Investor Presentation

Investor

Presentation

(Nasdaq: MRVI)

Forward looking statements and use of non-GAAP financial measures

Except for historical information contained herein, the matters discussed in this presentation are forward-looking statements about expected future events that involve risks and uncertainties. We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. We have not independently verified any of the third-party or publicly available information included herein nor have we ascertained the underlying assumptions relied upon therein. As a result, market, ranking and other similar industry data included herein, and estimates and beliefs based on such data, may not be accurate and complete. While the Company is not aware of any misstatements regarding any information in this presentation, forecasts, assumptions, expectations, beliefs, estimates and projects involve risk and uncertainties and are subject to change based on various factors. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates” and “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could” are generally forward-looking in nature and not historical facts. Any statements that refer to expectations or other characterizations of future events, circumstances or results are forward-looking statements. All forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control, including, without limitation, risks and uncertainties related to economic, market or business conditions; our ability to generate sufficient revenue to achieve or maintain profitability; the fluctuation of our operating results; our dependence on a limited number of customers for a high percentage of our revenue; the use of certain of our products in the production of vaccines and therapies; the impact of COVID-19 and any pandemic, epidemic or outbreak of infectious disease; our dependence on customers’ spending on and demand for our products and services; competition with companies who are substantially larger than we are; the ability of our products and services to perform as expected and the reliability of the technology on which our products and services are based; and our ability to obtain, maintain and enforce intellectual property protection for our current and future products. Moreover, the Company operates in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for the Company's management to predict all risks, nor can the Company assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause our actual results, performance or achievements to differ materially and adversely from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, the recipient agrees that neither it nor its Representatives are entitled to or will rely on the forward-looking statements and other information contained herein. The forward-looking statements included in this presentation are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statements, either to reflect new developments, or for any other reason, except as required by law. In all cases, recipients should conduct their own independent investigation and analysis of the Company and its business, assets, financial conditions and prospects.

This presentation presents certain “non-GAAP Measures” as defined by the rules of the Securities Exchange Commission (“SEC”) as a supplement to results presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These non-GAAP Measures, as well as other statistical measures, including Adjusted EBITDA (as defined herein) and Adjusted EBITDA as a percentage of revenues, are presented because the Company’s management believes these measures provide additional information regarding the Company’s performance and because we believe they are useful to investors in evaluating operating performance compared to that of other companies in our industry. In addition, management believes that these measures are useful to assess the Company’s operating performance trends because they exclude certain material non-cash items, unusual or non-recurring items that are not expected to continue in the future, and certain other items. The non-GAAP Measures are not presented in accordance with GAAP, and the Company’s computation of these non-GAAP Measures may vary from those used by other companies. These measures have limitations as an analytical tool, and should not be considered in isolation or as a substitute or alternative to net income or loss, operating income or loss, cash flows from operating activities, total indebtedness or any other measures of operating performance, liquidity or indebtedness derived in accordance with GAAP. A reconciliation of historical non-GAAP Measures to historical GAAP measures and additional information on the Company's use of non-GAAP financial measures is provided on page 20.

Past performance may not be a reliable indicator of future results.

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 data about the Company’s industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Neither the Company nor any other person makes any representation as to the accuracy or completeness of such data or undertakes any obligation to update such data after the date of this presentation. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which the Company operates are necessarily subject to a high degree of uncertainty and risk.

The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of the products or services of Maravai LifeSciences Holdings, Inc. and its subsidiaries

▪

Leader in providing highly modified, complex

nucleic acids

used by life sciences partners in

molecular diagnostics and nucleic acid-based

vaccines and therapeutics

▪

Proprietary novel mRNA technology, CleanCap®,

for vaccine programs and

RNA therapeutics

▪

Critical assays for detecting impurities

during

biotherapeutics process development and

commercial manufacturing

▪

Trusted Provider

of proprietary research products,

including products for labeling and detecting

proteins in cell and tissue samples

1. Results for the full year ended December 2020

2. Non-GAAP Adjusted EBITDA, unaudited. GAAP net income to Adjusted EBITDA reconciliation provided on page 20

Maravai Overview

Targeting high-growth markets in cell and gene

therapy, vaccines, and biologic drug manufacturing

~98.5% y/y growth

2020 REVENUE

$284M

1

$169M

2

ADJUSTED EBITDA

~59.6% margin

2

173% y/y growth

2

140,000

FACILITIES

Sq ft of lab and

production space

PEOPLE

415+

employees, ~19%

with advanced

degrees

Leading supplier of critical solutions for life

sciences from discovery to commercialization

Longstanding relationships with marquee customers

Large high-growth end-markets

Significant investments in infrastructure –

focused on operational excellence

Attractive Financial Profile with strong growth

and EBITDA margins

Proven management team with significant

life sciences experience

Maravai provides enabling

technologies that allow

scientists to bring the

miracles of science to life.

Investment

Attributes

Leading supplier of critical solutions for life sciences from discovery to

commercialization

CleanCap®

Customers

1

CUSTOMERS

Discovery and Research

Preclinical

Clinical

Commercialization

• Oligonucleotides

• RNA Capping (CleanCap®)

• mRNA

• Plasmid DNA (launch in Q1 2021)

Biologics Safety Testing

400+

5,000+

• Host Cell Protein Detection

• Viral Contamination Detection

• Immunohistochemistry

reagents

• Immunofluorescence

reagents

• Glycobiology

reagents

Protein Detection

Nucleic Acid Production

Targeting Large high-growth end-markets

Nucleic Acid

Production

Trilink Biotechnologies

Glen Research

Total Market Size

Market Growth (2019)

Addressable Market Size

(2019-2023 CAGR)

Addressable Market Growth

(2019-2023 CAGR)

% of Total Revenue

Biologics Safety

Testing

Cygnus Technologies

Protein Detection

Vector Laboratories

1. Includes products, use cases and customer types relevant to Maravai 2. Growth rate weighted by revenue exposure to addressable market segments 3. Results for the full year ended December 2020

TOTAL

$8.4B

15%

$3.6B

20%

$3.5B

19%

$2.8B

28%

73%

$2.8B

12%

$575M

13%

19%

$2.2B

8%

$200M

6%

8%

Significant investments in infrastructure – focused on operational excellence

New, purpose-built Nucleic Acid

Production facility opened in 2019,

accelerating growth

▪

Substantially increased prior nucleic acid manufacturing

capacity

▪

Quintupled GMP manufacturing capabilities

▪

Added pilot and scale-up designated manufacturing rooms

▪

Plasmid DNA up and operational

▪

Automated Quality Systems

1. Although our products are exempt from current GMP regulations, we are capable of manufacturing reagents from research-grade to GMP-grade by voluntarily following certain GMP standards

SAN DIEGO, CA

v

Nucleic Acid Production (73%)

1

Nucleic Acid Production

Highly modified nucleic acids for research,

therapeutic, and vaccine programs

1. Percentages represent share of total revenue for the full year ended December 2020

▪

Specialty in complex nucleic acid synthesis

▪

Meeting growing customer need for outsourced research-grade to

GMP-grade components

▪

Extensive catalog of nucleic acid building blocks

LOWER COMPLEXITY

HIGHER COMPLEXITY

Nucleic Acid Production

Maravai provides a spectrum of products – from building blocks to mRNA produced under GMP conditions

PRODUCT

CATEGORIES

BUILDING BLOCKS

OLIGONUCLEOTIDES

mRNA

Basic Research

Core Genomics/PCR

NGS

Clinical Diagnostics

Gene Editing

mRNA Vaccines and Therapeutics

Gene Synthesis

CLEANCAP®

PLASMID DNA

Better capping efficiency

→ higher yields

Greater stability &

bio-functionality

Lower cost vs.

other methods

Best suited for

at-scale manufacturing

processes

CleanCap®

producing a

reproducible,

high-yield capped

mRNA

Reduces manufacturing time

& cost for high value

Broad Adoption of CleanCap® in COVID-19 Programs

Expect continued, strong demand

Current Growth Demand

Incremental Near-Term Growth Drivers

Current commercial vaccine demand

Partner efforts to speed production/expand capacity

Additional

regulatory

approvals

New booster

production

- Waning

immunity

- New variants

mRNA-based

Seasonal flu

vaccines and

other programs

CleanCap® Utilization in RNA Therapeutic Programs

Planned expansion across a diverse set of development programs

CleanCap®

applicable across all

mRNA therapeutics

and vaccines in

development

Broad Diversity of

Disease States

Multiple Therapeutic

Modalities

Biologics Safety Testing

Critical for process impurity detection

and quantification

▪

Broad applicability across biologic manufacturing

▪

Driven by growth demand for cell and gene therapy production

▪

Loyal bioprocessing customer base

▪

Custom analytical method and assay development programs

Biologics Safety Testing (19%)

1

Biologics Safety Testing

Process impurity testing is essential for all complex biologic manufacturing

Antibodies

• Mammalian

Microbial

Other Proteins

• Mammalian

• Microbial

Cell Therapy

• Mammalian

Gene Therapy

• Human

• Insect with

baculovirus

Nucleic Acids

• Mammalian

• Insect

• Synthesized or

transcribed

Vaccines

• Mammalian

• Other

Cygnus Technologies

TM

_{kits cover 23 expression systems with 28 different kits,}

and 23 different process impurities with 50 different kits

Cell

lines

used

Protein Detection

Addresses researchers’ needs for tissue-based

protein detection and characterization

Protein Detection (8%)

1

1. Percentages represent share of total revenue for the full year ended December 2020

▪

Focus on slide staining and imaging markets

▪

Highly validated products supported by over 350,000 citations

over decades of scientific publications

▪

Well positioned competitively in the research

immunohistochemistry niche

Biologics Safety Testing

Revenue ($M)

Protein Detection Revenue

($M)

Nucleic Acid Production

Revenue ($M)

▪

Strong EBITDA Margins of ~59.6%

2

▪

90% of the business serves

biopharma and life sciences

customers

▪

Significant acceleration in Nucleic

Acid Production revenue growth

▪

Consistent growth in Biologics

Safety Testing with near-term

catalysts

▪

Consistent single-digit growth in

Protein Detection, with business

interruption due to COVID-19

Financial Overview

1

1. Total revenue for the full year ended December 2019/2020 2. Adjusted EBITDA reconciliation provided on page 20

26.1 22.9 2 0 1 9 2 0 2 0 143.1 284.1 2 0 1 9 2 0 2 0

Y/Y Growth 98.6%

Total

Revenue

($M)

1

Y/Y Growth

184.2%

Y/Y Growth

23.9%

Y/Y Decrease

12.4%

22

Vector Laboratories acquired 4/2016

LTM Revenue at time of acquisition

20

TriLink Biotechnologies acquired 9/2016

23

Cygnus Technologies acquired 10/2016

15

Glen Research acquired 12/2017

M&A as enhancement to organic growth

Q2 28 32 35 43 44 51 59 62 80 91 141 203

Cumulative organic

revenue: $203M

Organic growth measured from Q1 2018 forward

Acquired and

Organic Revenues

Cumulative acquired

revenue: $81M

6 Deals Closed, cumulative acquired revenue of $81M, Organic revenue post acquisition $203M

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Q1

2017

₂₀₁₈

2019

₂₀₂₀

2016

2021 Outlook

Priorities:

REVENUE

$580 to

$630 M

EBITDA

$350 to

$390 M

ADJUSTED EPS

$0.80 to

$0.90

per share

1. See note regarding reconciliation provided on page 20

▪

Continue to meet the ongoing need of COVID-19

vaccination programs

▪

Support additional mRNA therapeutic programs

▪

Product expansion with Plasmid DNA capabilities

▪

Balance of organic growth and opportunistic

acquisitions

Proven Management Team with Significant Life Sciences Experience

Carl Hull

Chief Executive Officer

Eric Tardif

President

Kevin Herde

Chief Financial Officer

Brian Neel

COO, Nucleic Acid Production

Christine Dolan

COO, Biologics Safety Testing

Lisa Sellers

COO, Protein Detection

Mike Houston

Chief Science Officer

Financial Overview

Adjusted EBITDA ($M)

Maravai does not provide reconciliations for the non-GAAP financial measures included in the 2021 guidance because we are unable to provide a meaningful or accurate calculation or estimation of certain reconciling items. This is due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, including net income attributable to noncontrolling interest, variations in effective tax rate, expenses to be incurred for acquisition activities, and the diluted weighted average number of shares of Class A common stock outstanding for the applicable period from potential proforma exchanges of outstanding Class B common shares for shares of Class A common stock. Thus, we are unable to present a

quantitative reconciliation of the

aforementioned forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures because such information is not available.

MARAVAI LIFESCIENCES HOLDINGS, INC.

RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION

(Unaudited) (in thousands)

Three Months Ended December 31,

Year Ended December 31,

2020 2019 2020 2019

Net income (loss) $ 14.5 $ (5.5) $ 78.8 $ (5.2)

Add:

Amortization 5.2 5.2 20.3 20.3

Depreciation 0.8 1.5 5.6 3.8

Interest Expense 8.8 7.7 30.7 30.0

Income tax expense (benefit) 0.3 (1.0) 2.9 (0.7)

EBITDA 29.6 7.9 138.3 48.2

Acquisition contingent consideration - 0.1 - 0.3

Acquisition integration costs 0.3 - 3.9 6.1

Amortization of purchase accounting inventory step-up - 2.1 - 1.9

Acquired in-process research and development costs - - 2.9

-Equity-based compensation 21.7 - 24.6 1.7

GTCR management fee 0.1 0.6 0.7 0.5

Gain on sale and leaseback transaction - 0.1 (19.0)

-Merger and acquisition related expenses 0.2 3.1 0.4 3.3

Financing costs 4.8 - 9.8

-Loss on extinguishment of debt 7.6 - 7.6

Thank you!