#1P ALPHA & OMEGA SEMICONDUCTOR INVESTOR PRESENTATION May 2022 (Nasdaq: AOSL) AOS Confidential 00#24 SAFE HARBOR STATEMENT This presentation contains forward-looking statements that are based on current expectations, estimates, forecasts and projections of future performance based on management's judgment, beliefs, current trends, and anticipated product performance. These forward-looking statements include, without limitation, statements relating to expected growth rate, our product portfolios, projected amount of revenue, gross margin, operating income (loss), income tax expenses, net income (loss), noncontrolling interest, and share-based compensation expenses, non-GAAP gross margin, non-GAAP operating expenses, tax expenses, and non-GAAP loss attributable to noncontrolling interest, anticipated annual revenue target, our ability and strategy to develop new products, the ability to expand our sales and market share, increase our capacity and achieve sustained growth and profitability, our ability to support global OEM and ODM customers, the expected ramp-up schedule of the 12 inch fab at the JV Company and target run rate, the development of digital power business, partnership with global brands, the relationship with key customers, business pipeline from design wins, the growth in mobile business, our ability to provide power solutions and reliable supply chains, government investigation, impact of coronavirus outbreak on our business, and other information under the section entitled "Business Outlook for Fiscal Q3 Ending March 31, 2022". Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those contained in this presentation. Additional information concerning these and other risk factors is contained in the Risk Factors sections of our most recently filed Forms 10-K and 10-Q. AOS undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this presentation. Non-GAAP Results Non-GAAP results referenced in this presentation contain non-GAAP financial measures because the financial community uses non-GAAP results in its analysis and comparison of historical results and projections of the Company's future operating results. These non-GAAP results exclude share- based compensation expense, Chongqing pre-production expenses and production ramp-up costs, and certain other expenses and benefits. Management uses these non-GAAP measures to manage and assess the profitability of the business. These non-GAAP results are also consistent with another way management internally analyzes the company's results and may be useful. AOS Confidential 2#34 ALPHA AND OMEGA SEMICONDUCTOR (NASDAQ: AOSL) Emerging total solution provider in >$40B market Solid foundation enabling accelerated growth Strong pipeline with major growth drivers Consistent execution approaching target model AOS Confidential 3#44 LARGE AND GROWING MARKET FOR POWER $45B $40B $35B Automotive $30B $25B Industrial $20B $15B Communications $10B Consumer $5B Computing $B 2016 2017 2018 2019 2020 2021 2022 2023 AOS Confidential 2024 Source: IHS 2019 Calendar year base, 4#54 DIVERSIFIED PRODUCT PORTFOLIO FOR POWER 10.28 Low Voltage + Multiphase Controller Co-packaged Power IC and Modules High Voltage 7800 + IGBT Mid Voltage Voltage 40V AOS Confidential 400V 1350V LO 5#64 ACCELERATING GROWTH $1B CAGR $443M BUILT INFRASTRUCTURE Computing Power market leader CY2018 $727M REACH CRITICAL MASS Mobile Power market leader CY2021 ECONOMY OF SCALE Server and Industrial market leader with Digital Power and IGBT 10~15%* 2018-2024 AOS Revenue CY2024/2025 *Calendar year base, Company estimates AOS Confidential 6#74 FOCUSED MARKETS (AS OF Q3 FY2022) Communications ☐ Smartphone Telecom ☐ 14% 19% Power Supply / Industrial Quick Chargers / PD ☐ Power Tools AC/DC Consumer ☐ Home Appliance ☐ Gaming TV 22% Chart excludes 'Service and Others' of 2% AOS Confidential Computing ■ Notebook / PC 45% Graphics Card Server / Al 7#84 PC: SHARE GAINS, HIGH VALUE MIGRATION COMPUTING EXPANDING BOM Market leader High performance MOSFET and PIC CPU Vcore Expanding BOM Graphic Cards DDR Memory PD Adapter SAM: $700M System Power Battery Protection Type C AOS Confidential DOLL RTX 2080 Θ 8#94 STRATEGIC ALIGNMENT WITH GLOBAL OEMS MOBILE POWER SAM: $320M BATTERY PROTECTION Supply all major smartphone vendors [J QUICK CHARGER • Safe operation Longer battery life • Robust performance AOS 1st to support QC 10W 18W+ High performance MV FET AOS Confidential 6#104 INTELLIGENT MODULES FOR HOME APPLIANCES HOME APPLIANCE mm² 1000 179% 900 800 700 600 500 SAM: $2B+ 400 300 200 100 0 Comp 3 SIZE COMPARISON 17 chips inside! AOS IPM Solution with IGBT offers: Smaller Footprint • Better Efficiency • Higher ESD and Reliability 151% 123% 100% Refrigerators, Washers / Dryers, Air-con Fans Comp 2 Comp 1 HIGHER POWER DENSITY AOS Confidential AOS 10#114 BUILT FOR SCALE In house Oregon 8" Fab ALPHA & OMEGA SEMICONDUCTOR In house Shanghai A&T CQ JV: 12" Fab + A&T Third-party Foundries & Subcons 11 AOS Confidential#12P ALPHA & OMEGA SEMICONDUCTOR FINANCIALS AOS Confidential#13+ ACCELERATED GROWTH MOMENTUM – REVENUE (in $millions) +20% +7% +22% +23% 190.0* 187.0 193.3 203.2 151.6 158.8 169.2 177.3 Sep Q 2020 Sep Q 2021 * Mid point of revenue guidance for Jun Q 2022 Dec Q 2020 Dec Q 2021 Mar Q 2021 Mar Q 2022 Jun Q 2021 Jun Q 2022 AOS Confidential 13#144 ACCELERATED GROWTH MOMENTUM - NON-GAAP EPS +93% 1.06 +85% 0.55 0.65 1.20 +74% 0.77 1.34 -9% 0.86* 0.95 Sep Q 2020 Sep Q 2021 Dec Q 2020 Dec Q 2021 Mar Q 2021 Mar Q 2022 Jun Q 2021 Jun Q 2022 * Current consensus for Jun Q 2022 Note: Non-GAAP EPS excludes share-based compensation expenses, production ramp up costs and pre-production costs related to joint venture, gain on deconsolidation and changes of equity interest in the JV Company, legal expenses related to investigation, income tax effect of non-GAAP adjustments, and amortization of acquired IP. AOS Confidential 14#15F ACCELERATED GROWTH MOMENTUM – EBITDAS (in $millions) Non-GAAP Net Income EBITDAS $2 FY16 $33 $20 FY17 $51 $28 FY18 $56 $30 FY19 $55 $23 FY20 $52 $80 FY21 $140 $136 $102 FY22 Q1 Q3 Note: Non-GAAP net income excludes share-based compensation expenses, production ramp up costs and pre-production costs related to joint venture, gain on deconsolidation and changes of equity interest in the JV Company, legal expenses related to investigation, income tax effect of non-GAAP adjustments, and amortization of acquired IP. AOS Confidential 15#164 JV: BUILD A SUPPLIER + CREATE EQUITY VALUE CHONGQING JV $428M Total Capitalization AOS (42.2%) JV Partners and Other Investor at 1/26/2022 Phased 1 of JV was fully ramped up in Sep Q 2021 On 12/1/2021, completed a sale of 2.1% JV equity interest for $16.9 million (>$800 million valuation for JV), Started from 12/1/2021, deconsolidated JV financials, resulted in >$300 million gain On 12/27/2021, completed a sale of 1.1% JV equity interest for $9.4 million On 01/26/2022, the JV Company completed an equity financing transaction. of $80 million, representing approximately 7.82% of post-transaction outstanding equity of the JV Company, which further diluted our equity interest to 42.2%. AOS Confidential 16#174 KEY FINANCIAL ITEMS BREAKDOWN (in $ millions) JUN 2020 JUN 2021 MAR 2022 AOS CQJV Consolidated AOS CQJV Consolidated AOS CASH DEBT 110.3 48.2 158.5 164.9 37.5 202.4 323.1 32.6 139.4* 172.0 24.3 141.1* 165.4 69.9 INVENTORY 97.6 37.9 135.5 100.2 54.1 154.3 143.5 FIXED ASSETS 162.8 249.5 412.3 174.5 262.5 437.0 245.8 OPERATING CASH FLOW 20.2 20.1 40.3 32.6 11.6 44.2 61.8 CAPEX PAID 9.0 4.2 13.2 25.1 7.1 32.2 43.4 EBITDAS 12.0 1.1** 14.9 33.6 7.8** 40.9 48.4 * AOS is not a guarantor of CQJV's debt. ** CQJV EBITDAS includes amounts attributable to noncontrolling interest. AOS Confidential 17#18P APPROACHING TARGET MODEL NON-GAAP MODEL CY2021 CY2024/2025 REVENUE $727 MILLION $1 BILLION GROSS MARGIN* 34.8% >35% OPERATING EXPENSE** 18.2% Target model is subject to general and overall market conditions. * NonGAAP gross margin excludes share-based compensation expenses and production ramp up costs related to joint venture. ** NonGAAP Operating Expense excludes share-based compensation expenses and one-time transactions. AOS Confidential ~20% 18#194 ALPHA AND OMEGA SEMICONDUCTOR (NASDAQ: AOSL) Emerging total solution provider in >$40B market Solid foundation enabling accelerated growth Strong pipeline with major growth drivers Consistent execution approaching target model AOS Confidential 19#20P ALPHA & OMEGA SEMICONDUCTOR Q&A AOS Confidential#21P ALPHA & OMEGA SEMICONDUCTOR APPENDIX AOS Confidential#22+ EVERYONE NEEDS POWER COMPUTERS DIEHL FUJITSU SIEMENS SAGEMCOM sky solaredge Miele WORLD CLASS OEMS / ODMS nsn PACE PHILIPS ebmpapst ANKER Blu-way BYD STIHL a ARRIS BLACK+ DECKER DELL ENPHASE f EGE Power G hp (intel) Lexmark Western Microsoft SUPERMICR WD Digital KEY DISTRIBUTORS LG SAMSUNG FRONTEK Technology (a member of) wpg WPG Holdings Corporation AOS Confidential Haier Hisense орро Minebea Passion to Exceed Precision CHANGHONG长虹咖 Lenovo NVT PCPartner Salcomp SKYWORTH SUNWODA TCL 欣旺达 vivo MI ZTE Nintendo Panasonic SANYO SHARP SONY TOSHIBA acer лос Chicony FOXCONN COMPAL DELTA D GIGABYTE™ Inventec MSI LITEONI PEGATRON wistron Quanta Computer PROMATE Innovation and Excellence Ⓡ 22 22