oduct cycle drivers for revenue growth in CY14/15. Cavium - Small Cells, but not lemto's Our MWC conversation with senior management suggests that Cavium's Fusion chip shipments (likely a S20-30 part) into 3G and 4G small cells rollouts is still in early stage at the present - likely a 2H14+ revenue

al for ARM SOC chip sales into 64 bit ARM servers in Cloud-scale datacenters. While Octeon3 is likely to be an incremental revenue growth driver for Cavium in CY15 (early revs for Octeon3 starting O4 CYI4), we think that the ARM SOC solutions sale is Deutsche Bank Securities Inc. Page 17 CONFIDENTIAL

TE, RCS. and messaging services rollouts in these customer wins later this year. Cavium: Our MWC conversations with senior management suggests that Cavium's Fusion chip shipments (likely a $20-30 part) into 3G and 4G small cells rollouts is still in early stage at the present - likely a 21114+ revenue

ound 14 telcos for the initial phase of 3G/4G small cells rollouts -followed by +15 carriers in the subsequent phases. While we are constructive on Cavium's CY15+ rev growth opportunities for the new chips - Octeon3, Fusion, Neuron, etc - we remain with our neutral near-term view and our Hold-rating o

Vivek Arya ON Semiconductor ON ON US Vivek Arya Skyworks Solutions, Inc. SWKS SWKS US Vivek Arya Texas Instruments Inc. TXN TXN US Vivek Arya NEUTRAL Cavium CAVM CAVM US Vivek Arya M/A-Com MTSI MTSI US Vivek Arya Maxim Integrated Products Inc. MXIM MXIM US Vivek Arya UNDERPERFORM Marvell Technology Group

and mostly an out quarter growth story opportunity for management to share with investors, at the present. In summary, while we are constructive on Cavium's CY15+ rev growth opportunities for the new chips - Octeon3, Fusion, Neuron, etc - we remain with our neutral near-term view and our Hold-rating o