Westell Technologies, Inc.NASDAQ: WSTL

July 17, 2017

Safe Harbor Language

Cautionary Statement Regarding Forward-Looking InformationStatements contained herein that are not historical facts or that contain the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “may,” “will,” “plan,” “should,” or derivatives thereof and other words of similar meaning are forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, product demand and market acceptance risks; need for financing and capital; economic weakness in the United States economy and telecommunications market; the effect of international economic conditions and trade, legal, social and economic risks (such as import, licensing and trade restrictions); the impact of competitive products or technologies; competitive pricing pressures; customer product selection decisions; product cost increases; component supply shortages; new product development; excess and obsolete inventory; commercialization and technological delays or difficulties (including delays or difficulties in developing, producing, testing, and selling new products and technologies); the ability to successfully consolidate and rationalize operations; the ability to successfully identify, acquire and integrate acquisitions; effects of the Company’s accounting policies; retention of key personnel; and other risks more fully described in the Company’s SEC filings, including Form 10-K for the fiscal year ended March 31, 2017, under Item 1A -Risk Factors. The Company undertakes no obligation to publicly update these forward-looking statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events or otherwise.

This presentation contains non-GAAP financial measures because we believe that non-GAAP measures provide meaningful supplemental information to both management and investors. The non-GAAP information reflects the Company’s core performance and facilitates comparisons across reporting periods. Such measures should not be viewed as a substitute for GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is provided in the Appendix.

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Westell Technologies, Inc. (NASDAQ: WSTL)

Founded / Initial Public Offering 1980 / 1995

Revenue for Fiscal Year Ended 3/31/17 $63.0 million

Cash at 3/31/17 $21.8 million

Debt at 3/31/17 $0.0 million

Tangible Book Value at 3/31/17 $36.6 million

Tax-effected NOLs at 3/31/17 $46.2 million

Shares Outstanding 15.5 million

Market Capitalization at 7/17/17 $47.5 Million

Closing Share Price at 7/17/17 $3.06

52 Week Range $1.76 - $3.80

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Westell Technologies, Inc.

Leading provider of high-performance wireless network infrastructure solutions

Trusted supplier solving communication network problems with innovative, high-quality solutions across three business segments:

% of FY17 Revenue

In-Building Wireless (IBW) 41%Intelligent Site Management & Services (ISMS) 31%Communication Network Solutions (CNS) 28%

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Why Westell?

1. Gaining traction in the new In-Building Wireless Public Safety market (market size estimated on page 7)

2. Proven track record selling to Blue Chip customers

3. Increasingly diversified customer base providing catalyst for growth

4. New CEO with a strong track record of driving revenue growth

5. Cash of $21.8 million at March 31, 2017; No debt

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In-Building Wireless (IBW)

Westell Solutions

Distributed Antenna System (DAS) Conditioners – optimize signal performance• Universal DAS Interface

Tray (UDIT) is an active unit • Passive units are also

available Repeaters – extend coverage

into buildings Components – passive devices

used in IBW installations including couplers, duplexers, filters, and antennas

About 80% of mobile traffic is consumed and/or generated indoors, where the cellular network doesn’t always work well, or at all

Customers require reliable IBW networks for increased coverage and capacity Demand continues to grow as more data-intensive services are used

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IBW Public Safety – Market Analysis

First responders need reliable and modern mobile communication

Current demand for inter-operative communication among fire, police, and EMS (i.e. the P25 digital standard) continues to grow

Local municipalities have jurisdiction to define in-building Public Safety coverage requirements

Dedicated Public Safety frequency bands are distinct from commercial service

Equipment must meet strict regulatory requirements

Estimate of the North American Market for In-Building Wireless Public Safety

$ in millions

-50

50

150

250

350

450

550

2017 2018 2019 2020 2021

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IBW Public Safety – Westell

Complete Solution Repeaters

• Rolled-out the ½-watt in April 2016 and the 2-watt in March 2017• Dedicated broadband coverage• National Fire Protection Association (NFPA 72) compliant• FirstNet ready

Battery Backup Unit – introduced in April 2017 – NFPA compliant, UL approved Components – passive devices including couplers, splitters, etc. Antennas – donor and coverage

Leveraging years of In-Building Wireless experience that includes repeaters, passive components, and more

Donor Antenna

Coax

PS Tower

Repeater

Coverage Antennas

Battery Backup Unit

Splitters

Fire Alarm

Panel

½-wattPS51080

2-wattPS79010

Repeaters

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IBW Public Safety – FirstNet

First Responder Network Authority (FirstNet) radio spectrum

Nationwide broadband Public Safety network awarded to AT&T

$7 billion federal government funded program

Potential to carry high-speed data, location information, images, etc.

Likely to accelerate market growth

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Intelligent Site Management and Services (ISMS)

Remote RMM-1431

Generator

AC Power Meter

Rectifier Monitoring

SiteAC Load

RMB-1

AutomaticTransfer Switch

GeneratorStart Battery

Fuel

WirelessWAN

OptimaNetwork Element Manager

DC Power Meter

HVAC Temperature

SmokeDetector

IP Camera

Copper Monitoring

Door

CT CommercialAC Power

Customers want to maintain a healthy site infrastructure and know what’s going on at remote unmanned locations at reduced operating expense: Automating/centralizing routine and preventative maintenance Consolidating alarm collection and reporting Performing remote diagnostics and dispatch

Westell Solutions

Remotes for on-site processing

Applications• Power• Environmental• Security• Communication

Optima Management System for remote monitoring, management, and control

Services10

Communication Network Solutions (CNS)

Outdoor equipment must sustain harsh environmental conditions while providing network reliability

Connections between devices must effectively and safely carry and process signals throughout the infrastructure

Westell Solutions

Integrated Cabinets – from small assemblies to large systems-based enclosures

Power Distribution – reliable panels to guarantee site and equipment safety

Tower Mounted Amplifiers –high-quality TMAs to optimize cellular coverage for enhanced end-user experience

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Service Providers

Integrators/OEMs

Neutral Host Operators

Distributors

Customers

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Executive Leadership

Matt Brady - President and Chief Executive Officer

Matt joined Westell in 2017. He came to Westell from Federal Signal Corporation where he was Senior Vice President of the Safety and Security Systems Group after joining the Group as VP of Global Sales. Previously, Matt was Sales Director for Public Safety at Motorola Solutions, and held executive sales and marketing positions at Clarity Communications, Tellabs, and Motorola.

Tom Minichiello - Senior Vice President, Chief Financial Officer, Treasurer, and Secretary

Tom joined Westell in 2013 with responsibility for finance, information technology, human resources, legal, contract administration, real estate, and corporate communication. Tom came to Westell from Tellabs, where he most recently served as interim Chief Financial Officer. Previously, Tom served in financial leadership roles at Andrew Corporation, Phelps Dodge, and United Technologies.

Mike Moran - Senior Vice President, In-Building Wireless

Mike assumed the role of Senior Vice President, In-Building Wireless, in 2016. He joined Westell in 2015 as Chief Technology Officer. Prior to Westell, Mike most recently served as Director of Portfolio Strategy at Tellabs. Previously, Mike served as Chief Architect at McAfee and held prominent technical and executive positions at Netscout, Pulsecom, Alcatel, Siemens, and GTE.

J.J. Swartwood - Senior Vice President, Worldwide Sales

J.J. assumed the role of Senior Vice President, Worldwide Sales, in 2016. During his tenure at Westell, J.J. served in a number of roles including Vice President, North American Sales and Regional Sales Vice President with responsibility for AT&T. Prior to joining Westell, he served as a Director and Vice President of Sales at HyperEdge.

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Cost and Expense Structure Reset

Resetting costs and expenses in-line with current business volumes

Rationalization and simplification of the entire organization

Reprioritization of product development projects and related efficiencies

Realignment of suppliers, including transitioning IBW assembly and test operations to contract manufacturers

6.3 6.1 5.4 4.63.4 3.6

4.9 4.64.2

3.2

2.5 2.3

0.0

2.0

4.0

6.0

8.0

10.0

12.0

Dec 15 Mar 16 Jun 16 Sep 16 Dec 16 Mar 17

Quarterly Operating ExpensesNon-GAAP, $ in millions

SG&A R&D

11.210.7

9.6

7.8

5.9 5.9

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Financial Position $21.8 million in cash at

March 31, 2017

Debt-free Balance Sheet

$46.2 million of tax-effected NOLs at March 31, 2017

$2 million annual cash flow improvement expected from a new Aurora HQ lease that takes effect on October 1, 2017

Recent Quarterly Performance

-3.5

-3.0

-2.5

-2.0

-1.5

-1.0

-0.5

0.0

0.5

1.0

1.5

Dec 15 Mar 16 Jun 16 Sep 16 Dec 16 Mar 17

Adjusted EBITDA$ in millions

3.4%

8.0%

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Why Westell?

1. Gaining traction in the new In-Building Wireless Public Safety market

2. Proven track record selling to Blue Chip customers

3. Increasingly diversified customer base providing catalyst for growth

4. New CEO with a strong track record of driving revenue growth

5. Cash of $21.8 million at March 31, 2017; No debt

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Appendix

GAAP to Non-GAAP Reconciliation ($ in thousands)

Revenue Op Profit Revenue Op Profit Revenue Op Profit Revenue Op Profit Revenue Op Profit Revenue Op Profit

GAAP 20,215 (4,875) 20,904 (5,211) 14,816 (7,783) 17,780 (5,876) 14,983 (1,782) 15,386 (612)

Acquisition-Related:

Fair Value Adjustments 73 73 63 63 63 63 63 63 64 64 64 64

Amortization of Intangibles - 1,418 - 1,305 - 1,200 - 1,201 - 1,212 - 1,151

Stock-Based Compensation - 264 - 291 - 406 - 687 - 253 - 248

Restructuring, Separations, & Transitions - - - 858 - 2,534 - 2,793 - 490 - 100

Non-GAAP 20,288 (3,120) 20,967 (2,694) 14,879 (3,580) 17,843 (1,132) 15,047 237 15,450 951

Depreciation 423 458 385 444 272 279

Adjusted EBITDA (2,697) (2,236) (3,195) (688) 509 1,230

4Q17 (Mar 17)3Q17 (Dec 16)2Q17 (Sep 16)1Q17 (Jun 16)4Q16 (Mar 16)3Q16 (Dec 15)

WSTL closing share price* the day following quarterly earnings calls

2Q16$5.40

3Q16$4.04

4Q16$3.68

1Q17$2.52

2Q17$1.92

3Q17$3.20

4Q17$2.76

* Adjusted to reflect June 8, 2017 reverse stock split

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Contact

Tom MinichielloSenior Vice President, Chief Financial Officer, Treasurer, and SecretaryWestell Technologies630-375-4740tminichiello@westell.com

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