RichWave Technology Corp. Investor Presentation

June 2017

Richwave confidential 2

Company Overview A leading & innovative wireless RF IC design company Founded: January 2004 Listed in TSE: November 2015 Capital: NT$549 millions Products Evolution:

2005~2007

2008~2011

2012~2017

21 dBm SiGe PA for 802.11b/g, 2.4/5GHz Analog AV Transceiver

WiFi Switch, GaAs HPA, FEM for 802.11b/g/n, 2.4GHz Digital FM Transceiver, SoC for MP4 Video Codec

WiFi FEM, PA, Switch, LNA for 802.11ac, LTE SW& LNA in Cellular 3G/4G, Femto, Surveillance Transceiver, Digital FM/AM Tuner

Suwon

Shanghai

Taipei

Chupei

Shenzhen

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Expanding Portfolios and Scope

Technologies

SOI CMOS SiGe GaAs

Products

Scope

Power Amplifier

Low Noise Amplifier

Switch

Front-End Module

Antenna Tuner

FM/ AM

Wireless Video

350 Customers

200 Patents

270 Products

80M pcs/month

shipping

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11ac Boost RF Components Demand

*Need high power PA

11ac (3x3)

11n (1x1)

11n (3x3)

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MU-MIMO Requires More RF Frond-end

Source: Linksys

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Today’s Wireless Landscape

6

0.01 1 10 100 1000 10,000

WBAN (1)

WPAN (10)

WLAN (100)Local Area

WAN (>1000)City and Nation

Data Rate (Mbps)

NFC ZigBee

BLE

Bluetooth

Proprietary

2.4GHz

Sub-GHz

WiFi

802.11n4x4 MIMO(~600Mbps)

802.11ac4x4 MIMO(~6.9Gbps)

802.11ax8x8 MIMO(~9.6Gbps)

Cellular

5GmmWave(~10Gbps)

4G

3G

LTE-A relesse 10 Cat 4: 150Mbps Cat 6: 300MbpsLTE-Advance Pro (release 13) Cat 10:450Mbps

RF4CE

Range (m)

LO

RA

FCC: licensed Spectrum 28 to 40 GHz Phase Array

5G Network

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Content Value Increasing

1x1 2x2 3x3 4x4 8x8

Output Power Content Value ($$)

MIMO Migration

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IEEE 802.11 wireless LAN Standard—802.11ax (HEW)

8

802.11ax vs. 802.11ac PHY

SPEC. ITEMS 802.11ac 802.11ax

Frequency Bands (GHz) 5 2.4 and 5

Channel BW (MHz) 20, 40, 80, 80+80, 160 20, 40, 80, 80+80, 160

FFT Size 64, 128, 256, 512 256, 512, 1024, 2048

Sunbcarrier Spacing (KHz) 312.5 78.125

OFDM Symbol Duration (us) 3.2+0.8/0.4 CP 12.8+0.8/1.6/3.2 CP

Highest Modulation 256QAM 1024QAM

Data Rates (Mbps) 433 (VHT80, SISO) 6933 (VHT160, 8x8 MIMO)

600.4 (VHT80, SISO) 9607.8 (VHT160, 8x8 MIMO)

EVM (%) for RFFE 1.8 0.7

802.11ax HEW (High Efficiency WLAN)

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WiFi the Main Growth Driver FEM growth from 18% in Q416 to 23% in Q117. Mostly from 11ac contribution. PA growth from 14% in Q416 to 17% in Q117. Expanding main stream products will strengthen product portfolio.

Gateway and Routers Embedded devices Smartphone

PA/FEM for 11ax will be launched in 2H17.

0

400

800

1200

1600

2014 2015 2016 2017Q1

1,059 1,319

1,529

438

Unit: NT$ Million

Source: Qualcomm

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Our WiFi 802.11ac Win by Performance Output Power

L

H

Data Connected Video Stream

Parameter RichWave Ref. Pout @1.8% EVM, 11ac 20dBm 19dBm

Parameter RichWave Ref. Pout @1.8% EVM, 11ac 22.5dBm 22.5dBm

Parameter RichWave Ref Pout @1.8% EVM, 11ac 16dBm 16dBm

Parameter RichWave Ref. Pout @3% EVM, 11ac 27dBm 26dBm

Parameter RichWave Ref. Pout @3% EVM, 11ac 26dBm 26dBm

5GHz FEM

2GHz FEM

Set-top box

IOT

Data Connected

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Why is RichWave FEM/PA adopted by System customers? =>Win by EVM!

Low EVM Longer distance reception & quality And 802.11ax foundation

EVM

40dB (<~1%)

35dB (1.8%)

32dB (3%)

0.6Gbps 802.11n

4x4 MIMO

6.9Gbps 802.11ac

8x8 MIMO

9.6Gbps 802.11ax

8x8 MIMO

Peak Throughput

22.5dBm RichWave part

RichWave vs 11ac vs 11ax

EVM floor and EVM win

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Complete WiFi Solutions

Antenna output 5GHz 11ac

5GHz 11n

2GHz 11ac

2GHz 11n

PA/LNA/SW V V V V

FEM (PA+LNA+SW) V V V V

FEM(LNA+SW) V V V V

Enterprise FEM (PA+LNA+SW) V V V V

Mobility FEM (PA+LNA+SW) V V V V

Main Chipset (5GHz)

Main Chipset (2.4GHz)

CPU

LNA PA SWITCH

LNA PA SWITCH

LNA PA SWITCH

LNA PA

LNA PA SWITCH

LNA PA SWITCH

LNA PA SWITCH

LNA PA SWITCH

SWITCH

Diplexer/ Filter

PFEM

FEM

Source: D-Link

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LTE Growth in Diversity Path LTE LNA ship in Taiwan and China brands Launch high-T switch and next-gen. small form-factor LNA. Smart phone requires better sensitivity, more LTE LNA need.

0

30

60

90

2015 2016 2017Q1

48

74

30

0

1

5

LTE SW LTE LNA

Unit: NT$ Million

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Broadcasting and Wireless Video Keep expanding in broadcast and wireless video. FM continue win in Korea flagship phone. FMAM start shipping in clock radio. Wireless long-distance HD video ship to smart home, car backup, drone… with our proprietary transceiver. Unit: NT$ Million

0

150

300

2015 2016 2017Q1

164

295

65

156

239

51

FM Wireless Video

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Unit: NT$ Million

Trend in Net Sales & Units

Unit: Million pcs

0

400

800

1200

1600

2000

2400

2012 2013 2014 2015 2016 2017Q1

860

1,113

1,382

1,716

2,161

591

302 420

564 656

823

201

Revenue Shipment

+24%

+29.4%

+24%

+26%