Date of Incorporation

AudioCodes was established in 1993 as a research and development project-oriented company utilizing voice compression technology applications for a variety of markets including wireless communications, semiconductors and data communications.

Public Offerings

In May 1999, we completed our initial public offering of 4,025,000 (pre split) ordinary shares, including the exercise of the over-allotment option, from which we received net proceeds of approximately $47 million of which $3 million was received due to the exercise of warrants held by investors.

In October 1999, we completed a second public offering of 3,450,000 (pre split) shares, including the exercise of the over-allotment option, of which 1,500,000 (pre split) shares were sold by us and 1,950,000 (pre split) shares were sold by selling shareholders. We received net proceeds of approximately $57 million from the shares sold by us.

The public offerings were lead and managed by CIBC World Markets, with Warburg Dillon Read LLC and U.S. Bancorp Piper Jaffray acting as co-managers.

Independent Auditors

Kost, Forer & Gabbay (A Member of Ernst and Young International)

U.S. Counsel

Fulbright & Jaworski L.L.P.

Transfer Agent and Registrar

American Stock Transfer & Trust Co.