Investor Presentation

September 2020

Safe Harbor This presentation contains 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 PagerDuty, Inc. (“PagerDuty” 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,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall” or the negative of these terms or other similar words. You should not rely upon-forward looking statements as predictions of future events. The outcome of events described in these forward-looking statements contained in this presentation is subject to known and unknown risks, uncertainties, assumptions and other factors that may cause PagerDuty’s actual results, performance or outcomes to could cause results to differ materially from those expressed or implied by such forward-looking statements, including: the effect of uncertainties related to the COVID-19 pandemic on U.S. and global markets, our business, operations, revenue results, cash flow, operating expenses, demand for our solutions, sales cycles, customer retention and our customers’ businesses; our ability to achieve and maintain future profitability; our ability to attract new customers and retain and sell additional functionality and services to our existing customers; our ability to sustain and manage our growth; our dependence on revenue from a single product; our ability to compete effectively in an increasingly competitive market; and general market, political, economic, and business conditions. The forward-looking statements contained in this presentation are also subject to additional risks, uncertainties, and factors, including those more fully described in PagerDuty’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K.

Forward-looking statements represent PagerDuty’s management’s beliefs and assumptions only as of the date such statements are made. PagerDuty undertakes no obligation to update any forward-looking statements made in this presentation to reflect events or circumstances after the date of this presentation or to reflect new information or the occurrence of unanticipated events, except as required by law.

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 the Company 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 PagerDuty. This presentation also includes certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, and not as a substitute for or superior to measures of financial performance 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. For example, other companies 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. The Company has provided a reconciliation of those measures to the most directly comparable GAAP measures, which is available in the appendix. For further information with respect to PagerDuty, we refer you to our most recent Annual Report on Form 10-K filed with the SEC. In addition, we are subject to the information and reporting requirements of the Securities Exchange Act of 1934 and, accordingly, file periodic reports, current reports, proxy statements and other information with the SEC. These periodic reports, current reports, proxy statements and other information are available for review at the SEC’s website at http://www.sec.gov.

PagerDuty Overview

$25B+Market

Opportunity1

$189MTTM Revenue3

Notes:1. Incident Management only2. As of the period ended July 31, 20203. As of the 12-months ended July 31, 2020

~60%Fortune 1002

33%TTM Revenue

Growth3

Digital Operations Management Pioneer

Translating digital events into actions that reduce cost, protect revenue and improve customer experience

Delivering strong ROI by reducing incidents, decreasing time to resolution, and improving employee productivity

Expected post-COVID digital acceleration to be a tailwind to growth

3

Headwinds

Tailwinds

● Digital transformation is now an imperative

● PagerDuty is critical infrastructure for many of

the world’s largest enterprises

● PagerDuty delivers an average ROI measured in

months1

● Changes in Go-To-Market bearing fruit

●

●

● 2020 IT spend expected to decline 4.4%2

● Some deals taking longer to close

● Macro environment uncertain

Notes:1. Source: IDC Business Value Research, sponsored by PagerDuty, “PagerDuty Helps

Organizations Optimize Their Digital Operations Management to Create Better Value,” September 2019

2. Morgan Stanley “CIO Survey North America 2Q20 CIO Survey — Is Wall Street Pulling Too Far Ahead of Main Street?”

What Is Happening in Business Today?

Digital Transformation

DevOps Culture

Siloed Teams

Customer Experience Is Paramount

Increased Remote Work

Shift to Cloud

Despite Load, PD Customers Resolving Incidents Faster

Most Stressed Verticals: Digital Stress vs. Time to Resolve3/15/20 - 5/09/20

Notes: 1. Source: PagerDuty.

Source: IDC Business Value Research, sponsored by PagerDuty, “PagerDuty Helps Organizations Optimize Their Digital Operations Management to Create Better Value,” September 2019.

Queued

Siloed

Manual

Reactive

Static

Rules-based

Real-time

Collaborative

Automated

Proactive

Learning

Intelligent

32.4Avg. Incidents /

Month Per Person

2.25Avg. Hours Required

to Troubleshoot

$53Per Hour Cost(assumption)

10User Team

(assumption)

($465,319)Annual Incident Response Cost for a team of 10

12%Reduction in

Incidents

73%Avg. Reduced Time

to Troubleshoot

$356,553Savings per year for a team of 10

731%ROI over 3 year term, with 4 month payback

Before PagerDuty After PagerDuty

PagerDuty’s Unique Approach: Empowering teams to take the right action in real time

Automation | AnalyticsOrchestration | Visibility

Machine learning

Machinedata

HumanResponsedata

PagerDuty Platform for Real-Time Operations

US

EC

AS

ESA

DD

-ON

P

RO

DU

CTS

DevOps ITOps HybridOps SecOps Support BusinessOps IndustrialOps

AnalyticsEmpower data-driven results.

Event IntelligenceReduce noise and optimize context.

VisibilityAlign business and technical impact.

Modern Incident ResponseAutomate action.

On-Call ManagementDrive accountability. Accelerate resolution.

Enterprise ClassCloud-native, built for real-time work.

Unique Dataset370+ Integrations | People | Services | Metrics

PLA

TFO

RM

Harness Digital Data

Make Sense of Data

PagerDuty’s machine learning algorithms automatically:

Make Sense of Data

● Reduce noise

● Create context &recommendations

● Accelerate learning from past incidents

● Optimizes real-time digital operations

PagerDuty’s flexible organization of services prepares you to operate a major incident in real-time, every time.

● Preparedness

● Full visibility into apps /

services

● Understand key information

● Who’s on call

● Reports incidents on services

● Enables efficient response

PagerDuty allows a stakeholder to manage all these things in one place

Proactively Manage Your Real-time Operations

Use PagerDuty’s unique combination of human and machine data to enhance your team’s performance by preventing and accelerating resolution of future incidents.

Prescriptive analytics, industry benchmarks and insights into team health improve operational maturity over time.

Analyze & Learn

Reactive● Issues surfaced

by customers

● No defined process for managing issues

● Knowledge and capabilities in silos

● Issues auto-identified

● Process for getting the right person on the problem immediately

● Ad hoc knowledge sharing

Responsive● Relevant, timely delivery

of information

● Automated cross-team response and action

● Programmatic learning

Proactive ● Predictive remediation based on machine learning insights

● Consistent, pervasive best practices across the organization

● Highly automated processes eliminate toil

● Continuous learning, improvement, and prevention

Preventative

PagerDuty’s Digital Operations Maturity Model

Why PagerDuty Wins?

Value add services built on our data set

Secure, Resilient & Scalable

Designed for all users

Automating signal to action

Built for Real Time

~10 years of machine, human data

370+ Integrations

Breadth of functionality

Broad Customer Base Across All Industries

15

35% Y/Y growth Customers > $100K

34% Y/Y growth in Int’l Revenue

13,346 Customers

57 of the Fortune 100

Digital Disruptors

Large Global Enterprises

Home Improvement Retailer

Use cases spanning multiple teams, including manufacturing at

scale

Providing greater awareness and faster, better coordinated

responses

Reducing costly manufacturing downtime

Managing the challenges that come with increased online

purchases

Ensuring high reliability of e-commerce systems

Real time inventory orchestration

Minimizing disruptions in live broadcasting services

Speeding collaboration with affiliates and improving quality of

digital services

Ensuring customer-facing issues are resolved immediately

Leading Broadcasting Co.

Transforming Customers Digital Experience

Working Across Multiple Teams and Use Cases

Responding to Shift in Consumer Habits

16

Global Online Learning Co.

Unifying monitoring, engineering, infrastructure and ops teams

Shifting operations from reactive to preventative

Integrating with partners like Microsoft Teams, New Relic, Slack

and ServiceNow

Evolving from Textbooks to Online Learning Platform

Large-Cap Biotech Co.

Why PagerDuty?

Market Innovation & Leadership

Real-time Business Visibility & Insights

Enterprise Class

Modern, Team-centered

Data Model

Event Intelligence & Automated Response

Operations Health Visibility

Ease of Use & Adoption

Comprehensive Technology Ecosystem

● Real Time Visibility

● Ticketing

● Response Orchestration

● Platform integrations

● Real Time Collaboration Tools

Incident Management

Digital Operations Management

$100B

$25B

● Benchmarking

● Real Time Workflow Automation

● Event Intelligence (AIOps)

● Predictive Analytics

On-Call Automation

● Triage + Prioritization

● Alerting

● Scheduling

Digital Operations Management: a $100B Category

Note: Represents the product of the sum of our published per user sales prices for all of our products multiplied by our estimate of the total number of potential users of our products.

Customer Segment (By $ Revenue)

Enterprise >$1B

Mid-Market >$50M

SMB <$50M

High Value

Field Sales

High Velocity

Inside Sales

Sales Channel

Efficient Velocity Go-to-Market Model Aligns to Customer Opportunity

Digital

Sales +High Velocity

Inside Sales

Sel

f-se

rvic

e

Proprietary & Confidential

PagerDuty is uniquely positioned to solve the complex problems of the world’s largest companies.

Win in enterprise and mid-market

When companies face mission-critical issues they need a real-time solution that orchestrates teams, and data in a coordinated, automated way

Become the platform for real-time work

Expanding beyond DevOps and IT is also important because real-time work isn’t limited to just DevOps and IT.

Expand our reach beyond DevOps and IT

Key Growth Drivers

Proprietary & Confidential

Financial Discussion

Financial Highlights

Notes: 3. Non-GAAP: Unburdened by SBC. Refer to appendix for reconciliation to GAAP.

1. Last 12 months ended July 31 2020.

2. Period ended July 31, 2020.

Scale

$189MTTM Revenue¹

High Growth

33%TTM Revenue Growth¹

Sticky

+95%Renewal Rate²,

Universal

13,364Customers2

Predictable

>99%Subscription Revenue2

Efficient

87%3

Non-GAAPGross Margin2

22

99% of Revenue from Subscriptions

>95% Renewal Rate

Growth while maintaining cash flow

Revenue Growth

Customer Growth

1. As of July 31, 2020.

Non-GAAP Gross Margins1

25

Cloud native architecture

DevOps approach to production

Programmatic approach to

customer success

1. Refer to the Appendix for GAAP to Non-GAAP reconciliation.

Non-GAAP Operating Expenses as a % of Revenue1

1. Refer to the Appendix for GAAP to Non-GAAP reconciliation.

Non-GAAP Net Loss, Operating Loss and EPS1

Non-GAAP Operating Loss

Non-GAAP Operating Margin

Non-GAAP Net Loss

Non-GAAP EPS

2Q 2021

$ (3.5) Million

(7%)

$(3.5) Million

$(0.04)

2Q 2020

$(7.1) Million

(18%)

$(5.3) Million

$(0.07)

1. Refer to the Appendix for GAAP to Non-GAAP reconciliation.

Guidance *

Revenue

Non-GAAP Net Loss per Share

Shares

3Q 2021

$52 - 53 Million

$(0.10) - $(0.11)

79 Million

FY 2021

$206 - 211 Million

($(0.27) - $(0.30)

79 Million

● Includes to EPS of $0.01 cent in 3Q 2021 and $0.03 cents in FY 2021 due to interest expense from June 2020 convertible offering

Appendix

GAAP to Non-GAAP Reconciliation

30

GAAP to Non-GAAP Reconciliation(1)

$ in MM

Q3 FY19 Q4 FY19 Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY20 Q1 FY21 Q2 FY21

Revenue 31.2 33.8 37.3 40.4 42.8 45.9 49.8 50.7

GAAP Gross Profit 26.6 29.0 31.8 34.3 36.1 39.6 42.8 44.1

Stock-Based Compensation 0.1 0.1 0.1 0.3 0.3 0.2 0.3 0.3

Non-GAAP Gross Profit 26.7 29.1 32.0 34.6 36.4 39.8 43.2 44.3

Non-GAAP Gross Margin (%) 85.5% 85.9% 85.7% 85.7% 85.2% 86.7% 86.7% 87.4%

GAAP Operating Loss (16.0) (6.4) (12.7) (14.4) (16.7) (11.8) (12.6) (13.4)

Stock Based Compensation 10.2 3.2 4.8 7.2 7.3 7.8 8.3 10.0

Non-GAAP Operating Loss (5.8) (3.2) (7.9) (7.1) (9.3) (3.9) (4.3) (3.5)

Non-GAAP Operating Margin (%) -18.5% -9.5% -21.2% -17.7% -21.9% -8.6% -8.6% -6.8%

(1) Figures may not sum due to rounding

GAAP to Non-GAAP Reconciliation (Cont.)(1)

31

$ in MM

Q3 FY19 Q4 FY19 Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY20 Q1 FY21 Q2 FY21

GAAP Research and Development 14.6 8.8 10.9 11.6 12.6 13.9 15.0 15.5

Stock-Based Compensation (6.6) (0.5) (0.9) (1.4) (1.5) (1.8) (2.2) (2.5)

Non-GAAP Research and Development 8.0 8.3 10.0 10.2 11.2 12.0 12.8 13.1

GAAP Sales and Marketing 18.7 16.7 21.2 23.8 27.4 25.0 26.7 27.5

Stock-Based Compensation (1.2) (1.0) (1.5) (2.3) (2.3) (2.8) (2.3) (2.9)

Non-GAAP Sales and Marketing 17.5 15.7 19.7 21.5 25.1 22.1 24.5 24.6

GAAP General and Administrative 9.3 9.9 12.5 13.2 12.8 12.5 13.7 14.5

Stock-Based Compensation (2.3) (1.6) (2.3) (3.1) (3.3) (2.9) (3.5) (4.4)

Non-GAAP General and Administrative 6.9 8.3 10.1 10.1 9.5 9.6 10.2 10.1

(1) Figures may not sum due to rounding