The presentation provided financial projections for Q1 FY12 and full year FY12, showing expected revenue growth of 26-34% and 29-35% respectively. Gross margins were projected to remain strong at around 62.5% for FY12. Operating expenses were projected to decline as a percentage of revenue to 43.5% for FY12. Cash flow was projected to remain robust at around 20% of revenue.

1. Financial Analyst Day – June 30, 2011
Financial Overview
Steve Gomo
EVP and CFO

2. Financial Overview Agenda
1. Brief review of FY11 performance
2. FY 12 projections – earnings statement &
balance sheet metrics
3. Cash flow projections & model
4. Summary

3. Safe Harbor
This presentation contains forward-looking statements and projections, including statements regarding
our forecasted results of operations, balance sheet metrics and cash flows; our market share and
operating goals; and the performance of our products and the benefits our products will bring to our
customers. Such statements involve risks and uncertainties, and actual results may differ materially from
our statements or projections. Factors that could cause actual results to differ from those described
herein include, but are not limited to, customer demand for our products and services; our ability to
accurately forecast customer demand; the amount of orders in future periods; our ability to achieve
anticipated pricing, cost, and gross margins levels; our ability to increase revenue and manage our
operating costs; increased competition risks associated with the anticipated growth in networked storage
market; general economic and market conditions; and our ability to design and deliver new product
architectures and enterprise service offerings that compete effectively from a price and performance
perspective. These and other equally important risks and uncertainties have been outlined in more detail
in the Company's most recent 10-K and 10-Q reports under the sections captioned “Risk Factors" on file
with the Securities Exchange Commission and accessible through our website.
During the course of today’s presentation, we will be referring to both GAAP and non-GAAP
numbers. The reconciliation between these GAAP and non-GAAP numbers can be found in the
Investor's section of our Company website at www.netapp.com/investor.
For clarity of presentation, all projections shown are at the midpoint of our expectations.

4. FY11 Actual Non-GAAP Financials
FY 11 –
actual
Revenue $5,123M
year/year growth 30%
Gross Margin 65.6%
Operating Expense % 46%
Operating Profit % 20.0%
Tax Rate 17.1%
Net Income 16.9%
EPS $2.20
Estimated Impact of Bond Hedge
Accounting on EPS
add $0.05
All Financials include adoption of new revenue recognition standards

5. Projected Q1 FY12 Non-GAAP Financials
FY 11 – Q1 FY 12 –
actual projected
Revenue $5,123M $1,455M - $1,545M
year/year growth 30% 26% - 34%
Gross Margin 65.6% ~62.7%*
Operating Expense % 46% ~45%*
Operating Profit % 20.0% ~18.2%*
Tax Rate 17.1% 18.5%
Net Income 16.9% ~15.0%*
EPS $2.20 $0.52 - $0.57
Estimated Impact of Bond Hedge
Accounting on EPS
add $0.05 add $0.02
All Financials include adoption of new revenue recognition standards *Midpoint of targeted range

6. FY11 & Q1 FY12 Estimated
GAAP to Non-GAAP EPS Reconciliation
FY 11 – Q1 FY12 –
actual projected
Estimated GAAP EPS $1.71 $0.31 - $0.36
+ Amortization of Intangible Assets $0.05 $0.04
+ Stock Based Comp Expense $0.45 $0.13
+ Acquisition Related Expense $0.01 $0.04
+ Restructuring & Other Charges - $0.02
+ Non-Cash Interest Expense
$0.14 $0.03
(Convertible Notes)
+ Gain on Investments ($0.01) -
+ Income Tax Effect ($0.15) ($0.05)
Estimated Non-GAAP EPS $2.20 $0.52 - $0.57

7. Projected FY12 Non-GAAP Financials
FY 11 –
actual
Revenue $5,123M
year/year growth 30%
Gross Margin 65.6%
Operating Expense % 46%
Operating Profit % 20.0%
Tax Rate 17.1%
Net Income 16.9%
EPS $2.20
Estimated Impact of Bond Hedge add $0.05
Accounting on EPS
All Financials include adoption of new revenue recognition standards

8. Projected FY12 Non-GAAP Financials
FY 11 – FY 12 –
actual projected
Revenue $5,123M $6,600M - $6,940M
year/year growth 30% 29% - 35%
Gross Margin 65.6% ~62.5%*
Operating Expense % 46% ~43.5%*
Operating Profit % 20.0% ~19.0%*
Tax Rate 17.1% 18.5%
Net Income 16.9% ~15.7%*
EPS $2.20 $2.46 - $2.62
Estimated Impact of Bond Hedge add $0.05 add $0.08
Accounting on EPS
All Financials include adoption of new revenue recognition standards *Midpoint of targeted range

9. FY11 & FY12 Estimated
GAAP to Non-GAAP EPS Reconciliation
FY 11 – FY 12 –
actual projected
Estimated GAAP EPS $1.71 $1.76 - $1.92
+ Amortization of Intangible Assets $0.05 $0.20
+ Stock Based Comp Expense $0.45 $0.43
+ Acquisition-Related Expense $0.01 $0.05
+ Restructuring & Other Charges - $0.02
+ Non-Cash Interest Expense
$0.14 $0.14
(Convertible Notes)
+ Gain on Investments ($0.01) -
+ Income Tax Effect ($0.15) ($0.14)
Estimated Non-GAAP EPS $2.20 $2.46 - $2.62

10. FY12 Revenue Growth
Annual Growth %
FAS
~$6,020M
+ 18%
+ 20%
Total Revenue* E-Series Branded + 32%
$6,770M ~$150M
E-Series OEM
~$600M
*Midpoint of targeted range

11. FY12 Projected Revenue Growth
FY12
Projected Annual
Revenue* Growth %
Product $4,705M +40%
FAS + E-Series Branded $4,105M +22%
E-Series OEM $600M n/a
Total SEM $815M +13%
Total Services $1,250M +21%
Support $915M +34%
Other Services $335M -4%
Total Company $6,770M +32%
*Midpoint of targeted range

12. Estimated FY12
Quarterly Revenue Linearity
Revenue Linearity Q1 ’12 Q2 ’12 Q3 ’12 Q4 ’12 FY12
Total Product % 22% 24% 26% 28% 100%
FAS + E-Series Branded % 21% 23% 26% 30% 100%
E-Series OEM % 23% 25% 27% 25% 100%
Total SEM % 23% 24% 26% 27% 100%
Total Services % 22% 24% 26% 28% 100%
Support % 22% 24% 26% 28% 100%
Services % 24% 24% 25% 27% 100%
Total Revenue % 22% 24% 26% 28% 100%

13. Revenue Mix Variables
FY11 – FY12 –
actual projected
International / Domestic 46 / 54 42 / 58
Direct / Indirect (Fulfillment) 27 / 73 22 / 78
- Arrow / Avnet 29% 30%
- Total OEM 5% 13%

14. Historical Revenue
Mix & Non-GAAP Gross Margin
Revenue Mix FY06 FY07 FY08 FY09 FY10 FY11
Product 76% 74% 68% 61% 61% 66%
SEM 12% 12% 15% 17% 17% 14%
Support 7% 8% 10% 13% 14% 13%
Services 5% 6% 7% 9% 8% 7%
Total Revenue 100% 100% 100% 100% 100% 100%
Gross Margin
Product % 61.5% 61.9% 60.5% 54.5%* 59.9%* 60.6%*
SEM % 97.0% 97.0% 98.2% 98.5% 98.2% 97.8%
Support % 45.7% 51.1% 59.6% 72.3%* 73.9%* 75.1%*
Services % (5.3%) (1.6%) 4.6% 14.7% 16.6% 29.7%
Consolidated % 61.4% 61.9% 62.1% 61.1% 65.0% 65.6%
* Reflects impact of reclassification of warranty expense from Support to Product

15. Revenue & Non-GAAP
Gross Margin Detail
FAS* E-Series OEM Consolidated
Revenue Mix FY11
FY12 FY12 FY12
Product 66% 67% 100% 70%
SEM 14% 13% n/a 12%
Support 13% 15% n/a 13%
Services 7% 5% n/a 5%
Total Revenue 100% 100% 100% 100%
FAS* E-Series OEM Consolidated
Gross Margin FY11
FY12 FY12 FY12
Product % 60.6% ~60% ~39% ~57%
SEM % 97.8% ~97% n/a ~97%
Support % 75.1% ~77% n/a ~77%
Services % 29.7% ~18% n/a ~18%
Consolidated % 65.6% ~65.2% ~39% ~62.5%
*Includes E-Series Branded

16. Non-GAAP Operating Expense Projections
~ $2,940M
$2,335M
$1,923M
+26%
+21%
+10%
FY 10 FY 11 FY 12*
R&D 13% 12% 12%
SG&A 36% 34% 31%
Total OpEx 49% 46% 43%
*Midpoint of targeted range

17. Balance Sheet Metrics
FY11 – FY12 –
actual projected
DSO 47* Low to Mid 40s
Inventory Turns 18.1* ~20
Capital Expenditures $223M ~ $340M
Depreciation $148M ~ $200M
*Q4 FY11

18. Cash Flow Trend
$M FY08 FY09 FY10 FY11 FY12
Total Revenue $3,303 $3,535 $3,931 $5,123 ~$6,770*
Cash from Operations $1,009 $873 $975 $1,346 ~$1,665*
Less Capital Purchases $188 $290 $136 $223 ~$340*
Free Cash Flow $821 $584 $839 $1,124 ~$1,325*
% of Revenue 25% 17% 21% 22% ~20%
GAAP Net Income + Stock Comp
$473 $235 $611 $901 ~$1,090*
+ Non Cash Interest Expense
Change in Deferred Revenue $401 $219 $177 $383 ~$410*
Cash Contribution $874 $454 $788 $1,284 ~$1,500*
% of Cash from Operations 87% 52% 81% 95% ~90%
*Midpoint of targeted range

19. Long Term (2-3 yr) Free Cash Flow Model*
Target: 21% – 25% of Revenue
Assumptions:
 Pre-Tax profitability of ~18-21%
 Revenue growth of 15% or greater
 Constant mix of non-deferred / deferred revenue
 Capital purchases exceed depreciation by
approximately $50 million
* Free Cash Flow is defined as cash from operations less capital expenditures

20. Long Term Free Cash Flow as % of Revenue
Pre-Tax Profit
(Op Margin + Other Income)
18% 19% 20% 21%
30% 23% 23% 24% 25%
25% 22% 23% 24% 24%
Revenue
CAGR* 20% 21% 22% 23% 24%
15% 21% 22% 22% 23%
* Provided for illustrative purposes only - not intended to be guidance.

21. Financial Summary
 Projected performance reflects underlying health of
core business, plus contribution from E-Series
– Core business model is intact
 Potential for operating efficiencies from acquisition
going forward
 Cash generation remains strong
– Enables share repurchase per our objectives