FBR Technology & Growth Conference

June 2, 2005

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Safe Harbor

This presentation contains “forward-looking” statements, including statements about business outlook and strategy, and statements about historical results that may suggest trends for our business. These statements are based on estimates and information available to us at the time of this presentation and are not guarantees of future performance. Actual results could differ materially from our current expectations as a result of many factors, including: unpredictable quarterly fluctuations in our business; the effects of competition or consumer and merchant use of our service; any adverse changes in our agreements with our listings providers; the impact of international expansion efforts on our business; and changes in our tax status. These and other risks and uncertainties associated with our business are described in the prospectus for our IPO

This presentation includes non-GAAP financial measures, that are different from financial measures calculated in accordance with GAAP and may be different from non-GAAP calculations made by other companies. A quantitative reconciliation of non-GAAP information to the most directly comparable GAAP financial measures is available on our website.

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Syniverse at a Glance

18 Years of Operations

Over 300 Customers, 40 countries

30 Services

$316.0 LTM Net Revenue1

44% EBITDA Margin2

14% Adjusted Net Income Margin3

1 Based on LTM Net Revenue as of 3/31/05 and excludes off-network database fees of $19.2 million.2 Based on LTM Net Revenues as of 3/31/05 and includes one-time adjustments3 Based on LTM ending 3/31/05 and includes add-backs

Syniverse simplifies wireless technology complexities by integrating disparate wireless carriers’ systems and networks in

order to provide seamless global voice and data communications to wireless subscribers.

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Transaction-Based Revenue Model

“A Value-Added Toll Booth on the Wireless

Highway”

Turn on phoneTurn on phone

Wireless Subscriber Events

Caller ID data displayedCaller ID data displayed

Roam on another carrier’s networkRoam on another carrier’s network

Send SMS message to subscriber on other carrierSend SMS message to subscriber on other carrier

Maintain phone number when switching carriersMaintain phone number when switching carriers

Wi-Fi subscriber roams onto another networkWi-Fi subscriber roams onto another network

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Investment Highlights

Leading provider of mission-critical, transaction-based technology services

Extensive and collaborative customer relationships

Well positioned for growth in existing and new markets

Proven management team

Superior operating model delivering strong financial results

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A Complex Set of Relationships…

2. Allow Verizon and ALLTEL to exchange billing records for subscriber roaming

1. Allow Verizon subscriber to roam on ALLTEL’s network

3. Allow subscribers to exchange SMS messages between carrier networks

4. Allow subscribers to keep their cell phone number when switching carriers

A ComplexIndustry…A Simple Solution

Network Services

Technology

Interoperability

Number

Portability

Technology

Interoperability

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Industry Complexity Fuels Demand for Our Services

Disparate Network Architecture

(Lucent, Nortel, Ericsson, Motorola)

Disparate Network Architecture

(Lucent, Nortel, Ericsson, Motorola)

Diverse Signaling Standards

(CDMA, TDMA, GSM, iDEN, Wi-Fi)

Diverse Signaling Standards

(CDMA, TDMA, GSM, iDEN, Wi-Fi)

Distinct Billing Record Formats

(CIBER, TAP, RADIUS)

Distinct Billing Record Formats

(CIBER, TAP, RADIUS)

Multiple Network Protocols

(X.25, Frame Relay, SS7,

Internet Protocol)

Multiple Network Protocols

(X.25, Frame Relay, SS7,

Internet Protocol)

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5.8

10.6

2003 2007E

1.2

2.0

2003 2007E

604.1

1,068.5

2003 2007E

44.6

213.2

2003 2007E

13% CAGR

Compelling Industry Growth Dynamics

Source: IDC and Strategy Analytics

Global Wireless Subscribers (bn)Global Wireless Subscribers (bn)

48% CAGR

Global Wi-Fi Hotspots (000)Global Wi-Fi Hotspots (000) Global SMS Text Messages (bn)Global SMS Text Messages (bn)

15% CAGR

16% CAGR

Global Roaming Call Volume (bn)Global Roaming Call Volume (bn)

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Broad Suite of Services

Carrier Issue Syniverse SolutionService Line

TechnologyInteroperability

TechnologyInteroperability Clearinghouse servicesClearinghouse servicesExchange billing data among

hundreds of roaming partnersExchange billing data among hundreds of roaming partners

SS7 network and database access

SS7 network and database access

Managing numerous networks and databases adds complexityManaging numerous networks and databases adds complexityNetwork Network

Centralized carrier data exchange

Centralized carrier data exchange

FCC mandate drives increased operational complexityFCC mandate drives increased operational complexity

NumberPortabilityNumber

Portability

Translation and routing services

Translation and routing services

Different protocols inhibit voice and data roamingDifferent protocols inhibit voice and data roamingOther Other

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Technology Interoperability Services

RevenueRevenue

Wireless subscriber and roaming volume Wi-Fi expansion and subscriber growth Mobile data services and SMS volume growth

Wireless subscriber and roaming volume Wi-Fi expansion and subscriber growth Mobile data services and SMS volume growth

GrowthGrowth

Verizon Wireless, T-Mobile, Sprint, ALLTEL, Dobson SFR, SK Telecom, KDDI, China Unicom, Vivo, RadioMovil

Verizon Wireless, T-Mobile, Sprint, ALLTEL, Dobson SFR, SK Telecom, KDDI, China Unicom, Vivo, RadioMovil

Major CustomersMajor Customers

Largest wireless clearinghouse in North America Translate different protocols to support voice, data and Wi-Fi roaming Route SMS messages between domestic and international carriers

Largest wireless clearinghouse in North America Translate different protocols to support voice, data and Wi-Fi roaming Route SMS messages between domestic and international carriers

ServicesServices

Transaction-based (roaming calls cleared, SMS messages sent) 1Q05 revenue $23.2mm

Transaction-based (roaming calls cleared, SMS messages sent) 1Q05 revenue $23.2mm

30%

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Network Services

Transaction-based (calls made) and fixed-fee (circuits, ports) 1Q05 revenue $32.2mm

Transaction-based (calls made) and fixed-fee (circuits, ports) 1Q05 revenue $32.2mm

Wireless subscriber and roaming volume growth Mobile data services and SMS volume growth VOIP adoption and new database services

Wireless subscriber and roaming volume growth Mobile data services and SMS volume growth VOIP adoption and new database services

Cingular, Verizon Wireless, T-Mobile, ALLTEL, Dobson BT Ignite, France Telecom, Belgacom, China Mobile, RadioMovil

Cingular, Verizon Wireless, T-Mobile, ALLTEL, Dobson BT Ignite, France Telecom, Belgacom, China Mobile, RadioMovil

Operate leading independent SS7 network Provide translation and routing services that enable wireless calls Provide access to databases (Caller ID, LNP, 800 Service)

Operate leading independent SS7 network Provide translation and routing services that enable wireless calls Provide access to databases (Caller ID, LNP, 800 Service)

42%

RevenueRevenue

GrowthGrowth

Major CustomersMajor Customers

ServicesServices

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Number Portability Services

Transaction-based (customers retaining number when changing carriers) 1Q05 revenue $11.7mm

Transaction-based (customers retaining number when changing carriers) 1Q05 revenue $11.7mm

Wireless porting growth Wireless subscriber growth Industry churn rates

Wireless porting growth Wireless subscriber growth Industry churn rates

Process over 90% of the industry’s number porting transactions Provide data exchange between carriers Mitigate operational impact (billing, customer care, switching, etc.)

Process over 90% of the industry’s number porting transactions Provide data exchange between carriers Mitigate operational impact (billing, customer care, switching, etc.)

Verizon Wireless, Cingular, Nextel, T-Mobile, Sprint, ALLTEL Verizon Wireless, Cingular, Nextel, T-Mobile, Sprint, ALLTEL

15%

RevenueRevenue

GrowthGrowth

Major CustomersMajor Customers

ServicesServices

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Other Services

Enterprise SolutionsCall Processing

Enterprise 4%

Call Processing 8%

Transaction-based (roaming calls) 1Q05 revenue $6.4mm

Subscriber-based (subscribers) 1Q05 revenue $3.1mm

RevenueRevenue

International subscriber growth Roaming call volume growth Fraud

National account program growthGrowthGrowth

SK Telecom, China Unicom, KDDI, ALLTEL, Verizon Wireless

Verizon Wireless, ALLTEL, U.S. Cellular

Major CustomersMajor Customers

International signaling solutions

Fraud detection

Corporate invoice consolidation, reporting and analytical tools

ServicesServices

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Defensible Leadership Position

Third Party Service Provider

Technology Interoperability

Network

Services

WLNP

Services

Call

Processing

Syniverse VeriSign NeuStar MACH

High business switching / disruption risk for customers

Strong customer relationships with long-term contracts

Long history of trust with confidential subscriber and financial data

Highly integrated and broad service offering difficult to replicate

Sizeable fixed operating cost base required

Flexible pricing options due to bundled service offering

Substantial Barriers to Entry

Competitive Landscape

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Decreasing Revenue Concentration

Revenue Concentration1

Carrier Customers 2001 1Q05 Change

Top 1 29% 13% (16%)

2 thru 5 25% 25% -

6 thru 10 10% 14% 4%

All other 36% 48% 12%

Total 100% 100%

1 Percentages based on Net Revenues

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Consolidation Provides Incremental Opportunities

Opportunity to capture Cingular GSM signaling

Opportunity to capture combined clearing

Opportunity to capture AT&T WLNP

Opportunity to capture Cingular GSM signaling

Opportunity to capture combined clearing

Opportunity to capture AT&T WLNP

Cingular / AT&T WirelessCingular / AT&T Wireless

Alltel is major customer utilizing most of our services

Opportunity to capture Western WLNP and network

Alltel is major customer utilizing most of our services

Opportunity to capture Western WLNP and networkAlltel / Western WirelessAlltel / Western Wireless

We provide both carriers with WLNP services

Opportunity to capture Nextel clearing and network business

Migration to CDMA may result in additional opportunities

We provide both carriers with WLNP services

Opportunity to capture Nextel clearing and network business

Migration to CDMA may result in additional opportunities

Sprint / NextelSprint / Nextel

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Growth Organically and Through Acquisition

Acquisition CriterionAcquisition Criterion

Organic GrowthOrganic Growth

Further penetrate existing base of over 300 customers in 40 countries

Identify and win new international customers

Expand services and enter new sectors

Further penetrate existing base of over 300 customers in 40 countries

Identify and win new international customers

Expand services and enter new sectors

International Wi-Fi Messaging &

Mobile Data MVNO VoIP

International Wi-Fi Messaging &

Mobile Data MVNO VoIP

Strategy Opportunity/ History

Extend range and scope of services offered

Expand and leverage customer base Increase profitability and improve

strategic positioning Enter new markets Increase scale of business

Extend range and scope of services offered

Expand and leverage customer base Increase profitability and improve

strategic positioning Enter new markets Increase scale of business

EDS IOS N.A. Softwright Brience

EDS IOS N.A. Softwright Brience

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Name Role Previous Experience

Edward Evans CEO Dobson, Bellsouth, U.S. Cellular, GTE

Raymond Lawless CFO Intermedia Communications, Bell Atlantic

Paul Wilcock CTO Verizon

Robert Garcia General Counsel Verizon

Paul Corrao VP, Network Operations Intermedia Communications, AT&T, Bell Atlantic

Charles Drexler VP, Sales Metro PCS, Lucent

Linda HermansenVP, Business Development & Strategy

Verizon

Gil Mosher VP, Operations Verizon

Michael O’Brien VP, Marketing GE, Verizon

Eugene Bergen Henegouwen

Managing Director, Europe Intervention Machine, AVIO Digital

Dennis Ng Managing Director, Asia Pacific Progress Software, Sam-Negma, AT&T

Experienced Management Team

Our team has an average of 19 years relevant industry experience

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Superior Operating Model

High Margins

61.4% Gross

Margin1

43.2% EBITDA

Margin1

Low Sales & Marketing20.7% SG&A /

Revenue1

Low Capital Intensity

4.8% Capex / Revenue1

High Visibility98% Recurring

Revenues

Suite of Services

Proven ability to extend platform to

new services

Scalable Economics

80% Transaction Based Recurring

Revenues

Scalability and Leverage: Distinct Investment Value

1 Based on Net Revenue for 1Q05, and excludes Headquarters move related capital.

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2001 2002 2003 2004 1Q05

Recurring Business Lines

Non-Recurring Business Lines

($ in millions)

16.7% Recurring Business Line Revenue CAGR (’01-’04)

$292

$267

$242

$309

$180 $202 $211

Net Revenue Growth in Recurring Business Lines

$286

$112 $65$31

$23

$76

$73

$3

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WLNP$11.715%

Enterprise$3.14%

Technology Interoperability

$23.230%

Call Processing$6.48%

Network$32.242%

WLNP$11.116%

Enterprise$3.75%

Technology Interoperability

$15.322%

Call Processing$9.313%

Network$29.844%

$76.6 million

1Q04 1Q05

10.6% Growth

$69.3 million

Diversified Product Offering Drives Solid Growth

Net Revenue($ in millions)

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$23.9

$26.6

$29.2

$5.3$7.0

$4.3

$7.4$9.1

$6.4

$27.4

$34.9$33.9

$11.3$9.6

$12.1$13.4

$11.7

$14.4

$33.1

$10.8

$13.1

$3.6

$24.7

$1.5

$5.3

$7.4

$37.7

Q1 Q2 Q3 4Q Q1 Q2 Q3 4Q Q1 Q2 Q3 4Q

200320042005

Adj. EBITDA Adj. Net Income Cash Net Income

17.7% CAGR

168.3% CAGR 90.8% CAGR

Accelerating Profitability Momentum

($ in millions)Quarterly year over year growth comparison

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Cash Net Income Adjustments

GAAP Acquisition-Related Amortization

– Approximately $24 million annual acquisition related tangible and intangible asset amortization

Tax Deductible Amortization of Goodwill

– Approximately $24 million in additional annual deductions

– Not amortized for GAAP purposes, only affects cash flow

– Duration of approximately 14 years

Long-term Benefits – driven by prior acquisitions

Near-term Benefits – NOLs as of 12/31/04 totaling approximately $80 million

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Strong Capital Structure

($ in millions) As of As of

12/31/04 3/31/05

Senior Subordinated Notes, net of discount $241.8$157.3

Credit Facility, net of discount 215.6 239.4

Total Debt $457.4 $396.7

Class A Cumulative Redeemable Preferred Stock 335.6 -

Common Stock 37.1 457.3

Accumulated Deficit & other comprehensible income (143.9) (161.0)

Total Owners Equity $(106.9) $296.4

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Investment Highlights

Leading provider of mission-critical, transaction-based technology services

Extensive and collaborative customer relationships

Well positioned for growth in existing and new markets

Proven management team

Superior operating model delivering strong financial results