F5 Networks Inc. Nasdaq: FFIV Analysts Amey Dargude | Mihir Londhe Rahul Gohil | Shruti Shah Vanditha Mysore Ravindranath Presented on 31 st March 2016

Agenda Introduction Business Overview Industry Overview Macroeconomic Factors Financial Analysis Financial Projections Valuation Technical Analysis Recommendation

Selection Criteria F5 Networks Inc. Piotroski Score = 6 ROE > 20% Current ratio > 1.5 Market Cap < 8 Bn Diversification

Introduction F5 Networks is the leading developer and provider of software- defined application services designed to ensure that applications delivered over Internet Protocol (IP) networks F5 Networks was incorporated on February 26, 1996 F5 has headquarters in Seattle, Washington F5 has subsidiaries or branch offices in over 30 countries

Introduction End UsersApplications F5 investors relations

Business F5 investors relations

Business Products  BIG-IP Products: Local Traffic Manager BIG-IP DNS and Link Controller Advanced Firewall Manager Policy Enforcement Manager Application Security Manager Application Acceleration Manager Access Policy Manager MobileSafe IP Intelligence Services Enterprise Manager Service Provide Module Signaling Delivery Controller Policy Enforcement Manager Carrier-Grade NAT  Silverline Solutions  Enterprise Application Delivery Security Cloud  Technological Alliances  Service Providers Security Data Traffic Management Diameter and DNS Signaling Network function Virtualizations F5 investors relations, 10k 2015

Business F5 Customer highlights 8 of the Fortune 10 companies 1 44 of the Fortune 50 companies 1 18 of the top 20 US commercial banks 1 5 of the 5 top US airlines 1 9 of the top 10 US insurance companies - property and casualty 1 Sources : 1 Fortune 2011; 2 USA.gov Web site listing 3 Q311 Ovum Market share, by revenue, global; 4 Comscore May 2011; 5 Gartner Magic Quadrant Public Cloud Infrastructure as a Service (On Demand, December 2011) 5 of the top 5 healthcare: pharmacy and other services 1 15 of the 15 executive branch departments of the US federal government 2 10 of the top 10 fixed AND mobile global service providers 3 4 of the top 5 US Internet search providers 4 16 of 20 cloud infrastructure and Web hosting companies 5

Business segmentation F5 investors relations

Business Performance F5 investors relations

Business alliance F5 investors relations

Management Guidance F5 investors relations

SWOT Analysis Intense competition both in price and quality Fast changing technology and hardware equipment being obsolete Cloud, Mobility and security Large addressable market Asian markets The highest-priced provider in the ADC market F5 platform is not well-aligned with midmarket organizations No Debt Strong R&D Strong market presence Silverline cloud- based services Capability to consolidate function alities into a single platform SW TO

Industry Global analysts report

Porter’s Five Forces Industry High technology turnover High employee turnover

Macroeconomic Overview Ibis world

Macroeconomic Overview Cisco report:

Macroeconomic Overview Cisco report (ibid) |Centaur partners,

Financial Analysis Liquidity RatiosProfitability Ratios

Financial Analysis Activity Ratio

Financial Analysis GreenBlatt Ratios Du Pont Analysis Tax Burden 66.92%63.67%63.30%62.57%65.03% Interest Burden Operating Profit Margin 30.44%30.95%29.08%28.50%28.80% Asset Turnover.79x.72x.78x.85x Leverage 1.43x1.44x1.52x1.67x ROE 22.29%19.02%21.24%26.77%

Financial Projections

Discount Rate

DCF Valuation

FFIV Competitors Juniper Networks, Inc.Citrix Systems, Inc. Ciena CorporationBrocade Communications Systems, Inc.

Relative Valuation

Technical Analysis

Recommendation Watch list Current Price $ DCF $ Comparable $100.82

Thank You Q&A