1. Ceragon Networks Ltd. (CRNT) Akhil Kolluri & Mihir Srivastava TJ Investment Club 4/8/2011

2. Background Networking company that provides wireless solutions to service providers Customer base of 150 service providers 100 countries Headquartered in Tel Aviv, Israel Founded in 1996

3. What They Do Wireless backhaul solutions Voice and premium data services FibeAir® product line Decrease capacity bottleneck Next generation IP networks

4. FibeAir Click to add content

5. Video

6. Solutions Rural broadband WiMAX backhaul Government/Public safety Enterprise/Private networks Next-gen networks (e.g., 4G) LTE-Ready mobile backhaul Mobile Architecture for Service Transport (MAST™)

7. US Presence New Evolution IP-10 CLH system o Optimized for North America North American Management Team Office in NJ

8. SRI Ceragon's Quality Policy Ceragreen - certificate of environmental protection New FibeAir products are zero footprint

9. Competition DragonWave (DRWI) o Not as large o Limited distribution o Less diverse customers

10. Numbers Current Price: 11.59 52 week: 6.88 - 14.34 Mkt cap: 387.53M P/E: 30.14 EPS: 0.38 Beta: 1.38 As of 2:30 PM April 6, 2011

11. Graphs

13. The "Bad" Stuff Cut 200 jobs o to acquire Nera Networks Low margins High P/E

14. Recommendation Buy Market: $11.54 Sell: $15.50

15. Reasons to Buy 5 star CAPS rating Recently released Evolution IP-10 CLH system Networking industry expanding New technology Q1 earnings release May 16 Given moderate buy, buy, or strong buy ratings

16. Reasons to Buy Compound annual growth rate (CAGR) 23.3% over last four years despite volatility Emerging markets o No ceiling for growth o Asia/Pacific  India Acquisition of Nera o Short-wave o Long-term benefits Customers in developed AND emerging nations

17. Analyst Ratings Outperform rating o Oppenheimer Overweight rating o Barclays Capital o Brean Murray Given "Buy" or "Strong Buy" by many

18. Citations http://www.google.com/finance?q=NASDAQ:CRNT http://www.ceragon.com/na/default.asp http://en.wikipedia.org/wiki/Ceragon http://caps.fool.com/Ticker/CRNT.aspx http://www.ceragon.com/ http://www.americanbankingnews.com/2011/04/06/ceragon-networks-ltd-crnt-given- outperform-rating-by-oppenheimer-opy-analysts/ http://finance.yahoo.com/q/ao?s=CRNT+Analyst+Opinion http://www.ceragon.com/news_item.asp?ID=245 http://www.fool.com/investing/small-cap/2010/12/03/time-to-sell-ceragon-networks.aspx http://seekingalpha.com/article/258502-ceragon-networks-a-telecom-diamond-in-the- rough?source=TheMotleyFool http://www.selcoms.com/products/images/ceragon/Carrier%20Ethernet%20Systems/FibeAir- IP10.png http://finance.yahoo.com/news/Ceragon-Networks-cutting-apf-4173917631.html?x=0&.v=1