Exhibit 99.1

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF AVAST

Avast plc and its subsidiaries are referred to collectively as “Avast Group” in this section. The financial information and related discussion and analysis contained in this section are presented in U.S. dollars. The following discussion and analysis should be read in conjunction with Avast Group’s unaudited condensed consolidated financial statements as of June 30, 2022 and for the six months ended June 30, 2022 and 2021, and audited consolidated financial statements for the years ended December 31, 2021 and 2020 and accompanying notes.

The following discussion is based on Avast Group’s financial information prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board. This discussion contains forward-looking statements and involves numerous risks and uncertainties. Avast Group’s actual results could differ materially from those contained in any forward-looking statements.

Overview

Avast Group is a leading global cybersecurity provider that is dedicated to keeping people safe and private online. Avast Group safeguards more than 435 million users¹ worldwide, protecting their digital data, identity and privacy. with 1.8 billion attacks and over 89 million new files blocked each month on average in 2021. Avast Group offers security software under the Avast, AVG and CCleaner brands, in the form of both free and paid-for products. Avast Group has customers in the vast majority of countries in the world.

The majority of Avast Group’s revenues are derived from its consumer direct operations, which primarily involves up-selling paid antivirus software with advanced features to users of its free antivirus software, and cross-selling adjacent, non-antivirus paid products such as privacy enhancement and PC optimization tools.

As a leading global cybersecurity provider, Avast Group stands for a safe, open, and fair digital world for everyone, with a commitment to protect digital freedom for everyone and furthering digital rights.

Key performance indicators (“KPIs”)

Avast Group considers the following metrics to be the KPIs it uses to help evaluate growth trends, establish budgets and assess operational performance and efficiencies. In addition to Avast Group’s results determined in accordance with IFRS, Avast Group believes the following non-IFRS financial measures are useful in evaluating Avast Group’s operating performance:

¹ Active devices in the last 30 days.

in each case, as described more fully below.

Avast Group considers Billings, Adjusted Revenue and Adjusted EBITDA to be the primary KPIs for Avast Group. Billings represents the full value of products and services, the majority of which are delivered under a subscription agreement and include sales to new end customers plus renewals and additional sales to existing end customers. Under the subscription model, customers pay Avast Group for the entire amount of the subscription in cash up front upon initial delivery of the applicable products. Although the cash is paid upfront, under IFRS, subscription revenue is deferred and recognized ratably over the life of the subscription agreement, whereas non-subscription revenue is typically recognized immediately. This provides Avast Group with a substantial amount of deferred revenue. Subscription billings represented 87.5% and 88.8% of the Avast Group’s total Billings for the six months ended June 30, 2022 and 2021, respectively. Accordingly, the growth in revenue in any period reflects the performance of billings from both prior and current periods. Avast Group thus considers billings to be a valuable supplemental measure of short-term cash receipts and revenues for future periods as an indicator of future growth. Avast Group believes that Adjusted EBITDA is another key metric for Avast Group as it allows it to evaluate underlying operating performance by excluding non-recurring and other items that Avast Group does not consider indicative of Avast Group’s core operating performance.

Avast Group also tracks Adjusted Revenue, Adjusted Cash EBITDA, Adjusted Net Income, Unlevered Free Cash Flow and Levered Free Cash Flow. Avast Group believes that Adjusted Cash EBITDA and Adjusted Net Income are appropriate supplemental measures of earnings as they facilitate evaluating operating performance on a period-to- period basis by excluding non-recurring and other items that Avast Group does not consider indicative of Avast Group’s core operating performance. Unlevered Free Cash Flow and Levered Free Cash Flow are used as key performance indicators of Avast Group’s business and as an indicator of Avast Group’s ability to make strategic investments, repay its debt, pay dividends, and meet other payment obligations.

While Avast Group uses these non-IFRS financial measures as tools to enhance its understanding of certain aspects of its financial performance, Avast Group does not believe that these non-IFRS financial measures are substitutes for, or superior to, the information provided by IFRS results. As such, the presentation of these non-IFRS financial measures is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with IFRS. The primary limitations associated with the use of these non-IFRS financial measures as compared to IFRS results are that these non-IFRS financial measures as Avast Group defines them may not be comparable to similarly titled measures used by other companies in Avast Group’s industry and that such non-IFRS financial measures may exclude financial information that some investors may consider important in evaluating Avast Group’s performance. The table below is a reconciliation of (i) Revenue from Adjusted Revenue, (ii) Billings from revenue, (iii) Adjusted EBITDA from net income, (iv) Adjusted Net Income from net income and (v) Unlevered Free Cash Flow and Levered Free Cash Flow from net cash flow from operating activities for Avast Group as at and for the periods indicated. All figures are at actual currency rates unless otherwise indicated.

Reporting change

In the beginning of 2021, Avast Group adjusted its billings and revenue reporting within existing segments to reflect the de facto convergence in desktop and mobile platform use by consumers as reflected in the rise of Avast Group’s multi-device subscriptions. Consequently, the direct-to- consumer mobile subscription business is reported together with the desktop business within Consumer Direct. This change was reflected throughout this report.

The carrier channel was renamed Partner to emphasise the relationship aspect of this business and seek to both develop the product proposition and expand the scope of future partnership opportunities. Partner is now included within Consumer Indirect alongside Avast Group’s other B2B2C businesses: Avast Secure Browser and Chrome distribution.

The reporting change has no impact on the overall Avast Group result. There is no change to the operating segments, which are reported as Consumer and SMB.

The table below presents reconciliation between previous and current reporting structure for the year ending December 31, 2020:

Billings

Billings represents the full value of products and services being delivered under subscription and other agreements and include sales to new end customers plus renewals and additional sales to existing end customers. Billings are unaudited and are presented to enhance comparability of Avast Group’s results from period to period.

The majority of Avast Group’s subscription agreements typically last between one and three years. For the six months ended June 30, 2022 and 2021, Avast Group had an average subscription contract length of 13 months. For the years ended December 31, 2021 and 2020, Avast Group had an average subscription contract length of 13 and 14 months, respectively. This decrease reflects the Avast Group’s transition from multi-year towards single year subscriptions.

The Avast Group’s Billings increased by $1.0 million to $483.7 million for the six months ended June 30, 2022, mostly driven by the core Consumer Direct business. This represented a 0.2% increase at actual rates and organic growth of 6.9%. Subscription billings represented 87.5% of the Avast Group’s total Billings in the first half of 2022 (88.8% in the first half of 2021).

Adjusted Revenue

Adjusted Revenue represents the Group’s reported revenue adjusted for the Deferred Revenue Haircut Reversal. Under IFRS 3, Business Combinations, an acquirer must recognise assets acquired and liabilities assumed at fair value as of the acquisition date. The process of determining the fair value of deferred revenues acquired often results in a significant downward adjustment to the target’s book value of deferred revenues. The “Deferred Revenue Haircut Reversal” refers to the reversal of the downward adjustment to the book value of deferred revenues of companies the Avast Group has acquired during the periods under review. In the first half of 2022 the adjustment relates to SecureKey’s deferred revenue. There was no difference between Revenue and Adjusted Revenue in 2021 and 2020.

The Avast Group’s Adjusted Revenue increased by $0.7 million to $472.0 million for the six months ended June 30, 2022, mostly driven by the core Consumer Direct business. This represented a 0.2% increase at actual rates and organic growth of 2.7%.

Adjusted EBITDA

Adjusted earnings before interest, taxation, depreciation and amortisation (“Adjusted EBITDA”) are defined as the Avast Group’s operating profit/loss before depreciation, amortisation of non-acquisition intangible assets, share-based payments including related employer’s costs, exceptional items and amortisation of acquisition intangible assets and including deferred revenue haircut reversal.

Adjusted EBITDA decreased 7.6% to $249.7 million, resulting in Adjusted EBITDA margin of 52.9%. The decrease in EBITDA margin was primarily driven by investment in commercial initiatives and Digital Trust Services.

Adjusted Net Income

Adjusted Net Income represents reported net income plus deferred revenue haircut reversal, share-based payments, exceptional items, amortisation of acquisition intangible assets, unrealised foreign exchange gain/loss on the EUR tranche of the bank loan, the tax impact from the unrealised exchange differences on intercompany loans, tax impact from disposal of business operation and the tax impact of the foregoing adjusting items and IP transfers, less gain on disposal of business operation.

Avast Group believes that Adjusted Net Income is an appropriate supplemental measure that provides useful information to Avast Group and investors about Avast Group’s underlying business performance. Accordingly, Avast Group believes that Adjusted Net Income provides useful information to management to run Avast Group’s business and allocate resources.

Avast Group’s Adjusted Net Income decreased by 13.5%, from $205.8 million for the six months ended June 30, 2021 to $178.0 million for the six months ended June 30, 2022.

Adjusted Cash EBITDA

Cash earnings before interest, taxation, depreciation and amortisation (“Adjusted Cash EBITDA”) is defined as Adjusted EBITDA plus the net deferral of revenue and the net change in deferred cost of goods sold.

Avast Group’s Adjusted Cash EBITDA decreased by 6.9%, from $282.6 million for the six months ended June 30, 2021 to $263.0 million for the six months ended June 30, 2022.

Unlevered and Levered Free Cash Flow

Unlevered Free Cash Flow represents Adjusted Cash EBITDA less capital expenditures and taxation, plus cash flows in relation to changes in working capital (excluding change in deferred revenue and change in deferred cost of goods sold as these are already included in Adjusted Cash EBITDA). Changes in working capital are as per the cash flow statement on an unadjusted historical basis and unadjusted for exceptional items. In 2020, $25 million of Covid-19 donations were included in the calculation of Unlevered Free Cash Flow as all the other exceptional costs are excluded from Adjusted Cash EBITDA (as defined above) and thus from Unlevered Free Cash Flow.

Levered Free Cash Flow represents amounts of incremental cash flows of the Avast Group after it has met its financial obligations (after interest and lease repayments) and is defined as Unlevered Free Cash Flow less cash interest and lease repayments.

Avast Group believes that Unlevered Free Cash Flow and Levered Free Cash Flow are an appropriate supplemental measure that provides useful information to Avast Group and investors about the amount of cash generated by Avast Group’s business.

Accordingly, Avast Group believes that Unlevered Free Cash Flow and Levered Free Cash Flow provide useful information to management to run Avast Group’s business and allocate resources.

Avast Group’s Unlevered Free Cash Flow decreased by 17.5%, from $263.1 million for the six months ended June 30, 2021 to $217.1 million for the six months ended June 30, 2022. Avast Group’s Levered Free Cash Flow decreased by 17.9%, from $248.8 million for the six months ended June 30, 2021 to $204.3 million for the six months ended June 30, 2022.

Operating metrics

Avast Group also tracks and monitors the Consumer Direct business using the following non-financial operating metrics:

Avast Group considers Direct Customers, ARPC and APPC to be important measures in analyzing its results of operations for the Consumer Direct business, which represented more than 85% of Revenue for the six months ended June 30, 2022. The general objective of Avast Group’s commercial team is to balance these metrics as they see fit to deliver best possible results.

Market conditions remain challenging, as expected, with increased competition in the fast evolving antivirus market and from freely distributed security solutions on new PCs. These trends are further compounded by (i) a higher churn rate of newly acquired customers from the COVID-19 pandemic; (ii) the withdrawal of our products from Russia and Belarus, and (iii) the impact of the weakened macroeconomic environment, which resulted in softening demand and fewer new customers. For the six months ended June 30, 2022, Avast Group has been working on optimising renewals and the customer journey and diversifying its offering, in order to mitigate the increased pressure from the market. To that end, Avast Group’s commercial effort in the retention area has been threefold: (i) building intelligence through investing in developing customer understanding through various formats (from speaking with customers to machine learning of churn propensity), which helped Avast Group achieve successful initiatives relating to, for example, renewal pricing and increasing channel capability and reach; (ii) protecting and growing the value of Avast Group’s paid customer base by improving customer journey to drive engagement and better enabling renewal opportunities; and (iii) undertaking a customer communications transformation to reach Avast Group’s customers more effectively, through personalising the messaging journey and consistency in content strategy. Avast Group believes that mitigating actions ensured that two out of three Consumer Direct Operational KPIs improved in the six months ended June 30, 2022.

The table below presents the Consumer Direct Operational KPIs for the periods indicated:

Customers

Avast Group defines Direct Customers as users who have at least one valid paid Consumer Direct subscription (or licence) at the end of the relevant period.

Avast Group’s Consumer Direct Customers decreased by 4.4% from 16.36 million as of December 31, 2021 compared to 15.64 million as of June 30, 2022. The downward trend includes the impact of a higher churn rate of customers acquired during the COVID-19 pandemic.

In September 2021, Avast released a new product called Avast One, which provides customers with integrated security, privacy and performance solution. This new product brought a slightly modified business model. In the original model, growth of the business was focused on Avast’s ability to do upsells (both free-to-paid and paid-to-paid), as well as cross-sells. In the Avast One model, the cross-sell opportunity is limited because the customer proposition consists in providing all-in-one functionality as part of the unified Avast One subscription. At the same time, more emphasis is put on retention where the stronger value proposition of the integrated offering is expected to limit the number of customers who leave us. This is further underlined by the fact that Avast One brought significant improvements in customer satisfaction by reducing the number of upsell messages (especially those in Avast Essential -- the free tier). This put additional pressure on the Customer Count metric in the fourth quarter 2021.

It should also be noted that paid customer churn in Avast is not seen as critical as in other businesses, as a large part of churning paid customers do not leave the Avast family, but rather default back to the basic free product. That is, they count as churners but are still staying with Avast Group as free users, which allows to further communicate with them in the future and potentially win them back as paid customers.

Average Revenue per Customer (ARPC)

Avast Group defines ARPC as the Consumer Direct revenue for the period of the last twelve months divided by the average Direct Customers during the same period. Average Customers are calculated based on adding the number of Direct Customers as of the beginning of the last twelve months period to the number of Direct Customers as of the end of the period, and then dividing by two.

Avast Group’s ARPC increased by 2.2%, from $49.44 as of December 31, 2021 to $50.54 as of June 30, 2022.

Average Products per Customer (APPC)

Avast Group defines APPC as the total valid licences or subscriptions for the period of the last twelve months divided by the average Direct Customers during the same period. Average Direct Customers are calculated based on adding the number of Direct Customers as of the beginning of the last twelve months period to the number of Direct Customers as of the end of the period, and then dividing by two.

Avast Group’s APPC increased by 1.2%, from 1.43 as of December 31, 2021 to 1.45 as of June 30, 2022, demonstrating successful cross-sell into the existing customer base.

Factors affecting Avast Group’s results of operations

Avast Group’s results have been affected, and are expected to be affected in the future, by a variety of factors. A discussion of key factors that have had, or may have an effect on Avast Group’s results is set forth below:

Segment reporting

Avast Group has applied the criteria set by IFRS 8 Operating Segments to determine the number and type of reportable segments. Based on the nature of the business and how the business is managed, two operating segments have been identified: Consumer and SMB. Avast Group evaluates the performance of its segments based primarily on billings, revenue and operating profit.

Any costs incurred that are directly applicable to the segments are allocated to the appropriate segment. Certain costs that are not directly applicable to the segments are identified as ‘Corporate Overhead’ costs and represent general corporate costs that are applicable to the consolidated Avast Group. In addition, costs relating to share-based payments and exceptional items are not allocated to the segments since these costs are not directly applicable to the segments, and therefore not included in the evaluation of performance of the segments.

Components of statements of income

Revenues

Sources of revenues

Consumer

Direct. Avast Group offers paid products that protect users’ security, online privacy and device performance. The majority of these revenues come from the sale of software subscriptions to users, typically with terms of one to three years, entitling such users to services and updates provided by Avast Group’s paid software. The majority of Avast Group’s Consumer Direct revenues in the six months ended June 30, 2022 and 2021 were generated by subscriptions. Consumer Direct billings and revenue are generated from Desktop and Mobile products.

Indirect. Avast Group derives a portion of its revenues from advertisements as well as through its Avast Secure Browser.

Discontinued Business. Avast Group earns revenues from distribution agreements with Google, from third party products and advertisements which come installed on its legacy AVG extensions, plug-ins and toolbar business. Avast Group also earns revenues from its Browser Cleanup product, which removes extensions, plug-ins and toolbars from browsers. Avast Group considers these products to be discontinued products as Avast Group has stopped their further development. Avast Group also offered big data and marketing analytics through its entity, Jumpshot, generating mostly recurring subscription revenue. Subscriptions were recognized ratably over the subscription period covered by the contract. In January 2020, Avast Group made a decision to discontinue business of Jumpshot.

SMB

Avast Group’s SMB (Small and Medium-sized Business) segment focuses on delivering high-level security and protection solutions for small and medium sized business customers. Sales to SMB customers accounted for 5.4% and 5.5% of Avast Group’s total Revenue in the six months ended June 30, 2022 and 2021, respectively.

Revenue recognition

Consumer

Direct. The principal revenue stream of the Avast Group is derived from the sale of its software and related services for desktop and mobile which protect users’ security, online privacy and device performance. Licence agreements with customers include a pre-defined subscription period during which the customer is entitled to the usage of the products, including updates of the software. The typical length of a subscription period is 1, 12, 24, or 36 months. Antivirus software requires frequent updates to keep the software current in order for it to be beneficial to the customer and the customer is therefore required to use the updated software during the licence period. This provides evidence that the licence grants the right to access the software over time and therefore revenue is recognised evenly over the term of the licence. The software licence, together with the unspecified updates, form a single distinct performance obligation.

The Avast Group mainly sells software licences through direct sales (mainly through e-commerce services providers including Digital River) to customers. However, the Avast Group also sells a small portion through indirect sales via the Avast Group’s retailers and resellers.

Deferred revenue represents the contract liability arising from contracts with customers. The portion of deferred revenues that will be recognised as revenue in the 12 months following the balance sheet date is classified as current, and the remaining balance is classified as non-current. Deferred revenue also materially represents the transaction price, relating to sales of software licences, that is allocated to future performance obligations.

The Avast Group uses a practical expedient not to adjust the promised amount of consideration for the effects of a significant financing component if the Avast Group expects, at contract inception, that the period between when the Avast Group transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less.

When the Avast Group concludes that it has control over the provided product or service before that product or service is transferred to the customer, the Avast Group acts as principal, and revenues for satisfying the performance obligations are recognised on a gross basis (before deduction of resellers’ commissions, payment provider fees and the third party costs). Otherwise revenues are recognised on a net basis.

The Avast Group accounts for sales of products through e-commerce partners on a gross basis before the deduction of the e-commerce partners’ commissions and fees. The Avast Group’s e-commerce service providers fulfil administrative functions, such as collecting payment and remitting any required sales tax. The Avast Group’s e-commerce service providers collect the fees and transfer cash payments to the Avast Group on a monthly basis within 30 days after the end of the month with respect to which payment is being made. The Avast Group sets the retail list prices and has control over the licences before transferring them to the customer.

The Avast Group also sells subscription software licences through an e-shop directly to end customers in cooperation with certain payment gateways providers. Revenue from sales through the e-shop are accounted for on a gross basis before the deduction of payment gateways fees. The Avast Group sets the final retail prices and fully controls the revenue arrangement with the end customers.

The Avast Group reduces revenue for estimated sales returns. End users may return the Avast Group’s products, subject to varying limitations, through resellers or to the Avast Group directly for refund within a reasonably short period from the date of purchase. The Avast Group estimates and records provisions for sales returns based on historical experience. The amount of such provisions is not material.

Indirect. Consumer indirect revenues arise from several products and distribution arrangements that represent the monetisation of the user base. These arrangements are accounted for on a net basis in an amount corresponding to the fee the Avast Group receives from the monetisation arrangement. The contracted partner in the arrangement is the customer rather than the end customer. The most significant sources of revenues are:

SMB

SMB includes subscription revenue targeted at small and medium-sized businesses. Revenue is generated from the sale of security software and other IT managed solutions through online channels, resellers and distributors partners. Revenues from sales are recognised on a gross basis before deduction of the payment gateways fees.

Cost of revenues and capitalised contract costs

Cost of revenues. Expenses directly connected with the sale of products and the provision of services, e.g., commissions, payments and other fees and third party licence costs related to the subscription software licences, are recognized as cost of revenues.

Capitalised contract costs. The Avast Group pays commissions, third party licence costs and payment fees to resellers and payment providers for selling the subscription software licences to end customers. Capitalised contract costs are amortised on a straight-line basis over the licence period and recognised in the cost of revenues. Capitalised contract costs are subject to an impairment assessment annually. Impairment losses are recognised in profit or loss. All costs are expected to be recovered.

Finance income and expenses, net

Avast Group’s finance income and expenses, net, primarily consist of interest income and expense, other expenses such as bank fees, and interest expense related to currency translation gains and losses on monetary assets and liabilities, primarily cash and cash equivalents, denominated in currencies other than the U.S. dollar. Interest income primarily represents interest from term deposits.

Income tax

Income tax represents the income tax payable by Avast Software s.r.o. and other Group subsidiaries. The largest part of the corporate tax payable by Avast Group is in the Czech Republic, which has a 19% standard tax rate applicable to corporations. Avast Group also paid in other jurisdictions, such as in the U.K.

Results of Operations

For a further reconciliation of adjustments made to Avast Group’s financial information referred to in the narratives below, see “—Key Performance Indicators (“KPIs”).”

Revenues

The Avast Group’s reported revenue decreased by $1.0 million to $470.3 million for the six months ended June 30, 2022, which represents a 0.2% decrease at actual rates and organic growth of 2.7%. Such decrease was due to unfavourable FX impact, disposal of the Family Safety mobile business in 2021 and withdrawal from Russia and Belarus (see “—Factors affecting Avast Group’s results of operations—Discontinued Russia and Belarus”).

The deferred revenue balance at the end of the period was $517.4 million, comprising $481.1 million that will be recognised within 12 months of the balance sheet date. This compares with $507.8 million, of which $470.8 million was to be recognised within 12 months, at the same time last year. The average subscription length in the six months ended June 30, 2022 was 13 months.

Cost of revenues

Cost of revenues increased by $5.8 million from $74.8 million for the six months ended June 30, 2021 to $80.6 million for the six months ended June 30, 2022, which represented a 7.8% increase, primarily due to investment into customer support of $3.5 million, higher amortisation of acquisition intangibles of $2.1 million driven by recognition of significant intangible assets as part of the SecureKey business combination and increase in personnel costs and other costs of $0.2 million. Acquisition intangibles represent intangible assets acquired through business combinations.

Operating costs

Operating costs increased by $47.3 million, or 27.9%, from $169.8 million for the six months ended June 30, 2021 to $217.1 million for the six months ended June 30, 2022. This is driven mainly by exceptional items of $25.3 million incurred in relation to the acquisition of SecureKey and in relation to the proposed merger with NortonLifeLock, investment into Digital Trust Services (“DTS”) of $13.8 million, sales and marketing personnel and non-personnel costs of $10.3 million and other savings including YoY FX impact of $2.1 million.

On a like-for-like basis, Avast Group’s operating costs excluding depreciation and amortization increased by $16.9 million to $160.5 million for the six months ended June 30, 2022. Excluding the Family Safety disposal costs in the first half of 2021, such operating costs increased by $23.2 million from June 30, 2021 to June 30, 2022. The increase reflects the investment into DTS, sales and marketing personnel and non-personnel costs and other savings including YoY FX impact, as described above.

Finance income and expenses, net

Finance income and expenses, net, decreased by $7.1 million from finance income of $8.4 million for the six months ended June 30, 2021 to finance income of $1.3 million for the six months ended June 30, 2022, which was caused by the increase of amortisation of arrangement fees of $1.8 million resulting from a new USD term loan of $200 million (see Note 17 of Avast Group’s unaudited condensed consolidated financial statements for the six months ended June 30, 2022), one-off realised FX gain on repayment of the prior loan of $5.6 million realised in the first half of 2021 and unfavourable impact of other FX and other finance costs of $10.6 million out of which $8.2 million relates to a one-off realised loss resulting from a transfer of the majority of EUR cash balances into USD cash balances. These increases were partially offset by unrealised foreign exchange gains from the Euro denominated debt. Such gains increased by $10.9 million from $15.8 million for the six months ended June 30, 2021 to $25.4 million for the six months ended June 30, 2022.

Income tax

Income tax expense decreased from $63.5 million for the six months ended June 30, 2021 to $32.9 million for the six months ended June 30, 2022. Decrease in income tax was driven by the one-off tax costs related to gain on sale of Family Safety business of $(12.7) million in the first half of 2021 and the tax benefit from the foreign exchange movements on intercompany loans arising in the statutory accounts of the subsidiary concerned in the amount of $3.1 million (tax benefit of $0.9 million in the first half of 2021).

Additionally, Avast Group recognised a deferred tax liability of $9.1 million as of June 30, 2022, as opposed to $0.3 million as of June 30, 2021, which relates mainly to taxable differences recognised during purchase price allocations as of June 30, 2022.

The tax impact of IP transfer represents amortisation of the net tax impact of the transfer of AVG E-comm web shop to Avast Software B.V. (“Avast BV”) on May 1, 2018 (the “IP Transfer”), when the former Dutch AVG business of Avast BV (including the web shop) was sold to Avast Software s.r.o. The total net impact of this transaction was $94.4 million, which was treated as an exceptional item in 2018. The transferred IP is amortised for tax purposes over 15 years. The tax impact of other adjusted items represents the tax impact of amortisation of acquisition intangibles, or exceptional items, which have been calculated applying the tax rate that Avast Group determined to be applicable to the relevant item, and other adjusted items.

Net income

Net Income decreased by $64.8 million, from $205.8 million for the six months ended June 30, 2021 to $141.0 million for the six months ended June 30, 2022, primarily driven by $34.2 million of one-off gain from sale of Family Safety business included in baseline. The remaining decrease was due to the increase in total operating costs driven by the investment in DTS, the exceptional costs incurred in relation to the acquisition of SecureKey and proposed merger and the increased cost of revenues, which were partially offset by reduced finance income and income tax expenses.

Revenues

The Avast Group’s reported revenue increased by $48.2 million to $941.1 million in the year ended December 31, 2021, which represents a 5.4% increase at actual rates and organic growth of 7.5%. Revenue included $458.8 million from the release of prior-period deferred revenue. The deferred revenue balance at the end of the period was $503.6 million, comprising $468.6 million that will be recognised within 12 months of the balance sheet date. This compares with $496.5 million, of which $458.8 million was to be recognised within 12 months, at the same time last year. The average subscription length in the year ended December 31, 2021 was 13 months which represents slight YoY decrease (FY 2020: 14 months) reflecting the Avast Group’s transition from multi-year towards single year subscriptions.

Cost of revenues

Cost of revenues decreased by $46.5 million from $196.0 million in 2020 to $149.5 million in 2021, which represented a 23.7% decrease, primarily due to decrease in amortisation of acquisition intangibles of $43.1 million, decrease in costs due to disposal of Family Safety mobile business of $6.1 million and Jumpshot’s business-as-usual costs before the wind-down included in the baseline of $1.2 million. This was partially offset by higher share-based payments costs of $1.6 million.

On a like-for-like basis, Avast Group’s cost of revenues, excluding depreciation and amortization, increased by $4.9 million. The increase was driven by $1.4 million higher sales commissions driven by revenue growth and investment into customer support of $4.0 million, partially offset by FX impact and other costs of $0.5 million.

Operating costs

Operating costs increased by $35.5 million, or 9.8%, from $361.5 million in 2020 to $397.0 million in 2021. This included decrease in operating costs due to disposal of Family Safety mobile business of $15.7 million, Jumpshot’s business-as-usual costs before the wind-down included in the baseline of $3.5 million and decrease in exceptional items of $14.8 million, partially offset by share-based payments costs of $22.9 million.

On a like-for-like basis, Avast Group’s operating costs excluding depreciation and amortization increased by $47.8 million. The increase was driven by the investment into sales and marketing costs of $42.5 million related primarily to the launch of Avast’s new brand identity and new flagship product Avast One. Additional costs increase related to investment into information security and research and development of $(5.9) million, partially offset by other savings including FX impact of $0.6 million.

Finance income and expenses, net

Finance income and expenses, net, decreased by $107.8 million from finance expenses of $99.1 million in 2020 to finance income of $8.7 million 2021 primarily driven by significant unrealised foreign exchange gains from the revaluation of the Euro denominated debt of $32.2 million (compared to losses of $62.1 million generated in the prior year) and lower interest costs of $8.4 million resulting from repayment of loan in 2020 and refinancing in the first half of 2021.

Income tax

Income tax expense increased from $66.7 million in 2020 to $101.9 million in 2021. Income tax was impacted by disposal of Family Safety mobile business resulting in a tax expense of $16.7 million, and by the tax benefit from the foreign exchange movements on intercompany loans arising in the statutory accounts of the subsidiary concerned of $1.5 million (tax expense of $4.4 million in the year ended December 31, 2020).

Net income

Net Income increased by $178.8 million, from $169.6 million in 2020 to $348.4 million in the year ended December 31, 2021 primarily driven by the decrease in net finance costs of $107.8 million, revenue growth of $48.2 million, one-off gain on disposal of Family Safety mobile business of $47.0 million and decrease in amortisation of acquisition intangibles of $43.1 million, partially offset by higher operating costs of $35.5 million and higher income tax charge of $35.2 million.

Liquidity and capital resources

Since Avast Group’s inception, it has financed its operations through cash generated from operations as well as term loans and revolving credit facilities. Avast Group generated significant amounts of cash compared to the amount of revenues Avast Group recognized in any particular period since Avast Group’s users pay the entire licence fee when they register for Avast Group’s software (see Billings definition in “—Key Performance Indicators”). Amounts not recognized are reflected on Avast Group’s balance sheet as deferred revenues.

At June 30, 2022 and 2021, Avast Group had cash and cash equivalents of $338.0 million and $357.6 million, respectively. Avast Group expects that its sources of liquidity and capital will be sufficient to meet its existing business needs for at least the next 12 months.

The following table presents the major components of Avast Group’s cash flows for the periods presented:

Net cash flows from operating activities

Avast Group’s net cash flow from operating activities decreased by $(72.5) million, or (27.6)%, from $263.1 million for the six months ended June 30, 2021 to $190.6 million for the six months ended June 30, 2022, primarily due to higher exceptional costs included in operating cash flows of $(29.3) million, lower Adjusted Cash EBITDA by $(19.6) million, the impact of working capital movement (excluding change in deferred revenue and deferred cost of goods sold) of $(10.6) million, negative FX impact and other non-cash items of $(4.6) million, higher cash tax of $(15.1) million, offset by positive impact of movement in provisions of $7.4 million.

Avast Group’s net cash flow from operating activities increased by $12.9 million, or 2.8%, from $456.5 million in the year ended December 31, 2020 to $469.4 million in the year ended December 31, 2021. The increase was primarily driven by lower exceptional costs included in operating cash flows of $26.9 million, higher billings of $26.4 million, positive impact of working capital movement (excl. change in deferrals) of $6.4 million, offset by higher cash tax of $(9.8) million, increase in adjusted costs of $(26.2) million and unfavorable impact of movement in provisions and other of $(10.8) million.

Net cash from/used in investing activities

Avast Group’s net cash outflow from investing activities increased substantially by $(361.5) million, from a net cash inflow of $44.5 million for the six months ended June 30, 2021 to a net cash outflow of $(317.0) million for the six months ended June 30, 2022. This increase is due to consideration paid for the SecureKey Technologies acquisition of $(318.7) million and a capital expenditure investment of $(3.6) million, which were offset by a cash inflow from escrow of $5.0 million from disposal of Family Safety business and interest received of $0.3 million. The net cash inflow from investing activities as of June 30, 2021 was primarily driven by net proceeds received from the disposal of the Family Safety mobile business in the amount of $48.4 million.

Avast Group’s net cash outflow from investing activities decreased by $15.5 million, from $16.4 million in the year ended December 31, 2020 to $0.9 million in the year-ended December 31, 2021. The Avast Group’s net cash outflow from investing activities of $(0.9) million in FY 2021 included net proceeds from disposal of Family Safety mobile business of $62.4 million, capex investment of $(13.3) million, settlement of contingent consideration related to Tenta acquisition of $(0.7) million, consideration paid for Evernym acquisition of $(49.5) million and interest received of $0.2 million. The Avast Group’s net cash outflow from investing activities in FY 2020 of $(16.4) million comprised capex of $(15.1) million, settlement of contingent consideration related to Inloop and Tenta acquisitions of $(3.9) million, TrackOFF holdback consideration release of $(0.8) million, contingent consideration received for disposal of Managed Workplace of $3.0 million and interest received of $0.4 million.

Net cash from/used in financing activities

The Avast Group’s net cash inflow from financing activities for the six months ended June 30, 2022 included $(116.5) million dividend paid, new loan drawn of $200.0 million to finance the acquisition of SecureKey, quarterly loan repayment of $(20.2) million, transaction costs related to the borrowing of $(2.7) million, interest paid of $(9.0) million, lease repayments of $(3.8) million and proceeds from the exercise of options of $4.0 million. The Avast Group’s net cash outflow from financing activities for the six months ended June 30, 2021 included $(115.3) million dividend paid, net loan refinancing of $6.6 million (see Note 17 to Avast Group’s unaudited condensed consolidated financial statements for the six months ended June 30, 2022), quarterly loan repayment of $(10.6) million, transaction costs related to borrowing of $(2.7) million, interest paid of $(5.6) million, lease repayments of $(4.2) million and proceeds from the exercise of options of $3.8 million.

The Avast Group’s net cash outflow from financing activities in FY 2021 included $(115.4) million final dividend paid in respect of 2020, $(49.6) million interim dividend paid in respect of 2021, net proceeds from loan refinancing in the first half of 2021 of $6.6 million, mandatory loan repayment of $(31.3) million, transaction costs paid in relation to refinancing of $(2.7) million, interest paid of $(14.3) million, lease repayments of $(8.6) million and proceeds from the exercise of options of $10.7 million. Net proceeds from loan refinancing consist of repayment of old loan of $(827.6) million, new loan drawn of $843.6 million, portion of transaction costs related to borrowings deducted by bank of $(5.0) million and portion of cash interest deducted by bank of $(4.3) million. The Avast Group’s net cash outflow from financing activities in FY 2020 included $(105.4) million final dividend paid in respect of 2019, $(49.3) million interim dividend paid in respect of 2020, $(200.0) million voluntary repayment of borrowings, $(61.9) million mandatory repayment of borrowings, interest paid of $(27.5) million, lease repayments of $(9.3) million, proceeds from the exercise of options of $34.0 million, and net proceeds from transactions with non-controlling interest $(64.8) million.

Contractual commitments and contingencies

Avast Group has entered into lease agreements for its offices. Lease terms for properties are generally between 1 and 13 years. See Note 14 to Avast Group’s unaudited condensed consolidated financial statements for the six months ended June 30, 2022 and Note 21 to Avast Group’s audited consolidated financial statements for the year ended December 31, 2021.

Below are contractual commitments in relation to cloud computing services as of December 31, 2021:

Off-balance sheet items

Avast Group did not engage during the period presented, and does not currently engage, in off-balance sheet financing arrangements. In addition, Avast Group does not have any interest in entities referred to as variable interest entities, which includes special purpose entities and other structured finance entities.

Critical accounting policies and estimates

For information regarding Avast Group’s critical and significant accounting policies, see Note 2 to Avast Group’s audited consolidated financial statements for the year ended December 31, 2021. The following critical accounting discussion pertains to accounting policies the management of Avast Group believes are most critical to the portrayal of its historical financial condition and results of operations and that require significant, difficult, subjective or complex judgments.

Leases - Extension options

When the Avast Group has the option to extend a lease, management uses its judgement to determine whether or not an option would be reasonably certain to be exercised. The Avast Group has the option, under some of its leases, to lease the assets for additional terms of up to ten years. The Avast Group applies judgement in evaluating whether it is reasonably certain to exercise the option to renew and therefore considers all relevant factors, including long-term business strategy, conditions of the lease, availability of alternative options and potential relocation costs, for it to exercise the renewal. Potential future cash outflows of $8.2 million as of December 31, 2021 have not been included in the lease liability because it is not reasonably certain that the lease will be extended (or not terminated). There were no significant changes to the extension options for the six months ended June 30, 2022 or the year ended December 31, 2021. The lease term will be reassessed after the proposed merger, once completed.

Impairment testing

Significant management judgement and estimates are required to determine the individual cash generating units (CGUs) of the Avast Group, the allocation of assets to these CGUs and the determination of the value in use or fair value less cost to sell of these CGUs. Management has concluded that the operating segments used for segment reporting represents the lowest level within the Avast Group at which the goodwill is monitored. Therefore, the operating segments correspond to groups of CGUs at which goodwill is tested for impairment.

Deferred tax

Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits.

The Avast Group recognizes substantial deferred tax assets from unused tax losses in its US-based subsidiaries excluding Jumpshot (see Note 8 to Avast Group’s unaudited condensed consolidated financial statements for the six months ended June 30, 2022 and Note 13 to Avast Group’s audited consolidated financial statements for the year ended December 31, 2021). Management assesses that these deferred tax assets are recoverable, with key elements of judgement being the fact that US tax losses carry over indefinitely, Avast Group’s transfer pricing agreement in place and the significant business presence of the Avast Group in the US market give the Group the ability to generate sufficient taxable profit for the foreseeable future.

Based on expectations of future profitability, management expects to recover the deferred tax asset over approximately a 30-year time frame. The recovery period is sensitive to the level of profitability of the underlying business; however, there are no significant assumptions that would impact our expectation of recovery. Forecasts used for assessing recoverability of deferred tax assets are those approved by Avast, and do not reflect any changes to the business (or to the quantum of tax losses) that might result from the proposed merger.

The Avast Group also recognises substantial deferred tax assets from the 2018 transfer of intellectual property to the Czech Republic, which is being recovered linearly over a 15-year period. The management assesses that this deferred tax asset is recoverable, with key elements of judgement being that the major portion of the Avast Group’s profit is generated in the Avast Group’s Czech entity and this structure is expected to remain for the foreseeable future.

Forecasts used for assessing recoverability of deferred tax assets are those approved by Avast Group, and do not reflect any changes to the business (or to the quantum of tax losses) that might result from the proposed merger. It is uncertain if tax loss carryforward can be utilised in full amount after the proposed merger and (potential) changes in the group and tax structure.

Provisions

The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. Other provisions predominantly comprise potential claims in relation to regulatory investigations, contractual indemnities and disputes. The management has provided the best estimate of the provisions, based on the legal advice. See Note 15 to Avast Group’s unaudited condensed consolidated financial statements for the six months ended June 30, 2022 and Note 25 to Avast Group’s audited consolidated financial statements for the year ended December 31, 2021.

Share-based payments

In October 2021, management accounted for scheme modifications that are expected to come into place as a result of the proposed merger. These modifications will result in the early vesting of a pro-rated proportion of awards. In respect of Restricted Stock Units (RSUs) management have made best estimates in regard to the expected timing of proposed merger to be in September 2022, and the number of ‘good’ leavers, whose awards will vest in the event that they are made redundant as a consequence of the proposed merger. In respect of Performance Stock Units (PSUs), management have made best estimates in regard to the expected timing of proposed merger, and the performance attainment that will be achieved by scheme members. See Note 4 to Avast Group’s unaudited condensed consolidated financial statements for the six months ended June 30, 2022 and Note 33 to Avast Group’s audited consolidated financial statements for the year ended December 31, 2021.

Quantitative and qualitative disclosure about market risk

Avast Group is exposed to certain market risk in the ordinary course of its business. These risks primarily consist of credit risk, foreign currency risk, interest rate risk and liquidity risk as follows.

Credit risk

The outstanding balances of trade and other receivables are monitored on a regular basis. Avast Group has been managing receivables effectively and improved collections process by simplifying the billing system structure which is reflected in the overall decrease of total receivables (see Note 18 to Avast Group’s audited consolidated financial statements for the year ended December 31, 2021).

The credit quality of larger customers is assessed based on the credit rating, and individual credit limits are defined in accordance with the assessment. The Avast Group did not issue any guarantees or credit derivatives. The Avast Group does not consider the credit risk related to cash balances held with banks to be material. A significant portion of sales is realised through the Avast Group’s online resellers, mainly Digital River. The Avast Group manages its credit exposure by receiving advance payments from Digital River.

The Avast Group evaluates the concentration of risk with respect to accounts receivable as medium, due to the relatively low balance of trade receivables that is past due. The risk is reduced by the fact that its customers are located in several jurisdictions and operate in largely independent markets and the exposure to its largest individual distributors is also medium.

Foreign currency risk

Foreign currency risk is the risk that the fair value of future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Avast Group’s exposure to the risk of changes in foreign exchange rates relates primarily to the Avast Group’s operating activities (when revenue or expense is denominated in foreign currency).

At the parent company level, the functional and presentation currency is the US dollar and the Avast Group’s revenue and costs are reported in US dollars. The Avast Group is exposed to translation risk resulting from the international sales and costs denominated in currencies other than US dollars and the resulting foreign currency balances held on the balance sheet. The Avast Group is exposed to material transaction and translation currency risk from fluctuations in currency rates between USD, GBP, CZK and EUR.

The following table shows payments for the Avast Group’s products and services by end users (either directly to the Avast Group or paid to an e-commerce service provider) in individual currencies. Based on agreements with the Avast Group, e-commerce service providers may convert billings collected on behalf of the Avast Group in specific currencies to a remittance currency (usually USD and EUR) at the existing market rates which does not remove the underlying foreign exchange risk. The table below shows the original currency composition of payments made by end users to illustrate the foreign exchange risk to billings.

As the majority of revenues represent sales of software licences, the revenues are recognised over the duration of the licence period, despite payment being received at the start of the licence period. Because the release of deferred revenues is performed using the exchange rates valid at the start of the licence term, they are not subject to foreign currency risk.

The following table shows financial assets and liabilities in individual currencies, net:

Financial assets and liabilities include cash and cash equivalents, trade and other receivables and trade and other payables, term loan, lease liabilities, other current liabilities, and non-current financial assets and liabilities.

The table below presents the sensitivity of the profit before tax to a hypothetical change in EUR, CZK and other currencies and the impact on financial assets and liabilities of the Avast Group. The sensitivity analysis is prepared under the assumption that the other variables are constant. The analysis against USD is based solely on the net balance of cash and cash equivalents, trade and other receivables, trade and other payables and term loan.

The sensitivity analysis above is based on the consolidated assets and liabilities, i.e. excluding intercompany receivables and payables. However, Avast Software s.r.o. has a significant intercompany loan payable to Avast Software B.V. denominated in USD. As the functional currency of Avast Software s.r.o. is the USD but the tax basis of Avast Software s.r.o. is denominated in CZK the income tax gains or losses of Avast Software s.r.o. are exposed to significant foreign exchange volatility. If the CZK depreciates against the USD, the corporate income tax expense would decrease. Avast Software B.V. is not exposed to any similar volatilities as its functional and tax currency is the USD.

Interest rate risk

Cash held by the Avast Group is not subject to any material interest. The only liabilities held by the Avast Group subject to interest rate risk are the loans described in Note 17 to Avast Group’s unaudited condensed consolidated financial statements for the six months ended June 30, 2022. Other liabilities and provisions themselves are not subject to interest rate risk. The Avast Group keeps all its available cash in current bank accounts (see Note 17 to Avast Group’s audited consolidated financial statements for the year ended December 31, 2021).

As of June 30, 2022, the Avast Group has a USD term loan of $200 million under the existing credit agreement to finance the acquisition of SecureKey (the “Credit Agreement”) (see Note 9 to Avast Group’s unaudited condensed consolidated financial statements for the six months ended June 30, 2022), which matures on the earlier of March 22, 2023, or 30 days after completion of the proposed merger with NortonLifeLock. The carrying amount of the term loan is net of the total arrangement costs of $2.7 million, which are being amortised to profit and loss over the period to the potential date of completion of the proposed merger with NortonLifeLock using the effective interest rate method. Although the term loan falls under the existing Credit Agreement, it has different terms and conditions to the USD/EUR tranche negotiated in 2021 and is therefore accounted for as a separate loan. The USD/EUR tranche is a term loan with an interest rate of 3-month USD LIBOR plus a 1.75% p.a. mark-up for USD tranche and 3-month EURIBOR plus a 1.75% p.a. mark-up for EUR tranche. The 3-month USD LIBOR and 3-month EURIBOR are subject to a 0% interest rate floor. As of June 30, 2022, the 3-month USD LIBOR was 1.01% p.a. and 3-months EURIBOR was -0.47%.

A change of 100 basis points in market interest rates would have increased/(decreased) equity and profit and loss before tax by the amounts shown below:

Liquidity risk

The Avast Group performs regular monitoring of its liquidity position to maintain sufficient financial sources to settle its liabilities and commitments. The Avast Group is dependent on a long-term credit facility and so it must ensure that it is compliant with its terms. As it generates positive cash flow from operating activities, the Avast Group is able to cover the normal operating expenditures, pay outstanding short-term liabilities as they fall due without requiring additional financing and has sufficient funds to meet the capital expenditure requirement. The Avast Group considers the impact on liquidity each time it makes an acquisition in order to ensure that it does not adversely affect its ability to meet the financial obligation as they fall due.

As at December 31, 2021 and 2020, the Group’s current ratio (current assets divided by current liabilities including the current portion of deferred revenue) was 0.85 and 0.46, respectively. The ratio is significantly impacted by the high current deferred revenue balance due to the sales model, where subscription revenue is collected in advance from end users and deferred over the licence period. The Group’s current ratio excluding deferred revenue was 3.24 and 1.76 as at December 31, 2021 and 2020, respectively.

In 2021, Avast’s credit rating was upgraded to Ba1 from Ba2 with Moody’s, while Standard & Poor’s rating remained at BB+, driven mainly by the strong financial performance. The credit ratings are subject to regular review by the credit rating agencies and may change in response to economic and commercial developments.

Fair Values

The fair values of financial assets and liabilities are included at the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the end of the reporting period. The following methods and assumptions are used to estimate the fair values:

Financial assets and liabilities that are recognised at fair value subsequent to initial recognition are grouped into Levels 1 to 3 based on the degree to which the fair value is observable:

For the carrying amount of financial assets and liabilities held by the Avast Group see Note 18 to Avast Group’s unaudited condensed consolidated financial statements for the six months ended June 30, 2022 and Note 28 to Avast Group’s audited consolidated financial statements for the year ended December 31, 2021.

Capital management

For the purpose of the Avast Group’s capital management, capital includes issued capital, share premium and all other equity reserves attributable to the equity holders of the parent. The primary objective of the Avast Group’s capital management is to maximise the shareholder value.

The Avast Group manages its capital structure and makes adjustments to it in the light of changes in circumstances, including economic conditions. To maintain or adjust the capital structure, the Avast Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares.

The Avast Group monitors capital using the net liability position and gearing ratio (the net liability position divided by the sum of the net liability position and equity). The Avast Group includes within the net liability position all current and non-current liabilities, less cash and cash equivalents.

Recent accounting pronouncements

For information regarding recent accounting pronouncements, see Note 2.2 to Avast Group’s unaudited condensed consolidated financial statements for the six months ended June 30, 2022 and Note 4 to Avast Group’s audited consolidated financial statements for the year ended December 31, 2021.

Exhibit 99.2

Copyright © 2022 NortonLifeLock + Avast. All rights reserved. + Copyright © 202 2 NortonLifeLock + Avast . All rights reserved. INVESTOR PRESENTATION September 7, 2022

Copyright © 2022 NortonLifeLock + Avast. All rights reserved. Forward - Looking Statements This presentation contains certain forward - looking statements with respect to NortonLifeLock Inc. (“NortonLifeLock”), Avast plc (“Avast”) and with respect to their proposed combination by way of scheme of arrangement of Avast (the “Merger”). These forward - looking statements can be identified by the f act that they do not relate only to historical or current facts. Forward - looking statements often use words such as “anticipate”, “target”, “expect”, “estimate”, “intend”, “plan” , “goal”, “believe”, “aim”, “will”, “may”, “would”, “could” or “should” or other words of similar meaning or the negative thereof, but the absence of these words does not mean t hat a statement is not forward - looking. Forward - looking statements include statements relating to the following: (i) the proposed offering of Senior Unsecured Notes (the "No tes ") and the use of proceeds therefrom, ( ii) future capital expenditures, expenses, revenues, economic performance, financial conditions, dividend policy, losses and future pros pec ts, (iii ) business and management strategies and the expansion and growth of the operations of NortonLifeLock or Avast, ( iv) the effects of government regulation on the business of NortonLifeLock or Avast, and (v ) the time frame and the expected benefits of the proposed combination to NortonLifeLock, Avast, and their respective customers, stockholders and inv estors, including expected growth, earnings accretion and cost savings. There are many factors which could cause actual results to differ materially from those expressed or implied in forward - looking statements. Such factors include, but are not limited to, the possibility that the proposed combination will not be completed on a timely basis or at all , whether due to the failure to satisfy the conditions of the proposed combination (including approvals or clearances from regulatory and other agencies and bodies) or otherwise, the imp act of requirements, if any, of any regulatory authorities in connection with obtaining governmental clearances for the Merger, general business and economic conditions glo bal ly, industry trends, competition, changes in government and other regulation, changes in political and economic stability, disruptions in business operations due to reorg ani zation activities, interest rate and currency fluctuations, the inability of the combined entity to realize successfully any anticipated synergy benefits when (and if) the pr oposed combination is implemented, the inability of the combined entity to integrate successfully NortonLifeLock’s and Avast’s operations when (and if) the proposed combination is i mpl emented, fluctuations and volatility in NortonLifeLock’s stock price, the ability of NortonLifeLock to successfully execute strategic plans, the ability of NortonLif eLo ck to maintain customer and partner relationships, the timing and market acceptance of new product releases and upgrades, matters arising out of the ongoing U.S. Securities and Exc han ge Commission (the “SEC”) investigation and the combined entity incurring and/or experiencing unanticipated costs and/or delays or difficulties relating to the proposed comb ina tion when (and if) it is implemented. Additional information concerning these and other risk factors is contained in the Risk Factors sections of NortonLifeLock’s most recent re ports on Form 10 - K and Form 10 - Q, the contents of which are not incorporated by reference into, nor do they form part of, this presentation. These forward - looking statements are based on numerous assumptions regarding the present and future business strategies of such persons and the environment in which each will operate in the future. By their nature, these forward - looking statements involve known and unknown risks, as well as uncertainti es because they relate to events and depend on circumstances that will occur in the future. The factors described in the context of such forward - looking statements in this pre sentation may cause the actual results, performance or achievements of any such person, or industry results and developments, to be materially different from any results, performan ce or achievements expressed or implied by such forward - looking statements. No assurance can be given that such expectations will prove to have been correct and persons reading this presentation are therefore cautioned not to place undue reliance on these forward - looking statements, which speak only as at the date of this presentation. All subsequent o ral or written forward - looking statements attributable to NortonLifeLock or Avast or any persons acting on their behalf are expressly qualified in their entirety by th e c autionary statement above. Neither of NortonLifeLock or Avast undertakes any obligation to update publicly or revise forward - looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law, regulation or stock exchange rules. 1 Legal Disclaimers

Copyright © 2022 NortonLifeLock + Avast. All rights reserved. No Offer or Solicitation This presentation is for information purposes only and is not intended to and does not constitute, or form any part of, an of fer to sell or the solicitation of an offer to subscribe for or an invitation to subscribe for any securities or the solicitation of any vote or approval in any jurisdiction pursuant to the pr oposed combination or otherwise, nor shall there be any sale, issuance, subscription or transfer of securities in any jurisdiction in contravention of applicable law or regulation. In particular, this presentation is not an offer of securities for sale in the United States. No offer of securities shall be made in the United States absent registration under the U.S. Secur iti es Act of 1933, as amended (the “Securities Act”), or pursuant to an exemption from, or in a transaction not subject to, such registration requirements. Any purchaser of Notes (de fin ed below) will be deemed to have made certain representations and acknowledgments, including, without limitation, that the purchaser is either a "qualified institutional b uye r" as defined in Rule 144A under the Securities Act or is a non - U.S. person purchasing outside the Unites States in an offshore transaction in compliance with Regulation S under the S ecurities Act. Any securities issued as part of the Merger are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Sec tio n 3(a)(10) of the Securities Act. The Merger will be made solely by means of the scheme document published by Avast, or (if applicable) pursuant to an offer document to be publis hed by NortonLifeLock, which (as applicable) would contain the full terms and conditions of the Merger. Any decision in respect of, or other response to, the Merger, should be mad e only on the basis of the information contained in such document(s). If NortonLifeLock ultimately seeks to implement the Merger by way of a takeover offer, that offer will be m ade in compliance with applicable US laws and regulations. Overseas Shareholders The materials herein contain information in respect of the Merger. Viewing this information may be unlawful if you are reside nt or located in any jurisdiction where to do so would constitute a violation of the relevant laws and regulations or would result in a requirement to comply with any governmental or other consent or any registration, filing or other formality which NortonLifeLock regards as unduly onerous (each, a "Restricted Jurisdiction"). In certain jurisdictions, inclu din g Restricted Jurisdictions, only certain categories of persons may be allowed to view such materials. All persons resident or located outside the United Kingdom who wish to view th ese materials must first satisfy themselves that they are not subject to any local requirements that prohibit or restrict them from doing so and should inform themselves of, and o bse rve, any legal or regulatory requirements applicable in their jurisdiction. It is your responsibility to satisfy yourself as to the full observance of any relevant laws and regul ato ry requirements. Copies of this presentation and any formal documentation relating to the proposed combination are not being, and must not be, di rectly or indirectly, mailed, transmitted, or otherwise forwarded, distributed or sent in, whole or in part, into or from any Restricted Jurisdiction, including any jurisd ict ion where to do so would constitute a violation of the laws of such jurisdiction, and persons receiving such documents (including, without limitation, custodians, nominees and trustees) sh ould observe these restrictions and must not mail, transmit, otherwise forward, distribute or send them in or into or from any Restricted Jurisdiction. Doing so may render inva lid any related purported vote in respect of acceptance of the proposed combination. Neither NortonLifeLock, nor any of its members, directors, officers, employees, advisers, agents, a ffi liates or representatives, assumes any responsibility for any violation by any person of any of these restrictions. Offering Memorandum Any offers to sell or solicitations of offers to buy securities are being made solely by means of a Preliminary Offering Memo ran dum relating to the Senior Unsecured Notes (the "Notes"), and any supplements thereto (as so supplemented, the " Offering Memorandum"). Before you invest, you should read th e O ffering Memorandum (including the risk factors and other cautionary statements contained therein) and the documents incorporated by reference therein, for more information abo ut NortonLifeLock, Avast and the offering of Notes. 2 Legal Disclaimers (cont’d)

Copyright © 2022 NortonLifeLock + Avast. All rights reserved. Offering Memorandum (continued) You may get these documents for free by vising EDGAR on the SEC’s website at www.sec.gov. You should base your investment dec isi on with respect to any securities offered by NortonLifeLock solely on the Offering Memorandum and not any statements in this document. Information contained herein does n ot purport to be complete and is subject to the same qualifications and assumptions, and should be considered by investors only in light of the same warnings, lack of assura nce s and representations and other precautionary matters, as disclosed in the Offering Memorandum. Use of Non - GAAP / Non - IFRS Financial Information NortonLifeLock uses the non - GAAP measure of operating income, which is adjusted from results based on U.S. GAAP and excludes certain expenses, gains and losses. NortonLifeLock also provides the non - GAAP metrics of revenues, EBITDA, reported EBITDA, adjusted debt covenant EBITDA, EBITDA margin and free c ash flow, which is defined as cash flows from operating activities less purchases of property and equipment. Avast uses the non - IFRS measures of Billings, Adjusted Revenue, A djusted EBITDA, Adjusted Cash EBITDA, Unlevered Free Cash Flow and Levered Free Cash Flow. These non - GAAP / non - IFRS financial measures are provided to enhance the user's unde rstanding of NortonLifeLock’s and Avast’s past financial performance and its prospects for the future. NortonLifeLock’s and Avast’s management teams uses these non - GAAP / non - IFRS financial measures in assessing its performance, as well as in planning and forecasting future periods. These non - GAAP / non - IFRS financial measures are not compute d according to U.S. GAAP or IFRS, as applicable, and the methods NortonLifeLock and Avast uses to compute them may differ from the methods used by other companies. Non - GAAP / no n - IFRS financial measures are supplemental, should not be considered a substitute for financial information presented in accordance with U.S. GAAP / non - IFRS and should be read only in conjunction with NortonLifeLock’s consolidated financial statements prepared in accordance with U.S. GAAP and Avast’s consolidated financial s tat ements prepared in accordance with IFRS. Readers are encouraged to review the additional reconciliations of NortonLifeLock’s non - GAAP financial measures to the comparabl e U.S. GAAP results, which is attached to NortonLifeLock’s quarterly earnings release and which can be found, along with other financial information, on the investor r ela tions page of its website at Investor.NortonLifeLock.com. NortonLifeLock is unable to provide a reconciliation of forward - looking non - GAAP financial measures to the most comparable U.S. GAAP financial measures because certain information is dependent on future events, some of which are outside the control of NortonLifeLock. Mor eover, estimating such U.S. GAAP financial measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be ac complished without unreasonable effort. No Profit Forecasts or Estimates No statement in this presentation is intended as, or is to be construed as, a profit forecast or estimate for any period and no statement in this presentation should be interpreted to mean that earnings or earnings per ordinary share, for NortonLifeLock or Avast, respectively for the current or future financ ial years would necessarily match or exceed the historical published earnings or earnings per ordinary share for NortonLifeLock or Avast, respectively. Statements of estimated cost savings and synergies relate to future actions and circumstances which, by their nature, involve ri sks, uncertainties and contingencies. As a result, the cost savings and synergies referred to in this presentation (see below) may not be achieved, may be achieved later or sooner tha n estimated, or those achieved could be materially different from those estimated. No statement in the Quantified Financial Benefits Statement (as defined below), or this prese nta tion generally, should be construed as a profit forecast or interpreted to mean that the Combined Company’s earnings in the first full year following the combination, or in any subsequent period, would necessarily match or be greater than or be less than those of Avast and/or NortonLifeLock for the relevant preceding financial period or any other pe rio d. For the purposes of Rule 28 of the UK’s City Code on Takeovers and Mergers (the “Code”), the Quantified Financial Benefits Statement is the responsibility of NortonLifeLock and t he NortonLifeLock Directors. Legal Disclaimers (cont’d) 3

Copyright © 2022 NortonLifeLock + Avast. All rights reserved. Publication on website A copy of this presentation will be made available (subject to certain restrictions relating to persons resident in Restricte d J urisdictions) on NortonLifeLock’s website (at https://investor.nortonlifelock.com/) by no later than 12 noon London time on the business day following the date of this pre sen tation. Neither the contents of this website nor the content of any other website accessible from hyperlinks on such websites is incorporated into, or forms part of, this present ati on. Quantified Financial Benefits Statement This presentation refers to estimated annual gross cost synergies of $280 million, such statement of estimated synergies havi ng been extracted from the statements of estimated cost savings and synergies arising from the Merger contained in the announcement of the Merger dated 10 August 2021 (the “Rul e 2 .7 Announcement”), the NortonLifeLock prospectus published on 28 October 2021 (the “Prospectus”) and the scheme document published by Avast on 28 October 2021 (tog eth er, the “Quantified Financial Benefits Statement”). A copy of the Quantified Financial Benefits Statement is set out below: “Given the complementary nature of both NortonLifeLock and Avast, the NortonLifeLock Directors believe that the Merger will g ene rate synergies that could not be achieved independently of the Merger and will lead to significant long - term value creation for all shareholders. Significant recurring cost synergies opportunity NortonLifeLock anticipates that the Merger will result in recurring annual pre - tax gross cost synergies for the Combined Company to reach a run - rate of approximately USD 280 million, representing between approximately 15% and 20% of combined adjusted cost of sales and operating spend, based on the lat est full year reported results for each of NortonLifeLock and Avast. The synergies are expected to be fully realised by the end of the second year following completion of the Merger. NortonLifeLock intends to approach integration with the aim of retaining and motivating the best talent and structure across the Combined Company to create a be st - inclass organisation. The expected sources of the identified cost synergies are as follows: ▪ Organisation: approximately 50% of the total annual run - rate pre - tax gross cost synergies are expected to be generated through t he adoption of shared best practice across existing functions and the reduction of duplicate roles across all geographies, and from a broad range of job categories, inc lud ing management, shared services, product and commercial functions; ▪ Systems & Infrastructure operating costs: approximately 25% of the total annual run - rate pre - tax gross cost synergies are expect ed to be realised through migration onto a common data and security platform, integration of systems, and shared technology and analytics infrastructure; and ▪ Contracts & Shared Services: approximately 25% of the total annual run - rate pre - tax gross cost synergies are expected to be gene rated primarily from site rationalisation, procurement and vendor consolidation, and spend de - duplication. NortonLifeLock expects to realise approximately 60% of the run - rate cost savings by the end of the first full year following com pletion of the Merger and 100% by the end of the second full year following completion of the Merger, excluding any potential synergy reinvestment and associated benefits. On a reported basis, the synergies assume the Combined Company expects to benefit from approximately USD 75 million of cost savings in the first full year following completion of t he Merger, approximately USD 245 million of cost savings in the second full year following completion of the Merger, and the full USD 280 million of the cost savings in the third ful l y ear following completion of the Merger, excluding any potential synergy reinvestment and associated benefits. Legal Disclaimers (cont’d) 4

Copyright © 2022 NortonLifeLock + Avast. All rights reserved. One - off costs In order to realise these synergies, NortonLifeLock is expected to incur one - off restructuring and integration costs of approxim ately one year’s run - rate pre - tax cost savings, or USD 280 million, with approximately USD 180 million estimated to be incurred in the first full year following completion of the M erg er and approximately USD 100 million estimated to be incurred in the second full year following completion of the Merger. Aside from integration costs, no material dis - benefits are expected to arise in connection with the Merger. The expected synergies will accrue as a direct result of the Merger and would not be achieved on a standalone basis. The paragrap hs above relating to expected cost synergies constitute a “Quantified Financial Benefits Statement” for the purposes of Rule 28 of the Code. Given the strong strategic, cultural and op erational fit of the two companies, NortonLifeLock believes that the quantified cost synergies are readily achievable. NortonLifeLock expects to achieve the quantified cost syn erg ies while maintaining appropriate investment levels in sales and technology to meet the Combined Company’s growth targets and other objectives. The estimated cost synergies referred to above reflect both the beneficial elements and the relevant costs.” Further information on the bases of belief supporting the Quantified Financial Benefits Statement, including the principal as sum ptions and sources of information, is set out below. Bases of belief and principal assumptions In preparing the Quantified Financial Benefits Statement, a synergy working group comprising senior strategy, operations, tec hni cal, sales and financial personnel from NortonLifeLock (the “Working Group”) was established to identify, challenge and quantify the potential synergies available fr om the integration of the NortonLifeLock and Avast businesses, and to undertake an initial planning exercise. In preparing the detailed synergy plan, both NortonLifeLock and Avast have shared certain operating and financial information to support the evaluation of the potential synergies available from the Merger and have conducted a series of virtual meetings with the key management personnel of both NortonLif eLo ck and Avast. This has included input from both the NortonLifeLock and Avast executive leadership teams. Based on the information shared and interactions with Avast, the Working Group has performed a bottom - up analysis of costs inclu ded in the NortonLifeLock and Avast financial information and has sought to include in the synergy analysis those costs which the Working Group believe will be either opti mis ed or reduced as a result of the Merger. In circumstances where the information provided by Avast has been limited for commercial or other reasons, the Working Group has ma de estimates and assumptions to aid its development of individual synergy initiatives. The assessment and quantification of the potential synergies have in turn been in formed by NortonLifeLock management’s industry experience as well as their experience of executing and integrating acquisitions in the past. The baseline used as the basis for the Quantified Financial Benefits Statement is NortonLifeLock’s adjusted cost base for the fi nancial year ended 2 April 2021, supported where relevant by certain information from NortonLifeLock’s budgeted cost base for the financial year ended 1 April 2022, and Avast’s adjusted cost base for the financial year ended 31 December 2020, supported where relevant by certain information from Avast’s budgeted cost base for the financial year ended 31 December 2021. Legal Disclaimers (cont’d) 5

Copyright © 2022 NortonLifeLock + Avast. All rights reserved. Bases of belief and principal assumptions (continued) The quantified synergies are incremental to NortonLifeLock’s and, to the best of NortonLifeLock’s knowledge, Avast’s existing pl ans. In general, the synergy assumptions have in turn been risk adjusted, exercising a degree of prudence in the calculation of th e e stimated synergy benefit set out above. In arriving at the estimate of synergies set out in the Quantified Financial Benefits Statement, the NortonLifeLock managemen t h as made the following assumptions: ▪ regarding organisational savings: ▪ savings will be possible by removing duplicate resource through the roll - out of the revised operating model; ▪ the Combined Company will be able to standardise and roll - out best practice systems and procedures, to generate efficiency and e nable headcount reductions; and ▪ no restrictions or delays will arise as a result of industrial relations or employment agreements that significantly affect t he realisation of savings by removing duplicate resource; ▪ there will be no material impact on the underlying operations of either company or their ability to continue to conduct their bu sinesses, including as a result of, or in connection with, the integration of the Avast Group and the NortonLifeLock Group; ▪ the Combined Company’s product offering generates at least the same level of total revenues as the Avast’s and NortonLifeLock ’s offerings currently generate; ▪ procurement savings can be realised through rationalising suppliers and renegotiating supplier terms; ▪ there will be no material change to macroeconomic, political, regulatory, legal or tax conditions in the markets or regions i n w hich NortonLifeLock and Avast operate that will materially impact the implementation of, or costs to achieve, the expected cost savings; ▪ there will be no material divestments from the existing businesses of either NortonLifeLock or Avast; ▪ there will be no material change in current foreign exchange rates; and ▪ there will be no business disruptions that materially affect either company, including natural disasters, acts of terrorism, cyb er - attacks and/or technological issues or supply chain disruptions. Reports As required by Rule 28.1(a) of the Code, Deloitte, as reporting accountants to NortonLifeLock, and Evercore, as financial adv ise r to NortonLifeLock, have provided the reports required under the Code. Copies of those reports were set out in the Rule 2.7 Announcement. As required by Rule 27.2(d) of the Code, the NortonLifeLock Directors confirm that: 1. there have been no material changes to the Quantified Financial Benefits Statement since 10 August 2021 and the Quantified Fi nan cial Benefits Statement remains valid; and 2. each of Deloitte and Evercore has confirmed to NortonLifeLock that their respective reports produced in connection with the Q uan tified Financial Benefits Statement continue to apply. Legal Disclaimers (cont’d) 6

Copyright © 2022 NortonLifeLock + Avast. All rights reserved. Notes 1. The Quantified Financial Benefits Statement relates to future actions and circumstances which, by their nature, involve risks , u ncertainties and contingencies. In addition, due to the scale of the Combined Company, there may be additional changes to the Combined Company’s operations. As a result, the est ima ted synergies referred to may not be achieved, or may be achieved later or sooner than estimated, or those achieved could be materially different from those estim ate d. 2. The Quantified Financial Benefits Statement should not be construed as a profit forecast or interpreted to mean that NortonLi feL ock’s earnings in the first full year following the Effective Date, or in any subsequent period, will necessarily match or be greater than or be less than those of NortonLifeLoc k o r Avast for the relevant preceding financial period or any other period. 3. For the purposes of Rule 28 of the Code, the Quantified Financial Benefits Statement is the responsibility of NortonLifeLock and the NortonLifeLock Directors. Legal Disclaimers (cont’d) 7

Copyright © 2022 NortonLifeLock + Avast. All rights reserved. Copyright © 2022 NortonLifeLock + Avast. All rights reserved. Today’s Presenters Natalie Derse CFO Vincent Pilette C E O 8

Copyright © 2022 NortonLifeLock + Avast. All rights reserved. Agenda Transaction Overview I Financial Overview III Appendix IV NortonLifeLock + Avast Overview II 9

Copyright © 2022 NortonLifeLock + Avast. All rights reserved. + Transaction Overview 10

▪ On August 10 th , 2021, NortonLifeLock Inc. (“NortonLifeLock” or the “Company”) announced a definitive agreement to purchase Avast plc (“Avast”) for a mix of cash and stock, with alternative consideration elections available to Avast shareholders (the “Proposed Merger ”) ▪ In the Majority Cash Option, the consideration would be comprised of approximately $6.1 billion in cash and approximately $2. 5 b illion in new NortonLifeLock common stock (1) ▪ In August 2021, the Company raised $1,750 million of Term Loan A to fund a portion of the cash consideration of the Merger ▪ In February 2022, the Company raised $3,690 million of Term Loan B and $410 million of Incremental Term Loan A to fund the remainder of the cash consideration as well as general corporate purposes ▪ On September 2 nd , 2022, the Competition and Markets Authority (the “CMA”) in the United Kingdom cleared the Proposed Merger. The Proposed Merger is expected to close on September 12 th , 2022 ▪ Separately, NortonLifeLock is seeking to raise $1,200 million of new 5 - year and 8 - year Senior Unsecured Notes (the “Transaction” ) ▪ To (i ) fund cash to the balance sheet following the repayment of the 2.00% Convertible Notes due 2022 and 3.95% Senior Notes due 2022 at their stated maturities, (ii) together with cash on hand and drawings under the new senior credit facilities, fund the acquisition of Avast, including the payment of related fees and expenses and (iii) for general corporate purposes (including share buybacks ) ▪ Pro forma for the Transaction, Total Leverage and Net Leverage will be 4.3x and 4.0x , respectively, based on LTM 7/1/2022 Pro Forma Adj. Debt Covenant EBITDA of $ 2,284 million, including $280 million of expected annual gross cost synergies 11 Avast + NortonLifeLock Executive Summary ____________________ (1) Reflects Majority Cash Option (as described in the scheme document): Assumes Avast Directors, including Founders, representing ~36% of Avast shares outstanding, elect the Majority Stock Option (as described in the scheme document) and remaining ~64% of shareholders elect Majority Cash Option . Based on NortonLifeLock’s Closing share price of $27.20 per share as of July 13, 2021, being the last business day prior to commencement of the offer period followin g t he leak on July 14, 2021. Copyright © 202 2 NortonLifeLock + Avast . All rights reserved.

12 Avast + NortonLifeLock Refinancing Sources & Uses Pro Forma Capitalization ____________________ Note: Excludes transaction fees and expenses. (1) As further adjusted for the 2022 convertible notes repayment and all of the Transactions, including the Proposed Merger and the entry by the Combined Company into the senior credit facilities. (2) Cash and cash equivalents on an as adjusted basis do not reflect the initial purchasers’ discount, fees or commissions or our offering expenses. (3) As adjusted for the Transactions, the Combined Company would have approximately $1,500 million of availability under the revolving portion of its senior credit facilities . (4) New Pro Rata Credit Facilities and Term Loan B due 5 years and 7 years from closing of the Proposed Merger. (5) As adjusted for the 2022 convertible notes repayment, NortonLifeLock would have approximately $[1,000] million of availability under the revolving portion of its existing credit facilities. Copyright © 202 2 NortonLifeLock + Avast . All rights reserved. ▪ NortonLifeLock to raise $1,200 million of new 5 - year and 8 - year Senior Unsecured Notes to (i) fund cash to the balance sheet following the repayment of the 2.00% Convertible Notes due 2022 and 3.95% Senior Notes due 2022 at their stated maturities, (ii) together with cash on hand and drawings under the new senior credit facilities, fund the acquisition of Avast, including the payment of related fees and expenses and (iii) for general corporate purposes (including share buybacks) ▪ Pro forma for the T ransaction, Total Leverage and Net Leverage will be 4.3x and 4.0x, respectively , based on LTM 7/1/22 Pro Forma Adj. Debt Covenant EBITDA of $2,284 million, including $280 million of expected annual gross cost synergies ($ in millions) As of July 1, 2022 Pro Forma Capitalization Maturity Actual As Adjusted Cash and Cash Equivalents (2) $1,291 $767 New Senior Credit Facilities Revolving Credit Facility ($1,500) (3) 2027 (4) $-- $-- Term Loan A 2027 (4) -- 3,910 Term Loan B 2029 (4) -- 3,690 Existing Credit Facilities Revolving Credit Facility ($1,000) (5) 5/7/2026 -- -- Initial Term Loan A 5/7/2026 1,009 -- Delayed Term Loan A 5/7/2026 694 -- 1.29% Avira Mortgage due 2029 12/30/2029 4 4 0.95% Avira Mortgage due 2030 12/30/2030 4 4 NortonLifeLock Secured Debt $1,711 $7,608 2.00% Convertible Notes due 2022 8/15/2022 525 -- 5.00% Senior Notes due 2025 4/15/2025 1,100 1,100 New Senior Unsecured Notes 5 / 8 Years -- 1,200 NortonLifeLock Total Debt $3,336 $9,908 Net Debt $2,045 $9,141 Summary Financial & Credit Statistics LTM NortonLifeLock Adj. Debt Covenant EBITDA $1,507 $1,507 LTM Avast Adj. Debt Covenant EBITDA -- 497 Estimated Annual Gross Cost Synergies -- 280 LTM Pro Forma Adj. Debt Covenant EBITDA $1,507 $2,284 Secured Debt / LTM Pro Forma Adj. Debt Covenant EBITDA 1.1x 3.3x Secured Net Debt / LTM Pro Forma Adj. Debt Covenant EBITDA 0.3x 3.0x Total Debt / LTM Pro Forma Adj. Debt Covenant EBITDA 2.2x 4.3x Net Debt / LTM Pro Forma Adj. Debt Covenant EBITDA 1.4x 4.0x (1) ($ in millions) Sources of Funds Amount New Senior Unsecured Notes $1,200 Total Sources $1,200 Uses of Funds Amount Cash to Balance Sheet $1,200 Total Uses $1,200

13 Avast + NortonLifeLock Senior Unsecured Notes Copyright © 202 2 NortonLifeLock + Avast . All rights reserved. Issuer NortonLifeLock Inc. (the “Issuer”) Issue Senior Unsecured Notes Guarantors Jointly and severally guaranteed by existing and future domestic subsidiaries that guarantee the Issuer's obligations under t he new senior credit facilities (1) Assumed CFR (2) Ba2 / BB / BB+ Assumed Issue Rating (2) B1 / BB - / BB+ Use of Proceeds To (i) fund cash to the balance sheet following the repayment of the 2.00% Convertible Notes due 2022 and 3.95% Senior Notes due 2022 at their stated maturities, (ii) together with cash on hand and drawings under the new senior credit facilities, fund the acquisition of Avast, including the payment of related fees and expenses and (iii) for general corporate purposes (including share buybacks) Amount $1,200 million Maturity 5 Years 8 Years Optional Redemption NC - 2 NC - 3 Equity Claw For the non - call period, up to 40% of the Notes of each series may be redeemed with the proceeds from certain equity issuances a t Par plus the coupon Change of Control 101% plus accrued and unpaid interest Negative Covenants Substantially the same as existing Senior Unsecured Notes due 2025 (3) Distribution Method 144A for Life ____________________ (1) Initially, the guarantors will be LifeLock, Inc., Avira, Inc ., EMBP 455, LLC, Kintiskton LLC and Guardsman LLC . (2) A corporate family or securities rating is not a recommendation to buy, sell or hold securities and may be subject to revisio n o r withdrawal at any time. (3) Covenants will be adjusted to allow the acquisition of Avast.

Copyright © 2022 NortonLifeLock + Avast. All rights reserved. + NortonLifeLock + Avast Overview 14

Copyright © 2022 NortonLifeLock + Avast. All rights reserved. Key Credit Highlights 15 Consumer - Focused Management Team with Deep Expertise and Proven Track Record of Success Comprehensive Product Offerings Across Identity, Security and Privacy Strong Position in Large and Underpenetrated Cyber Safety Market Disciplined Financial Policy with Path to Deleveraging Expansive Customer Base with Broad Global Reach and Significant Cross - Sell Opportunities Robust Margins with Strong Free Cash Flow Generation Large Synergy Opportunity with a Clear Path to Synergy Realization

Copyright © 2022 NortonLifeLock + Avast. All rights reserved. Brought Together with a Common Vision NortonLifeLock’s Vision is to protect and empower people to live their digital lives safely​ Avast’s Vision i s empowering digital citizens for safer online experiences Empowering Digital Freedom for Everyone Copyright © 2022 NortonLifeLock. All rights reserved. 16

Copyright © 2022 NortonLifeLock + Avast. All rights reserved. NortonLifeLock at a Glance ~ 80 M T otal C ustomers 23M+ D irect C ustomers 85% + A nnua l R etention R ate $ 8.82 D irect ARPU (Monthly) (2) Summary Financials (3) SECURITY Protects PCs, Macs and mobile devices against malware, viruses, adware, ransomware and other online threats IDENTITY PROTECTION Monitors , detects, and alerts for identity theft; provides restoration support and services in the event of a breach ONLINE PRIVACY Secures online privacy and anonymity with bank - grade VPN encryption and other services to secure user privacy $ 2.8B+ LTM R evenue $0.9B+ LTM Free Cash Flow Consumer Cyber Safety Metrics (1) 17 Source: Company filings. Note: Dollars in USD. All numbers presented are non - GAAP unless otherwise indicated. Amounts may not add due to rounding. See ap pendix for reconciliation of financial measures from GAAP to non - GAAP. Periods LTM and Q1’23 end July 1, 2022. 1) As of Q1 FY23. 2) Direct ARPU based on average customer count for the period . Direct ARPU includes foreign exchange headwind of $0.31 Y/Y, $0.15 Q/Q. 3) For the last twelve months ending in July 1, 2022. 4) Free cash flow is defined as cash flows from operating activities less purchases of property and equipment . 54 % LTM Reported EBITDA M argin ( 4 )

Copyright © 2022 NortonLifeLock + Avast. All rights reserved. Avast at a Glance ( 2 ) 435 M + Monthly Active Users ~16 M D irect C ustomers 69 % A nnua l R etention R ate $ 4.21 Average Revenue Per Customer (Monthly) (4) Summary Financials (5) CONSUMER DIRECT ▪ Next Gen Antivirus – Secures your digital life and activities ▪ Utilities – Clean your devices for optimal operations ▪ VPN – Ensures online privacy at home or mobile ▪ Antitrack – Stops invasive online tracking ▪ Breachguard – Remediation and data management tool CONSUMER INDIRECT ▪ Advertising and Distribution – Ad and 3rd party software placements ▪ Secure Browsing and Commerce – Secure web browsing and shopping products SMB ▪ Endpoint Protection Solutions – Secures small business with managed AV protection ▪ Network Security Solutions – Protection of the corporate network against the most advanced threats $ 942M LTM Adj. R evenue 53 % LTM Adj. EBITDA M argin Consumer Cyber Safety Metrics Source: Company filings. Note: Dollars in USD. Avast’s fiscal year is the calendar year. H1 represents 6 - month period ending June 30, 2022. LTM represents the last twelve months ending June 30, 2022. 1) As of Q4 FY21. 2) Avast’s Desktop Customer retention rate in the first half of 2021 . 3) Direct Customers are defined as users who have at least one valid paid Consumer Direct subscription (or license) at the end o f t he relevant period. As of June 30, 2022. 4) Average Revenue per Customer is defined as the Consumer Direct revenue for the period of the last twelve months divided by the simple average number of Customers during the same period , which is then divided by twelve . Represents 6 - month period ending June 30, 2022. 5) For last twelve months ending June 30, 2022. 6) Levered Free Cash Flow is defined as Unlevered Free Cash Flow less cash interest and lease payments. See Appendix for reconci lia tion of Unlevered Free Cash Flow . 18 $405M LTM Levered Free Cash Flow (6) ( 3 ) ( 1 )

Copyright © 2022 NortonLifeLock + Avast. All rights reserved. Cyber Safety still significantly underpenetrated CORE CYBER SAFETY & ADJACENT TRUST - BASED SOLUTIONS Source: IDC, Gartner, Javelin Strategy & Research, GlobalInfoResearch, Maia Research, Statista, public company filings, NortonLifeLock Estimates. Connected Home $16 B+ 5 - 10% CAGR 2020 $13 B+ 2023 Additional $ 10 B+ 10 - 15 % CAGR global internet users 5 billion Penetrated for Cyber Safety Paid Subscribers < 5% Avast + NortonLifeLock Large and Growing TAM Opportunity 19

Copyright © 2022 NortonLifeLock + Avast. All rights reserved. • Increase in threats and attacks, which have become extremely sophisticated • More targeted, more complex and faster • Identity records and confidential personal information sold in underground markets • A $6 trillion problem, touching many elements of our modern society • People’s dependence on technology has only increased, fueled by an increasingly digital and connected world Source: $6 trillion cybercrime, Cybersecurity Ventures, Cybercrime magazine November 2020. Represents dollars lost due to cyb erc rime activites. Copyright © 2022 NortonLifeLock + Avast. All rights reserved. The Problem: Cyber Criminality Expanded Reach Dark Economy Re - Sell Market More Activities Avast + NortonLifeLock 20

Copyright © 2022 NortonLifeLock + Avast. All rights reserved. A Differentiated Approach GIGA - SCALE ENDPOINT VISIBILITY Visibility on threat and behavioral trajectories across 500 million+ endpoints and networks NEXT - GEN INSIGHT AI - based enrichment and best - in - class analytics of multi - factor, large - scale behavior data in real - time AUTONOMOUS DEFENSE Automation of the detection pipeline by leveraging modern, featureless, explainable AI PERSONALIZED PROTECTION AI - powered creation of safe environment that matches the security, privacy and identity needs of individual users Technology - Based Solution Scale and Visibility ● Geographically Distributed Cloud Data Platform ● Advanced AI - based Automation Copyright © 2022 NortonLifeLock + Avast. All rights reserved. Avast + NortonLifeLock 21

Copyright © 2022 NortonLifeLock + Avast. All rights reserved. Avast + NortonLifeLock Comprehensive Offering in Consumer Cyber Safety Identity Privacy Security INDIVIDUALS & FAMILIES Identity Protection Performance & Utility Privacy & Access Connected Home Device Security Restoration & Insurance 22 Family Safety

Copyright © 2022 NortonLifeLock + Avast. All rights reserved. Combined Customer Universe 5 billion G lobal Internet U sers TOTAL USERS DIRECT CUSTOMERS TOTAL USERS 500 M+ ~40 M DIRECT CUSTOMERS Avast + NortonLifeLock Avast + NortonLifeLock 23

Copyright © 2022 NortonLifeLock + Avast. All rights reserved. Copyright © 2022 NortonLifeLock + Avast. All rights reserved. Avast + NortonLifeLock Significant Cost Synergies Opportunity Estimated phasing of gross cost synergies 1 : On run - rate basis ~60% achieved by end of year 1 and 100% achieved by end of year 2 On reported basis ~$75M of cost savings realized in year 1, ~$245M in year 2, full ~$280M in year 3+ Commitment to: Innovation ● Comprehensive Portfolio (Free & Paid) ● Data Privacy ● Transparency Represents ~15% - 20% of combined spend (adjusted cost of sales + opex) Expected to incur one - off costs of ~$280M to achieve synergies ~$280 Million annual gross cost synergies 1 • Adoption of shared best practices • Reduction of duplicate roles • <4,000 employees post - integration • Common data & security platform • Integration of systems • Shared tech & analytics infrastructure • Site rationalization • Procurement and vendor consolidation • Spend de - duplication ~25% Organization Systems & Infrastructure Contracts & Shared Services Provides new reinvestment capacity for innovation, partnerships and marketing 1. Following completion of the Merger. Synergies presented pre - tax, excluding one - off restructuring and integration costs and poten tial reinvestment. ~25% ~50% % of Gross Cost Synergies 24

Copyright © 2022 NortonLifeLock + Avast. All rights reserved. Enhance Customer Experience & Retention Localized experiences & customer service differentiation Solidifying our foundation for driving double - digit revenue growth in the long - term Broader Global Reach Larger global user base & geographic footprint Cross - Sell Enhanced Products & Solutions Improves core security & strengthens privacy & identity New & Diversified Sales Channels Scales freemium, addresses SOHO/VSB segments & expands partnerships Expand into Adjacent Trust - Based Solutions Avast + NortonLifeLock Further Upside: Return from new reinvestment capacity for innovation and growth 25 Drive innovation & enter new markets supported by strong balance sheet & new reinvestment capacity

Copyright © 2022 NortonLifeLock + Avast. All rights reserved. + Financial Overview 26

Copyright © 2022 NortonLifeLock + Avast. All rights reserved. 27 NortonLifeLock Update – Q1 FY23 Business Highlights Source: Company filings. Note: Dollars in USD millions. All numbers presented are non - GAAP unless otherwise indicated. Amounts may not add due to rounding. See appendix for reconciliation of financial measures from GAAP to non - GAAP. Periods Q1 FY22 and Q1 FY23 end July 2, 2021 and July 1, 2022 respectively. 1) Bookings are defined as customer orders received that are expected to generate net revenues in the future. 2) Revenue growth based on non - GAAP revenue excluding the Avira deferred revenue haircut amortization recognized during each respective period. 3) Reported EBITDA is defined as Non - GAAP EBITDA excluding the impact of certain items that we do not consider indicative of our co re operations. See Appendix for reconciliation of Reported EBITDA. 4) Free cash flow is defined as cash flows from operating activities less purchases of property and equipment. See Appendix for reconciliation of Free Cash Flow. Bookings (1) YoY growth % 12% 1% • 12 th consecutive quarter of Bookings growth, up 5% Y/Y in CC; Revenue up 6% Y/Y in CC • Operating margin up 250 bps Y/Y and EPS up 7% Y/Y • Retention remains strong at 85%; Direct customer count up 210K Y/Y and down 216K Q/Q $660 $663 Q1 FY22 Q1 FY23 Revenue (2) $691 $708 Q1 FY22 Q1 FY23 Reported EBITDA (3) % margin 52% 54% $358 $383 Q1 FY22 Q1 FY23 Free Cash Flow (4) $257 $213 Q1 FY22 Q1 FY23 YoY growth % 10% 2% % margin 37% 30% Copyright © 202 2 NortonLifeLock + Avast . All rights reserved.

Copyright © 2022 NortonLifeLock + Avast. All rights reserved. $89 $6 $6 $7 FY20A FY21A FY22A LTM 28 NortonLifeLock Standalone Historical Financials Source: Company filings. Note: Results presented are continuing operations and excludes enterprise dedicated revenues and costs. Periods FY21, FY22, and LTM Q1 FY23 end April 2, 2021, April 1, 2022, and July 1, 2022 respectively . See Appendix for reconciliation of Reported EBITDA and Free Cash Flow. 1. Represents non - GAAP revenue excluding the Avira deferred revenue haircut amortization recognized during each respective period. FY20A includes ID Analytics’ solutions and 1 extra week of revenue ($4 4mm ). 2. Free cash flow is defined as cash flows from operating activities less purchases of property and equipment . FY20A includes Q1’20 – Q3’20 of combined business and Q4’20 of consumer business only since c apEx and free cash flow were disclosed on a consolidated basis only during Q1’20 - Q3’20. Net Revenue (1) Free Cash Flow (2) CapEx (2) $2,490 $2,556 $2,807 $2,824 FY20A FY21A FY22A LTM As Reported, $ in millions YoY growth % 1% 3% 10% 7% EBITDA - CapEx % margin 36% 51% 53% 54% Symantec NortonLifeLock ($950) $700 $968 $924 FY20A FY21A FY22A LTM Copyright © 2022 NortonLifeLock + Avast. All rights reserved. Non - GAAP Reported EBITDA (1) $991 $1,316 $1,496 $1,521 FY20A FY21A FY22A LTM % margin 40% 51% 53% 54% % margin (38%) 27% 34% 33% Symantec NortonLifeLock

Copyright © 2022 NortonLifeLock + Avast. All rights reserved. 29 NortonLifeLock – KPIs Notes : Periods FY21, FY22, and Q1 FY23 end April 2, 2021, April 1, 2022, and July 1, 2022 respectively . 1. Bookings are defined as customer orders received that are expected to generate net revenues in the future. Bookings growth is no rmalized for purpose of this presentation, FY21 excludes impact of extra week in Q1 FY20 ($44M) and divestiture of ID Analytics in Q4 FY20. 2. FY20 bookings and growth represent Consumer Reported Billings (excluding IDA). Growth is normalized to exclude approx. $44mm of revenue from the extra week in Q1 FY20. 3. Bookings growth is in constant currency. 4. Includes Avira starting in Q4 FY21 (~$4.50 ARPU). Direct Customer Count (Period - Ending Customer Count , Millions ) Retention Rate (Unit Based) Average Revenue Per User ( ARPU) (3) ( Monthly) 20.2 23.0 23.5 23.3 FY20 FY21 FY22 Q1 FY23 85% 85% 85% 85% FY20 FY21 FY22 Q1 FY23 $8.90 $9.01 $8.90 $8.82 FY20 FY21 FY22 Q1 FY23 Bookings (1) Copyright © 2022 NortonLifeLock + Avast. All rights reserved. $2,466 $2,671 $2,885 $663 FY20 FY21 FY22 Q1 FY23 YoY growth % 3% 8% 8% 5% (3) (2)

Copyright © 2022 NortonLifeLock + Avast. All rights reserved. $471 $472 H1 FY21 H1 FY22 30 Avast Update – Recent Business Highlights Source: Company filings. Note: Dollars in USD millions. Avast’s fiscal year is the calendar year. H1 represents 6 - month period ending June 30. 1) Organic growth rate excludes the impact of foreign exchange rates, acquisitions, business disposals, and Discontinued Busines s. It excludes current period billings and revenue of acquisitions until the first anniversary of their consolidation. 2) Billings represent the full value of products and services being delivered under subscription and other agreements and includ e s ales to new end customers plus renewals and additional sales to existing end customers. See Appendix for reconciliation of Billings. 3) See Appendix for reconciliation of Adjusted Revenue and Adjusted EBITDA. 4) Levered Free Cash Flow is defined as Unlevered Free Cash Flow less cash interest and lease payments. See Appendix for reconci lia tion of Unlevered Free Cash Flow. • H1 FY22 Billings growth up 7% and revenue growth up 3% YoY on an organic basis (1) • Strong profitability with HY FY22 Adj. EBITDA margin of ~53% • H1 FY22 performance reflects challenging global and competitive environment offset by Avast initiatives: Avast One, SecureLine VPN, Scan Lander and new product suites launch (Essential, Premium and Ultimate Business) Copyright © 202 2 NortonLifeLock + Avast . All rights reserved. Billings (2) $483 $484 H1 FY21 H1 FY22 Adj. Revenue (3) Levered Free Cash Flow (4) $249 $204 H1 FY21 H1 FY22 Organic YoY growth % 1% 7% Organic YoY growth % % margin 53% 43% (1) YoY growth % 3% 0% YoY growth % (1) 0% 3% 9% 10% Adj. EBITDA (3) $270 $250 H1 FY21 H1 FY22 % margin 57% 53%

Copyright © 2022 NortonLifeLock + Avast. All rights reserved. 31 Notes : Avast’s fiscal year is the calendar year. LTM represents the last twelve months ending in June 30, 2022. 1. Adjusted Revenue represents Avast Group’s revenue adjusted for the Deferred Revenue Haircut Reversal and the Gross - Up Adjustment . Avast Group considers Adjusted Revenue as an appropriate supplemental measure of earnings as it excludes non - recurring and other items, notably accounting adjustments related to business combinations. See Appendix for reconc iliation of Adjusted Revenue . 2. Avast calculated Adjusted EBITDA for the two quarters ending June 30, 2022 in the same manner as for the year ended December 31, 2021. See “Avast - Reconciliation of Billings, Adjusted Revenue and A djusted EBITDA” in the Appendix attached hereto. Adjusted EBITDA margin percentage is defined as Adjusted EBITDA divided by Revenue. 3. Organic growth rate excludes the impact of foreign exchange rates, acquisitions, business disposals, and Discontinued Business. It ex clu des current period billings and revenue of acquisitions until the first anniversary of their consolidation. FX impact for 2020 and 2019 was calculated by restating 2020 actuals to 2019 FX rates and 2019 actuals to 2018 FX rates respectively. 4. Levered Free Cash Flow is defined as Unlevered Free Cash Flow less cash interest and lease payments. See Appendix for reconciliation of Unlevered Free Cash Flow . Adjusted Revenue (1) Adjusted EBITDA (2) Levered Free Cash Flow (4) Capex Avast Standalone Historical Financials $873 $893 $941 $942 2019 2020 2021 LTM (3) $483 $496 $518 $497 2019 2020 2021 LTM % margin 55% 55% 55% 53% $370 $414 $450 $405 2019 2020 2021 LTM $30 $15 $13 $14 2019 2020 2021 LTM As Reported, $ in millions Organic YoY growth % 8% 8% YoY growth % 6% 2% 5% 1% EBITDA - CapEx % margin Copyright © 2022 NortonLifeLock + Avast. All rights reserved. % margin 9% 52% 54% 54% 51% 42% 46% 48% 43%

Copyright © 2022 NortonLifeLock + Avast. All rights reserved. Avast – KPIs Notes: Avast’s fiscal year is the calendar year. H1 FY22 represents 6 - month period ending June 30, 2022. 1. Organic growth rate excludes the impact of foreign exchange rates, acquisitions, business disposals, and Discontinued Business. It ex clu des current period billings and revenue of acquisitions until the first anniversary of their consolidation. FX impact for 2020 and 2019 was calculated by restating 2020 actuals to 2019 FX rates and 2019 actuals t o 2 018 FX rates respectively. 2. Billings represent the full value of products and services being delivered under subscription and other agreements and include sales t o n ew end customers plus renewals and additional sales to existing end customers. See Appendix for reconciliation of Billings. 3. Average Revenue per Customer is defined as the Consumer Direct revenue for the period of the last twelve months divided by th e a verage Direct Customers during the same period, which is then divided by twelve. 4. Direct Customers are defined as users who have at least one valid paid Consumer Direct subscription (or license) at the end of the relevant period . 5. Average Products per Customer is defined as the total valid licenses or subscriptions for the period of last twelve months divided by the average Direct Customers during the sa me period. 15.6 16.5 16.4 15.6 2019 2020 2021 H1 FY22 $3.59 $3.80 $4.12 $4.21 2019 2020 2021 H1 FY22 (1) $911 $922 $948 $484 2019 2020 2021 H1 FY22 32 Organic YoY growth % YoY growth % Billings (2) ($ in Millions) Average Revenue Per Customer (ARPC) (3) ($ Monthly) EoP Customers (4) (Millions) Average Products Per Customer (APPC) (5) (x) 6% 8% 1% 7% 3% 4% Copyright © 2022 NortonLifeLock + Avast. All rights reserved. 1.37 1.41 1.43 1.45 2019 2020 2021 H1 FY22 0% 7%

Copyright © 2022 NortonLifeLock + Avast. All rights reserved. • Return 100% of FCF (excl. M&A) over the long - term • Maintain current quarterly dividend of $0.125 per share • Increasing current share repurchase program of ~$1.8B to up to ~$4.8B depending on Avast shareholders' elections ~$ 1.5B Annual Free Cash Flow (Pre - Synergies) 1 Growing in - line with the business Operate at ~2 - 3x Net Leverage Growth - Focused Capital Deployment Maximize Value to Shareholders LONG - TERM CAPITAL ALLOCATION Regular Dividend of $0.50 / share (annually) Acquisitions Growth - Focused ● Strong Cash Flow Generation ● Resilient Balance Sheet 1 Based on reported full year results, for the year ended April 1, 2022 for NortonLifeLock and December 31, 2021 for Avast, and excluding stranded costs. Copyright © 2022 NortonLifeLock + Avast. All rights reserved. Share Buyback Avast + NortonLifeLock Long - Term Capital Allocation 33

Copyright © 2022 NortonLifeLock + Avast. All rights reserved. Leverage ▪ NortonLifeLock expects to de - lever on a combined basis post - Closing of the Merger ▪ The Combined Company expects strong free cash flow generation to support net leverage of approximately 2.0x to 3.0x over the long - term, supporting NortonLifeLock's long - term capital allocation strategy, while maintaining flexibility to deploy capital into R&D, tuck - in acquisitions, as well as dividends and share buybacks to support growth and maximize value for shareholders Liquidity ▪ ~$ 1.5 billion annual free cash flow anticipated growing in line with the business ▪ At Closing, NortonLifeLock will have a $1,500 million RCF – upsized from $1,000 million in conjunction with the Merger financing – as well as cash resources to manage short - term liquidity ▪ Post transaction, NortonLifeLock’s liquidity will be further strengthened by enhanced cash flow generation of the combined entity Buybacks & Dividends ▪ Expect to maintain current quarterly dividend of $0.125 per share ▪ Depending on Avast shareholder elections, NortonLifeLock may implement an incremental post - Merger share buyback of up to ~$ 3 billion, subject to market conditions and other capital requirements Avast + NortonLifeLock NortonLifeLock Pro - Forma Financial Policy 34

Copyright © 2022 NortonLifeLock + Avast. All rights reserved. Avast + NortonLifeLock Pro Forma Financial Profile 35 Source: Company filings. Note: Dollars in USD millions. Amounts may not add due to rounding . Pro Forma financials are for the LTM periods ending 7/1/22 and 6/30/22 for NortonLifeLock and Avast respectively (the latest audited periods). 1) We believe non - GAAP financial measures, when taken together with corresponding GAAP financial measures, provide meaningful suppl emental information regarding our operating performance. These non - GAAP financial measures are not computed according to GAAP an d the methods we use to compute them may differ from the methods used by other companies. Non - GAAP financial measures are supplemental and should not be considered a substitute for financial information presented in accordance with GAAP and should be read only in conjunction w ith NortonLifeLock’s consolidated financial statements prepared in accordance with GAAP. See “Use of Non - GAAP and Non - IFRS Financial Information” for more information on limitations of non - GAAP financial measures. 2) NortonLifeLock calculates Revenues (Non - GAAP) to exclude the Avira, Inc. deferred revenue haircut amortization recognized during the twelve months ended July 1, 2022. Avast makes adjustments in a similar manner, although it uses slightly different termin ol ogy than NortonLifeLock - Deferred Revenue Haircut Reversal for net contract liabilities fair value adjustment. 3) NortonLifeLock calculates Operating Income (Non - GAAP) as GAAP operating income net of contract liabilities fair value adjustment , stock - based compensation, amortization of intangible assets, restructuring and other costs (including acquisition and integrat ion costs), and other cost of revenues and operating expense. Avast makes adjustments in a similar manner, although uses slightly different terminology tha n N ortonLifeLock – operating profit/loss for operating income, Deferred Revenue Haircut Reversal for net contract liabilities fair value adjustment, share - based payments including related employer’s costs for stock - based compensation, amortization of acquisition intangible assets for amortization of intangible assets, and exceptional items for res tructuring and other costs (including acquisition and integration costs). NortonLifeLock calculates Reported EBITDA (Non - GAAP) as Operating Income (Non - GAAP) before depreciation and amortization. For a more detailed description of Avast’ s non - GAAP metrics and how Avast calculates them, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations of Avast — Key performance indicators” as filed on NortonLifeLock’s Current Report on Form 8 - K filed on September 7, 2022. NortonLifeLock calculates Adjusted Debt Covenant EBITDA (Non - GAAP) as Reported EBITDA (Non - GAAP) less other non - operating expense (income), net and before debt covenant specified unrealized cost savings. See Appendix for a reconciliation of operating income (GAAP) to Operating Income (Non - GAAP ), Reported EBITDA (Non - GAAP) and Adjusted Debt Covenant EBITDA. 4) Represents cash and cash equivalents as adjusted for the Transactions and the 2022 convertible notes repayment, and is not re fle ctive of the initial purchasers’ discount, fees or commissions or our offering expenses. 5) Represents total principal amount of debt as adjusted for the Transactions and the 2022 convertible notes repayment. LTM Ended July 1, 2022 LTM Ended June 30, 2022 IFRS to US GAAP Alignment Adjustments Pro Forma Transaction Adjustments Pro Forma Condensed Combined Financial Information (non-GAAP) (1) Revenues (Non-GAAP) (2) $2,824 $942 $ - $ - $3,766 Operating Income (Non-GAAP) (3) 1,506 476 - - 1,982 Reported EBITDA (Non-GAAP) (3) 1,521 497 - - 2,018 Adjusted Debt Covenant EBITDA (Non-GAAP) (3) 2,284 Debt and Leverage Cash and cash equivalents (4) $767 Debt (5) $9,908 Net Debt (4) (5) $9,141 Ratio of Debt to Adjusted Debt Covenant EBITDA (Non-GAAP) (5) 4.34x Ratio of Net Debt to Adjusted Debt Covenant EBITDA (Non-GAAP) (4) (5) 4.00x

Copyright © 2022 NortonLifeLock + Avast. All rights reserved. + Appendix 36

Copyright © 2022 NortonLifeLock + Avast. All rights reserved. Source: Company filings. Note: Dollars in USD millions. Amounts may not add due to rounding. Periods FY21, FY22, and Q1 FY23 end April 2, 2021, April 1, 2022, and July 1, 2022 respectively. LTM represents the last twelve months ending in July 1, 2022. (1) Other non - operating expense, net is equal to total non - operating expense, net excluding net interest expense, loss (gain) on extinguis hment of debt, and gain on sale of properties . NortonLifeLock - Reconciliation of Reported EBITDA and Free Cash Flow 37 FY20 FY21 FY22 LTM Q1 FY23Net income $3,887 $554 $836 $855 $200 Adjustments: (Income) loss from discontinued operations (3,309) 142 - - - Net interest expense 116 140 126 123 29 Income tax expense (benefit) 241 176 206 164 29 Depreciation and amortization 231 150 140 133 29 EBITDA (Non-GAAP) 1,166 1,162 1,308 1,275 287 Adjustments to EBITDA: Contract liabilities fair value adjustment - 5 11 7 1 Stock-based compensation 120 70 70 74 24 Restructuring and other costs 266 161 31 26 2 Acquisition and integration costs - 4 37 44 8 Litigation settlement charges (benefit) 20 29 202 257 58 Loss (gain) on extinguishment of debt - (20) 3 (2) - Gain on sale of properties - (98) (175) (175) - Gains on divestiture & sale of equity method investments (629) - - - - Loss from equity interest 31 - - - - Other cost of revenues and operating expense - - - 1 - Other non-operating expense (income), net (1) 16 3 9 14 3 Reported EBITDA (Non-GAAP) $991 $1,316 $1,496 $1,521 $383 Cash Flow From Operations ($861) $706 $974 $931 $215 Capital Expenditures 89 6 6 7 2 Free Cash Flow (Non-GAAP) ($950) $700 $968 $924 $213

Avast - Reconciliation of Billings, Adjusted Revenue and Adjusted EBITDA 38 FY19 FY20 FY21 LTM H1 FY22 Revenue $871 $893 $941 $940 $470 Net deferral of revenue 40 29 7 9 13 Billings $911 $922 $948 $949 $484 Revenue $871 $893 $941 $940 $470 Deferred Revenue Haircut Reversal (1) 2 - - 2 2 Gross-Up Adjustment (2) 0 - - - - Adjusted Revenue $873 $893 $941 $942 $472 Operating profit $345 $335 $395 $341 $173 Adjustments: Share-based payments (incl. employer’s costs) 25 23 47 52 22 Exceptional items 2 50 32 57 29 Amortisation of acquisition intangible assets 88 66 23 25 14 Deferred revenue haircut reversal/other 2 - - 2 2 COGS deferral adjustments (0) - - - - Depreciation 19 20 19 19 11 Amortisation of non-acquisition intangible assets 3 2 3 1 0 Adjusted EBITDA $483 $496 $518 $497 $250 Source: Company filings. Note: Dollars in USD millions. Amounts may not add due to rounding. Avast’s fiscal year is the calendar year. H1 represents 6 - month period ending June 30. LTM represents the last twelve months ending in June 30, 2022. 1) Under IFRS 3, Business Combinations, an acquirer must recognize assets acquired and liabilities assumed at fair value as of the acquisition date. The process of determining the fair value o f d eferred revenues acquired often results in a significant downward adjustment to the target’s book value of deferred revenues. The reversal of the downward adjustment to the book value of deferred revenues of c omp anies Avast Group has acquired during the periods under review is referred to as the “Deferred Revenue Haircut Reversal.” 2) The Gross - Up Adjustment” refers to the estimated impact of the additional amount of 2015 and 2016 revenue and expenses and their deferral that would have been recognized by Avast Group had the contractual arrangements with certain customers qualified to ha ve been recognized on a gross rather than a net basis prior to 2017 (AVG had historically recognized Billings and revenues on a gross ba sis, whereas Avast Group recognized them on a net basis ). Copyright © 2022 NortonLifeLock + Avast. All rights reserved.

Copyright © 2022 NortonLifeLock + Avast. All rights reserved. Avast - Reconciliation of CFO to Levered Free Cash Flow 39 FY19 FY20 FY21 LTM H1 FY22 Net cash flows from operating activities $399 $457 $469 $403 $191 Adjustments: FX gains/losses and other non-cash items 6 (2) (4) (6) 0 Employer's costs on share-based payments 4 1 1 2 1 Exceptional items (excl. transaction costs) 2 50 23 52 29 Movement of provisions and allowances (6) (15) 1 (5) 1 Dutch exit cash tax 49 - - - - Cash tax (excl. Dutch exit cash tax) 55 52 62 77 44 Net change in working capital (1) 10 (20) (26) (16) (2) Adjusted Cash EBITDA $519 $523 $526 $507 $263 Net change in working capital (1) (10) 20 26 16 2 Capital expenditure (30) (15) (13) (14) (4) Cash tax (excl. Dutch exit cash tax) (55) (52) (62) (77) (44) COVID-19 donations - (25) - - - Unlevered Free Cash Flow $425 $451 $477 $432 $217 Cash interest (45) (28) (19) (18) (9) Lease payments (9) (9) (9) (8) (4) Levered Free Cash Flow $370 $414 $450 $405 $204 Source: Company filings. Note: Dollars in USD millions. Amounts may not add due to rounding. Avast’s fiscal year is the calendar year. H1 represents 6 - month period ending June 30, 2022. LTM represents the last twelve months ending in June 30, 2022. 1) Excluding change in deferred revenue and deferred COGS.

Source: Company filings. Note: Dollars in USD millions. Amounts may not add due to rounding. Pro Forma financials are for the LTM periods ending 7/1/22 and 6/30/22 for NortonLifeLock and Avast respectively (the latest aud ited periods). 1) Under GAAP, NortonLifeLock’s policy is to recognize the costs related to share - based payment awards with graded vesting conditio ns in the financial statements on a straight - line basis over the award’s requisite service period except for performance - based r estricted stock units with graded vesting, for which NortonLifeLock recognizes the costs on a graded basis. Under IFRS, Avast recognizes the costs related to s har e - based payment awards in the financial statements on a graded basis over the related vesting period to reflect the vesting as i t occurs. This therefore represents an adjustment to share - based payment awards with graded vesting features to ensure conformity with NortonLifeLock’s policy election under GAAP to recognize the costs on a straight - line basis over the award’s requisite service period. Management estimated this adjustment for the LTM ended July 1, 2022 by extrapolating the adjustment used for the unaudited pro forma condensed combined financial information for th e t hree months ended July 1, 2022 and year ended April 1, 2022. 2) Represents the estimated synergies in connection with the Proposed Merger for Avast. NortonLifeLock anticipates that the Prop ose d Merger will result in recurring annual pre - tax gross cost synergies for the Combined Company to reach a run - rate of approximat ely $280 million, representing between approximately 15% and 20% of combined adjusted cost of sales and operating spend, based on the latest full year repor ted results for each of NortonLifeLock and Avast. The synergies are expected to be fully realized by the end of the second year f ol lowing completion of the Proposed Merger. We present synergies not as a projection but because it is a permitted addback under our existing credit facilities a nd will be a permitted addback under our senior credit facilities. The expected sources of the identified cost synergies are as fol lows: (a) Organization : approximately 50% of the total annual run - rate pre - tax gross cost synergies are expected to be generated through the adoption of shared best pract ice across existing functions and the reduction of duplicate roles across all geographies and from a broad range of job categ ori es, including management, shared services, product and commercial functions; (b) Systems & Infrastructure operating costs: approximately 25% of the total annual run - rate pre - tax gross cost synergies are expected to be realized through migration onto a common data and security platform, integration of systems, and shared technology and analytics infrastructure; and (c) Contracts & Shared Services: approximately 25% of the total annual run - rate pre - tax gross cost synergies are expected to be generated prim arily from site rationalization, procurement and vendor consolidation, and spend de - duplication. NortonLifeLock expects to realize approximately 60% of the run - rate cost savings by the end of the first full year following com pletion of the Proposed Merger and 100% by the end of the second full year following completion of the Proposed Merger, exclu din g any potential synergy reinvestment and associated benefits. On a reported basis, the synergies assume the Combined Company expects to benefit from app roximately $75 million of cost savings in the first full year following completion of the Proposed Merger, approximately $245 mi llion of cost savings in the second full year following completion of the Proposed Merger, and the full $280 million of the cost savings in the third full ye ar following completion of the Proposed Merger, excluding any potential synergy reinvestment and associated benefits . Copyright © 2022 NortonLifeLock + Avast. All rights reserved. Pro Forma - Reconciliation of Revenue and Adjusted Debt Covenant EBITDA 40 LTM Ended July 1, 2022 LTM Ended June 30, 2022 IFRS to US GAAP Alignment Adjustments Pro Forma Transaction Adjustments Pro Forma Condensed Combined Revenues (GAAP) $2,817 $940 - - $3,757 Contract liabilities fair value adjustment 7 2 - - 9 Revenues (Non-GAAP) $2,824 $942 $ - $ - $3,766 Operating income $979 $341 $ 4 (1) $ - $1,324 Contract liabilities fair value adjustment 7 2 - - 9 Stock-based compensation 74 52 (4) (1) - 122 Amortization of intangible assets 119 25 - - 144 Restructuring and other costs (incl acquisition and integration costs) 70 57 - - 127 Other 257 - - - 257 Operating income (Non-GAAP) $1,506 $476 $ - - $1,982 Depreciation and amortization 15 21 - - 36 Reported EBITDA (Non-GAAP) $1,521 $497 $ - - $2,018 Other non-operating expense (income), net (14) - (14) Debt covenant specified unrealized cost savings - - - 280 (2) 280 Adjusted Debt Covenant EBITDA (Non-GAAP) $1,507 $497 $ - $280 $2,284

Copyright © 2022 NortonLifeLock + Avast. All rights reserved. +

Exhibit 99.3

Risks Related to the Avast plc Business

For purposes of these risk factors Avast plc, together with its subsidiaries, is defined as “Avast” or “the Avast Group.”

The data Avast stores, such as customer data and the systems that store, manage and process this data could become compromised.

The Avast Group’s data and systems risk has increased as a result of higher levels of online activity during COVID-19 as well as due to increased cyber disruption and threats.

Failure to protect the data Avast stores and the systems that store this data could:

Growing uncertainty in the macroeconomic environment has impacted and may further impact Avast Group’s business, results of operations or financial condition.

The global economic environment has become more uncertain due to the conflict in Ukraine, the global recovery following the COVID-19 pandemic and the impact of the post Brexit UK-EU relationship. There is a risk of a global recession and slowing economy.

The Ukraine conflict has already resulted in the Avast Group stopping new business and renewals in Russia and Belarus. If additional sanctions are imposed in other jurisdictions, this may lead to a loss in sales and revenue, which will impact Avast Group’s business, results of operations and financial condition.

Uncertainty continues to surround the global recovery following COVID-19. The imposition of controls set by governments limits the movement of people and slows down the economic growth in most countries. There is uncertainty about when we will return to a ‘new normal,’ or even what a ‘new normal’ is, and the threat of a further disruption from global political, environmental, social, and health events exists. The uncertainty and lower level of economic activity may reduce consumer demand. In addition, employees may continue to be forced to work from home or adopt a hybrid working model with the risk of reducing productivity. The travel restrictions imposed by governments may also limit the ability of staff to travel internationally, or locally, and hence collaborate with each other and third parties.

Furthermore, there may be unknown future political, health and environmental events that may also impact the macroeconomic environment. Such uncertainty and lower level of economic activity may reduce consumer demand and lead to a loss in revenue, which could potentially adversely affect Avast Group’s business, results of operations or financial condition.

The Avast Group is subject to evolving sanctions laws as well as governmental export controls, and any breaches of such laws could subject the Avast Group to fines or other forms or criminal or administrative penalties, as well as reputational damage.

The Avast Group is subject to complex export control and economic sanctions laws in the jurisdictions where it operates, including the United States, the European Union and the United Kingdom. Economic sanctions laws prohibit most dealings with listed persons, entities or bodies designated under the applicable sanctions regime, and restrict or prohibit certain business activities in certain sanctioned territories (notably, in respect of U.S. sanctions, Cuba, Iran, North Korea, Syria and the Ukrainian territory of Crimea). Export control laws impose controls, export license requirements and restrictions on the export of certain items, including software, and technology, such as encryption software and VPNs.

There is a risk that, despite the procedures and controls that the Avast Group and certain of its key suppliers or outsourced service providers implement to prevent breaches of sanctions and export control laws, sanctioned persons or users in sanctioned territories could download and use the Avast Group’s products in breach of applicable sanctions or export control laws. Such downloads and exports could have negative consequences for the Avast Group, including government investigations, fines and other forms of criminal or administrative penalties and reputational damage, to the extent that the Avast Group’s ongoing compliance efforts and remedial actions taken to prevent further persons from accessing its products in breach of sanctions are ineffective.

Actual, possible or perceived defects, disruptions or vulnerabilities in the products, solutions or cloud infrastructure of the Avast Group and its key suppliers or outsourced service providers, including risks from security attacks, which may lead to negative publicity, damage to the Avast Group’s reputation, and/or cause a decline in revenues and profits.

The Avast Group’s software is inherently complex and may contain material defects, errors or vulnerabilities that may cause it to fail to perform in accordance with user expectations. As may happen to any vendor of software, end users may find errors, failures and bugs in some new offerings after their initial distribution, particularly given that end users may deploy such products in computing environments with operating systems, software and/or hardware different than those in which the Avast Group tests products before release. In addition, certain of the Avast Group’s products operate in conjunction with third party systems which may contain vulnerabilities that the Avast Group fails to remedy.

The Avast Group has been, and may continue to be, the target of hackers’ intentional spam attacks on its email addresses and denial of service and other sophisticated attacks on its websites, mail system, network cloud infrastructure and firewalls. The Avast Group has a number of key suppliers and outsourced service providers, which may also be the target of such attacks. Such attacks may result in security breaches, disruption or damage to users’ computers or networks and theft of confidential information or other negative consequences. This may result in negative publicity, damage to the Avast Group’s brands, withdrawals from contracts, loss of or delay in market acceptance of the Avast Group’s products, loss of competitive position or claims by users or others against the Avast Group. While the Avast Group deploys sophisticated physical and electronic security protections and policies, procedures and protocols to protect against attacks and to help identify suspicious activity, no system or combination of systems can provide a guarantee of protection. If these intentionally disruptive efforts are, or the market perceives them to be, successful, the Avast Group may face legal liability and these efforts could adversely affect the Avast Group’s activities or harm its reputation, brand and future sales.

Furthermore, security software products and solutions may falsely identify programs or websites as malicious or otherwise undesirable (i.e., false positives). These “false positives” may impair the perceived reliability of the Avast Group’s services and may therefore harm its market reputation. Also, the Avast Group’s anti-spam and anti-spyware services may falsely identify emails or programs as unwanted spam or potentially unwanted programs, or alternatively fail to properly identify unwanted emails or programs, particularly as hackers often design spam emails or spyware to circumvent internet security software. Parties whose programs are incorrectly blocked by these products or solutions, or whose websites are incorrectly identified as unsafe or malicious, may seek redress against the Avast Group for labelling them as malicious and interfering with their businesses. In addition, false identification of emails or programs as unwanted spam or potentially unwanted software may reduce the popularity and adoption of the Avast Group’s services. Moreover, these false positives may render a device’s entire operating system unusable and disrupt or damage users’ devices. Alleviating any of these problems could require significant expenditures of capital and other resources and could cause interruptions, delays, or cessation of product licensing, which could result in the loss of both existing and potential users and could materially and adversely affect the Avast Group’s results of operations. In addition, the Avast Group could face claims for product liability, tort, breach of warranty or damages caused by faulty installation of, or defects in, its products. In the event of claims, provisions in contracts relating to warranty disclaimers and liability limitations may be unenforceable. Defending a lawsuit, regardless of its merit, could be costly and divert management attention.

A significant portion of the Avast Group’s users could stop using its products or switch to competing products in any given period.

To continue to maintain its user base, the Avast Group must retain existing users to the extent possible and continuously attract new users to replace those who exit the Avast Group’s user base. If the Avast Group does not offer products and services that appeal to users, its free user base may materially decline, and/or the Avast Group will fail to monetize its products and services, this will impact its business model viability. Avast revenues, competitive position and reputation could be materially and adversely affected if its new products and product upgrades fail to achieve widespread acceptance and do not appeal to users.

The Avast Group operates in a highly competitive environment and may not be able to compete successfully.

The consumer security industry is becoming more competitive and complex, in particular there is a progressive advancement of Microsoft’s Windows Defender antivirus solution. Technological developments from current and new competitors can develop quickly and disrupt the market. Current and new competitors may limit access to standard product interfaces and thereby inhibit Avast’s ability to develop products on their platforms. An increase in competition could result in lost business, reduced revenue and reduced profitability impacting Avast’s future financial and operational performance. New entrants into the security software industry, including those in emerging markets, may become Avast’s direct competitors and erode its market share. Avast’s results of operations will be materially and adversely affected if its competitors succeed in marketing products with better performance, functionality or at lower prices than its products. This may also have an impact on Avast’s reputation in the market.

Failure to keep track of customers’ demands and needs may result in Avast Group producing products that are less appealing to users.

The widespread acceptance of products and services in the marketplace is necessary to remain competitive. If Avast Group fails to keep track of its customers’ demands and needs, it may result in products that are less appealing to users. The impact of failing to keep up to date will see a decline in the free user base and also a less attractive set of products that customers are prepared to pay for that can generate revenue for Avast Group.

The success of Avast Group’s business depends on the talents and commitment of highly skilled individuals and teams.

The success of the business depends on the talents and commitment of highly skilled individuals and teams in a tight talent market where employee’s attitudes are changing due to the COVID-19 pandemic and the demand for flexible / hybrid working. Competition for these individuals is high and setting the right culture for these individuals to operate within is key. This risk is elevated as a result of the corporate activity underway, including the proposed Merger. Failing to create and maintain the right culture may result in individuals leaving and / or making it difficult to attract talent from the market. This risk has been heightened with the announcement of the proposed Merger.

The Avast Group operates in a number of jurisdictions with strict consumer laws and regulations, and any failure to comply with such laws and regulations may adversely affect its business.

A wide variety of local, national and international laws and regulations apply to consumer businesses such as the Avast Group’s, including those relating to the collection, use, retention, protection, disclosure, transfer and other processing of personal data, in addition to those related to auto-renewal billing and tax. These consumer compliance laws and regulations, such as those related to personal data and privacy, are evolving and may result in ever-increasing regulatory and public scrutiny and escalating levels of enforcement and sanctions, as well as private litigations. Failure to comply with applicable laws and regulations, or to protect such data, could result in enforcement action and/or investigations, including fines, imprisonment of company officials and public censure, claims for damages by users and other affected individuals, damage to reputation and loss of goodwill (both in relation to existing users and prospective users). Any of these consequences could have a material adverse effect on the Avast Group’s operations, financial performance and prospects, in addition to negatively impacting management’s time and resources to resolve any issues. The Avast Group operates globally and must continue to monitor changes to, understand and comply with the relevant laws in each jurisdiction. Furthermore, the Avast Group must rely on its third-party partners, over whom it has no control, to also comply with such laws and regulations. The failure to comply with any consumer laws and regulations in any jurisdiction could have a material adverse effect on the Avast Group’s financial condition, financial returns or results of operations.

The Avast Group may become subject to claims of intellectual property infringement by third parties that, regardless of merit, could result in litigation and materially adversely affect its business, results of operations or financial condition.

The Avast Group’s success largely depends on its ability to use and develop its technology without infringing the intellectual property rights of third parties, including patents, copyrights, trade secrets and trademarks. The Avast Group may be subject to litigation involving claims of patent infringement or violation of other intellectual property rights of third parties. The Avast Group has also in the past, and expects in the future, to be the target of so-called “patent trolls”, companies that do not manufacture or sell products and whose sole activity is to assert patent rights against accused infringers in an attempt to collect licensing fees. In addition, the Avast Group licenses and utilizes certain third party “proprietary” and “open source” software as part of its solutions offering. An author or another third party that distributes such third party or open source software could allege that the Avast Group had not complied with the conditions of one or more of these licenses. Any such claims, regardless of merit, could: (1) result in litigation, which could result in substantial expenses; (2) divert the attention of management; (3) cause significant delays; (4) materially disrupt the conduct of the business; and (5) have a material and adverse effect on the Avast Group’s financial condition and results of operations. As a consequence of such claims, the Avast Group could be required to pay substantial damages, develop non-infringing technology, enter into royalty-bearing licensing agreements, stop selling some or all of its products or re-brand certain products. If it appears necessary, the Avast Group may seek to license the intellectual property which the Avast Group is alleged to have infringed, potentially even if the Avast Group believes such claims to be without merit. However, such licensing agreements may not be available on acceptable terms, or at all. If the Avast Group cannot obtain required licenses, or if existing licenses are not renewed, litigation could result. Litigation is inherently uncertain and any adverse decision could result in a loss of proprietary rights, subject the Avast Group to significant liabilities, require the Avast Group to seek licenses from others and otherwise negatively affect the Avast Group’s business operations.

Avast operates a digital business globally, and the scale and complexity of new laws, including regarding data protection, autorenewal billing and tax, are increasing as the digital economy becomes the backbone of global economic growth.

New laws or changes in the interpretation or application of existing laws may impose restrictions and obligations on the Avast Group that negatively impact the Avast Group’s ability to operate or compete effectively and its profitability and ability to grow. Failure to comply with regulatory requirements could result in increased litigation (including class actions), investigations, fines and censure by governmental and regulatory bodies, resulting in negative financial consequences and an impact on management time and resources.

Exhibit 99.4

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS

On August 10, 2021, pursuant to Rule 2.7 of the Takeover Code, NortonLifeLock Inc. ("NortonLifeLock", the "Company") and Avast PLC ("Avast") released the Offer Announcement disclosing the terms on which NortonLifeLock intends to make a recommended offer to acquire the entire issued and to be issued share capital of Avast (the holders of such shares, the “Sellers”), both directly and indirectly through Nitro Bidco Limited ("Bidco"), in a cash and stock transaction (the "Transaction"). Under the terms of the Offer, Avast shareholders will be entitled to receive, for each Avast share held by such shareholders, $7.61 in cash and 0.0302 of a New NortonLifeLock share ("Majority Cash Option"). As an alternative to the Majority Cash Option, Bidco will make available to Avast Shareholders the option to elect for a different mix of cash and share consideration, whereby Avast shareholders will be entitled to receive, for each Avast share held by such shareholders, $2.37 in cash and 0.1937 of a New NortonLifeLock share ("Majority Stock Option").The pro forma financial information herein has been prepared under the assumption that all Avast shareholders, other than the Avast directors who hold Avast Shares, receive the Majority Cash Option. Additionally, Note 6 to the pro forma financial information contains a summary of the expected impact to the pro forma financial information presented in the case where all Avast shareholders elect the Majority Stock Option.

Each Avast Director who holds Avast Shares has irrevocably undertaken to elect for the Majority Stock Option, as well as to vote or procure votes in favor of the Scheme (or, in the event that the Transaction is implemented by way of a Takeover Offer, accept or procure acceptance of the Takeover Offer), in respect of their entire beneficial holdings of Avast Shares. Depending on the elections of other Avast Shareholders, and on the same basis as set out above, the Transaction values the entire issued and to be issued ordinary share capital of Avast between approximately $8.2 billion (if all Avast Shareholders, other than the Avast Directors who hold Avast Shares, receive the Majority Cash Option) and $7.1 billion (if all Avast Shareholders elect for the Majority Stock Option). Upon completion of the Transaction, and subject to the elections made by Avast Shareholders, Avast Shareholders will own between approximately 14% (if all Avast Shareholders, other than the Avast Directors who hold Avast Shares, receive the Majority Cash Option) and approximately 26% (if all Avast Shareholders elect for the Majority Stock Option) of the Combined Company on a fully diluted basis.

In addition to the consideration payable in connection with the Transaction, the Avast board of directors (the “Avast Board”) was entitled to declare and pay (i) an interim dividend with respect to the six month period ended June 30, 2021 of 4.8 cents per Avast Share, (ii) a further interim dividend or recommend and pay a final dividend in respect to the year ending December 31, 2021 of 11.2 cents per Avast Share and (iii) an interim dividend with respect to the six months ended June 30, 2022 of 4.8 cents per Avast Share (the “Avast Dividends”). All of the Avast Dividends have been declared and paid according to the aforementioned terms. The following unaudited pro forma condensed combined financial information gives effect to the Transaction, which includes adjustments for the following:

The following unaudited pro forma condensed combined statements and related notes are based on and should be read in conjunction with (i) the historical consolidated financial statements of NortonLifeLock and the related notes included in NortonLifeLock's Annual Report on Form 10-K for the year ended April 1, 2022, which was filed with the SEC on May 20, 2022, and the historical unaudited consolidated financial statements of NortonLifeLock and related notes included in NortonLifeLock's Quarterly Report on Form 10-Q for the period ended July 1, 2022, which was filed with the SEC on August 5, 2022, and (ii) the audited consolidated financial statements of Avast for the period ended December 31, 2021 and the related notes and the unaudited condensed consolidated financial statements of Avast for the period ended June 30, 2022. The operational results for Avast for the three months ended June 30, 2022 have been derived from the unaudited condensed consolidated financial statements for the six months ended June 30, 2022, and related notes by parsing out the first quarter results for this period not included in the pro forma financial information based on internal accounting records maintained at Avast.

Per the requirements of Regulation S-X 210.11-02(c)(3), where the financial year end of the entity acquired differs from the registrant's most recent fiscal year end by more than one fiscal quarter, the acquired entity's statement of comprehensive income must be brought up to within one fiscal quarter of the registrant's most recent fiscal year end. As Avast's year end does not differ from NortonLifeLock's by more than a fiscal quarter, NortonLifeLock elected to present the prior year statement of comprehensive income using the December 31, 2021 financial year end of Avast.

The unaudited pro forma condensed combined statements of income for the three months ended July 1, 2022, and the year ended April 1, 2022 combine the historical consolidated statements of income of NortonLifeLock and Avast, giving effect to the Transaction as if it had been completed on April 3, 2021. The accompanying unaudited pro forma condensed combined statement of financial position as of July 1, 2022, combines the historical condensed combined statements of financial position of NortonLifeLock and Avast, giving effect to the Transaction as if it had been completed on July 1, 2022.

The historical consolidated financial information has been adjusted in the pro forma financial statements to give effect to pro forma events that are (1) directly attributable to the Transaction, (2) factually supportable and (3) with respect to the unaudited pro forma condensed combined statements of income, expected to have a continuing effect on the combined results of NortonLifeLock and Avast. The statements contained herein do not reflect the costs of any integration activities or benefits that may result from the realization of future cost savings from operating efficiencies, or any other synergies that may result from the Transaction.

The statements and related notes are being provided for illustrative purposes only and do not purport to represent what the combined company’s actual results of operations or financial position would have been had the Transaction been completed on the dates indicated, nor are they necessarily indicative of the combined company’s future results of operations or financial position for any future period.

The pro forma adjustments are based upon available information and certain assumptions as described in the accompanying notes to the unaudited pro forma condensed combined financial information which management believes are reasonable under the circumstances. Actual results may differ materially from the assumptions within the accompanying unaudited pro forma condensed combined financial information.

Under ASC 805, generally all assets acquired, and liabilities assumed are recorded at their acquisition date fair value. For pro forma purposes, the fair value of Avast’s identifiable tangible and intangible assets acquired, and liabilities assumed are based on a preliminary estimate of fair value. Any excess of the purchase price over the fair value of identified assets acquired and liabilities assumed will be recognized as goodwill. Management believes the fair values recognized for the assets acquired and liabilities assumed are based on reasonable estimates and assumptions.

Certain figures included in this pro forma financial information have been subjected to rounding adjustments. Accordingly, figures shown for the same category presented in different tables may vary slightly and figures shown as totals in certain tables may not be an arithmetic aggregation of the figures that precede them.