Investor Presentation

Safe Harbor Caution Concerning Forward-Looking Statements Various remarks that the Company makes contain forward-looking statements regarding potential acquisitions, acquisition integration, growth priorities or plans, new products and related investment, revenues, adjusted EBITDA, churn, seats, lines or accounts, average revenue per user, cost of telephony services, the Company s share repurchase plan, capital expenditures, and, other statements that are not historical facts or information constitute forwardlooking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on information available at the time the statements are made and/or management's belief as of that time with respect to future events and involve risks and uncertainties that could cause actual results and outcomes to be materially different. Important factors that could cause such differences include but are not limited to: the competition we face; our ability to adapt to rapid changes in the market for voice, messaging, and communications services; our ability to retain customers and attract new customers; the expansion of competition in the unified communications market; the impact of fluctuations in economic conditions, particularly on our small and medium business customers; security breaches and other compromises of information security; risks related to the acquisition or integration of businesses, including the risks related to the acquisition of Simple Signal, Telesphere, and Vocalocity; the risk associated with developing and maintaining effective distribution channels; our ability to establish and expand strategic alliances; governmental regulation and taxes in our international operations; our ability to obtain or maintain relevant intellectual property licenses; intellectual property and other litigation that have been and may be brought against us; failure to protect our trademarks and internally developed software; obligations and restrictions associated with data privacy; our dependence on third party facilities, equipment, systems and services; system disruptions or flaws in our technology and systems; uncertainties relating to regulation of VoIP services; risks associated with operating abroad; liability under anti-corruption laws; results of regulatory inquiries into our business practices; fraudulent use of our name or services; our dependence upon key personnel; our dependence on our customers' existing broadband connections; differences between our service and traditional phone services; restrictions in our debt agreements that may limit our operating flexibility; our ability to obtain additional financing if required; any reinstatement of holdbacks by our vendors; our history of net losses and ability to achieve consistent profitability in the future; and other factors that are set forth in the Risk Factors section and other sections of Vonage s Annual Report on Form 10-K for the year ended December 31, 2014, in the Company s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. While the Company may elect to update forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so, and therefore, you should not rely on these forward-looking statements as representing the Company's views as of any date subsequent to today. Non-GAAP Financial Measures This presentation contains non-gaap financial measures (including adjusted earnings before interest, taxes, depreciation and amortization ( adjusted EBITDA ), adjusted EBITDA less capex, adjusted net income, net debt (cash) and free cash flow, as defined in Regulation G adopted by the SEC. The Company provides a reconciliation of these non-gaap financial measures to the most directly comparable financial measure at the end of the presentation and in the Company's quarterly earnings releases, which can be found on the Vonage Investor Relations website at http://ir.vonage.com. 2

Vonage: A Compelling Investment Leadership Position in Large and Growing UCaaS Market Powerful, Iconic Brand Structural Cost Advantages and Proven Acquisition Synergies Strong, Stable Cash Flows 3

The UCaaS Market is Large and Growing Quickly Cloud PBX Replacement Spend US Business Market Segments $12 $10B Enterprise >1,000 Employees ~9,000 Firms ($ in Billions) $8 $4 $3B 27% CAGR Mid Market 100 1,000 Employees ~90,000 Firms Small Business 20-99 Employees ~500,000 Firms Vonage Target Market: 1 to 1000+ seats $0 Source: Frost & Sullivan 2015 2020 < 100 seats > 100 seats SoHo <20 Employees ~5,000,000 Firms Source: United States Census Bureau, Jan 2015 4

Vonage Brand Awareness is Significantly Higher Than Other Pure- Play Cloud PBX Market Participants Aided Brand Awareness Among Non-Customers Overall By Provider Type VoIP Telco Cable 77% 84% 72% 82% 8 x 8 2% 8% 0% 0% RingCentral 4% 10% 2% 0% Vocalocity 3% 5% 2% 2% The iconic Vonage brand stands for innovation, disruption and value More than $2 billion invested to build brand Extending the Vonage brand to business services has meaningfully accelerated growth Source: VG Marketing Research Sept. 2013; Online survey among small business decision makers with fewer than 25 lines using either VOIP, Telco or Cable 5

Vonage Has Successfully Utilized its Brand, Scale and Cost Synergies to Accelerate Business Growth Year-over-Year Vonage Business Telesphere Revenue Growth Vonage Acquisition Playbook $19 $42 VBS Telesphere Y-o-Y growth: 49% * organic 120% GAAP Acquired Vocalocity November 2013 (Numbers in Millions) VBS Rebranded as Vonage Business Solutions (VBS) Directed all business leads to VBS for higher close rate and higher ARPU Reinvested synergies into marketing and sales infrastructure $16 Achieved more than 1,000 basis points of service margin improvement 1Q 2014 1Q 2015 $5M in cost synergies in 2014 * Year-over-year Vonage Business organic revenue growth, as if Telesphere owned for all periods Vonage has a proven ability to integrate acquisitions 6

Vonage is Uniquely Positioned to Deliver UCaaS to Customers from 1 1000+ Seats Acquisition Date Average seats/ Customer ARPU/ Customer Sales Channel November 2013 March 2015 <10 seats >20 seats Vonage Business December 2014 >40 seats; typically across multiple locations Multiple customers with more than 1,000 seats ~$200 ARPU ~$1,000 ARPU ~$3,000 ARPU Primarily direct Primarily VAR/Channel Primarily VAR/Channel Contracts None 2 to 3-year contract 3-year contract Delivery Technology Cloud services over-the-top Proprietary Combines QoS with overthe-top services using edge router technology Broadsoft for voice; multiple platforms for other UCaaS solutions Cloud services bundled with MPLS service for QoS and SLAs Broadsoft for voice; multiple platforms for other UCaaS solutions 7

Vonage Business Go-to-Market Strategy Aligns Sales Channels and Products with the Customer Need and Presents One Company to the Market Vonage Business Product Channel Telesales Online Indirect Channel Enterprise Direct Strategic Sales Essentials Premier, powered by Telesphere Key Messages Benefits of cloud/ucaas Lower costs Enhanced features Reliable Service and Support Scalable, mobile Enterprise- grade cloud solumon/app integramon MulM- locamon focus via MPLS network QoS service level agreements ChannelSphere- proprietary customer management tool Trusted partner Single point of contact The right pla,orm and products to serve customers from 1 1000+ seats 8

Vonage Consumer VoIP Products Deliver High Value and Are Increasingly Adopted in the Mobile Environment Vonage World Unlimited calling in the U.S. and to + 60 countries 38% of Asian Indian households in the U.S. $10/month domestic home phone service Targets +40 million US households with broadband Retail distribution focus 50% of Vonage customers make international calls Vonage Extensions / Mobile App 28% of international calls over Vonage network are from a mobile phone 40% of Extensions calls over Wi-Fi New Extensions functionality Home phone number is family identity in the home and mobile environment 9

Consumer Generates Strong, Stable Cash Flows ($ in Millions) Vonage Adjusted EBITDA $38 $35 $29 $29 $30 $25 $23 Maintaining high, stable cash flows Continue to drive efficiencies - Sales and Marketing - Cost of Service - Customer Care High gross margins and low capex Year-over-year improvement key drivers: - Quarterly Consumer marketing reduced by $10 million Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Last quarter of consumer- only business - Customer churn improved to 2.4% from 2.6% 10

Vonage Consumer and Business Segments are Highly Complementary Mobile- centric UCaaS Low- end Domes4c Premium Domes4c Vonage World Small Office Small to Medium Business Enterprise Consumer Business Great brand Increasing cash flows Cost advantages > 2 million subscribers UCaaS solumons and technology High revenue growth > 373,000 seats* * pro- forma for SimpleSignal seat count 11

Vonage s Financial Strength and Complementary Assets are a Competitive Advantage Financial Strength $869 Million 2014 Revenue $99 Million 2014 Adjusted EBITDA Minus Capex Pro forma net leverage of 1x $640 Million NOL 83 U.S. Patents Consumer High Cash Flow Vonage Business High Growth 12

Vonage's Capital Allocation Strategy is a Balance of Organic Investments, Acquisitions and Buybacks Supported by High Cash Flow and a Strong Balance Sheet Sustain Consumer Cash Flow and Invest to Grow Vonage Business Invest in business market at attractive customer acquisition cost Disciplined innovation in Consumer Exploit synergies across business lines Continue as a Disciplined Acquirer Vocalocity acquired in 2013 Telesphere acquired in 2014 SimpleSignal acquired in April 2015 gunify acquired in May 2015 Return Capital to Shareholders Purchased 47 million shares for $141 million since 2012 4-year $100 million buyback began in 2015 Maintain Strategic and Financial Flexibility Significant acquisition capacity at 1.1x net leverage* Low cost debt at L+3.125% * pro-forma for cash distribution for the SimpleSignal acquisition 13

Vonage: A Compelling Investment Leadership Position in large and growing UCaaS market for business Platforms and product to serve 1 1000+ seat customers Powerful, iconic brand Strong, increasing cash flows Structural cost advantages and proven acquisition synergies Disciplined acquirer with a balanced capital allocation strategy Experienced senior leadership 14

Appendix

VBS Overview: a Full Suite of Telephony Services and Add-on Features Standard offer includes unlimited domestic calling, number porting, extension dialing, business name caller ID Premium Features efax Call Group Call Queue Conference Bridge Extensive range of premium features available as add-ons Mobile app provides outbound calling with business number as caller ID, simultaneous ringing and voicemail Main Company No. Toll Free Number Virtual Mailbox Voicemail Transcription IP phones from Cisco, Panasonic, Polycom; Softphone client feature Advanced analytics and support through customized desktop application and web portal interface Paging Group Local or Geographic Number Vocalocity Desktop On-Demand Call Recording Company Call Recording Service Web Portal Interface Integration with SaaS apps Lower pricing than traditional providers Tracking AnalyMcs Mobile App

Telesphere Provides a Comprehensive Suite of UCaaS Products and Services for Business Customers Key UCaaS Solutions Virtual PBX Collaboration (Web, IM&P) Mobile office Contact center Call recording Multipoint HD video conferencing CRM Lync integration SMS text Services provisioned through a proprietary and scalable auto- provisioning and customer management pla,orm highly valued for large scale installa>ons QoS Management / Security MPLS Managed firewall SIP trunking Potential Future Services Virtual desktop Expanded CRM/IVR integration Lync hosting Cloud enterprise storage 17

gunify Connects Vonage communications platform with SaaS business applications Only cloud-based SaaS connector fully integrated with BroadSoft In high demand by businesses who want to move to cloud communications 18

Vonage has a Proven and Experienced Leadership Team Further Strengthened by Recent Hires and Adding Talent Through Acquisition Name/Title Alan Masarek Chief Executive Officer Joseph Redling Chief Operating Officer David Pearson Chief Financial Officer and Treasurer 33 Years < 1 Year with Vonage Former Director, Chrome & Apps for Google 34 Years > 1 Year with Vonage as an officer; served on Board for over 2 years 23 Years 2 Years with Vonage Experience Pablo Calamera Chief Technology Officer 25 Years < 1 Year with Vonage Ted Gilvar Chief Marketing Officer Clark Peterson President, Business Solutions Group 25 Years < 1 Year with Vonage Joined Vonage in April 2015 25 Years < 1 Year with Vonage Graham McGonigal SVP Network Opera>ons 33 Years > 3 Years with Vonage Kurt Rogers Chief Legal Officer and Secretary 18 years 6 with Vonage 19

First Quarter 2015 and Recent Business Highlights Increased Adjusted EBITDA by 28% year-over-year to $38 million, highest in 3 years Grew consolidated revenues to $220 million, a $5 million sequential increase Grew organic Vonage Business revenues 49% year-over-year Completed SimpleSignal acquisition on April 1 Signed agreement to acquire gunify, a premiere cloud business applications integrator Continued return of value to shareholders through buyback Maintain significant strategic and financial flexibility 20

Consolidated Revenues Up Sequentially Due to Vonage Business Growth ($ in Millions) Consolidated Revenues $221 $220 $215 Sequential improvement due to Business growth, including acquisition of Telesphere Consumer revenue down, as planned, reflecting focus on adding lines that meet customer lifetime value Q4'14 Q4'15 Q1'15 21

Vonage Continues to Drive Efficiencies in Sales and Marketing Spend Sales and Marketing Sequential and year-over-year improvement (decline) reflects: $95 - Continued efficiencies in Sales and Marketing spend ($ in Millions) $87 $86 - Focus on quality and profitability of subscribers acquired - Focus on generating cash flow to drive growth in Vonage Business Q4'14 Q4'15 Q1'15 Includes significant ramp in Vonage Business sales and marketing costs to capture strong demand for UCaaS 22

Significant Strategic and Financial Flexibility Cash Flow ($ in millions) Q1 2015 Cash from operations $11 Capital expenditures and software ($4) Free cash flow 2 $6 Cash 1 : $63 million Total debt: $181 million Net debt 2 : $121 million (Gross Debt less Unrestricted Cash and Marketable Securities) Net Debt/Adjusted EBITDA = <1x Stock Repurchase Program Repurchased 2 million shares for $8 million in Q1 2015 Repurchased 47 million shares for $141 million since August 2012 1) Includes $2 million of restricted cash and $8 million of Marketable Securities 2) This is a non-gaap measure. Please refer to the end of the presentation for a reconciliation to GAAP. 23

Non-GAAP Reconciliation