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B: 30

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B: 30 Sidoti & Co.

18th Annual Emerging Growth Research

Institutional Investor Forum

Mitel Networks March 17, 2014

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2

SAFE HARBOR STATEMENT Forward Looking Statements

Some of the statements in this document and presentation are forward-looking statements (or forward-looking information) within the meaning of applicable U.S. and Canadian securities laws. These include statements using the words target, outlook, may, will, should, could, estimate, continue, expect, intend, plan, predict, potential, project and anticipate, and similar statements which do not describe the present or provide information about the past. There is no guarantee that the expected events or expected results will actually occur. Such statements reflect the current views of management of Mitel and Aastra and are subject to a number of risks and uncertainties. These statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, corporate approvals, regulatory approvals, operational factors and other factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. All forward-looking statements attributable to Mitel and Aastra, or persons acting on their behalf, and are expressly qualified in their entirety by the cautionary statements set forth in this paragraph. Undue reliance should not be placed on such statements. Forward-looking statements speak only as of the date they are made. In addition, material risks that could cause results of operations to differ include the merged company’s ability to achieve or sustain profitability in the future; fluctuations in the quarterly and annual revenues and operating results; fluctuations in foreign exchange rates; current and ongoing global economic instability; intense competition; reliance on channel partners for a significant component of sales; dependence upon a small number of outside contract manufacturers to manufacture products; the ability to successfully integrate the acquisition and realize certain synergies; and, our ability to implement and achieve our business strategies successfully. Additional risks are described under the heading “Risk Factors” in Mitel’s Annual Report on Form 10-K and Aastra’s Annual Information Form. Except as required by law, we do not have any intention or obligation to update or to publicly announce the results of any revisions to any of the forward-looking statements to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. You are advised, however, to consult any further public disclosures made by Mitel and Aastra on related subjects in reports and communications filed on Electronic Data-Gathering, Analysis, and Retrieval (EDGAR) or System for Electronic Document Analysis and Retrieval (SEDAR).

Non-GAAP Financial Measurements

This presentation includes references to non-GAAP financial measures including adjusted EBITDA, non-GAAP income and non-GAAP operating expenses. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. We use these non-GAAP financial measures to assist management and investors in understanding our past financial performance and prospects for the future, including changes in our operating results, trends and marketplace performance, exclusive of unusual events or factors which do not directly affect what we consider to be our core operating performance. Non-GAAP measures are among the primary indicators management uses as a basis for our planning and forecasting of future periods. Investors are cautioned that non-GAAP financial measures should not be relied upon as a substitute for financial measures prepared in accordance with generally accepted accounting principles. Please see the reconciliation of non-GAAP financial measures to the most directly comparable U.S. GAAP measure included in this presentation and, if not contained in this presentation, contained in Mitel’s Reports on Form 8-K which have been filed with the U.S. Securities and Exchange Commission on June 24, 2013 (fiscal 2013), August 29, 2013 (Q1 of fiscal 2014) and December 5, 2013 (Q2 of fiscal 2014).

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Mitel Acquires Aastra - Resulting in a $1B Global Player

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4

Mitel to Acquire Aastra - Transaction Overview

• On November 10, 2013, Mitel (NASDAQ: MITL, TSX: MNW), signed a definitive agreement to acquire the

outstanding shares of Aastra Technologies Ltd. (TSX: AAH)

• Acquisition valued at $286M, or 6.0x LTM ending 9/30/13 Aastra Adjusted EBITDA of $48M

• Combination creates a leading provider of business communications and collaboration solutions for

the worldwide SMB and Enterprise market

• The combined Company will retain the Mitel brand, will trade on NASDAQ and TSX under Mitel’s listing

and will be headquartered in Ottawa, Ontario, Canada

• Pro Forma shareholder ownership of 57% Mitel and 43% Aastra

• Pro Forma LTM Revenue of $1,161M and EBITDA of $148M (1)

• As a part of this transaction, the Company refinanced Mitel’s existing Credit Facilities with the following Senior

Secured Credit Facilities:

• $50M Senior Secured Revolving Credit Facility

• $355M Senior Secured Term Loan B

• Pro Forma Company will have $76M of cash on the balance sheet at closing, in addition to $25M of cash set

aside to pre-fund integration

• Expected net leverage at close of 2.0x to Mitel’s current net leverage of 2.4x

• Aastra shareholders approved transaction on January 9, 2014

• The transaction closed on January 31, 2014

(1) EBITDA includes $12.5M of synergies. LTM period represents 9/30/13 for Mitel and 9/30/13 for Aastra.

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5

Combination Creates Global Leader In SMB and

Enterprise Communications and Collaboration Mitel Aastra

• Provides business communications and

collaboration software and services to the SMB

market worldwide

• Strong presence in North America and U.K.

• Channel sales model with 1,400 partners globally

• ~9,000 SME and Enterprise customers in over 100

countries

• Installed base of over 10 million end users

• More than 336,000 Cloud users

• Strong financial profile

- One of the most profitable enterprise

communications companies

- LTM 10/31/13 Revenue: $579.4M

- Gross and EBITDA margin expansion over past

several years

• ~1,800 employees

• 1,700 patent portfolio and virtualization solutions

• Develops and delivers communications products

and applications for the global enterprise and SMB

market

• Strong presence in Europe, holds #1 / #2 position in

several key markets

• Channel partners in more than 100 countries and

premium partners with more than 1,000 resellers

• Installed base of over 50 million end users

• Strong financial profile

- Profitable over 62 consecutive quarters

- LTM 9/30/13 Revenue: $593.0M

- Strong cash generation over the past several

years

• ~1,900 employees

• Emerging Cloud business gaining traction

Strong Strategic Rationale

Segment Leading

Financial and Leverage

Profile

Expanded Geographic

Footprint and Market

Leadership

Enhanced Scale and

Strong Synergy

Potential

Comprehensive and

Focused Solution

Portfolio

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6

Strategic Rationale of Combination

Segment Leading Financial And Leverage

Profile

• Strong cumulative free cash flow profile –

combined free cash flow of more than

$225M in last 2.5 years

• Strengthens long-term financial model and

reduces net leverage near 2.0x

• “Must own” enterprise communications

stock with enhanced liquidity

• Strong deleveraging profile

Enhanced Scale And Strong Synergy

Potential

Comprehensive And Focused Solution

Portfolio

Expanded Geographic Footprint And

Market Leadership

• Increased scale – over $1B in annual

revenue

• Strong synergies further enhance

profitability and lower implied leverage

• Approximately $50M run rate synergies

with low execution risk

• Expanded global sales channel that is

complementary with minimal overlap

• Management with extensive and proven

M&A integration and cost removal

expertise

• Combined market leadership – #1 player in

Western Europe and #5 global provider

• Enhanced global presence with expanded

base of 60M end users

• ~$100M Cloud business

• Well-positioned to take share from peers

that have external challenges

• Ability to sell “best-of-breed” products and

next generation solutions to large installed

base

• Large installed customer base with clear

upgrade path to IP and the Cloud

• Significant channel and market expansion

• Enhanced portfolio and Cloud leadership

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(1) LTM as of 10/31/2013.

(2) LTM as of 9/30/2013.

Americas 71.9%

EMEA 25.2%

Asia Pacific 2.9%

Broad And Diverse Revenue Base

Mitel Pro Forma Revenues

$1.2B LTM 9/30/2013

7

Revenue By Geography

Americas: $501.1 EMEA: $627.9 Asia Pacific: $40.2

Mitel (1)

Aastra (2)

Pro Forma

Americas 14.4%

EMEA 81.7%

Asia Pacific 3.9%

Americas 43.2%

EMEA 53.3%

Asia Pacific 3.4%

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R: 0

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Business Overview - Mitel

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A Market Leader in IP-Based

Communications Solutions

9

Mitel

LTM 10/31/13: $579M

Mitel Communication

Solutions (“MCS”)

LTM 10/31/13: $481M

Mitel NetSolutions (“MNS”)

LTM 10/31/13: $86M

Other

LTM 10/31/13: $12M

Description

Growth

Drivers

• Unified Communication and Collaboration solutions includes: IP telephony, desktop devices and software applications

• In the top 5 with ~7% worldwide market share. Ranked #2 in the U.K. and #4 in the U.S., #3 in Canada and #2 in the Netherlands

• Competitive advantage – virtualized, hardware agnostic platform offering flexibility and cost efficiency relative to Cisco and Avaya

• Favorable mix evolution (product/service, hardware/software) and product cost reductions driving leverage

• TDM to IP / UCC

• Virtualization

• Portfolio strength

• Network and hosted services, mobile services and broadband connectivity to the U.S. market

• Primarily provides data center, Cloud services and CLEC to small businesses

• Main competitors include 8x8, Cbeyond, ShoreTel and Ring Central

• New services, migration to bundled services and improved cost management driving margins

• SIP trunking

• Hosted

• Mobility

• Products and related services that complement the Company’s core unified communications offering

• Core unified communications offering

Strong, global market position with a compelling value-based solution

High gross margins, no R&D and minimum CapEx. Valuable, loyal

customers and recurring maintenance revenue base

Cross-selling opportunities

Note: Financials in USD and fiscal year ending April 30.

(USD $ millions)

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Strong Vertical Expertise With Highly

Diverse Customer Base

10

Hospitality

Diverse Customer Base

Finance Government Education Retail Healthcare

Strength in Verticals

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Leverage The Core:

Maintain Focus On Large And Growing Market

$11.7B (1)(2)

Market Size

5-7% Growth

$454M LTM Sales

MiVoice

Call routing software

Communications endpoints

Hardware gateways

MiCollab

Unified messaging

UC & Mobile clients

Web, Video & Audio conferencing

Application & Mobility gateways

Growth Drivers

37% Int’l 63% NA

Geographic Mix

1. Large and growing market

2. Improved execution in the U.S.

3. Industry leading virtualization with best path to Cloud

4. Growth of software assurance and support revenue

11

37%

63%

Note: Financials represents fiscal year ending April 30.

(1) Gartner Forecast: Enterprise Telephony Equipment, Worldwide, 2010-2017, 2Q13 Update.

(2) Gartner Forecast: Enterprise Unified Communications Infrastructure, Worldwide, 2009-2016.

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Contact Center:

Large Market With Priority Spending

$5.2B (1)(2)

Market Size

5-15% (3)

Market Growth

$27M LTM Sales

Growth Drivers 50% Int’l 50% NA

Geographic Mix

Note: Financials represents fiscal year ending April 30.

(1) Ovum, Global Contact Center Technology Spending Forecast: 2011-2016.

(2) Gartner Market Trends: Contact Center as a Service, North America, 2012; global market based on Mitel estimate of North America as a percentage of worldwide revenues.

(3) Lower rate applies to premise based with basic functionality; hosted and advanced Contact Center features growing much faster.

1. Growth of the Market and growth of ARPU

2. Increase Contact Center Attachment to Mitel IPT

3. Attachment of MiContact Center to Lync Enterprise Voice

4. Growth of Cloud Contact Centers

MiContact Center

Multi-channel inbound routing

& Interactive Voice Response

Historical, Real Time & Forecast Reports

Workforce Management

CRM integration

Agent productivity suite

Scale to ~1,000 agents

MiContact Center (Lync)

MiContact Center (Cloud)

50% 50%

12

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Note: Financials represents fiscal year ending April 30.

(1) T3i Group, InfoTrack for Unified Communications, 2013 Enterprise & SMB Market Forecast (U.S.); global market based on Mitel estimate of U.S. as a percentage of worldwide revenues.

Cloud Solutions:

Exploiting New Revenue Opportunity

~$5.2B (1)

Market Size

25-30% Market Growth

~330K LTM Installed Seats

YoY Cloud Growth

Brand MiCloud Retail

Business Cloud Branded and Billed by Mitel

MiCloud: Powered by Mitel

Business+Enterprise Cloud - Branded & Billed by Service Provider

MiCloud Enterprise

Multi Channel Delivery

Growth Drivers

37% Int’l

Business – Mitel Network Solutions • Mitel Cloud and network business

– $84M revenue

• Cloud communications and related services for businesses

• Over $100M in contracted but unbilled revenue

• 74% recurring revenue

63% NA

Geographic Mix

1. Rapid Market Growth

2. Increased Sales and Marketing Investments

3. Powered by Mitel Service Provider & Channel Programs

4. Industry Leading Virtualization and Best Path to Cloud

71%

13

37%

63%

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14

Mitel Has Successfully Expanded Gross

Margins

Note: Fiscal year ends April 30. The operations of DataNet / CommSource are recorded as discontinued operations and therefore are excluded from the periods presented.

Emerging / Future

• Software platforms

• IP sets

• Software applications

• Software assurance

Target FY12

53.8% 57-59%

Historical

• Legacy platforms

• Legacy sets

• Legacy services

52.2%

FY11

Hardware and Software Revenue Mix Gross Margins

FY13 YTD

55.3% 68% 71% 75% 78% 81%

32% 29% 25% 22% 19%

FY 2010 FY 2011 FY 2012 FY 2013 LTM10/31/2013Software Hardware

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Financial Overview

15 Note: Fiscal year ends April 30. Numbers may not sum due to rounding.

(1) Adjusts for the purchase of intangibles associated with prarieFyre acquisition.

Quarterly Revenue & Adjusted EBITDA Historical Revenue by Geography

Revenues by Segment EBITDA Less Capital Expenditures (1)

(USD $ millions)

$589 $612

$577 $579

FY 2011 FY 2012 FY 2013 LTM 10/31/13

Mitel Communication Solutions NetSolutions Other

$589 $612 $577 $579

FY 2011 FY 2012 FY 2013 LTM 10/31/13

United States EMEA Canada and CALA Asia Pacific

$64

$71 $65

$81

FY 2011 FY 2012 FY 2013 LTM 10/31/13

$151 $158

$139 $146 $142

$151 $142 $145

$21 $27 $13

$24 $23 $26 $21 $25

Q3 FY12 Q4FY12 Q1 FY13 Q2 FY13 Q3 FY13 Q4 FY13 Q1 FY14 Q2 FY14

Revenue Adjusted. EBITDA

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Business Overview - Aastra

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• Growth in aerospace market

30+ Years Of Evolution

1983-1992

• Growth in consumer telephone devices

1993-1999

• Growth by acquisition

2000-2010

2003 • Ascom (Swiss)

• SMB market in Western Europe

2005 • EADS (French)

• LME market in France

2005 • DeTeWe (Germany)

• SMB and LME market in Germany

2008 • Ericsson (Sweden)

• Global LME market

Acquisitions

Aastra has evolved into a leading player in the Enterprise Communications market

17

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• Voice to Multimedia

• Switch to Applications

• Premise Based to Cloud

• Fixed to Mobile

• Proprietary to Open Standards

Full Range Of Open Standard IP-Based And

Traditional Communications Strategy

SIP Call Manager Common Fixed & Mobile

End‐User Solutions Common

Applications

18

• Installed base of over 50 million lines

• Tier 1 Channel Partners across the globe

• Unparalleled presence in carriers

• ~1,900 employees in over 30 offices

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• Direct presence across Europe

• Indirect presence across Eastern Europe through: • Aastra clusters: • Austria: Central and Eastern Europe • Russia: CIS

• Strong presence with carriers

• Tier 1 distribution channels

Dominant Footprint In Key European Markets

Countries with Direct Presence

Countries with Indirect Presence

Russia

Finland

Sweden

Norway

Germany

France

Spain

Portugal

Italy

Great

Britain

Austria Switzerland

Belgium

Netherlands

Denmark

Ireland

Sales

80% Europe (50% France + Germany)

Estonia

Poland

Czech Rep. Slovakia

Hungary

Romania

Greece Turkey

Kazakhstan Ukraine

Croatia

19

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$144M Rank: #4

9%

$94M Rank: #2

30%

$54M Rank: #1

30%

$32M Spain: #1 23%

Portugal: #4 7%

$28M Rank: #1

18%

$52M

Sweden: #1 39%

Denmark: #2 21%

Finland: #2 27%

Norway: #3 17%

Municipality in Norway

Swedish Tax Authority

Top Tier Channels And Customers In Key

European Markets

Country Sales (1) Key Partners Key Customers Market

Share (2)

Germany

France

Switzerland

Belgium

Nordic

(1) Based on LTM 9/30/2013 metrics with a CAD to USD exchange rate based on average exchange rate over the LTM period.

(2) MZA PBX / IP PBX Market, World Quarterly Edition, TTM Q3 2012 – Q2 2013.

Spain & Portugal

20

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• Indirect sales for Terminals • Carriers • Distributors • Over 1,000 resellers

• Indirect, with a direct touch model for medium to large systems (2,000 – 50,000) • MX-ONE®

• Direct sales for very large systems (5,000 – 100,000) • Clearspan®

• Cloud Services – Clearspan® ideally positioned for growth (5,000 – 1M+)

Significant Growth Opportunity In The U.S.

• Internet2 is an exceptional community of U.S. and international

leaders in research, academia, industry and government who create

and collaborate via innovative technologies

• AT&T is a leading provider of wireless, Wi-Fi, high speed Internet,

Cloud services, voice, advanced TV services and IP-based business

communications services

• XO Communications is a leading nationwide provider of advanced

communications, managed network and IT infrastructure services for

business, large enterprise and wholesale customers

Channel

Partners

21

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$147 $147 $137

$175

$134

$151 $140

$8 $8 $7 $21

$4 $13 $11

Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013

Revenue Adjusted EBITDA

Financial Overview

22

Adjusted EBITDA and Margin (1) Historical Revenue by Geography

Quarterly Revenue and Adj. EBITDA Adj. EBITDA Less CapEx

(1) Adjusted EBITDA calculated as Reported EBITDA plus special charges and restructuring, loss on litigation settlement and finance income on leases less R&D Tax Credits.

(C$ millions)

$717 $693

$607 $593

FY 2010 FY 2011 FY 2012 LTM 9/30/2013

Other North America Europe

$68 $64

$44 $48

9% 9% 7% 8%

FY 2010 FY 2011 FY 2012 LTM 9/30/2013

Adjusted EBITDA Adjusted EBITDA Margin

$57 $58

$38 $40

FY 2010 FY 2011 FY 2012 LTM 9/2013

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R: 0

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B: 30

Integration Plan

R: 0

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Jun ‘13

Mitel acquired prairieFyre

Executives With Extensive M&A Integration

And Cost Removal Experience

24

Aug ‘07

Mitel acquired Inter-Tel

Mar ‘13

Completed divestiture of

DataNet / CommSource to

EarthBend

Aug ‘07

Mitel acquired

LAKE Comm.

Apr ‘08

Aastra acquired Ericsson

Enterprise

Communication

Division

Mar ‘12

Aastra acquired comdasys

Aug ‘05

Aastra acquired DeTeWe

acquisition

Sep ‘03

Aastra acquired Ascom

Aastra

Mitel

R: 0

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B: 131

($32.0)

($24.0)

($3.0)

Synergies Realization

25

Synergies Cost to Execute Synergies

2014 2015 2016

• Full run-rate synergies of $49.6 recognized by 2016

• Conservative synergy estimates

• Potential upside to plan

• Dis-Synergies likely conservative

• Majority of synergies realized early in 2015

• One time, initial costs drive significant, realizable long-term synergies

• $25.0M set aside to fund implementation

($ millions)

$12.5

$41.1

$49.6

2014 2015 2016

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26

Pro Forma Company – Strong History of Cash

Flow Generation

Note: Assumes an exchange rate of 0.97 USD/CAD.

(1) FCF defined as CFO less CapEx and purchase of intangibles.

(2) CY 2013 YTD defined as 9/30/13 for Aastra and 10/31/13 for Mitel.

($ millions)

Cumulative Free Cash Flow Generation Over The Past 2.5 Years (1) Key Points

• Margin expansion has been driven by:

• Product cost reductions

• Operational efficiencies

• Shift to higher margin product mix

• Improved service gross margins

• Headcount reductions

• Increased contribution from growth initiatives

• History of successful elimination of costs during periods of top line weakness

(2)

CY 2011 CY 2012 CY 2013 YTD

$91.1

$155.8

$237.5

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Target Model (preliminary)

1. Target model assumes integration and synergies complete

2. Excludes stock -based compensation, amortization of acquired intangibles, F/X (gain)/loss and special

charges and restructuring costs

Target Model1

Gross Margin 54-55%

R&D 9-10%

SG&A2 30-32%

Total Operating Expense2 39-42%

Adjusted EBITDA2 16-18%

Effective Tax Rate 18-20%

R: 0

G: 104

B: 146

R: 0

G: 159

B: 194

R: 193

G: 205

B: 35

R: 247

G: 142

B: 30

R: 126

G: 128

B: 131

Key Transaction Takeaways

28

Creates Global Leader In

SMB And Enterprise

Communications And

Collaboration

Comprehensive And

Focused Solution

Portfolio

Strong Combined

Balance Sheet With

Conservative Leverage

Strong Management

Team With Track Record

Of M&A Integration

Enhanced Scale And

Attractive Synergy

Potential

Strong Cash Generation

One Of The Largest

Cloud Businesses in the

U.S.

Market leader – #1 Player

In Western Europe

Expanded Geographic

Footprint And Market

Leadership

R: 0

G: 104

B: 146

R: 0

G: 159

B: 194

R: 193

G: 205

B: 35

R: 247

G: 142

B: 30

R: 126

G: 128

B: 131

R: 0

G: 104

B: 146

R: 0

G: 159

B: 194

R: 193

G: 205

B: 35

R: 247

G: 142

B: 30

Q&A

Thank You for Your Time