1Inphi Proprietary

Corporate Update

November 1, 2018

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 Company’s Financial Results and Business Outlook, 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, including geographic and market segment outlooks. 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 inthe 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 inaccordance 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)*

698 patents: high-speed analog and package design

Serve cloud, enterprise and service provider markets

Focus on high-speed data movement interconnects

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

Core competence in high-speed analog, DSP and optics

Inphi Leads in Optical and Networking Physical Layer

$35 $43$100

$193

$266

$348

2012 2013 2014 2015 2016 2017

Notes: Company data per finance, human resources & legal reports 10/2018 *Pro-forma, Non-GAAP revenue adjusted for continued operations of the sale of the memory business

4Inphi Proprietary

Inphi HQ:Santa Clara, CA

Inphi Global Locations Support Customers and Attract Talent

Design CentersUSA: Irvine, Santa Clara,

Westlake VillageCanada: Ottawa, Vancouver

Argentina: CordobaUnited Kingdom: Northampton

Europe: HanoverAsia-Pacific: Singapore

Sales & SupportUSA: Austin, Chicago, Folsom,

Kansas City, Raleigh Santa Clara, Westlake Village

Europe: Milan, MunichAsia-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

Notes1. Smartphone users as of 20152. CAGR calculated from 2014 – 2019, for sources refer the references section3. 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

Accelerating Needs for Massive Intra-DC Interconnects

Storage 1PB / Rack 1ZB / Rack

SecuritySecurity “of” and “in” the CloudEncryption for In-transit DataConfidential Computing

Serverless VM Container Serverless/Orchestration

Server Evolution3.2 GHz 4 GHz / Core16 Cores 128 Cores512G RAM 4T RAM / Server

Networking NIC: 1G 100GSwitch: 3.2T 12.8T

AI, Smart NIC 20-180 TeraFlops / Accelerator

Scale, Performance 100K+ Servers / DCMillions of Servers / Cloud Provider

Inside DC Trends, Jan. 2018

8Inphi Proprietary

Data MovementData Manipulation

Processor, GPU, NIC, Switch Optical, Networking

Analog, Mixed Signal, DSPDigital

Inphi Leads in Data Movement Interconnects

9Inphi 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 >600kmDCI Metro 100km-600kmDCI Edge 2km-100km

Inside DC500m-2km

Inphi Solves Data Movement Between & Inside Data Centers

10Inphi Proprietary

Inphi Solves 5G Optical Data Movement for Backhaul Access, Aggregation and Core

Front Haul Back Haul

Access CoreAggregation

11Inphi Proprietary

Long Haul / MetroData Movement Around the Globe

Between Data CentersData Movement Between Data Centers

Inside Data CentersData Movement Inside Data Centers

OpticalTransimpedance

Amplifier(TiA)

CoherentDSP CDR/PHY PAM

DWDM Optical Module

Reference DesignSilicon

PhotonicsGearbox

OpticalDriver

Inphi Leads in Data Movement Interconnects

12Inphi Proprietary

Large Total Addressable Market (TAM)

Source: Inphi Estimates based on various market data

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 2020

13Inphi Proprietary

Low PowerHigh Performance

Long Reach

Fast Time-to-market

Competitive Cost

Dedicated Customer Support

Best Quality

Complete Optical PHY Platform for Customer Success

L1 Optical PHY Platform

PAM DSPCoherent DSP

SiPhoor

Partner Optics

DriverTiA

14Inphi Proprietary

Inphi Leads in Data Movement Interconnects

Long Haul / Metro Coherent

Between Data Centers

Inside Data Centers

TiA DriverPAMDSP

SiliconPhotonics

CoherentDSP

28/32/45/64 Gbaud

Gold Box, SMT, Bare Die

50G and 100G PAM

Platform: DSP, TiA, Driver

ASIC

M200

New

COLORZ

400G ZR

15Inphi 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

16Inphi Proprietary

FujitsuTechnical

Advancement

Inphi Recognized for Excellence:10 New Awards for Quality & Technology in 2017-2018

New Emerging

Technology Supplier

2015

ECN Impact Awards

NeoPhotonicsSupplier of the Year

2015

SumitomoAwards

of Excellence HuaweiBest Quality

Company

FiberHomeCore Partner

Cisco

LightWaveInnovation Awards

Sumitomo Electronics Device Innovation (SEDI)

20152013

Best Partner Awards

2013-2016

2014Quad Linear

Driver

2016PAM4

2015

Excellence in EmergingTechnology Innolight

Innovation2015

COLORZCOLORZ400GbE PAM4Platform

2016PAM42018

16nm PolarisPAM4 Platform

2017 2017

2017

20182017

20172017

20172018Best

DeliveryAward

17Inphi Proprietary

Innovation Drives Customer Success

200140G Differential Driver

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)+

M200 Low power Coherent DSP for Metro and Long Haul

+VegaTM DSP

16nm Retimer & Gearbox for LineCards

2018Porrima™ Platform

(Porrima 100/400G DSP + Driver + TiA)+

28G MMF Linear TiA + VCSEL Driver+

56G TiA & Driver+

CFEC Adopted as OIF ZR Standard

Long Haul / Metro:

The Cloud is the NetworkTM

19Inphi Proprietary

Coherent Long Haul/Metro Market Maturing

0

100,000

200,000

300,000

400,000

500,000

600,000

2014 2015 2016 2017 2018 2019

Coherent Port Forecast

Source: Cignal AI, September 2018

20Inphi Proprietary

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016 2017 2018

Inphi Leads Transition from Limiting to Linear

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

TIA

Driver

Linear

Linear

Limiting

Limiting

Estimated market share of Linear Drivers for 100G – 1T

Limiting

21Inphi Proprietary

Industry Leading Linear Coherent Solutions

Most Tier 1 OEMs use Inphi TiAs and Drivers

Inphi regarded as “gold standard” for quality

Inphi is first to market with next generation 64G linear TiA and driver solutions

100G/200G 400G/600G

Next-Gen 45/64GBaud TiA32GBaud Linear TiA

32GBaud Linear Driver 45/64GBaud Linear Driver

22Inphi Proprietary

0.0

1.0

2.0

3.0

4.0

2010 2011 2012 2013 2014 2015 2016 2017 YTD Q3 2018

4M Coherent Units Shipped > All Competitors Combined

Industry First 200G Driver

Industry Smallest SMT 100G Driver

Industry First 100G TiA

Cumulative Shipments of Coherent TiA/Driver (M Units)

Industry First 400G/600G Driver

Industry First 400G/600G TiA

All references relate to coherent TiA/driver

23Inphi Proprietary

Enter Metro

Take share with Linear

Ramping 100G CFP2-DCO and 200G CFP-DCO for Metro

Grow with both module and line card customers

Support partner products: SiPho, CFP DCO, CFP2 ACO, CFP2 DCO

Ramp new modulations: 16QAM and 64QAM

Growing Optical Interconnects Between Data Centers

Ports grow 20%, led by 100G CFP-DCO

Between Data Centers:

Coherent DSP Solutions

25Inphi Proprietary

M200 is Ramping to Production

Differentiation:Highest performance

16nm SoC 100G & 200G

Low power technology

EnablesCFP DCO, CFP2 DCO,

MSA, Line Cards

Framer & encryption integrated

Market share gain through

new Tier 1 customers

26Inphi Proprietary

Growing Coherent DSP SAM

$-

$50

$100

$150

$200

$250

$300

$350

$400

$450

2018 2019 2020 2021 2022

DSP SAM ($M)

27Inphi Proprietary

Inphi Supports Discrete, DCO and ACO Customers

Comprehensive product offering from Inphi:― Coherent DSP― Coherent TiA― Coherent Driver

High Performance Line Cards - Discrete

Modulator

Hybrid Optics

DSP Laser

Modulator

Hybrid Optics

DSP Laser

Modulator

Hybrid Optics

DSP Laser

Modulator

Hybrid Optics

Laser

ACO modules

Modulator

Hybrid Optics

DSP Laser

Modulator

Hybrid Optics

DSP Laser

DCO modules

TIA

TIA

TIA

TIATIA

TIA

Driver

Driver

Driver

Driver

Driver

Driver

DSP

Between Data Centers:

DCI Edge Solutions

29Inphi Proprietary

Data Center Moving Towards Distributed Architecture

Next-gen data centers build out is happening in metro

Distributed data center enables virtual mega data centers to be built in metro where space and power are limited

Major architectural shift in connecting distributed data centers with cost effective, low power 100G DWDM solutions

Mega Data CenterGlobal

Distributed Data Center Metro

30Inphi 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 80km4.5W

COLORZ Delivers 100G QSFP28 for 80km Data Center Interconnect

31Inphi Proprietary

COLORZ Delivers Complete Solution for Time-to-Market

SiPhoOptics

LinearTiA,

Driver

PAM:DSP,ADC

ValidatedDesign

100G, QSFP28,

80km

LowerPower

LowerCost

100GSpeed

32Inphi Proprietary

COLORZ Eco-System

COLORZ

Open Line System (OLS)Partners

Switch/RouterPartners

33Inphi Proprietary

COLORZ Has Clear Power, Density and Cost Benefits

Mark Russinovich, Microsoft Ignite – September 29, 2017

34Inphi Proprietary

COLORZ Efficiently Enables Massive Cloud Connectivity

Mark Russinovich, Microsoft Ignite – September 29, 2017

Inside Data Centers:

The Data Center is the ComputerTM

36Inphi Proprietary

-

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Ethernet Optical Ports

Ethernet Switch / Optical Port Ramp by Speed

LightCounting: LC Ethernet Forecast, September 2018

10GSFP+

40GQSFP+

100GQSFP28

10G

100G

200G/400G

40G

200/400GQSFPDD/OSFP

37Inphi Proprietary

Inside Data Center 100G+ Port Count

LightCounting: LC Ethernet Forecast, September 2018

-

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

30,000,000

2016 2017 2018 2019 2020 2021 2022 2023

100/200/400GbE Port Count

38Inphi Proprietary

Data Center Transition to Fiber, DAC PHYs

Source: Inphi Estimates, Crehan Research, 2016

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

BASE-TFiber / 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

39Inphi Proprietary

Distances, Speeds Drive Optics/Electrical Transition

Flexible reach with Single Mode Fiber & Multimode FiberCost Effective DSP-based PAM Optical Interconnects

Source: Corning

Mega Data Center

100m-2km connections

40Inphi Proprietary

Data Center Switch/Optics TransitionsSw

itch

ASI

Cs

Elec

tric

alO

ptic

s

128/256x25GNRZ

Others….

4x25G (NRZ)

QSFP28

SR4

ER4

LR4

PSM4

CWDM4

CLR4ColorZ

PublicAnnouncements

3.2/6.4Tb

128/256x50GPAM4

8x50G (PAM4)

OSFP

QSFP‐DDDR4

FR4LR8ZR

FR8

SR8

Others….PublicAnnouncements

6.4/12.8Tb

128/256x100GPAM4

nx100G (PAM4)

12.8/25Tb

41Inphi Proprietary

New 16nm CMOS PAM4 DSPs

Highest Performance PAM4 DSP

Integrated EML/VCSEL

Drivers10G-400G Backplane

RetimerIEEE FEC/PCS

400G QSFP-DD /

OSFPOptics

42Inphi Proprietary

Inphi High-Speed SerDes Expertise

2011

10/28GbpsNRZ

2013

28GbpsNRZ

10G Retimers100G Gearbox

100GLow Power

CDR

2015

56GbpsPAM4

100GPAM4DSP

2017

56GbpsPAM4

400GPAM4DSP

2018

100GbpsPAM4

100/400GPAM4DSP

2019

100GbpsPAM4

800GPAM4DSP

Design Strong CMOS Background

Analog Mixed Signal

Digital Signal Processing (DSP)

Manufacturing Leading Supplier

Partnerships

Emphasis on Quality

ISO9000 Qualified

Leadership Next Generation Product

Developments

IEEE/OIF/MSA’s

43Inphi Proprietary

Industry Leading NRZ and PAM Optical PHY Solutions

Enterprise Service Provider Data Center

Server Line Card

CFP CFP2/8 QSFP SFP OSFP andQSFP-DD

nx10G PHY

100G Gearbox

nx25G CDR

nx50G PAM

nx100G PAM

44Inphi Proprietary

2012CFP 12W-24W

2014CFP2 12W-14W

2015 onwardsQSFP 3.5W

Roadmap to Lower Cost, Higher Density

400G Inflection

Lower Power Lower CostHigher Density

2012N x 10G SFP

25/50G PAM Server Inflection

N x 25/50G SFP

Router

Switch

Server

2015 onwardsQSFP 3.5W

400G Inflection

QSFP DD

PAM4

OSFP

CFP8

QSFP DD

PAM4

OSFP

PAM4

45Inphi Proprietary

Polaris™ 400G MMF Platform

8 λ 50G

8

8

OSFP/QSFP-DD 400GE

8

8

8*50GPAM4

8*50GPAM4

400G PAM4 Retimer

8x50GAUI(VSR)

8:8Retimer 8xPAM4

Regulators & Supervisory Micro & REFCLK, etc.

IN015050

IN2814 (x2)

TOSAOptical

MuxDRVDRV

Laser

ROSA

PD ArrayIN2865TA (x2) OpticalDemux

TIATIATIATIATIATIATIATIATIA

46Inphi Proprietary

Polaris™ 400G SMF Platform

8 λ 50G

8

8

OSFP/QSFP-DD 400GE

8

8

8*50GPAM4

8*50GPAM4

400G PAM4 Retimer

8x50GAUI(VSR)

8:8Retimer 8xPAM4

Regulators & Supervisory Micro & REFCLK, etc.

IN015050

IN2834 (x2)

TOSAOptical

MuxDRVDRV

Laser

ROSA

PD ArrayIN2864LP (x2) OpticalDemux

TIATIATIATIATIATIATIATIATIA

47Inphi Proprietary

TOSA

ROSA 4*100GPAM4

PD Array

8

8

QSFP-DD/OSFP/COBO 400GE

4

4

4*100GPAM4

8*50GPAM4

400G PAM4

8x50G PAM4(VSR)

8:4SerDes

4x100GPAM4

IN010050

DRV

LaserlaserDRV

Laser

DRV

LaserlaserDRV

Laser

TIATIATIATIA

Regulators & Supervisory Micro & REFCLK, etc.

Porrima™ 400G SMF Platform

4

4

OptMux

OptDemux

IN5630/34

IN5664TA

48Inphi Proprietary

Porrima™ 100G SMF Platform

TOSA

ROSA 1*100GPAM4

PD

4

4

QSFP-28 100GE

1*100GPAM4

4*25GNRZ

100G PAM4

4x25G NRZ

(VSR)

4:1SerDes

1x100GPAM4

IN010025

DRV

Laser

TIA

Regulators & Supervisory Micro & REFCLK, etc.

IN5630

IN5661TA

49Inphi Proprietary

Leading solutions for 400G OSFP and QSFP-DD

PAM4 based switches shipping – market enabled

Inphi solution with PAM4 DSP, TIA, and Driver

Inphi design wins on multiple modules and linecards

Address both single and multi-mode fiber

Partner with VCSEL, DML, EML and SiPho optics

Growing Networking InterconnectsInside Data Centers and for Service Providers

Products focused on 100G, 200G, 400G port growth

Thank You