) vs 6,310 k€ published due to 180 k€ of depreciation for trade receivables (IFRS 9)(2) vs 23,718 k€ published due to 54 k€ of deferred tax on depreciation for trade receivables (IFRS 9)(3) vs 18,917 k€ published due to 126 k€ (depreciation for trade receivables - deferred tax on depreciation for trade receivable)

24ATEME © 1991-2019

2018 FCFConsolidated data - IFRS – in thousands of euros

Strong performance of cash flow from

operations : €5.4m

Cash position end of Dec. 2018 : €6.2m

2017/12/31 2018/12/31

Net Profit (Loss) 3,819 1,706

(-) Elimination of non-cash elements (1,937) (2,872)

Gross cash flow 5,756 4,487

(-) Change in Working Capital 6,607 (892)

Cash flow from operations (851) 5,379

Cash flow from investing activities (1,756) (2,915)w/o new tangible and intangible fixed assets (1,110) (2,294)w/o capitalisation of development costs (607) (534)

Cash flow from financing activities 979 1,253w/o exercice of stock-options 905 799w/o new loans and contingent advances 1,700 2,094w/o interest expense (14) (75)w/o repayment of loans and contingent advances (848) (1,363)w/o repayment of financial leases (241) (337)w/o other financial flows (including factoring) (523) 136

Currency effect (27) 50

Net Change in Cash (1,656) 3,767

Opening Cash position 4,094 2,439

Closing Cash position 2,439 6,206

Acquisition of tangible assets (€2.1m) for labs and demos

New mid-term loans on H2

25ATEME © 1991-2019

1. ATEME for beginners

2. Market Trends

3. More for experts

4. Financial Performance

5.Strategy

26ATEME © 1991-2019

The Media Landscape

Studios/Broadcasters/NetworksCreated string brands in the 80’s-90’s

Service Providers (MVPDs) Historically, got the broader access to customer

SVOD or Ad-Supported VOD ServiceImpose Binge Watching as the Way to consume video

Virtual Service Providers (vMVPDs)New content or Skinny cost-effective bundlesNew

Entrants

Digital Native

Traditional Players

TV/STB native

Content ProvidersCreate/Produce/License Content

Service ProvidersAggregate/Distribute Content

27ATEME © 1991-2019

Prepare Expanding to CPs and SPs OTT delivery

Service Provider(Satellite, Cable, Telco)

Video Headend

PrimaryDistribution

Traditional Distribution

SubscriberCDN

Content ProviderTV Network

CDN

2 Enable new decentralized

distribution workflow for SPs

1 Enable CPs’ direct access

to consumers

OTT

Most of ATEME business today

Playout Compression Distribution

28ATEME © 1991-2019

Playout Brings Video Contents To Home

Live Streams

Video Files

Subtitles

Playlist

Graphics

PLAYOUT

Source : ESPN User Interface

29ATEME © 1991-2019

TITAN Business Model

Industry standard : Project based business model New business model : Multi-year Engagement

• TITAN pay-up perpetual licenses (1 license per SD/HD/UHD channel)

• Recurring Annual support 15-20%

• Optionally some clients source the servers from ATEME

ATEME benefit: revenue predictability

Customer benefit: guarantee their move to a new video compression vendor is future proof

Year1 Year2 Year3 Year4 Year5

*

*Optionally some clients source the servers from ATEME

“Recurring CAPEX”:

• Most clients need additional licenses for extensions• Largest clients operate in multiple sites or countries

Each project includes: Largest clients operate multiple video headends

We offer these clients to “drive” ATEME software roadmap against multi-year commitment

30ATEME © 1991-2019

2020

2019Win the Video Head End market and prepare expanding to CPs and SPs OTT delivery

Gross Margin expected up(shift to software)

Increasing operating profit every year

Multi-year contracts leading to increasing predictability in topline growth (+20%), with contribution from all 4 regions

2 Year Plan

S&M investments to

keep developing our

international coverage, but will

not grow as fast as the topline

R&D investments to

develop innovative

Network solutions, but will

not grow as fast as the topline

31ATEME © 1991-2019

Investor Relations

Next investor date

Market data

ISIN: FR0011992700 - Ticker: ATEME

Stock price: €10.98 (as of August 27, 2019)

Market cap: €114.5m (as of August 27, 2019)

Sept. 26, 2019 2019 Half-Year Results

Nov. 5, 2019 2019 Third Quarter Revenues

Concert Artières

12%

Xavier Niel5%

Keren Finance

6%

Axa IM5%

Others < 5%72%

Liquidity contract: Gilbert Dupont

Source : Company, as of June 28, 2019

Shareholder structure Stock Price (€) Volume (€)

Number of shares: 10,454,313Potential dilution : 177,813

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