Juniper Networks

INVESTOR RELATIONS
October 2020

© 2020 Juniper Networks 1

Juniper Public
Forward Looking Statements

Statements in this presentation concerning the market landscape and Juniper Networks' business outlook; economic and market outlook; future financial and operating
results; the expected impact of architectural transitions and timing of deployments with large customers; execution of our capital return program; expectations with
respect to market trends; our future strategy; strength of certain customer segments; ability to expand business opportunities, including in hyperscale-switching and 5G
buildouts; expectations with respect to growth; introduction of future products; focus on cost improvements; the strength of our solution portfolio and strategy; our
ability to improve profitability and make necessary investments; and overall future prospects are forward-looking statements within the meaning of the Private Securities
Litigation Reform Act that involve a number of uncertainties and risks. Actual results or events could differ materially from those anticipated in those forward-looking
statements as a result of several factors, including: general economic and political conditions globally or regionally; business and economic conditions in the networking
industry; changes in overall technology spending by our customers; the network capacity requirements of our customers and, in particular, cloud and communication
service providers; contractual terms that may result in the deferral of revenue; the timing of orders and their fulfillment; manufacturing and supply chain constraints,
changes or disruptions; availability of product components; delays in scheduled product availability; adoption of regulations or standards affecting Juniper Networks
products, services or the networking industry; the impact of potential import tariffs; and other factors listed in Juniper Networks’ most recent report on Form 10-Q and
10-K filed with the Securities and Exchange Commission. All statements made in this presentation are made only as of the date of this presentation. Juniper Networks
undertakes no obligation to update the information in this presentation in the event facts or circumstances subsequently change.

Use of Non-GAAP Financial Measures

This presentation references non-GAAP financial measures, including (without limitation) those related to diluted earnings per share and free cash flow. For important
commentary on why Juniper Networks considers non-GAAP information a useful view of the company’s financial results and for reconciliations of these measures to
GAAP financial measures, please refer to the “Investor Relations” section of our website at http://investor.juniper.net. With respect to future financial guidance provided
on a non-GAAP basis, we exclude estimates for amortization of intangible assets, share-based compensation expenses, acquisition-related charges, restructuring
benefits or charges, impairment charges, litigation settlement benefits or charges and resolution charges, supplier component remediation charges and recoveries, gain
or loss on equity investments, retroactive impact of certain tax settlements, significant effects of tax legislation and judicial or administrative interpretation of tax
regulations, including the impact of income tax reform, non-recurring income tax adjustments, valuation allowance on deferred tax assets, and the income tax effect of
non-GAAP exclusions, and do not include the impact of any future acquisitions, divestitures, or joint ventures that may occur in the period. Juniper is unable to provide a
reconciliation of non-GAAP guidance measures to corresponding GAAP measures on a forward-looking basis without unreasonable effort due to the overall high
variability and low visibility of most of the foregoing items that have been excluded. The items that are being excluded are difficult to predict and a reconciliation could
result in disclosure that would be imprecise or potentially misleading. Material changes to any one of these items could have a significant effect on our guidance and
future GAAP results. 2

© 2020 Juniper Networks 2

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 The World is Changing Fast

ECONOMICS
THE CLOUD IS EATING FIGHTING CYBER-
REACHING A
THE WORLD CRIME AND LOSING
BREAKING POINT

50 % of enterprise applications
in the cloud by 2020 $8T will be spent on fighting
cybercrime in 2022 50 % Internet traffic growth
while IT budgets are flat

THE INTERNET OF 5G WILL ENABLE A

A.I. HAS
THINGS – EVERYTHING NEW BREED OF
EMERGED
IS CONNECTED MOBILE APPS

75B 60x 72 %
3
of business leaders say A.I.
connected devices by Is how much faster 5G is will be a business
2025 estimated to be over 4G advantage

© 2020 Juniper Networks 3

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Juniper is Leading the Market Transformation

Hardware defined Software/cloud defined

Perimeter Pervasive

Manual enforcement Automated

Configuration driven Business driven

4

Closed ecosystem Open framework

© 2020 Juniper Networks 4

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 Large and Growing Opportunity

CLOUD
• Own the MX>PTX transition
~$58B TAM • Break into hyperscale data center switching

SWITCHING/ ROUTING
WI-FI SERVICE PROVIDER
~$13B
~$37B • Telco Cloud enablement
-2% CAGR
7% CAGR • 5G/Metro buildouts
JNPR:
JNPR: ~13% share
~3% share

SECURITY ENTERPRISE
~$9B • Data center & secure and automated
1% CAGR multicloud
JNPR: • Security momentum
5
~4% share

LARGE OPPORTUNITY* TO TAKE SHARE STRONG APPROACH TO CUSTOMER VERTICALS

*Source: ACG Research, Omdia, 650 Group, Juniper analysis - TAM is 2019; CAGR is 2020-2024

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Our Strategy in a Changing World

Connect Users &

Power
Devices Securely Build and Manage Software-Defined
Public/Private
to the Cloud and to Distributed Clouds Enterprise
Cloud DCs
Each Other

We help our customers We build the best core, We help our customers We help enterprises
build and run their cloud edge, metro, and enterprise transform their consume cloud-delivered
environments with world- networks to allow our infrastructure to scale-out services simply
class infrastructure customers and their distributed clouds to help and securely
customers to connect to the unleash the promise of
cloud 5G & IoT
© 2020 Juniper Networks 6
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Positioned to Win in 2020 and Beyond
Connect Users and Devices
Power Public/Private Build and Manage Software-Defined
Securely to the Cloud and
Cloud DCs Distributed Clouds Enterprise
to Each Other

Strong, competitive platforms

MX Series PTX Series QFX Series EX Series Mist Systems

ACX Series NFX Series SRX Series 7

Rich Overlay and Underlay Software Capabilities

Junos OS with Quality, Contrail Orchestration, AppFormix Analytics
© 2020 Juniper Networks 7
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The Juniper Advantage – Junos OS

Experience Programmability
• A single uniform experience across routing, switching and • Seamless integration with third party applications
security reducing training costs • A simple extension toolkit for control, management,
• Feature continuity during hardware updates and data plane programmability
• Fuse multiple disparate network elements into a single, • Easily automated, customized and extended
logical unit • Enables flexibility and rapid user innovation
• Slice multiple concurrent network functions on a single
network element for improved operational efficiency

• Hardware accelerated deep telemetry and analytics • Cloud-optimized Network Operating System
available to both Juniper and 3rd party applications • Decoupled software and hardware architectures
• Health monitoring correlation for expedited root cause • High reliability with strong fault isolation between
analysis components and component level restarts
• Model-driven OpenConfig telemetry for big data analysis • Integrates easily with 3rd party applications with 8

powerful programmability and customization

Analytics Disaggregation

© 2020 Juniper Networks 8

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 TECHNOLOGY PRODUCT PRODUCT
INNOVATION ROADMAP RELIABILITY

# 1 # 2 # 1
Top
Ranked SECURITY
SERVICE
SUPPORT
PRICE
PERFORMANCE
SP
Vendor
# 1 # 1 # 2 9

Source: 2017 IHS Markit Report

© 2020 Juniper Networks 9

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 ‘CLOUD + 5G + AI’ Era has begun, opening new growth opportunities
and enabling holistic business transformation for SPs
Automotive
Fintech Smart Cities
Cloud + 5G + AI - Enabling SP Business Transformation
Agriculture Utilities

Education Public Safety

Robotics Public Transport

Extreme
Healthcare Mobile
Broadband Hotspots
Manufacturing
Events, Tourism
5G
Retail Massive Critical
machine machine Mining, Ports
communication communication
Logistics
CONSUMER
Wi-Fi 6
AR/360 VR/MR FWA

Gaming Wearables
NG PON-2 /
HD/4K/8K Entertainment XGS PON;
Video
R-PHY
DOCSIS 4.0 G.MGFAST
USD 3,458 billion 5G enabled revenues by 2026

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Why Partner with Juniper for your Transformation Journey

• Horizontal, Open, Pre-validated NFVI stack; Cloud-Native CNFs/VNFs

ARCHITECTURAL • Elastic, highly scalable IP fabric (“Deploy and forget”)
SHIFT TO • Agile IP platforms (ACX, MX, PTX) that can be purposed for any role • Ready to monetize
Agile, Open • Open X-Haul for Classic/Cloud/ORAN/Fixed Access Managed Edge
• Open and Extensible APIs/Interfaces, not just Programmable (“Easy Button”) Cloud with
Stackpath

• 5G WWC, FWA
• Build or Managed Edge Cloud business models
OPERATIONAL ECONOMICS • Centralized management & remote edge for lowest TCO - ops & compute • Cloud-delivered
SHIFT TO • Right tool for the job - Custom / Merchant Si choices for Scale up / Out Managed Services
for ‘AI-Driven
On-demand • PAYG, Centralized metering per port for use-case based pricing
Enterprise’
• Automation & Security that scale & distribute with Cloud
• 5G urLLC, eMBB,
mMMTC apps
• Network slicing using SR for differentiated QoE per slice
SERVICE EXPERIENCE • Cross-domain, Closed loop automation portfolio with AI/ML, Predictive analytics
SHIFT TO
• Active probing + real time streaming telemetry for visibility
Create value
Secure, Assured • Connected Security, integrated with the network, without performance penalty with new
• Continuous Threat Intelligence (Detection and Enforcement) services

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MX5G Extends Juniper’s Routing leadership…

1 50% More Power Efficient

2 300% More Performance than Gen 4/Linecard

3 400GbE Support

Juniper Penta Silicon

Powering the MX Series 5G
4 Infinite Programmability with Built-in Encryption
Universal Routing Platform
5 Industry only Universal Chassis – 65% Lower Opex
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Industry Leading IP Transport Performance:
New Silicon

1 70% More Power Efficient than ExpressPlus

2 620% More Performance than ExpressPlus

3 Industry First 400GbE Native MACsec

Juniper Triton Silicon
Powering the Future for 4 Dynamic Ethernet Interface Support:
10GbE, 25GbE, 50GbE, 100GbE, 200GbE, 400GbE
PTX Series Packet Transport
Routers 5 Industry only Universal Chassis – 65% Lower Opex

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‘Fire & Forget’ with the MX Multiservice Edge Platform

Performance & Programmability

• Penta, the 5th generation of Trio silicon

MX150 MX104 MX204 MX10003

One Junos Experience vMX

• Operational consistency MX240 MX480

• Feature velocity MX960
MX2008
• Open for Automation MX2010
MX2020

Integrated Security
• Security without performance penalty –
SecIntel, DDOS, firewall MX10008
MX10016

Agility for the Unknown

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Juniper Metro Fabric Portfolio
• ACCESS ACX UNIVERSAL METRO ROUTERS: ACX5000 & ACX700 Series
• PRE AGG ACX5448-D
ACX5448-M
GbE + 2x QSFP28 DCO (Hardened, Depth: 320mm)
ACX5096 GbE + MACsec
ACX5448
• AGGREGATION ACX5048
ACX50xx ACX5448 (–x) ACX710
1GbE
10GbE

25GbE
40GbE

100GbE
Optical Line Services (Packet-Optical Convergence)

Metro
ACX UNIVERSAL METRO ROUTERS: ACX500, ACX1000, ACX2000 & ACX4000 Series
(Hardened)

ACX500-O ACX500 ACX1100 ACX2200 ACX4000

Use Cases: 1GbE
10GbE
• Ethernet Business Services (EBS) T1/E1
OC3 (STM1)/OC12 (STM4)
• Residential: FTTH, GPON & DAA/R-PHY
• Mobile X-Haul
• Cloud Connect
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PTX Series for Cloud Routing

One Junos Experience 2.88T 6T

• Operational consistency PTX1000 PTX10002

• Junos evolved - best cloud OS available 9.6T 14.4T/Slot
• Open for automation
PTX10001-36MR
(2H 2020)

Performance @ Scale 16T

PTX10004
(2H) 2020
• First to 400G
PTX10003
• Lowest cost per bit - highest density, best
power efficiency 14.4T/Slot

Versatility
• Handles all scale up/scale out use cases:
Core, Peering, DC Spine, DC Edge, DCI, . . .
• Flex licensing – pay only for the bandwidth PTX10008
& features you need Roadmap to 28.8T PTX10016 (2021)

© 2020 Juniper Networks 16

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 The Juniper Advantage – Cloud Class Switching

Robust Portfolio Centralized Management

and Control
EX Series
• Juniper Sky Enterprise for
campus and branch switching
cloud-based management

• Contrail Enterprise
Multicloud for simplified
multicloud orchestration and
EX2300-C EX2300
EX3400 EX4300
EX4300
EX4600 EX4650 EX9200 EX9250 analytics
/EX2300 Multigigabit Multigigabit

QFX Series
data center switching
17

QFX10002-36Q
QFX5100- QFX5120-48Y QFX5200-32C QFX10008
QFX5110-48S QFX5200-48Y QFX5220 QFX10002-72Q QFX10003
48S QFX5120-32C QFX5210-64C QFX10016
QFX10002-60C

© 2020 Juniper Networks 17

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Juniper Networks Leads 400GbE Transition with
Comprehensive Roadmap

Secure Routing Secure Routing Flexible Switching

IP Transport WAN Services Data Center

PTX Series: World-class MX Series: Industry’s only QFX series: of data center switches
engineering that fundamentally platform to deliver near-infinite with 400GbE technology to enable
changes the economic profile for programmability, cost efficiency the next-generation of IP Fabric
both scale-up and scale-out and versatility for next generation with investment protection as
secure architectures across secure service creation across 5G customers
18 increase the capacity of
backbone, peering & DCI and IoT at scale. their data centers to meet
emerging high-performance
applications

© 2020 Juniper Networks 18

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 The Juniper Advantage - Connected Security
Policy, Detection & Enforcement
Threat
Intelligence Policy, Users, Apps,
Devices, Sites
Advanced Threat
Prevention Dynamic Policy Actions • Fast protection from unknown
malware and advanced attacks
Detection Network
Devices
• Threat behavior analysis across threat
Visibility & Automated lifecycle
Management Adaptive Multicloud Workloads
Simplified • One touch automated enforcement
Threat Conditions Consistent Enforcement and mitigation
• Unified visibility across traditional and
multicloud environments
19

APIs • Open architecture and suite of APIs

Network Access Endpoint

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Connected Security portfolio
Orchestration and Management Software Security Software

Advanced Secure
On Prem Cloud
Threat Prevention Analytics

Enforcement

LTE cSRX vSRX Mist Wi-Fi EX/QFX Series MX Security Service SRX5400 SRX5600 SRX5800

Advanced Security Acceleration

NFX Series SRX300 SRX1500 SRX4000 (IOC4/SPC3)

Alliances Partners

© 2020 Juniper Networks 20

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Efficacy – ICSA labs certified, 4 quarters running

ATP - 99.2% security effectiveness

21

© 2020 Juniper Networks 21

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Recommended by NSS Labs for data center security

100% 99.62% 13.962

Evasion Block Exploit Block Gigabits per
Rate Rate Second

Juniper is back. The company is reasserting itself in the data center

with a strong showing and should be on everyone's short list.
- NSS Labs 2019 Data Center Security Group Security Value Map™ Comparative Report

© 2020 Juniper Networks 22

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 Access the Complimentary Report

Juniper Networks is Named a Leader. Again.

• 2020 Magic Quadrant for Data Center Networking

We’re committed to improving business outcomes that are
most important to you. We are simplifying network
complexity with secure and automated multicloud solutions.

Built on a common operating system, our enterprise solutions

let you apply consistent, end-to-end policies wherever your
applications and data reside. Let us help you achieve your
multicloud vision for both today and tomorrow with open,
intent-based connectivity for simple, automated network
operations.

23

Gartner Magic Quadrant for Data Center Networking, Andrew Lerner, Evan Zeng, Jonathan Forest 30 July 2020.

This graphic was published by Gartner, Inc. as part of a larger research document and should be evaluated in the context of the entire
document. The Gartner document is available upon request from Juniper Networks.

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select
only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research
organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this
research, including any warranties of merchantability or fitness for a particular purpose.

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 Access the Complimentary Report

Juniper Networks Recognized as a Leader in Forrester WaveTM

• “Juniper Networks recognizes that customers need more

than technology and products. It developed various
resources to educate customers on laying out their
automation journey, it increased the amount of
education classes around programming, and led various
open standards efforts to create open networking
fabrics. Customers that want to automate the entire
network with a consistent OS, from the data center to
the business edge, should look to Juniper Networks.”
• - The Forrester Wave™: Open, Programmable Switches For A
Businesswide Software-Defined Network, Q3 2020

The Forrester Wave™ is copyrighted by Forrester Research, Inc. Forrester and Forrester Wave™ are trademarks of
Forrester Research, Inc. The Forrester Wave™ is a graphical representation of Forrester’s call on a market and is plotted
using a detailed spreadsheet with exposed scores, weightings, and comments. Forrester does not endorse any vendor,
product, or service depicted in the Forrester Wave™. Information is based on best available resources. Opinions reflect
judgment at the time and are subject to change.
© 2020 Juniper Networks 24
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The AI-Driven Enterprise
AI Foundation Open APIs

Artificial Mist
Open APIs
Intelligence Cloud
Data Data Marvis Domain Junos Extension Toolkit
Science Expertise Streaming Telemetry

Mist Cloud Services

Wired & Wi-Fi Marvis Asset Network SD-WAN Actionable

Assurance Virtual Assistant Tracking Management Orchestration Insights

Wired/Wireless Infrastructure

Wi-Fi Switching Routing Security

Our Lead a new era of IT that uses AI to deliver a proactive, predictive, and self-healing network that
Mission: saves time and money, delivers unprecedented scale, and provides unparalleled user experiences.
© 2020 Juniper Networks 25
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AI-driven enterprise solution driven by Mist AI

Cloud Services

Marvis

Wi-Fi Wired WAN Premium User Asset

Assurance Assurance Assurance Analytics Engagement Tracking
Wireless Infrastructure Wired Infrastructure WAN Infrastructure

EX 4600/4650 EX 3400

Mist Edge AP12 AP32 AP33 AP43 AP63 BT11 (BLE) SRX
(outdoor) EX 4300 EX 2300

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 Full Portfolio of Wireless

AP43 AP63 AP33 AP32 AP12 AP41 AP61 AP21 BT11

Indoor
Deployment Indoor Outdoor Indoor Indoor Indoor Outdoor Indoor Indoor
Wall Plate
802.11ax 802.11ax 802.11ax 802.11ax 802.11ax 802.11ac 802.11ac 802.11ac
Wi-Fi
(Wi-Fi 6) (Wi-Fi 6) (Wi-Fi 6) (Wi-Fi 6) (Wi-Fi 6) Wave 2 Wave 2 Wave 2 ---
Standard 4x4:4SS 4x4:4SS 4x4:4SS 4x4:4SS 2x2:2SS 4x4:4SS 4x4:4SS 2x2:2SS

Wi-Fi
--- ---
Tri-Radio
Antenna Internal Internal Internal Internal Internal Internal
Internal Internal Internal
Options External External External External External External

Virtual BLE - (omni BLE) - (omni BLE)

IoT
--- --- --- --- --- --- ---
Interface
Humidity,
IoT Sensors Pressure,
Temperature

AP 12, 63 shipping in Q3

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Contrail Enterprise Multicloud – Hyperscale Infrastructure
for Every Enterprise

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 Contrail Enterprise Multicloud

One Platform to Control Extensive Multicloud Architectures

Contrail Command

AWS VPC - 1

Kubernetes
Multicloud
OpenShift GCP VPC - 2 Architecture
OpenStack
…

VMware

vRouter
(+security)

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Contrail Edge Cloud

First production-grade solution that can extend a full suite of orchestration, automation, security, and
analytics to deploy dynamic services for 4G, 5G, IoT, Residential, and Enterprise in a cost and resource
efficient manner

Distributed, Secure Centralized

SDN Data Plane Management & Orchestration
Base
COTS HW
Station Contrail vRouter w/
L4 Security

cSRX/vSRX L7 Security

AppFormix Analytics Agent

• Contrail Controller
Central
Office Kubelet, CNI Plugin • OpenStack Controller
• Kubernetes Master
30
KVM, Nova-agent

• High function, secure distributed edge in small footprint

COTS HW
Hub • Integrated orchestration, service chaining, security
Site
Distributed • Zero-touch, high-availability in multi-tenant environment
Edges >1,000s • Analytics agent for full visibility
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Contrail SD-WAN Solution for Enterprise Campus & Branch

Cloud-managed Contrail SD-WAN

LAN & WLAN devices WAN Edge Devices or
Contrail SD-WAN
Contrail Service Orchestration (SDN)
vSRX WAN
x
LTE Juniper or provider managed aaS
Mist Wi-Fi APs Dedicated,
NFX Series universal CPE MPLS
Wi-Fi LTE

SRX Series Services Gateway Broadband, MX/SRX WAN Hubs for large topologies
EX Series Ethernet Switches Secure CPEs Internet
Secure SD-LAN and SD-WAN Enterprise or SP hub gateways
Wireless,
4G/LTE vSRX Virtual Firewall
cloud-WAN endpoint

Legacy and
xDSL
SaaS FW passthrough
Campus and Branch Private Clouds, SaaS Applications IaaS, PaaS:
Enterprise Sites Data Centers VPCs for cloud-native apps
Private or SP’s
Enterprise Sites WAN backbone Public Cloud

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Customer Recognition in the Enterprise

DATA CENTER NETWORKING WIRED AND WIRELESS LAN

OCTOBER 2019 ACCESS INFRASTRUCTURE
JANUARY 2020

THE GARTNER PEER INSIGHTS CUSTOMERS’ CHOICE badge is a trademark and service mark of Gartner, Inc., and/or its affiliates, and is used herein with permission. All rights reserved. Gartner Peer Insights Customers’ Choice constitute the subjective opinions of individual end-user reviews,
ratings, and data applied against a documented methodology; they neither represent the views of, nor constitute an endorsement by, Gartner or its affiliates

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 Strong Partnerships

Latest Partner News

Advanced network Improved network Simplified and more Edge Computing

automation automation and security secure path to multicloud Infrastructure Services
Strategic Alliance Partners

Technology Alliance Partners

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 Financials

© 2020 Juniper Networks 34

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 Quarterly Trended Results
Revenue ($M) Non-GAAP EPS
$1,250 $0.70
$1,208
$1,200 $1,181 $0.60
$1,180

$0.59 $1,133 $0.58

$1,150 $1,138 $0.50
$0.54
$1,102 $0.48
$1,100 $1,086 $0.43
$0.40

$0.40
$1,050 $0.30
$0.35

$1,002 $998
$1,000 $0.20
$0.26 $0.23

$950 $0.10
Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20

Revenue Non-GAAP EPS

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 Q3’20 Revenue Detail

-23% Y/Y
-9% Q/Q +5% Y/Y
-5% Y/Y +6% Y/Y -7% Y/Y +5% Y/Y
Security +5% Q/Q -4% Y/Y
-11% Q/Q +9% Q/Q
+10% Q/Q +7% Q/Q +3% Q/Q
APAC
6% 17% Cloud Service
Americas 22% Provider
Switching Routing 42%
55%
38%
20% PRODUCT GEOGRAPHY VERTICAL
& SERVICE EMEA
28%

Enterprise
Service
36%
36%
+7% Y/Y
+4% Y/Y +9% Q/Q 0% Y/Y
+3% Q/Q +12% Q/Q

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 Cash Flow
(In millions)
(Unaudited)

© 2020 Juniper Networks 37

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Summary of B/S, Cash Flow, and Capital Metrics

© 2020 Juniper Networks 38

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 APPENDIX – GAAP TO Non-GAAP Reconciliation
(In millions, except per share amounts)
(Unaudited)

39

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 Cash Flow
(In millions)
(Unaudited)

© 2020 Juniper Networks 40

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 Thank you

Contacts:
• Investor Relations – Jess Lubert • Industry Analyst Relations – Ben Culp
• jlubert@juniper.net • bculp@juniper.net

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