Sierra Wireless

1

• Sierra Wireless
• Investor Presentation AirLink Acquisition
• March 6, 2007

2
Agenda

• Introductions
• Forward Looking Statements Disclaimer
• Transaction Overview
• AirLink Overview
• Strategic Rationale
• Overview of Combination
• Transaction Summary
• Questions

3
Attendees

• Jason Cohenour President and CEO, Sierra
  Wireless
• David McLennanCFO, Sierra Wireless
• Andrew BermanCEO, AirLink Communications

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Safe Harbor Statement
Certain statements in this presentation that are
not based on historical facts constitute
forward-looking statements or forward-looking
information within the meaning of applicable
securities laws (forward-looking statements).
These forward-looking statements are not promises
or guarantees of future performance but are only
predictions that relate to future events,
conditions or circumstances or our future
results, performance, achievements or
developments and are subject to substantial known
and unknown risks, assumptions, uncertainties and
other factors that could cause our actual
results, performance, achievements or
developments in our business or in our industry
to differ materially from those expressed,
anticipated or implied by such forward-looking
statements. Forward-looking statements include
disclosure regarding possible events, conditions,
circumstances or results of operations that are
based on assumptions about future economic
conditions, courses of action and other future
events. We caution you not to place undue
reliance upon any such forward-looking
statements, which speak only as of the date they
are made. These forward-looking statements appear
in a number of different places in this
presentation and can be identified by words such
as may, estimates, projects, expects,
intends, believes, plans, anticipates, or
their negatives or other comparable words.
Forward-looking statements include statements
regarding the outlook for our future operations,
plans and timing for the introduction or
enhancement of our services and products,
statements concerning strategies or developments,
statements about future market conditions, supply
conditions, end customer demand conditions,
channel inventory and sell through, revenue,
gross margin, operating expenses, profits,
forecasts of future costs and expenditures, the
outcome of legal proceedings, and other
expectations, intentions and plans that are not
historical fact. The risk factors and
uncertainties that may affect our actual results,
performance, achievements or developments are
many and include, amongst others, our ability to
develop, manufacture, supply and market new
products that we do not produce today that meet
the needs of customers and gain commercial
acceptance, our reliance on the deployment of
next generation networks by major wireless
operators, the continuous commitment of our
customers, and increased competition. These risk
factors and others are discussed in our Annual
Information Form which may be found on SEDAR at
www.sedar.com and in our other regulatory filings
with the Securities and Exchange Commission in
the United States and the Provincial Securities
Commissions in Canada. Many of these factors and
uncertainties are beyond the control of the
Company. Consequently, all forward-looking
statements in this presentation are qualified by
this cautionary statement and there can be no
assurance that actual results, performance,
achievements or developments anticipated by the
Company will be realized. Forward-looking
statements are based on managements current
plans, estimates, projections, beliefs and
opinions and the Company does not undertake any
obligation to update forward-looking statements
should the assumptions related to these plans,
estimates, projections, beliefs and opinions
change.
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Acquisition of AirLink
Combination of Two Leaders in Wireless Data
Solutions
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Transaction Overview
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AirLink Overview

• Founded in 1993, 50 full time employees located
  in San Francisco Bay area
• Leading provider of high value fixed and mobile
  wireless data solutions for industrial,
  commercial and public safety applications
• Mobile and M2M
• Strong software capability
• Rich, robust embedded intelligence
• Tools and utilities for remote device management,
  monitoring, control and implementation
• Sierra Wireless customer and competitor for
  several years
• Strong historical revenue growth and profitable
  for last three years. Unaudited results for
  2006 include revenue of US24.8 million, gross
  margin of 44 and earnings from operations of
  US3.9 million

Headquarters Hayward, CA Total Employees 46
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AirLinks Target Markets
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Strategic Rationale for Combination
Acquisition is consistent with our strategy of
renewing and strengthening our emphasis on higher
gross margin products and solutions
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Expanded Product Line Up
Embedded Modules
EVDO 1X HSPA
AirCards
EVDO HSPA
Rugged Mobiles
EVDO HSPA 2.5G
M2M Modems Gateways
EVDO HSPA 2G, 2.5G
Software
Real time OS, M2M Protocols, Remote device MGT,
UI, Development tools
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Expanded Channels of Distribution
Operators
Resellers
OEMs
TOMEN Electronics Corp.
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Sierra Wireless Executive Team
Jason W. Cohenour President and Chief Executive
Officer
David McLennan Chief Financial Officer
James B. Kirkpatrick Chief Technology Officer
Stephen Blaine Senior Vice President, Engineering
BillDodson Senior Vice President, Operations
Dan Schieler Senior Vice President, Worldwide
Sales
Trent Punnett Senior Vice President, Marketing
andCorporate Development
Andrew Berman Senior Vice President, Mobile and
M2M Group
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Integration

• Management / Employees
• Andrew Berman, AirLink CEO, to become SVP and GM
  of the new Mobile and M2M modem product group
• Dedicated senior management focus on growing the
  high GM segments of Mobile M2M
• Integrate AirLink employees
• Products
• Transition MP product line to the new Mobile and
  M2M modem product group
• Over time, expect all Mobile M2M products to
  share common software platform and application
  suite
• Sales / Support
• Combine respective sales and field support teams
• Preserve product specialization in key areas
• Significant strengthening of field sales
  support infrastructure
• Drive brand and positioning for all Sierra
  Wireless products

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Financial Guidance

• Quantitative guidance for Q2/07, including
  restructuring and integration costs, to be
  provided when we release Q1/07 financial results
  on April 26, 2007
• Higher margin, profitable AirLink business
  expected to be accretive to earnings by year end
• Modest operating synergies, as focus will be on
  growing business over time
• Longer term, we expect positive revenue synergies
  as our combined sales teams sell the expanded
  Sierra Wireless product portfolio through our
  global channels of distribution

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Transaction Summary

• Consistent with our strategy of renewing and
  strengthening our emphasis on higher gross margin
  products and solutions
• Establishes company as the clear leader in rugged
  mobile and wireless M2M modem segments
• Expands high GM product lines and business
• Adds market, channel and customer diversification
• Strengthens ability to drive position and brand
  in targeted verticals
• Strengthens software offerings and capability for
  key segments
• Adds focused, proven leadership for Mobile and
  M2M segments
• Expected to be an accretive transaction by end of
  year

Combination expected to drive improved growth,
profitability and shareholder value
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• Questions