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Investor Presentaiton

Long-Term Model Q2 2019 2020 2021 2022 Long-Term Model I Non-GAAP Gross Margin 78% 78 % 79% 79 % 75% - 77% Sales & Marketing 52 % 46 % 45% 44 % 27% -29% (% of revenue) Research & Development 27 % 21% 20% 20% 18%-20% (% of revenue) General & Administrative 23 % 18% 15% 15% 8% -10% (% of revenue) Non-GAAP Operating (25)% (8)% (1)% (0)% 20% + Margin Driving product innovation as the marginal cost to serve customers declines creates significant long-term operating margin opportunity CLOUDFLARE Copyright Cloudflare, Inc. Note: Metrics shown are Non-GAAP. See Appendix for GAAP financial measures and GAAP to Non-GAAP reconciliation.

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