© 2016 Nimble Storage | Confidential: Do Not Distribute

Q3 FY2017

Earnings Results

Suresh Vasudevan, Chief Executive Officer

Anup Singh, Chief Financial Officer

November 22, 2016

© 2016 Nimble Storage | Confidential: Do Not Distribute2

Safe Harbor

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. We intend for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the U.S.

Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements other than statements of historical fact contained in this presentation, including

information concerning our financial outlook, business plans and objectives, potential growth opportunities, competitive position, industry environment and potential market

opportunities.

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, including to attract and retain customers and to selling 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, global economic conditions 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. Further information on these and other factors that could affect our financial results are included in our filings we make with the Securities and Exchange

Commission, and may cause our actual results, performance or achievements to differ materially and adversely from those anticipated or implied by our forward-looking statements.

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. We undertake no

obligation to publicly update any forward-looking statements 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. For example, bookings and free cash flow are not

substitutes for revenues or cash provided by operations. In addition, non-GAAP operating expenses exclude the impact of stock-based compensation expense, which is a recurring

expense for us. See the Appendix for a reconciliation of these non-GAAP financial measures to their nearest GAAP equivalent.

© 2016 Nimble Storage | Confidential: Do Not Distribute3

$53.8

$125.7

$227.7

$322.2

$86.4 $97.1 $102.0

FY2013 FY2014 FY2015 FY2016 Q1FY17 Q2FY17 Q3FY17

Product Revenue Support & Service Revenue

Revenue ($M)

YoY

21%

Strong Revenue Growth

YoY

21%

YoY

26%

© 2016 Nimble Storage | Confidential: Do Not Distribute4

Gross Margin Remain Above Long Term Model

Gross Margin*

*Reflects Non-GAAP Gross Margin, which excludes stock based compensation expense. See slide 16 for reconciliation. Long-term Gross Margin target range is 63%-65%.

Operating* & EBITDA Margin

-24%

-16%-13% -15%-21%

-15%

-8%

-9%

Q3FY14 Q3FY15 Q3FY16 Q3FY17

Operating Margin Adjusted EBITDA Margin

66.4%67.1% 66.9%

66.0%

Q3FY14 Q3FY15 Q3FY16 Q3FY17

Long Term Gross Margin Target Range 63%-65%*

© 2016 Nimble Storage | Confidential: Do Not Distribute5

Average Annual Bookings per Commercial Sales Team

Year 1 Year 2 Year 3

Average Bookings per Sales Team to Support Break Even Target

Average Bookings per Sales Team to Support Long-Term Profitability Target

Commercial sales teams operate

at breakeven levels of productivity

during their 2nd year and above

target operating margin levels in

their 3rd year.

Improving Sales Productivity Drives Business Model

© 2016 Nimble Storage | Confidential: Do Not Distribute6

Cash Balance In Line With Expectations

Cash Flow from Operations ($M) Free Cash Flow ($M)

$205.0 $209.7

$180.7

Q3FY15 Q3FY16 Q3FY17

Ending Cash ($M)

-$6.5

-$3.1

-$11.3

Q3FY15 Q3FY16 Q3FY17

-$11.5-$12.2

-$18.0

Q3FY15 Q3FY16 Q3FY17

© 2016 Nimble Storage | Confidential: Do Not Distribute7

Strategy For Revenue Growth

Diversified Customer Base

Continued expansion into international, large enterprise and cloud service

provider customers

New Customer Acquisition

Investing to increase opportunities and drive channel leverage

Larger Transactions

Expansion into larger transactions with unique Scale-to-fit capabilities, Unified Flash Fabric and AFA

Land & Expand

Drive repeat business with growing install base through InfoSight predictive analytics and industry

leading customer satisfaction

Driving

Revenue

Growth

© 2016 Nimble Storage | Confidential: Do Not Distribute8

Rapid Pace Of New Customer Acquisition

Cumulative Customer Base*

4,300

6,800

9,500

Q3FY15 Q3FY16 Q3FY17*Rounded to the nearest hundred

+2,500 customers

+2,700 customers

© 2016 Nimble Storage | Confidential: Do Not Distribute9

Land And Expand Drives Repeat Business

Cumulative Bookings

44% 49%

56% 51%

TTM Q3FY16 TTM Q3FY17

Existing Customers New Customers

% New vs. Existing Customer Bookings

1.4X

1.8X

2.3X

1.7X

2.5X

3.4X

1.8X

2.7X

3.7X

Year 1 Year 2 Year 3

Overall Repeat Bookings

Enterprise Repeat Bookings

Cloud SP Repeat Bookings

(Excludes Support renewals)

© 2016 Nimble Storage | Confidential: Do Not Distribute10

Large Enterprise And Cloud Customers Driving Growth

Large Enterprise Bookings

G5K Bookings $

Cloud SP Bookings

Cloud SP Bookings $

G5K Bookings %

53%

Q3FY16 Q3FY17

16%13%

16%

Q3FY15 Q3FY16 Q3FY17

65%

Q3FY16 Q3FY17

Cloud SP Bookings %

16%18%

24%

Q3FY15 Q3FY16 Q3FY17

© 2016 Nimble Storage | Confidential: Do Not Distribute11

Large Deals Continue To Increase

Bookings %

Bookings $ Growth

35%

Q3FY16 Q3FY17

> $100K Deals

Bookings $ Growth

> $250K Deals

75%

Q3FY16 Q3FY17

43% 45%50%

Q3FY15 Q3FY16 Q3FY17

Bookings %

16% 17%

24%

Q3FY15 Q3FY16 Q3FY17

© 2016 Nimble Storage | Confidential: Do Not Distribute12

AFA Gaining Strong Momentum

AFA Product as % of Total Product Bookings

9%

17%24%

Q1FY17 Q2FY17 Q3FY17

Fast Growing Customer Base (Cumulative)

55

183

392

Q1FY17 Q2FY17 Q3FY17

AFA Only Unified Flash Fabric

AFA Array as % of Total Array Bookings

12%

23%30%

Q1FY17 Q2FY17 Q3FY17

New vs. Existing Customers (In Quarter Purchase)

53% 41%47%47%

59%

53%

Q1FY17 Q2FY17 Q3FY17

Existing Customers New Customers

© 2016 Nimble Storage | Confidential: Do Not Distribute13

International Growth Remains Healthy

International Revenue as % of Total Revenue

20%22% 23%

Q3FY15 Q3FY16 Q3FY17

International Revenue Growth*

34%

Q3FY16 Q3FY17

*Excluding foreign exchange fluctuations, International

Revenue grew Y/Y by 40%

© 2016 Nimble Storage | Confidential: Do Not Distribute14

Q4 Fiscal Year 2017 Financial Guidance

Q4 FY17 Guidance

Revenue $112M ~ $115M

Non-GAAP Operating Loss* ($11M) ~ ($13M)

Non-GAAP EPS* ($0.13) ~ ($0.15)

Weighted Average Basic Shares Outstanding ~ 88.0M

*Reflects Non-GAAP operating loss and EPS which excludes stock based compensation expense. See slide 16 for reconciliation.

© 2016 Nimble Storage | Confidential: Do Not Distribute15

Target Operating Model

*Reflects Non-GAAP Gross Margin, R&D, S&M, G&A and Operating Margin, see slide 16 for reconciliation

Note: due to rounding, numbers presented above may not sum to total.

FY15 FY16 Q3FY17Long-Term

Model

Gross Margin* 67.0% 67.1% 66.0 % Currently operating above target model 63%–65%

R&D as % of

Revenue* 24% 22% 21%Leverage from investments we have made in our

rich product roadmap11%–13%

S&M as % of

Revenue* 51% 49% 54%Improved sales productivity driven by higher ASPs,

maturity of sales teams, growth in repeat business

and increase in channel leverage28%–31%

G&A as % of

Revenue* 9% 7% 6% Continuous efficiency and economies of scale 5%–6%

Non-GAAP

Operating

Margin*

-17% -11% -15% 16%–20%

How We Get There

© 2016 Nimble Storage | Confidential: Do Not Distribute16

($ in thousands) FY15 FY16 Q3FY14 Q3FY15 Q3FY16 Q3FY17

GAAP Gross Profit 148,720 209,580 22,022 38,432 52,690 65,056

% GAAP Gross Margin 65.3% 65.0% 65.9% 65.0% 65.3% 63.8%

(+) Stock-based Compensation 3,888 6,715 179 1,235 1,291 2,302

Non-GAAP Gross Profit 152,608 216,295 22,201 39,667 53,981 67,358

% Non-GAAP Gross Margin 67.0% 67.1% 66.4% 67.1% 66.9% 66.0%

GAAP Research and Development 70,338 93,990 9,361 19,679 22,936 28,738

(-) Stock-based Compensation 15,137 23,259 781 4,595 4,888 7,301

Non-GAAP Research and Development 55,201 70,731 8,580 15,084 18,048 21,437

% of Revenue 24% 22% 26% 26% 22% 21%

GAAP Sales and Marketing 143,575 197,979 19,902 36,994 49,853 64,944

(-) Stock-based Compensation 27,752 39,648 850 7,575 9,132 9,624

Non-GAAP Sales and Marketing 115,823 158,331 19,052 29,419 40,721 55,320

% of Revenue 51% 49% 57% 50% 50% 54%

GAAP General and Administrative 30,884 36,247 3,130 8,887 8,249 10,373

(-) Stock-based Compensation 10,290 13,682 455 4,001 2,219 4,372

Non-GAAP General and Administrative 20,594 22,565 2,675 4,886 6,030 6,001

% of Revenue 9% 7% 8% 8% 7% 6%

GAAP Operating Loss (96,077) (118,636) (10,371) (27,128) (28,348) (38,999)

% of Revenue -42% -37% -31% -46% -35% -38%

(+) Stock-based Compensation 57,067 83,304 2,265 17,406 17,530 23,599

Non-GAAP Operating Loss (39,010) (35,332) (8,106) (9,722) (10,818) (15,400)

% Non-GAAP Operating Margin -17% -11% -24% -16% -13% -15%

GAAP Net Loss (98,846) (120,069) (10,136) (28,389) (28,574) (39,272)

(+) Stock-based Compensation 57,067 83,304 2,265 17,406 17,530 23,599

Non-GAAP Net Loss (41,779) (36,765) (7,871) (10,983) (11,044) (15,673)

(+) Interest Expense (Income), Net (139) (240) (5) (71) (66) (76)

(+) Provision for Income Taxes 837 1,017 76 219 251 313

(+) Depreciation and Amortization 8,753 15,598 940 2,213 4,047 5,897

Adjusted EBITDA (32,328) (20,390) (6,860) (8,622) (6,812) (9,539)

% Non-GAAP Adjusted EBITDA Margin -14% -6% -21% -15% -8% -9%

Net Cash Provided by (Used in) Operating Activities 5,376 5,755 (271) (6,522) (3,104) (11,310)

(-) Property and Equipment, Net 20,820 29,423 4,726 4,933 9,073 6,689

Free Cash Flow (15,444) (23,668) (4,997) (11,455) (12,177) (17,999)

GAAP to Non-GAAP Reconciliation