Mitel Networks

Canaccord Genuity 34th Annual Growth Conference August 14, 2014

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SAFE HARBOR STATEMENT Forward Looking Statements

Some of the statements in this presentation are forward-looking statements (or forward-looking information) within the meaning of applicable U.S. and Canadian securities laws. These include statements using the words target, outlook, may, will, should, could, estimate, continue, expect, intend, plan, predict, potential, project and anticipate, and similar statements which do not describe the present or provide information about the past. There is no guarantee that the expected events or expected results will actually occur. Such statements reflect the current views of management of Mitel and are subject to a number of risks and uncertainties. These statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, operational and other factors. Any changes in these assumptions or other factors could cause actual results to differ materially from current expectations. All forward-looking statements attributable to Mitel, or persons acting on its behalf, and are expressly qualified in their entirety by the cautionary statements set forth in this paragraph. Undue reliance should not be placed on such statements. In addition, material risks that could cause results of operations to differ include the Mitel’s ability to achieve or sustain profitability in the future since its acquisition of Aastra; fluctuations in the quarterly and annual revenues and operating results; fluctuations in foreign exchange rates; current and ongoing global economic instability political unrest and related sanctions, particularly in connection with the Ukraine and the Middle East; intense competition; reliance on channel partners for a significant component of sales; dependence upon a small number of outside contract manufacturers to manufacture products; the ability to successfully integrate the acquisition of Aastra and realize certain synergies; and, our ability to implement and achieve our business strategies successfully. Additional risks are described under the heading “Risk Factors” in Mitel’s Transition Report on Form 10-K for the eight month period ended December 31, 2013, filed on with the Securities and Exchange Commission on March 31, 2014. Forward-looking statements speak only as of the date they are made. Except as required by law, we do not have any intention or obligation to update or to publicly announce the results of any revisions to any of the forward-looking statements to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements.

Non-GAAP Financial Measurements

This presentation includes references to non-GAAP financial measures including Adjusted EBITDA, non-GAAP income and non-GAAP operating expenses. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. We use these non-GAAP financial measures to assist management and investors in understanding our past financial performance and prospects for the future, including changes in our operating results, trends and marketplace performance, exclusive of unusual events or factors which do not directly affect what we consider to be our core operating performance. Non-GAAP measures are among the primary indicators management uses as a basis for our planning and forecasting of future periods. Investors are cautioned that non-GAAP financial measures should not be relied upon as a substitute for financial measures prepared in accordance with generally accepted accounting principles. Please see the reconciliation of non-GAAP financial measures to the most directly comparable U.S. GAAP measure included in this presentation and, if not contained in this presentation, contained in Mitel’s Reports on Form 8-K which have been filed with the SEC on March 27, 2014, April 2, 2014, May 8, 2014 and August 7, 2014.

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What we do and who we aspire to be…

We deliver solutions that enable our customers to communicate and collaborate, and to conduct business anywhere, over any medium with the device of their choice.

To be the premier business communications and collaboration company in our industry

• Delivering superior financial results

• Create loyal customers and partners

• Be place where people want to work

Mitel is on the Move

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Mitel Today

Global Market Share Leadership Q1 2014

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Source: MZA PBX/IP PBX Market, World Quarterly Edition, Q1 2014,for Total Market, June 2014

World #4

Western Europe #1

Germany #2

UK #2

France #2

Netherlands #1

Sweden #1

Switzerland #1

Belgium #1

Europe, Middle East and Africa #1

North America #3

US #4

Canada #2

Continued Strong Cloud Growth Q2 2014

July 2014

Mitel Gartner’s Leaders Quadrant for UC

July 2013

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Mitel

Mitel

Outstanding Contact Center Growth Advancement in Gartner Magic Quadrant

June 2013 May 2014

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Mitel

Mitel

Mitel Upgraded by Standard and Poor’s #mitelonthemove

Standard and Poor's Upgrades Mitel Networks Ratings on Early Success of Aastra Integration

“The positive outlook reflects our expectation that Mitel will continue to successfully integrate Aastra within the coming year, which should drive a sustainable improvement in earnings and strengthen the company's market position.”

Standard and Poor’s June 11, 2014

“The UC system vendors today that are increasing their market presence are Cisco, Microsoft, and Mitel, according to a recent Wainhouse Research study. Mitel has successfully been ahead of several megatrends within the industry, including hardware to software, virtualization, mobility, and the growing demand for services-based solutions. The recent acquisition of Aastra expanded the company's global position.” JUNE 2014

Industry Analyst Assessments

“Mitel advanced into the Leaders quadrant with both a good UC vision and market execution. Its acquisition of Aastra expands its market, giving it access to new markets and client bases…The new Mitel now has significantly more presence and visibility on a global scale…Organizations looking for a fully integrated UC approach at an attractive price, those looking for flexible cloud options and those evaluating telephony communications functionality to integrate with Microsoft Lync should evaluate Mitel’s MiVoice and MiCollab UC solutions…” AUGUST 2014

“Mitel Positioned as a Leader in Gartner’s Magic Quadrant for Unified Communications”

Commenting on the Gartner UC Magic Quadrant 2014…..”Mitel will use MiCollab as the common UC user experience interface across all of their current MiVoice Business and acquired platforms including MiVoice MX-One, A400, A5000, and Clearspan …This seems to me like a brilliant move by Mitel to provide the best user experiences to all of their customers at the fastest pace and with the least disruption to the customers’ existing investments.” AUGUST 2014

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What drives our market • Transitioning from TDM PBX to IP PBX

to Cloud

• Decoupling of software from proprietary HW infrastructure

• Data Center virtualization/cloud offerings

• Voice is a (mission critical) application

• Proliferation of enterprise mobility

• Emergence of public & private cloud

• Growth and commoditization of UC applications market

• Bring Your Own Device (BYOD) is proliferating

• Contact Center are decoupling from the PBX and cloud solutions are growing

Unified Communications: Increased collaboration

Cloud: Public and private

Consumerization of Enterprise IT: Leverage consumer devices

Mobility: Seamless connectivity

Cloud: Public and private

Cloud: Public and private Virtualization: Lowering barriers to entry

UCC

Video Players

Mobile Players

CosmoCom

Contact Center

MiContact Center

ENTERPRISE PLAYERS

SOFTWARE PROVIDERS

INTERNET PLAYERS

IP-PBX

The landscape

more than 100+ in the US alone

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Market Segment Served & Customer Needs

Small Business (1-30 employees):

Less sophisticated process integration but Highly mobile centric

Ideal consumers of public cloud solutions displacing small end customer premise platform

Mid Market (30-1000 employees):

Often have more sophisticated business process integrations

Interested in Private Cloud solutions but open to Public cloud offers with private cloud attributes (e.g. multi-instance)

Strong interest in PBX to Cloud-based PBX managed migration (low risk)

Large Enterprise (1000+ employees):

More sophisticated business process integration and significant capital investment

Primarily interested in Private Cloud migration (e.g. multi- instance)

Federation between On-premises and Cloud solutions are important

Extra-Large Enterprise (10,000+ employees):

Subset of Large Enterprise but may be more open to IP Centrex deployments particularly in the US.

Interest in Public Cloud

Interest in Private Cloud

MiVoice Enterprise

MiVoice Business

MiVoice Office

Enterprise

Cloud

APPLICATIONS

Mitel’s Integrated Portfolio: Scalable, Competitive, Strategic

End Points

Mid Market

SMB

MiCloud Enterprise

MiCloud Business

MiCloud Office

Platforms

Contact Centers

FRAMEWORKS

IN-OFFICE EXPERIENCE, ANYWHERE, ON ANY DEVICE

Industry IT Frameworks

Enablers

Cloud Customers

Fortune 500 Customers

Verticals Education

Hospitality

Health Care

Retail Media & Entertainment

Manufacturing

Professional Services

Government

Financial Services

Financial Review

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June Quarter Business Highlights

• Recurring cloud seat growth of 98% y-o-y brings installed recurring seat count to 196,000

• Total cloud seats installed grew 75% y-o-y to 754,000

• Gartner recognizes Mitel as a “Leader” in the 2014 Magic Quadrant for Unified Communications and as a “Challenger” in Contact Center Infrastructure

• MZA research concludes that Mitel is the #1 market share leader in Western Europe and EMEA

• Strengthened Capital Structure • Strong Cash position of $134.2 million at June 30, 2014 • Voluntary pre-payment of $25 million made against the company’s term loan

• $50 million in total paid down since May 2014

June Quarter Financial Highlights (Pro-forma)

$M Q2-2014

Revenue Margin Non-GAAP OPEX Adjusted EBITDA

$288.7

52.6%

$122.0/ 42.3%(1)

$38.8/ 13.4%

Operational discipline

A culture focused on cost controls

Tracking toward Target Model

A quarterly record

(1) consists of R&D and SG&A less stock compensation and amortization of acquired intangibles.

$287.5 $317.0

2.5x

1.3x

3.1x

1.9x

1H 2013 1H 2014

$50.0

$75.0

Original Projection Updated Projection

$277.0

$295.8

48.9% 52.3%

1H 2013 1H 2014

$566.5 $566.1

1H 2013 1H 2014

1H 2014 Financial Performance Update

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Gross Profit and Margin (1)(2) Revenue (1)(2) Adjusted EBITDA and Margin (1)

Debt and Leverage (3) Adjusted EBITDA – CapEx (1) Annual Run-Rate Synergy (4)

0.1% Decrease

Margins Total Leverage Net Leverage

(1) 1H 2013 is Pro Forma for Mitel and Aastra. (2) Both periods include a $6.9 million non-cash reduction related to acquisition accounting. (3) 1H 2013 represents Mitel standalone, July 31, 2013. (4) Expected to be achieved by June 30, 2016.

$62.9

$71.6

11.1% 12.6%

1H 2013 1H 2014

$55.5 $64.1

1H 2013 1H 2014

Gross Profit and Margins Annual Revenue

Consolidated Historical Financial Overview (1)

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Adjusted EBITDA Less CapEx

(USD $ millions)

(1) CAD to USD exchange rate at the average exchange rate over each respective period. (2) Excludes $5.8 million non-cash adjustment for acquisition accounting.

Adjusted EBITDA and Margins

Aastra Mitel Combined Company Synergies

587.9 569.5

603.6 588.9

$1,191.5 $1,158.4 $1,160.7

CY 2012 CY 2013 LTM 6/30/2014

(2)

326.8 324.2

256.9 256.4

$583.7 $580.6 $601.7

CY 2012 CY 2013 LTM 6/30/2014

(2)

88.2 86.8 150.0

42.1 53.4

12.5 13.3

$130.3

$152.7 $163.3

CY 2012 CY 2013 LTM 6/30/2014

75.7 81.7 138.7

35.6 47.3

12.5 13.3

$111.3

$141.5

$152.0

CY 2012 CY 2013 LTM 6/30/2014

Synergy Update

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Synergies Costs To Realize

• Initial synergy target of $50 million annualized synergies

• Original synergies forecast of $10 million - $12 million in 2014

• Based on integration activities to date, Mitel expects to achieve ~$20 million of synergies in 2014

• Management increased synergy expectations from the previously communicated $50 million to current view of $75 million

• Key drivers for the increased synergy forecast include:

- Upside in supply chain synergies from contract manufacturing rationalization, global warehouse consolidation and freight cost reductions

- Upside in R&D synergies following extensive portfolio analysis

- Additional headcount reductions globally

2014 2015 2016

2014 2015 2016

COGS SG&A R&D One-Time Cash CapEx

$12.5

$20.0

$41.1

$50.0 $49.6

$75.0

($32.0)

($62.5)

($24.0) ($22.5)

($3.0) ($5.0)

Original Projection

Updated Projection

Original Projection

Updated Projection

Original Projection

Updated Projection

Original Projection

Updated Projection

Original Projection

Updated Projection

Original Projection

Updated Projection

Strategic Model Challenges Revenue Mix Dynamics

Legacy Services (Maintenance / CLEC) Legacy Hardware US Direct Move to MRR

Cloud Contact Center Software Software Assurance Advanced Services

Target Model

1. Target model assumes integration and synergies complete 2. Excludes stock-based compensation, amortization of acquired intangibles, and special charges and restructuring costs

Target Model1

Gross Margin 54-55% R&D 9-10% SG&A2 30-32% Total Operating Expense2 39-42% Adjusted EBITDA 16-18% Effective Tax Rate 18-20%

Mitel – A Company Transformed & Positioned for Growth

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A Global Leader with the #1 Market Share Position

in Western Europe

Comprehensive & Focused Solution

Portfolio

Proven Management Track Record of M&A

Integration

Increased Synergy Targets From $50mn to

$75mn

A Strong Balance Sheet Built on Strong Cash

Generation

$Billion Scale with True Global Footprint

Mitel Networks Non-Deal Roadshow – Toronto

Cormark August 8, 2014