ys visibility remains low (trading -1.7%) • Akzo Nobel to divest decorative paint stores in Germany to independent distributors (trading -1.7%) • Alcatel Lucent: reverse book-build for existing OCEANE bonds (Citi, DB, Calyon running the deal) • Merrill's contrarian "breadth" rule triggers buy signal for glo

el Moloney c,th ogle Former President of Motorota Mobility John Sweinson Former President of Dell Software Hubert de Pesquidoux Former CFO of Alcatel Lucent ascatei.Lucent 6 Bethany Mayer (Senior Advisor) Former CEO of ixia ixia Alfred Zoller 1274 Former GM of IBM Tivoli Software Michael Seedman

iel Moloney c,th ogle Former President of Motorma Mobility John Sweinson Former President of Dell Software Hubert de Pesquidoux Former CFO of Alcatel Lucent ascatei.Lucent 6 Bethany Mayer (Senior Advisor) Former CEO of Ixia ixia Alfred Zoller 1274 Former GM of IBM Tivoli Software Michael Seedman

el Moloney C:o; ogle Former President of Motorota Mobility John Sweinson Former President of Dell Software Hubert de Pesquidoux Former CFO of Alcatel Lucent aacatei.Lucent 6 Bethany Mayer (Senior Advisor) Former CEO of Ixia ixia Alfred Zoller 1274 Former GM of IBM Tivoli Software Michael Seedman

nce differentiated VoLTE, IMS control plane, and RCS solutions versus alternatives from the Tier-1 vendors - e.g. Nokia Solutions Networks, Huawei, Alcatel Lucent, etc. We remain with our positive outlook and our Buy rating on Mavenir - noting Voice over LTE, RCS, and SBC as among the key product cycle driver

FY14+, in our Quarter Preview - published alongside this MWC note. Our MWC conversations with Ciena's CT0 gave us insight on management's view on Alcatel Lucent selected recently as the second source supplier at Verizon, on 100G and 0TN switching upgrade opportunities this calendar year, etc. We get the rea