August, 2013

Safe harbor statement

• Statements contained in this presentation, other than historical facts, are forward-looking statements pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements necessarily involve risks and uncertainties that could cause actual results to differ materially from those stated by management.

• These risks and uncertainties are described in more detail in Anaren’s Annual Report and in Anaren’s Form 10-K and 10-Q Reports and exhibits to those reports filed with the Securities and Exchange Commission.

• Non-GAAP Financial Measures: In addition to presenting financial results calculated in accordance with GAAP, Anaren's earnings release contains non-GAAP financial measures including: non-GAAP gross profit, non-GAAP operating income, non-GAAP net income and non-GAAP net income per diluted share. These non-GAAP measures are each adjusted from GAAP results to exclude certain non-cash items including equity based compensation and acquisition related inventory step-up and intangible amortization.

The Company believes these non-GAAP financial measures provide useful information to both management and investors to help understand and compare business trends among reporting periods on a consistent basis. Additionally, these non-GAAP financial measurements are one of the primary indicators management uses for planning and forecasting in future periods. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with accounting principles generally accepted in the United States.

Anaren, Inc.

Anaren, MSKSyracuse, NY43,000 sq. ft. (owned)

• Founded in 1967

• Provider of integrated microwave technology to wireless, space & defense

• $158.4 million annual net sales

• 68% S&D -- 32% Wireless

• Approx 880 employees

• 5 global mfg locations

• 5 global sales offices

Anaren CommunicationsSuzhou, China76,000 sq. ft. (leased)

Anaren Ceramics, Inc.Salem, NH65,000 sq. ft. (leased)

Anaren, Unicircuit Littleton, Col.45,000 sq. ft. (owned)

Anaren Microwave/Anaren, Inc. (HQ)Syracuse, NY 160,000 sq. ft. (owned)

Our threefold technology edge

Engineering strength (153)• 59 microwave/RF• 99 system level (process,

mech., chem., system, etc.) • Robust design, model, test

Advanced microwave mfg• Industry-leading performance

- size, power, cost• Supports all air interfaces• DC to >20GHz

Broad market applicability• Space & defense electronics • Wireless infrastructure• Wireless subscriber• Medical, other

Multi-layer stripline> high-frequency> high-power> high-density

Thick-film & LTCC> miniature> high-precision circuits> highly integrated> proprietary plating & etching

High density electronic assembly> ball-grid array> analog/RF hybrids> precision RF interconnects

Microwave manufacturing technologies

0

20

40

60

80

100

120

140

160

180

200

1996 2013

Investment highlights

• Serving the wireless, space & defense markets

• World-class customer base

• Innovative products and manufacturing technologies

• Excellent growth potential

• Strong revenue & earnings track record

Net sales (millions)

Compound annual growth rate: 14.0%

17.1

158.4

Wireless(32%)

S&D(68%)

S&D Group: Where our technology applies

> Design-to-spec complex components & subsystems> ASPs are $100K> Annuity programs -- sole source supplier

S&D Group: Diversity

Lockheed Martin

21%

Raytheon

22% ITT

3%

Northrup Grumman

13%

Hamilton

4%

Thales

4%

Rockwell

3%

Boeing

2%

Wellking

4%Other

24%

Space/satellite, 16

EW, 34

Missiles, 9Avionics/Aviation, 7

Radar, 22

Other, 25

Sales, by application ($/mil) Sales, by customer

Anaren S&DSyracuse, NY

S&DUnit

S&D Group: Structure & technology portfolio

• Team of approx 588 -- engineers, mgrs, biz. dev., mfg.

• Diverse customer base –numerous platforms & programs

• Diverse product portfolio

• Receiver/jammer subsystems

• RF networks

• RF components

• hi-rel & RADhard custom hybrids

• power mgt devices

• control components

MS KennedySyracuse, NY

UnicircuitLittleton, CO

• Complex RFcircuit boards &manifolds

S&D Group: New synergistic opportunities

Before acquisitions After acquisitions

Control / signal

processing

RFmanifold

Active array

T/Rmodule

Control / signal

processing

RFmanifold

Active array

T/Rmodule

Anaren Ceramics content

MSK content

Unicircuit content

Anaren Microwave content

S&D Group: Revenue

0

10

20

30

40

50

60

70

80

90

100

110

120

'09 '10 '11 '12 '13

Net Sales (millions)

98.3 113.2 94.8

IED-related sales

Backlog (millions)

113.1 107.6

Net sales ($ mil’s) & operating margins (%)

Defense

Space

Space growth (%) & backlog ($ mil’s)

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

'10 '11 '12 '13

15

10

5

0

20

89.6 90.6

105.4

96.3

13.7

15.6

11.8

9.7

13.3

Non-GAAP operating margin

75

50

25

0

100

S&D Group: Program participation

Program revenues($, millions)

FY’13 rev FY’14 rev(projected)

AN / ALQ - 210 12.5 13.6

TPQ - 53 8.8 9.9

TPY – 2 9.6 6.0

Iridium Next 3.4 2.9

Phalanx (CIWS) 2.4 5.4

Classified (non-sat) 3.4 2.4

SONATA 1.9 1.4

Classified (sat) 2.5 4.0

AEHF 3.9 3.4

ALQ-187 0.3 4.8

Rain Pac (supportsE-2D Advance Hawkeye)

1.5 1.5

Total 50.2 55.3

AN/ALQ - 210

TPQ - 53TPY - 2

Phalanx

Advanced EHF Iridium

F-16 AMDR

Opportunities

S&D Group: Customers

Wireless Group: Where our technology applies

> Standard components targeted to consumer & infrastructure applications> ASPs are $.05-10

Wireless Group: Revenue

0

15

30

45

60

75

Growth of net sales (millions)

52.655.668.6 66

Custom

12.614 15

10

5

0

20

25

21

’09 ’10 ’11 ’12 ‘13

12.6

� Increasing content per base station:- each base station = 1-24 transceivers (12 / typical)- 4G = 2-3x $ content over previous generations

� Strong pipeline of new products

16.4

50.8

Standard

Non-GAAP operating margin

� Strategic exit from custom has boosted profitability

Wireless Group: Customers

Infrastructure customerConsumer wireless customer

Wireless Group: AIR / Anaren Integrated Radio

Vertical mkts & apps• Sensors• Remote control• HVAC/R• Lighting• M2M• Home automation• Medical • Many others

Technology overview• Short-range radios for

“Internet of Things”• Developed with Texas

Instruments low-power RF• Choice of protocols

(proprietary, ZigBee, Bluetooth SMART, etc.)

• Large/diverse market ($1B)

0

100

200

300

400

500

600

700

FY'13 - Q1 FY'13 - Q2 FY'13 - Q3 FY'13 - Q4 FY'14 - Q1projected

AIR modules have yielded Anaren Controls Solutions• Customers demand for RF firmware & software assist• LED arena lighting is first vertical (Ephesus Lighting)• Other verticals to follow

Quarterly module revenue ($/thousands)

• Innovation: high-frequency technology leadership- aggressive R&D- new addressable markets & applications

• Strategic acquisitions

• Operational excellence- cost & service leader

• Global diversity

Strategy: Grow & diversify

Geographic sales ($millions)

R&D (% of net sales)

66%

24%10%

U.S.

Asia/Pacific

Europe

7.1

7.9 7.8

8.89.4

98.6

0

1

2

3

4

5

6

7

8

9

10

2007 2008 2009 2010 2011 2012 2013

Revenue($ In millions)

Operating Income (non-GAAP)*

0

10

20

30

40

50

60

70

80

90

100

110

120

130

140

150

160

170

180

’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13

Wireless

$94.5

$105.5

’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ‘13

8.6%

14.5%

Financial performance

Space & defense

$12915.9%

$131.3

9.8%

$167

12.8%

* From continuing operations excluding non-cash, equity-based compensation, acquisition related inventory step up, and intangible amortization.

$168.9

14.1%

$179.2

14.8%

$147.3

10.4%

$158.4

14.4%

0

6

12

18

Financial model

* Percentages stated exclude stock-based compensation, acquisition inventorystep-up, and intangible asset amortization expense.

(% of Net Sales2009*(actual)

2010*(actual)

2011*(actual)

2012*(actual)

2013* (actual)

2013*(model)

Gross Profit 34.6% 37.4% 38.4% 35.6% 37.8% 37-39%

Operating Expense(Includes Restructuring)

14.5 14.8 14.6 16.4 15.1 14–15

R&D 7.4 8.4 9.0 8.7 8.3 7.5-8.5

Operating Margin 12.8 14.1 14.8 10.4 14.4 14-17

Net Income 8.8 10.0 11.0 8.0 11.4 10-12

Stock-based Compensation, Acquisition Inventory Set-up & Intangible Asset Amortization Expense

4.3 3.0 2.9 3.4 3.0 3.0

Strong Balance Sheet

Positive Operating Cash Flow & Stock Repurchase Program (Repurchased >40% of Basic Shares Outstanding)

Operating Cash Flow (millions)

Basic Shares Outstanding

Balance sheet data & cash flow

June 30, 2013(in thousands)

Actual(unaudited)

Cash and Short-termInvestments

$50,996

Non-currentInvestments

2,582

Total $53,578

Long-term Debt 0

Days SalesOutstanding

70 days

Inventory turns 3.0x17.1 12.2 15.2 8.4 16.7 21.8 12.0 28.4 28.1 24.9 20.6 26.3

22.5 21.920.6

15.5

17.516.4

14.2 13.9 13.8 1413.2 12.6

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

'02 '03 '04 '05 0'6 '07 '08 '09 '10 '11 '12 '13

Investment highlights

• Serving the wireless, space & defense markets

• World-class customer base

• Innovative products and manufacturing technologies

• Excellent growth potential

• Strong revenue & earnings track record

0

20

40

60

80

100

120

140

160

180

200

1996 2013

Net sales (millions)

Compound annual growth rate: 14.0%

17.1

158.4

Wireless(32%)

S&D(68%)

Thank you for your time!