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Investor Presentaiton

Leverage of Our Operating Model Non-GAAP Operating Margin (25)% (8)%. (3)% 23% (1)% (0)% Operating Expense as a % of Revenue 18% 27% 15% 16% 15% 21% 20% 20% 20% CLOUDFLARE Copyright Cloudflare, Inc. 52% 46% 45% 45% 44% 2019 2020 S&M Note: See the Appendix for GAAP to Non-GAAP reconciliation. 2021 Q2 Q2 2021 2022 R&D G&A

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