Marvell Technology, Inc. · NASDAQ:MRVL
Marvell Technology — Merger or Acquisition (October 2020)
30 slides from Marvell Technology's merger presentation, Oct 30, 2020
Slide 1: Special All-Employee Meeting
Special All-Employee Meeting XX Inphi Think fast. October 29, 2020 ry ™ Inphi Confidential First-to-Faster. Internal Audiences Only
Slide 2: Important Information for Investors and Shareholders
Important Information for Investors and Shareholders aun Sten esate sd Laka Sates This presentation contains certain forward-looking statements within the meaning of Section 27A ofthe Secures Actof 1933, amended (the "Secuties Act), and Section 21E ofthe Secures Exchange Act of1834, as amended, with
Slide 3: Important Information for Investors and Shareholders
Important Information for Investors and Shareholders and Where taf ‘This communication relate toa propared transaction between Marvell and inphi. In connection withthe proposed transaction, MarvellandInphiwil cause the newly formed company which wll become he holding company of Marvell and inhi foll
Slide 4: Inphi + Marvell = Infrastructure Powerhouse, for Cloud and 5G
Inphi + Marvell = Infrastructure Powerhouse, for Cloud and 5G Inphiis doing great on our own: Q3, Q4, 2021, and beyond * Q3: $180.7M record revenue, 29.5% non-GAAP operating profit * Q4 and 2021: “as is" despite Huawei ban, due to strength of cloud customers * Strong ASP points to continued leadersh
Slide 5: Inphi to Combine with Marvell
Inphi to Combine with Marvell Creating a U.S. Semiconductor Powerhouse Positioned for Growth and Leadership in Cloud and 5G Infrastructure gh rp : XL inphi
Slide 6: Matt Murphy, President and CEO, Marvell Semiconductor
£3 | MARVELL Matt Murphy President and CEO Marvell Semiconductor
Slide 7: Marvell and Inphi share a vision of data infrastructure
Marvell and Inphi share a vision of data infrastructure yi | MARVELL We develop and deliver semiconductor solutions that move, store, process and secure the world’s data faster and more reliably than anyone else. XX Inphi Inphi is the leader in data movement interconnects between and inside data cen
Slide 8: Company founded FY20 revenue
Company founded FY20 revenue Employees Patents worldwide 7 Up ae sm ety rae = Located in Santa Clara, CA R&D centers in US, Israel, India, Germany, China
Slide 9: Our 4-year journey to data infrastructure
Our 4-year journey to data infrastructure sr WiFi sale ana $26.68 equstions of Avera and Aquantia $24 Reallocate resources fo8G ard Aorve ‘pportntes 2 Increase scale and me $17.2B g diversity in networking 8 Wersty in network a ‘wih Cavum $14.88 % sts | Pyotto manicure, ba focus on storage. 2 ond ne
Slide 10: Aquantia
AQUANTIA’ XX orosic The averasemi New Marvell dex» [Efraaveus
Slide 11: Culture: Marvell's Core Behaviors
Culture: Marvell’s Core Behaviors @) Act with integrity T and treat everyone with respect -@: Innovate to solve customer needs =, Execute with G thoroughness and rigor VW? Help others achieve their objectives © 2020 anal confident. ahs resend ‘Say what you mean, do what you say Be inclusive and embr
Slide 12: Focused on enabling data infrastructure
Focused on enabling data infrastructure We specialize in semiconductor solutions across four end markets. f 7 g | r | Carrier “= Automotive | YN Uy Enterprise Data Center
Slide 13: Marvell offers the most complete data infrastructure portfolio
Processors Storage Marvell offers aes, | sire. the most complete data infrastructure portfolio Networking Security #2 in Switches and PHYs #1 in security processors
Slide 14: Working with leading companies
Working with leading companies €2. Alibaba Group aws Ss € thats )) BOSCH ciace = Google Hewlett Packard Enterprise NETGEAR NOKIA SAMSUNG A seacare ORACLE SKB i Wester Digital ® ericsson Z juniper HE Microsoft Ge paloalto SONY
Slide 15: Strategic rationale: Accelerates growth and leadership in cloud and 5G
Strategic rationale: Accelerates growth and leadership in cloud and 5G Extends Marvell's vision to Move, Store, Process, and Secure the world’s data Expands Marvell addressable market to $23B and accelerates market growth from 9% to 12% CAGR Creates industry leading high-speed data interconnect plat
Slide 16: Highly complementary portfolio expands SAM, accelerates growth
Highly complementary portfolio expands SAM, accelerates growth C Marvell stand alone p) C Marvell and Inphi combined p) 12% 9% CAGR CAGR A $23B sevetess, Cious, ‘Auto aPaau Wireless, Cious, Auto ss ntepprse, wire, Inaastial ‘Enterprise, Wire, nasstva! ‘consumer cy20 cy20 cy23 ( Accelerates growth in
Slide 17: End-to-end portfolio of high-speed data interconnect
End-to-end portfolio of high-speed data interconnect SEP she Data Center Carrier NS j SN Optical w~ 25-800Gbps+ electro-optics interconnect
Slide 18: Inphi Customers Strengthen Marvell Networking & Compute End Markets
Inphi Customers Strengthen Maui Networking & Compute End Markets Data Center TTEDH we | BE Microsoft FiberHome aws JUNIPED oa oogle = NOKIA facel a lo aver ciena ei verizon’ infinera Se Huawer Automotive New Opportunities: LIDAR ARISTA HSC
Slide 19: Expands Marvell's $100M+ customer base in networking and cloud
Expands Marvell's $100M+ customer base in networking and cloud FY21 Consumer imi oO Storage See Ses sees I mo oo oe me oe A — mo oo oe a — et Networking = nS oo oo i ee BS = i i ) Wireless R rN ® iN iN ye ®—@ Marvell + Inphi
Slide 20: Accelerates Marvell's strategic growth drivers
Accelerates Marvell’s strategic growth drivers 5G wireless Cloud data infrastructure centers = Marvell leads with base station compute = Inphi leads with electro-optics interconnect — Compute sets the bandwidth bar and cadence — Inside and between cloud data centers * Inphi adds ~ Optical fabric set
Slide 21: Inphi + Marvell Lead in Infrastructure Solutions for Cloud and Telecom Customers
Inphi + Maui Lead in Infrastructure Solutions for Cloud and Telecom Customers Processing Networking CPU, GPU, Al Switching, Routing, NIC 5G Automotive x a 5G Base Stations © Ethernet, DPU, Security Storage, Memory
Slide 22: Combined technology and customization capability
Combined technology and customization capability perfectly aligned to the future cloud opportunity ( Marvell infrastructure platform » Inphi interconnect platform ( Combined custom & ASIC scale
Slide 23: Best-in-Class Financial Model
Best-in-Class Financial Model Long Term Target Marvell Inphi Pro Forma Marvell + Inphi (in $ millions) LOAas of LOAas of (wisynergy) 7/31/2020 9130/2020 (excl. synergies) = Sustainable Revenue $2,909 $723 $3,632 12-46% CAGR and growing revenue Gross Margin 64.2% 63.5% 64-66% + PF operating modesty O
Slide 24: Next Steps
Next Steps
Slide 25: Timeline
Timeline Public announcement (Oct. 29) Inphi and Marvell employee meetings (Oct. 29-Nov. 1) Begin integration planning (early Nov.) Transaction expected to close second half of calendar 2021 = We will Keep you informed of our ongoing progress
Slide 26: Our Approach to Integration
Our Approach to Integration Combining the best of both teams Strategy first, then team, then structure Consolidating facilities in common locations Honor reputation of both companies Deliver on our commitments to customers and other stakeholders
Slide 27: Need to continue operating as two separate and independent companies
Need to continue operating as two separate and independent companies
Slide 28: Q&A
pes Nal Q&A /// Ww MA! / OY A YL
Slide 29: Slide 29
Slide 30: Marvell
| MARVELL
Marvell Technology Group — Merger or Acquisition (October 2020) on 6ix