1 © Sierra Wireless 2014

Sierra Wireless Corporate Overview May 2014

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 © 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 © Sierra Wireless 2014

By providing intelligent wireless solutions

Enabling the Internet of Things

5 © Sierra Wireless 2014

2020

1.4B

Long-term growth opportunity Billions of connected devices

2012

12B Connected

devices (ABI)

50B Connected devices

(Ericsson)

Connected devices (ABI)

2022

$14.4T Value from M2M

2013-2022 (Cisco)

7B*

Human population growth: *(US Census Bureau) ** (UN)

7.7B**

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#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

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Innovative device-to-cloud offering

Leading-edge intelligent devices

Secure cloud services platform

Faster time to market + lower costs + =

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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

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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 & Payment Gateways and Routers

Software Solutions and Services

Business Continuity

Device Management and Diagnostics

Embedded Intelligence and Security

Fleet Management & Field Service

Application Framework

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AirVantage® M2M Cloud

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A customer success: Nespresso

M2M Cloud Programmable Modem

Custom Web Application

Web APIs • Asset Data Management • Device Management • Subscription Management

Hardware Integration

ERP

Network Operator

Accelerating M2M Application Development & Deployment

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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

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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

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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

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Q1 2014 Financial Results

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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.

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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

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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

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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

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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

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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

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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