Infinera Investor Presentation...MID-LOW END OPTICAL SDN $17.4B TOTAL MARKET BY 2023 GROWING AT 7.4% CAGR $ 5.1B Market 10.5% CAGR $ 5.1B Market 3.2% CAGR $5.6B Market 4.3% CAGR $

Infinera Investor Presentation

March 2020

2© 2020 Infinera. All rights reserved. Company Confidential.

© 2020 Infinera. All rights reserved. Company Confidential.

Safe HarborThis presentation contains forward-looking statements, including those related to Infinera’s expectations regarding its convertible debt offering; business model, market opportunities and customers; it expectations regarding its products and market position; its financial outlook; and its growth capability related to its working capital and liquidity. All statements other than statements of historical fact could be deemed forward-looking, including, but not limited to, statements made about future market and financial performance; statements regarding future products or technology as well as the timing to market of any such products or technology; any statements about historical results that may suggest trends for our business; and any statements of assumptions underlying any of the items mentioned.

These statements are based on estimates and information available to us at the time of this presentation and are not guarantees of future performance. These statements are based on information available to Infinera as of the date hereof and actual results could differ materially from those stated or implied due to risks and uncertainties. The risks and uncertainties that could cause Infinera’s results to differ materially from those expressed or implied by such forward-looking statements include, Infinera’s future capital needs and its ability to generate the cash flow or otherwise secure the capital necessary to make anticipated capital expenditures; Infinera's ability to service its debt obligations and pursue its strategic plan; delays in the development and introduction of new products or updates to existing products; market acceptance of Infinera’s end-to-end portfolio; Infinera's reliance on single and limited source suppliers; the effects of the coronavirus on the supply chain and our ability meet customer demand; Infinera’s ability to successfully integrate its enterprise resource planning system and other management systems; the diversion of management time on issues related to the integration and the implementation of its enterprise resource planning system; fluctuations in demand, sales cycles and prices for products and services, including discounts given in response to competitive pricing pressures, as well as the timing of purchases by Infinera's key customers; the effect that changes in product pricing or mix, and/or increases in component costs could have on Infinera’s gross margin; Infinera’s ability to respond to rapid technological changes; aggressive business tactics by Infinera’s competitors; the effects of customer consolidation; Infinera’s ability to protect Infinera’s intellectual property; claims by others that Infinera infringes their intellectual property; the effect of global macroeconomic conditions, including tariffs, on Infinera's business; war, terrorism,

public health issues, natural disasters and other circumstances that could disrupt the supply, delivery or demand of Infinera's products; and other risks and uncertainties detailed in Infinera’s SEC filings from time to time. More information on potential factors that may impact Infinera’s business are set forth in its Annual Report on Form 10-K for the fiscal year ended December 28, 2019 as filed with the SEC on March 4, 2020, as well as subsequent reports filed with or furnished to the SEC from time to time. These reports are available on Infinera’s website at www.infinera.com and the SEC’s website at www.sec.gov. Infinera assumes no obligation to, and does not currently intend to, update any such forward-looking statements set forth in this presentation.

This presentation shall not constitute an offer to sell or a solicitation of an offer to purchase any securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. The Convertible Senior Notes due 2027 (the “Notes”) and securities issuable upon conversion of the Notes, if any, will not be registered under the Securities Act of 1933, as amended (the “Act”), or any state securities laws, and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Act and applicable state laws. Any purchaser of the Notes will be deemed to have made certain representations and acknowledgments, including, without limitation, that the purchaser is a “qualified institutional buyer” as defined in Rule 144A.


Our Mission

Infinite Network

Everywhere, Always, Instantly

Our Vision

Our Mission

and Vision



OUR SOLUTIONS

Revolutionize telecommunications

networks with innovative advanced

connectivity solutions

What We Do




Employees

3,000+Patents

1,900Countries with

Operations

45+In Revenue

$1B+

Headquarters

Sunnyvale, California(NASDAQ: INFN)

Infinera

at-a-Glance



Tom FallonCEO

Nancy ErbaChief Financial

Officer

David HeardChief Operating

Officer

Nick WaldenSenior Vice President

Sales

David TeichmannChief Legal

Officer

Rob ShoreSenior Vice

President Marketing

Parthi KandappanChief Technology Officer

Glenn LaxdalSVP Disaggregated, Edge,

and Access

Alex DerechoSenior VP Global Services

Uwe FischerSenior VP

System Solutions

Dave WelchChief Innovation

Officer

Greg GrecoSenior VP Global

R&D

Management Team




Customers

1,000+of the Top 10

Service Providers

9of the Top 6 Internet

Content Providers

5

Our Customers

Internet Content Providers

Fixed and MobileService Providers

EnterpriseVerticals

Submarine Operators

Integration



52%30%

10%7%

BY REGION

North America EMEA APAC Other America

39%

15%8%

38%

BY VERTICAL

Tier 1 ICP Cable Other Service Provider

Totals may not foot to 100% due to rounding

Geographies & Customer Verticals

Diversification Across



NEW SOLUTIONS

5G

COMPLETELY NEW NETWORK ARCHITECTURES

Fiber Deep Business

Bandwidth10-100X

Coherent End-Points5-10x

INCREASED AUTOMATION

Dynamic Traffic Patterns

Edge Compute

On-Demand Services

OPEN DISAGGREGATION

ELIMINATE VENDOR LOCK-IN

INCREASE INNOVATION SPEED

INCREASE SOLUTION FLEXIBILITY

Optical IPNFV

Networking

Trends



HIGH END OPTICAL

PACKET OPTICALEDGE

MID-LOW END OPTICAL

SDN

$17.4B TOTAL MARKET BY 2023GROWING AT 7.4% CAGR

$ 5.1B Market

10.5% CAGR

$ 5.1B Market

3.2% CAGR

$5.6B Market4.3% CAGR

$ 1.5B Market37.9% CAGR

* Sources: Ovum, CignalAI, Dell’Oro, Infinera

Market Growth



INFINITE CAPACITY ENGINE (ICE)

Industry Leading High-Performance Optical Engines

XR OPTICS

Revolutionary Point-to-Multipoint Coherent Optical Solution

COMPLETE INNOVATION AND PRODUCTION OF ADVANCED OPTICAL ENGINES

INFINERA’S

OPTICAL INNOVATION CENTER

AISC/DSP DESIGN

PIC DESIGN

PACKAGINGDESIGN

HOLISTIC CO-DESIGN

ANALOG ELECTRONICS DESIGN

RFINTERCONNECTS

PIC MANUFACTURING

PACKAGING MANUFACTURING

Deep Vertical

Integration


TOTAL ACTIONABLE MARKET

$18B6%

AUTOMATION

OPEN DISAGGREGATED

OPTICAL INNOVATION

INVESTMENT FOCUS

Market Size

Key Growth Areas

NETWORKPLUGGABLES $1B+ NEW

DISAGGREGATEDROUTERS $1.4B NEW

COMPACTMODULAR $3.4B 32%

400G+TRANSMISSION $2.4B 29%

SDNSOFTWARE $1.8B 46%

KEY GROWTH AREAS




OPTICAL EVOLUTION

OPEN DISAGGREGATED SOLUTIONS

PRACTICAL AUTOMATION

Accelerate Automaton with an Easy to Implement Practical Approach

Aware ADAPT vASON ML PCE Planner Custom 3rd Party

Orchestrator Controller NMS

NFV/MANO 3rd Party

SOFTWARE PLATFORM

TRANSCEND SOFTWARE SUITE

Lower Cost Per Bit with Vertically Integrated Leading Optical Technology

XR OPTICS

Disaggregated Router

NOS Apps

ROADMMuxponder

Transponder Edge OLS

Compact Modular

Sled based Architecture

DRXGROOVE

Drive Down Network Costs Open Modular Networking Solutions

ICE

200G

600G

800G

Leading Performance Disruption

Investment Strategy



Practical Automation

The Infinite Edge

DRX/CNOS

Transcend Software Suite

XTM 7100

Groove (GX)

Groove (GX) 7300Flex ILS

Delivering End-to-End, Multi-Layer, Multi-Vendor Applications

Application Optimized, Open, Disaggregated

The Infinite CoreSuperior Performance (ICE), Superior Scalability

CX

mTera XTC

XT

SWITCHING SWITCHING

TRANSPORT

Groove (GX)

OPEN LINE SYSTEMS

TRANSPORT

SDN

COMPREHENSIVE SOLUTION SET FROM EDGE TO CORE, FROM L0 TO L3 WITH ADVANCED AUTOMATION

Our Solutions3 Year Corporate Strategy


Revenue and margin expansion

accelerated in second half of year

STRONG FY19 PERFORMANCEFY19Q4’19

Non-GAAP

Gross Margin % 35.2% 33.6%

Non-GAAP

Operating Margin % 2.3% (6.3%)

Non-GAAP

Revenue $386M $1.3B

Completed successful integration and

achieved 2x of synergy targets

Achieved YoY Backlog Growth

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

2019

TRADITION OF INNOVATION & REVENUE GROWTH*2018

2019 Financial Highlights

* Non-GAAP financial measures, see appendix for reconciliation to most directly comparable GAAP financial measures




Achieved ~$200M in cost synergies – 2x target

Manufacturing transition complete

Heritage of innovation

Strong Q4’2019 Performance – 18% revenue growth Q/Q and Non-GAAP profitability

Customers: Strong order and pipeline growth in 2019 with 10 Tier 1 scale + several ICP wins

Integration of Coriant complete

One of two announced non-Chinese players with 800G and only player with 600G and 800G roadmap

Product portfolio positioned for increased network edge spending

New pluggable strategy designed to leapfrog the industry

Positioning for Growth



Growing market with significant opportunity

Track record of winning and growing

A Great Opportunity

for Employees, Investors

and Partners

Continually challenging conventional thinking to bring to life innovation that matters

making the impossible probable


Thank You


GAAP to Non-GAAP Reconciliation

Infinera Corporation

GAAP to Non-GAAP Reconciliation

(in millions, except percentages and per share data)

(Unaudited)

(in millions, except percentages and per share data) Q4'19 FY'19

Actual Actuals

Reconciliation of Revenue:

U.S. GAAP as reported 384.6$ 1,298.9$

Acquis i tion-related deferred revenue adjustment 1.9$ 9.6$

Other customer related charges -$ 8.1$

Non-GAAP as adjusted 386.5$ 1,316.6$

Reconciliation of Gross Profit:

U.S. GAAP 111.4 29.0% 325.9 25.1%



Stock-based compensation 1.8$ 6.4$

Amortization of acquired intangible assets 8.4$ 32.6$

Acquis i tion and integration costs 7.2$ 28.4$

Acquis i tion-related inventory adjustment -$ 1.8$

Restructuring and related 5.4$ 29.9$

Non-GAAP 136.1$ 35.2% 442.8$ 33.6%

Reconciliation of Net Income/(Loss) from Operations

U.S. GAAP (60.9)$ -15.8% (350.2)$ -27.0%



Stock-based compensation 11.1$ 42.8$

Amortization of acquired intangible assets 15.1$ 59.9$

Acquis i tion and integration costs 18.2$ 70.7$

Acquis i tion-related inventory adjustment -$ 1.8$

Restructuring and related 23.4$ 70.8$

Li tigation charges -$ 4.1$

Non-GAAP 8.8$ 2.3% (82.5)$ -6.3%

Documents

Infinera Investor Presentation...MID-LOW END OPTICAL SDN $17.4B TOTAL MARKET BY 2023 GROWING AT 7.4% CAGR $ 5.1B Market 10.5% CAGR $ 5.1B Market 3.2% CAGR $5.6B Market 4.3% CAGR $