This document is an investor presentation from Ixia for the first quarter of 2016. It contains the following key points: - Ixia provides network visibility, security, and testing solutions to help strengthen applications. It serves enterprises, service providers, and network equipment manufacturers. - Market dynamics like cloud computing, mobile data growth, and the internet of things are driving more data usage and complexity, increasing the need for network security and visibility tools. - Ixia is positioned for growth through expanding its customer base across segments, leveraging its security and application testing IP, and achieving its financial target model of increasing revenue and margins. - Financial details include non-GAAP results, historical performance, the balance sheet

1. 1 | © 2016 IXIA AND/OR ITS AFFILIATES. ALL RIGHTS RESERVED.
WE MAKE
APPLICATIONS STRONGER
Investor Presentation – First Quarter 2016

2. 2 | © 2016 IXIA AND/OR ITS AFFILIATES. ALL RIGHTS RESERVED.
Certain statements made in this presentation may be deemed to be forward-looking statements, including, without
limitation, statements regarding the growth in cloud outsourcing, data usage, and the number of connected devices,
customer base growth and diversification, the company’s target model for the relative sizes of its customer market
segments, growth drivers, and the company’s financial target model. In some cases, such forward looking statements
can be identified by terms such as “may,” “will,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,”
“estimate,” “project,” “predict,” “potential,” and variations of these words and similar expressions. Such forward-looking
statements reflect our current intent, belief, and expectations and are subject to risks and uncertainties that could cause
our actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that
could cause our actual results to differ materially from the results predicted include, among others: the risk that cloud
outsourcing, data usage, and the number of connected devices will not grow as contemplated by the company and/or
third parties; the risk that the company will not be successful in diversifying and growing its business while focusing on
operational fundamentals and driving financial discipline; the risk that the company will not realize all of the expected
benefits of our previously announced restructuring and cost reduction programs; changes in the global economy;
competition; consistency of orders from significant customers; our success in leveraging our IP portfolio, expertise, and
market opportunities; our expectations regarding the transition into Software Defined Networks (SDN), Network
Functions Virtualization (NFV), and virtualized networks; our success in developing and producing new products; our
success in developing new sales channels and customers; market acceptance of our products; and war, terrorism,
political unrest, natural disasters, cybersecurity attacks, and other circumstances that could, among other
consequences, reduce the demand for our products, disrupt our supply chain, and/or impact the delivery of our
products. The factors that may cause future results to differ materially from our current expectations also include,
without limitation, the risks identified in our Annual Report on Form 10-K for the year ended December 31, 2015, and in
our other filings with the U.S. Securities and Exchange Commission. Many of these risks and uncertainties are outside
of our control and are difficult for us to forecast or mitigate. We undertake no obligation to update any forward-looking
statements, whether as a result of new information, future events, or otherwise.
SAFE HARBOR STATEMENT

3. 3 | © 2016 IXIA AND/OR ITS AFFILIATES. ALL RIGHTS RESERVED.
To supplement our consolidated financial results prepared in accordance with Generally Accepted Accounting
Principles ("GAAP"), we have included certain non-GAAP financial measures in this presentation. Specifically, we
have provided non-GAAP financial measures (e.g., non-GAAP operating income, non-GAAP operating expenses,
non-GAAP operating margin, and non-GAAP diluted earnings per share) that exclude certain non-cash and/or non-
recurring income and expense items such as proceeds and expenses from certain legal and contractual settlements,
expenses relating to internal investigations and any related remediation efforts, the restatement of our financial
statements for the first and second quarters of 2013 and for the six months ended June 30, 2013, the pending
securities class action against the company and certain of its current and former officers and directors as well as a
pending shareholder derivative action and an ongoing SEC investigation, stock-based compensation expenses,
acquisition and other related costs, restructuring expenses, the amortization of acquisition-related intangible assets,
and the related income tax effects of these items, as well as certain other non-cash income tax impacts such as
changes in the valuation allowance recorded against certain deferred tax assets. The aforementioned items represent
income and expense items that may be difficult to estimate from period to period and/or that we believe are not
directly attributable to the underlying performance of our business operations. We believe that by excluding these
items, our non-GAAP measures provide supplemental information to both management and investors that is useful in
assessing our core operating performance, evaluating our ongoing business operations, and comparing our results of
operations on a consistent basis from period to period. These non-GAAP financial measures are provided to enhance
the user's overall understanding of our financial performance. These non-GAAP financial measures are also used by
management to plan and forecast future periods and to assist management in making operating and strategic
decisions. The presentation of this additional information is not prepared in accordance with GAAP. The information
therefore may not necessarily be comparable to that of other companies and should be considered as a supplement
to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. A
reconciliation of GAAP to non-GAAP results is provided at the end of this investor presentation. Note that unless
specifically noted otherwise, all numbers in this presentation are on a non-GAAP basis.
NON-GAAP INFORMATION

4. 4 | © 2016 IXIA AND/OR ITS AFFILIATES. ALL RIGHTS RESERVED.
COMPANY OVERVIEW
Bethany Mayer, President and CEO

5. 5 | © 2016 IXIA AND/OR ITS AFFILIATES. ALL RIGHTS RESERVED.
IXIA HAS A STRONG HISTORY OF PERFORMANCE
0
100
200
300
400
500
600
2009 2010 2011 2012 2013 2014 2015
REVENUE
BUSINESS NOW RELATES TO SECURITY
TO MARKET WITH 10G, 40G, 100G, 400G,
25G, 50G
OF EMPLOYEES IN R&D
($MM)
U.S. AND FOREIGN PATENTS PENDING
OR ISSUED
~50%
~400
1st
~30%
FOUNDED 1997
HEADQUARTERS CALABASAS, CA
EMPLOYEES ~1783
MARKET CAP* ~$760 MILLION
ENTERPRISE
VALUE*
~$715 MILLION
*As of 5-4-16

6. 6 | © 2016 IXIA AND/OR ITS AFFILIATES. ALL RIGHTS RESERVED.
WE ARE PROUD TO SERVE
ENTERPRISESERVICE PROVIDERSNEMs
77
OF THE
FORTUNE 100
47
OF THE
TOP 50 CARRIERS
15
OF THE
TOP 15 NEMS

7. 7 | © 2016 IXIA AND/OR ITS AFFILIATES. ALL RIGHTS RESERVED.
INTERNET OF THINGSCLOUD NETWORK SECURITY BIG DATA
MARKET DYNAMICS DRIVING
More Data, More Complexity, More to Secure
MOBILE DATA TRAFFIC
MOVES TO CLOUD APPS
BY 2019
90%
BILLION CONNECTED
THINGS REQUESTING
SUPPORT BY 2018
6GIGABYTES OF
NEW DATA PER
PERSON / DAY BY 2020
150GROWTH IN
GLOBAL SECURITY
INCIDENTS 2014 to 2015
38%

8. 8 | © 2016 IXIA AND/OR ITS AFFILIATES. ALL RIGHTS RESERVED.
Jeep Hack
Forces 1.4M
Recalls; Drives
Congress
to Action
OPM Hack:
4 Million
Government
Workers Completely
Exposed
2.5 million people
have medical
device implants
with WiFi. Was
yours fully tested?
One out of three
Americans’
health records
were breached
CUSTOMER PAIN POINTS
The Cost of Inadequate Network Design, Monitoring and Security:

9. 9 | © 2016 IXIA AND/OR ITS AFFILIATES. ALL RIGHTS RESERVED.
We challenge the infrastructure, harden security and visualize the applications
WE MAKE APPLICATIONS STRONGER
SECURITYTEST VISIBILITY

10. 10 | © 2016 IXIA AND/OR ITS AFFILIATES. ALL RIGHTS RESERVED.
SECURITYTEST VISIBILITY
A better foundation leads to lower cost of ownership
3-year OPEX savings and 10X
ROI by installing visibility
framework
$800K
Annual OPEX savings and 15X
ROI by installing ThreatARMOR
as first line of defense
$300K
3-year OPEX savings and 4X
ROI by validating vCPE
without truck rolls
$500K
WE MAKE APPLICATIONS STRONGER

11. 11 | © 2016 IXIA AND/OR ITS AFFILIATES. ALL RIGHTS RESERVED.
END-TO-END APPLICATION STRENGTHENING
Across the Infrastructure
Across ALL Platforms
Flex Taps, iBypass,
Virtual Taps
802.11ac,
MU-MIMO
PerfectStorm
BPS vEPC
IxLoad/VE
IxNetwork/VE
Multis SDN
ThreatARMOR,
ATIP
Mobile Endpoint Network Data Center Cloud
Vision One,
NTO, Hawkeye,
xStream40,
Control Tower

12. 12 | © 2016 IXIA AND/OR ITS AFFILIATES. ALL RIGHTS RESERVED.
INTRODUCING VISION ONE™
See Everything. Miss Nothing.
Intuitive UI and patented
filter compiler
See Everything
ATI for SSL decryption
& App intelligence
Look Within
Manage traffic from
physical and virtual taps
Virtualize
ZERO-loss advanced
packet processing
Optimize
Flexibly deploy tools inline
and out-of-band
Layered Defense

13. 13 | © 2016 IXIA AND/OR ITS AFFILIATES. ALL RIGHTS RESERVED.
Increased channel investment
Targeted markets and customers
More than 500 partners worldwide
CRN 5-Star Rating
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2011 2015 Target Model
CUSTOMER SEGMENTS*
NEM & Carrier Enterprise
CUSTOMER BASE CONTINUES
TO GROW AND DIVERSIFY
* Percentage based on estimated sales volume
CUSTOMER BASE EXPANSION

14. 14 | © 2016 IXIA AND/OR ITS AFFILIATES. ALL RIGHTS RESERVED.
POW ER FU L
GR OW TH
D R IVER S
DEEP
A PPLIC ATION S
A N D
SEC U R ITY IP
EXPANDING
C U STOMER
B A SE
STRONG
FIN A N C IA L
MOD EL
WELL POSITIONED FOR GROWTH

15. 15 | © 2016 IXIA AND/OR ITS AFFILIATES. ALL RIGHTS RESERVED.
FINANCIALS
Brent Novak, CFO

16. 16 | © 2016 IXIA AND/OR ITS AFFILIATES. ALL RIGHTS RESERVED.
TARGET MODEL
100%
76 – 78%
58 – 53%
18 – 25%
12 – 16%
2014 2015 Q1’16
Revenue $464M $517M $113M
Gross Margin 76% 78% 78%
Operating
Expenses
65% 60% 68%
Operating Margin 11% 18% 10%
Net Margin 6% 11% 7%
Please refer to reconciliation of GAAP to Non-GAAP measures in Appendix and in the investor relations section of the company’s website.
NON-GAAP FINANCIALS AND MODEL

17. 17 | © 2016 IXIA AND/OR ITS AFFILIATES. ALL RIGHTS RESERVED.
IN MILLIONS DEC. 2014 DEC. 2015 MAR. 2016
Cash, cash equivalents
and marketable securities
$126 $67 $81
Total assets $869 $780 $753
Convertible debt $199 - -
Term loan - $38 $36
Shareholders’ equity * $481 $519 $523
Availability under Credit Facility - $75 $150
* On February 23, 2016, the company announced that its Board of Directors authorized a $25 million share repurchase program. As of March 31, 2016,
the company has not repurchased any shares under the share repurchase program.
BALANCE SHEET DETAILS

18. 18 | © 2016 IXIA AND/OR ITS AFFILIATES. ALL RIGHTS RESERVED.
THANK YOU

19. 19 | © 2016 IXIA AND/OR ITS AFFILIATES. ALL RIGHTS RESERVED.
RECONCILIATION OF GAAP TO NON-GAAP 1 OF 3
FY 2014 FY 2015 Q1/16
Revenue 100% 100% 100%
GM %, GAAP 75.2% 78.0% 77.6%
Inventory adjustments (a)
0.3% 0.0% -
Stock-based compensation (b)
0.1% 0.1% 0.1%
GM %, non-GAAP 75.6% 78.1% 77.7%
Operating expense, GAAP 84.8% 73.5% 81.8%
Amortization of intangible assets (c)
-10.1% -8.2% -8.9%
Acquisition and other related (d)
-0.7% -0.1% 0.0%
Restructuring (e)
-2.2% 0.1% 0.2%
Stock-based compensation (b)
-3.5% -3.6% -4.3%
Legal, contract settlements, and other (f )
-3.3% -1.2% -0.9%
Operating expense, non-GAAP 65.0% 60.5% 68.0%
Operating Margin (loss), GAAP -9.6% 4.5% -4.2%
Effects of reconciling items (g)
20.2% 13.1% 14.0%
Operating Margin (loss), non-GAAP 10.6% 17.6% 9.8%
Interest income and other, net, GAAP 0.0% -0.1% 0.3%
Interest income and other, net, non-GAAP 0.0% -0.1% 0.3%
Interest expense, GAAP 1.8% 1.6% 0.5%
Effects of reconciling items (h)
-0.1% 0.0% 0.0%
Interest expense, non-GAAP 1.7% 1.6% 0.5%
Income tax expense (benefit), GAAP -2.4% 1.6% -2.0%
Effects of reconciling items (i)
5.3% 3.3% 5.0%
Income tax expense (benefit), non-GAAP 2.9% 4.9% 3.0%
Net income (loss), GAAP -9.0% 1.2% -2.4%
Effects of reconciling items (j)
15.1% 9.8% 9.0%
Net income, non-GAAP 6.1% 11.0% 6.6%
Diluted earnings / (basic loss) per share, GAAP ($0.54) $0.07 ($0.03)
Effects of reconciling items (k) (l)
$0.90 $0.60 $0.12
Diluted earnings per share, non-GAAP $0.36 $0.67 $0.09

20. 20 | © 2016 IXIA AND/OR ITS AFFILIATES. ALL RIGHTS RESERVED.
RECONCILIATION OF GAAP TO NON-GAAP 2 OF 3
(a) These adjustments represent purchase price accounting adjustments related to the fair value of inventory as a result of our acquisitions.
(b) These adjustments represent non-cash stock-based compensation expenses.
(c) This adjustment represents the amortization of intangible assets related to the acquisitions of various businesses and technologies.
(d) This adjustment represents costs associated with acquisition-related activities. Acquisition and other related costs consist primarily of
transaction and integration related costs such as success-based banking fees, professional fees for legal, accounting, tax, due diligence,
valuation and other related services, change in control payments, consulting fees, required regulatory costs, certain employee, facility and
infrastructure costs, and other related expenses.
(e) This adjustment represents costs associated with our restructuring plans/reorganization plans. These costs primarily relate to one-time
employee termination benefits consisting of severance, facility-related costs, and other costs.
(f) This reconciling item represents costs incurred related to (i) internal investigations and any related remediation efforts, (ii) the restatement of
our financial statements for the first quarter of 2013 and for the three and six months ended June 30, 2013, (iii) the securities class action
against the company and certain of its current and former officers and directors as well as a shareholder derivative action and (iv) an SEC
investigation. These costs consisted primarily of legal and accounting fees, recruiting and consulting expenses, severance and retention
costs, and other related expenses. The fourth quarter of 2014 also includes $1.0 million write-off for a one-time item related to a certain
contractual matter.
(g) These adjustments represent the effects of the adjustments noted in footnotes (a), (b), (c), (d), (e) and (f).
(h) This reconciling item includes $458,000 related to the acceleration of certain of our debt issuance costs during the fourth quarter of 2014.
(i) These adjustments represent the income tax effects of the adjustments noted in footnotes (a), (b), (c), (d), (e), (f), and (h) as well as certain
other non-cash income tax impacts such as changes in the valuation allowance relating to the company’s deferred tax assets.
(j) These adjustments represent the effects of the adjustments noted in footnotes (a), (b), (c), (d), (e), (f), (h), and (i).
(k) These adjustments represent the effects of the adjustments noted in footnotes (a), (b), (c), (d), (e), (f), (h), and (i), on a per share basis.
(l) This adjustment, if applicable, includes the impact of the convertible senior notes if these were anti-dilutive for the equivalent GAAP earnings
per share calculations.

21. 21 | © 2016 IXIA AND/OR ITS AFFILIATES. ALL RIGHTS RESERVED.
RECONCILIATION OF GAAP TO NON-GAAP 3 OF 3
Target Model - Low Target Model - High
GAAP
Adjustments
(1)
Non-
GAAP GAAP
Adjustments
(1)
Non-
GAAP
Revenue 100% 0% 100% 100% 0% 100%
GM% 76% 0% 76% 78% 0% 78%
Operating expense 70% -12% 58% 66% -13% 53%
Operating income 6% 12% 18% 12% 13% 25%
Interest income and other, net 0% 0% 0% 0% 0% 0%
Interest expense -2% 0% -2% -1% -1% -2%
Income tax expense 1% 4% 5% 3% 4% 7%
Net income 3% 8% 12% 8% 8% 16%