1

2

Safe Harbor

This presentation includes certain “forward-looking statements" within the meaning of the Private Securities Litigation Reform Act

of 1995, including statements concerning our cash flow and margin improvement expectations, our position to execute on our

growth strategy in the mid-market, and our ability to expand our leadership position and market opportunity for our inbound

platform. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other

statements contained in this press release that are not historical facts and statements identified by words such as "expects,"

"anticipates," "intends," "plans," "believes," "seeks," "estimates" or words of similar meaning. These forward-looking statements

reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information

currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations,

strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no

assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ

materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are

beyond our control including, without limitation, our history of losses, our ability to retain existing customers and add new

customers, the continued growth of the market for an inbound platform; our ability to differentiate our platform from competing

products and technologies; our ability to manage our growth effectively to maintain our high level of service; our ability to maintain

and expand relationships with our marketing agency partners; our ability to successfully recruit and retain highly-qualified

personnel; the price volatility of our common stock, and other risks set forth under the caption "Risk Factors" in our Annual Report

on Form 10-K filed on February 16, 2017 and our other SEC filings. We assume no obligation to update any forward-looking

statements contained in this document as a result of new information, future events or otherwise.

$30.4 M$34.2 M

$38.2 M

$42.9 M

$47.7 M

$53.1 M

$59.0 M

$65.0 M

$70.6 M

$76.4 M

Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16

RevenueCustomers by Country

An Inbound Marketing & Sales SaaS Company

23,226 marketing customers, 90+ countries, 6 locations worldwide

Cambridge, MA | Portsmouth, NH | Dublin, Ireland | Sydney, Australia | Singapore | Tokyo, Japan

51% Y/Y53% Y/Y

58% Y/Y

58% Y/Y

57% Y/Y

56% Y/Y

54% Y/Y

3

51% Y/Y

48% Y/Y

44% Y/Y

Why does exist?

4

Marketing has become an arms race for attention.

5

94% skip TV ads

94% unsubscribefrom email

27% direct mail is

never opened

50% (Over 200M)

are on do-not-call lists

Base: Varied bases, minimum 598 global digital consumers

Source: HubSpot Global Interruptive Ads Survey, Q4 2015 – Q1 2016.

The old marketing and sales playbook is broken.

(Because the way people shop for and buy things has changed)

6

But today’s consumers have

the tools to fight back.

7

Skip

commercials

Screen calls Delete spam

Ignore printStraight in

the binPop-up

blockers

Blocking Out the Noise

It’s easier than ever

for customers to

block out the noise

8

So how do you reach a consumer

who doesn’t want to be bothered?

Be helpful.

9

Inbound Marketing & Sales

10

“Wait. What is inbound?”

11

Inbound is about the size of your brain,

not the width of your wallet

Helpful | Human | Personal | Transformational | Empowering | Educational

12

How Does Inbound Work?

Aggressively pushes

content at innocent

bystanders, interrupting

their life

Inbound pulls in prospects

by offering helpful content

and experience when

they need it

VS.

Outbound Inbound

SEO | Blogs | SocialCold Calling | Spam | Interruptive Ads

13

How does HubSpot do inbound?

14

Inbound Methodology

15

The Inbound Value Proposition: Simply put, it’s about growing an asset vs. renting one.

1 2 3Predictable Measurable Proven ROI

Icon Source: http://thenounproject.com via Gregor Cresnar 16

Did you know: More than 90% of

HubSpot’s new leads each month

come from “Old Content”?

92% Leads

from Old Posts

8% Leads from

New Posts

In other words, if HubSpot’s blogging team took

next month off,

we’d still generate 92% of leadsas if we’d continued to publish new content.

Source: Historical Blog Post Optimization Project (learn more here: http://blog.hubspot.com/marketing/historical-blog-seo-conversion-optimization)

Predictable

17

This post was written by HubSpot CEO

Brian Halligan in July 2010. In 2015, it:

● Still ranks #1 in Google searches

● Received 17,854 views

● Generated 117 leads

5 Years later, still moving the needle.

What Does an Inbound Asset Look Like?

Article ranks #1 for “inbound marketing vs outbound marketing”

18

In a digital world,

track everything

from clicks to

conversions to

revenue

Measurable

19

No matter the size of your

marketing budget, inbound

can bring you ROI.

This is the real deal.From big marketing budget to small, a

significant number of businesses saw

higher returns from inbound marketing

than from outbound.

0%

10%

20%

30%

40%

50%

60%

$25K or less $25,001 to$100K

$100,001 to$500K

$500,001 to$1M

$1M to $5M More than$5M

We see higher ROI using inboundmarketing

We see higher ROI using outboundmarketing

42%

Inbound vs. Outbound ROI by Marketing SpendBig budget or small – everyone gets big returns from inbound

8%

47%

52%

44%

48%

52%

14%

11%

18%

14%

18%

Proven ROI

Source: HubSpot’s 2015 State of Inbound Report; survey of approximately 4,000 respondents; majority of respondents are marketers at B2Bs; approx one-third of respondents have

an affiliation with HubSpot; approx ½ of respondents generate revenue under $1M

20

0% 10% 20% 30% 40% 50% 60% 70% 80%

0 to 25 employees

26 to 200 employees

201 or more employees

As it turns out,

ROI matters.

A lot.

Proving the ROI of

our marketing activities

Securing

enough budget

Managing

our website

Identifying the right

technologies for my needs

Training our team

Targeting content for

an international audience

Hiring top talent

Finding an

executive sponsor

42%

57%

71%

32%

32%

51%

32%

31%

31%

31%

22%

29%

23%

24%

26%

23%

23%

24%

19%

25%

22%

9%

5%

8%

Top Challenges by Company SizeProving ROI and subsequently securing more budget are marketers’ biggest roadblocks

Source: HubSpot’s 2015 State of Inbound Report; survey of approximately 4,000 respondents; majority of respondents are marketers at B2Bs; approx one-third of respondents have an affiliation with HubSpot; approx ½ of respondents generate revenue under $1M21

We are an inbound marketing & sales SaaS company.

Our mission is to transform how companies market and sell.

Our vision is a world where business is inbound.

22

23

Bu

sin

ess V

ert

ical

Total Addressable Market

Sales

Marketing

$30bn $45bn

Large and Growing Global Addressable OpportunityAddition of Sales vertical increases TAM to ~45bn

-AMI Partners data, 2014 and HubSpot Estimates

170,000+

MembersWhere the inbound

movement grows the

other 360 days of the

year

19,000+ Registered

AttendeesWhere the inbound movement

grows every year

● 37% more registered

attendees than 2015

● 250+ speakers; hundreds

of hours of content

3,500+ PartnersHubSpot provides training and support

to our marketing agency partners,

working together to sell our products.

60,000+

CertificationsHubSpot’s one-stop-shop

for free education on all

things inbound

49,000+

Linking DomainsThe number of websites linking

back to HubSpot, providing us

with both authority in search

engines and recognition among

industry professionals

The Inbound Community

24

HubSpot Marketing

All-in-one marketing

software platformSales Productivity Tools Free CRM for Small Business

HubSpot CRM

Content

Marketing Automation

Analytics & Reporting

Websites

Ads Add-on

Email Templates

Profiles

Email Tracking

Sequences

Contact Timeline

Reporting

Analytics

Prospects

HubSpot Sales

The HubSpot Platform

25

HubSpot Marketing Pricing

Upgrade based on

contact database

size.

Upgrade based on features.

Cross sell new

products into both

marketing and

sales customers

26

Company Awards

Glassdoor: #4 Workplace

Fortune & Great Place to Work: Top Workplace for Camaraderie, Best Small &

Medium Workplace, Top Workplace for Women

Entrepreneur: Top Company Culture

The Boston Globe: Top Place to Work

Product and Service Awards

Zapier’s Fastest Growing Apps in 2016 (Marketing and CRM)

CMS Critic Awards: #1 CRM

GetApp’s 2016 Q3 report: Named #1 Marketing Automation Software, Content

Marketing App

What do these accolades mean? In combination with HubSpot’s close

proximity to Boston’s top-tier schools, we attract top talent.

HubSpot, in the words of others.

27

Customer Case Study: VeriFirst Background Screening

• Low organic traffic

• Poor web presence

• Multiple point solutions

• Inefficient sales funnel

• Poor lead nurturing

• Poor S&M alignment

• Slow sales onboarding

Problem Solution Tools

• Blog

• Sites

• SEO

• Email templates

• Email tracking

• Sequences

• Contact timeline

• Prospects

• Tasks

6Xincrease in

monthly customers

12Xincrease in

monthly traffic

11Xincrease in monthly

contacts generated

Three Year

Results:

Source: Customer data; Note: “Three Year Results” compare the 6-month trailing averages of visits, contacts, and customers in August 2012 to the same values in May 2016.28

HubSpot, in short…

Growth opportunity with multiple drivers

- Large, diversified and expanding global addressable market

- Drive new customer growth, cross sell existing products and grow internationally

Efficient and scalable customer acquisition model

- We expect to be free cash flow positive for CY17 and to reach non-GAAP operating profit

break-even in 4Q17.

29

Financial Review

30

GROWTH DRIVERS: Domestic | International | Cross Sell Opportunity

REVENUE MARKETING CUSTOMERS

ASRPC 31

$34.2 M$38.2 M

$42.9 M$47.7 M

$53.1 M

$59.0 M

$65.0 M

$70.6 M

$76.4 M

Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16

53% Y/Y58% Y/Y

58% Y/Y

57% Y/Y

56% Y/Y

54% Y/Y

51% Y/Y

48% Y/Y

44% Y/Y

13.6 K14.7 K

15.8 K16.9 K

18.1 K19.3 K

20.4 K21.7 K

23.2 K

Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16

35% Y/Y35% Y/Y

36% Y/Y35% Y/Y

33% Y/Y31% Y/Y

29% Y/Y29% Y/Y

28% Y/Y

$9.5 K $9.7 K$10.1 K

$10.6 K$11.1 K $11.5 K

$12.0 K $12.3 K $12.6 K

Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16

14% Y/Y 15% Y/Y15% Y/Y

16% Y/Y17% Y/Y

18% Y/Y18% Y/Y

16% Y/Y 13% Y/Y

Steady Progress in Gross and Operating Margin Trajectory

32All percentages for historical period are non-GAAP and exclude expenses associated with stock based compensation and amortization of acquired intangibles. Please refer to the end of this presentation for a reconciliation of GAAP to non-GAAP figures.

*This removes the impact of Inbound in 2016.

Operating Margin (Non-GAAP) Gross Margin (Non-GAAP)

~670 basis points

operating margin

improvement*

-34% -26% -32% -21% -16% -13% -18% -8% -6% -4% -2% -6%

69% 70% 70% 72% 73% 75% 75% 75% 77% 78% 78% 79%

Q1’14 Q2’14 Q3’14 Q4’14 Q1’15 Q2’15 Q3’15 Q4’15 Q1’16 Q2’16 Q3’16 Q4’16

Framework for Growth and Profitability

33

Revenue Growth

Operating Margin %

Operating Cash Flow

<30%

3-4%

increase per year

Moderate Growth

>30%

1-2%

increase per year

≈ Revenue Growth

High Growth

~30%

2-3%

increase per year

Growth

Key Financial Metrics

Key Financial

Metrics(% of Revenue)

2012 2013 2014 2015 2016 Q1’16 Q2’16 Q3’16 Q4’16

Gross Margin 70% 65% 70% 75% 78% 77% 78% 78% 79%

R&D 19% 18% 17% 14% 14% 14% 14% 14% 14%

S&M 66% 67% 63% 58% 55% 56% 55% 53% 56%

G&A 16% 19% 18% 16% 14% 14% 13% 13% 15%

Operating (Loss)

/ Income %(31%) (39%) (28%) (14%) (4%) (6%) (4%) (2%) (6%)

*CFFO (11%) (26%) (11%) (0.2%) 7% 5% 13% 7% 3%

All percentages for historical period are non-GAAP (other than CFFO) and exclude expenses associated with stock based compensation

and amortization of acquired intangibles. Please refer to the end of this presentation for a reconciliation of GAAP to non-GAAP figures.34

Thank you from HubSpot!

35

GAAP to Non-GAAP Reconciliation

36

HubSpot, Inc.

GAAP to Non-GAAP Reconciliation

$ '000s

% of

Revenues $ '000s

% of

Revenues $ '000s

% of

Revenues $ '000s

% of

Revenues $ '000s

% of

Revenues $ '000s

% of

Revenues $ '000s

% of

Revenues $ '000s

% of

Revenues $ '000s

% of

Revenues

Cost of Revenue

Subscription* 9,689 19% 18,745 24% 23,655 20% 32,271 18% 41,182 15% 8,910 15% 9,985 15% 10,655 15% 11,632 15%

Stock-based compensation (27) 0% (50) 0% (128) 0% (341) 0% (512) 0% (94) 0% (131) 0% (139) 0% (149) 0%

Amortization of acquired intangibles (224) 0% (359) 0% (118) 0% (70) 0% (57) 0% (18) 0% (13) 0% (13) 0% (13) 0%

Non-GAAP subscription* 9,438 18% 18,336 24% 23,409 20% 31,860 18% 40,613 15% 8,798 15% 9,841 15% 10,503 15% 11,470 15%

Professional services and other 6,004 12% 8,759 11% 11,425 10% 15,652 9% 20,683 8% 5,061 9% 5,210 8% 5,157 7% 5,255 7%

Stock-based compensation (100) 0% (211) 0% (498) 0% (1,216) -1% (1,640) -1% (324) -1% (477) -1% (438) -1% (402) -1%

Amortization of acquired intangibles - 0% - 0% - 0% - 0% - 0% - 0% - 0% - 0% - 0%

Non-GAAP professional services and other 5,904 11% 8,548 11% 10,927 9% 14,436 8% 19,043 7% 4,737 8% 4,733 7% 4,719 7% 4,853 6%

Gross Profit

Gross Profit* 35,911 70% 50,130 65% 80,796 70% 134,020 74% 209,102 77% 44,989 76% 49,779 77% 54,777 78% 59,557 78%

Stock-based compensation 127 0% 261 0% 626 1% 1,557 1% 2,152 1% 418 1% 608 1% 577 1% 551 1%

Amortization of acquired intangibles 224 0% 359 0% 118 0% 70 0% 57 0% 18 0% 13 0% 13 0% 13 0%

Non-GAAP gross profit* 36,262 70% 50,750 65% 81,540 70% 135,647 75% 211,311 78% 45,425 77% 50,400 78% 55,367 78% 60,121 79%

Operating Expenses

Research and development 10,585 21% 15,018 19% 25,638 22% 32,457 18% 45,997 17% 9,804 17% 11,278 17% 12,100 17% 12,815 17%

Stock-based compensation (739) -1% (691) -1% (6,190) -5% (6,327) -3% (8,828) -3% (1,758) -3% (2,272) -3% (2,341) -3% (2,457) -3%

Amortization of acquired intangibles - 0% - 0% - 0% - 0% - 0% - 0% - 0% - 0% - 0%

Non-GAAP research and development 9,846 19% 14,327 18% 19,448 17% 26,130 14% 37,169 14% 8,046 14% 9,006 14% 9,759 14% 10,358 14%

Sales and marketing 34,949 68% 53,158 68% 78,809 68% 112,629 62% 162,647 60% 35,198 60% 39,140 60% 41,193 58% 47,116 62%

Stock-based compensation (691) -1% (1,194) -2% (5,596) -5% (7,658) -4% (13,352) -5% (2,427) -4% (3,469) -5% (3,473) -5% (3,984) -5%

Amortization of acquired intangibles - 0% - 0% (20) 0% (26) 0% (27) 0% (6) 0% (7) 0% (7) 0% (7) 0%

Non-GAAP sales and marketing 34,258 66% 51,964 67% 73,193 63% 104,945 58% 149,268 55% 32,765 56% 35,664 55% 37,713 53% 43,125 56%

General and administrative* 9,117 18% 16,204 21% 24,958 22% 35,408 19% 45,120 17% 9,848 17% 10,391 16% 11,435 16% 13,446 18%

Stock-based compensation (958) -2% (1,318) -2% (3,946) -3% (5,766) -3% (8,343) -3% (1,628) -3% (2,126) -3% (2,304) -3% (2,282) -3%

Amortization of acquired intangibles - 0% - 0% - 0% - 0% - 0% - 0% - 0% - 0% - 0%

Non-GAAP general and administrative* 8,159 16% 14,886 19% 21,012 18% 29,642 16% 36,777 14% 8,220 14% 8,265 13% 9,131 13% 11,164 15%

Loss from Operations

Loss from operations (18,740) -36% (34,250) -44% (48,609) -42% (46,474) -26% (44,662) -16% (9,861) -17% (11,030) -17% (9,951) -14% (13,820) -18%

Stock-based compensation 2,515 5% 3,464 4% 16,358 14% 21,308 12% 32,675 12% 6,231 11% 8,475 13% 8,695 12% 9,274 12%

Amortization of acquired intangibles 224 0% 359 0% 138 0% 96 0% 84 0% 24 0% 20 0% 20 0% 20 0%

Non-GAAP loss from operations (16,001) -31% (30,427) -39% (32,113) -28% (25,070) -14% (11,903) -4% (3,606) -6% (2,535) -4% (1,236) -2% (4,526) -6%

* Amounts in years ended 2011 - 2014 have been adjusted from prior SEC filings for reclassification of customer credit card fees from cost of revenue, subscription to general and administrative expenses to conform with current year's presentation.

2012 2013

Three Months Ended

March 31, 2016

Three Months Ended

December 31, 20162015

Three Months Ended

June 30, 20162016

Year Ended Three Months Ended

September 30, 20162014