Palo Alto Networks Announces Partial Release of Lock-up Agreements with Certain Officers and Directors in Connection with

   Palo Alto Networks Announces Partial Release of Lock-up Agreements with
Certain Officers and Directors in Connection with Proposed Secondary Offering

PR Newswire

SANTA CLARA, Calif., Oct. 15, 2012

SANTA CLARA, Calif., Oct. 15, 2012 /PRNewswire/ -- Palo Alto Networks, Inc.
(NYSE: PANW) announced today that Morgan Stanley & Co. LLC and Goldman, Sachs
& Co., who were lead joint book-running managers for Palo Alto Networks'
initial public offering in July 2012, are releasing a lock-up restriction with
respect to certain shares of Palo Alto Networks' common stock held by certain
officers and directors of Palo Alto Networks. The release will take effect
concurrently with Palo Alto Networks' recently announced proposed secondary
offering, and the shares may be sold only in connection with such offering.

On October 5, 2012, the company filed a registration statement with the U.S.
Securities and Exchange Commission (the "SEC") for a proposed public offering
of shares of its common stock. All of the shares to be sold in the offering
will be sold by existing stockholders of the company. Palo Alto Networks will
not receive any proceeds from the sale of the shares. The primary purposes of
the offering are to facilitate an orderly distribution of shares and to
increase the company's public float.

Morgan Stanley & Co. LLC, Goldman, Sachs & Co. and Citigroup Global Markets
Inc. will act as lead joint book-running managers for the offering, and Credit
Suisse Securities (USA) LLC, Barclays Capital Inc., UBS Securities LLC and
Raymond James & Associates, Inc. will act as book-running managers for the
offering.

A registration statement relating to these securities has been filed with the
SEC but has not yet become effective. These securities may not be sold nor may
offers to buy be accepted prior to the time that the registration statement
becomes effective.

This press release shall not constitute an offer to sell or the solicitation
of an offer to buy, nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state or jurisdiction.

The offering will be made only by means of a prospectus. Copies of the
preliminary prospectus related to the offering may be obtained from Morgan
Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor,
New York, NY 10014, telephone: 1-866-718-1649, or email:
prospectus@morganstanley.com; from Goldman, Sachs & Co., Attention: Prospectus
Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, or
email: prospectus-ny@ny.email.gs.com; or from Citigroup Global Markets, Inc.,
Brooklyn Army Terminal, 140 58th Street, 8th floor, Brooklyn, NY 11220,
telephone 1-800-831-9146, or email: batprospectusdept@citi.com.

SOURCE Palo Alto Networks, Inc.

Contact: Media and Analysts, Mike Haro, Palo Alto Networks, Director of
Corporate Communications, +1-408-438-8628, mharo@paloaltonetworks.com, or
Investor Relations, Chris Danne or Maria Riley, both of The Blueshirt Group,
+1-415-217-7722, ir@paloaltonetworks.com
 
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