Airvana Inc.

Chelmsford, Mass. • 978-250-3000 • www.airvananet.com

Ticker and Exchange: AIRV: Nasdaq

Filing Range: 8.3M shares @ $8.00 to $10.00

Offering Price: $7.00

Close on First Day: $7.17

Offering Size: $58.10M

Shares Outstanding: 63,369,555

Underwriter: Morgan Stanley

Co-manager: Lehman Brothers/ Deutsche Bank Securities Corp./ UBS Investment Bank

Company Counsel: Wilmer Cutler Pickering Hale & Dorr

Manager Counsel: Ropes & Gray

Auditor: Ernst & Young LLP

Market Capitalization on 7/31/07: $443.5M

Close on 7/31/07: $7.00

COMPANY DESCRIPTION

Provides network infrastructure products used by wireless carriers to provide mobile broadband services. The company provides broadband CDMA network infrastructure systems based on third generation CDMA2000 1xEV-DO wireless packet data technology. Their software and hardware products, which are based on Internet Protocol technology, enable wireless networks to deliver broadband-quality multimedia services to mobile phones, laptop computers and other mobile devices. These services include Internet access, e-mail, music downloads, video, IP-TV, gaming, push-to-talk and VoIP. Competitors include Alcatel-Lucent, Hitachi, Huawei, LG-Nortel,Samsung.

VENTURE BACKERS

Matrix Partners and Qualcomm Ventures.

Source: Thomson Financial