Pardeep Kohli, Mavenir’s President & Chief Executive Officer, discussed how Mavenir is helping mobile operators transform their networks to 4G LTE and to leverage cloud-based software solutions to meet the increasing demand for Voice over LTE (VoLTE) and Rich Communication Services (RCS) and deliver new mobile services to their subscribers.

1. Transforming Mobile Networks from 2G/3G to 4G LTE
Pardeep Kohli
President and CEO

2. Investor Presentation – May 27th, 2014 2
Forward-Looking Statements
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 U.S. Securities and Exchange Commission, 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.

3. Investor Presentation – May 27th, 2014 3
Investment Highlights
Transforming mobile operator networks
from 2G/3G to 4G LTE
Capitalizing on 2 key network trends:
4G All-IP and cloud-based software
Disruptive software-based mobile
services platform
Pure-play vendor focused on 4G LTE infrastructure with industry spending
forecast to reach > $38Bn in 2018
A leading provider of converged voice,
messaging and video solutions
First Mover Advantage with large and
growing roster of Tier 1 carriers
Well positioned at early stage of high
growth market

4. Investor Presentation – May 27th, 2014 4
World’s Firsts – Commercial Deployments
Voice over
Wi-Fi
Rich
Communication
Services
Virtualized
4G
Services
Voice over
4G LTE
(VoLTE)
4G Overlay

5. 5Investor Presentation – May 27th, 2014
Why 4G LTE is a Necessity
Many drivers…
Speed
up to15x
faster
Spectrum
up to 10x
better
Services
more
revenue
Savings
less
cost

6. Investor Presentation – May 27th, 2014 6
4G LTE Progress
Operators
globally 1000+
619
<4%
Operators invested in LTE
301 launched
Connections on LTE
Source: GSMA, May2014
240million connections

7. Investor Presentation – May 27th, 2014 7
Transforming to 4G All-IP
Launch
Voice
over LTE
Launch
4G LTE
Data
Coverage Capacity
“The Two Network Problem” Re-allocate 2G/3G Spectrum

8. 8Investor Presentation – May 27th, 2014
Voice over LTE Announcements
Launches
Planned
Operators
Launched
Operators
Trialing
Devices
Available
Source: GSMA042314
2014 June July 2nd Half 2014 2015
 May 22nd
 May 23rd
8 27 7 57
Source: GSA 0414

9. 9Investor Presentation – May 27th, 2014
Our Portfolio
New
Services
RCS
Better
Voice
VoLTE
More
Efficient
Mobile
Core
Complete Portfolio of Virtualized 4G LTE Products and Solutions

10. 10Investor Presentation – May 27th, 2014
Session
Control
Session Border
Controller
Our Products
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

11. Investor Presentation – May 27th, 2014 11
New Operator Initiatives for 4G Networks
Domain 2.0…based
around using (SDN)
and (NFV) to cut costs
and turn hardware-
based network
functions into software-
based and facilitate the
deployment of new
services...such as
VoLTE.
May 18, 2014
‘Network Vision’ …
consolidate multiple
network technologies
into one new,
seamless network
…increasing efficiency,
enhancing network
coverage, call quality
and data speeds.
May 5, 2014
“As the industry
migrates to NFV,
important network
functions will stop being
performed by dedicated
hardware and will
instead operate in
software form on a
commodity-priced server
supplied by a 3rd party.
May 27, 2014
Era of the Software
Defined Operator…
Simplification of IP, with
NFV and SDN, ..a new
model to meet the
unparalleled broadband
demand with agile, cost
effective and fast
implementation of new
services.
Mar 13, 2014

12. Investor Presentation – May 27th, 2014 12
Transforming to Cloud-Based Software Networks
Hardware Based Software Based
INTEGRATED SOFTWARE ON
SPECIALIZED HARDWARE
VIRTUALIZED SOFTWARE ON
GENERAL PURPOSE HARDWARE

13. Investor Presentation – May 27th, 2014 13
Our Platform
Extracts hardware
intelligence into a
common carrier grade
software platform
Virtualized Solutions Deployed
on Cloud-based Infrastructure
Multimedia Services Network
Network Functions Virtualization (NFV)
Open APIs
mOne® Convergence Platform

14. Investor Presentation – May 27th, 2014 14
Mavenir Customer Highlights
VoLTE
14
RCS
14
CORE 2G/3G/4G
15 120+
 Growing Roster of Blue Chip 4G Customers
• 3 of top 4 operators in the US; 3 of top 4 operators in Europe
 Diversified 4G Customer Base
• Across geographies, across product lines
 Strong 2G/3G/4G Customer Base
• 12 of top 20 operators globally Source: Mavenir 1Q2014 data

15. Investor Presentation – May 27th, 2014 15
35%
CAGR
88M
400M
2013
1,033M Total Subscribers
Mavenir Customers’ 4G LTE Subscriber Base
4G LTE subscriber penetration
in 2013 is 88M (9% of 1,033M
total)
4G LTE subscriber growth
through 2018 projected at 35%
CAGR
Source: GSMA 0414
2018
1,192M Total Subscribers

16. Investor Presentation – May 27th, 2014 16
4G LTE Competitive Landscape
Software
Expertise
Wireless
Expertise

17. Investor Presentation – May 27th, 2014 17
4G LTE is a Significant Opportunity
10.7Bn
38.3Bn
2013 2018
29%
CAGR
Source: Gartner1Q14
2013-2018 Global LTE CAPEX Spend (Radio & Core)2013 4G LTE CAPEX focused
on radio build-out
4G LTE CAPEX spend on core
network services >29% CAGR
Mavenir TAM of 24% of 4G LTE
CAPEX

18. 18Investor Presentation – May 27th, 2014
Growth Drivers
A “connected world” of billions
of IP devices
Software networks enabling
new cloud and OTT services
Modernization of mobile
operator voice networksVoLTE/RCS
Cloud Networks
Internet of Things

19. Transforming Mobile Networks from 2G/3G to 4G LTE
Terry Hungle
CFO

20. Investor Presentation – May 27th, 2014 20
Company Highlights
Founded in 2005 with a vision
to lead the transformation from
2G/3G to 4G
Deployed with 3 of top 4 US
mobile operators; 12 of top
20 global operators
867 employees,
713 across
engineering/ops
Revenues
$101M
2013
37% YoY
growth
Attractive financial model with growth and significant operating leverage
Proven leadership
team consisting of
industry pioneers
Revenues
$28.7M
1Q2014
28% YoY
growth

21. Investor Presentation – May 27th, 2014 21Increasing
Margin
Svcs
Hw
Svcs
Hw
Sw
Lab
Deployment
Initial Production
Deployment
Capacity
Expansion
NETWORKS
REVENUE
Svcs
Hw
Sw
Typical Deployment Model

22. Investor Presentation – May 27th, 2014 22
Q1 2014 and Q4 2013 Results
1Q14 1Q14 B/(W) 1Q14 B/(W) 4Q13 4Q13 B/(W) CY2013 CY'13 B/(W)
Actual 1Q13 4Q13 Actual 4Q12 Actual CY2012
Revenue ($M) $28.7 $6.3 $1.6 $27.1 $10.4 $101.3 $27.5
y/y Growth 28% 62% 37%
Gross Margin %
GAAP 55.8% -8.6% -2.2% 58.0% 2.1% 55.4% -3.4%
Non-GAAP 56.9% -8.0% -2.1% 59.0% -1.7% 56.2% -4.0%
Operating Loss ($M)
GAAP ($2.2) ($0.5) ($0.5) ($1.7) $3.9 ($7.7) $6.9
Non-GAAP ($0.2) $0.4 ($0.1) ($0.1) $3.3 ($2.1) $8.1
Net Loss ($M)
GAAP ($4.0) $0.2 ($1.2) ($2.8) $3.7 ($15.3) $0.3
Non-GAAP ($1.1) $0.5 $0.5 ($1.6) $3.0 ($7.8) $4.0
EPS
GAAP ($0.17) $3.04 $0.04 ($0.22) $4.65 ($3.57) $8.52
Non-GAAP ($0.05) $0.04 $0.03 ($0.08) $0.18 ($0.42) $0.24

23. 23Investor Presentation – May 27th, 2014
34%66%
Voice and Video
Enhanced Messaging
47%
43%
10%
47%38%
15%
Americas EMEA Asia
78%
22%
SW Products
Maintenance Services
80%
20%
79%
21%
Highly Diversified Revenue Profile
47%53%
48%
52%
Direct Channel Partners
By ProductBy ComponentBy SourceBy Region
20131Q2014

24. 24Investor Presentation – May 27th, 2014
Revenue Growth – Next Generation Products
Q1 2014 vs Q1 2013 Revenue Growth
NEXT GENERATION + 95%
LEGACY (42%)
TOTAL + 28%
31%
69%
78%
22%
51%49%
69%
31%
Next Generation Legacy
20131Q2013
1Q2014

25. Investor Presentation – May 27th, 2014 25
Long-Term Financial Goals
Long Term
Gross Profit Margin % (Non-GAAP) 69-73%
Research & Development % (Non-GAAP) 17-19%
Sales & Marketing % (Non-GAAP) 21-23%
General & Admin % (Non-GAAP) 8-10%
Operating Income % (Non-GAAP) 21-25%

26. Investor Presentation – May 27th, 2014 26
Business Drivers for Mavenir‘s Growth
Pure-play vendor focused on 4G LTE infrastructure with industry
spending forecast to reach > $38Bn in 2018
Leverage Virtualization Technology to
Enable Cloud Computing and Service
Deployment Flexibility
Expand into
Emerging Markets
Selectively Pursue
Strategic Relationships
Extend Technology Advantage Through
Continued Innovation

27. Investor Presentation – May 27th, 2014 27
Thank You

28. Investor Presentation – May 27th, 2014 28
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%
Non GAAP targets exclude stock based compensation and amortization