lied upside). CMCSA lyr Price History (Embedded image moved to file: pic29598.gif) F5 Networks (FFIV) - Trades -1.8mm shs/day Growth in Telco and Next-Gen Security. F5 provides solutions for internet traffic management to the big Telcos. Fundamental tailwinds in demand, and following a 2yr R&D investment. DB j

tion pending. DB price target of $64 (23% implied upside). CMCSA lyr Price History F5 Networks (FFIV) - Trades —1.8mm shs/day Growth in Telco and Next-Gen Security. F5 provides solutions for internet traffic management to the big Telcos. Fundamental tailwinds in demand, and following a 2yr R&D investment. DB j

tion pending. DB price target of $64 (23% implied upside). CMCSA lyr Price History F5 Networks (FFIV) - Trades —1.8mm shs/day Growth in Telco and Next-Gen Security. F5 provides solutions for internet traffic management to the big Telcos. Fundamental tailwinds in demand, and following a 2yr R&D investment. DB j

Mar Jun Sep Dec 2013 2014 50.00 48.00 46.00 44.00 42.00 40.00 38.00 SOM F5 Networks (FFIV) - Trades —1.8mm shs/day Growth in Telco and Next-Gen Security. F5 provides solutions for internet traffic management to the big Telcos. Fundamental tailwinds in demand, and following a 2yr R&D investment. DB ju

2 March 2014 Wireless Equipment Signals to Noise (S2N) Next-Gen Security: On the security use cases, our MWC and RSA conference conversations suggest that the "best" solutions bundle - involving F5's BIG IP or Viprion AD

ference meetings. Our key insight on F5 is our higher conviction on the company's next-phase growth opportunities in Telco Network Intelligence and Next-Gen Security use cases. Field color from our MWC industry meetings correlate well with our recent round of IT channel conversations - which note that F5's +2 yea