#1Building your last line of defense KnowBe4 Human error. Conquered#22 Disclaimer This presentation shall not constitute an offer to sell or the solicitation of an offer to buy these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. This presentation and the accompanying oral presentation contain forward-looking statements. All statements other than statements of historical fact contained in this presentation, including statements as to future results of operations and financial position, planned products and services, business strategy and plans, objectives of management for future operations of KnowBe4, Inc. and its subsidiaries ("KnowBe4" or the "Company"), market size and growth opportunities, competitive position and technological and market trends, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "expect," "plan," "anticipate," "intend," "target," "project," "predicts," "shall" "potential," "explore" or "continues" or the negative of these terms or other similar words. KnowBe4 has based these forward-looking statements largely on its current expectations and assumptions and on information available as of the date of this presentation. The Company assumes no obligation to update any forward-looking statements after the date of this presentation, except as required by law. The forward-looking statements contained in this presentation and the accompanying oral presentation are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause actual results or outcomes to be materially different from any future results or outcomes expressed or implied by the forward-looking statements. These risks, uncertainties, assumptions and other factors include, but are not limited to, those related to the Company's business and financial performance, ability to attract and retain customers, ability to develop new products and services and enhance existing products and services, the Company's ability to respond rapidly to emerging technology trends, ability to execute on the Company's business strategy, ability to compete effectively and ability to manage growth. Moreover, KnowBe4 operates in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible for KnowBe4 to predict all risks, nor can the Company assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements the Company makes In addition to the GAAP financials, this presentation includes certain non-GAAP financial measures, The non-GAAP measures have limitations as analytical tools and you should not consider them in isolation or as a substitute for the most directly comparable financial measures prepared in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. First, annual recurring revenue and free cash flow are not substitutes for total revenue or cash used in operating activities, respectively. Second, other companies, including companies in the company's industry, may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of the company's non-GAAP financial measures as tools for comparison. This presentation also contains estimates and other statistical data made by independent parties and by the Company relating to market size and growth and other industry data. These data involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. The Company has not independently verified the statistical and other industry data generated by independent parties and contained in this presentation and, accordingly, it cannot guarantee their accuracy or completeness. In addition, projections, assumptions and estimates of its future performance and the future performance of the markets in which it competes are necessarily subject to a high degree of uncertainty and risk due to a variety of factors. These and other factors could cause results or outcomes to differ materially from those expressed in the estimates made by the independent parties and by KnowBe4. The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of the products or services of the Company or this proposed offering This presentation has been prepared by KnowBe4, Inc. ("we." "us" "our," or the "Company") for the exclusive use of the party to whom the Company delivers this presentation. We have filed a registration statement on Form S-1 (File No. 333-254518) (as amended, the "Registration Statement") with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. The Registration Statement has not yet become effective. Shares of our common stock may not be sold, nor may offers to buy be accepted, prior to the time the Registration Statement becomes effective. Before you invest, you should read the Registration Statement, the preliminary prospectus included within the Registration Statement (including the risk factors set forth therein) and the other documents we have filed with the SEC for more complete information about us and this offering. You may get these documents by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, we the underwriters or any dealer participating in the offering will arrange to send you the prospectus if you request it by contacting Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing [email protected]; or BofA Securities. Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, North Carolina 28255-0001, or by email at dg [email protected] Ⓒ2021 Know Be4 | Confidential KnowBe4#3Offering Summary Issuer Shares Offered Option to Purchase Additional Shares Filing Range Exchange / Ticker Expected Pricing Use of Proceeds Lock Up Lead Bookrunners Additional Bookrunners Co-Managers KnowBe4, Inc. 11.8 MM | 76% primary / 24% secondary 15% over-allotment option | 100% primary $16.00 - $18.00 Nasdaq / KNBE April 21, 2021 General corporate purposes 180 days, unless an earlier release occurs pursuant to the terms of the lock-up Morgan Stanley, Goldman Sachs, BofA Securities, KKR Citigroup, UBS Investment Bank Baird, Canaccord Genuity, Cowen, Needham & Company, Piper Sandler, Truist Securities Ⓒ2021 KnowBe4 | Confidential KnowBe4#4Stu Sjouwerman Founder, Chief Executive Officer and Board Member KnowBe4 Sunbelt Software Today's Presenters 12 Krish Venkataraman Co-President and Chief Financial Officer dealogic NYSE EURONEXT AMERICAN LEHMAN BROTHERS EXPRESS Lars Letonoff Co-President and Chief Revenue Officer Sunbelt Software THUNDER CAPITAL MANAGEMENT Ⓒ2021 KnowBe4 | Confidential KnowBe4#55 Our Mission Enable employees to make smarter security decisions, everyday Ⓒ2021 KnowBe4 | Confidential KnowBe4#6Key Investment Highlights Massive opportunity addressing human layer Single platform to manage social engineering threats Integrated SaaS platform Demonstrated scale and durable growth Attractive margins and profitability Ⓒ2021 KnowBed | Confidential KnowBe4#7New-School Security Awareness SaaS Platform $175MM GAAP Revenue KnowBe4 Snapshot -$15BN Total Addressable Market 45% YOY Revenue Growth -37K Customers Globally Note: All financial figures as of the year ended December 31, 2020. "See Non-GAAP reconciliation slide for a reconciliation of net cash provided by operating activities to free cash flow. Free cash flow margin is calculated as free cash flow divided by revenue. 7 80%+ Gross Margin Forrester Wave Industry Leader 20%+ Free Cash Flow Margin* Ⓒ2021 KnowBe4 | Confidential KnowBe4#8Completing the Next Paradigm: Security Awareness Network paloalto Application traffic inspection Identity okta Verified identity for all business applications Web zscaler Decentralized and distributed enterprise IT Endpoint CROWDSTRIKE Behavior-based signature-less protection Security Awareness KnowBe4 Cloud-based security awareness platform Ⓒ2021 Know Be4 | Confidential KnowBe4