Sierra Wireless corporate overview, updated to include financial results for the first quarter of 2014.

1. 1© Sierra Wireless 2014
Sierra Wireless Corporate Overview
May 2014

2. 2© Sierra Wireless 2014
Safe harbor statement
Certain statements and information in this presentation are not based on historical facts and constitute forward-looking statements within the meaning of applicable
securities laws (“forward-looking statements”) including statements and information relating to our financial guidance summary for Q1 2014, our guidance drivers for 2014
and our business outlook for 2014 and beyond. Forward-looking statements are provided to help you understand our views of our short and longer term prospects. We
caution you that forward-looking statements may not be appropriate for other purposes. We will not update or revise our forward-looking statements unless we are required
to do so by securities laws.
Forward-looking statements:
• typically include words and phrases about the future, such as: “outlook”, “may”, “estimates”, “intends”, “believes”, “plans”, “anticipates” and “expects”;
• are not promises or guarantees of future performance. They represent our current views and may change significantly;
• are based on a number of material assumptions, including those listed below, which could prove to be significantly incorrect:
• Our ability to develop, manufacture and sell new products and services that meet the needs of our customers and gain commercial acceptance;
• Our ability to continue to sell our products and services in the expected quantities at the expected prices and expected times;
• Expected cost of goods sold;
• Expected component supply constraints;
• Our ability to “win” new business;
• Expected deployment of next generation networks by wireless network operators;
• Our operations are not adversely disrupted by component shortages or other development, operating or regulatory risks; and
• Expected tax rates and foreign exchange rates.
• are subject to substantial known and unknown material risks and uncertainties. Many factors could cause our actual results, achievements and developments in our
business to differ significantly from those expressed or implied by our forward-looking statements, including, without limitation, the following factors, which are
discussed in greater detail. These risk factors and others are discussed in our Annual Information Form and Management’s Discussion and Analysis of Financial
Condition and Results of Operations, which may be found on SEDAR at www.sedar.com and on EDGAR at www.sec.gov and in our other regulatory filings with the
Securities and Exchange Commission in the United States and the Provincial Securities Commissions in Canada.
• Actual sales volumes or prices for our products and services may be lower than we expect for any reason including, without limitation, the continuing uncertain
economic conditions, price and product competition, different product mix, the loss of any of our significant customers, competition from new or established
wireless communication companies;
• The cost of products sold may be higher than planned or necessary component supplies may not be available, are delayed or are not available on commercially
reasonable terms;
• We may be unable to enforce our intellectual property rights or may be subject to litigation that has an adverse outcome;
• The development and timing of the introduction of our new products may be later than we expect or may be indefinitely delayed;
• Transition periods associated with the migration to new technologies may be longer than we expect; and
• We may experience higher than anticipated costs; disruption of, and demands on, our ongoing business; diversion of management’s time and attention; adverse
effects on existing business relationships with suppliers and customers and employee issues in connection with the divestiture of the AirCard assets and
operations.
Investors are cautioned not to place undue reliance on these forward-looking statements. No forward-looking statement is a guarantee of future results.
USE OF NON-GAAP FINANCIAL MEASURES
• This presentation contains references to certain non-GAAP financial measures and should be viewed in conjunction with our press release and supplementary
information on our website (www.sierrawireless.com), which present a complete reconciliation of GAAP and Non-GAAP results.

3. 3© Sierra Wireless 2014
The global leader in M2M devices and cloud services
Industry’s most comprehensive offering
Proven technology innovators and trusted partner
Sierra Wireless Corporate Profile
R&D
R&D
R&D
Head office:
Vancouver, BC
Founded in 1993
LTM revenue: $462 million
Publicly listed:
NASDAQ (SWIR)
TSX (SW)
Approx. 900 employees worldwide
Customers in 130+ countries

4. 4© Sierra Wireless 2014
By providing intelligent wireless solutions
Enabling the Internet of Things

5. 5© Sierra Wireless 2014
2020
1.4B
Long-term growth opportunity
Billions of connected devices
2012
12BConnected
devices (ABI)
50BConnected devices
(Ericsson)
Connected
devices (ABI)
2022
$14.4TValue from M2M
2013-2022 (Cisco)
7B*
Human population growth: *(US Census Bureau) ** (UN)
7.7B**

6. 6© Sierra Wireless 2014
#1 in machine-to-machine
market globally
Blue-chip customers and
partners
Sierra Wireless is the market leader
Source: ABI Research
34%
23%
19%
24%
Cellular M2M Embedded Module
Market Share in 2012(1)
Sierra
Wireless

7. 7© Sierra Wireless 2014
Innovative device-to-cloud offering
Leading-edge
intelligent devices
Secure cloud
services platform
Faster time to market +
lower costs+ =

8. 8© Sierra Wireless 2014
Wireless modules, software and services for OEMs
AirPrime® Embedded Wireless Modules
• 4G LTE
• 3G HSPA/HSPA+
• 3G EVDO
• 2G 1xRTT
• 2G GPRS/EDGE
• GPS
Embedded SIM
AirVantage
Management
Services
Embedded
Applications
Embedded Modules Software Solutions and Services
Development
Tools

9. 9© Sierra Wireless 2014
Wireless terminals for M2M and mobile applications
AirLink® Intelligent Gateways
• Ruggedized and commercial grade
• 2G, 3G and 4G platforms
• Rapid configuration and programmability
Security
Public Safety
Utilities &
Infrastructure
Sales & PaymentGateways and Routers
Software Solutions and Services
Business Continuity
Device Management
and Diagnostics
Embedded Intelligence
and Security
Fleet Management
& Field Service
Application Framework

10. 10© Sierra Wireless 2014
AirVantage® M2M Cloud

11. 11© Sierra Wireless 2014
A customer success: Nespresso
M2M CloudProgrammable
Modem
Custom Web Application
Web APIs
• Asset Data Management
• Device Management
• Subscription Management
Hardware
Integration
ERP
Network
Operator
Accelerating M2M Application Development & Deployment

12. 12© Sierra Wireless 2014
Vancouver, Canada
Corporate Headquarters
San Diego
Melbourne
Tokyo
London
Munich
= R&D, Marketing, Sales, Operations
= Manufacturing
= Sales and Support
Beijing
Shenzhen &
Hong Kong
Flextronics & USI (Shanghai)
Toulouse
Paris
Johannesburg
Bangalore
Taipei
Jabil
(Brazil)
Sierra Wireless operates worldwide serving global
network operators, OEMs, enterprises
Strong presence around the world
Seoul

13. 13© Sierra Wireless 2014
Hundreds of platforms certified and launched, worldwide
Deep knowledge about individual carrier’s unique requirements
Services offering and relationships to get OEM products certified
AirVantage M2M Cloud connected to operator infrastructure
Partnered with network operators globally

14. 14© Sierra Wireless 2014
Sierra Wireless: The global leader in M2M
devices and cloud services
Well positioned to capture the M2M growth opportunity
The clear market share and innovation leader
Driving revenue growth and expanding earnings
Financial strength: $151 million cash, no debt
Track record of accelerating growth and value through M&A

15. 15© Sierra Wireless 2014
Q1 2014 Financial Results

16. 16© Sierra Wireless 2014
Sierra Wireless - Q1 2014 Highlights
Q1 2013 Q1 2014
$101.4
$121.2
Quarterly Revenue
($USD millions)
$12.2
$89.2
$106.2
$15.0
$1.8
$4.1
Adjusted EBITDA**
($USD millions)
Q1 2013 Q1 2014
$(1.4)
$0.7
Earnings from Operations
($USD millions)
Q1 2013
Q1 2014
Enterprise Solutions
OEM Solutions
Non-GAAP* Operating Results for Continuing Ops (includes In Motion Technology in Q1’14)
* Non-GAAP results exclude the impact of: stock-based compensation expense and related social taxes,
acquisition and disposition costs, acquisition amortization, impairment, integration costs, restructuring costs,
foreign exchange gains or losses on foreign currency contracts as well as on translation of balance sheet
accounts, and certain tax adjustments.** Adjusted EBITDA as defined equates to earnings (loss) from operations
plus stock-based compensation expense and related social taxes, acquisition costs, restructuring costs,
integration costs, impairment and amortization.

17. 17© Sierra Wireless 2014
Q1 Revenue of $106.2M ↑19% YoY (GM: 29%)
OEM Solutions Business
• Global share & technology leader
• Embedded wireless module
solutions for OEMs world wide
• Design win momentum – Sales
investments & new products key
drivers
• Actively selling AirVantage M2M
Cloud
• Legato launch at MWC - next gen
embedded app framework

18. 18© Sierra Wireless 2014
Open source embedded platform built on Linux
Ready-to-run
Integrated, tested,
validated
Ready-to-build
Open source, flexible
foundation
Ready-to-connect
Any cloud, network,
peripheral
Designed to simplify embedded M2M development

19. 19© Sierra Wireless 2014
Q1 Revenue of $15.0M ↑23% YoY (GM: 54%)
Enterprise Solutions Business
AirLink
GX440
AirLink
LS300
AirLink
ES440
onBoard Mobile Gateway
• Leader in a fragmented market
• Rugged gateways & routers
• Tightly integrated with AirVantage
• Expanding in Europe
• Expanding position through M&A
- In Motion Technology closed in March
- Adds scale, complementary products
- Strong position in key segments

20. 20© Sierra Wireless 2014
Acquisition of In Motion Technology
• Adds scale and capability to Enterprise Business unit
• Complimentary products & channels: rugged in-vehicle routers, advanced
mobile-optimized security system, management and application platform
• Focused on public safety, transit and commercial fleet segments
• 2013 revenue of $15M. GM of 50%
• Headquarters and R&D center in Vancouver, Canada, 55 employees
onBoard™
Mobile Gateway
onBoard™
Mobility Manager
and Connection Manger
Public
Safety
Commercial
Fleet
Transit
Products Segments

21. 21© Sierra Wireless 2014
Cash, Cash Equivalents
& Short-Term Investments
($USD millions)
Q1 '13 Q4 '13 Q1 '14
$151.3
$179.9
Strong Cash Position and Debt Free
Cash used in Q1 2014: $ 28.6m
– Cash used in operations: $ 3.9m
– Capital expenditures: $ 2.0m
– Cash used in other activities: $ 0.1m
– Cash used in purchase of In Motion $ 22.6m$55.9

22. 22© Sierra Wireless 2014
Financial Guidance
Q2 2013 Q2 2014
$109.6
Quarterly Revenue
($USD millions)
Actual Guidance
Quarterly Non-GAAP* EPS
($/share)
* Non-GAAP results exclude the impact of: stock-based compensation expense and related social taxes,
acquisition and disposition costs, acquisition amortization, impairment, integration costs, restructuring
costs, foreign exchange gains or losses on foreign currency contracts as well as on translation of balance
sheet accounts, and certain tax adjustments
18% Growth
based on
midpoint
Q2 2013 Q2 2014
$0.03
2X Growth
based on
midpoint
Actual Guidance
$128 - $131
$0.06 - $0.08