#1Investor Presentation August 2021 SEMRUSH#2Safe harbor This presentation may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 relating to our business, operations, and financial conditions, including but not limited to current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, our product development plans, and other future conditions. Words such as, but not limited to, "look forward to," "believe," "expect," "anticipate," "estimate," "intend," "plan," "would," "should" and "could," and similar expressions or words, identify forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. Although we believe the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements. Certain information contained in this presentation relates to or is based on studies, publications, surveys and other data obtained from third-party sources and the Company's own internal estimates and research. While the Company believes these third-party sources to be reliable as of the date of this presentation, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources. In addition, all of the market data included in this presentation involves a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions. Finally, while we believe our own internal research is reliable, such research has not been verified by any independent source. This presentation includes non-GAAP financial measures which have certain limitations and should not be considered in isolation, or as alternatives to or substitutes for, financial measures determined in accordance with generally accepted accounting principles in the United States ("GAAP"). The non-GAAP measures as defined by us may not be comparable to similar non-GAAP measures presented by other companies. Our presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that our future results will be unaffected by these or other unusual or non-recurring items. See the "GAAP to Non-GAAP Reconciliation" slide for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures. The Company has filed a registration statement (including a prospectus) with the SEC for the offering to which this presentation relates. Before you invest, you should read the prospectus in that registration statement and other documents we have filed with the SEC for more complete information about the Company and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the Company, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it. A copy of the prospectus may be obtained from 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]; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, collect telephone: 1-212-834-4533, or by emailing at [email protected]; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by telephone at (877) 547-6340 or by email at [email protected]; or KeyBanc Capital Markets, Attn: Prospectus Delivery Department, 127 Public Square, 4th Floor, Cleveland, Ohio 44114, via telephone: 1-800-859-1783. 2#3Semrush in numbers 142 Countries Served 1000+ Employees, Offices in 5 Countries 76k+ Paying Customers*** Favorable CAC 50%+ Revenue CAGR* 76% Gross Margin 121% Net Retention Rate*** $188m+ ARR** 2% FCF Margin Unless otherwise indicated, all statistics are as of December 31, 2020 * CAGR December 31, 2016 - December 31, 2020 ** We define ARR as the daily revenue of all paid subscription agreements, that are actively generating revenue as of the last day of the reporting period multiplied by 365. As of June 30, 2021 ***As of June 30, 2021#4With information overload it is increasingly hard for businesses to reach customers online 4#5Average consumer already spends 6.5 hours a day online and is overwhelmed with information +400m Facebook status updates +721k hours of video uploaded to Youtube status update new video new post +4m blog posts created Information barrier gets bigger every day Day at a glance +50bn Facebook and Google Search ads +6bn Google searches Businesses are struggling to break through information noise and be visible online 5#6Market opportunity* Total Global Businesses X Online Penetration X Avg. Revenue per Customer Current Global Opportunity ~$13bn Future Global opportunity $20bn+ ~$150mln Enterprise *We estimate our global opportunity based on the number of small and medium sized companies (those with less than 500 employees) and large companies (those with 500 or more employees) in the U.S per the U.S. Census Bureau. As of December 31, 2020, approximately 95% of our customers are in the small and medium sized category and had an ARR per paying customer of $2,000, while our large enterprise customers had an ARR per paying customer of $4,200. We believe the opportunity internationally is at least as large as in the U.S. We assume 50% online penetration in the small company segment (those with less than 20 employees) and 100% penetration in the medium sized (those with between 20 and 499 employees) and large company segments. 6#7Empowering Online Visibility Management Online Visibility across key channels SEMRUSH Marketing funnel Source: G2.com SEO | Digital Advertising | Digital PR | Content Marketing | SEM | SMM Awareness Interaction Online Visibility Management Web Analytics Google Analytics Adobe Analytics Engagement Conversion Loyalty Feedback Digital Experience CRM Email Marketing and ON24 Optimizely sprinklr HubSpot salesforce sproutsocial Social Media Management HubSpot Surveys Qualtrics Survey Monkey CoreXM™ 7#8Customers of all sizes and from all verticals Headcount Retail Consumer internet Finance Agencies Software Other 50-500 lyst Arkadium smartasset™ acronym pendo α Seeking Alpha 500-1K boohoo Quora BREX VAYNERMEDIA mailchimp The Washington Post 1K-5K The RealReal 业 Skyscanner 7/TransferWise iProspect HubSpot Time Inc. 5K+ ebay f BNP PARIBAS dentsu AEGIS network salesforce Disney 8#9Meet our team SEMRUSH OLEG SHCHEGOLEV Co-founder and CEO Experienced serial entrepreneur 13 years DMITRY MELNIKOV Co-founder and COO Experienced serial entrepreneur 13 years SEMRUSH VITALII OBISHCHENKO Chief Product Officer Experienced entrepreneur and developer 11 years EVGENY FETISOV CFO Former CFO at Luxoft (NYSE: LXFT) and Moscow Exchange (MOEX: RM) 3 years EUGENE LEVIN Chief Strategy Officer Experienced entrepreneur and investor. Former partner at Target Global 6 years SHARON LEVINE SVP and General Counsel Former VP and GC at Nasuni and Fleetmatics (NYSE: FLTX) SEMRUSH 2 year DEL HUMENIK Chief Revenue Officer Former CRO at Dex Media Inc. and SVP of Sales at Paychex (NASDAQ: PAYX) 4 years 9#10Our solution 10 10#11Businesses need a holistic online strategy Less Traffic More Paid Advertisement Shorter-Term Social Media & PR Content & SEO Relative Time to Yield Traffic 1 Longer-Term 11#12Unique combination of data assets User Behavior Website Structure Online Reviews Online Visibility Profile Website Index Crawl Data Panel Data Social Media Metrics Big data facts and stats* Total profiles 200 million domains Monitored in 143 countries Anonymized Panel Data billions of events analyzed per week Web Index 41 trillion backlinks 17 billion URLs crawled per day Keyword Data 20 billion keywords Display ads data 310 million ad samples Search Index Keywords *Figures as of December 31, 2020 12#13Semrush leadership in traditional martech categories Search Advertising SEO Content Analytics Local SEO Listing Management Competitive Intelligence Content Creation Marketing Analytics Social Media Analytics Social Media Monitoring Social Media Management Market Intelligence Marketing Calendar PR CRM Press Release Distribution PR Analytics Media and Influencer targeting skword WordStream HubSpot conductor Ye XT MOZ CISION SEMRUSH Similar eb reputation.com Leader Leader Leader Leader Leader Leader Leader Leader Leader Leader Leader Leader Leader Leader Leader Leader Leader Leader Leader Leader Leader Leader Leader Leader Leader Leader Leader Leader Leader Leader Leader Contender Leader Niche Leader High Performer Leader Niche Leader High Performer Sourced from G2.com on February 15,2021. Ranks for PR categories are for Prowly, fully owned subsidiary of Semrush Inc. 13#14How our platform is differentiated * SUPERIOR DATA Significant breadth and depth of data. from different sources allows us to build strong online visibility profiles of businesses of all sizes around the globe EASE OF USE By providing all tools in one interface we reduce time customers spend on switching. Our data for different channels is presented in the same format and can be easily analyzed O BETTER INSIGHTS By leveraging data from multiple sources, we build unique insights that point solutions can't find. $ EFFICIENCY Comparable capabilities via point solutions on average cost meaningfully more POWERFUL INTEGRATIONS We provide complete workflow through our integrations with industry standard applications such as Trello, Gmail, Google Docs, Wordpress, GA, GSC as well as Social Networks and Reporting Tools Q TEAM COLLABORATION By combining products for PPC, SMM, Content Marketing and SEO in one platform we connect teams, eliminate silos, improve communications and increase their productivity 14#15Financial overview ARR** $188M+ FY2020 Gross Margin 76% FY2020 Revenue Growth Rate 36% Dollar-Based Net Revenue Retention Rate** 121% FY2021 Revenue Growth *** FY2020 FCF Margin* Rate** 2% 46-47% Note: Figures as of December 31, 2020 ** Free cash flow: net cash provided by operating activities less purchases of property and equipment and capitalized software development costs, FCF margin: Free cash flow divided by revenue As of June 30, 2021 *** Guidance as of August 9, 2021 We calculate our dollar-based net revenue retention rate as of the end of a period by using (a) the revenue from our customers during the twelve-month period ending one year prior to such period as the denominator and (b) the revenue from those same customers during the twelve months ending as of the end of such period as the numerator. This calculation excludes revenue from new customers and any non-recurring revenue 15#16Highly attractive cohort analysis Revenue (USD mln) New registered customers Pre-2016 2016 2017 2018 2019 2020 130 120 110 100 90 80 Dollar-Based Net Revenue Retention Rate* 70 60 121% 50 40 30 20 10 2013 2014 2015 2016 2017 2018 2019 2020 16 * as of June 30, 2021#17Historical financials snapshot (1/2) Revenue (USD million) Revenue Growth (%) FY16 FY17 FY18 FY19 FY20 22.3 38.4 CAGR 54% 63.5 92.1 124.9 72.2% 65.4% 45.0% 35.6%#18Historical financials snapshot (2/2) Gross margin (Margin %, USD mln) Operating FY16 FY17 FY18 FY19 FY20 73.8% 75.5% 76.0% 72.2% 70.3% 15.7 28.4 45.8 69.6 94.9 (15.1%) (8.8%) (10.4%) (8.9%) (4.9%) income (Margin %, USD mln) (3.4) (6.6) (8.2) (6.1) (3.4) 2.2% 3.6% FCF* (4.1%) 0.8% (Margin %, USD mln) 0.5 1.4 0.7 2.0% 2.5 (2.6) * Free cash flow: net cash provided by operating activities less purchases of property and equipment and capitalized software development costs, FCF margin: Free cash flow divided by revenue 18#19Geographic revenue breakdown FY2020 43% Rest of the world 46% United States 11% United Kingdom 19#20Target Model - GAAP and Non-GAAP 2019 2020 2Q21 Target Model 76% 76% 77% 80% Gross Margin Operating Expenses: Sales & Marketing 45% 44% 41% 35% Research & Development 15% 14% 13% 15% General & Administrative 24% 23% 23% 10% Operating Income (9%) (5%) 0% 20% Adjusted Operating Income (8%) (4%) 1.2% >20% Note: All metrics are calculated as a percentage of revenue. Adjusted Operating Income excludes stock-based compensation expense. 20 20#21Key business highlights 1 Empowering Online Visibility Management Helping Businesses Manage Online Visibility Across Key Channels 2 Proprietary Tech and Data That Cover Key Aspects of Online Visibility With Deep Third-Party Integrations 3 Large And Diverse Customer Base With Highly- Efficient Go-to- 4 Rapid Growth at Scale With Robust Margins And Highly Attractive Customer Market Approach Cohorts 5 Large Market Opportunity With Proven Ability to Expand TAM Over Time Via New Products 21 21#22Thank you SEMRUSH#23GAAP to Non-GAAP Reconciliation (USD million) FY 16 FY 17 FY 18 FY 19 FY 20 2Q21 GAAP net cash and cash equivalents provided 1.1 2.6 by operating activities (1.9) 1.9 5.9 1.0 Purchases of property & equipment and capitalization of software development costs (0.6) (1.4) (1.1) (1.2) (3.4) (0.3) Free cash flow 0.5 1.2 (3.0) 0.7 2.5 0.7 GAAP operating income (8.2) (6.1) (0.0) Stock-based compensation expense Adjusted operating income .5 1.0 .57 (7.7) (5.1) .57 23 23