The document summarizes Mavenir's transition from 2G/3G to 4G LTE mobile networks through software-based solutions. It highlights that (1) 4G LTE adoption is growing rapidly globally due to benefits like higher speeds and new services, (2) Mavenir addresses this opportunity through disruptive software products for voice, video, messaging and core networks, and (3) Mavenir has strong financial performance with 29% revenue growth in the first half of 2014 and expects further growth as the transition to 4G LTE continues.

1. September 2014
Transforming Mobile Networks from 2G/3G to 4G LTE

2. September 2014
Transforming Mobile Networks from 2G/3G to 4G LTE
Terry Hungle
CFO
Ian Maclean
Vice President, Strategy & Marketing

3. 3
September 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.

4. 4
September 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

5. 5
September 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




6. 6
September 2014
Speed
up to 15x
faster
Services
more
revenue
Savings
less
cost
Spectrum
up to 10x
better
Why 4G LTE is a Necessity

7. 7
September 2014
4G LTE Progress
Operators globally
1000+
645 invested in LTE
<4%
329 launched
Connections on
LTESource: GSMA, July 2014

8. 8
September 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. 9
to spectrally efficient 4G LTE
September 2014
Trend 1: The Transition to 4G All-IP Technology
Past Present
4G LTE
High
Speed
Data
2G/3G
Circuit
Switched
Voice
4G LTE
Better Voice
High Speed Data
Rich, 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

10. 10
September 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

11. 11
September 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

12. 12
September 2014
2014 is the Year of VoLTE – Industry Profile
Launches
Planned
Operators
Launched
Operators
Trialing
Devices
Available
2014 2015
9 27 7 92
2H 2014
Source: GSMA, GSA - July 2014.

13. 13
September 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

14. 14
September 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

15. 15
September 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

16. 16
September 2014
Complete Portfolio of 4G LTE Services
Wide Range of
Services
Delivered across
multiple
networks
Services
Voice
VoIP • VoLTE • VoWi-Fi
Video
Mobile Video
Video Calling/Conferencing
Messaging
CPM • IP-SM-GW
RCS • Web
Platforms
Next Gen Networks
LTE • Wi-Fi • HSPA • FIXED
Used on a range
of devices
Devices
Landline Smartphone Computer Tablet TV
Better Voice & Video New Services More Efficient Networks

17. 17
September 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.

18. 18
September 2014
4G LTE Competitive Landscape
Software
Expertise
Wireless
Expertise
Uniquely positioned at the intersection of software and wireless

19. 19
September 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

20. 20
September 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.

21. September 2014
Transforming Mobile Networks from 2G/3G to 4G LTE

22. 22
September 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.

23. 23
September 2014
Typical Deployment Model
Svcs
Hw
Svcs
Hw
Sw
Lab
Deployment
Initial Production
Deployment
Capacity
Expansion
NETWORKS
REVENUE
Svcs
Hw
Sw
INCREASING MIX OF SOFTWARE TO DRIVE MARGINS

24. 24
September 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

25. 25
September 2014
Highly Diversified Revenue Profile

26. 26
September 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.

27. September 2014
Transforming Mobile Networks from 2G/3G to 4G LTE
Appendix

28. 28
September 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 Control MGCF
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

29. 29
September 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%

30. 30
September 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)