September 2014

Transforming Mobile Networks from 2G/3G to 4G LTE

September 2014

Transforming Mobile Networks from 2G/3G to 4G LTE

Terry Hungle

CFO

Ian MacleanVice President, Strategy & Marketing

3September 2014

Forward-Looking Statements

This presentation has been prepared by Mavenir Systems, Inc. (“Mavenir”) solely for informational purposes.

Mavenir has filed a registration statement (including a prospectus) with the U.S. Securities and Exchange

Commission (the “SEC”) for the offering to which this presentation relates. Before you invest, you should read

the prospectus for more complete information about Mavenir and this offering.

Statements in this presentation that are not historical fact are forward-looking statements. Some of the forward-

looking statements contained in this presentation can be identified by the use of forward-looking words such as

“anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate” and “potential,” among others.

Forward-looking statements include, but are not limited to, statements regarding our intent, belief or current

expectations with respect to matters such as future industry trends, capital expenditures by mobile service

providers, the adoption of 4G LTE technology by mobile service providers and users, and our expected

financial performance subsequent to our most recently released financial results. Forward-looking statements

are based on our management’s beliefs and assumptions and on information currently available to our

management. Such statements are subject to risks and uncertainties, and actual results may differ materially

from those expressed or implied in the forward-looking statements due to various factors. Investors should

review factors described in our filings with the SEC, including under the heading “Risk Factors” in such

filings. Forward-looking statements speak only as of the date they are made, and we do not undertake any

obligation to update them in light of new information or future developments or to release publicly any revisions

to these statements in order to reflect later events or circumstances or to reflect the occurrence of

unanticipated events.

4September 2014

Investment Highlights

Strong competitive position in a large and rapidly growing market

Disruptive software-based mobile networking solutions provider

Capitalizing on two major trends: 4G all-IP & cloud networks

Solid foundation of deployments into Tier-1 carriers

Attractive financial model with proven track record of execution

5September 2014

Strong Execution Since IPO

Consistently exceeded expectations; increased guidance

Revenue growth of 29% (1H 2014)

Break even at non-GAAP Operating Profit

Increased investment in product development and trials

Several new customer wins globally

Multiple new product launches

Significant VoLTE launches & announcements

Strong Business and Financial Performance Since IPO

6September 2014

Speed

up to 15x

faster

Services

more

revenue

Savings

less

cost

Spectrum

up to 10x

better

Why 4G LTE is a Necessity

7September 2014

4G LTE Progress

Operators globally

1000+

645 invested in LTE

<4%

329 launched

Connections on

LTESource: GSMA, July 2014

8September 2014

4G LTE Investment Cycle and Opportunity

Launch

Voice

over LTE

Launch

4G LTE

Data

Coverage Capacity

Launch

New

Services

Global 4G LTE CAPEX

Source: Gartner - July 2014.

2018

$9.3B

$34.3B

2013

30%

CAGR

9

to spectrally efficient 4G LTE September 2014

Trend 1: The Transition to 4G All-IP Technology

Past Present

4G LTE

HighSpeed

Data

2G/3G

CircuitSwitched

Voice

4G LTE

Better VoiceHigh Speed DataRich, New Services

First Phase of LTE is “Data Only”…

Two Networks for Voice & Data

Next Phase of LTE is “Unified”…

One Network for Voice and Data

Reallocate Spectrum from 2G/3G

10September 2014

Software Based

Trend 2: The Transition to Cloud Networks

Past Present

Hardware Based

INTEGRATED SOFTWARE ON

SPECIALIZED HARDWARE

VIRTUALIZED SOFTWARE ON

GENERAL PURPOSE HARDWARE

11September 2014

Mavenir’s Solutions Addressing the Opportunity

Session

Control

Session

Border

Controller

Voice & Video Enhanced Messaging

4G LTE Core Network

Evolved

Packet Core

OSS

Access Network

Rich Message

Server

Presence

Server

Telephony

Server

OSS/BSS

LTE WiFi Fixed

Billing

NMS

SLA

CRM

12September 2014

2014 is the Year of VoLTE – Industry Profile

Launches Planned

OperatorsLaunched

OperatorsTrialing

DevicesAvailable

2014 2015

9 27 7 92

2H 2014

Source: GSMA, GSA - July 2014.

13September 2014

VoLTE Launches and What Comes Next…

“HD voice services using VoLTE in select markets started on May 23. It will

expand to additional markets later.” Source: Fierce Wireless

"EE has announced plans to launch VoLTE (Voice over LTE) – although not

commercially until early 2015 – with a VoWi-Fi service to debut before the end

of this year.” Source: MobileWorldLive

“VoLTE will rollout on its nationwide network later this year. Rollout also sets

the stage for future enhancements through RCS.” Source: Converge

“SK Telecom had more than 4.5mm VoLTE users as of June 2013 and leads

the South Korean market in terms of VoLTE subscribers.” Source: Fierce Wireless

“We’ve launched VoLTE in 15 markets and have VoLTE devices covering more

than 107m Americans. We expect to deliver nationwide VoLTE before end of

2014.” Source: T-Mobile Issues & Insights Blog

14September 2014

“That’s expected to change this year as AT&T

and Verizon roll-out VoLTE support… and

apparently Apple’s iPhone 6 will be ready to

support the new tech.”

- 9to5Mac

VoLTE Ecosystem Driving Rapid User Growth

iPhone 6

VoLTE

Users

Source: Strategy Analytics - December 2013.

Major Device Manufacturers

(Committed to VoLTE)

Rapidly Maturing VoLTE Device Ecosystem

“The Snapdragon 800 processor supports all

key VoLTE features... All of which has been

extensively tested across major infrastructure

vendors and operator networks.”

- Virtual-Strategy Magazine

2018

9M

800M

2013

145%

CAGR

15September 2014

Mavenir Customers’ 4G LTE Subscriber Base

4G LTE subscriber

penetration in 2013 is 90M (9% of 1,035M total)

4G LTE subscriber growth

through 2018 projected at

36% CAGR

(1) Represents total subscribers with Mavenir’s current customers.

Source: GSMA - July 2014.

2018

90M

419M

2013

36%

CAGR

1,035MTotal Subscribers (1): 1,217M

16September 2014

Complete Portfolio of 4G LTE Services

Wide Range of

Services

Delivered across

multiple

networks

Services

VoiceVoIP • VoLTE • VoWi-Fi

VideoMobile Video

Video Calling/Conferencing

MessagingCPM • IP-SM-GW

RCS • Web

Platforms

Next Gen NetworksLTE • Wi-Fi • HSPA • FIXED

Used on a range

of devices

DevicesLandline Smartphone Computer Tablet TV

Better Voice & Video New Services More Efficient Networks

17September 2014

Mavenir TAM

TAM For Mavenir’s Portfolio ($B)

Total Addressable Market

for Mavenir Portfolio of

Products and Solutions of

$10.3 billion in 2018

Mavenir Portfolio Consists

of Voice & Video,

Enhanced Messaging and

Mobile Core Solutions

2018

$3.6B

$10.3B

2013

23%

CAGR

Source: Dell’Oro Group, Infonetics and Mind Commerce - June 2014.

18September 2014

4G LTE Competitive Landscape

Software

Expertise

Wireless

Expertise

Uniquely positioned at the intersection of software and wireless

19September 2014

Reasons Why We Win

Flexibility

Innovation

Technology

Experience

• Customer First attitude

• Adapting products to existing networks

• Lower Total Cost of Ownership

• Accelerate Time To Market

• Disruptive SW platform

• Best-in-breed wireless applications

• First Mover Advantage

• Passionate and knowledgeable workforce

Vision• Mobile network transformation

• Evolution to the cloud

20September 2014

Business Drivers for Mavenir’s Growth

Pure-play vendor focused on 4G LTE infrastructure with

industry spending forecast to grow 30% through 2018

Leverage

Technology

to enable

Software

Based

Networks

Innovate to

Extend

Technology

Advantage

Selectively

Pursue

Strategic

Relationships

Expand into

Emerging

Markets

Source: Gartner - July 2014.

September 2014

Transforming Mobile Networks from 2G/3G to 4G LTE

22September 2014

Investment Highlights

968 employees, 797 across engineering/operations

Visionary company – leading the transformation from 2G/3G to 4G

Blue chip customer base with 3 of top 4 US, 12 of top 20 globally

Proven leadership team consisting of industry pioneers

Growth at scale: $101M 2013 Revenue; +37% Y/Y

$62M 1st Half 2014 Revenue; +29% Y/Y

Attractive financial model with significant operating leverage

Note: Data as of June 30, 2014.

23September 2014

Typical Deployment Model

Svcs

Hw

Svcs

Hw

Sw

Lab

Deployment

Initial Production

Deployment

Capacity

Expansion

NETWORKS

RE

VE

NU

E

Svcs

Hw

Sw

INCREASING MIX OF SOFTWARE TO DRIVE MARGINS

24September 2014

Q2 2014 and Q2 2013 Results

2Q14 2Q14 B/(W) 2Q14 B/(W) 1Q14 1Q14 B/(W)

Actual 2Q13 1Q14 Actual 1Q13

Revenue ($M) $33.3 $7.5 $4.6 $28.7 $6.3

y/y Growth 29% 16% 28%

Gross Margin %

GAAP 55.4% 3.0% -0.4% 55.8% -8.6%

Non-GAAP 56.5% 3.6% -0.4% 56.9% -8.0%

Operating Income/(Loss) ($M)

GAAP ($2.2) ($1.4) ($0.0) ($2.2) ($0.5)

Non-GAAP $0.1 ($0.1) $0.4 ($0.2) $0.4

Net Loss ($M)

GAAP ($3.9) ($0.2) $0.2 ($4.0) $0.2

Non-GAAP ($1.0) $0.7 $0.1 ($1.1) $0.5

EPS

GAAP ($0.16) $2.56 $0.01 ($0.17) $3.04

Non-GAAP ($0.04) $0.05 $0.01 ($0.05) $0.04

25September 2014

Highly Diversified Revenue Profile

26September 2014

Long Term Financial Goals

CY

2013

Q1

2014

Q2

2014

Long

Term

Gross Profit Margin % 56% 57% 57% 69-73%

Research & Development % 21% 19% 19% 17-19%

Sales & Marketing % 20% 23% 24% 21-23%

General & Admin % 18% 15% 13% 8-10%

Operating Income % (2%) (1%) 0.3% 21-25%

All amounts are presented on a non-GAAP basis. A reconciliation to the relevant GAAP amounts is provided in the Appendix.

These objectives are forward-looking, are subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which

are beyond the control of Mavenir and its management, and are based upon assumptions with respect to future decisions, which are subject to change. Actual

results will vary and those variations may be material. For discussion of some of the important factors that could cause these variations, please consult the “Risk

Factors” section of the preliminary prospectus. Nothing in this presentation should be regarded as a representation by any person that these goals will be

achieved and Mavenir undertakes no duty to update its goals.

September 2014

Transforming Mobile Networks from 2G/3G to 4G LTE

Appendix

28September 2014

Broad 4G Product Portfolio

Subscriber Data

HSS HLR UDR

Accounting

Online Offline

Service Platforms

SCPs OSA/Parlay Web 2.0

Policy

Anti-Spam Anti-Virus

Legacy Networks

SMS MMS Email

RMSTAS PRS

Session ControlMGCF

IBCF

XDMS

Oauth

Mavenir Product

DRA

Session Border

EATF E-CSCF ATCF

P-CSCF ATGW

CCF

Voice

HSS/ENUM FE

LRF

IBCF

PCRF

3rd Party Partner

Existing Equipment

I-CSCF S-CSCF BGCFE-CSCF

LI MF

Evolved Packet Core

SGW PGW ePDG

EIR

VoLTE IWF

SR-VCC CSFB IM-SSF VVM

PS RLS SMSC HNR

MMSCRCS

IPSM-GW

MRF

UDR

HLR

AAA

ENUM

NP

MME

mStore™

IMAPVVM

AG

A-SBC

WebRTC

EATF LRF

VCCMMTELSCC

IPX Proxy

HSS

29September 2014

Long-Term Financial Goals

(GAAP to Non-GAAP Reconciliation)

GAAP Non-GAAP

Gross Profit Margin % 68-72% 69-73%

Research & Development % 18-20% 17-19%

Sales & Marketing % 22-24% 21-23%

General & Admin % 8-10% 8-10%

Operating Income % 18-22% 21-25%

30September 2014

Q2 2014 Results

(Non-GAAP Net Loss Reconciliation)

Note: Dollars in thousands, except share and per share data.

Three Months Ended

June 30, 2014

Total Revenue $33,287

Gross Profit (GAAP) $18,432

Amortization and Depreciation 242

Stock Based Compensation 132

Gross Profit (Non-GAAP) $18,806

Operating Income (GAAP) ($2,230)

Amortization and Depreciation 1,004

Stock Based Compensation 965

Operating Income (Non-GAAP) $113

Net Interest $407

Pre-Tax Income ($294)

Income Taxes (GAAP) $405

Adjustment for Uncertain Tax Provisions 286

Net Loss (Non-GAAP) ($985)

Adjusted weighted average common shares outstanding 24,170,641

Non-GAAP Net Loss Per Share ($0.04)