Plantronics to Acquire Polycom

“Creatingthecollaborationgold-standardsogoodideasareseenandheard”

InvestorPresentationMarch28,2018

PlantronicstoAcquirePolycom

2©Plantronics2018.AllRightsReserved.

FORWARDLOOKINGSTATEMENTSThisPressRelease,togetherwithotherstatementsandinformationpubliclydisseminatedbyPlantronics,containsforward-lookingstatementswithinthemeaningofSection27AoftheSecuritiesActof1933,asamended,andSection21EoftheSecuritiesExchangeActof1934,asamended,includingstatementsrelatingto:(i)potentialaccretionfromthetransaction;(ii)expectedsynergies;(iii)benefitstoourbusinessthatweexpect fromthecombination;(iv)expectationsregardingtiming;and(v)expectationsregardingdebtrepayments,inadditiontoothermattersdiscussedinthispressreleasethatarenotpurelyhistoricaldata.Wedonotassumeanyobligationtoupdateorreviseanysuchforward-lookingstatements,whetherastheresultofnewdevelopmentsorotherwise.Forward-lookingstatementsinvolverisksanduncertaintiesthatmaycauseactualresultstodiffermateriallyfromthosecontemplatedbysuchstatements.Amongthefactorsthatcouldcauseactualresultstodiffermateriallyfromthosecontemplatedare:• theabilityto:(i)realizeexpectedsynergiesoroperatingefficienciesinconnectionwiththeproposedtransactionwithintheexpectedtime-framesornotatalland(ii)integratePolycom'sbusinessinatimelyandcost-efficientmannerwithoutadverselyimpacting

operations,includingnewproductlaunches;• theeffectoftheannouncementoftheproposedtransactionon(i)Polycom'sandPlantronics'relationshipswiththeirrespectivecustomers,suppliersandstrategicpartnersandtheiroperating resultsandbusinessesgenerally(includingthediversionofmanagement

timeontransaction-relatedissues)and(ii)Polycom'sandPlantronics'abilitytoretainandhirekeypersonnel;• thepossibilitythatlegalandregulatoryenforcementmattersthatarependingatPolycommayadverselyimpacttheresultsof thecombinedcompanydespiteindemnificationthatSiris Capitalisproviding;• theriskthatthefinancingthatPlantronicsmustreceivetoconsummatetheproposedtransactionisnotobtainedontheterms thatweanticipateorthatitisnotavailableatall,whichismagnifiedbytheabsenceofafinancingcondition,andtherisksassociatedwith

theincreasedleveragethatthecompanywillhaveasaresultofthetransaction;• thepotentialnegativeeffectsoftheannouncementoftheproposedtransactiononthemarketpriceofthecompany’scommonstock,particularlyinlightoftheissuanceofstockinthetransaction;• uncertaintiesassociatedwithanyaspectoftheproposedtransaction,including:(i)theriskthatnotallconditionstoclosingoftheproposedtransactionwillbesatisfiedorwaived;(ii)uncertaintiesrelatedtotransactioncosts;(iii)uncertaintiesrelatedtothe

anticipatedtimingoffilingsandapprovalsrelatingtotheproposedtransaction;and(iv)thepossibilitythattheproposedtransactiondoesnotclosewhenexpectedoratall;• risksrelatingtoourfinancialreportingincludingthoseresultingfromtheadoptionofnewaccountingpronouncementsandassociatedsystemimplementationinthecontextofthetransaction,ourabilitytoforecastfinancialresultsofthecombinedcompany and

theriskthatreportingsystemintegrationcouldimpactourabilitytomaketimelyandaccurateSECfilings;• thepotentialimpactofthetransactiononourfuturetaxrateandpaymentsbasedontheconsolidationoftheglobalgroupandourabilitytoquicklyintegrateforeignoperations;• thechallengesofintegratingthesupplychainsofthetwocompanies;• thepotentialthatourduediligencedidnotuncoverrisksandpotentialliabilitiesassociatedwiththeacquiredbusiness;• ourabilitytorealizeandachievepositivefinancialresultsprojectedtoariseintheEnterprisemarketfromUCadoptioncould beadverselyaffectedbyavarietyoffactorsincludingthefollowing:(i)asUCbecomesmorewidelyadopted,theriskthatcompetitorswill

offersolutionsthatwilleffectivelycommoditizeourheadsetswhich,inturn,willreducethesalespricesforourheadsets; (ii)ourplansaredependentuponadoptionofourUCsolutionbymajorplatformprovidersandstrategicpartnerssuchasMicrosoftCorporation,CiscoSystems,Inc.,Avaya,Inc.,Alcatel-Lucent,andHuawei,andourinfluenceoversuchproviderswithrespectto thefunctionalityoftheirplatformsortheirproductofferings,theirrateofdeployment,andtheirwillingnesstointegrate theirplatformsandproductofferingswithoursolutionsislimited;(iii)delaysorlimitationsonourabilitytotimelyintroducesolutions thatarecosteffective,feature-rich,stable,andattractivetoourcustomerswithinforecasteddevelopmentbudgets;(iv)oursuccessfulimplementationandexecution ofnewanddifferentprocessesinvolvingthedesign,development,andmanufacturingofcomplexelectronicsystemscomposedofhardware,firmware,andsoftwarethatworksseamlesslyandcontinuouslyinawidevarietyofenvironmentsandwithmultipledevices;(v)failureofUCsolutionsgenerally,oroursolutionsinparticular,tobeadoptedwiththebreadthandspeedweanticipate(vi)oursalesmodelandexpertisemustsuccessfullyevolvetosupportcomplexintegration ofhardwareandsoftwarewithUCinfrastructureconsistentwithchangingcustomerpurchasingexpectations;(vii)asUCbecomesmore widelyadoptedweanticipatethatcompetitionformarketsharewillincrease,particularlygiventhatsomecompetitorsmayhavesuperiortechnicalandeconomicresources;(vii)(viii)salescyclesformorecomplexUCdeploymentsarelongerascomparedtoourtraditionalEnterpriseproducts;(ix)ourinabilitytotimelyandcost-effectivelyadapttochangingbusinessrequirementsmayimpactourprofitabilityinthismarketandouroverallmargins;and(x)ourfailuretoexpandourtechnicalsupportcapabilitiesto supportthecomplexandproprietaryplatformsinwhichourUCproductsareandwillbeintegrated;

• volatilityinpricesfromoursuppliers,includingourmanufacturerslocatedinChina,haveinthepastandcouldinthefuturenegativelyaffectourprofitabilityand/ormarketshare;• fluctuationsinforeignexchangerates;• thebankruptcyorfinancialweaknessofdistributorsorkeycustomers,orthebankruptcyoforreductionincapacityofourkeysuppliers;• seasonalityinoneormoreofourproductcategories;• generalglobalmacroeconomicandgeo-politicalconditions,includingbutnotlimitedto,fluctuationsinthestockmarketsgenerally;and• slowdownsordownturnsineconomicconditionsgenerallyandinthemarketforconsumerelectronics,includingvoice,videoandcontentsolutions.Formoreinformationconcerningtheseandotherpossiblerisks,pleaserefertoourAnnualReportonForm10-KfiledwiththeSecuritiesandExchangeCommissionon May 10,2017 andotherfilingswiththeSecuritiesandExchangeCommission,aswellasrecentpressreleases.TheSecuritiesandExchangeCommissionfilingscanbeaccessedovertheInternetat http://www.sec.gov/edgar/searchedgar/companysearch.html.


USEOFNON-GAAPINFORMATIONTo supplement our condensed consolidated financial statements presented on a GAAP basis, we use non-GAAP measures of operating results, including non-GAAP gross profit, non-GAAP operating income, non-GAAP net income, non-GAAP diluted EPS, and adjusted EBITDA, which exclude certain non-cash expensesand charges that are included in the most directly comparable GAAP measure. These non-GAAP charges are detailed in our GAAP to non-GAAP reconciliationtables shown on slides 20 through 23 of this presentation. We exclude the expenses detailed in these reconciliation tables from our non-GAAP measuresprimarily because Plantronics’ management does not believe they are part of our target operating model. We believe that the use of non-GAAP financialmeasures provides meaningful supplemental information regarding our performance and liquidity and helps investors compare actual results with our long-term target operating model goals. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessingour performance and when planning, forecasting and analyzing future periods; however, non-GAAP financial measures are not meant to be considered inisolation or as a substitute for, or superior to, gross margin, operating income, operating margin, net income or EPS prepared in accordance with GAAP.Historical reconciliations for Plantronics are available at investor.plantronics.com.


OpenCollaboration:TheIndustryTransition

CommunicationsExperienceisIntegratedandDeliveredbytheEndpoint

PlantronicsandPolycom,therighttimeandtherighttouchpoints


Strategically&FinanciallyCompellingTransaction

AcceleratesandexpandsPlantronicsvisionandmarketopportunitytobethepreferredcommunicationandcollaborationtouchpoint

Createsthebroadestportfolioofcommunicationsandcollaborationendpointsforthe$39.9B1 UCCindustry

Establishescriticalrelevancetocreatedifferentiationfrominsightsandinteroperability

ExpectedtobeimmediatelyaccretivetoNon-GAAPEPS

Expect$75millioninannualrun-ratecostsynergieswithin12monthsoftransactionclose

PolycomPlantronics

1Source:Frost&Sullivan,March2018


VideoCollaboration

34%

VoiceCollaboration

38%

Services28%

BusinessSegment

PolycomOverview

• Foundedin1990

• HeadquarteredinSanJose,CA

• ~2,800employees

• CY2017Revenue:$1,143million

• CY2017Non-GAAPOperatingIncome:$183million

• Polycomisaleadingglobalproviderofvoice,videoandcontentsolutionstoimprovehumancollaboration– Personalcollaboration:GloballeaderinOpenSIPdesktop

phonesandphonesforMicrosoft’sSkypeforBusiness– Groupcollaboration:Firstsmartphonefortheconference

room,breadthofvideoinnovationforroomsofallsizes– Platform&Cloud:Leadinginnovationininteroperability,

managementandanalytics– Services:ProfessionalandManagedServicesandCare

Americas51%

EMEA26%

APAC23%

Geography

Enterprise/SMB27%

Gov't19%

Technology18%

Industrial15%

Financial12%

Education5%

Healthcare4%

CompanyOverview CompanyBackground

CY2017RevenueBreakdown

CustomerVertical


3rd Parties

Plantronics Manager Pro

ITManagementBusinessAnalytics

PlantronicsStrategicFocusBuildingaSmarterSystemforVoiceCollaboration

Plantronics

ConferenceSoundscapingSoftwareHeadsets


3rd Parties

Plantronics Manager Pro

ITManagementBusinessAnalytics

PlantronicsStrategicFocusThebroadestportfolioofcomplementaryproductsandservicesacrossglobalecosystems,partnersandcustomers

SoundscapingSoftwareHeadsets Desktop ServicesVideo

Plantronics Polycom

IsExpandedandAccelerated

Interoperability

Conference


CreatingtheCommunications&CollaborationPartnerofChoice

Polycom>800patents >500patents

Together,CreatinganIntegratedSolutionforPartners,ResellersandCustomers

~3,800employees ~2,800employees

ContactCenterHeadsets OfficeHeadsets

UCHeadsets Professional Headsets OpenSIPDesktopPhones#1

Videointeroperability

Conferencephones

KeyPartners KeyPartners

Plantronics

Videoconferencingendpoints

ChannelSalesModelChannelSalesModel


EnhancedScalewithBroaderProductOffering

Headsets Headsets

Consumer

$850M

$1.1B

$2.0B

Plantronics Polycom Combined

Note:RepresentsLTMrevenueasofcalendaryearend2017.Combinedcompanyrevenueonaproformabasis.

Services

VideoCollaboration

VoiceCollaboration

VoiceCollaboration

VideoCollaboration

Services

CombinedCompanywith$2BillioninCY2017Revenue


MoreRelevanceinaBiggerandBroaderMarket

End-Points17%

Platforms17%

Services66%

Total2019UCCRevenue:$39.9Billion1

Endpoints

PolycomAudioConference Devices

PolycomVideoDevices

PlantronicsHeadsets

PolycomIPPhones

Platforms

Polycom Platforms

GlobalUCCMarket:PercentageofSalesbyPlatforms,EndpointsandServices

1Source:Frost&Sullivan,March2018

Services

PlantronicsServices

PolycomServices


$0.5$0.7

2017 2021

$1.1

$2.0

2017 2021

$1.6$1.9

2017 2021

$1.4$1.8

2017 2021

OpportuneTimingforBuild-OutofFullProductSuite

OpenSIPDesktopPhones

VideoConferencingProfessionalHeadsets

VoiceConferencing

($inBillions)

16%Growth

4%Growth

8%Growth

7%Growth

Source:Frost&Sullivan,February2018,andSynergyResearch

MultipleSecularTrendsDriving8%OverallCAGRinCoreMarkets


PolycomIncreasesTAMTodayfrom$1.4billionto$4.6+billion

$6.4B+OpportunityinCoreMarketsby

2021

Source:Frost&Sullivan,February2018,andSynergyResearchNote:Areasinthechartarenottoscale,pleaserefertoinvestor.plantronics.com formoreinformation

UpsidefromCombined AnalyticsandServices Opportunity

~3xincreaseinTAM

Polycom

Plantronics


Ecosystem

InvestinCore

Polycom– ProgressSinceGoingPrivateinSeptember2016

SirisCapitalBuys

Polycom

PolycomReturns

toGrowth

BusinessRationalization

Optimizationofvideoplatformbusiness

AlignedwithUCaaS/VaaSecosystem

Refreshcoreconferenceportfolioanddeskphones

StrategicPivottoOpenCollaboration


12.3% 11.4%

16.0%

CY2015 CY2016 CY2017

$1,267$1,123 $1,143

CY2015 CY2016 CY2017

Polycom– AchievedReturntoGrowthandImprovedMarginProfile

Non-GAAPGrossMargin GAAPRevenue

AdjustedEBITDAMargin Non-GAAPOperatingMargin

59.0% 56.7% 56.6%

CY2015 CY2016 CY2017

17.5%19.2%

21.3%

CY2015 CY2016 CY2017

+1.8%y/y

($inMillions)

(11.4%)y/y

+167bps

(92)bps

+465bps

+206bps

CY2017WasFirstFullYearasPrivateCompany


TransactionSummary

• ExpectedtobeimmediatelyaccretivetoNon-GAAPEPS• Expect$75millioninannualrun-ratesynergieswithin12monthsoftransaction

closeFinancialImpact

• Enterprisevalueof$2.0billion:

• Estimated$9481 millionincashand$690millionofnetdebt

• 6.352millionPlantronicsshares,valuedat$362million,basedonthe20tradingdayaverageclosingpriceofPlantronicsstockpriortosigning,perthedefinitiveagreement

• Polycomshareholderswillownapproximately16.0%ofthecombinedCompany

Consideration

• Financedwithcashonhandandapproximately$1.375Billionofcommittedfinancing

• Expectedproformanetleverageof~3xincludingsynergiesFinancing

• Subjecttoregulatoryapprovalsandothercustomaryclosingconditions• Expectedtoclosebyendofthe3rd calendarquarterof2018

Approvals&Timing

• FrankBaker,FounderandManagingPartner,Siris Capital,andDanielMoloney,ExecutivePartner,Siris Capital,willjoinPlantronicsBoardofDirectors

BoardRepresentation

1 EstimatedamountsaresubjecttocustomarypostclosingadjustmentsperDefinitiveAgreement


CombinedCompany– MeaningfulScaleandEnhancedMargins

Polycom Polycom

Revenue $850 $1,143 $1,992

GrossMargin 51.5% 56.6% 54.4%

OperatingIncome $161 $183 $344

OperatingMargin 18.9% 16.0% 17.3%

OperatingIncome(w/expectedcostsynergies)1 – – $419

OperatingMargin(w/expectedcostsynergies)1 – – 21.0%

Note:AllfinancialmetricsasofLTM12/31/2017;RevenuepresentedonaGAAPbasisandallotherfinancialmetricspresented on aNon-GAAPbasis.1Includesexpectedannualrun-ratecostsynergiesof$75million.Combinedcompanyrevenueonaproformabasis.

($inMillions) Plantronics

Plantronics


CapitalAllocationPriorities

Commitmenttomaintainstrongbalancesheet1

Prioritizeleveragereduction2

Maintainannualdividendof$0.60pershare3

Evaluateopportunisticsharerepurchasestrategyafterleveragereduction4


Strategically&FinanciallyCompellingTransaction

§ ProvidesincreasedscalewithproformaCY2017revenueof$2.0billion

§ AcceleratesthePlantronicsvisiontobethepreferredcommunicationsandcollaborationtouchpoint

Creatingthecollaborationgold-standardsogoodideasareseenandheard

FinancialBenefits StrategicBenefits

§ Expect$75millioninannualrun-ratecostsynergieswithin12monthsoftransactionclose

§ Drivesshareholdervalue– expectedtobeimmediatelyaccretivetoNon-GAAPEPS

§ ExpandsPlantronicsTAMfrom$1.4billiontodayto$6.4billionin20212

§ Analyticsandservicesofferingcreatesafoundationforfuturegrowth

§ Expandsopportunityacross$39.9B1 UnifiedCommunicationsandCollaborationindustry

§ Createsbroadestportfoliowithcomprehensiveproductsandservicesforalliancepartners,channelpartnersandcustomers

1Frost&Sullivan,March2018;2Frost&Sullivan,February2018,andSynergyResearch


PlantronicsNon-GAAPReconciliation($ inMillions) CY2017

$ %

NetRevenue $849.7

GAAPGrossProfit $432.7 50.9%

Stock-Based Compensation $3.5

LossonSaleofAssets $0.9

ImpairmentofIndirectTaxAsset $0.7

Non-GAAPGrossProfit $437.8 51.5%


PlantronicsNon-GAAPReconciliation(Cont’d)($ inMillions) CY2017

$ %

NetRevenue $849.7

GAAPOperating Income $120.4 14.2%

Stock-Based Compensation &PurchaseAccountingAmortization $34.7

RestructuringandOtherRelatedCharges $3.6

LossonSaleofAssets $0.9

ImpairmentofIndirectTaxAsset $0.7

ExecutiveTransitionCosts $0.5

Non-GAAPOperatingIncome $160.8 18.9%


PolycomNon-GAAPReconciliation($ inMillions) CY 2015 CY 2016 CY2017

$ % $ % $ %

GAAPRevenue $1,267.2 $1,122.9 $1,142.8

GAAPGrossProfit $738.8 58.3% $621.0 50.8% $646.8 56.6%

Stock-Based Compensation $7.6 $14.8 -

Effectof Stock-BasedCompensationonWarrantyRates $0.3 $1.2 -

AmortizationofPurchasedIntangibles $1.0 - -

Non-GAAPGrossProfit $747.7 59.0% $637.0 56.7% $646.8 56.6%


PolycomNon-GAAPReconciliation(Cont’d)($ inMillions) CY 2015 CY 2016 CY2017

$ % $ % $ %

GAAPRevenue $1,267.2 $1,122.9 $1,142.8

GAAPOperating Income $86.1 6.8% ($128.3) (11.4%) $94.8 8.3%

Stock-Based Compensation $45.1 $94.9 -

Effectof Stock-BasedCompensationonWarrantyRates $0.3 $0.9 -

AmortizationofPurchasedIntangibles $10.5 $8.5 $4.7

RestructuringCosts $12.8 $26.4 $9.1

Litigation ReservesandPayments - $1.9 $0.7

Transaction-relatedCosts $0.6 $121.8 $6.1CostsAssociatedwithCEOSeparationand RelatedSECInvestigation $0.4 - -

Other CorporateItems - $1.6 $11.7

AmortizationofGoodwill - - $56.0

Non-GAAPOperatingIncome $155.8 12.3% $127.7 11.4% $183.1 16.0%

Non-CashCharges:Excess/ObsoleteInventory $12.1 $11.6 $16.6

Non-CashCharges:LossonDisposalofproperty/equipment $1.3 $0.3 $1.1

One-timeAdjustment1 - $27.0 -

OtherAdjustments - - $0.7

Depreciation&Amortization $53.0 $49.0 $41.5

Adjusted EBITDA $222.2 17.5% $215.6 19.2% $243.0 21.3%

1 Adjustedtoexcludeimpactofpartnerinventoryreduction,netbenefitofMicrosoftandMedialign royaltyadjustmentandQ3/Q4BonusandFXimpact


Documents

Plantronics to Acquire Polycom