Inphi Corporate Update

May 2, 2017

Inphi Moves Big Data Faster

2Inphi Proprietary

This presentation is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not

constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale is unlawful. The notes and

the shares of Inphi Corporation common stock 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 such securities 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 under the Act.

This presentation includes forward-looking statements relating to matters that are not historical facts, including, without

limitation, statements regarding the expected terms of the notes, the timing and expected use of the net proceeds of the

proposed offering, Inphi’s short and long term growth strategies, trends in IP traffic and technology adoption, the future

sizes and anticipated growth of the networking infrastructure, cloud computing and data center markets, and the scaling of

memory capacity with CPU cores. In some cases, such forward-looking statements are identified by words such as

“anticipate,” “believe,” “plan,” “estimate,” “expect,” “strive,” “future,” “intend” and similar expressions. Although Inphi’s

management believes that the expectations reflected in the forward-looking statements are reasonable, such statements

involve known and unknown risks, uncertainties and other factors that may cause Inphi’s actual results to be different from

any future results expressed or implied by these statements, including the risks and uncertainties described in the

preliminary offering memorandum relating to the proposed offering report, and other filings with the U.S. Securities and

Exchange Commission made from time to time. We caution you that no forward-looking statement is a guarantee of future

performance, and you should not place undue reliance on these forward-looking statements which reflect the view of

Inphi’s management only as of the date of this presentation. We assume no obligation to, and expressly disclaim any

obligation to, update any forward-looking statements contained in this presentation as a result of new information or future

events or developments.

In addition to U.S. GAAP financials, this presentation includes certain non-GAAP financial measures. These non-GAAP

financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in

accordance with U.S. GAAP. See the Appendix for a reconciliation between each non-GAAP measure and the most

comparable U.S. GAAP measure.

Safe Harbor Summary

3Inphi Proprietary

Invest for growth with 75% engineering

Non-GAAP Revenue ($M)*

Non-GAAP EPS

539 patents: high-speed analog and package design

Serve cloud, enterprise and service provider markets

Focus on high-speed data movement interconnects

Notes: Company data per human resources & legal reports 3/2017 and finance reports 5/2/2017

*Pro-forma, Non-GAAP revenue adjusted for continued operations of the sale of the memory business

Differentiate with broadband linear amplification and higher modulation opto-electronic solutions

Core competence in high-speed analog, DSP and optics

$0.30

$0.93

$1.51

$0.44

2014 2015 2016 Q1'17

Inphi Leads in Optical and Networking Physical Layer

$35 $43

$100

$193

$266

$94

2012 2013 2014 2015 2016 Q1'17

4Inphi Proprietary

Inphi HQ:Santa Clara, CA

Inphi Global Locations Support Customers and Attract Talent

Design CentersUSA: Irvine, Santa Clara,

Westlake Village

Canada: Ottawa, Vancouver

Argentina: Cordoba

United Kingdom: Northampton

Europe: Hanover

Asia-Pacific: Singapore

Sales & SupportUSA: Austin, Chicago, Folsom,

Kansas City, Raleigh

Santa Clara, Westlake Village

Europe: Milan, Munich

Asia-Pacific: Beijing, Hsin-Chu,

Shanghai, Shenzhen, Wuhan, Tokyo

OperationsUSA: Santa Clara,

Westlake Village

Asia-Pacific: Malaysia,

Singapore, Taiwan

Worldwide Offices in North America, Asia-Pacific, Europe

5Inphi Proprietary

Data and Traffic Are Growing Exponentially

Data and Traffic

Explosion

Notes

1. Smartphone users as of 2015

2. CAGR calculated from 2014 – 2019, for sources refer the references section

3. Social Media users CAGR 2010-2020 estimate

▲44%Cisco Global

Cloud Index

Video

Social

▲23%IDC

Smartphone Users

Cisco IoT

White Paper

▲107%

IDC

▲10%

Cloud Services IoT

Cisco Visual

Networking Index

▲33%

Nokono

▲ 23%

Big Data

eMarketer

▲12%

e-Commerce

Trends, Dec. 2015

6Inphi Proprietary

New Trends Fuel Further Data and Traffic Growth

Chatbots

5G Wireless

Secure Cloud Autonomous Vehicles

Mixed, Virtual,

Augmented Reality

Artificial Intelligence

New Media

New End User Trends, Oct. 2016

Data and Traffic

Explosion

7Inphi Proprietary

Cloud Hardware and Software LayerAggregation Network

Connecting Data Centers

“The Data Center is the Computer™”

“The Data Center is the Computer™”

Cloud Hardware and Software LayerAggregation Network

“The Cloud is the Network™”

DCI Long Haul >600km

DCI Metro 100km-600km

DCI Edge 2km-100km

Inside DC

500m-2km

Inphi Solves Data Movement Between & Inside Data Centers

8Inphi Proprietary

Data MovementData Manipulation

Processor, GPU, NIC, Switch Optical, Networking

Analog, Mixed Signal, DSPDigital

Inphi Leads in Data Movement Interconnects

9Inphi Proprietary

Long Haul / Metro

Data Movement Around the Globe

Between Data Centers

Data Movement Between Data Centers

Inside Data Centers

Data Movement Inside Data Centers

Optical

Amplifier

Coherent

DSP CDR/PHY PAM

DWDM

Optical Module

Reference Design

Silicon

PhotonicsGearbox

Optical

Driver

Inphi Leads in Data Movement Interconnects

10Inphi Proprietary

Large Total Addressable Market (TAM)

Note: 2016 data from Cignal AI, Crehan Research, LightCounting,

HIS and Inphi Estimates

90 Million 10G/40G/100G Ports

Data Centers Cloud EnterpriseService Providers

Long Haul / Metro Between Data Centers Inside Data Centers

$3 Billion Interconnect TAM in 2019

11Inphi Proprietary

Provide Complete Component Solution for Optical Platform

Long Haul / Metro Data Center

Partner Optics

TiA

Driver

High Performance

Coherent DSP

SiPho

TiA

Driver

Low Power PAM DSP

Partner

Optics

PartnersInphi *

12Inphi Proprietary

201920182017201620152013 2014

Building an “Annuity” Infrastructure Business

Transimpedence Amplifier (TiA)

Optical PHY: Gearbox, CDR, PAM

Driver

ColorZ

Coherent DSP

13Inphi Proprietary

Data Movement Interconnect Market Has Multiple Growth Vectors Ahead

2016

2018

2017

North America

Telecom Operator

200G Metro

400G LH/Metro/Client

100G Long Haul,100G Client CFP2

Cloud,

MSDCs

100GInside DC

ColorZ, 100GBetween DC

200/400G,Inside, Between DC

Enterprise

Data Centers

100G

40G

China

Telecom Operator

ProvincialTier 2/3 Cities,

100G Client CFP2

200G Metro,

5G Wireless

NationalBackbone,

100G Client CFP

14Inphi Proprietary

Deliver Consistent Revenue Growth

Non-GAAP Revenue $M

$35 $43

$100

$193

$266

$94

$0

$50

$100

$150

$200

$250

$300

2012 2013 2014 2015 2016 Q1'17

*Pro forma. Non-GAAP revenue adjusted for discontinued operations of the sale of the Memory Business

15Inphi Proprietary

Consistent and Growing Profitability

Non-GAAP

Operating Margin EPS

9.0%

22.4%

27.1%

23.1%

2014 2015 2016 Q1'17

$0.30

$0.93

$1.51

$0.44

2014 2015 2016 Q1'17

*Pro forma. Non-GAAP, adjusted for discontinued operations of the sale of the Memory Business

16Inphi Proprietary

Inphi Strong Leadership from Comms/Optical

John Edmunds SVP, CFO

Loi Nguyen Founder, SVP, Optical Interconnect

Siddharth Sheth SVP, Networking Interconnect

Lawrence Tse SVP, Engineering

Charlie Roach SVP, Worldwide Sales

Radha Nagarajan CTO, Optical Interconnect

Sudeep Bhoja CTO, Networking Interconnect

Ford Tamer President and CEO

Ron Torten SVP, Operations and IT

Nariman Yousefi SVP, Coherent DSP

Oscar Agazzi VP Engineering, Coherent DSP

17Inphi Proprietary

Inphi Recognized for Excellence

New Emerging

Technology Supplier

2015

ECN Impact Awards

NeoPhotonicsSupplier of the Year

2015

SumitomoAwards of Excellence

HuaweiBest Quality

Company

2015

FiberHomeCore Partner

2015

Cisco

LightWaveInnovation Awards

Sumitomo Electronics

Device Innovation (SEDI)20152013

Best Partner

Awards

2013-2015

2014Quad

Linear

Driver

GSANeedham

Favorite

Semiconductor

Company

2015

DeloitteFast 500

Technology

Company

2016

2016PAM4

2017ColorZ

2016PAM4

2017400GbE PAM 4

Platform

18Inphi Proprietary

Innovation Drives Customer Success

200140G Differential Drive

Modulator Driver+

40G TIA

200928G Coherent TIA

+28 Gbps Differential Modulator Driver

201228G CMOS SERDES

+32G Linear

Modulator Driver

201445G Linear

Modulator Driver +

45G Coherent TIA +

PAM

2016ColorZ for 80km DWDM

+SiPho Platform for 100G Data Center

+Shipped 1M 100G

Coherent Amplifiers & Drivers

+64G Coherent TIA

+Lowest Power CDR

+400G CFP8 Platform

(28nm PAM DSP / Driver / TIA)

2015Smallest

Form Factor+

SMT Linear Driver+

PAM 4

201764G Coherent Driver

+28G EML Linear Driver

+PolarisTM Platform

(16nm PAM DSP / Driver / TiA)+

Low power Coherent DSP for Metro and Long Haul

Long Haul / Metro:

The Cloud is the NetworkTM

20Inphi Proprietary

103

167

254

352

484

646

823

2014 2015 2016 2017 2018 2019 2020

100G/200G Adoption is Accelerating in Long Haul & Metro

Source: IHS (Infonetics) and Company Estimates, December 2016

100G & 200G Long Haul & Metro Coherent Ports (KU Ports)

December 2016

41% CAGR 2014-2020

21Inphi Proprietary

Inphi Leads Transition from Limiting to Linear

10G 40G 100G 200G 400G 1T

TIA

Driver

Linear

Linear

Limiting

Limiting

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016 2017 2018

Estimated market share of

Linear Drivers for 100G – 1T

Limiting

Prior Estimate

July 2015

22Inphi Proprietary

Industry Leading Linear Coherent Solutions

100G/200G 400G

Next-Gen 45GBaud Linear Amplifier32GBaud Linear Amplifier

32GBaud Linear Driver 45GBaud Linear Driver

4 Top 4 Tier 1OEMs use Inphilinear amplifiers

3 out of 4 Tier 1OEMs use Inphilinear drivers

Inphi is first tomarket with nextgeneration linearamplifier and driversolutions

23Inphi Proprietary

0.0

1.0

2.0

3.0

2010 2011 2012 2013 2014 2015 2016

2.7M Coherent Units Shipped > All Competitors Combined

Industry First 100G

Linear Driver

Industry Smallest SMT

100G Linear Driver

Industry First 100G

Linear Amplifier

Cumulative Shipments (M Units)

24Inphi Proprietary

Enter Metro

Take share with Linear

Ramp new 45 Gbaud products

Grow with both module and line card customers

Support partner products: SiPho, CFP DCO, CFP2 ACO

Ramp new modulations: 8QAM and 16QAM

Growing Optical Interconnects Between Data Centers

Ports grow 30%

Between Data Centers:

Coherent DSP Solutions

26Inphi Proprietary

Low PowerHigh Performance

Long Reach

Fast Time-to-market

Competitive Cost

Dedicated Customer Support

Best Quality

Note:

1. Wireless subscriptions and social media users are as of 2015

2. CAGR calculated from 2014 – 2019, for sources refer the

references section

Complete Platform to Enable Customer Success

Driver

SiPho

or

Partner Optics

TiA

Optical Platform

Optical PHY

Coherent DSP

27Inphi Proprietary

Coherent DSP Group

Leading merchant coherent DSP for data center,metro, long haul optical communication

First to deliver 28nm 200Gbps QAM16

Strong 16nm and 7nm roadmaps to low power,high bandwidth solutions

Design wins and shipping to Tier 1 customers worldwide

28Inphi Proprietary

Inphi Supports Discrete, DCO and ACO Customers

New coherent DSP complements Inphi TiA and Driver

Inphi remains committed to all its customers’ success,for discrete line cards, and DCO/ACO modules

Line Card - Discrete

Modulator

Hybrid

Optics

DSPLaser

Modulator

Hybrid

Optics

DSPLaser

Modulator

Hybrid

Optics

DSPLaser

Modulator

Hybrid

Optics

Laser

ACO modules

Modulator

Hybrid

Optics

DSPLaser

Modulator

Hybrid

Optics

DSPLaser

DCO modules

TIA

TIA

TIA

TIATIA

TIA

Driver

Driver

Driver

Driver

Driver

Driver

DSP

29Inphi Proprietary

Inphi Has Full End-to-End Capability for Customer Success:High-Speed Analog, DSP, Layout, Firmware, Software

ManufacturingSystem SupportArchitecture, IP

& Chip Design

State of the art analog

Innovative DSP/FECtechnology

World Class IC / backend

Direct relationship with fab, assembly, test partners

In house production test capability

Firmware/Software

Quality evaluation boards

Advanced Optical lab

Between Data Centers:

DCI Edge Solutions

31Inphi Proprietary

1 1026

73

124

207

332

2014 2015 2016 2017 2018 2019 2020

100G Adoption Ramping Between Data Centers

DCI Edge

100G

Source: Cignal AI, January 2017

100G DCI Edge Port Forecast (KU Ports)

January 2017

32Inphi Proprietary

Cloud Hardware and Software LayerAggregation Network

Connecting Data Centers

“The Data Center is the Computer™”

“The Data Center is the Computer™”

Cloud Hardware and Software LayerAggregation Network

“The Cloud is the Network™”100Gb/s

80km

4.5W

ColorZTM Delivers 100G QSFP28 for 80km Data Center Interconnect

33Inphi Proprietary

0 2 10 100 600 10,000

Distance (km)

4Tb/s

80km

100G Switch 100G Switch

40x 40x

Metro Data Center Interconnect (DCI) Gap

Point to Point Links

IEEE 802.3ba /

CR4,SR4, LR4

Sta

nd

ard

s

100G

10G

DWDM

SFP+

ROADM Networks

OIF / Coherent

QPSK/16-QAM

100G/200G

DWDM

OIF / Coherent QPSK/8QAM

100G/200G/400G

DWDM

ColorZ delivers a cost effective approach to resolve these DCI bottlenecks

No Cost Effective 100Gb/s

DWDM Solutions Today

34Inphi Proprietary

ColorZ Delivers Complete Solution for Time-to-Market

SiPho

Optics

Linear

TiA,

Driver

PAM:

DSP,

ADC

Validated

Design

100G,

QSFP28,

80km

Lower

Power

Lower

Cost

100G

Speed

35Inphi Proprietary

ColorZ Moves the Library of Congress in <1 Second

10 Terabytes of data moved at 100 Terabits per second

36Inphi Proprietary

ColorZ Platform Enables Virtual Mega-Cloud in 2H’16

Offers compelling value proposition in terms of power,

faceplate density, and cost per bit for 80km reach

Provides a cost effective upgrade path from 10G DWDM in

SFP+ to 100G DWDM in QSFP28

Complements coherent technology for end-to-end 100G

DWDM connectivity for Inter-DCI for Cloud customers

Expands market opportunity for the optical industry and

Inphi, with strong benefits for cloud customers

Industry firsts 100G PAM Silicon Photonics, 80 km PAM4

ASIC, and DWDM Reference Design for QSFP28

Inside Data Centers:

The Data Center is the ComputerTM

38Inphi Proprietary

“Fiber PHY” Growing Rapidly in Data Center, SMF

Source: “Mega Data Center Optics Report,” LightCounting, March 2016

39Inphi Proprietary

“Fiber PHY” Growing Rapidly in Data Center, SMF

Source: “Mega Data Center Optics Report,” LightCounting, March 2016

40Inphi Proprietary

“Fiber PHY” Growing Rapidly in Data Center, MMF

Source: “Mega Data Center Optics Report,” LightCounting, March 2016

41Inphi Proprietary

Data Center Transition to Fiber, DAC PHYs

Source: Inphi Estimates, Crehan Research, 2016

1G 10G 25G 40G 50G 100G 400G

BASE-T

Fiber / DAC

0%

100%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Estimated Capture Rate by Fiber/DAC

into BASE-T PHY Share

BASE-T PHY

42Inphi Proprietary

Distances, Speeds Drive Optics/Electrical Transition

Longer Distances = Single Mode Fiber

Cost Effective DSP-based PAM Optical Interconnects

Source:

Corning

Mega Data Center

500m-2km

distances

43Inphi Proprietary

Industry Leading NRZ and PAM Optical PHY Solutions

Enterprise Service Provider Data Center

Server Line

Card

CFP CFP2/8 QSFP SFP OSFP and

QSFP-DD

nx10G PHY

100G Gearbox

nx25G CDR

nx50G PAM

nx100G PAM

44Inphi Proprietary

2012

CFP 12W-24W

2014

CFP2 12W-14W

2015 onwards

QSFP 3.5W

Roadmap to Lower Cost, Higher Density

2008

SFP 10G 1.5W

2015 onwards

SFP 1.5W

25/50G

SFP Inflection

N x 100G

QSFP Inflection

Lower Power Lower CostHigher Density

2012

N x 10G SFP

Enterprise Server

SOC Inflection2015

N x 10G SFP

Router

Switch

Server

45Inphi Proprietary

Ramp 10G/40G in servers with Broadwell & Skylake generation

Accelerate 100G ramp with CFP and CFP2

Grow 100G NRZ CDR/TiA/Driver for QSFP28

Ramp PAM for 40/100G first, 50/200/400G next

Address both single- and multi-mode fiber

Partner with VCSEL, DML, EML and SiPho optics

Growing Networking InterconnectsInside Data Centers and for Service Providers

Ports grow 35% for 10G/40G, 300% for 100G

Thank You