Investor Presentaiton

Sales Leverage and Expense Discipline Drive Margin Growth 54% 4% Non-GAAP Operating Expenses as a % of Revenue 53% 52% 4% ~51% W II m 12% 38% 2018 11% I I I I 2018-2021E CAGR Revenue = 23% Opex = 21% Q3'21 Headcount Mix (2) 6% G&A I 19% Services & Ops 53% I 37% I S&M I 22% R&D 2019 2020 ■ S&M ■R&D G&A 2021E (1) (1) Based on the midpoint of 2021 guidance provided on November 4, 2021. (2) As of September 30, 2021 (9,700 employees). O Fortinet, Inc. All Rights Reserved. Note: S&M, R&D and G&A are non-GAAP and exclude stock-based compensation and amortization of acquired intangible assets. See Appendix for reconciliation of the non-GAAP financial measures to the most comparable GAAP financial measures. 38 38

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