2024 AGM Meritech Market Section (External).pdf - Google Drive

○ What is driving the upswell? ○ What is going on with public SaaS? Is SaaS dead? ● Private Markets and Liquidity ○ What is the state of late-stage funding market? What will happen to the unicorn economy? ○ What is the state of liquidity? When will it happen and how big could it be? ● The Software Market Opportunity and How AI Will Make it Bigger ○ What is an AI company? How big is this platform shift? How will it disrupt the status quo? ○ Who will win? “Insurgents” (Start-ups) or “Gatekeepers” (Incumbents)? Market Section Agenda and Key Questions Confidential | 2 Confidential | 3 Public Markets 123% 78% 154%(1) 226% 87% 391% 75% 845% 477% Equity Markets are at or Around Peak Levels But this upswell is driven by very few market leading (mostly tech) companies and by “AI” companies Chart Source: G:\Shared drives\LPs & Fundraising\AGM\2024\Market\Market Section Back-ups\2024.10.03 AGM Market Backups.xlsx Tab: Equity Markets S&P 500 5-Year Share Price Performance Source: Capital IQ as of

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• Pranav Kanchi