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December 2017

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Keysight TechnologiesInvestor Presentation

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Safe HarborThis communication contains forward-looking statements as defined in the Securities Exchange Act of 1934 and is subject to the

safe harbors created therein. These forward-looking statements involve risks and uncertainties that could significantly affect the

expected results and are based on certain key assumptions. Due to such uncertainties and risks, no assurances can be given

that such expectations will prove to have been correct, and readers are cautioned not to place undue reliance on such forward-

looking statements, which speak only as of the date hereof. Keysight undertakes no responsibility to publicly update or revise

any forward-looking statement. The forward-looking statements contained herein include, but are not limited to, information and

future guidance on the company’s goals, priorities, revenues, demand, growth opportunities, customer service and innovation

plans, new product introductions, financial condition, earnings, the continued strengths and expected growth of the markets the

company sells into, operations, operating earnings, and tax rates that involve risks and uncertainties that could cause Keysight’s

results to differ materially from management’s current expectations. Such risks and uncertainties include, but are not limited to,

changes in the demand for current and new products, technologies, and services; customer purchasing decisions and timing, and

the risk that we are not able to realize the savings or benefits expected from integration and restructuring activities. The words

“anticipate,” “plan,” “estimate,” “expect,” “intend,” “will,” “should,” “forecast,” “project,” and similar expressions, as they relate to

the company, are intended to identify forward-looking statements.

In addition to the risks above, other risks that Keysight faces include those detailed in Keysight’s filings with the Securities and

Exchange Commission, including our Form 10-K for the fiscal year ended October 31, 2016, and Keysight’s quarterly report on

Form 10-Q for the period ended July 31, 2017.

This presentation includes a number of different financial measures, both GAAP and non-GAAP, in analyzing and assessing the

overall performance of the business, for making operating decisions and for forecasting and planning for future periods. Non-

GAAP measures exclude primarily the impacts of share-based compensation, restructuring and related costs, separation and

related costs, acquisition and integration costs, amortization of acquisition-related balances, acquisition-related compensation

expense, pension curtailment and settlement gains, Northern California wildfire related costs and others. The definitions of these

non-GAAP financial measures may differ from similarly titled measures used by others, and such non-GAAP measures should be

considered supplemental to and not a substitute for financial information prepared in accordance with GAAP. Keysight generally

uses non-GAAP financial measures to facilitate management’s comparisons to historic operating results, to competitors’

operating results and to guidance provided to investors. In addition, Keysight believes that the use of these non-GAAP financial

measures provides greater transparency to investors of information used by management in its financial and operational

decision-making.

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Agenda

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Executive Overview

Growth Initiatives

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• Diversified tail winds across 5G, IoT, Auto, Software, Services and Networking

• Organizational realignment to end markets

• Proven track record of operational excellence following separation

• R&D investment up over 250bps as percent of revenue since FY2014(3)

• Market share gains since 2014(1)

• Multiple levers to drive long-term 8-10% EPS(4) growth

• Ixia acquisition adds $485M(5) to the topline and $2.5B in incremental SAM

– $60M combined annual cost synergies;– $40M achieved in 12 months (Q3’18)

– $100M revenue synergies by year 5

• #1 market position in key software & hardware verticals(1)

• $15.5B electronics and communication SAM(2)

• 20%+ market share in core end markets(2)

Market Leader in Attractive Markets

Aligned to Critical Industry Growth

Themes

Strong Culture of Execution

Attractive Financial Model

Compelling Investor Value PropositionCommitment to Growing Long-Term Total Shareholder Returns

(1) Per Prime Data. Keysight core products

(2) Per company estimates for FY16. $15.5B SAM represents combined Keysight and Ixia SAM

(3) Non-GAAP measure. Refer to appendix for reconciliation

(4) Non-GAAP measure.

(5) Based on FYE Dec-31, 2016 revenue4

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1939–1998: The Hewlett-Packard years

A company founded on electronic measurement innovation

1999–2013: The Agilent Technologies years

Spun off from HP, Agilent became the World’s Premier Measurement Company

2014: Keysight is launched

Accelerating Innovation to Connect and Secure the World

History of Leadership and InnovationUnlocking measurement insights for over 75 years

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Keysight Today: Market & Technology Leader

(1) Free Cash Flow calculated as Operating Cash Flow less Capital Expenditures

(2) Non-GAAP measure. Refer to appendix for GAAP reconciliation. See non-GAAP Income from Operations divided by non-

GAAP revenue to derive operating margin

(3) Includes indirect channels

(4) Sites with greater than 50 R&D engineers

FY17 Key Statistics

Electronic Industrial

Solutions

$0.8B, 26%

Services Solutions

$0.4B, 13%

Communication

Solutions

$1.7B, 53%$3.2B

Business Overview

• Worldwide leader in high value, mission critical

electronic design and test solutions

• Relied on by the world’s leading technology

companies

• 75+ years of innovation, measurement science

expertise and deep customer relationships

Complementary Ixia Acquisition

Revenue Mix

• Industry pioneer and technology leader in network

test and visibility

• 400+ US and foreign patents issued or pending;

approximately 60% software related

• 700+ Software engineers

15 of the

Top 15 NEMS 47 of the

Top 50 Carriers 77 of the

Fortune 100

Customers

~32,000Number of customers(3)

100+Countries served

14R&D sites(4)

$241M Free Cash Flow(1),(2)

19%Operating Margin(2)

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Ixia Solutions

$0.3B, 8%

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Our Value to Customers – Unmatched in the Industry

Customer’s Product Lifecycle

Accelerating innovation to connect and secure the world

Simulate Prototype Manufacture Optimize

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NETWORKS

AND CLOUD

AEROSPACE

AND DEFENSE

WIRELESS

COMMUNICATIONS

AUTOMOTIVE, ENERGY,

AND IOT

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Driving shareholder returnsA Strong Financial Framework for Value Creation

• U.S. Cash

Generation

• Appropriate

Leverage

• Strategic Alignment

• Growth

• Value Creation

• Cost Structure

Flexibility

• Cost Reductions

• Margin Expansion

• R&D Investment

• SAM Expansion

• Profit Leverage

OrganicGrowth

Business ModelMergers &

AcquisitionsReturn of Capital

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•Commercial

Communications

•Aerospace,

Defense &

Government

•Automotive

•Energy

•General

Electronics

•Semiconductor

•Calibration

•Repair

•Remarketing

• Americas

• Europe

• Asia

• Japan

• Software

Technology

• Hardware

Technology

Organized to Grow

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Communications

Solutions Group

Electronic

Industrial

Solutions Group

Services

Solutions Group

Soon Chai

Gooi

John

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Worldwide Sales

Mark

Wallace

Corporate

Planning and

Technology

Jay

Alexander

Aligned with End MarketsFirst to

Market

Trusted

Advisor

•Network Test

•Network Visibility

Ixia

Solutions Group

Mark

Pierpoint

Satish

Dhanasekaran

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Strong Progress on Growth Initiatives

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Expand

Leadership in

T&M Software

Grow Services

Business by 50%

• Strong double-digit 5G order growth in FY17

• Positioning Keysight as the market leader in 5G

• Collaborating with leading consortiums, universities, and

research institutes to define 5G standards and technologies

• Ixia and Anite acquisitions materially expanded software

business

• Staffing of new software design center ahead of schedule

• New opportunities in multi-vendor support, asset

management, systems integration and training

• Continuing to win new multi-vendor business

Be First in 5G

Wireless

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Disciplined approach to capital investment

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Completed 3 - 4 Years Beyond

Return

of

Capital

Stabilize asIndependent Company

• Completed April 30, 2015

• 6 months ahead of schedule

Phase 1

Separate

Sustained 4% CAGRover Cycle

• M&A as priority use of cash

– Ixia (closed 4-2017)

– Scienlab (closed 8-2017)

– Anite (closed 8-2015)

– Electroservices (8-2015)

Phase 2

Return to Growth

Balanced Returnof Capital

• Return of capital tied to US cash generation

• Appropriate leverage and commitment to investment grade credit metrics

• Opportunistic M&A

Phase 3

Return Capital

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The

Example

Disciplined and Well-Defined Criteria for Acquisitions

• Aligns with strategic growth priorities

• Delivers higher gross margin R&D or software solutions

• Expands Served Addressable Market (SAM)

• Focuses on faster growing market segments or adds key technology

• Expected ROIC materially above cost of capital

• Expected to be quickly accretive

• Valuation aligns with appropriate market multiples

Strategic

Alignment

Value

Creation

Growth

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Long-Term Expectations

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RevenueGrowth

Op MarginIncremental

ProfitabilityOver the Cycle

Sustainable

4% CAGR

40% on

growth of 4%

or greater

Average

operating margin

of >20%*

Committed Return of Capital

Yields 8-10% EPS* Growth

* Non-GAAP

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Agenda

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Executive Overview

Growth Initiatives

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Leadership in Attractive Markets

SegmentsCommunications

Solutions Group

Electronic

Industrial

Solutions

Group

Services

Solutions

Group

Ixia(1)

Solutions Group

End MarketsCommercial

Comms

Aerospace,

Defense &

Government

Electronic

IndustrialServices

Network

Test

Network

VisibilityTOTAL

Revenue(1,2) $1B $0.7B $0.8B $0.4B $0.33B $0.15B $3.5B

Market

Size(3,5)$4B $3B $4B $2B $1B $1.5B $15.5B

Market

Share(3)25% 23% 20% 20% 33% 10% 22%

(1) FY17 Ixia Revenue presented on proforma basis, including pre-acquisition revenue

(2) FY17 presented on a Non-GAAP basis. Refer to appendix for GAAP reconciliation

(3) Per Company estimates for FY16

(4) Market growth per Company estimates; average over 3-5 years

(5) Includes network test; excludes network assurance

(6) Weighted-average growth rate of end markets15

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(1) Per Prime Data, IHS Technology, and Company estimates

(2) RF/Microwave design simulation software

(3) A Keysight Company

Market Leader in Key Software & Instrument Platforms

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Core Solution Platforms Market Position(1)

Simulation Software(2) #1

Ixia(3) Network Test #1

Ixia(3) Network Visibility #2/3

Network Analyzers #1

Signal Analyzers #1

Signal Sources #1

Oscilloscopes #2

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Growth Drivers

Commercial Communications• Evolving standards – 5G

• All data, all the time

• Internet of Things (IoT)

Network Test & Visibility• Rapidly expanding cloud data and apps

• Growing security risks

Aerospace, Defense &

Government

• World instability

• Defense modernization

Automotive & Energy• Evolving battery technologies

• Connected car

General Electronics • Consumer electronics demand

Semiconductor• Technology evolution

• China investment

Services • Customer outsourcing

Multiple Growth Drivers Provide Diversification

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Be first in

5G wireless

Growth Strategies

Expand leadership in

T&M software

Grow services

business

Extend into network

test and visibility

Growth Strategies

Software-centric solutions | Organic R&D investments | Strategic M&A

Growth Strategies Aligned to Key Market Themes

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First in 5G Wireless

Source: Company estimates and Cisco Visual Networking Index forecast, Mobile World

Congress 2017, 3GPP

Unprecedented Wireless Demand Accelerated Industry 5G Deployment Timeline

Keysight Positioned to Lead

30bn+ connected devices by 2020

10x mobile data in five years

• IoT consuming exponential amount of instantaneous data

• Disruptive auto and medical applications

• Public service sector services (fire, police) adopting wireless

technologies

• Strong double-digit 5G order growth in FY2017

• >15 5G solutions launched in the last year

• Collaborating with 30+ partners worldwide on research and trials

• Frost & Sullivan 2016 Global T&M: Company of the Year Award

5G Deployment expected 2019

Pre-commercial North American deployment

mid-2017

Worldwide carrier trials begin 2H 2017

5G standards set by 2018

5G in 2019

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Expand Leadership in T&M Software

(1) Per Company estimates

Business Update

Growth Strategy

Expand simulation business

— Address growth opportunities in High-Speed Digital and

Power design

Deliver solutions focused on growth segments

— Deliver R&D (prototype test) solutions focused on growth

segments such as 5G Communications, Power, and

Automotive

Grow subscriptions and services

— Implement software capabilities to enable revenue growth

from subscriptions and from services

1

2

3

• $2B market for electronic test software, ~7% CAGR(1)

• FY17 Software revenues over $450M

• New software design center staffed ahead of schedule

4Pursue selective acquisitions

— Increasing overall software content

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Grow Services Business to $600M

Grow Core Add New Services

Expand Multi-Vendor

Calibration Business

Build and Deploy

Professional Services

Launch and

Expand Asset

Management

Leverage Portfolio

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A Combination of

Complementary

Strengths

Industry pioneer and

recognized leader in

network test; a leader in

network visibility solutions

Deep expertise in IP

network assessment,

excellent customer

relationships, software-

centric business & team

Extend into Network Test and Visibility

A global leader in

communications with the

ability to deliver

end-to-end solutions

across the network and up

and down the stack

Scale and operational

excellence to drive

revenue and

profit growth

A software-centric team to

enable further

transformation and value

creation

A global leader in

measurement

instrumentation and

software for physical and

protocol layer testing

Deep expertise in wireless

technology, strong

worldwide sales

presence, proven

operational discipline

Creating a compelling innovation engine with Ixia to drive growth

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Electrical, Optical & Wireless Test

High-value capabilities across the communications network and throughout the stack

Keysight as a Platform for Accelerated Growth

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Keysight Classic Anite Ixia

Components

& Chipsets Devices Base Stations Hyperscale and Data Centers Enterprise

Electrical, Optical and Wireless TestFro

m h

ardw

are

to s

oftw

are

Layer 1

Layers 2 - 7 Network Test, Visibility and Security

Mobile

Network

TestMobile

Device

TestB

TS

* E

mula

tion

Drive T

est

Custo

mer

Experience

Managem

ent

Channel Emulation

Stack Layers

* Base Transceiver Station

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Key Messages

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Technology and market leader in

ever-evolving technology market

✓ 4% revenue CAGR

✓ Deliver >20% operating margin

✓ 8-10% EPS growth

Transformation

Objectives

Over the Cycle*Leader in profitable

market

Target fast growing areas

and expand Served Addressable

Market (SAM)

Proven operating performance

and cash generation across cycles

Transform for

growth

Strong business

model

* Non-GAAP measure

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Modular Form Factor

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0

2

4

6

8

10

12

14

16

18

2016 2017 2018 2019 2020

Fast Growing ModularSmall Portion of Total Market

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2016 Total Modular Solutions Market

$1.2 Billion*

2016 Total Design & Test Market

$13 Billion*

* Per Company estimates. Excludes SAM expansion from acquisition of Ixia

** Per Company estimates.

$B$750M*

PXI/AXIe

Modular

13% CAGR*

to 2020

PXI/AXIe

Modular

13% CAGR**

Keysight’s double-digit growth

continued in FY17

63%PXI/AXIe

Modular

37%Other

Modular

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“X-Chips” Chipset

• Highly integrated

• High performance

• Low power

Handheld

Feature Rich Box

Modular

Proprietary technology

developed by central

Keysight Labs, manufactured

at in-house semiconductor

fab, and deployed into all

three form factors

Investments Leveraged into Multiple Form FactorsProvides Competitive Differentiation

• R&D

• Validation

• Complex device manufacturing

• Full measurement set

• One-button measurements

• Shared lab equipment

• Manufacturing

• R&D

• Validation

• Small footprint

• Flexible configuration

• Multi-channel applications

• Installation

• Maintenance

• Portability

• Harsh environments

Customer Best ForForm Factor

PXI

AXI

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Reconciliations

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Keysight Non-GAAP gross margin reconciliation

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Year Ended

October 31, 2017 Gross Margin %

( in millions)

GAAP Gross Profit 1,698$ 53%

Amortization of acquisition-related balances 221

Share-based compensation 11

Acquisition and integration costs 4

Acquisition-related compensation expense 1

Restructuring and related costs 1

Northern California wildfire-related costs 5

Other 7

Non-GAAP Gross Profit 1,948$ 60%

GAAP Revenue 3,189$

Non-GAAP Revenue 3,249$

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Keysight Non-GAAP operating margin reconciliation

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Year Ended

October 31, 2017

( in millions)

Income from operations, as reported 235$

Amortization of acquisition-related balances 260

Share-based compensation 56

Acquisition and integration costs 57

Acquisition-related compensation expense 28

Separation and related costs 20

Pension curtailment and settlement gains (69)

Restructuring and related costs 11

Northern California wildfire-related costs 16

Other 6

Non-GAAP income from operations 620$

GAAP Operating Margin 14%

Non-GAAP Operating Margin 19%

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Keysight Non-GAAP research and development expenses reconciliation

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2017 2014

Research & development expenses, as reported 498$ 361$

Amortization of acquisition-related balances (1) —

Share-based compensation (9) (7)

Acquisition and integration costs (1) —

Acquisition-related compensation expense (8) —

Separation and related costs — (2)

Restructuring and related costs (3) 1

Northern California wildfire-related costs (1) —

Other — (1)

Non-GAAP Research & development expenses 475$ 352$

GAAP Revenue 3,189$ 2,933$

R&D as a % of GAAP Revenue 15.6% 12.3%

Non-GAAP Revenue 3,249$ 2,933$

R&D as a % of Non-GAAP Revenue 14.6% 12.0%

( in millions)

October 31,

Year Ended

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Keysight Non GAAP revenue by end market reconciliation

Pre-acquisition

Ixia revenue on

Pro foma basis

Aerospace, Defense & Government 694$ — 694$

Commercial Communications 1,044 — 1,044

Electronic Industrial 836 — 836

Ixia 196 60 215 471

Services 419 — 419

Total Revenue 3,189$ 60$ 215$ 3,464$

Non-GAAP revenue is defined to exclude the fair value adjustments to the acquisition-related deferred revenue balances.

FY17, ( in millions)

GAAP Revenue

Acquisition

related

fair value adjs Non-GAAP Revenue

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Keysight Free cash flow reconciliation

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Keysight Non GAAP revenue reconciliation