1. May 2013
Q1-2013 Financial Review
Ceragon Networks proprietary and confidential

2. Proprietary and Confidential
Safe Harbor Statement
This presentation may contain statements concerning Ceragon’s future prospects that are “forward-
looking statements” under the Private Securities Litigation Reform Act of 1995. These statements are
based on current expectations and projections that involve a number of risks and uncertainties. There can
be no assurance that future results will be achieved, and actual results could differ materially from
forecasts and estimates. These are important factors that could cause actual results to differ materially
from forecasts and estimates. Some of the factors that could significantly impact the forward-looking
statements in this press release include the risk of significant expenses in connection with potential
contingent tax liability associated with Nera’s prior operations or facilities, the risk that the combined
Ceragon and Nera business may not perform as expected, risks associated with increased working
capital needs, and other risks and uncertainties, which are discussed in greater detail in Ceragon’s
Annual Report on Form 20-F and Ceragon’s other filings with the Securities and Exchange Commission.
Forward-looking statements speak only as of the date on which they are made and Ceragon undertakes
no commitment to revise or update any forward-looking statement in order to reflect events or
circumstances after the date any such statement is made. Ceragon’s public filings are available from the
Securities and Exchange Commission’s website at www.sec.gov or may be obtained on Ceragon’s
website at www.ceragon.com .
2

3. Proprietary and Confidential
Revenues-Geographic Split
3
FY 2011 Q1/12 Q2/12 Q3/12 Q4/12 FY 2012 Q1/13
Europe 24% 21% 19% 23% 25% 22% 19%
Africa 17% 22% 17% 8% 6% 13% 13%
North America 8% 12% 9% 7% 8% 9% 9%
India 10% 10% 18% 13% 7% 12% 8%
APAC 20% 15% 10% 16% 22% 16% 13%
Latin America 21% 20% 27% 33% 32% 28% 38%
Total 100% 100% 100% 100% 100% 100% 100%
Four rolling
quarters
Direct vs. OEM Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13
% DIRECT 90% 94% 91% 97% 93% 78% 88% 95% 96%
% OEM 10% 6% 9% 3% 7% 22% 12% 5% 4%
Europe, 22%
Africa, 13%
N. America,
9%India, 12%
APAC, 16%
Latin
America,
28%
Q1-13/2013
Europe,
19%
Africa, 13%
N. America,
9%
India, 8%
APAC, 13%
Latin
America,
38%

4. Proprietary and Confidential
NON-GAAP Profit & Loss
4
Actual
(unaudited)
Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13
Revenues 110,350 116,120 118,487 110,046 112,669 117,087 106,849 90,097
Cost of Revenues 75,128 78,667 79,356 74,940 75,385 78,149 71,307 61,342
Gross profit 35,222 37,453 39,131 35,106 37,284 38,938 35,542 28,755
Gross margin 31.9% 32.3% 33% 31.9% 33.1% 33.3% 33.3% 31.9%
Research &
Development
11,453 12,023 11,908 11,731 11,293 11,021 10,539 10,383
% R&D 10.4% 10.4% 10.0% 10.7% 10.0% 9.4% 9.9% 11.5%
Sales & Marketing 18,730 18,359 17,936 18,018 18,841 18,103 17,344 16,110
%S&M 17.0% 15.8% 15.1% 16.4% 16.7% 15.5% 16.2% 17.9%
General &
Administration
5,509 5,511 5,872 6,363 6,116 6,793 5,895 5,648
%G&A 5.0% 4.7% 5.0% 5.8% 5.4% 5.8% 5.5% 6.3%
Total operating
expenses
35,692 35,893 35,716 36,112 36,250 35,917 33,778 32,141
Operating profit (loss) (470) 1,560 3,415 (1,006) 1,034 3,021 1,764 (3,386)
Operating margin (0.4%) 1.3% 3% (0.9%) 0.9% 2.6% 1.7% (3.8%)

5. Proprietary and Confidential
Cash Flow
5
(U.S. dollars in thousands)
Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13
Total cash & cash investments 45,939 49,531 49,497 44,815 48,632 51,589 51,555
Cash flow from operations (15,187) 7,436 5,025 (14,002) (899) 17,085 2,859
Capital expenditures (3,722) (4,696) (3,303) (3,065) (3,845) (4,317) (2,895)
Option Exercise 376 518 213 251 270 2 1,137
Loans received (Repayment) - - (2,058) 12,542 8,342 (10,058) (1,058)
Other 87 334 89 (408) (51) 245 (77)
Net Change in Cash (18,446) 3,592 (34) (4,682) 3,817 2,957 (34)

6. Proprietary and Confidential
Selected data from balance sheet
6
(U.S. dollars in thousands)
(Unaudited)
Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13
Inventory 95,925 93,465 76,594 75,297 64,098 65,554 62,660
Inventory Days 110 106 85 86 73 78 78
Trade Receivables 135,849 143,247 139,325 160,364 177,539 149,120 128,655
DSOs 114 117 112 128 141 122 110

7. Proprietary and Confidential
Reported Results – Non GAAP
7
(U.S. dollars in thousands)
(Unaudited)
FY 2011 Q1/12 Q2/12 Q3/12 Q4/12 FY 2012 Q1/13
Revenues 445,269 110,046 112,669 117,087 106,849 446,651 90,097
Cost of Revenues 300,984 74,940 75,385 78,149 71,307 299,781 61,342
Gross profit 144,285 35,106 37,284 38,938 35,542 146,870 28,755
R&D - Net 46,425 11,731 11,293 11,021 10,539 44,584 10,383
S&M 71,686 18,018 18,841 18,103 17,344 72,306 16,110
G&A 21,484 6,363 6,116 6,793 5,895 25,167 5,648
Total Operating Expenses 139,595 36,112 36,250 35,917 33,778 142,057 32,141
Operating profit (loss) 4,690 (1,006) 1,034 3,021 1,764 4,813 (3,386)
Finance expenses (2,024) (906) (554) (1,149) (938) (3,547) (1,496)
Income Tax (2,259) (290) (245) (261) (405) (1,201) (818)
Non GAAP Net Income (loss) 407 (2,202) 235 1,611 421 65 (5,700)
Non GAAP EPS $0.01 ($0.06) $0.01 $0.04 $0.01 $0.00 ($0.16)
# of Shares for diluted EPS
(‘000)
37,523 36,346 37,380 37,092 36,642 37,093 36,756

8. Proprietary and Confidential
Reported Results – Reconciliation to GAAP
8
(U.S. dollars in thousands)
(Unaudited)
FY 2011 Q1/12 Q2/12 Q3/12 Q4/12 FY 2012 Q1/13
Non GAAP Net Income (loss) 407 (2,202) 235 1,611 421 65 (5,700)
Share based compensation expense 6,564 1,586 1,257 1,403 1,219 5,465 1,075
Amortization of intangible assets 4,162 901 901 854 880 3,536 666
Inventory step up 15,442 409 759 3,250 93 4,511 459
Restructuring expenses 7,834 - - - 6,712 6,712 2,844
Acquisition related costs 4,919 - - - - - -
Integration plan related costs 15,140 955 - - - 955 -
Financial expenses related to one-time
currency devaluation in Venezuela 3,133
Changes in pre-acquisition indirect tax
positions
- 1,338 221 800 (82) 2,277 264
GAAP Net Loss (53,654) (7,391) (2,903) (4,696) (8,401) (23,391) (14,141)
GAAP EPS ($1.49) ($0.20) ($0.08) ($0.13) ($0.23) (0.64) (0.38)
# of Shares for basic and diluted EPS
(‘000)
35,975 36,346 36,421 36,496 36,565 36,458 36,756

9. Proprietary and Confidential
Quarterly Revenue and Non-GAAP Net Income (Loss)
9
55.2 58.1 56.8
43.9 42.2 44.7
53.4
59.7 60.9 62.3 66.9
100.3
110.3
116.1 118.5
110 112.7 117
106.5
90.1
0
20
40
60
80
100
120
140
Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13
Revenue($mm)
4.9
4.2
3.3
1 1
1.8
3.4
4
4.6
5.5
6.1
-0.8
-1.6
0.6
2.3
-2
0.23
1.6
0.23
-5.7
-8
-6
-4
-2
0
2
4
6
8
Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13
Non-GAAP Net Income($mm)

10. The Number 1 Wireless Backhaul Specialist
Yoel Knoll – VP of Investor Relations
yoelk@ceragon.com / ir@ceragon.com
Tel. +972-3-543-1132 / Cell. +972-52-830-6419
www.ceragon.com NASDAQ: CRNT