Image Scan Holdings PLC AGM PRESENTATION William Mawer

Image Scan Holdings PLC AGM PRESENTATION William Mawer

Image Scan Holdings PLC AGM PRESENTATION William Mawer - Chairman February 2018 2 Disclaimer These presentation slides (the Slides) have been issued by Image Scan Holdings Plc (the Company) in relation to its Annual General Meeting on 27 February 2018.. The Slides have been prepared by and are the sole responsibility of the Company. Although all reasonable care has been taken to ensure that the facts stated in the Slides and accompanying verbal presentation are true and accurate to the best of the directors' of the Company (the Directors) knowledge, information and belief and that the opinions expressed are fair and reasonable, no representation, undertaking or warranty is made or given, in either case, expressly or impliedly, by the Company or any of its subsidiaries or Cantor Fitzgerald Europe (Cantor) or any of their respective shareholders, directors, officers, employees, advisers or agents as to the accuracy, fairness, reliability or completeness of the information or opinions contained in the Slides or the accompanying verbal presentation or as to the reasonableness of any assumptions on which any of the same is based or the use of any of the same. Accordingly, no such person will be liable for any direct, indirect or consequential loss or damage suffered by any person resulting from the use of the information or opinions contained herein (which should not be relied upon), or for any opinions expressed by any such person, or any errors, omissions or misstatements made by any of them, save in the event of fraud or wilful default. Prospective investors are encouraged to obtain separate and independent verification of information and opinions contained herein as part of their own due diligence. The Slides have not been approved by an authorised person for the purposes of section 21 of the Financial Services and Markets Act 2000 (as amended) (FSMA). In the United Kingdom, the Slides are exempt from the general restriction in section 21 of FSMA on the communication of invitations or inducements to engage in investment activity pursuant to the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the Financial Promotion Order) on the grounds that it is directed only at the following, being persons who the Company reasonably believes to be: (a) persons having professional experience in matters relating to investments (being Investment Professionals within the meaning of article 19(5) of the Financial Promotion Order); (b) persons who fall within article 49 of the Financial Promotion Order (high net worth companies, unincorporated associations, or partnerships or the trustees of high value trusts), or (c) other persons who have professional experience in matters relating to investments and to whom the Slides and accompanying verbal presentation may otherwise be lawfully communicated (all such persons together being referred to as Relevant Persons). By attending the presentation of the Slides, you represent and warrant that you are a Relevant Person. The content of the Slides is only available to Relevant Persons, and is not to be disclosed to any other person of any other description, including those that do not have professional experience in matters in relation to investments, and should not be used for any other purpose, and any other person who receives the Slides should not rely or act upon them. Any investment or investment activity or controlled activity to which the Slides relates is available only to such Relevant Persons and will be engaged in only with such Relevant Persons. Reliance on the communication set out in the Slides for the purpose of engaging in any investment activity may expose an individual to a significant risk of losing all of the property invested or of incurring additional liability. Any individual who is in any doubt about the investment to which the Slides relate should consult an authorised person specialising in advising on investments of the kind referred to in the Slides.

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Save as otherwise expressly agreed, none of the above should be treated as imposing any obligation to update or correct any inaccuracy contained herein or be otherwise liable to you or any other person in respect of any such information. In particular, and without limitation, nothing in the Slides and accompanying verbal presentation should be relied on for any purpose. The Slides and the accompanying verbal presentation contain certain forward-looking statements and projections. These statements relate to future events or future performance and reflect the Directors and management's expectations regarding the Companys growth, results of operations, performance and business prospects and opportunities. Such forward-looking statements reflect the Directors and managements current beliefs and are based on information currently available to the Directors and management and are based on reasonable assumptions as at the date of this presentation. 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3 Introduction to Image Scan Holdings PLC Typical portable X-ray system Developer and manufacturer of X-ray inspection systems focussed on two distinct markets Portable X-ray for security and bomb detection Industrial inspection for automotive emission control Successful exporter (85% of sales overseas) Expanding product range in growing markets 18 staff based in Loughborough, UK Typical industrial X-ray system

Strategy: Grow current business through investment in R&D and sales Add new products and revenues through acquisition and partnering 4 Our primary business areas Portable X-ray X-ray threat detection systems for: bomb technicians Industrial X-ray X-ray inspections systems for catalytic converters and diesel particulate filters prisons Key account sales to global automotive customers customs Low volume: currently <10 units per year Government sales through international partners Neutral working capital

Strong support revenue 5 Performance highlights Year ending 31 March 2017 ORDERS 5.4m SALES 5.0m GROSS PROFIT 2.0m (39%) PBT 477k +25% +51% +42% +350%

2016: 4.3m 2016: 3.3m 2016: 1.4m (42%) 2016: 105k Year end position: Order book: 2.1m* (2016: 1.7m) Cash: 1.2m (2016: 1.1m) *Announced (1 February 2018) that a 1m order included in this total would be cancelled Portable X-ray order waiting for dispatch Presentation Title ThreatScan2 pushing performance New range of precision detector panels Based on Government funded PLD programme

4-fold resolution increase (like going from 1 Mega pixel to 4 Mega pixel camera) Three panel formats will be available Compact units now in production ThreatScan image Competes with competitors more expensive Amorphous Silicon technology ThreatScan2 image 6 7 A complete threat detection system in a backpack Designed for more mobile bomb squads Includes: full X-ray system, custom cable set, rugged computer Now in customer trials/demonstrations in Middle East Combi system Increases deployment options

Unique in the market First orders received Security extending the product range Options in generators, panels, computers and accessories allow packages to be tailored to different markets, budgets and customer groups Security - new markets New security customers worldwide Increased penetration of Indian Subcontinent 65% increase in portable X-ray units sold (FY16 to FY17) 8 9 Industrial - inspection We non-destructively inspect catalytic converters and diesel particulate filters THE MARKET Well defined niche now adopting X-ray imaging Blue Chip automotive customers Emphasis on clean emissions and quality control IMAGE SCAN POSITON Installed base of c40 machines

Typical catalytic converters Little competition New customers starting global deployment THE OPPORTUNITY Accelerated deployment Higher throughput New application in same sector In-line X-Ray 10 Image Scans progress since 2014 Start of a turn around Financial Years 2017 2016 2015 2014

Sales 5.0m 3.3m 1.7m 2.2m GP% 39% 42% 38% 31% Overheads 1.5m 1.4m

1.3m 1.2m Profit/(loss) before tax 477k 105k (640k) (524k) New, highly integrated, system The company is well positioned in its core markets Sales and profit growth It has a platform from which to build future growth 5.0 Impact of contract loss emphasises need for diversification of products and markets

0.0 2014 Sales 2015 PBT 2016 2017 Image Scan future growth Building on a sound platform: MOMENTUM Continuous technology innovation in portable Increase deployment in industrial Extend market reach EXPANSION Expand the offer to bomb techs Partnerships and licensing New products ACQUISITION Target companies with significant revenues and: Technology synergies (e.g. X-ray companies) and/

or Market synergies (e.g. bomb tech suppliers) Debt/equity funding 11 12 Summary FY2017 result demonstrated strong technology/market platform Order cancellation emphasises need for diversification Operates in attractive, growing markets Strong product pipeline and new customers provide confidence for further organic growth Potential for acquisitions in core sectors Ambitious management team with relevant technology and sector experience

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