Software Driven Cloud Networking

Safe Harbor

2

This presentation and the accompanying oral presentation contain forward-looking statements that are based on our management’s beliefs and assumptions and on information currently available to management. Forward-looking statements include all statements other than statements of historical fact contained in this presentation, including information concerning our business plans and objectives, potential growth opportunities, competitive position, industry environment and potential market opportunities.

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Forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other factors including, but not limited to, those related to our future financial performance, market acceptance of our solutions, our ability to increase sales of our solutions, to attract and retain customers and to sell additional solutions to our existing customers, our ability to develop new solutions and bring them to market in a timely manner, pricing pressure (as a result of competition or otherwise), our ability to maintain, protect and enhance our brand and intellectual property and our ability to continue to expand our business and manage our growth. Moreover, we operate in very competitive and rapidly changing environments, and new risks may emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. These factors, which are described in greater detail in a registration statement (including the prospectus) that we have filed with the Securities and Exchange Commission (“SEC”) for the offering to which this presentation relates, may cause our actual results, performance or achievements to differ materially and adversely from those anticipated or implied by our forward-looking statements.

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You should not rely upon forward-looking statements as predictions of future events. Although our management believes that the expectations reflected in our forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and

circumstances described in the forward-looking statements will be achieved or occur. Moreover, neither we, nor any other person, assume responsibility for the accuracy and completeness of the forward-looking statements.

This presentation is being provided as of June 25, 2014 and the forward looking statements and any other statements contained herein speak only as of the date of this presentation, and we undertake no obligation to publicly update any forward-looking statements or any other statements in this

presentation for any reason after the date of this presentation to conform these statements to actual results or to changes in our expectations, except as required by law.

In addition to GAAP financial information, this presentation includes certain non-GAAP financial measures. The non-GAAP measures have limitations, and you should not consider them in isolation or as a substitute for our GAAP financial information. There are limitations to the use of non-GAAP measures. Non-GAAP gross margins, non-GAAP operating income and adjusted EBITDA exclude the impact of stock-based compensation expense, which is a recurring expense for us. See the Appendix for a reconciliation of all non-GAAP financial measures to their nearest GAAP equivalent.

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We have filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents we file with the SEC for more complete information about us and the offering. You may access these documents for free by visiting EDGAR on the SEC website at http://www.sec.gov. Alternatively, any underwriter or any dealer participating in the offering will arrange to send you a prospectus if you request it by calling Morgan Stanley & Co. LLC at 1-866-718-1649 and Citigroup at 1-800-831-9146.

Jayshree Ullal

Chief Executive Officer

128

144

173

196

208

231

255

174

0

144

78

28

100

100

100

210

210

210

Source: Public filings for Internet Leaders (Amazon, eBay, Facebook, Google, Microsoft, Yahoo!) & Mobile Carriers (AT&T, Verizon)

The World is Moving to the Cloud

4

Users

Infrastructure

Spend

$0

!

$5

!

$10

!

$15

!

$20

!

$25

!

$30

!

$35

!

$40

!

2010

!

2011

!

2012

!

2013

!

U.S. Mobile Carriers

!

Internet Leaders

!

$Bn

CAGR ’10-’13:

1%

CAGR ’10-’13:

30%

Talented team, technology and results

!

Large and expanding market opportunity

!

Sustainable cloud-purposed software

advantage

!

Disruptive technology enabling

customer innovation

!

Arista at the Center of Cloud Transition

Rapid Revenue Growth

Annual Revenue $MM

2010-2013

CAGR: 71%

!

Arista Highlights

Q1

Q1 Y-o-Y

Growth: 91%

!

High OPEX/CAPEX




Legacy Networking

Cloud

Big Data

Virtualization

Traditional Enterprise


Network Architecture

Cloud Network


Architecture

✖

 

Silo-ed Hardware

✖

 

High OpEx / CapEx

!

✖

 

Heavily Oversubscribed

✖

 

Limited Data Flows

✖

 

Static 3-Tier Topology

✖

 

Manual Configuration

Cloud Driving a New Network Architecture

6

!

 

Scale-out Clusters

!

 

Low OpEx / CapEx

!

 

Non-blocking Design

!

 

Massive Data Flows

!

 

Workload Mobility

Arista’s Served and Total Addressable

Market

Switching Market Size ($Bn)

Data Center Switching (10/40/100GbE) Market Size (1) _{Remaining Ethernet Switching Market} (2)

TAM

CAGR: 3%

SAM

CAGR: 19%

TAM

SAM

Notes

1. High-speed data center switching market, excluding Blade, based on Crehan Resarch, 2014 2. Overall switching market data based on Dell’Oro Research, 2014

Arista Has Clear Market Leadership

128

144

173

196

208

231

255

174

0

144

78

28

100

100

100

210

210

210

8

23%$

Others$

(2)

77%$

2013 Data Center Switches - 10/40/100 GbE, Excluding Blade (Ports, 000’s)

(1)

Notes

1. Source: Company, Crehan Research, 2014

2. Others include 21 companies, as listed by Crehan Research. Companies include: Alaxala, Alcatel-Lucent, Allied Telesis, Avaya, Brocade, Dell, Enterasys, Extreme, Fujitsu, Gnodal, HP Networking, Hitachi Cable, Huawei, IBM, Juniper, Mellanox, NEC, Pica8, Plexxi, Qlogic, ZTE

#2 Market

Share

Accelerates Time to Service and Reduces TCO

Availability

Visibility

_Programmable

Open and

Cloud Scale

Architecture

Automation

Unmodified Linux

Shared State

Merchant Silicon

SysDB CLI SNMP VXLAN VM Tracer OSPF STP ASIC Driver SDN APIs LAG BGP

Modular / Resilient

Arista EOS: Our Advanced Network

Operating System

Processes are Self-Healing

10

Legacy – Spaghetti Code

Arista Programmable EOS

Publish

Notify

SNMP

SysDB

Susceptible to Process Failure

OTV MSDP PIM IGMP

IGMP Snoop CoPP ISIS EIGRP OSPF RIP BGP STP ACL U4RIB U6RIB IPQOS _FIB LC

Custom Linux

Open Linux

Custom ASICs

Merchant Silicon

Publish

Notify

PIM SNMP BGP MLAG STP eAPI IGMP

SysDB

Driver

Volume

Value

Arista 7300 Family

Sp

lin

e

TM

/

Sp

in

e

Leaf

Single-Image Arista EOS across all platforms

Arista 7500 Family

Arista 7050 Family

Arista 7150 Family

Hypervisor/Virtualization

Management, Automation, Orchestration

Network Services

EOS Application Programming Interfaces (APIs)

EOS Extensible Operating System

Scalability | Availability | Programmability | Automation | Visibility

JSON | XMPP | CLI | Python | CloudVision

Retail

30+

Pace of Cloud Networking Adoption

> 10% of Sales

< 10% of Sales

Moderate

Large

Cloud Spend

Follower

_{Pace of Adoption}

Early Adopter

Financial Services

450+ Customers

Service Provider /

Cloud / Hosting

300+ Customers

High Tech

270+ Customers

Web

100+ Customers Government

100+

Oil & Gas

30+ Business

Services

175+ Manufacturing

25+ Research
 Labs

65+ Healthcare

50+ Education

160+ Media &

Entertainment

140+

White Box

!

Legacy

!

Cloud Scale Architecture

!

Availability

!

Visibility

!

Open and Programmable

!

Automation

!

Feature Velocity

!

Customer Footprint

!

The Arista Advantage

Experienced Leadership Team

Executive Team

Jayshree Ullal

President and CEO

Anshul Sadana SVP, Customer Engineering Christophe Metivier VP, Manufacturing and
 Platform Engineering Adam Sweeney VP, Software
 Engineering Marc Taxay VP and General Counsel Isabelle Bertin-Bailly VP, Global
 Human Resources Hugh Holbrook VP, Software
 Engineering Jeffrey Hirschman VP, Hardware
 Engineering Mark Foss

VP, Global Operations and Marketing

Ed Chapman

VP, Business Development and Alliances

Kenneth Duda

Founder, Chief Technology Officer and SVP, Software Engineering

Mark Smith

SVP, Worldwide Sales
 Operations

Andy Bechtolsheim

Founder, Chief Development Officer and Chairman

Jeff Raymond

VP, EOS Software and Services