#1ibex. IPO roadshow presentation Nearshore Company of the Year American Great Proce 2020 To Work Great Place to Work 2019 Growth Excellence Leadership FROST & SULLIVAN North America 2018 Customer Value Leadership FROST SULLIVAN#2Disclaimer BEX Limited ("ibex, we, us, our or the "Company") has filed a registration statement on Form F-1 (File No. 333-239821) (including a preliminary prospectus (as amended, the "Prospectus")) with the United States Securities and Exchange Commission (the "SEC") for the offering to which this presentation relates. This registration statement has not yet been declared effective. When available, you may get these documents for free by visiting EDGAR on the SEC Website at www.sec.gov. Alternatively, any underwriter or dealer participating in this offering will arrange to send you the prospectus if you request it from Caligroup, co Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tet: 800-831-9146 or email to: Prospectusmati.com) or RBC Capital Markets, LLC, Attention: Equity Syndicate Department, 200 Vesey Street, 8 Floor, New York, NY 10281, at 1-877-822-4089 or by email at equityprospects @boom.com All June 30, 2020 amounts are preliminary and subject to change in connection with the completion of the Company's audit for such period. This presentation includes forward-looking statements. All statements contained in this presentation other than statements of historical facts, including statements regarding our future results of operations and financial position, our business strategy and plans and our objectives for future operations, are forward-looking statements. The words including "anticipate, believe, "continue," "estimate," "expect," "project," "predict "intend." "may, will should," "could and similar expressions, and the negative forms of such expressions, are intended to identify forward-looking statements. We have based these forward-looking statements largely on information currently available to us and our current expectations and projections about future events 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. These forward-looking statements are subject to a number of risks, uncertainties and assumptions These risks include, but are not limited to: . . . . . . . The COMID-19 pandemic has adversely impacted our business and results of operations. The ultimate impact of COVID-19 on our business, financial condition and results of operations will depend on future developments which are highly uncertain and cannot be predicted at this time, including the scope and duration of the pandemic and actions taken by federal, state and local governmental authorities in the United States, local governmental authorities in our international sites and our clients in response to the pandemic: Frontier, our largest client as of March 31, 2020, has filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code, which could have a material adverse effect on our business, financial conditions, results of operations and cash flows; Our business is dependent on key clients, and the loss of a key client could have an adverse effect on our business and results of operations: We enter into multi-year contracts with our clients. Our failure to price these contracts correctly may negatively affect our profitability: The terms of our client contracts may limit our profitability or enable our clients to reduce or terminate their use of our solutions The consolidation of our clients or potential clients may adversely affect our business, financial condition, results of operations and prospects; If our clients decide to enter into or further expand insourcing activities in the future, or if current trends toward outsourcing services and / or outsourcing activities are reversed, t may materially adversely affect our business, results of operations, financial condition and prospects: Our business is subject to a variety of U.S. and intemational laws and regulations, including those regarding privacy, data protection and information security, and our customers may be subject to regulations related to the handling and transfer of certain types of sensitive and confidential information. Any failure to comply with applicable laws and regulations would harm our business, results of operations and financial condition, and We have a limited operating history as an integrated company under the IBEX brand, which makes it difficult to evaluate our future prospects and the risks and uncertainties we may encounter. Discussions containing these risks and other forward-looking statements may be found, among other places, in Sections entitled "Forward-Looking Statements" and "Risk Factors in the Prospectus. We operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our 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 future events and trends 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. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, achievements or events and circumstances reflected in the forward-looking statements will occur. You are cautioned not to give undue weight to such expectations. We are under no duty to update any of these forward-looking statements after the date of this presentation to conform these statements to actual results or revised expectations, except as required by law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this presentation. Moreover, except as required by law, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements contained in this presentation This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Neither we nor any other person makes any representation as to the accuracy or completeness of such data or undertakes any obligation to update such data after the date of this presentation. In addition. projections, assumptions and estimates of our future performance and the future performance of the markets in which we operate are subject to a high degree of uncertainty and risk By attending or receiving this presentation, you acknowledge that you will be solely responsible for your own assessment of the market and our market position and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of our business. Before you make a decision, you should read the Prospectus and the other documents the Company has filed (or fies after the date hereof) with the SEC in connection with this offering for more complete information about the Company and the offering. The information contained in this presentation does not constitute business. investment or legal advice. Prior to making a decision, you are encouraged to consult your own counsel accountants and other advisors. This presentation includes non-GAAP financial measures which have certain limitations and should not be considered in isolation, or as atematives to or substitutes for, financial measures determined in accordance with generally accepted accounting principles in the United States ("GAAP). The non-GAAP measures as defined by us may not be comparable to similar non-GAAP measures presented by other companies. Our presentation of non-GAAP measures, which may include adjustments to exclude unusual or non- recurring items, should not be construed as an inference that our future results will be unaffected by these or other unusual or non- recurring items See the Non-GAAP Reconciliation section for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures. Each trademark, trade name, service mark or logo of any company appearing in this presentation belongs to its holder. We do not intend our use or display of other parties trademarks, trade names service marks or logo to imply, and such use or display should not be construed to imply, a relationship with, or endorsement or sponsorship of us by, these other parties. This presentation is for informational purposes only and is neither an offer to purchase, nor solicitation of an offer to sell, subscribe for or buy any securities or the solicitation of any vote in any jurisdiction pursuant to the proposed transaction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.#3Issuer: Exchange: Ticker: Shared Offered: Over Allotment: Filing Range: Expected Pricing: Use of Proceeds: Lock Up: Book Runners: IBEX Limited Nasdaq IBEX Offering summary 4,761,905 shares (75% primary, 25% secondary) 15% greenshoe (100% secondary) $20.00 - $22.00 Week of August 3, 2020 Increase our capitalization and financial flexibility, enhance our visibility in the marketplace, create a public market for our common shares and fund growth initiatives 180 days for officers, directors and substantially all pre-IPO stock and option holders Citigroup, RBC Capital Markets, Baird, SunTrust Robinson Humphrey, Piper Sandler 2#426 Years 25 Years Bob Dechant Chief Executive Officer IBM con Bruce Dawson Chief Sales and Client Services Officer ATENT (sitel 26 Years Jeff Cox President, ibex Digital verizon Spectrum 23 Years Karl Gabel Chief Financial Officer TeleSpectrum 23 Years 22 Years David Afdahl Chief Operating Officer 27 Years xerox CONDUENT Julie Casteel Jim Ferrato Chief Strategic Accounts Officer Chief Technology Officer sitel ACCENT cal 18 Years Christy O'Connor Chief Legal Officer alorica (tec 3#5We help the world's leading brands connect with their customers Engagements Across the Customer Lifecycle 138m interactions Service Customer Customer Analytics Customer Acquisition Note: Engagements represents those in FY18. Employees, countries, locations and clients as of March 31, 2020 Client retention represents 100% retention for top 25 clients since the end of FY18. Strategically Located 22,000+ employees 7 countries 27 locations Clients Who Trust Us 90 clients 100% client retention(1)#6100% retention among a portfolio of premier clients Ⓡ #1 Telecommunications Network #1 Food Delivery 0 #1 Consumer Electronics #1 Streaming Media & Content Nota: Glient retention represents 100% retention for top 25 clients since the end of FY18. #1 Money Transfer Service #1 Largest Company #1 US Audiobook Retailer i #2 Warehouse Club Fis #1 Retail & eCommerce #2 Ride Sharing Service #1 Shipping & Logistics M Top 5 Fitness Device 5#7Strong Fiscal Year End 2020 Results(1) $403m revenue (1) 14% YoY adj revenue growth (2) 230% new economy growth 2015 to 2019 CAGR Outperforming the market Growth Drivers 55% non-voice growth 2015 to 2019 CAGR $53m adj EBITDA 13% adj EBITDA margin 24% offshore / nearshore workstation growth 2015 to 2019 CAGR COVID-19 Resilience Market share gain 12% YoY Q4 revenue growth 13% Q4 adj EBITDA margin 92% of employees operational (work from home/socially distanced in centers) 6 new logos Note: Fiscal year ends June 30. Adjusted EBITDA margin excludes the effects of stock-based compensation, non-recurring expenses (COVID-19, severance and listing costs), repayment of capital expenditures by a client included in net income, and fair value adjustments associated with the Amazon Warrant. Operational employees as of July 24, 2020. 04 FY20E and FY20E based on midpoint of unaudited, preliminary financial results. See appendix for additional details. Represents YoY FY20 revenue growth excluding contribution from strategic axit from select Cable client business determined by management to have substandard profitability ($14m revenue contribution in FY19), 9% YoY FY20 growth on an unadjusted, as-reported basis.#8BPO 1.0 Call center outsourcing Clients seek to minimize cost and benefit from economies of scale Offshore locations are a cost advantage Labor arbitrage play Voice centric "How many agents can you give me?" "Where are your sites?" Lower growth Lower EBITDA margin CONCENTRIX sitel STARTEK group SYKES alorica ATENTO: BPO 2.0 Omni-channel contact center outsourcing Clients seek to maximize customer lifetime value and brand experience cost effectively Offshore locations are a quality advantage Deeply engaged employee base Tech-led CX solutions Digitally native "How do you protect my brand?" "What immersive experience do you create for my customers?" ttec TELUS International Teleperformance webhelp Higher growth Higher EBITDA margin 24-7 INTOUCH Task Us ibex. 7#9YOU ARE YOUR ONLY LIMIT At the forefront of BPO 2.0 ibex Centers Extending our Clients' Brands 000 COGEN BOD T LEGENDARY FOU CHAMPIONS RATU IN Employee Engagement Award-Winning and Industry Defining ALC FALIMM P 8#10Client % revenue Solution % revenue Geography % seats #workstations <10% growth >10% growth Onshore 20% 3,100+ Note: Client statistics represent the quarter ended March 31, 2000. Solution statistics represent the nine months anded March 31, 2020. Geography statistics as of March 31, 2020. Our operating mix Blue Chip 71% ibex Connect Voice 70% ROW 16% 2,400+ Nearshore 24% 3.700+ Higher Margin New Economy 29% ibex Connect ibex Digital Non-voice + ibex CX 17% 13% Offshore 40% 6.100+#11DG AA BD Purpose-built technology solutions WAVEX by ibex Digital Demand Generation AdCast Al Al bid intelligence Bundledealer Comparison shopping platform IM ▶ CP CT WAI Customer Interaction Management Copilot Ambassador productivity suite Control Tower Operations flow optimization Witness Al Data security & fraud prevention DI RX DB TW Customer & Data Intelligence RefleCX Customer feedback platform DataBridge Al Omni-channel sentiment analysis ThoughtWave Business intelligence & insights platform 10#12Digital Marketing (1) ibex Digital ibex alignment across a $100B+ addressable market $28B 10% CAGR Customer Acquisition Lead Generation Digital Marketing Lead Conversion Digital Demand Generation Contact Center Services ibex Connect Customer Engagement $77B 4% CAGR Customer Service Tech Support Up-Sell / Cross-Sell Collections CX & Customer Feedback (3) ibex CX Customer Experience $8B 13% CAGR Multi-Channel Digital Survey Customer & Data Intelligence Sources and notes eMarketer "US Search Ad Spending 2018-2023 (October 2010). Market figures represent 2020 size and 2020-2023 CAGR. International Data Corporation "Worldwide and US Business Process Outsourcing Services Forecast 2020 to 2024 (May 2020) Market figures represent 2020 size and 2020-2024 CAGR Markets and Markets "Customer Experience Management Market Global Forecast to 2004 (April 2019) Market figures represent 2010 s20 and 2010-2024 CAGR Analytics & Business Intelligence 11#13eCommerce 11 New economy client case studies Utility Connect >> Digital Digital >> Connect >> CX Increased ad spend by 150% Acquired 8,000+ new merchants Designed turnkey full-spectrum solution Developed new revenue source for client Integrated 1,200 SKUs Generated 330k new listings ibex now almost 45% of outsourcing spend Reached 11 million customers in 5 states Ride Share Connect >> CX Analyzed rider feedback Designed and deployed proactive outreach Doubled dissatisfied rider NPS to 63 12#14Leading Growth Expanding EBITDA Revenue Visibility Capital Efficiency ibex business model . Non-voice growth New economy growth High margin focus Reaping scale economies Industry diversification • Reducing client concentration Strong capex controls Driving cash conversion FY20E(¹) 14% YOY adj revenue growth(2) FY20E(¹) 13% adj EBITDA margin 332 bps YOY A in margin YTD Q3 FY20 100% top 25 client retention (3) YTD Q3 FY20 2% maintenance capex % revenue <2-Year payback on growth capex Note: Fiscal year ends June 30. (3) FY20E based on midpoint of unaudited, preliminary financial results. See appendix for additional details. Represents YoY FY20 revenue growth excluding contribution from strategic exit from select Cable cilent business determined by management to have substandard profitability ($14m revenue contribution in FY19) 9% YOY FY20 grown on an unadjusted, as-reported basis 13#15Revenue ($m) Reported YOY Growth Adj YoY Growth(¹) $368 2 $355 FY19 Attractive growth and profitability 9.3% 13.6% $403 FY20E Adj EBITDA ($m) $36 FY19 Adj EBITDA Margin 9.9% 332 bps $53 FY20E 13.2% (3) Note: Fiscal year ends June 30 Represents YO'Y revenue growth excluding contribution from strategic exit from select Cable dient business determined by management to have substandard profitability. Revenue contribution for FY19 and FY20 was $14m and 50m, respectively. Represents revenue excluding contribution from strategic exit from select Cable client business determined by management to have substandard profitability. FY20E based on midpoint of unauditad, preliminary financial results. Sea appendix for additional details. ibex early adopted IFRS 16 at the beginning of FY19.#16New Economy Revenue (% of total) 230% CAGR FY15 22% FY19 New Economy Revenue ($m) $81 29% Q3 FY20 Key margin drivers Non-voice Revenue (% of total) 3% 55% CAGR(") FY15 13% FY19 Non-voice Revenue ($m) 17% Q3 FY20 Workstations by Geography (% of total) Note: Fiscal year ends June 30. Growth represents four year CAGR from FY15 through FY19 Workstations by geography CAGR represents CAGR on number of workstations in offshore and nearshore. 24% CAGR 36% FY15 57% 22% FY19 ■ Offshore ☐Nearshore 64% 24% Q3 FY20 15#17Industry Mix by Revenue Revenue by Top Clients Note: Fiscal year ands June 30 Focused on client and industry diversification 26% Other 1% Retail & E-commerce 23% Technology 43% Other FY15 FY18 15% Client 3 50% Telecommunications 23% Client 1 19% Client 2 34% Other YTD Q3 FY20 16% Retail & E-commerce 37% Telecommunications 13% Technology 55% YTD Other Q3 FY20 17% Client 1 19% Client 2 10% Client 3 16#18Low capex requirements to support 10%+ top line growth, all driven by average payback period on growth capex of less than 2 years Capital Expenditures ($m) $9.7 $4.9 $4.8 FY19 Maintenance Strong FCF generation and capital efficiency Note: Fiscal year ends June 30. Maintenance CapEx as a % of Revenue 1.3% Total CapEx as a % of Revenue 2.6% Growth $15.5 $9.3 $6.2 YTD Q3 FY20 2.0% 5.1% Increased growth capex due to new site launch investment Free Cash Flow ($m) ($2.5) FY19 FCF Excluding Changes in Working Capital $5.4 $11.5 YTD Q3 FY20 $8.5 17#19Long-term financial targets Revenue Growth Adj EBITDA Margin Revenue Visibility Capital Efficiency >95% client retention 10%+ 15%+ <30% top 3 client concentration <2% maintenance capex % revenue 18#2010%+ revenue growth Diversified high-margin product mix Protecting our clients brand Strong 13% adj EBITDA margin ibex is BPO 2.0 Note: Growth represents six year CAGR from FY 14 through FY20E Margin represents FY20E FY2DE based on midpoint of unaudited, preliminary financial results See appendix for additional detalls Client retention represents 100% natention for top 25 clients since the end of FV 18 Leadership through technology 100% client retention New economy focus Unique global culture 19#21ibex. Appendix#22Summary of preliminary financial results ($ in thousands) Statement of operations data Revenue Net income for the period, continuing operation Foreign exchange losses / (gain) Other (income) Fair value adjustment Share-based payments Total add backs Adjusted EBITDA from continuing operations Q4 FY20 estimated and unaudited Low High Note: For additional commentary, please refer to the F-1. Fiscal year ende June 30 $97,000 (5,475) Reconciliation of Net Income continuing operations to Adjusted EBITDA Net income / (loss) from continuing operations ($5,475) Finance expense 2,239 Income tax expense 100 Depreciation and amortization 6,006 EBITDA from continuing operations $2,869 Add backs: Non-recurring expenses $5,880 (120) (227) $100,000 (3,974) 1,673 1,424 8,631 $11,500 ($3,974) 2,239 498 6,006 $4,769 $5,880 (120) (227) 1,673 1,424 8,631 $13,400 Q4 FY19 $87,915 (4,648) ($4,648) 2,252 119 5,203 $2,925 $4,239 349 (176) 1 48 4,460 $7,385 FY20 estimated and unaudited Low High $401,255 6,099 $6,099 9,429 1,582 24,466 $41,576 $7,278 402 (745) 2,305 1,306 10,546 $52,122 $404,255 7,601 $7,601 9,429 1,980 24,466 $43,476 $7,278 402 (745) 2,305 1,306 10,546 $54,021 FY19 $368,380 (4,519) ($4,519) 7,709 3,615 20,895 $27,700 $4,239 1,274 (641) (364) 4,087 8,595 $36,295 21#23($ in thousands) Net income / (loss) from continuing operations Finance expenses Income tax (benefit) / expense Depreciation and amortization A EBITDA from continuing operations Add backs: B Non-recurring expenses Foreign exchange losses Other (income) D Fair value adjustment E Share-based payment Total add backs Adjusted EBITDA from continuing operations CD FY18A ($20,762) 3,093 (108) 12,182 ($5,595) $4,112 1,266 (547) (3,326) 8,386 9,891 $4,296 Note: For additional commentary, please refer to the F-1. Fiscal year ends June 30 Non-GAAP reconciliation FY19A ($4,519) 7,709 3,615 20,895 $27,700 $4,239 1,274 (641) (364) 4,087 8,595 $36,295 YTD Q3 FY19 $128 5,458 3,496 15,692 $24,774 1 925 (464) (365) 4,039 4,135 $28,909 YTD Q3 FY20 $11,575 7,190 1,482 18,460 $38,707 $1,397 523 (518) 632 (119) 1,915 $40,622 A FY19, YTD Q3 FY19, and YTD Q3 FY20 include impact of adopting IFRS 16 FY18 represents non-recurring legal, severance, and listing expenses BFY19 represents non-recurring legal expenses YTD Q3 FY20 represents COVID-19 net expenses, legal settlement, and listing expenses FY18 represents proceeds from legal settlement and insurance proceeds C FY19 and YTD Q3 FY219 represent proceeds from sale of DGS EDU LLC and deferred income YTD Q3 FY20 represents deferred income D For all periods, recorded a revaluation associated with the Amazon warrants FY18 primarily relates to share-based payments expense pertaining to options to purchase an aggregate of 1,633,170 common shares awarded from December 22, 2017 through and including June 30, 2018, net of 145,399 option forfeitures E FY19 and YTD Q3 FY19 represent cancellation of 2017 IBEX Stock Plan and phantom stock plans partially offset by elimination of the liability associated with the phantom stock plans YTD Q3 FY20 represents share-based payment expenses 22