Morgan Stanley NDR

AMBARELLA.COM AMBARELLA.COM

December 6th & 9th, 2019 COPYRIGHT AMBARELLA 2019 AMBARELLA COPYRIGHT Morgan Stanley NDR

Frankfurt, Germany and Milan, Italy

Dr. Alberto Broggi, GM Ambarella Italy Casey Eichler, CFO Louis Gerhardy, Corporate Development

1 Forward-Looking Statements

This presentation contains forward-looking statements that are subject to many risks and uncertainties. All statements made in this presentation other than statements of historical facts are forward-looking statements, including, without limitation, statements regarding Ambarella’s strategy, future operations, financial targets, future revenues, projected costs, prospects, plans and objectives for future operations, future product introductions, future rate of our revenue growth, the size of markets addressed by the company's solutions and the growth rate of those markets, technology trends, our ability to address market and customer demands and to timely develop new or enhanced solutions to meet those demands, our ability to achieve design wins, and our ability to retain and expand our customer and partner relationships.

In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "could," "would," "expects," "plans," "anticipates," "believes," "estimates," "projects," "predicts," "potential," or the negative of those terms, and similar expressions and comparable terminology intended to identify forward-looking statements. We have based forward-looking statements largely on our estimates of our financial results and our current expectations and projections about future events, markets and financial trends that we believe may affect our financial condition, results of operations, business strategy, short term and long-term business operations and objectives, and financial needs as of the date of this presentation. Although these forward-looking statements are based upon information available at the time the statements are made and reflect management’s good faith beliefs, forward-looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from anticipated future results. Important factors that could cause actual results to differ materially from expectations are disclosed in Ambarella's annual reports on Form 10-K and quarterly reports and Form 10-Q filed with the Securities and Exchange Commission (the “SEC”), particularly in the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” You should not place undue reliance on forward-looking statements, which speak only as of the date on which they are made. We do not undertake to update or revise any forward-looking statements after they are made, whether as a result of new information, future events, or otherwise, except as required by applicable law. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this presentation may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward- looking statements.

Before you invest, you should read the annual and quarterly reports and other documents Ambarella has filed with the SEC for more complete information about the company and its ordinary shares. Additional information will also be set forth in Ambarella's future quarterly and annual reports and other filings made with the SEC from time to time. You may access these documents for free by visiting EDGAR on the SEC web site at www.sec.gov.

AMBARELLA.COM COPYRIGHT AMBARELLA 2019 2 Ambarella Overview

Ambarella is an artificial intelligence (“AI”) company . Ambarella developed over a 3 year period an AI processor architecture specifically optimized for video edge-endpoint applications. The integration of this deep neural network AI processor with the company’s state-of-the-art video processor yields a highly optimized computer vision (“CV”) system-on-a-chip (“SoC”) . More than $350 million cumulative investment into CV targeting automotive, security camera and other robotic applications . The first 3 production CV SoCs were taped-out and sampled in C2018 with all three products in production . Three “waves” of CV revenue anticipated; professional security cameras, consumer security cameras and automotive cameras

Founded 2004, IPO (NASDAQ: AMBA) 2012 . Focused on video applications, always with the premise that video is a special type of data requiring an optimized chip architecture . Initially targeted consumer electronics and security cameras for low-power and high-resolution human viewing applications . More than 270 million cameras enabled to-date Strong and liquid balance sheet . $401 million cash and marketable securities and no debt exiting Q3 F2020 (October 31, 2019) . Positive operating cash flow . Returned $175 million to shareholders via stock repurchases in the last 3+ years

AMBARELLA.COM COPYRIGHT AMBARELLA 2019 3 Global Footprint 756 Employees Across US, Asia, and Europe

174 54 178 334 5 5 6 United States Europe China Taiwan Hong Kong Korea Japan

US ODMs . Jabil VisLab HQ . Flextronics Parma, Italy Santa . acquired 2015 Clara, CA Taiwan ODMs Founded and incorporated . 51 employees . Chicony in Cayman Islands in 2004 . 30 PhDs . Sercomm . Vivotek . LiteOn . WNC China ODMs . Ability . Skylight . Gongjin . Goertek . Kenxen

Manufacturing Preferred Partner Contract Design Houses Rhonda Samsung Semiconductor Teknique

AMBARELLA.COM COPYRIGHT AMBARELLA 2019 4 Ambarella’s Computer Vision System-on-a-Chip Leveraging 15 Years of Video Processing Expertise with a New and Proprietary AI Processor

15 years of Programmable Computer Vision Platform Video and with Optimized Coprocessor Acceleration Image NEW Processing CVflow architecture Experience introduced in F2019 after 3 years in R&D

CVflow Deep Video Image Neural Network AI Compression Processing processor

AMBARELLA.COM COPYRIGHT AMBARELLA 2019 5 “Algorithm first” approach

- Approach followed by Ambarella when designing the first encoding chip family - Followed also for CV chip family: - 3 ys of sw design, implementation, and on-field testing before selecting hw acceleratorss - CV1 evaluated over a full life cycle (from design to full implementation on autonomous cars); CV2 design then based on real feedback - Careful choice of most used / heavy CV blocks, especially for ADAS/AV: - includes key technologies for future cars, like Stereo and CNN and their enablers - CVflow architecture: - based on specific optimizations to make a very efficient use of space and resources, leading to limited power consumption and high performance - At the same time, CVflow is easy thanks to conversion tools to port from usual environments into CV chips

AMBARELLA.COM COPYRIGHT AMBARELLA 2019 6 EVA Embedded Vehicle VisLab: 25+ Years of CV Technology Development Autonomy Focused on Autonomous Driving Applications

. Acquired in 2015, spun-out from the University of Parma (Italy) in 2009 VW Tiguan 2017 4K sensors 2008-now BRAiVE CV2 . Recognized globally for computer vision software Fully autonomous expertise applied to autonomous vehicle applications Porter 2009-now 4 fully autonomous . Set worldwide milestones for autonomous driving, CV22 participating in multiple DARPA challenges electric vehicles PROUD 13km in Parma, . Consistent track record of innovation TerraMax 2004-2007 100% AV Fully autonomous DEEVA CV VIAC 15km cross- integration 100% continent drive AV 100% AV following

DARPA Urban driving 100% AV, driveless 1993-1994 Fully manual DARPA Grand 132 DEEVA 2014 Mille Miglia 2000+km miles off-road 100% Fully Autonomous on Italian highways AV, driveless with 13 stereo Prometheus ADAS 94% autonomous camera systems

demo on closed track steering

2015 2014 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2016 2017 2018 2019

AMBARELLA.COM COPYRIGHT AMBARELLA 2019 7 Computer Vision: the game changers

• Vision has been improving but: • Needs more performance to handle L2+ and other advanced applications • GPU based hardware too expensive and too high power

• Game changers: • New higher resolution 4k (8 Mpxl) and up image sensors • Power efficient/cost effective deep learning • Stereo to improve robustness over mono and reduce the number of lidar used today

• Moving from low to high resolution brings additional challenges Ambarella solved: • Higher performance processing requirement with low power and cost • Advanced image processing for low light performance • Higher sensitivity to thermal cycles and vibrations handled by autocalibration

AMBARELLA.COM COPYRIGHT AMBARELLA 2019 8 Ambarella Stereovision Technology

- Working on stereo for 20+ years - Selection of proper algorithm and on-chip porting as a building block - Advantages (vs LiDAR): - Provides much denser 3D distance measurements - Perfect alignment with image data - Much lower cost and much easier installation - Game changers: - 4K resolution, low power consumption, and low light capability - Autocalibration provides robust solution and saves time on installation - Applications: - developed for automotive, but applicable to many fields where 3D perception is key: robotics (consumer and pro), automation, logistics, agricultural, earth moving, mining,…

AMBARELLA.COM COPYRIGHT AMBARELLA 2019 9 Ambarella in Automotive: perception from L2 upwards

- The higher the automation level (L1,… L5), the denser and more accurate the required perception - High levels also require redundancy (i.e. sensor fusion with multiple sensing technologies) - Vision (Ambarella’s key offer) is overcoming the major historical bottlenecks: - Resolution (now 4k, 8Mpxl) - Low light with high resolution and stereo (now working also at night) - Power hungry (now 30 fps @ <4W) - High resolution deep learning die size and power efficiency - Stereo vision provides an additional sensing technique that fuses with monocular, and adds redundancy and depth information to monocular

AMBARELLA.COM COPYRIGHT AMBARELLA 2019 10 Scalable Computer Vision Portfolio AI in the Camera - Superior Performance per Watt + Performance per Dollar

CV25 CV22 CV2

CV25 – Mainstream CV22 – Mid Range CV2 – High End

Announced January 2019 Announced January 2018 Announced March 2018

Mass production revenue December Mass production revenue July 2019 Sampling and early trials

2018 Availability Samsung low power 10nm process

Up to 3x cameras* Up to 2x cameras* Up to 6x cameras* and stereo support Video Video

Vision 8 megapixel sensors at 15 frames per second** 8 mega pixel sensors at 30 frames per second** Processing Processing

CVflow Deep Neural Network AI Processor (software tools port from TensorFlow, Caffe, ONNX, etc.) AI AI

Computer ½ of CV22 AI (CVflow) Baseline (CVflow) 4x CV22 AI (CVflow) Processing

*additional cameras can be supported using external SERDES **video processing trade-offs available between frames-per-second, resolution, and the number of cameras supported

AMBARELLA.COM COPYRIGHT AMBARELLA 2019 11 Automotive Camera System Target Markets ~20% fiscal 2019 total revenue

Forward-Facing PT/FT Ambarella Recorders eMirrors In-Cabin Surround ADAS Autonomous

2018 SAM ~$300M $1B+ <$10M <$50M <$100M ~$100M 2025 SAM ~$500M $1.5B <$250M ~$500M ~$250M ~$2.5B

Ambarella $40M-$50M New New New New New F2019 Revenue

A12, A12, CV22, A12, Products CV25 CV22, CV2 CV22 S5 CV22 CV22, CV2 (examples) H22 H22 CV2 H22

Computer Applications Human Computer Computer Vision Computer Vision Computer (Human / Computer Viewing Human Human Human Computer Vision Vision L0-L3 ADAS Vision L0-L5 Vision Viewing Viewing Viewing L2+ to L5 ADAS + AD Vision) Event L0 ADAS L0-L4 ADAS ADAS and L0-L3 ADAS Reconciliation AD

Baolong OEM Eyesight BAIC, Geely, Honda, Eyeris Ofilm Nissan, SAIC, Toyota Korean T1 Mercedes- Selected Hella Tier 1 for Longhorn US OEM Japan T1 Roadefend Benz Momenta BAIC Ofilm Engagements Aftermarket Readsense Finedigital, Garmin, SmartEye Nextbase, Thinkware (TBA)

Source: TSR, Strategy Analytics, Ambarella AMBARELLA.COM COPYRIGHT AMBARELLA 2019 12 Ambarella’s Global Automotive Footprint OEM, Tier 1’s, and Tier 2’s

Computer Vision Human Viewing (Video Processor + AI Processor “CVflow”) (Video Processor)

OEM

AMBARELLA.COM COPYRIGHT AMBARELLA 2019 13 Global Security Camera Installed Base Is Fertile Ground for New CV Product Cycle

Security Camera Market 1,000 CV (3G) ~60% fiscal 2019 total revenue begins 750 . ~60% of Ambarella’s F2019 revenue originated from the security camera market 500 . Two-thirds originated from the professional security camera market Networked (2G) . Primarily driven by enterprise capital investment

. One-third from the consumer security camera market 250 Installed base (Millions) base Installed . Primarily driven by household spending for durable goods Analog (1G) - . ~750 million security camera global installed base in C2019 2013 2014 2015 2016 2017 2018 2019e 2020e . Ambarella has historically served the networked security camera market Analog Networked Computer Vision

. Ambarella is now also addressing the computer vision market at its inception Global Security Camera Unit Shipments Pro CV . Global security camera unit shipments around 210 million in C2018 becomes material . Computer vision and networked cameras expected to grow while analog shrinks 300

. The transition from human viewing to computer vision represents a 200 major new product cycle . We expect to ~5 professional security camera customers in mass production by the end of TSR Analytics, IHS, Strategy , F2020. Motorola Solutions is the first mass production customer

Millions Units of Millions 100

. We are in-design at 9 of the 10 leading professional security camera companies Ambarella . In discussions with all the leading consumer security camera customers. Market development ~1 year behind professional 0 Source: C2018 C2020

AMBARELLA.COM COPYRIGHT AMBARELLA 2019 Analog Networked Computer Vision 14 Ambarella’s Global Security Camera Footprint Enabling Most Major Professional and Consumer Security Camera Companies

Professional Security Consumer Security Enterprise ― Retail ―Smart Cities ― ITS ― Smart Parking Home Security ― Smart Home Automation ― Delivery Services

AMBARELLA.COM COPYRIGHT AMBARELLA 2019 15 Competitive Landscape is Fragmented Ambarella’s video processing expertise scales across multiple markets Security Cameras Automotive Cameras Forward-Facing PT/FT Professional Consumer Recorders eMirror In-Cabin Surround ADAS Autonomous

HiSilicon (Huawei) China only Aftermarket

Mobileye (Intel) (SW from Mobileye+SoC from STM=“black box”) DNN starts with EyeQ5

Movidius (Intel)

Nvidia (Server based architectures) central AI processing

NXP No DNN for AI processing Qualcomm

Renesas

SigmaStar

Texas Instruments DNN accelerator – samples pending

Xilinx PLDs utilized early in a product life cycle (IP Cores) e.g. Cadence, CEVA, etc. Incomplete solution

AMLogic, Fullhan, Ingenic, Will, Socionext, AIT, Novatek, iCatch (Custom ASICs) (Custom ASICs) (Others) (Custom ASICs),

AMBARELLA.COM COPYRIGHT AMBARELLA 2019 16 “Other” Revenue – Mostly “Consumer Discretionary” ~20% fiscal 2019 total revenue

. ~150% of Ambarella’s revenue decline between F2017 and C2016 C2017 C2018 F2019 was driven by “Other” (F2017) (F2018) (F2019) non . “Other” revenue expected to decline in dollars and as a percent of Other ~55% ~40% ~20% focus revenue over the next 2-3 years Security focus ~35% ~45% ~60% . With some exceptions, computer vision is not critical to “Other” Cameras market markets focus . Some segments such as police body cameras and commercial drones are Auto ~10% ~15% ~20% expected to adopt CV and remain attractive but relatively small market opportunities market

Total $310 $295 $228 . Sports/action cameras, consumer drones, and AR/VR markets Revenue have not come close to achieving market growth expectations and are relatively small opportunities

AMBARELLA.COM COPYRIGHT AMBARELLA 2019 17 Emerging Opportunities Includes consumer and enterprise applications

Robots for assistance, cleaning, delivery service, surveillance, warehouse, etc. . Potential customer examples: Amazon, Alibaba, Baidu, Dyson, LG, iRobot, Segway, Walmart

Machine vision applications include barcode reading, defect inspection and other manufacturing related applications . Potential customer examples: Basler, Cognex, Fanuc, Keyence, Omron

Building access control and automation . Potential customer examples: Assa Abloy, Amazon, Honeywell, Schneider, Siemens

New applications emerging

Images represent potential customers and their applications AMBARELLA.COMCOPYRIGHT AMBARELLA 2019 18 Q3 F2020 (October 2019) Earnings Call Recap >14 customer and partner engagements announced

>5 Auto 6 Security 3 Other OEM and aftermarket 2 smart home, 4 professional 1 wearable, 1 drone, 1 AR/VR >4 CV and 1 video processing 1 CV and 5 video processing 3 video processing

Market Application Customer/Partner Product AMBA Comment 1 Auto ADAS-AM (multiple) Commercial fleets CV2/CV22 multiple customers/wins, FF ADAS, BSD and DMS applications 2 Auto DMS+in cabin Eyeris (demo) Passenger vehicles CV2 @AutoSens award "Best Auto Safety System"+"Most Innovative In-Cabin" 3 Auto Cargo/logistics Mercedes-Benz Cmcl. delivery vans CV2 multiple cameras in cargo area for logistics (E-commerce) 4 Auto Recorder OEM Chery TIGGO 8 SUV A12A Skyworth is the tier 1 for Chery OEM model 5 Security Professional Hanwha TechwinPNO series CV22 5MP + 4k resolution enterprise class cameras with AI 6 Security Professional Bosch Intelligent I series S3L FLEXIDOME, DINION, Autodome models, w/ video analytics 7 Security Professional Motorola H5SL S5L 1.2, 3 and 5MP versions, variety of video analystics 8 Security Professional Verkada Dome series TBA 8 new indoor and outdoor models, up to 4k resolution 9 Security Smart Home Amazon/Ring Indoor camera S2LM compact plug-in design for monitoring with motion detection 10 Security Smart Home HIKVision EZVIZ Lookout DP1 S3LM replaces peephole in door with touchscreen and 2 way comm 11 Other AR/VR wearableInsta360 Go Camera A12 very small FF wearable(20 grams), stabilization and auto-edit 12 Other Drone DJI Mavic Mini H22 camera is in the payload, does some flight control functions also 13 Other Wearables Motorola Public safety S5LM 4K + full HD recording, >12 hour life, integrate w/ in-car video systems 14 Auto eMirror SONY (demo) Light vehicles CV22 demo under challenging low light and high contrast lighting

*During Q3 F2020 Ambarella generated pre-production CV revenue from more than 50 unique customers ordering engineering parts, evaluation kits and/or development boards

AMBARELLA.COM COPYRIGHT AMBARELLA 2019 19 Q2 F2020 (July 2019) Earnings Call Recap 17 customer wins announced

8 Auto 9 Security 3 OEM (in 4 models), 4 aftermarket, 1 tier one 4 home monitoring, 5 professional 1 CV and 7 video processing 3 CV and 6 video processing

Market Application Customer Product AMBA Comment 1 Auto DMS AM (TBA) Commercial vehicles CV22 DMS + for commercial vehicles 2 Auto eMirror T1 Hyundai Mobis 3 camera/3 mirror 1 SoC A9AQ Announces S Korea's 1st 3 camera emirror system 3 Auto Recorder AM Thinkware QXD Mega A9AQ 4 camera recorder 4 Auto Recorder AM Thinkware Z500 Plus A12 2 camera dash camera 5 Auto Recorder AM Finedigital GX200/GX2000 A12 4 camera recorder 6 Auto Recorder OEM Geely New Emgrand GS and GL A12 Two new Geely models GS and GL have built in recorders 7 Auto Recorder OEM Great Wall Motors Wey VV6 SUV A12 or H22 Options for these new models, 1 and 3 channel options 8 Auto Recorder OEM Great Wall Motors ORA R2 A12 EV with recorder 9 Security Professional Motorola H5A CV22 Next gen video analytics to be announced 10 Security Professional Hanwha Techwin (TBA) CV TBA Stated they will use CV from Ambarella 11 Security Professional Vaion Vcam CV22 Vcam dome and panoramic 12 Security Professional Hanwha Techwin Q Series S3L Uses S3 for prof sec line for first time 13 Security Professional Verkada CM61 (TBA) 4K with hybrid cloud architecture 14 Security Home monitoring Alarm.com V723 and V523 S5L Intelligent outdooor and indoor cameras 15 Security Home monitoring ADT LifeShield HD doorbell S2L Integrates into their overall security system, suports Alexa, home control 16 Security Home monitoring Samsung SmartThings S2L Full HD video with 2 way audio 17 Security Home monitoring HIKvision EZVIZ DL30VS S3L Smart lock with night vision capabilities

*During Q2 F2020 Ambarella generated pre-production CV revenue from more than 40 unique customers ordering engineering parts, evaluation kits and/or development boards

AMBARELLA.COM COPYRIGHT AMBARELLA 2019 20 Q3 F2020 (October 2019) Review and Q4 Outlook (Q3 F2020 reported November 25, 2019)

. Geopolitical factors creating uncertainty and volatility with a wide range of potential outcomes . On October 15, 2019 we provided an update on the impact to our business from the Entity List published on October 9th. This brought clarity to some trade issues, but we continue to see a wide variety of geopolitical risks outstanding, including foreign policy, trade and IP matters . Factors potentially disruptive to our business include . potential export regulations on advanced technologies . potential for customers in China to take actions to reduce their dependence on U.S. components that could be subject to new geopolitical developments . changes to tariffs and/or the Entity List . market share shifts between our customers . supply chain issues . Our largest competitor in the security camera market, HiSilicon, a unit of Huawei, is facing headwinds

. Q4 F2020 (January, 2020) Outlook . The midpoint of our Q4 revenue guidance range of $55.0 to $59.0 million was slightly above the sell-side analyst consensus expectation of $55.7 million . We anticipate normal seasonality in the seasonally slow Q4, with automotive and security expected to be down sequentially and other flat to slightly up . We estimate Q3 gross margin between 56.5% to 58.5%

. Q3 F2020 (October, 2019) Results . Revenue of $67.9 million was above the high-end of the guidance range of $63.0 million to $67.0 million with all markets up sequentially, led by automotive . Non-GAAP EPS of $0.32 and positive operating cash flow of $21.9 million . No stock was repurchased under an existing authorization of $50.0 million in place through June 2020

AMBARELLA.COM COPYRIGHT AMBARELLA 2019 21 COPYRIGHT AMBARELLA 2019 AMBARELLA COPYRIGHT

www. ambarella.com

[email protected] Louis Gerhardy Corporate Development and Investor Relations