Cerevel Therapeutics : Corporate Presentation

Transforming the Possible in Neuroscience

2Q 2021 Financial Results & Business Update

August 2021

Forward-Looking Statements

This presentation contains forward-looking statements that are based on management's beliefs and assumptions and on information currently available to management. In some cases, you can identify forward-looking statements by the following words: "may," "will," "could," "would," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue," "ongoing" or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Although we believe that we have a reasonable basis for each forward- looking statement contained in this presentation, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain.

Forward-looking statements in this presentation include, but are not limited to: statements about the potential attributes and benefits of our product candidates, including with respect to receptor subtype selectivity, activity, side effect and tolerability profile and relevant indications; the format and timing of our product development activities and clinical trials, including the advancement of CVL-231 into a comprehensive Phase 2 program in schizophrenia, plans to evaluate the potential of this mechanism in other populations, including dementia-related psychosis, the timing and status of our Phase 1 trial of darigabat in acute anxiety and other statements regarding the design of clinical trials and the timing of initiation, completion and data readouts for clinical trials; the timing and outcome of IND submissions and other regulatory interactions; the ability to compete with other companies currently marketing or engaged in the development of treatments for relevant indications; the size and growth potential of the markets for product candidates and ability to serve those markets; the rate and degree of market acceptance of product candidates, if approved; the potential effects of the business combination; the amount and timing of payments we may receive pursuant to the tavapadon financing transaction; the sufficiency of our financial resources, including to fund the tavapadon Phase 3 development program through NDA submission; receipt of proceeds from our warrant redemption; and our cash runway.

We cannot assure you that the forward-looking statements in this presentation will prove to be accurate. Furthermore, if the forward-looking statements prove to be inaccurate, the inaccuracy may be material. Actual performance and results may differ materially from those projected or suggested in the forward-looking statements due to various risks and uncertainties, including, among others: that we may not realize the expected benefits of the financing transaction; that clinical trial results may not be favorable; uncertainties inherent in the product development process (including with respect to the timing of results and whether such results will be predictive of future results); the impact of COVID-19 on the timing, progress and results of ongoing or planned clinical trials; other impacts of COVID-19, including operational disruptions or delays or to our ability to raise additional capital; whether and when, if at all, our product candidates will receive approval from the FDA or other regulatory authorities, and for which, if any, indications; competition from other biotechnology companies; uncertainties regarding intellectual property protection; and other risks identified in our SEC filings, including

those under the heading "Risk Factors" in our Quarterly Report on Form 10-Q filed with the SEC on May 17, 2021 and our subsequent SEC filings.

In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame, or at all. The forward-looking statements in this presentation represent our views as of the date of this presentation. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this presentation.

© Cerevel Therapeutics Holdings, Inc.	2

Agenda

Introduction

Overview

Matthew Calistri

Vice President, Corporate Strategy and Investor Relations

Tony Coles, M.D.

Chairperson & Chief Executive Officer

Lead Program Updates

Raymond Sanchez, M.D.

Chief Medical Officer

Early Pipeline Updates

John Renger, Ph.D.

Chief Scientific Officer

Q2 Financial Performance

Kathy Yi

Chief Financial Officer

Q&A

All

© Cerevel Therapeutics Holdings, Inc.	3

Business & Pipeline Updates

Pipeline

Capital

• Announced clinically meaningful and statistically significant topline results from Phase 1b trial for CVL-231in schizophrenia
• Initiated screening in Phase 2a trial in dementia-related apathy for CVL-871
• Submitted IND for CVL-354(KORA), in development for MDD and substance use disorder; expect to initiate Phase 1 in 3Q 2021
• Darigabat Phase 1 acute anxiety data now expected 1H 2022
• Upcoming R&D Event scheduled for October 7, 2021
• Raised $328 million net proceeds from follow-on offering in July 2021
• Announced redemption of outstanding public warrants
• Cash balance of $327 million* as of 6/30/2021
• Cash runway projected into 2024

*Does not include $328 million net proceeds from follow-on offering or any expected proceeds from exercise of public warrants	© Cerevel Therapeutics Holdings, Inc.	4

Company Highlights

✓	Pursuing a targeted approach to neuroscience that combines a differentiated
CNSunderstandingdiseases	of neurocircuitry with advanced chemistry to develop novel therapies for

• Broad portfolio of 11 assets targeting large markets with significant unmet need, including schizophrenia, epilepsy and Parkinson's Disease
• Progressing towards multiple near and medium-term catalysts, with at least 7 data readouts and multiple INDs expected by the end of 2023
• Leveraging a seasoned management team with extensive expertise in neuroscience and a strong track record of over 20 prior drug approvals and commercialization

© Cerevel Therapeutics Holdings, Inc.	5