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AOSLInvestorPresenta0onB.RileyFBRConference

May23,2018

SafeHarborStatementThispresenta/oncontainsforward-lookingstatementsthatarebasedoncurrentexpecta/ons,es/mates,forecastsandprojec/onsoffutureperformancebasedonmanagement'sjudgment,beliefs,currenttrends,andan/cipatedproductperformance.Theseforwardlookingstatementsinclude,withoutlimita/on,statementsrela/ngtoprojectedamountofrevenues,grossmargin,opera/ngincome,statementsregardingmarketsegments,diversifica/onofproductsandnewcustomers;theexpectedtrendonrevenueandsalesforeachsegmentofourserviceablemarket;theprogressofconstruc/onofmanufacturingfacilityinourjointventurewithChongqingfunds;ourabilityandstrategytodevelopnewproducts,expandoursales,revenueandprofitability;expecta/onwithrespecttoourlicenseagreementwithSTMicroelectronics;ourabilitytomanagesupplyconstraintsandtheexpecta/onwithrespecttocapacitylimita/on;theexecu/onofourbusinessplan;andotherinforma/onregardingthefuturedevelopmentofourbusiness.Forward-lookingstatementsinvolverisksanduncertain/esthatmaycauseactualresultstodiffermateriallyfromthosecontainedinthispresenta/on.Addi/onalinforma/onconcerningtheseandotherriskfactorsiscontainedintheRiskFactorssec/onsofourmostrecentlyfiledForms10-Kand10-Q.AOSundertakesnoobliga/onanddoesnotintendtoupdatetheseforward-lookingstatementstoreflecteventsorcircumstancesoccurringaPerthispresenta/on.Non-GAAPResultsNon-GAAPresultsreferencedinthispresenta/oncontainnon-GAAPfinancialmeasuresbecausethefinancialcommunityusesnon-GAAPresultsinitsanalysisandcomparisonofhistoricalresultsandprojec/onsoftheCompany'sfutureopera/ngresults.Thesenon-GAAPresultsexcludeshare-basedcompensa/onexpense,Chongqingpre-produc/onexpensesandcertainotherexpensesandbenefits.Managementusesthesenon-GAAPmeasurestomanageandassesstheprofitabilityofthebusiness.Thesenon-GAAPresultsarealsoconsistentwithanotherwaymanagementinternallyanalyzesthecompany’sresultsandmaybeuseful.

AOSConfiden/al 2

Dollars in millions. Source: Gartner.

AOSLStory:NextPhaseofGrowth

q Corebusiness:healthygrowth•  Drivenbyrecordhighdesignac/vi/es•  Supportedbyinternalcapacityexpansion

q Newgrowthdriver:digitalpowercontroller•  Ini/al$400MSAMexpansionintoservermarket•  Tobecometotalpowersolu/onprovider

q Long-termsupply:ChongqingJV•  12”fabexpectedtorampstar/nginCY19•  PhaseItosupportaddi/onal$150Mannualrevenue

AOSConfiden/al 3

Reigni0ngGrowth

AOSConfiden/al 4

Revenuesin$Million

Unaudited

$1 $12

$47

$98

$154

$202

$274

$185

$302

$361 $342 $337

$318 $328 $336

$383

FY 02 FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 Q1~Q3

$312

$108*

*Mid-pointofrevenueguidancerangefortheJune2018quarter

QuarterlyRevenue&GAAPGrossMargin

AOSConfiden/al 5

$77M$81M $81M $80M

$83M$91M

$97M $95M $93M $98M

$105M $104M $103M

16.6%17.6% 18.5% 18.8%

19.7%

21.3%22.5% 23.3% 24.3%

25.6%26.3%

27.0% 26.4%

10%

20%

$0M

$20M

$40M

$60M

$80M

$100M

$120M

Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18

Revenue GrossMargin%

0.23

MarQ2017 MarQ2018

Non-GAAPEPS($)**

HealthyGrowthMomentum

AOSConfiden/al 6

24.6

26.8

MarQ2017 MarQ2018

Non-GAAPGrossMargin(%)*

+220bps

*Non-GAAPgrossmarginexcludesshare-basedcompensa/onexpenses.**Non-GAAPEPSexcludesshare-basedcompensa/onexpensesandChongqingJVpre-produc/onexpenses.

0.2193.3102.9

MarQ2017 MarQ2018

Revenue($m)

+10% +9.5%

High-SingleDigit

Growth

Near-TermGrowthDrivers

AOSConfiden/al 7

•  SmartphoneBaaeryPackgrowth

•  Compu0ngsharegaininhighASPsockets

•  HomeAppliancesRevenuegrowth

•  Addi0onal$40milcapacityexpansioninFY18

•  Support>$50milincrementalannualrevenue

GrowthStrategybySegment

8AOSConfiden/al

Compu0ng41%

Consumer21%

Communica0ons14%

PowerSupply/Industrial

21%

MarchQ2018

Chartexcludes‘Others’of3%

q  Marketsharegainq  NewentryintoAdvancedCompu0ngapplica0ons

q  IGBTsolu0onforhomeappliancemarket

q  GeographicexpansionofTVcustomers

q  AlphaDFNproduc0onramp

q  Furtherpenetra0onintotelecomnetworking

q  Quickchargerproduc0onramp

q  Broadencustomerbase

NewGrowthDrivers:AdvancedCompu0ng

PC300MU

TV200MU

Mobile1.4BU

AdvancedCompu0ng>11MUServer

•  DigitalPowerController•  TotalPowerSolu0on

AOSConfiden/al 9

AOSL

•  HighlyefficientdiscreteandPIC

•  Differen/atedpackagingcapability

•  Strongcustomerrela/onship

STMicroIP

•  Digitalpowermul/phasecontroller

•  Op/malperformanceandprogrammability

•  Ease-of-use

AdvancedPIC

•  Totalpowersolu/ontocustomers

•  Diversifyintonewmarketsandcustomerbase

•  ShiPtohighervalueproducts

AcquiredIPEnablesAdvancedCompu0ng

LicenseAgreementwithSTMicroelectronicsenablesDigitalPowerControllerProductsand$400MNewMarkets

AOSConfiden/al 10

JVHelpsAddressCapacityConstraints

q  ImprovementincapacityandCapExq  BeoeraccesstodiversecustomersinChina

q  Phase1JVsupports~$150milofaddi/onalrevenue

ChongqingJV($355mil)

AOS(54%)$35milcashExis0ngequipmentCertainmanufacturingIPs

Chongqing(46%)

$162milcashcontribu0on

ChongqingJVBuildingsandCleanrooms

ChongqingJVKeyMilestones

ı

q  Construc/onofJVbuildingsandcleanroomscompletedq  Assembly/Testtrialproduc/ontostartinthe2HCY18q  12”fabtrialproduc/ontowardtheendofCY18

AOSConfiden/al

ı

Assembly/Test

Produc/on

12”WaferFab

JVAgreementSigned

¢ ¢ ¢¢

Construc/onCommenced

2017⏏

2018⏏

2019⏏

TargetModel

AOSConfiden/al 13

Revenue

GrossMargin

Opera0ngExpense*

Near/MidTerm

High-singledigitgrowth

>Mid20%

~22%

LongerTerm

~$600mil

>30%

~20%

*Non-GAAPmeasuresexcludeshare-basedcompensa/onexpensesandCQJVpre-produc/oncosts.

HealthyEBITDAS

AOSConfiden/al 14

($1)

$38 $38

$13

($5) ($3) ($8) ($3)

$14

$10

$52

$63

$47

$33 $31

$28

$33

$51 $43M

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18 Q1~Q3

Net Income EBITDAS

$13

($Millions)

Dollars in millions. Source: Gartner.

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StrategicCapitalAlloca0onPlan�

q  AOS-Only:Supportorganicgrowth•  FY18internalcapacityexpansionsupportedbycashflowandmodestleverage

•  AOSCapextotaperdownfrom2HCY2018•  Investindigitalpowercontrollerproductline

q  AOScashbalancetoreboundattheendofCY2018•  SupportChongqingJVramp•  $30milsharerepurchaseprogramauthorizedinSep.2017

q  ChongqingJV:Progressasplanned•  $63milleasefinancing•  One-/me$25Mcashcontribu/ontoChongqingJV

Dollars in millions. Source: Gartner.

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KeyBalanceSheetMetrics�($Millions,exceptforra/os)

June 2017 Dec 2017 March 2018 Ratios

Cash – AOS Only $110.0 $89.0 $79.3

Debt $0.0 $0.0 $13.0 $0.53 / Share

Net Cash – AOS Only $110.0 $89.0 $66.3 $2.68 / Share

Cash - Chongqing JV $6.1 $57.1 $46.0

Trade Receivable $28.4 $28.4 $28.9 30 days DSO

Inventory $76.3 $85.7 $90.5 105 days in INV

Total Equity $298.5 $393.1 $436.2 $17.62 BV / Share

Dollars in millions. Source: Gartner.

AOSLStory:NextPhaseofGrowth

q Corebusiness:healthygrowth•  Drivenbyrecordhighdesignac/vi/es•  Supportedbyinternalcapacityexpansion

q Newgrowthdriver:digitalpowercontroller•  Ini/al$400MSAMexpansionintoservermarket•  Tobecometotalpowersolu/onprovider

q Long-termsupply:ChongqingJV•  12”fabexpectedtorampstar/nginCY19•  PhaseItosupportaddi/onal$150Mannualrevenue

AOSConfiden/al 17

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APPENDIX

March 31, 2018

March 31, 2017

GAAP gross profit $ 27,133 $ 22,697

Share-based compensation 449 222

Non-GAAP gross profit $ 27,582 $ 22,919

Non-GAAP gross margin as a % of revenue 26.8 % 24.6 GAAP net income attributable to AOS $ 1,651 $ 3,556

Share-based compensation 2,460 1,715

Income tax benefit from tax reform — —

Pre-production costs related to joint venture 1,615 —

Non-GAAP net income attributable to AOS $ 5,726 $ 5,271

Non-GAAP net income attributable to AOS as a % of revenue 5.6 % 5.7

GAAP diluted net income per share attributable to AOS $ 0.07

$ 0.14 Share-based compensation 0.10 0.07

Income tax benefit from tax reform — —

Pre-production costs related to joint venture 0.06 —

Non-GAAP diluted net income per share attributable to AOS $ 0.23

$ 0.21

Shares used to compute basic per share 23,795 23,675

Shares used to compute dilute per share 24,755 24,951

Threemonthsended

WorldClassOEMs/ODMs

StrategicCustomerRela0onships

AOSConfiden/al

5/23/18 20

KeyDistributors

(amemberof)

TaiwanSouthKorea

JapanChinaEurope

UnitedStates