Third Quarter 2009 Results
Analyst Webcast
October 28, 2009
,

Safe Harbor Statement
Certain statements in this presentation that are not based on historical facts constitute forward-looking statements or forward-looking
information within the meaning of applicable securities laws (“forward-looking statements”). These forward-looking statements are not
promises or guarantees of future performance but are only predictions that relate to future events, conditions or circumstances or our future
results, performance, achievements or developments and are subject to substantial known and unknown risks, assumptions, uncertainties
and other factors that could cause our actual results performance achievements or developments in our business or in our industry to differ
results, performance,
materially from those expressed, anticipated or implied by such forward-looking statements.
Forward-looking statements include all financial guidance for the fourth quarter of 2009, disclosure regarding possible events, conditions,
circumstances or results of operations that are based on assumptions about future economic conditions, courses of action and other future
events. We caution you not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are
made.
made These forward-looking statements appear in a number of different places in this presentation and can be identified by words such as
“may”, “estimates”, “projects”, “expects”, “intends”, “believes”, “plans”, “anticipates”, “continue”, “growing”, “expanding” or their negatives or
other comparable words. Forward-looking statements include statements regarding the outlook for our future operations, plans and timing for
the introduction or enhancement of our services and products, statements concerning strategies or developments, statements about future
market conditions, supply conditions, end customer demand conditions, channel inventory and sell through, revenue, gross margin, operating
expenses, profits, forecasts of future costs and expenditures, the outcome of legal proceedings, and other expectations, intentions and plans
that are not historical fact
fact.
The risk factors and uncertainties that may affect our actual results, performance, achievements or developments are many and include,
amongst others, our ability to develop, manufacture, supply and market new products that we do not produce today that meet the needs of
customers and gain commercial acceptance, our reliance on the deployment of next generation networks by major wireless operators, the
continuous commitment of our customers, and increased competition. These risk factors and others are discussed in our Annual Information
Form which may b f
F hi h be found on SEDAR at www.sedar.com and i our other regulatory fili
d t d d in th l t filings with th S
ith the Securities and E h
iti d Exchange C
Commission i
i i in
the United States and the Provincial Securities Commissions in Canada. Many of these factors and uncertainties are beyond the control of
the Company. Consequently, all forward-looking statements in this presentation are qualified by this cautionary statement and there can be
no assurance that actual results, performance, achievements or developments anticipated by the Company will be realized. Forward-looking
statements are based on management’s current plans, estimates, projections, beliefs and opinions and the Company does not undertake
any obligation to update forward-looking statements should the assumptions related to these plans, estimates, projections, beliefs and
opinions change, except as required by law.
2 Sierra Wireless Proprietary and Confidential.

Agenda
1. Business Update
2. Wavecom Integration Update
3.
3 Q3 2009 Financial Performance
4. Q4 2009 Financial Guidance
5. Questions
5 Q estions
3

Q3 2009 Business Update

Business Overview Q3 2009
• Solid revenue of $135.7M
• Maintained strong gross margin at 34.8%
• Good progress on fixed cost reductions & cost management
• Stronger than expected non-GAAP Earnings from Operations
• Strong cash flow from operations of $15.1M; Cash balance of $135.9M
• Good progress on design wins and new product development
• Continued to build momentum in Solutions & Services
• Good progress on integration
• Creating a global leader in wireless solutions for mobile computing & M2M
5

Product Line Update – AirCard Products
Q3 AirCard sales of $78.5M
AirCard up 1% from Q2; down 20% from Q3 2008
• AT&T, Sprint and Telstra continued to be key drivers
– Telus, Telefonica/O2 and Softbank also significant contributors
• Fi new products expected t begin shipping i Q4 09
Five d t t d to b i hi i in
– Next generation AirCards for HSPA and HSPA+
• Several products certified as “Compatible with Windows 7”
• Expect to launch differentiated Personal Hot Spot solution early 2010
– Major operator channel already secured
6 Sierra Wireless Proprietary and Confidential.

Product Line Update – Embedded Solutions
Q3 Embedded Solutions sales of $44.6M
Embedded flat to Q2; up 50% from Q3 2008
• Strong demand. Revenue constrained by tight memory supply
• Expanded product line & capabilities with Wavecom
• Highly diversified global channel and customer base
• New design wins in consumer, payment, security, mobile computing
• Barnes & Noble “nook” ebook reader using our embedded module
• Introduced smart metering solutions with two OEM partners
• Non-PC OEM markets drove 96% of embedded revenue
• PC OEM a small contributor in Q3. Initial GOBI shipments
7 Sierra Wireless Proprietary and Confidential.

Product Line Update – Intelligent Gateways
Q3 AirLink Gateway sales of $10.3M
Gateway up 1% from Q2; up 42% from Q3 2008
• Continued strong Gross Margin and Operating Margin
• North America a key driver. Investing for growth in Europe, Asia, LATAM
• Strong new product certification & launch activity
• Introduced new hosted device management service
• A ti integration of gateways & services with newly acquired M2M P t l
Active i t ti f t i ith l i d Portal
• Signed MOU with T-Mobile to deliver joint solution offering for M2M
Raven XE Gateway MP 890W Rugged Router
8 Sierra Wireless Proprietary and Confidential.

Product Line Update – Solutions & Services
Small Contributor to Q3 Revenue
Investing to expand position in M2M value chain
• Innovative platform in place & operational with live customers
– Portal services & tools sold on a SaaS basis to Operators, OEMs, Integrators
• Announced reorganization and integration of Anyware Technologies
• Gaining traction with Operators, OEMs, Integrators
• PSA Peugeot selected M2M Portal for device MGT & support
• Orbcomm selected M2M Portal for device & subscription MGT
• Active integration with other lines of business
• Expanding hosting p
p g g platform footprint. Investing for g
p g growth
Asset Communication Connectivity Central Server
M2M Services Application
Device Network Hosting & Operations
Platform
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Wavecom Integration Update
• Integration with Wavecom is going well and is on track
• Operating cost trajectory in-line with plan & expectations
• Product cost synergies helping to drive strong GM
y g p g g
• Strong progress on site rationalization & team integration
– RTP closure, consolidation in Paris office, Anyware integration
– New org structure, relocation & cross-pollination goals achieved
• Strong progress on ERP & IT infrastructure deployment
• C ll b ti global sales efforts d i i d i wins & share gains
Collaborative l b l l ff t driving design i h i
10 Sierra Wireless Proprietary and Confidential.

Q3 Financial Results

Q3 2009 Financial Results
Non- Non-
In millions of US$
(except GM% and EPS) GAAP GAAP* GAAP*
Actual Actual Guidance
Revenue $135.7 $135.7 $135.0
GM % 34.8% 34.9% —
Operating Expenses $57.4
$57 4 $42.3
$42 3 —
Earnings (Loss) from
Operations ($10.2) $5.1 $2.0
FX Gain $2.0
$2 0 0.5
05 —
Other (Int Exp/Inc Tax) $0.6 $0.3 —
Net Earnings (Loss) ($7.6) $5.9 $2.0
Earnings (Loss) Per Share ($0.25) $0.19 $0.06
* Non-GAAP results exclude Wavecom transaction and integration costs, restructuring costs,
stock-based compensation expense, acquisition amortization and foreign exchange on
p p , q g g
amounts related to the Wavecom acquisition.
12 Sierra Wireless Proprietary and Confidential.

Q3 2009 Non-GAAP Financial Results vs Guidance
Sierra Sierra
In millions of US$ Non-GAAP Non-GAAP
(except GM% and operating margin %) Actual Guidance
Revenue $102.6 $101.0
Gross Margin % 32.4% —
Operating Expenses $ 23.7 —
Earnings from Operations $ 9.5 $8.2
Operating Margin % 9.2% 8.2%
Wavecom Wavecom
In millions of US$ Non-GAAP Non-GAAP
(except GM% and operating margin %) Actual
A t l Guidance
G id
Revenue $33.1 $34.0
Gross Margin % 42.9% —
Operating Expenses $18.6 —
Loss from Operations ($4.4) ($6.2)
Operating Margin % (13.2%) (18.2%)
Non-GAAP results exclude Wavecom transaction and integration costs, restructuring costs,
stock-based compensation expense, acquisition amortization and foreign exchange on
amounts related to the Wavecom acquisition.
13 Sierra Wireless Proprietary and Confidential.

Diversification Benefits of Acquiring Wavecom
Reduced Customer Concentration
• Q3 2009 - AT&T & Sprint together contributed 43% of revenue vs. 57% in Q4 2008
Broader Geographic Distribution
Q3 2009 Q4 2008
22% 17%
8% 24%
17% 61%
59% Americas 9% 67%
75%
EMEA
APAC
14 Sierra Wireless Proprietary and Confidential.

Diversification Benefits of Acquiring Wavecom
More balanced product mix
Q3 2009 Q4 2008
~9% ~7%
16%
33% 57% AirCard
67%
77%
58% Embedded
Mobile & M2M
Other
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Financial Capacity
300 35
31.7
30
250
25
200
22.8
191.5 18.5
ns
ns
20
$US Million
$US Million
150 15.1
29.5 15
227.3
100
10.5 10
131.5 135.9
50
81.2
81 2 115.6
56 5
0 0
Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009
Cash Restricted Cash CF from Operations
16 Sierra Wireless Proprietary and Confidential.

Q4 2009 Financial Guidance
Presented on a non-GAAP basis, which excludes Wavecom transaction and integration
costs, restructuring costs, stock-based compensation expense, acquisition amortization and
foreign exchange on amounts related to the Wavecom acquisition.
Sierra Wavecom Consolidated
In millions of US$ (except EPS)
Non-GAAP Non-GAAP Non-GAAP
Revenue $107.0 $36.0 $143.0
Earnings (Loss) from Operations $9.0 ($3.0) $6.0
Net Earnings $5.2
Net Earnings P Sh
N tE i Per Share $0.17
$0 17
• Guidance for the fourth quarter reflects the uncertain macro economic environment and
expected component supply constraints on certain products.
• Guidance includes revenue contribution from expected new product launches
• Guidance is based on current beliefs and assumptions, which are subject to change.
Actual results could differ materially from guidance
• Risk factors are described in our regulatory filings
17 Sierra Wireless Proprietary and Confidential.

Summary
• Better than expected non-GAAP Q3 earnings
• E i
Earnings d i
driven b cost reductions and solid gross margin
by t d ti d lid i
• Strong cash flow from operations, strong balance sheet
• Si ifi
Significant b i
t business di
diversification
ifi ti
• Expecting several new product launches in Q4 & Q1
• Significant progress in building solutions & services business
• Good progress on Wavecom integration
• Expecting improved results in Q4
18 Sierra Wireless Proprietary and Confidential.

Questions