 Global Research 24 February 2019 Telecom & Networking Equipment Equities Networking Nirvana Interviews: Discussing Americas Routing with Dean Bogdanovic and Shin Umeda Communications Technology Tejas Venkatesh Analyst Cisco best positioned for 5G among legacy vendors tejas.venkatesh@ubs.com +1-415-352 4719 We discuss service provider routing with Dean Bogdanovic of Volta Networks and Shin Umeda of Dell'Oro. 5G investments wil be long-tailed vs prior cycles. So what do we John Roy, Ph.D. Analyst look out for over the next 2-3 years? (1) core routing upgrades to support 400g john.roy@ubs.com Ethernet; and (2) edge routing upgrades to support higher speeds for 5G. These are +1-212-713 9440 good for incumbents as they are just speed transitions. Carriers are also gradually David Mulholland, CFA making architectural changes to support new 5G services beyond 2022 – this could Analyst disrupt vendors. Cisco could be best positioned with its broad portfolio, which includes david.mulholland@ubs.com the vendor-agnostic network orchestration software in Tail-f (Juniper Contrail and Cisco +44-20-7568 4069 CrossWork are seen as vendor specific). Mr. Bogdanovic thinks Nokia has the right Timothy Arcuri expertise but Cisco has better products. Neither speaker was particularly optimistic for Analyst Juniper; the Ericsson partnership could be important for 5G wins. timothy.arcuri@ubs.com +1-415-352 5676 AT&T white box deployments could be a watershed John C. Hodulik, CFA 5G calls for a "massive increase" in the size of the network. For instance, AT&T is going Analyst from 4,500 customer facing vendor routers to 60,000 white box routers. Cisco and john.hodulik@ubs.com Nokia sell to AT&T and could therefore be negatively impacted by this move. Other +1-212-713 4226 carriers could do white box depending on AT&T's success. However, Vodafone and Telefonica are currently looking to vendors to help scale their networks. Merchant silicon an enabler of new entrants Both speakers believe a sizable portion of the routing market is susceptible to moving to merchant silicon with Broadcom becoming the "Intel of networking". Merchant silicon can already enable cell site and aggregation routing (~$2bn market at a systems level). The question is about other parts of the routing market. Mr. Bogdanovic feels the "Jericho 2" silicon, which Arista plans to ship in 2H/19, will enable Volta Networks and other new routing vendors to attack vast parts of the remaining market. Can a startup be more successful than Arista in service provider? Arista's traction with service provider has been slower than hoped. Mr. Bogdanovic says Volta wil be more successful than Arista because it re-architected the router from the ground-up to perform control functions in the cloud. He believes this approach is more suited to handle the massive increase in network scale associated with 5G. www.ubs.com/investmentresearch This report has been prepared by UBS Securities LLC. ANALYST CERTIFICATION AND REQUIRED DISCLOSURES BEGIN ON PAGE 14. UBS does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Moderator: Tejas Venkatesh, UBS Optical & Networking Equipment Analyst Speakers: Dean Bogdanovic, CEO Volta Networks and Shin Umeda, Technology Analyst Del 'Oro group We present below highlights from our recent investor cal with Dean Bogdanovic and Shin Umeda. We have edited the transcript below for clarity. Grammatical changes that do not impact the meaning of content have been applied. What we consider to be key points have been highlighted in bold. The opinions expressed herein do not necessarily reflect the views and opinions of UBS. UBS accepts no responsibility for the accuracy, reliability or completeness of the information and wil not be liable either directly or indirectly for any loss or damage arising out of the use of this information or any part thereof. Wednesday, February 20 @ 11:00 am ET Tejas Venkatesh: 2018 was one of the worst years in telco routing, especial y in North America. Part of it has to do with price declines, so telcos were able to put

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