#1BuzzFeed BuzzFeed Investor Presentation June 2021 RING ME! FULL ULL JzzFee As Is TASTY Goodful NIFTY BuzzFeed News#2M Notice to Recipient: Disclaimer This presentation (together with oral statements made in connection herewith, the "Presentation") is for informational purposes only to assist interested parties in making their own evaluation of the proposed business combination (the "Business Combination") between 890 5th Avenue Partners, Inc. ("890") and BuzzFeed, Inc. ("BuzzFeed" or the "Company"). 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BuzzFeed You are also being advised that the United States securities laws restrict persons with material non-public information about a company obtained directly or indirectly from that company from purchasing or selling securities of such company, or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities on the basis of such information. The Information does not purport to be all-inclusive and none of the Company, 890, Cowen and Company, LLC., BofA Securities, Inc. or Craig-Hallum Capital Group LLC (the latter three, the "Placement Agents"), nor any of their respective subsidiaries, stockholders, affiliates, representatives, control persons, partners, directors, officers, employees, advisers or agents, make any representation or warranty, express or implied, as to the accuracy, completeness or reliability of the information contained in this Presentation. You should consult with your own counsel and tax and financial advisors as to legal and related matters concerning the matters described herein, and, by accepting this Presentation, you confirm that you are not relying upon the Information or other information provided by third parties, whether or not purported to be on behalf of the Company, to make any decision. To the fullest extent permitted by law, in no circumstances will the Company, 890, the Placement Agents, nor any of their respective subsidiaries, stockholders, shareholders, affiliates, representatives, control persons, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of or reliance upon this Presentation, the Information, any omissions or any opinions communicated in relation thereto. In addition, this Presentation does not purport to be all-inclusive or to contain all of the information that may be required to make a full analysis of the Company, the potential financing or the Business Combination. The general explanations included in this Presentation cannot address, and are not intended to address, your specific investment objectives, financial situations or financial needs. Use of Data Some of the Information relates to or is based on studies, publications, surveys and the Company's and 890's own internal estimates and research. In addition, all of the market data included in this Presentation involves a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions. Finally, while the Company and 890 believe this internal research is reliable, such research has not been verified by any independent source and none of the Company, 890, the Placement Agents, nor any of their respective subsidiaries, stockholders, shareholders, affiliates, representatives, control persons, partners, directors, officers, employees, advisers or agents makes any representation or warranty with respect to the accuracy of such information. Forward-Looking Statements Certain statements in this Presentation may be considered forward-looking statements. Forward-looking statements generally relate to future events or 890's or the Company's future financial or operating performance. For example, statements concerning the following include forward-looking statements: the Company's summary financial forecast; the Company's ability to achieve, and maintain, future profitability; the Company's business plan and its ability to effectively manage its growth; continued market acceptance of, and traffic engagement with, the Company's content; expectations, beliefs and objectives for future operations; the Company's ability to further attract, retain, and increase its traffic; the Company's ability to expand existing revenue streams, develop new revenue opportunities, and bring them to market in a timely manner; the Company's expectations concerning relationships with strategic partners and other third parties; the Company's ability to maintain, protect and enhance its intellectual property; future acquisitions or investments in complementary companies, content or technologies; the Company's ability to attract and retain qualified employees; the proceeds of the Business Combination and the Company's expected cash runway; and the potential effects of the Business Combination on the Company. In some cases, you can identify forward-looking statements by terminology such as "believe," "may," "will," "potentially," "estimate," "continue," "anticipate," "intend," "could," "would," "project," "target," "plan," "expect," or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors, some of which are unknown and unpredictable, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward- looking statements are based upon estimates and assumptions that, while considered reasonable by 890 and its management and the Company and its management, as the case may be, are inherently uncertain. STRICTLY PRIVATE AND CONFIDENTIAL 2#3M Notice to Recipient: Disclaimer (Cont'd) Forward-Looking Statements (Cont'd) New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, various factors beyond management's control including general economic conditions and other risks, uncertainties and factors set forth in the section entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in 890's final prospectus relating to its initial public offering, dated January 11, 2021, and other filings with the Securities and Exchange Commission (the "SEC") as well as factors associated with companies that are engaged in the Company's businesses, including anticipated trends, growth rates, and challenges in those businesses and in the markets in which they operate; macroeconomic conditions related to the global COVID-19 pandemic; changes in the business and competitive environment in which the Company operates, the impact of national and local economic and other conditions and developments in technology, each of which could influence the levels (rate and volume) of the Company's subscriptions and advertising, the growth of its businesses and the implementation of its strategic initiatives; government regulation, including revised foreign content and ownership regulations; poor quality broadband infrastructure in certain markets; technological developments; demand for products and services; the failure to realize the anticipated benefits of the Business Combination; the ability of the issuer that results from the Business Combination to issue equity or equity-linked securities or obtain debt financing in connection with the Business Combination or in the future. Nothing in this Presentation should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this Presentation, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Neither the Company nor 890 undertakes any duty to update these forward-looking statements. BuzzFeed Use of Projections This Presentation contains projected financial information with respect to BuzzFeed. Such projected financial information constitutes forward-looking information, and is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. See "Forward-Looking Statements" paragraph above. Actual results may differ materially from the results contemplated by the financial forecast information containe this Presentation, and the inclusion of such ormation this Presentation should not be regarded as a representation by any person that the results reflected in such forecasts will be achieved. either the Company's nor 890's independent auditors have audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this Presentation, and accordingly, neither of them expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this Presentation. In preparing and making certain forward-looking statements contained in this presentation, BuzzFeed and 890 made a number of economic, market and operational assumptions. The Company cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although believed reasonable at the time they were made, subject to greater uncertainty. Financial Information The financial information and data contained in this Presentation is unaudited and does not conform to Regulation S-X promulgated under the Securities Act of 1933, as amended (the "Securities Act"). Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in, the registration statement to be filed by BuzzFeed and 890 with the SEC. No Offer or Solicitation This Presentation shall not constitute a "solicitation" as defined in Section 14 of the Securities Exchange Act of 1934, as amended. This Presentation does not constitute an offer, or a solicitation of an offer, to buy or sell any securities, investment or other specific product, or a solicitation of any vote or approval, nor shall there be any sale of securities, investment or other specific product in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offering of securities (the "Securities") will not be registered under the Securities Act, and will be offered as a private placement to a limited number of "accredited investors" as defined in Rule 501(a) (1), (2), (3), (5) or (7) under the Securities Act and "Institutional Accounts" as defined in FINRA Rule 4512(c). Accordingly, the Securities must continue to be held unless a subsequent disposition is exempt from the registration requirements of the Securities Act. Investors should consult with their counsel as to the applicable requirements for a purchaser to avail itself of any exemption under the Securities Act. The transfer of the Securities may also be subject to conditions set forth in an agreement under which they are to be issued. Investors should be aware that they might be required to bear the final risk of their investment for an indefinite period of time. Neither the Company nor 890 is not making an offer of the Securities in any state where the offer is not permitted. NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OR DETERMINED IF THIS PRESENTATION IS TRUTHFUL OR COMPLETE. Trademarks and Trade Names BuzzFeed owns or has rights to various trademarks, service marks and trade names that it uses in connection with the operation of its businesses. This Presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. The use or display of third parties' trademarks, service marks, trade names or products in this Presentation is not intended to, and does not imply, a relationship with the Company, or an endorsement or sponsorship by or of the Company. Solely for convenience, the trademarks, service marks and trade names referred to in this Presentation may appear with the Ⓡ, TM or SM symbols, but such references are not intended to indicate, in any way, that the Company will not assert, to the fullest extent under applicable law, their rights or the right of the applicable licensor to these trademarks, service marks and trade names. STRICTLY PRIVATE AND CONFIDENTIAL 3#4M BuzzFeed Introduction About BuzzFeed Foundations for Growth Financial Highlights Transaction Overview Appendix Table of Contents 5 9 17 27 31 36 LOL win omg cute STRICTLY PRIVATE AND CONFIDENTIAL#5Introduction STRICTLY PRIVATE AND CONFIDENTIAL 5#6BuzzFeed 890 FIFTH AVENUE PARTNERS Combination with (1) (2) BuzzFeed and COMPLEX NETWORK S... Transaction Overview and Structure BuzzFeed Inc., ("BuzzFeed") and 890 5th Avenue Partners, Inc. ("890 5th Avenue") have executed a non-binding term sheet setting forth the potential terms of a business combination Definitive documentation is expected to be signed in June 2021 It is anticipated that the post-closing company will retain the BuzzFeed name and be listed on the NASDAQ BuzzFeed plans to use $200 million from the transaction proceeds and $100 million in pro forma equity to fund their acquisition of Complex Networks, which is contingent upon the closing of the business combination. This acquisition provides an opportunity to accelerate growth and monetization of Complex's attractive brands and IP, leveraging BuzzFeed's ability to scale and reach massive audiences Valuation ● ● ● ● Transaction Overview ● Transaction implies a fully diluted pro forma enterprise value of $1.5 billion, representing 2.3x based on 2022E Revenue of $654 million and 13.0x based on 2022E Adj. EBITDA of $117 million Implied acquisition multiples for Complex of 2.1x based on 2022E Revenue of $146 million and 19.0x based on 2022E Adj. EBITDA of $16 million Existing BuzzFeed shareholders are expected to receive 72.5% of the pro forma equity(1) Capital Structure(2) The transaction will be funded by a combination of ~$288 million cash held in a trust account and proceeds from the $150 million Convertible Note offering (3) Transaction is expected to result in up to $438 million of total cash proceeds to fund the acquisition of Complex and provide working capital to the combined company Assumes no redemptions by 890 5th Avenue existing shareholders Based on $288 million cash in trust, $154 million in cash, $5 million of which represents the breakup fee held in escrow pending the closing of the Complex acquisition, and $35 million in debt, $15.5 million of which represents outstanding Letters of Credit issued by Capital One, N.A., all of the foregoing from Buzzfeed's balance sheet as of May 31, 2021, $150 million Convertible Note less $35 million of transaction expenses (3) 5-Year Unsecured $150 million Convertible Note bearing a coupon rate of 7.00% and a conversion price of $12.50. STRICTLY PRIVATE AND CONFIDENTIAL 6#7M BuzzFeed Why 890 is Excited to Partner with BuzzFeed 890 5th Avenue's investment thesis focuses on leveraging our collective operational expertise to add strategic value to a leading digital media company positioned to benefit from key secular trends BuzzFeed ✓ Leading, globally recognized "Media 2.0" platform primed to benefit from digital tailwinds core to our thesis Ideal platform to execute upon organic growth opportunities plus a roadmap for accretive strategic M&A Partnering with a visionary management team that has operated at the forefront of innovation within digital media and content Ability to add value from our operating expertise, strategic vision and growth mindset Highly attractive financial profile and valuation STRICTLY PRIVATE AND CONFIDENTIAL 7#8M BuzzFeed ✓ ✓ BuzzFeed Jonah Peretti Co-Founder & Chief Executive Officer Co-founder of The Huffington Post in 2005 Pioneered viral project designs, shareable social advertising campaigns, news reporting, and content creation across industries Today's Presenters Felicia Della Fortuna Chief Financial Officer Former Senior Director of Finance at Viant ✓ Previously Director of Financial Planning & Analysis at XIX Entertainment ✓ Previous experience in Transaction Advisory Services at Ernst & Young 890 5th Avenue Partners Adam Rothstein Executive Chairman Co-founder and General Partner at Disruptive Technology Partners ✓ Independent Director of Roth CH Acquisition Companies I,II, and III (NASDAQ: ROCH, ROCC, ROCR) Over 20 years of investment experience Michael Del Nin Chief Financial Officer & Chief Operating Officer Served as Co-Chief Executive Officer of Central European Media Enterprises ✓ Over two decades of media experience with strategy, M&A, business development and financial analysis roles STRICTLY PRIVATE AND CONFIDENTIAL 8#9About BuzzFeed STRICTLY PRIVATE AND CONFIDENTIAL 9#10T 0 M BuzzFeed 00200 20 2000 COMPLEX NETWORK S sole collector COMPLEX HOT NETWORKS... ONE Brands that are Defining Culture BuzzFeed KATY PERRY WORLD'S BEST CHERRY PIE TASTY BuzzFeed IHUFFPOSTI Tweet Ariana Grande > @Ariana Grande who'd u get buzzfeed.com/caseymcalary/a... You got: Ariana Grande Ari, is that you? You always lead with love and have space for many people in your life. Your big heart has allowed you to have several relationships, all of ich have taught you important lessons about yourself. You cherish your friends more than anything, and while romantic love may come an go, having your girls by your side reminds you that you're a bad ass. Image: Republic Records BuzzFeed good job @buzzfeed tbh 7:10 PM - Jan 23, 2019- Twitter for iPhone 3,271 Retweets 252 Quote Tweets 23 41.1K Likes STRICTLY PRIVATE AND CONFIDENTIAL ♡ ↑ 10#11BuzzFeed ● ● Leading Platform for Digital Content and Commerce ● Foundational Concepts As Is BRING ME! Goodful HUFFPOSTI NIFTY PLAYFULL TASTY BuzzFeed BuzzFeed News COMPLEX NETWORKS. Iconic brands with massive reach, engagement and distribution Operating model for modern media built on technology and data enabling rapid scale and monetization with a deep understanding of virality and social Rapidly scaling higher margin commerce revenue stream expected to be ~31% of total revenue by 2024E Reached an inflection point with a diversified revenue base and sustainable, profitable growth #1 In time spent in the U.S. among Gen Z and Millennials (1) $654M 2022E Revenue $521M 2021E Revenue BuzzFeed at a Glance ~73% of Gen Z and Millennials (2) read BuzzFeed each month ~25% 2022E Revenue Growth ~24% 2021E Revenue Growth Source: Management, company estimates. Financials are Pro Forma for Complex, excludes go90. (1) Comscore, October 2020 when compared to Core competitor set. Core competitor set includes Vox Media, Group Nine Media, Complex, POPSUGAR Media, Vice Media, REFINERY29.com. (2) Nielsen Digital Content Ratings, Monthly Data October 2020 (3) Q1 2020 BuzzFeed Brand Health Study (U.S. P13-54) #1 In Brand Awareness (3) for digital media ~18% Adj. EBITDA Margin 2022E ~11% Adj. EBITDA Margin 2021E STRICTLY PRIVATE AND CONFIDENTIAL 11#12BuzzFeed Expansion and Diversification of Business Model November 2006 Jonah Peretti launches BuzzFeed Lab Experimentation to Grow Audience (1) (2) January 2012 Launches BuzzFeed News June 2014 Releases DEAR KITTEN as the first branded video content August 2015 & November 2016 Surpasses OOM in revenue Invests $400M in BuzzFeed NBC UNIVERSAL Topline Growth November July 2015 2014 Launches TASTY August 2017 Launches programmatic advertising November 2016 BuzzFeed Launches PRODUCT LABS laying the groundwork for revenue diversification August 2018 Launches BuzzFee REVIEWS driving affiliate, programmatic and content licensing March 2018 December 2018 Revenue Model Diversification Tasty kitchenware line debuts at Walmart >$100M in revenue from new revenue streams October 2018 Creates BuzzFeed Exchange, a unified programmatic offering BFX Note: Adj. EBITDA excludes stock-based compensation and other net income/expense. Revenue CAGR and Adj. EBITDA include Complex, excludes go90. Deal signed in March 2021 and expected to close in connection with the proposed transaction. Deal signed in November 2020 and closed in February 2021. July 2020 Partnership w/ LIONSGATE to produce feature films March 2021 Signs Definitive Agreement to acquire verizon media COMPLEX™ NETWORKS. November 2020 Profitable Revenue Growth Acquires (2) IHUFFPOSTI (1) becomes a minority shareholder $20-'24 Revenue CAGR ~26% '24 Adj. EBITDA Margin ~25% STRICTLY PRIVATE AND CONFIDENTIAL 12#13BuzzFeed ● ● ● ● ● Highly Attractive Acquisition of Complex Transaction Rationale Expands further into new audiences and verticals Deepens engagement with existing demographic Cements opportunity as defining youth media platform Immediate synergies and monetization opportunities Synergistic Opportunities Current pro forma financial model does not account for synergies Immediate opportunities to promote brands and create cross-platform growth Proven track record of creating second windowing opportunities for digital first IP COM PLEX # 1 reach amongst males ages 18-24 Other Key Initiatives HOT ONES Premiere food culture brand 2.5x Brands and IP(¹) COM COLLECTIVE Research offering proprietary data LUSS for sole collector 170K Content Pieces(3) #1 sneaker community 150M Monthly Video Views (2) Key Statistics (1) COMPLEXCON #1 brand youth convention COMPLEX CLIMATE Youth consultancy offering PIGEONS & PLANES Leading music & artist discovery platform ON SHOP Ecommerce destination 3.2B Total Impressions (4) 322M Monthly Minutes (4) Highly diverse reader demographic compared to total digital population (5) Source: Complex Management and publicly available information. (1) Complex materials and reports. (2) Represents 2020 monthly average, excluding views attributable to advertising consulting services. (3) Represents 2020 O&O original output and STRICTLY PRIVATE AND CONFIDENTIAL published content, both posts and videos. (4) Comscore, October 2020; total impressions represents 2020 O&O site and YouTube display and video impressions, includes both direct and indirect. (5) Refers to Black/African-American males age 18-34. Comscore, October 2020. 13#14BuzzFeed Aligned with Massive Secular Trends Video & Social Video advertising contributes to traffic growth, increases average session time, attracts potential customers and increases sales 86% of users would like to see more video content from brands BuzzFeed b High Quality Content Big Tech platforms in need of trusted, brand-safe supply of digital content at scale Demand for voices that call for racial and social justice and more inclusive, transparent and just business practices eCommerce Shift to eCommerce accelerated by COVID-19, expanding markets as the modern consumer discovers and buys new things Source: Company filings; S&P Global Market Intelligence Global Advertising Forecasts Jun 2020; eMarketer Oct 2020; Wyzowl Video Marketing Statistics 2020 report; Wall Street research. STRICTLY PRIVATE AND CONFIDENTIAL 14#15M BuzzFeed Benefitting from Underlying Digital Tailwinds Accelerating Shift to "All Things Digital" Massive acceleration in the shift to digital across content and commerce Evolving Privacy Landscape Privacy regulation increasingly stringent as consumers demand transparency and control of data Ad Spend Shifting from Mega Platforms f BuzzFeed Snap Inc. Pinterest TikTok Ad budgets diversifying with focus on authenticity and brand safety STRICTLY PRIVATE AND CONFIDENTIAL 15#16M BuzzFeed BuzzFeed Key Investment Highlights Leading "Media 2.0" platform for the next generation of Internet * KI Globally recognized digital brands with massive, engaged audience Technology platform designed to rapidly scale and monetize digital content Demonstrated platform for both organic and acquisition-led growth Reached inflection point with accelerating, sustainable and profitable growth Innovative management team that has been at the forefront of driving digital trends STRICTLY PRIVATE AND CONFIDENTIAL 16#17Foundations For Growth STRICTLY PRIVATE AND CONFIDENTIAL 17#18BuzzFeed Portfolio of Premium and Emerging Digital Content Brands Entertainment / Culture BuzzFeed A Leading Media Company for the Modern World VASIO #1 Digital Publisher for Cultural Relevance 20M+ 69M YouTube Monthly Likes, Subscribers Comments and Shares (Beauty) COMPLEX NETWORKS. A Leading Media Outlet for Young Readers FRAME (1) #1 Reach Amongst Males Ages 18-24 150M+ Monthly Video Views As Is 170k+ Original Content Pieces NIMPEND BRING ME! (Travel) BuzzFeed News A Leading News Brand for Young Readers 32% Millennial and Gen Z Audience Composition 24M Monthly Unique Visitors 2x Pulitzer Prize Finalist News IHUFFPOSTI A Leading Digital News Outlet 5 Minutes Spent by the Avg. Unique Visitor(2) 11M Monthly Unique Visitors (2) Theses cont 51M Monthly Minutes(2) THE NEW NEVER SL THE NEW Food TASTY A Leading Global Food Network 2.2B Monthly Views Across Platforms 1 in 3 Americans Have Seen Tasty on a Monthly Basis TASTES Emerging Brands Goodful NIFTY NIFTY PLAYFULL (Health) (Home) (Family) 8 in 10 Tasty Viewers Have Made a Recipe 1 MIXED BES Source: Comscore, Feb 2020, Comscore, Oct 2020, Nielsen Digital Content Ratings, Monthly Data, Oct 2020, Complex materials and reports, BuzzFeed internal survey conducted via Qualtrics, Apr STRICTLY PRIVATE AND CONFIDENTIAL 2020, BuzzFeedNews.com, YouTube.com, Multi-Platform, Key Measures, Oct 2020, Tubular Intelligence, Oct 2020, Digital Media Brand Perceptions Study (Q3 2018), U.S. P13-54, ComscoreMedia Metrix, Key Measures, P13-24, Key Measures, A25-34. (1) BuzzFeed is acquiring Complex Networks as part of the proposed transaction. 18#19BuzzFeed Machine Learning Powers a Scaled Tech Stack Creating content requires data, technology and scale All are key competitive moats and differentiators of BuzzFeed's relationship with audiences Proprietary Quiz Maker Built into CMS BuzzFeed 37M unique quiz takers Enables a dozen varieties of addictive quizzes, with new formats developed regularly QUIZ PARTY Tw Source: BuzzFeed Client Event Tracking Data, Dec 2020. Headline Optimization Post-publication, BuzzFeed's technology automatically finds the best headline from several options Optimization in Progress but 8PA Proprietary Machine Learning Algorithms Generates both recommendations and automation of what and when to publish on social platforms LSK 125496 2679 Custom Tools for Content Creators Supports the efficient creation of the best content from what readers love and engage in, including flipped posts from comments and subbuzz remixer for market ☆ STRICTLY PRIVATE AND CONFIDENTIAL 19#20M BuzzFeed Growth Flywheel is Highly Scalable Across Platforms Data-Driven Platform is Highly Repeatable 1 INVEST CONTENT EN $ 2 BuzzFeed W AUDIENCE DATA 3 Video Cross-Platform Distribution You Tube hulu twitter twitch Web < facebook Alphabet Social Snap Inc. Instagram Mobile STRICTLY PRIVATE AND CONFIDENTIAL 20#21BuzzFeed Massive, Deeply Engaged Audience in Key Demographics BuzzFeed Digital VOXMEDIA group nine media VICE Unrivaled scale, reach and ability to successfully engage younger audiences with compelling content Unique Visitors" (Gen Z + Millenials) 12M 20M 38M 31M Time Spent (Minutes) (Gen Z + Millenials) BuzzFeed Digital VOXMEDIA group nine media VICE 213M 55M 32M 806M Time Spent per Unique Visitor (Gen Z + Millenials) BuzzFeed Digital VOXMEDIA group nine media VICE Source: ComscoreMedia Metrix, Multi-Platform, Key Measures, Oct 2020. Note: Core competitor set includes Vox Media, Group Nine Media, Complex, POPSUGAR Media Vice Media, REFINERY29.com. BuzzFeed Digital includes HuffPost and Complex. Group Nine includes POPSUGAR Media. Vice includes REFINERY29.com Vox Media includes New York Media/Magazine. Total monthly site page views represent U.S. only. Time spent includes time spent across O&O properties and select video platforms. (1) Unique Visitors are unduplicated. 21.2 Min. 6.9 Min. 2.8 Min. 2.6 Min. STRICTLY PRIVATE AND CONFIDENTIAL 21#22M BuzzFeed High Growth Commerce Opportunity BuzzFeed's Commerce revenue stream is enabled by a unique ability to deliver content to high value audiences This revenue stream drove "$500M in attributable transactions in 2020, up 62% YoY Enabled by unique approach to content Commerce Revenue All Other Revenue 13% 2020A $57M(¹) 87% Note: Historical financials are based on unaudited statements. (1) Pro Forma for Complex. Excludes go90. Further monetization of high value audiences Commerce Revenue Mix(¹) 23% Inspiration driven 2022E $150M(¹) 77% Rapid growth with high margins 31% 2024E $330M(¹) 69% STRICTLY PRIVATE AND CONFIDENTIAL 22#23BuzzFeed BuzzFeed In five years, BuzzFeed has built Tasty into a scaled, cross-platform brand with multiple revenue streams TASTY Formats Applied to Cooking Applies popular BuzzFeed formats to cooking and discovers success Food Food Here's how to make -PIZZA OP Powering Organic Growth of Brands OOK- Experimentation & Social Media Feedback / Data Loop UGC cooking videos going viral on Facebook; starts experimenting with original BuzzFeed food videos TASTY Deena Shollenberger So good and cheesy, making this Audience Expansion Tasty Facebook channel surpasses 8M engagements (likes, comments, shares) the month after launch 14M views in 10 days This is Perec My son asked for a volcano cake for his birthday next week! Now know howt Iterations for Expansion & Development Applies learnings to launch international versions and develop new styles and formats PROPER TASTY bien TASTY TASTY TASTY demais JAPAN Source: Tubular Intelligence, Oct 2020, BuzzFeed Looker Data, NiemanLab, Jan 2017, Nielsen Digital Content Ratings, Monthly Data, Aug 2020. Multiple Monetization Streams Popularity fuels product launches: Top Selling Cookbook, Tasty App and One Top cooking appliance TASTY latest & greatest Facebook Followers ~15x 13M Νον '15 196M Nov '20 STRICTLY PRIVATE AND CONFIDENTIAL 23#24M BuzzFeed BuzzFeed Proven Consolidation Platform Massive scale and distribution Robust engagement and monetization Technology and data-driven approach Diversified revenue base & efficient model IHUFFPOSTI HuffPost Acquisition Rationale • Universally known brand with cross-platform appeal • Extends leadership position and enhances scale • Expanding reach into attractive demographic • Near term opportunities to lift monetization • Clear opportunity to drive profitability COMPLEX NETWORKS.. Complex Acquisition Rationale Expands further into new audiences and verticals • Deepens with existing demographic • Creates defining youth media platform • Immediate synergies and monetization Key Stats 11M Monthly Unique Visitors 51M Monthly Minutes 5 Minutes Spent by Avg. Unique Visitor Source: Comscore, Feb 2020, Comscore, Oct. 2020, Complex materials and reports. Monthly Unique Visitors, Monthly Minutes and Minutes Spent by Average Unique Visitor represent Gen Z + Millennials only. Key Stats 14M Monthly Unique Visitors 137M Monthly Minutes #1 Reach Among Males Ages 18-24 STRICTLY PRIVATE AND CONFIDENTIAL 24#25M BuzzFeed Consolidation Strategy Driving Accretive Results 18 Target Criteria Influential, Iconic Brands Engaging Content Creation Additive Audience Dynamics Monetization Opportunities S GI LA Value Creation Price Discipline Cross-Platform Integration Sustainable Revenue Growth Creating path to profitability STRICTLY PRIVATE AND CONFIDENTIAL 25#26BuzzFeed Our Scaled Model has Powered Network Effects Creating Competitive Barriers and Driving Growth Leading Audience and Brands 3 out of 4 (1) U.S. Millennials & almost half of U.S. Gen Z read BuzzFeed each month (3) (4) 4.0B(²) Average minutes watched monthly in 2020 Data-Driven Tech Platform INVEST CONTENT BuzzFeed AUDIENCE DATA Scaled Cross- Platform Distribution Owned & Operated BuzzFeed BuzzFeed News TASTY IHUFFPOST COMPLEX NETWORKS. Social Media Platforms f Instagram You Tube Tik Tok (1) Nielsen Digital Content Ratings, Monthly Data, Oct 2020. (2) APIs and Tubular Intelligence, Oct 2020. Deal signed in March 2021 and expected to close in connection with the proposed transaction. See slides 28 and 29, which show the actual revenue mix for 2019 and 2020 as well as the forecasted revenue mix for 2021-2024. (3) Diversified Revenue Model (4) Commerce Content $ Advertising Growth & Profitability $654M '22E Revenue 25% '20A-'22E Revenue CAGR $117M '22E Adj. EBITDA 18% '22E Adj. EBITDA Margin STRICTLY PRIVATE AND CONFIDENTIAL 26#27Financial Highlights STRICTLY PRIVATE AND CONFIDENTIAL 27#28BuzzFeed 41% (1) (2) Diversified Revenue Revenue Mix (3) 11% 48% 2019A Advertising 44% Content 31% 25% 2024E Commerce Key Financial Themes Delivering Profitability at Scale COGS and Operating Leverage as a % of Revenue 52% 51% 2019A 50% 46% 2020A 51% 38% 2021E COGS as a % of Revenue 48% 34% 2022E 47% 47% 30% 29% 2023E 2024E OpEx(³) as % of Revenue Key Customer Retention (1)(2) Annual Spend for Top 5 Clients $27M 2019A 42% YOY% $39M Note: Dollars in millions. Unless noted, figures are Pro Forma for Complex. Not Pro Forma for Complex. Top 5 Clients (of 2020, with comparison to 2019 spend) include a Leading Insurer, two Leading Retailers, a Leading CPG Conglomerate, and a Leading Grocer. Excludes revenue earned STRICTLY PRIVATE AND CONFIDENTIAL from platforms (i.e., affiliate commissions from Amazon, programmatic pre-roll and display). Excludes D&A, SBC, Tax and other one-time non-recurring expenses. 2020A 28#29BuzzFeed Accelerating Growth Profile with Continued Diversification ($ in millions) $425 $202 $176 2019A $47 Pro Forma Revenue Projections $421 $166 $198 2020A $57 $521 $95 $165 $261 2021E 26% CAGR $654 $150 $187 $316 2022E $833 $225 $221 $387 2023E Advertising Content Commerce Note: FY2021E and beyond includes HuffPost. Pro Forma includes Complex, excludes go90. (1) Please refer to Adj. EBITDA reconciliation on p.38. $1,063 $330 $270 $463 2024E ($ in millions) (3%) ($14) 2019A 4% $17 Pro Forma Adj. EBITDA(1) 2020A 11% $57 2021E Adj. EBITDA 18% $117 2022E Adj. EBITDA Margin 22% $187 2023E 25% $263 2024E STRICTLY PRIVATE AND CONFIDENTIAL 29#30M BuzzFeed $100 $321 2020A $31 ($14) 2020A $421 $17 Combined Company Financial Summary Revenue ($) $119 $402 $2 2021E Adj. EBITDA(¹) ($) $55 $521 2021E $57 $146 $16 Note: BuzzFeed FY2021E and beyond includes HuffPost. Complex numbers excludes go90. Please refer to Adj. EBITDA reconciliation on p.38. (1) $508 2022E $102 2022E $654 $117 Complex (7%) (14%) BuzzFeed 1% 2020A 10% 2020A (1%) 4% Revenue Growth (%) Pro Forma 19% 25% Adj. EBITDA Margin(¹) (%) 2% 2021E 14% 24% 2021E 11% 22% 11% 26% 2022E 20% 2022E 25% 18% STRICTLY PRIVATE AND CONFIDENTIAL 30#31Transaction Overview STRICTLY PRIVATE AND CONFIDENTIAL 31#32BuzzFeed Total Sources $ and share data (except share price) in millions Sources Existing BuzzFeed Shareholders Equity Rollover SPAC Cash in Trust Cash from Target Balance Sheet(¹) Convertible Note Sources & Uses / Pro Forma Valuation Estimated Sources & Uses Uses Existing BuzzFeed Shareholders Equity Rollover Common Stock Issued to Complex Cash Payment to Complex Cash to Balance Sheet (1) (2) $1,335 $288 $154 $150 $1,926 Illustrative Pro Forma Valuation Illustrative Share Price Pro forma shares outstanding Equity Value Plus: Debt(2) Less: Cash Enterprise Value $1,235 $100 $200 $356 Payment of Transaction Expenses $35 $1,926 Complex Shareholders Total Uses Note: Amounts presented on this slide assume no redemptions from the trust account. Amounts also exclude (i) outstanding unvested equity awards rolling over in the Transaction, (ii) the impact of any equity awards issued at or after the closing of the Transaction, (iii) the dilutive impact of 9.842M SPAC warrants with a strike price of $11.50 per share, and (iv) potential future conversion of the $150M of Convertible Notes. Values subject to rounding. $154 million cash balance as of May 31, 2021, $5 million of which represents the breakup fee held in escrow pending the closing of the Complex acquisition. Debt balance consists of $35.1 million of debt from the Company balance sheet as of May 31, 2021, including $15.5 million in outstanding Letters of Credit issued by Capital One, N.A. and $19.6 million of revolving credit loans drawn down from White Oak along with the 5-Year Unsecured $150 million Convertible Note bearing a coupon rate of 7.00% and a conversion price of $12.50 Illustrative Pro Forma Ownership Existing BuzzFeed Shareholders Equity Rollover SPAC Sponsor Shares SPAC Public Shareholders 72.5% $10.00 170.165 $1,702 $185 $356 $1,530 5.9% 4.7% 16.9% STRICTLY PRIVATE AND CONFIDENTIAL 32#33BuzzFeed 24.6% BuzzFeed 18.0% Comparable Company Benchmarking Analysis BuzzFeed Digital Media, Content & Commerce Mean: 18.5% Median: 16.7% 26.3% 2020A - 2022E Pro Forma Revenue CAGR (%) zynga Etsy 29.2% 25.9% Etsy 16.7% Digital Media, Content & Commerce Mean: 21.3% Median: 25.2% 27.7% 13.0% 25.2% Taboola IAC 2022E Pro Forma Adj. EBITDA Margin (%) 17.0% 10.5% The New York Times The New York Times Taboola zynga IAC Source: Capital IQ as of June 18, 2021. Note: BuzzFeed metrics per management estimates and pro forma for Complex acquisition. Taboola Sales and Adj. EBITDA per management estimates. 7.2% 51.8% Mean: 36.8% Snap Inc. Social Platforms 52.6% f 42.8% Mean: 32.9% Median: 34.6% Pinterest f 26.5% Social Platforms 29.9% Median: 29.3% 28.7% 26.1% Pinterest 20.4% Snap Inc. STRICTLY PRIVATE AND CONFIDENTIAL 33#34BuzzFeed Comparable Company Benchmarking Analysis (Cont'd) Assumed EV of $1.5B 2.9x 2.3x 2021E 2022E BuzzFeed Assumed EV of $1.5B 26.8x 13.0x 2021E 2022E Mean: BuzzFeed Median: 10.0x 8.3x 2021E 2022E Etsy Mean: Digital Media, Content & Commerce 2021E: 5.1x 2022E: 4.4x Median: 34.8x28.5x 2021E: 4.6x 2021 2022E 2.9x 2.5x 2021 2022E IAC 2021E: 20.0x NM Enterprise Value / Pro Forma Revenue 35.3x 2021 2022E 2022E: 4.0x Digital Media, Content & Commerce 2021E: 22.7x 2022E: 22.4x 2022E: 18.2x 3.3x 3.1x 4.6x 4.0x 21.3x18.2x 2021 E 2022E 2021 2022E The New York Times 2021E 2022E The New York Times Enterprise Value / Pro Forma Adj. EBITDA Taboola 16.1x 14.3x 2021E 2022E 4.6x 4.0x 2021E 2022E Taboola zynga 18.7x 15.8x 2021E 2022E Mean: Median: 7.9x 6.6x Azynga 2021E 2022E f Mean: Median: 14.9x 12.6x 2021E 2022E Social Platforms 2021E: 16.1x 2021E: 14.7x 19.5x 14.6x 2021E 2022E Pinterest 2021E: 25.1x 2021E: 25.1x NM NM 2021E 2022E 2022E: 11.9x 2022E: 11.3x Social Platforms Pinterest 27.0x 18.3x 2021E 2022E Snap Inc. 2021E 2022E Etsy IAC f Snap Inc. STRICTLY PRIVATE AND CONFIDENTIAL 34 Source: Capital IQ as of June 18, 2021. Note: BuzzFeed metrics per management estimates including Complex. FY2021E and beyond includes HuffPost; Taboola Sales and Adj. EBITDA per management estimates. Taboola EV based on ION Acquisition Corp. [NYSE: IACA). Note: Multiples<0.0x or >50.0x deemed not meaningful or "NM". 10.0x 8.1x 2021E 2022E 2022E: 19.8x NM NM 2022E: 19.8x 35.2x 27.0x 2021E 2022E#35BuzzFeed Revenue Advertising % Growth Content % Growth Commerce % Growth Total Revenue % Growth Adj. EBITDA (1) % Growth % Margin 2019A Historical $176 13% 202 (8%) 47 48% $425 4% ($14) NM (3%) Summary Financials 2020A $198 13% 166 (18%) 57 20% $421 (1%) $17 NM 4% 2021E $261 32% 165 (1%) 95 67% $521 24% $57 246% 11% BuzzFeed Management Projections 2022E Note: 2019A and 2020A excludes HuffPost revenue and Adj. EBITDA. Pro Forma includes Complex, excludes go90. Values subject to rounding. Please refer to Adj. EBITDA reconciliation on p.38. (1) $316 21% 187 13% 150 59% $654 25% $117 106% 18% 2023E $387 22% 221 18% 225 50% $833 28% $187 59% 22% 2024E $463 20% 270 22% 330 47% $1,063 28% $263 41% 25% '20A - ¹24E CAGR 24% 13% 55% 26% 100% STRICTLY PRIVATE AND CONFIDENTIAL 35#36BuzzFeed#37Appendix STRICTLY PRIVATE AND CONFIDENTIAL 37#38M BuzzFeed ($ in millions) Net Income (1) GAAP / Non-GAAP Reconciliation (Adj. EBITDA) go90 profit Income tax provision (benefit) Interest expense Interest income Depreciation and amortization Other income, net Loss on disposition of subsidiary Stock-based compensation Restructuring Loss on disposal of assets Adj. EBITDA Note: Values subject to rounding. (1) Excludes minority interest adjustment relating to noncontrolling interest in BuzzFeed Japan. 2019A ($29) (29) 3 O (2) 31 (2) 3 10 1 ($14) 2020A $4 (14) (2) 1 (0) 27 (2) 1 1 $17 STRICTLY PRIVATE AND CONFIDENTIAL 38