JUNIPER NETWORKS

INVESTOR RELATIONS
November 2018

© 2018 Juniper Networks

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. 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.

© 2018 Juniper Networks 2

THE INDUSTRY IS CHANGING -- FAST

Mobile-first Architectures
Move to Cloud Digitization will Dominate

4.8 163 ZB 60x

clouds used to run is how much faster 5G is
applications, on average of data created WW by 2025 estimated to be over 4G

IoT Bringing Opportunities Fighting Cybercrime

and Issues A.I. has Emerged and Losing

75B 72%
of business leaders termed A.I.
$8T
will be spent on cybercrime in
connected devices by 2025 as a business advantage 2017-2022

Source: Rightscale, IDC, Verizon/Ericsson tests, IHS Markit, PwC, Juniper Research
© 2018 Juniper Networks 3
JUNIPER IS LEADING MARKET TRANSFORMATION

Hardware defined Software/cloud defined

Perimeter Pervasive

Manual enforcement Automated

Configuration driven Business driven

Closed ecosystem Open framework

© 2018 Juniper Networks 4

LARGE AND GROWING OPPORTUNITY

CLOUD ENTERPRISE
• Own the MX>PTX transition
~$48B TAM +15% Y/Y
• Break into hyperscale data
center switching
SWITCHING ROUTING SECURITY
~$27B ~$12B
SERVICE PROVIDER +8% Y/Y
5% CAGR 3% CAGR
• Telco Cloud enablement
JNPR: JNPR:
~4% share ~16% share • 5G/Metro buildouts
SWITCHING
SECURITY +4% Y/Y
~$8B
ENTERPRISE
6% CAGR
• Data center & secure and NON-GAAP EPS
JNPR:
~4% share
automated multicloud
$0.10 above mid-
• Security momentum point of guidance

LARGE OPPORTUNITY* STRONG APPROACH TO STRONG Q3 2018

TO TAKE SHARE CUSTOMER VERTICALS RESULTS

*Source: Dell’Oro Group, IHS Markit, Juniper analysis - TAM is 2018E; CAGR is 2018-2021
© 2018 Juniper Networks 5
FOCUSED ON DRIVING TRANSITION TO CLOUD

© 2018 Juniper Networks 6

POSITIONED TO WIN IN 2018 AND BEYOND

CORE/EDGE CLOUD/ CLOUD ENABLED

SECURITY SDWAN
METRO DATA CENTER ENTERPRISE

Strong, competitive platforms

MX, PTX, QFX, EX, ACX, NFX, SRX families

Rich Overlay and Underlay Software Capabilities

Junos OS with Quality, Contrail Orchestration, AppFormix Analytics
© 2018 Juniper Networks 7
THE JUNIPER ADVANTAGE – JUNOS OS
Experience
• A single uniform experience across routing, switching and
security
• Feature continuity during hardware updates
• Fuse multiple disparate network elements into a single,
logical unit
• Slice multiple concurrent network functions on a single
network element for improved operational efficiency
• Hardware accelerated real-time telemetry support
• Health monitoring correlation for expedited root cause
analysis
• Model-driven OpenConfig telemetry for big data analysis
Analytics
100% Pass Rating by Ivan Pepelnjak
© 2018 Juniper Networks
Programmability
• Seamless integration with a wide range of open-
source automation frameworks
• A simple extension toolkit for control, management,
and data plane programmability
• Easy integration with third party automation
frameworks for high degree network customization
• Decoupled software and hardware architectures
• X86 standardized for simple application integration
with virtualization technologies like KVM and
containers
• Supports third-party VM, container, or native Linux
binary
Disaggregation
8
 THE JUNIPER ADVANTAGE – SERVICE PROVIDER ROUTING
Performance that Scales with New Services Delivery

Platform Versatility Supporting Multiple Use Cases Across Networking

Software Disaggregation that Promotes the Freedom to Innovate

Engineering World-Class Economics and Investment Protection

Infinite Programmability that Anticipates Future Innovations

Award-Winning Juniper Service and Support

MX204 MX240 - MX2K

MX10008 MX10016
MX10003* MX960* MX2020*
NEBS LEVEL3 NEBS LEVEL 3 NEBS LEVEL 3 NEBS DC NEBS DC

2.4T* 16.5T* 40T* 19.2T 38.4T

Trio Silicon Penta Silicon 144 x 10GbE 660 x 10GbE 960 x 10GbE 768 x 10GbE 768 x 10GbE
4th Generation 5th Generation 24 x 100 GbE 165 x 100 GbE 400 x 100 GbE 192 x 100GbE 384 x100GbE

© 2018 Juniper Networks *The performance number are represented by the model with the asterisks 9
 THE JUNIPER ADVANTAGE – CLOUD ROUTING
IP Performance that Stifles Growing Traffic Deluge

Engineering World-Class Cost Per Bit Economics for 400GbE and Beyond

Never be compromised by Visibility, Reliability, Availability or Security

Award-Winning Juniper Service and Support

PTX10001- PTX3000-
PTX1000 PTX10008 PTX10016
PTX10003* PTX5000*
NEBS LEVEL3 NEBS LEVEL 3 NEBS LEVEL 3 NEBS DC NEBS DC

2.88T 16T* 24T* 24T 48T

Express Plus 288 x 10GbE 165 x 100 GbE 1536 x 10GbE 1152 x 10GbE 2304 x 10GbE
Silicon 24 x 100 GbE 36 x 400GbE 240 x 100 GbE 240 x 100GbE 480 x 100GbE

© 2018 Juniper Networks *The performance number are represented by the model with the asterisks 10
THE JUNIPER ADVANTAGE – CLOUD CLASS SWITCHING

Robust Portfolio Centralized

Choice of Chipsets In Data Center
• Merchant Silicon – QFX 5K Management and
• Juniper Q5 – QFX 10K Control
EX Series QFX Series
campus and branch switching data center switching

• Juniper Sky Enterprise for

cloud-based management
Support for Diverse Architectures
• Contrail Enterprise
Multicloud for simplified
multicloud orchestration
and analytics

© 2018 Juniper Networks 11

 THE JUNIPER ADVANTAGE – UNIFIED SECURITY EVERYWHERE
Threat
Intelligence Unifies the entire network and
Advanced Threat Users, Apps, ecosystem
Defense Devices, Sites
Detection Dynamic policy actions
• Consistent defense across diverse
Detection
environments
• Automated adaptive policy
Network Automated
Devices Adaptive Visibility & • Centralized visibility and management
Simplified Management
Multicloud Workloads
Security posture • Leverages the scale and agility of
Consistent enforcement cloud
• Open and interoperable
APIs

Network Access Endpoint

© 2018 Juniper Networks 12

 See the Report

JUNIPER NETWORKS NAMED A LEADER BY GARTNER

Magic Quadrant for Data Center Networking
We believe Juniper is recognized for:
• Having a deep portfolio of hardware and
software solutions
• Leading with automated, open and standards-
based approaches

“Juniper is confident in the execution and strategy

that we believe is being recognized by various
analysts.”
-Rami Rahim, CEO, Juniper Networks

Gartner, Inc., Magic Quadrant for Data Center Networking, Andrew Lerner, Joe Skorupa. 11 July 2018.

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.

© 2018 Juniper Networks 13

A LEADER IN THE FORRESTER WAVE
Hardware Platforms for Software-Defined Networking, Q1 2018
Read the Report

"Overlay technology can go only so far. Ultimately, SDN must

manipulate the network’s physical infrastructure, especially
because many of today’s enterprise data center servers remain on
bare metal and are therefore unable to use SDN overlays like
VMware’s NSX as the only SDN approach to data centers."

“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™: Hardware Platforms For Software-Defined

Networking, Q1 2018

The Forrester WaveTM 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.

© 2018 Juniper Networks 14

 TECHNOLOGY PRODUCT PRODUCT
INNOVATION ROADMAP RELIABILITY

# 1 # 1 # 1
Top
Ranked SECURITY
SERVICE
SUPPORT
PRICE
PERFORMANCE
SP
Vendor
# 1 # 1 # 1
Source: 2018 IHS Market Report

© 2018 Juniper Networks 15

STRONG PARTNERSHIPS
Latest Partner News
Improved network Complete end-to-end solution to New global partnership Simplified and more
automation and security accelerate 5G transformation agreement for wired and wireless secure path to multicloud
Strategic Alliance Partners

Technology Alliance Partners

© 2018 Juniper Networks 16

MULTIPLE NEW PRODUCTS COMING ACROSS MARKETS
• WAN Services • Orchestration Software
• New MX Series 5G Universal Routing platform • Contrail Enterprise Multicloud software
• Universal Chassis and line cards upgrade • Contrail Edge Cloud
• Leverages new Penta Silicon

• IP Transport • Security
• New 3-RU PTX10003 Packet Transport Router • High-end SRX 5000 firewall enhancement
• 400GbE capable system for wide area use cases • Significant performance gain vs. current platforms
• Migration offer for current customers
• Data Center
• New QFX10003 data center switch
• New QFX5220 data center switch
• 400GbE capable data center systems

© 2018 Juniper Networks 17

MX5G EXTENDS ROUTING LEADERSHIP…

1 50% More Power Efficient than Gen 4/Line card

2 300% More Performance than Gen 4/Line card

3 400GbE Support

Juniper Penta Silicon

Powering the MX Series 5G 4 Infinite Programmability

Universal Routing Platform

5 Built-In Encryption

© 2018 Juniper Networks 18

JUNIPER NETWORKS LEADS 400GbE TRANSITION ACROSS
CLOUD/CARRIER ROUTING AND DATA CENTER SWITCHING

IP Transport WAN Services Data Center

• PTX Series: The PTX10003 provides high • QFX series: The QFX10003 & QFX5220 data
• MX Series 5th Generation: Industry’s only
density 100GbE and 400GbE WAN for next- center switches with 400GbE technology
platform to deliver near-infinite
generation scale-out backbone, peering and enables the next-generation of IP Fabric with
programmability, efficient 400GbE, and service
data center interconnect applications investment protection as customers increase
versatility for next generation secure service
supporting the industry’s first packet transport the capacity of their data centers to meet
creation across 5G and IoT, all at
router to accommodate universal multirate emerging high-performance applications.
unprecedented scale.
QSFP-DD interface for seamless 100GbE to • Customer Benefits: Seamless integration with
• Customer Benefits: Native IPsec encryption
400GbE upgrades. Contrail Enterprise Multicloud to provide
that scales for all business service types.
• Customer Benefits: Native link-level encryption consistent policies and operations across your
• 2.8 times more efficiency per bit than previous
preventing unlawful intercept at 400GbE. entire network and manage your 400GbE
generation.
• ~65% more efficiency per bit than previous hyperscale IP fabric resource as a single,
generation. cohesive infrastructure.

© 2018 Juniper Networks 19

CONTRAIL ENTERPRISE MULTICLOUD – HYPERSCALE
INFRASTRUCTURE FOR EVERY ENTERPRISE
One platform for policy and control

Contrail Enterprise Multicloud

Any Cloud Any Workload Any Deployment

Private clouds and Bare metal servers, public cloud Greenfield or
public clouds instances, virtual machines, brownfield, single or
containers and physical multivendor
networking devices

More Open, More Complete

Open alternative that leapfrogs competitors
© 2018 Juniper Networks 20
 CONTRAIL ENTERPRISE MULTICLOUD – SINGLE POINT OF
CONTROL FOR MULTIVENDOR MULTICLOUD ENVIRONMENTS
Contrail Command Contrail Command Contrail Command Contrail Command

Build Fabric
Provide Hybrid Connectivity
Username
Build PODs
Password
Apply Netw / Sec. Policies
Operator Manage User Conn. & Policies
Monitor / Troubleshoot

Shifting multi-location complexity into one interface.

AWS VPC - 1

Kubernetes
Multicloud
OpenShift Architecture
GCP VPC - 2
OpenStack
…

VMware
Contrail
Security

© 2018 Juniper Networks 21

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
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
© 2018 Juniper Networks 22
SECURITY PORTFOLIO REFRESH COMPLETE IN Q3 2018
Q4 16 – Ongoing Ongoing Ongoing Q4 17 Ongoing
Application Security
SSL Inspection
Security Director w/ Secure Analytics Juniper Sky ATP ATP Appliance Intrusion Prevention
Policy Enforcer User Firewall
UTM
Management, Visibility, SIEM Advanced Threat Prevention Next-Gen Services
Automation
Ongoing Q2 16 Q3 18
4Gbps (2 vCPU)
25Gbps (16 vCPU) 16RU
2Tbps
cSRX*
vSRX
8RU
Q2’16 Q3’15 Q4’16 Q4’17 960Gbps
5RU
2RU 1RU 1RU 1RU 1RU 480Gbps
5.5Gbps 5Gbps 20Gbps 40Gbps 80Gbps

SRX300 SRX500 SRX1500 SRX4100 SRX4200 SRX4600 SRX5400 SRX5600 SRX5800

Advanced Security Acceleration (SPC3)

Branch Campus Private Cloud/Multicloud Data Center/Service Provider

Beta*
© 2018 Juniper Networks 23
 FINANCIALS

© 2018 Juniper Networks 24

 QUARTERLY TRENDED RESULTS
Revenue ($M) Non-GAAP EPS
$1,400 $1,386 $1.00
$1,350 $1,309 $0.90
$1,300 $1,285 $0.80
$1,258
$1,239
$1,250
$0.66 $1,221 $0.70
$1,204
$1,200 $0.57 $1,180 $0.60
$1,150 $0.58 $0.55 $0.54 $0.50
$1,100 $0.46 $0.53 $1,083 $0.40
$0.48
$1,050 $0.30
$0.28
$1,000 $0.20
$950 $0.10
Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18

Revenue Non-GAAP EPS

© 2018 Juniper Networks 25

 Q3’18 REVENUE DETAIL

+8% Y/Y
-3% Q/Q
+4% Y/Y -15% Y/Y -10% Y/Y -28% Y/Y -6% Y/Y
-13% Q/Q
Security -6% Q/Q
-12% Y/Y
-11% Q/Q +4% Q/Q
+1% Q/Q -5% Q/Q

6% APAC
Cloud Service
17%
Switching Americas 21% Provider
Routing
19% 42% 55% 46%
PRODUCT GEOGRAPHY VERTICAL
& SERVICE EMEA
28%
Service Enterprise
33% 33%
+10% Y/Y
-1% Y/Y +7% Q/Q +15% Y/Y
+2% Q/Q -4% Q/Q

© 2018 Juniper Networks 26

 SUMMARY OF B/S, CASH FLOW, AND CAPITAL METRICS

* Full-year Operating Cash Flow has not been recast to conform to the current year upon the adoption of the new accounting pronouncement requiring classification of restricted cash
to be included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts on the statement of cash flows.

© 2018 Juniper Networks 27

YEARLY TRENDED RESULTS
Revenue ($M) Non-GAAP EPS

$5,450 $5,027
$4,858 $4,990
$4,950 $4,627 $2.60
$4,450
$2.09 $2.10
$3,950 $2.11
$3,450 $2.03
$1.60
$2,950 $1.45
$2,450 $1.10
$1,950
$0.60
$1,450
$950 $0.10
FY 14 FY 15 FY 16 FY 17

Revenue Non-GAAP EPS

© 2018 Juniper Networks 28

 STRONG CASH FLOW AND BALANCE SHEET

($M) ($M)
$1,400 $1,260 $4,450
$4,021
$1,200 $1,107 $151 $3,950 $3,657
$1,000 $900 $215 $3,450 $3,192
$3,105
$763
$800 $210 $2,950
$193
$600 $2,450
$1,109
$400 $892 $1,950
$690
$570
$200 $1,450

$0 $950
FY 14 FY 15 FY 16 FY 17 FY 14 FY 15 FY 16 FY 17

Free Cash Flow Capex Cash from Ops.* Cash, cash equivalents and investments
* These amounts have not been recast to conform to the current year upon the adoption of the new accounting
pronouncement requiring classification of restricted cash to be included with cash and cash equivalents when reconciling
the beginning of period and end of period total amounts on the statement of cash flows.
© 2018 Juniper Networks 29
 APPENDIX – GAAP TO NON-GAAP RECONCILIATION
(In millions, except per share amounts)
(Unaudited)

© 2018 Juniper Networks 30

 APPENDIX – GAAP TO NON-GAAP RECONCILIATION
(In millions, except per share amounts)
(Unaudited)

© 2018 Juniper Networks 31

 APPENDIX – GAAP TO NON-GAAP RECONCILIATION
(In millions)
(Unaudited)

* These amounts have not been recast to conform to the current year upon the adoption of the new accounting pronouncement requiring classification of restricted cash to be
included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts on the statement of cash flows.

© 2018 Juniper Networks 32

 THANK YOU
Contacts:
Investor Relations – Jess Lubert
jlubert@juniper.net
Industry Analyst Relations – Barbara French
bfrench@juniper.net

© 2018 Juniper Networks