Welcome to 2017 Analyst Day

September 21, 2017 2 Safe Harbor for Forward-Looking Statements

This presentation contains forward-looking statements regarding our financial prospects, including financial guidance for 3Q-2017, markets, demand for our products, and product development, among other things. Such forward-looking statements are based on current expectations, estimates and projections about the Company’s industry and management’s beliefs and assumptions. These statements are subject to risks and uncertainties which are more fully described in the documents that we file with the SEC, including our 10-Ks, 10-Qs and 8-Ks, and these statements may differ materially from our actual results.

This presentation contains non-GAAP financial measures such as non-GAAP operating Income, margin and EPS, and Adjusted EBITDA and EBITDA margins. We believe the presentation of these non-GAAP measures provide management and investors with meaningful information to understand and analyze our financial performance. Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures can be found in the Appendix to the presentation. However, this presentation should not be considered in isolation or as a substitute for the comparable GAAP measurements, when available.

3 Video

4

Welcome

8:30 - 9:15 Check-in & Breakfast 9:15 - 9:45 Company Overview and Update - Data.Faster.Safer… 9:45 -10:00 Emerging Solutions - Data.Smarter… 10:00 - 10:30 Data Center Update - Data.Faster… 10:30 - 10:45 Break 10:45 - 11:15 Mobile Edge Update - Data.Safer… 11:15 - 11:40 Financial Overview 11:40 - 12:00 Q&A with Exec Team 12:00 - 1:00 Lunch

6 From IP to High-Value Hosted Services

Infrastructure Software & Chips & SaaS Products Hosted Services IP Cores

Architecture Licenses

Patent Licenses

Expanding beyond Semiconductor IP

7 Serving Two Key High-Growth Markets

Architecture Cores Chips License+

DataCenter DDRx PHYs Buffers SerDes PHYs Networking

Architecture Secure Provisioning License+ Smart Cores Mobile Payments

Smart Transport

MobileEdge IoT Device Management

Historic Business Near-term Growth

8 From Chip to Cloud to Crowd Making data faster, safer and smarter

9 The Data Center

Cores SerDes PHYs Move data from chip to chip Memory PHYs Move data between chips and memory

Chips Server DIMM Chipsets Enables more capacity at high performance

10 The Mobile Edge Data・Safer Embedded Security Secure Cores Embedded device protection CryptoManager Platform Secure provisioning and key management Secure Services CryptoManager Trusted Services Device security management Secure Software Mobile Payments Secure payments and trusted transactions Smart Ticketing Simplified travel with mobile ticketing 11 Mobile Edge

Data Center

12 The Past 12 Months … End Q3 Q4 Q1 Q2 End Q3

Product • Accelerating growth • Buffer Chip and high- • HBM2 PHY Solution • Launched turn-key, • Functional silicon through acquisitions speed SerDes CryptoManager™ IoT targeted at DDR5 buffer Programs enhanced • Launched Unified Device Management chips • Recasting business Payment Platform (UPP) service, demoed model to ship • Secure provisioning for with Qualcomm and • Demonstrated IDM products (semi Payments and Smart • 56G SerDes PHY with STMicroelectronics security service on micro- hardware to Ticketing (launched Samsung leading cloud platform SaaS software) with HCE Ticketing) • Key partnerships with supporting IP CyberTrust, Synopsys, innovation Google and Interac

Licensing • Nvidia licensed DPA • Licensing beyond Countermeasures DRAM – WD for Flash

• Xilinx licenses memory, SerDes, and security tech

Revenue • 27% YoY growth • 34% YoY growth • 24% YoY growth

13 The Next 12 Months…

Growth metrics. Leading indicators. Focus on… • Maintain leadership in IP Cores • Licensing and renewals • Buffer chips – revenue growth and • Product execution and introductions leadership in DDR5 • SaaS services (tokenization, IoT • Pilots and commercial sales for Payment security,…) and Ticketing • Continued cost management and cash • Adoption of CryptoManager IoT device generation management

14 What’s Next…

• Emerging Solutions . Bridging to product through research . Advanced memory for the future of data center • The Data Center . Historic perspective and next-gen opportunity . Cores and chips • The Mobile Edge . In-field services for IoT and commerce . Foundational security for trusted transactions • Financial Overview . Status and expectations . Investment thesis

15 Emerging Solutions

Laura Stark General Manager, Emerging Solutions Division

16 Emerging Solutions Data・Smarter

Emerging Solutions Innovating future solutions

17 Worldwide Patent Portfolio in Strategic Areas

1500+ patents & apps 500+ patents & apps 130+ patents & apps related to: related related to: related to: • DRAM, NAND Flash, and • Serial link architectures • DPA/side-channel attack RRAM memory system and circuits countermeasures architectures and circuits • SerDes Interfaces • Anti-counterfeiting and • Memory interfaces including PCIe, 10GbE, anti-piracy technology including DDR2/ SATA, USB, etc. • Key protection and secure DDR3/DDR4 software loading for SoCs and FPGAs

18 Relevance with Industry Leaders

Source: Innography (Aug-2017) 19 Challenges Facing the Industry…

Limits of DRAM scaling Big Data Analytics Low CPU Utilization

10 The end of traditional scaling 0.35um

0.25um

0.18um 0.13um 90nm 65nm 45nm

1 Gate Oxide (nm)Gate ThicknessOxide 1990 1995 2000 2005

Cost per bit of DRAM Massive and growing Number of CPU cores no longer scaling data sets are straining scaling faster than with process data center architecture memory can support

These challenges are opportunities for the types of innovation that Rambus excels at 20 New Memory Architectures for Future Data Center

• Exploring alternatives to accelerate the delivery and computation of Processing data CPU

• Utilizing our acceleration platform DRAM Memory to develop new advanced memory systems SCM

• Integrating DRAM and Storage New Alternatives? Class Memory SSD

Storage HDD

21 Driving the Next Big Changes in Memory

High-speed Interfaces • DIMM Extension • GenZ • OpenCAPI

Module Buffer Architectures • RDIMM • LRDIMM • NVDIMM • Hybrid DIMM

Memory Architectures • DRAM • Flash • RRAM • MRAM • PCM 22 Exploring avenues to surpass the slowing of Moore's Law and meet the needs of next-generation data centers through cryogenic research 23 Reestablishing DRAM Scaling - Cryogenic Technology

Exploring avenues to overcome the slowing of Moore’s Law for future- generation data centers • Focused on cryogenic temperature to enable new memory solutions . Lower operating temperature allows lower operating voltages with improved energy efficiency and cost of ownership (COO) for memory systems . Optimized architectures are required to reap these benefits for cryogenic and quantum computers

24 Expanding to Prototypes

Cryogenic Research Partner

DRAM FAB Partner Partner

Development Modeling

25 Data Center

Luc Seraphin General Manager, Memory & Interfaces Division

26 The Data Center Data・Faster Cores SerDes PHYs Move data from chip to chip Memory PHYs Move data between chips and memory

Chips Server DIMM Chipsets Enables more capacity at high performance

27 Building Momentum

Rambus Introduces High Bandwidth Memory PHY on GLOBALFOUNDRIES FX-14™ ASIC Platform using 14nm LPP Process Technology

Rambus Partners with Samsung to Develop 56G SerDes PHY on 10nm LPP Process

Rambus, PLDA and Avery Design Announce Comprehensive PCIe 4.0 Solution

Rambus Launches JEDEC-Standard DDR4 NVRCD for Emerging NVDIMM Applications

GLOBALFOUNDRIES Demonstrates 2.5D High-Bandwidth Memory Solution for Data Center, Networking, and Cloud Applications

28 Real-time Applications Demand More Memory High-bandwidth memory capacity is critical for real-time applications

Financial Health & Life Telecom Business Services Sciences & Cloud Intelligence

Faster Solve complex More customer Better insights transactions and problems with transactions and more more accurate better, faster opportunities assessments results

29 Exponential Data Growth Mandates Increased Speed Exponential data growth is driving High-speed interconnects are key to performance requirements and new data center performance and growth architectures IoT Devices Streaming Video Size of Global Data Creation Cloud Services 180

160

140 Data 120 Center 100

80

Zetabytes Servers Storage 60 Big Data

40

20

0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Wireless Networks Social Media Source: IDC's Data Age 2025 Study Data Created eCommerce

30 The Data Center Data・Faster Cores SerDes PHYs Move data from chip to chip Memory PHYs Move data between chips and memory

Chips Server DIMM Chipsets Enables more capacity at high performance

31 Rambus High-speed IP Ecosystem

License IP Sell ASIC

ASIC House/ SOC Integrators

Design/ Networking Technology Validate IP

Data Center Foundry

Communications

Direct License IP

32 High-speed Interface IP: The Data Center’s Backbone

Largest data centers require millions of high-speed memory and SerDes cores Typical server • Large Data Centers exceed 100,000 line card servers • More than a dozen high-speed interfaces required per server

Exponential growth • Total data center market expected to double in size between 2015 and 2020* • Data center cloud usage 30% expected CAGR through 2020*

*http://www.cisco.com/c/dam/en/us/solutions/collateral/service-provider/global-cloud-index-gci/white-paper-c11-738085.pdf

33 SoC Cost and Complexity on the Rise Rising design cost and complexity promotes using proven, high performance margin IP solutions

SOC IP Cores and IP Integration Cost Trend In-house design cost increasing • Approaching ~200 IP blocks per SoC 250 250 • Over $160M in design implementation costs 200 200 IP Integration Integration Costs in $M • $10M+ potential revenue loss if late to market 150 150 due to re-spin Low risk solutions ➡ Reduce time-to-market 100 100 • Validated, tested, and silicon proven 50 50 IP Cores perSoC IP Cores • Qualified with industry Fab partners 0 0 • Robust and high-margin solutions More than a PHY vendor Cores • History of industry leading memory solutions Costs • Integrated customer IP Source: SEMICO Research IP Integration cost based on node, not date • System and packaging design capabilities

34 Rambus High-Speed SerDes PHY Solutions

Integrated tools for easy bring-up and Complete Solutions: SerDes PMA+ PCS, MAC (Partners) characterization 16G 28G 56G 112G 28nm & 14nm 14nm & 7nm* 10nm 7nm

• PCIe 4/3/2 • CEI- • CEI-56G MR • 112G Single • CEI 11/6 28/25/11/6 • CEI-56G LR Lane • XFI/XAUI • 100/50/25Gb • CEI-28/25/11 • CEI-56G MR • SATA E • 400GbE • CEI-56G LR • SAS • 10G-KR • PAM-4/NRZ • CEI-28/25 • FC28 • PAM-4/8 Validated solutions with partners • XFI/XAUI LeadLEAD CustomersCUSTOMERS IN DEVELOPMENT

*In Development 35 Rambus Memory PHY Solutions

Integrated tools for easy bring-up and Memory PHY Solutions for Networking and Data Center characterization

DDR4/3 HBM2 HBM3 DDR5 28nm & 14nm 14nm & 7nm* 7nm 7nm

• 3200Mbps • 2000Mbps • Expected • Expected • x16 – • 1024-bit 4000Mbps 4800 – LabStation Platform On-chip Noise Monitor x72-bits • 2.5D design • Complex 6400Mbps • 1-4 Ranks architecture design • DFI 4.0 architectures Validated solutions with partners

Lead CustomersIN IN DEVELOPMENT DEVELOPMENT

*In Development 36 The Data Center Data・Faster Cores SerDes PHYs Move data between chips and memory Memory PHYs Move data chip and memory

Chips Server DIMM Chipsets Enables more capacity at high performance

37 Server DIMM Chipset Ecosystem

Chip/DIMM Validation Chip Validation List

DIMM Validation

RDIMMs & LRDIMMs Server DIMM Chipset Data Center

DRAM/Module Mfrs

Enterprise

Support Services

38 Extend and Expand Current Technology’s Range Memory Hierarchy • Server DIMM chipsets continue to expand the potential capacity and performance of DRAM Processing Size: 1x CPU Latency: 1x • Rambus is also continuously exploring DRAM Size: 10x alternatives to accelerate the delivery and NVDIMM Latency: 100x computation of data to close the latency Memory SCM Size: 100x gap between SCM and storage. Latency: 1,000x

SSD Size: 100x Latency: 100,000x Storage HDD Size: 10,000x Latency: 10,000,000x

39 Boost Memory Capacity at Peak Bandwidth Server DIMM Chipsets enable Registered DIMM (RDIMM) - RCD

DRAM DRAM DRAM DRAM DRAM DRAM DRAM DRAM DRAM increased capacity at peak DRAM RCD performance

Data

Clock Command/ Address Load Reduced DIMM (LRDIMM) – RCD + DB

DRAM DRAM DRAM DRAM DRAM DRAM DRAM DRAM DRAM RCD

DB DB DB DB DB DB DB DB DB

Data

Clock Command/ Address Load Reduced NVDIMM (LRDIMM) – NVRCD

NVDIMM Persistent Controller Memory NVRCD

DRAM DRAM DRAM DRAM DRAM DRAM DRAM DRAM DRAM

Persistent 12V Power Rail Clock Command/ Address 40 Rambus Server DIMM Chipset Solutions

Server DIMM Chipsets: Delivering performance and Smart tools for easy integration capacity and reduced time to market

DDR3 DDR4 DDR4 DDR5 DB & RCD DB & RCD NVRCD DB & RCD

• JEDEC • JEDEC • JEDEC • Consistent compliant compliant compliant with JEDEC LabStation Platform Buffer Bios Integration Tool • Speeds up • Speeds up • Speeds up direction to 2133 to 3200 to 3200 • Multiple • Multiple • Ongoing OEM OEM qualifications qualification qualification Validated solutions with partners s s Lead CustomersAVAILABLE IN IN AVAILABLE IN AVAILABLE IN PRODUCTION DEVELOPMENT PRODUCTION PRODUCTION

41 Introducing DDR5 Server DIMM Chips

Rambus Announces Industry’s First Functional Silicon of Server DIMM Buffer Chipset Targeted for Next-generation DDR5 Memory Technology

Provides data center architects early path to next- generation memory speeds

SUNNYVALE, Calif. – Sept. 20, 2017 – Rambus Inc. (NASDAQ: RMBS) today announced functional silicon of a double data rate (DDR) server DIMM (dual inline memory module) buffer chip prototype for the next generation DDR5 memory technology. This represents a key milestone for Rambus and the industry’s first silicon-proven memory buffer chip prototype capable of achieving the speeds required for the upcoming DDR5 standard.

42 Growing Opportunity in Data Center

$M 1,400

1,200

1,000

800

600

400

200

0 2016 Rev 2016 SAM 2018 SAM 2021 SAM Revenue Architecture Licensing and Cores Chips

Source: IHS, Gartner, Semico Research, and Rambus estimates 43 Break Mobile Edge

Dr. Martin Scott General Manager, Security Division

45 The Mobile Edge Data・Safer Embedded Security Secure Cores Embedded device protection CryptoManager Platform Secure provisioning and key management Secure Services CryptoManager Trusted Services Device security management Secure Software Mobile Payments Secure payments and trusted transactions Smart Ticketing Simplified travel with mobile ticketing 46 Security from Chip to Cloud to Crowd

Security Management

Trust by Design Secure Assets Device Applications & Customer Data & & Clusters Configurations & Services Intelligence Customer Demands Manufacturing In-field

Over 9 CryptoManager Over 1.5 100s of billions of Recently announced billion Cores and billion chips payment and CryptoManager IoT chips/year Infrastructure configured ticketing transactions Device Management with DPA with Qualcomm since 2016 secured Service license and others

Moving Data Faster & More Securely

47 The Mobile Edge Data・Safer Embedded Security Secure Cores Embedded device protection CryptoManager Platform Secure provisioning and key management Secure Services CryptoManager Trusted Services Device security management Secure Software Mobile Payments Secure payments and trusted transactions Smart Ticketing Simplified travel with mobile ticketing 48 CryptoManager Platform Ecosystem

Connected Devices Sell hosted service Service Provider

Platform as a Service (PaaS) Provider IoT Security Service CryptoManager Platform

OEM License software + sell appliances

CM SDK and Infra

License cores + sell appliances

CM Core and Infra Chip Maker

49 Expanding the CryptoManager Platform Ecosystem

Rambus to Demonstrate IoT Security Technology in Qualcomm Booth at CES

Demonstration showcases ability to minimize DDoS attacks through secure connectivity, monitoring and provisioning of IoT endpoints Rambus to Demonstrate CryptoManager IoT Device Management with STMicroelectronics

Joint demonstration at IoT World showcases secure IoT device connectivity, monitoring and provisioning Rambus and Synopsys Collaborate to Deliver Provisioning Services for Hardware Secure Modules

Solution enables secure, remote lifecycle management for automotive, IoT and mobile Rambus and Cybertrust Partner to Secure applications Connected Devices

Cybertrust selects Rambus CryptoManager™ Infrastructure for secure device management and software updates

50 IoT Security

51 Simple, Secure, IoT Device Management

Secure Security Lifecycle Service High Connectivity Management Availability

• End-to-end Secure • Key Management and • Application Level DDoS Connectivity Disaster Recovery Protection • Device Identification and • Device Decommission and • Anomaly Detection and Mutual Authentication Re-assignment Quarantine • Access Control • Device Attestation

52 Device Security Management 53 The Mobile Edge Data・Safer Embedded Security Secure Cores Embedded device protection CryptoManager Platform Secure provisioning and key management Secure Services CryptoManager Trusted Services Device security management Secure Software Mobile Payments Secure payments and trusted transactions Smart Ticketing Simplified travel with mobile ticketing 54 Mobile Payments Ecosystem

License software and apps

Merchant UPP Software Acquirers Retailers & App

License software and apps

UPP Software & App License software and implementation services OEM Pay

HCE & Tokenization Issuing Mobile Software Banks Wallet

Card Schemes

55 Unified Payment Platform 56 Scan and Go with In-aisle Check Out New Account In-Aisle Purchase In-store Advertising Mobile Check Out Complete Shopping

• Create account • Chose an item, photo/ • Receive in-store coupons and • Check out on mobile • Print or show mobile with retailer scan to add to virtual cart recommendations based on device and skip the lines receipt • Load CC info • Place item in cart or cart items or geo-beacons • Automatically accrue • Collect items collect on check-out • Order-ahead goods or loyalty points • Go home happy Consumer services

• Enable account- • Gather customer • Increase upsell and cross- • Reduce CC transaction fess • Better user experience based retail purchasing data, sell opportunities with integrated retail CC drives customer loyalty and • Create integrated shopping trends payments brand equity online-to-in store • Reduce staff requirements experience for check-out lines Retailer • Free up more in-store sq. footage for product

57 Mobile Ticketing Smart Ticketing Ecosystem

Sell hosted service + license app

Mobile Ticket Wallet Service + App

Sell hosted service + Ticket Delivery Service Ticket Operator Retail

License software + sell hosted service +

Ticket Management Local Software and Services Government

59 Going Ticketless with Frictionless Travel New Account Ticketless Travel In-transit Services Easy Payment Travel Assistance

• Create account • Go to train & get on – no • Receive location-based • Get off train and go – fare • Auto-updated with travel • Add CC info ticket required coupons automatically debited times of frequently-traveled • Receive updated • Pay In-app • Lowest fare automatically routes schedules automatically selected • Receive loyalty/frequent Consumer rider discounts

Use Coupon

• Enable account- • Enable mobile GPS, tap • Increase revenue from • Optimize routes and • Better user experience based ticketing on/off or geo beacons ancillary services dispatch fleet based on drives customer loyalty and to capture track fare traveler traffic frequency of travel metadata for • Reduce/eliminate ticketing Operator every user machines and monetize new rental space

60 Getting Smarter with Data

• Create a centralized database of customer trends and travel patterns

• Improve cost-effectiveness and operational efficiency with real- world travel data analysis

• Enable operators to optimize services, fee structures and promotions using detailed travel data

61

Protecting Digital Value with Tokens Tokenization enhances confidentiality and privacy of data by replacing important credentials with a dynamic value unique to each use

Use Cases: 298471834109872309 • Mobile payments 027846592026509283692 • Ticketing 92459657983420205872364 • E-commerce 245002834098761982370 • Medical records 734271249590712340 • Connected device IDs

63 Growing Opportunity in Mobile Edge

$M 3,000

2,500

2,000 RSD Revenue Smart Ticketing 1,500 Mobile Payment Architecture Licensing and Cores 1,000 Provisioning IoT

500

0 2016 Rev 2016 SAM 2018 SAM 2021 SAM

Source: ABI Research, Gartner, IHS, The Linley Group, MarketsMarch, Markets and Markets, Office of Rail and Road, Strategy Analytics, and Rambus estimates 64 Financial Outlook

Rahul Mathur Chief Financial Officer

65 Key Themes from Today

• High margin, predictable licensing and cores businesses • Delivered on expectations while improving business fundamentals • Compelling growth drivers in Data Center and Mobile Edge markets • Continued and increased collaboration with the industries we serve • Advancing leadership position in relevant IP and products, leveraging our core competencies

66 3Q17 Guidance Update

3Q17 Guidance • Revenue guidance indicates performance July 2017 Today across legacy and acquired businesses Revenue $96 – $102M $97 – $101M • Continued investment in R&D – larger Pro forma operating costs $71 – $67M $71 – $67M and expenses (1) revenue base provides scale, efficiencies

Pro forma operating $25 – $35M $26 – $34M income (1) • Maintain expense controls with focus on profit and cash generation EPS (1) $0.14 – $0.20 $0.15 – $0.19

(1) Assumes a non-GAAP adjustment to interest income and other income • 4Q17 tracking in line with previous and expense of $1M, tax rate of 35% and share count of 113M. Excludes stock-based compensation expense ($7.5M), amortization expense ($11M), and non-cash interest expense on convertible notes ($1.7M). Please refer to expectations reconciliations of non-GAAP financial measures included below, in our earnings release and on our investor website.

67 Growing Revenue Base Large portion of our revenue is fixed & predictable

97 - 101 97.6 97.4 100 94.7 • Q2’17 revenue up 24% Y/Y 89.9 3.6 5.7 4.0 4.2 76.5 23.2 80 23.2 23.4 • Q2’17 down 3% from Q1’17, 5.6 22.5 better than typical seasonality of 60 16.4 down 5%

40 • Q1’17 flat from Q4’16, better 68.7 70.6 63.1 67.4 than typical seasonality of down 54.5 20 2%

0 • Q3’17 Guidance reflective of Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17G growth initiatives MID RSD RLD

Revenue ($M); Q4’16 includes revenue contribution from acquisitions that closed midway through Q3’16 Certain amounts may be off $0.1M due to rounding. Q3’17G represents guidance presented today.

68 Revenue Growth and Cost Management

Non-GAAP Income Statement ($M) Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017G Growth from product revenue, royalties, Revenue $76.5 $89.9 $97.6 $97.4 $94.7 $97 – $101M incremental license agreements and acquisitions

Actively manage 1 Total Operating Expenses $50.5 $60.8 $67.5 $66.8 $69.3 $71 – $67M expenses through effective cost management Operating Income1 $26.0 $29.0 $30.1 $30.6 $25.4 $26 – $34M Operating Income Operating Margin1 34% 32% 31% 31% 27% 27% – 34% consistently in line with expectations

Diluted Earnings Per $0.15 $0.16 $0.16 $0.17 $0.14 $0.15 – $0.19 Share1

¹Please refer to reconciliations of non-GAAP financial measures included in this presentation and in our earnings release Certain amounts may be off $0.1M due to rounding . Q3 2017G represents guidance presented today. 69 Long Term Model Unchanged

40%

LT Operating Model 38%

Revenue 12-15% Growth 36%

Pro Forma Operating Margin 37-40% 34%

Pro Forma EBITDA Margin 40-43% 32% Pro forma Operating Margin Operating forma Pro

30% .5B 1B Revenue • Continued performance on base licensing and cores business • Growth initiatives provide leverage to operating model • Incremental revenue at operating margins higher than long term model • Model supports improved cash flow generation

70 Strong Balance Sheet for Growth

In Millions Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 $122M used for Total Cash & acquisitions in Q3’16; $259.3 $150.8 $172.2 $187.6 $167.9 Marketable Securities $50M used for accelerated share repurchase in Q2’17

Total Assets $765.8 $800.3 $783.5 $826.2 $806.0 Strong balance sheet with limited debt Shareholder Equity $542.4 $552.8 $552.8 $601.6 $570.2

Solid cash generation Adjusted EBITDA¹ $29.0 $32.5 $33.6 $34.0 $28.7 continues

¹Please refer to reconciliations of non-GAAP financial measures included in this presentation and in our earnings release

71 Strong Cash Flow from Operations

Cash from Operations ($M) 120 • Utilized Cash Wisely – 100 93 100 Strategic Acquisitions & 76 76 Buyback 80 • Licensing base provides 60 51 stable, predictable cash 40 flows 20

• Low CapEx model 0

-20 -17

-40 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017

FY2017 represents Analyst estimates. 72 Company Comparables

Patent Licensing Tech Licensing Semi Products Systems Software • InterDigital • CEVA • Broadcom Limited • Callidus Software • Universal Display • Dolby Laboratories • GSI Technology • eGain • Xperi • Imagination • Inphi • Bottomline Technologies • Intermolecular • Integrated Device • Five9 • Nuance Communications Technology • Jive Software • Cadence • Lattice Semiconductor • Kinaxis • Synopsys • MACOM • LivePerson • Marvell Technology Group • Marin Software • Maxim Integrated Products • Mitek Systems • MaxLinear • Model N • Microchip Technology • PROS Holdings • Microsemi • Monolithic Power Systems • NVIDIA • NXP • Power Integrations • QUALCOMM • Semtech • Silicon Laboratories • Silicon Motion • Texas Instruments

73 Rambus Valuation not Aligned with Cash Generation

Mean High

24.6 40.4 Systems Software

17.1 23.1 Semi Products

24.2 29.2 Tech Licensing

17.6 23.5 Patent Licensing

16.7 10 15 20 25 30 35 40 45 50

2016 Enterprise Value/Operating Cash Flow Multiples

Source: FactSet. 2016 Operating Cash Flow and ending 2016 Enterprise Value. 74 Investment Summary

Compelling growth drivers in Data Center and Mobile Edge markets

Large portion of our revenue is fixed, and committed long-term with high, predictable margins

Strong balance sheet to support strategic initiatives in exciting markets

Accelerating our growth through strategic acquisitions & execution on key programs

Growth initiatives provide leverage to operating model and improved cash flow

75 Closing Comments

76 In Summary…

• Rambus moves data fast and keeps it safe • We serve two high growth markets . Data Center . Mobile Edge • Our IP portfolio is strong and relevant . Monetized directly; continued licensing . Differentiates our products • We’ve transitioned to a ”Product Company” . Infrastructure and go-to-market . Established channels and ecosystem • We expect revenue growth through 2018 and beyond

77

Reconciliation of non-GAAP Financial Measures

Net Income 2013 2014 2015 2016 GAAP Net Income (Loss) (34) 26 211 7

Adjustments: Stock-based compensation 15 15 15 21 Acquisition-related transaction costs & retention bonus 10 2 - 3 Amortization 29 27 25 37 Restructuring 6 - 4 - Other one-time events 10 - - 14 Non-cash interest expense 19 15 6 7 Provision for (benefit from) income taxes (6) (15) (191) (21) Pro Forma Net Income 50 70 71 68 EBITDA 2013 2014 2015 2016

GAAP Operating Income 22 75 71 34

Adjustments: Stock-based compensation 15 15 15 21 Acquisition-related transaction costs & retention bonus 10 2 - 3 Amortization 29 27 25 37 Restructuring 6 - 4 - Other one-time events 10 - - 14 Pro Forma Operating Income 92 119 115 109

Depreciation 15 14 12 13 Pro Forma EBITDA 107 133 127 122 Certain amounts may be off $1M due to rounding. 79 Reconciliation of Non-GAAP Financial Measures

Net Income Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 GAAP Net Income (Loss) 4 4 (3) 3 3

Adjustments: Stock-based compensation 5 5 6 7 7 Acquisition-related transaction costs & retention bonus 1 1 0 0 0

Purchase accounting adjustment for inventory fair value step-up 1 1 Amortization 8 10 11 10 10 Impairment of long-lived assets 18 Adjustment to contingent consideration (7) Non-cash interest expense 2 2 2 2 2 Provision for (benefit from) income taxes (3) (5) (9) (3) (6) Non-GAAP Net Income 17 18 19 19 16

Operating Income Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 GAAP Operating Income 12 12 1 13 8

Adjustments: Stock-based compensation 5 5 6 7 7 Acquisition-related transaction costs & retention bonus 1 1 0 0 0

Purchase accounting adjustment for inventory fair value step-up 1 1 Amortization 8 10 11 11 10 Impairment of long-lived assets 18 Adjustment to contingent consideration (7) Non-GAAP Operating Income 26 29 30 31 25

Depreciation 3 3 4 3 3 Adjusted EBITDA 29 32 34 34 29 80 Certain amounts may be off $1M due to rounding.