Symantec to-acquire-blue-coat-investor-presentation

1. to Acquire
Investor Summary
June 13, 2016

2. FORWARD LOOKING STATEMENTS
This presentation contains statements which may be considered forward-looking within the meaning of the U.S. federal securities laws,
including statements regarding the acquisition of Blue Coat, Inc. and the time frame in which this will occur, the expected benefits to
Symantec, its customers, stockholders and investors from completing the acquisition, including expected growth, earnings accretion
and cost savings, statements regarding the investment by Bain Capital and Silver Lake, statements regarding Symantec’s planned
capital return program, and statements regarding leadership changes in connection with the acquisition and investments and the
potential benefits to be derived therefrom. These statements are subject to known and unknown risks, uncertainties and other factors
that may cause our actual results, performance or achievements to differ materially from results expressed or implied in this press
release. Such risk factors include those related to: required regulatory approvals and the satisfaction of other closing conditions, the
potential impact on the businesses of Blue Coat and Symantec due to uncertainties regarding the acquisition; the retention of
employees of Blue Coat and the ability of Symantec to successfully integrate Blue Coat and to achieve expected benefits; general
economic conditions; fluctuations and volatility in Symantec’s stock price; the ability of Symantec to successfully execute strategic
plans; maintaining customer and partner relationships; fluctuations in tax rates and currency exchange rates; the timing and market
acceptance of new product releases and upgrades; and the successful development of new products, and the degree to which
these products and businesses gain market acceptance. Actual results may differ materially from those contained in the forward-
looking statements in this press release. Symantec assumes no obligation, and do not intend, to update these forward-looking
statements as a result of future events or developments. Additional information concerning these and other risks factors is contained
in the Risk Factors section of Symantec’s Form 10-K for the year ended April 1, 2016.
Any information regarding pre-release of Symantec offerings, future updates or other planned modifications is subject to ongoing
evaluation by Symantec and therefore subject to change. This information is provided without warranty of any kind, express or
implied. Customers who purchase Symantec offerings should make their purchase decision based upon features that are currently
available.
We assume no obligation to update any forward‐looking information contained in this presentation.

3. Strategically and Financially Compelling Combination
3
The Next
Generation of
Cybersecurity
Best-of-breed for protection, detection and remediation across
endpoint, email, web and servers
Cloud Generation
Security
One Symantec platform solution for end-to-end cloud needs
Significant Synergy
Opportunities
$150 million annual cost synergies by the end of fiscal 2018
Significant cross-sell opportunity
Attractive Financial
Model
Return to growth with significantly improved profitability

4. Best-In-Breed Protection, Detection and Remediation Across
Endpoint, Email, Web, Network and Servers
4
EndpointUsers Network Data Center
Email
Highly complementary product offering
Cloud AppsCloud Servers

5. Combination Enhances Entire Enterprise Security Offering
5
Shared telemetry & protection engines
DLP
CASB
Web
Cross control point detection & remediation Data Loss Prevention everywhere
ATP
Analytics
Endpoint
Email
Server
Web
Endpoint
175M endpoints protected
Email
2Bn emails scanned/day
Web
1.2Bn new web requests secured/day
Physical & Virtual Workloads
64,000 Datacenters protected
Cloud Security
12,000 cloud applications secured
Unique customer proposition and significant competitive advantage

6. Capability
One Symantec
Solution
Cloud & App-based Web Traffic Cleansing Cloud Gateway
Inspect User Communication for
Advanced Malware
Cloud-Based Sandbox
Visibility into Cloud Application Usage by Users Application Discovery
User-Centric DLP Data Loss Prevention
User-Based Cloud Application Authorization Cloud Broker
Audit Acceptable-Use with Real-Time Analytics Cloud Analytics
Cloud-Generation Security
Requires
8-10 point
vendors
today
Enables Enterprises to Securely Embrace The Cloud
6
For the cloud, from the cloud and to the cloud

7. Massive Threat Intelligence and
Significant Investments
Will Drive Next Wave of Innovation
Unmatched Resources to Drive Innovation
7
• More than 3,000 R&D engineers and
researchers
• Telemetry gathered from 175M
endpoints protected
• >2bn emails scanned/day
• 1.2bn web requests monitored per
day across 55 languages
• 12,000 cloud applications monitored
and controlled
Integrated protection, detection
and remediation
across endpoints, network, web,
email, data-centers and apps
Control critical information
on-premises and in the cloud
Comprehensive cloud security
for users, data and applications

8. The Blue Coat Evolution
Strategic, Operational, Financial
Product Lines:
› Web Gateway
› Performance
Financial Performance:
› Revenue: $487mm
› Non-GAAP Operating Margin: ~20%
(circa FY’11)
Ticker: NASDAQ: BCSI
(Today)
Go To Market: Refocused partner ecosystem and direct sales force (+50%
since FY’12 to ~600 headcount)
Notable Tuck-In Acquisitions: Solera, Norman Shark, Netronome,
Perspecsys, Elastica
Financial Performance:
• FY16 Adjusted Net Revenue: $755mm
Security Platform Comprised of:
• Web Gateway
• Cloud Delivered Gateway
• Content Analysis System
• Performance
• Incident Response & Analytics
• Web Application Firewall
• Encrypted Traffic Management
• Advanced Threat Prevention
• CASB
• Cloud Data ProtectionProduct Lines:
• Web Gateway
• Performance
Financial Performance:
• Revenue: $487mm
Note: Financials presented are Non-GAAP 8

9. Protecting the World’s Largest Enterprises
Across Any Device, Across Any Network, At Enterprise Scale
Revenue Scale / Growth
$755M
FY16 Adjusted
Net Revenue
Strong Profitability
24%
FY16 Adjusted EBITDA
(% Adj. Net Revenue)
SECURITY PLATFORM
~20%
Total Net Revenue
from New Products1
New Product Momentum
Network + Security + Cloud
9
Industry Leader
#1 Market
Share
$11B+ TAM
9Note: Financials presented are Non-GAAP; Financial metrics reflect FY16 (FYE April 30)
1 Includes products released after FY12

10. Track Record of Achievement (April 30 FYE, $mm)
10
$275 $320
$368
$436
$643
$755
FY15 FY16
Product Service & Subscription
Adjusted Operating Income
Adjusted Net Revenue Adjusted EBITDA
Cash Flows3
Note: Financials presented are Non-GAAP unless noted otherwise below
1 Includes litigation costs, retention costs, debt fees and debt extinguishment & refinancing costs
2 Includes litigation costs, retention costs and debt fees
3 Represents GAAP cash flow from operations
4 Represents GAAP interest expense
17%
growth
$170 $163
$178
$202
FY15 FY16
$187 $179
$196
$223
FY15 FY16
$8
$103Interest expense4
$95
$135
FY15 FY16
Adjustments1
Adjustments2
$39
$44$9
$66

11. Blue Coat Security Platform
11
15K+
Customers
70%+
of Fortune
Global 500
~43%
Secure Web Gateway
Market Share
1
+700
Net New Customers
Jan’15 – Jan’16
2
95%+
Customer
Retention Rate
3
Note: Financials presented are Non-GAAP; 1 IDC; 2014 Web Security Gateway report; 2 Cumulative net new
customers January, 2015 – January, 2016; 3 Top1k customers by Revenue, since FY12

12. Traditional Perimeter Security Model
Characterized by Centralized Control
12
• Most applications in the data center
• Regional offices and users VPN into the company
• Security stack existed on-premise to protect users
against the outside
Internet
Headquarters
Data Center
Regional
Office
Security Stack

13. Expansion of the Enterprise Network
Users, encryption, bandwidth transforming modern IT
13
Headquarters
Data Center
Regional
Office
Security Stack
Roaming
Users
SSL Encryption
SSL Encryption
SSL Encryption

14. Blue Coat: The Enabler of the Expanded Network
Security for the Cloud Generation
Headquarters
Data Center
Regional
Office
Security Stack
Roaming
Users
Next Generation
Endpoints (IoT/Mobile)
Web Protection Service CLOUD APPLICATION
POLICY CONTROL VIA
API INTEGRATION
(SECURELETS)
CLOUD DATA
PROTECTION
(ENCRYPTION &
TOKENIZATION)
14

15. Combined Comprehensive Cloud Protection
15
Headquarters
Data Center
Regional
Office
Roaming
Users
Next Generation
Endpoints (IoT/Mobile)
Web Protection
Encrypted Traffic
Tokenized Data storage
Advance Malware Analysis
Next-Generation SOC
Data Loss Prevention
Managed Security Service
Next Gen Endpoint
Mail Protection
Security Stack

16. Significant Cross-Sell Opportunity
16
Symantec + Blue Coat
Fortune 500
Fortune 2000
Beyond Fortune 2000
 Scale Cloud Delivery across Symantec customer base
 Increase wallet share among the top 1000 customers
 Cross-sell Blue Coat web security beyond Fortune 1000
 Highly complimentary Fortune 500 customer relationships
370,000+ customers 15,000+ customers

17. Transaction Overview
17
Transaction
Consideration
• $4.65* billion in cash
• Key management of Blue Coat to invest in Symantec
Approval Process
& Expected
Closing
• Subject to customary closing conditions and regulatory approvals
• Expect to close in Q2 FY2017
Financial Impact
• Significantly accretive to FY 2018 Non-GAAP EPS
• Expect FY 2018 Non-GAAP EPS $1.70 to $1.80
Sources of
Financing
• Combination of cash on balance sheet and $2.8 billion of new debt
• Silver Lake to invest an additional $500 million and Bain Capital to
invest $750 million
*Based on expected cash and debt balance at closing and excludes transaction expenses

18. $550 Million in Annual Operating Efficiencies
18
Transaction
Cost Synergies
Standalone Symantec
Cost Saves
+
Products
Sales and
Marketing Overlay
IT
G&A and
Facilities
$150 million$400 million
Industry Leading
Margins

19. Significantly Enhanced Financial Model
19
Return to Growth:
Business Mix:
Profitability:
Substantial improvement in Enterprise Security
profitability
62% Enterprise Security with $2.7 billion revenue
38% Consumer Security with $1.7 billion revenue
Platform for sustainable growth
Expect Fiscal 2018 EPS of $1.70 to $1.80
Note: Financials presented are Non-GAAP

20. Capital Structure and Financing
20
Cash $6.1 $5.6
Existing debt 2.8 2.8
New debt - 2.8
Convertible debt 0.5 1.7
Net debt ($2.8)1 $1.7
Net debt / EBITDA (1.9x)2 0.9x3
$billion Current Pro Forma
Note: Financials presented are Non-GAAP
1 Net debt, cash and existing debt have been adjusted for the $1.0B Term Loan closed in May 2016 and Veritas-related tax
2 FY16 EBITDA adjusted for SBC, restructuring separation charge and normalized for $400 million of in cost save initiatives
3 FY16 Pro forma EBITDA adjusted for SBC, restructuring separation charges, $150 million of expected transaction cost synergies and normalized for $400 million of in cost save initiatives

21. Financial Policy
21
3 Expect to pay down debt rapidly to maintain strong balance sheet
4 Maintain $0.30 annual dividend
1
Complete $5.5 billion capital return program by March 2017
including $1.3 billion in remaining share repurchases
2
$400 million standalone net cost reduction initiatives timeline
remains unchanged

22. 22
3
4
1 Increases the exposure to higher growth end markets
2 Combined competitive product differentiation to capture share
Key Financial Summary
Significant cost synergies and commitment to industry leading
margins
Highly accretive to our earnings

23. Use of Non-GAAP Financial Information
Our results of operations have undergone significant change due to the impact of litigation accruals,
discontinued operations including the gain on the sale of Veritas, stock-based compensation, restructuring,
transition and separation matters, charges related to the amortization of intangible assets, and certain other
income and expense items that management considers unrelated to the Company’s core operations. The
results of operations of Blue Coat have undergone significant change due to the impact of purchase
accounting on revenue from prior acquisitions, stock-based compensation, restructuring, transition and
integration matters, charges related to the amortization of intangible assets, and certain other income and
expense items that management considers unrelated to the Company’s core operations. To help our readers
understand our past financial performance and our future results, we supplement the financial results that we
provide in accordance with generally accepted accounting principles, or GAAP, with non-GAAP financial
measures. The method we use to produce non-GAAP results is not computed according to GAAP and may
differ from the methods used by other companies. Non-GAAP financial measures are supplemental, should not
be considered a substitute for financial information presented in accordance with GAAP and should be read
only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Our
management team uses these non-GAAP financial measures in assessing Symantec’s operating results, as well
as when planning, forecasting and analyzing future periods. Investors are encouraged to review the
reconciliation of our non-GAAP financial measures to the comparable GAAP results, which is attached to our
press release and which can be found, along with other financial information, on the investor relations page of
our website at: http://www.symantec.com/invest.
23

24. 24
GAAP RESULTS RECONCILED TO NON-GAAP RESULTS (1)
(Dollars in thousands, unaudited)
Year Ended Year Ended
April 30, 2016 April 30, 2015
Non-GAAP EBITDA
GAAP net loss (289,081) (15,430)
Plus:
Impact of purchase accounting on net revenue 157,037 11,601
Amortization of intangible assets and purchased technology 165,326 77,006
Acquisition write-up of acquired inventory sold 29,210 -
Depreciation expense 20,438 18,440
Stock-based compensation expense 22,565 2,696
Restructuring and other charges 2,857 1,130
Acquisition fair value adjustments to earn-outs (970) -
Acquisition transaction costs 30,417 1,223
Acquisition integration, transition and other 3,537 5,008
Financial sponsor fees 5,839 3,545
Interest expense, net 103,228 66,396
Income tax provision (benefit) (71,139) 15,104
Adjusted EBITDA $ 179,264 $ 186,719
Adjusted EBITDA % of non-GAAP revenue 24% 29%
(1) For more information about the non-GAAP metrics in this presentation, please see the Appendix to the Press Release
that can be found on the investor relations page of our website at: http://www.symantec.com/invest.