#1Forbes A Global Powerhouse For 104 Years & Growing#2Disclaimer Forbes This investor presentation (this "Presentation") is for informational purposes with respect to the proposed business combination (the "Business Combination") among Magnum Opus Acquisition Limited ("Magnum Opus"), Forbes Global Holdings Inc. and Forbes Global Media Holdings Inc. (together with their direct and indirect subsidiaries and affiliates, the "Company"). No Offer or Solicitation This Presentation does not constitute (i) a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed Business Combination or (ii) an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase any security of Magnum Opus, the Company, or any of their respective affiliates, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. Important Information The information contained herein does not purport to be all-inclusive and none of Magnum Opus, the Company or their respective affiliates makes any representation or warranty, express or implied, as to the accuracy, completeness or reliability of the information contained in this Presentation. Neither Magnum Opus, the Company, nor any of their respective affiliates, agents, advisors, directors, officers, employees, partners, representatives and shareholders shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this Presentation or for omissions from the information in this Presentation. We reserve the right to amend or replace the information contained herein, in part or entirely, at any time, and undertakes no obligation to provide you with access to the amended information or to notify you thereof. Forward-Looking Statements Certain statements in this Presentation may be considered forward-looking statements. Forward-looking statements generally relate to future events or Magnum Opus's or the Company's future financial or operating performance. For example, projections of tax benefits, future financial and other metrics are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expect", "intend", "will", "estimate", "anticipate", "believe", "predict", "potential" or "continue", or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that a statement is not forward-looking. Such forward-looking statements are subject to risks, uncertainties, and other factors 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 Magnum Opus and its management, and the Company and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of negotiations and any subsequent definitive agreements with respect to the Business Combination; (2) the outcome of any legal proceedings that may be instituted against Magnum Opus, the combined company or others following the announcement of the Business Combination and any definitive agreements with respect thereto; (3) the inability to complete the Business Combination due to the failure to obtain approval of the shareholders of Magnum Opus, to obtain financing to complete the Business Combination or to satisfy other conditions to closing; (4) changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the Business Combination; (5) the ability to meet stock exchange listing standards following the consummation of the Business Combination; (6) the risk that the Business Combination disrupts current plans and operations of Magnum Opus or the Company as a result of the announcement and consummation of the Business Combination; (7) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (8) costs related to the Business Combination; (9) changes in applicable laws or regulations; (10) the possibility that the Company or the combined company may be adversely affected by other economic, business, and/or competitive factors; (11) the Company's estimates of expenses and profitability; and (12) other risks and uncertainties set forth in the section entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in Magnum Opus's final prospectus relating to its initial public offering dated March 23, 2021 and the risks described below under "Certain Risks Applicable to the Company." Readers are cautioned that this list of factors should not be construed as exhaustive. 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, which speak only as of the date they are made. Neither Magnum Opus nor the Company undertakes any duty to update these forward-looking statements. 2#3Disclaimer Non-GAAP Financial Measures Forbes This Presentation includes certain financial measures not presented in accordance with generally accepted accounting principles ("GAAP") including, but not limited to, EBITDA and certain ratios and other metrics derived therefrom. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing the Company's financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that the Company's presentation of these measures may not be comparable to similarly-titled measures used by other companies. The Company believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company's financial condition and results of operations. The Company believes that the use of these non- GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in and in comparing the Company's financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Please refer to footnotes where presented on each page of this Presentation or to the appendix found at the end of this Presentation for a reconciliation of these measures to what the Company believes are the most directly comparable measure evaluated in accordance with GAAP. This Presentation also includes certain projections of non-GAAP financial measures. Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from these projected measures, together with some of the excluded information not being ascertainable or accessible, the Company is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measures without unreasonable effort. Consequently, no disclosure of estimated comparable GAAP measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included. Use of Projections This Presentation contains financial forecasts with respect to the Company's projected financial results, including revenues, contribution margin, EBITDA and operating cash flow and certain ratios and other metrics derived therefrom, for the Company's fiscal years 2021 through 2022 and from 2023 onward. The Company's independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this Presentation, and accordingly, they did not express an opinion or provide any other form of assurance with respect thereto for the purpose of this Presentation. These projections should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of the Company or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this Presentation should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved. Industry and Market Data In this Presentation, Magnum Opus and the Company rely on and refer to certain information and statistics obtained from third-party sources which they believe to be reliable. Neither Magnum Opus nor the Company has independently verified the accuracy or completeness of any such third- party information. Trademarks and Intellectual Property All trademarks, service marks, and trade names of the Company or its affiliates used herein are trademarks, service marks, or registered trade names of the Company as noted herein. Any other product, company names, or logos mentioned herein are the trademarks and/or intellectual property of their respective owners, and their use 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 without 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. Additional Information In connection with the proposed Business Combination, Magnum Opus intends to file a preliminary proxy statement and a definitive proxy statement with the SEC, and Magnum Opus will mail a definitive proxy statement relating to the proposed Business Combination to its shareholders. This Investor Presentation does not contain all the information that should be considered concerning the proposed Business Combination and is not intended to form the basis of any investment decision or any other decision in respect of the Business Combination. Magnum Opus's shareholders and other interested persons are advised to read, when available, the preliminary proxy statement and the amendments thereto and the definitive proxy statement and other documents incorporated by reference therein filed in connection with the proposed Business Combination, as these materials will contain important information about Magnum Opus, the Company and the Business Combination. When available, the definitive proxy statement and other relevant materials for the proposed Business Combination will be mailed to shareholders of Magnum Opus as of a record date to be established for voting on the proposed Business Combination. Shareholders will also be able to obtain copies of the preliminary proxy statement, the definitive proxy statement and other documents incorporated by reference therein filed with the SEC, without charge, once available, at the SEC's website at www.sec.gov, or by directing a request to: Magnum Opus Acquisition Limited, 15th Floor, Nexxus Building, 77 Des Voeux Road, Central, Hong Kong. 3#4Disclaimer Participants in the Solicitation Forbes Magnum Opus and its directors and executive officers may be deemed participants in the solicitation of proxies from Magnum Opus's shareholders with respect to the proposed Business Combination. A list of the names of those directors and executive officers and a description of their interests in Magnum Opus is contained in Magnum Opus's final prospectus related to its initial public offering dated March 23, 2021, which was filed with the SEC and is available free of charge at the SEC's web site at www.sec.gov, or by directing a request to: Magnum Opus Acquisition Limited, 15th Floor, Nexxus Building, 77 Des Voeux Road, Central, Hong Kong. Additional information regarding the interests of such participants will be contained in the proxy statement for the proposed Business Combination when available. The Company and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the shareholders of Magnum Opus in connection with the proposed Business Combination. A list of the names of such directors and executive officers and information regarding their interests in the proposed Business Combination will be included in the proxy statement for the proposed Business Combination when available. Certain Risks Applicable to the Company The Company is subject to a broad spectrum of risks and uncertainties that may lead to actual events, results or performance to differ materially from what is represented in this Presentation. Key risk factors include: • Risks related to the timing and likelihood of completing the Business Combination due to closing conditions not being satisfied or failure to obtain the necessary approvals from shareholders or regulators. • If the Company fails to continue to retain and grow its subscriber base, its business and results of operations may be materially and adversely affected. • The advertising revenue generated by the Company is affected by various factors, including economic conditions, market dynamics, audience fragmentation and evolving digital advertising trends. • The success of the Company depends on its ability to maintain the value and reputation of its brand. • The Company faces significant competition from other sources of news, information and entertainment, including both traditional and new content providers, and its success depends on its ability to compete effectively. • The international operations expose the Company to risks that could adversely affect its business, financial condition and results of operations. • Theft of the Company' content, including digital piracy, may decrease revenue and adversely affect its business and profitability. • If the Company is unable to obtain, maintain and protect its intellectual property rights, in particular trademarks and copyrights, its ability to compete could be significantly impacted. • The Company utilizes various licensing and selling models in its operations, and its success is dependent on its ability to manage these different models effectively. • The failure of licensees to adequately produce, market, import and sell products bearing the Company' trademarks in their license categories, continue their operations, renew their license agreements or fulfill their obligations under their license agreements could have an adverse effect on the Company' business, financial condition and results of operations. • The Company' content involves risks of liability claims for media content, such as defamation, invasion of privacy, negligence and copyright or trademark infringement, which could adversely affect its business, financial condition or results of operations. • The Company relies significantly on the ability of consumers to access its products through the Internet. Changes in how network operators handle and charge for access to data that travel across their networks could adversely impact the business of the Company. • The digital operations of the Company are subject to system failures. • The success of the Company depends on its ability to respond and adapt to changes in technology and consumer behavior and improve its technical infrastructure. The Company is subject to data security and privacy risks. Cyberattacks and security breaches of the technology infrastructure of the Company or those impacting the Company' customers or third parties, could adversely impact the Company brand, reputation and its business, financial condition and results of operations. • The Company is subject to payment processing risk, which could lead to adverse effects on its business and results of operations. • The Company is subject to taxation related risks in multiple jurisdictions. Accounting and tax treatment of the Company activities in different jurisdictions may change or be uncertain. If such accounting and tax treatment changes or such activities are not properly characterized for accounting or tax purposes, the Company' financial position and results of operations could be adversely affected. • The Company may be subject to complaints from customers, litigation and regulatory investigations and proceedings from time to time. • The ongoing novel coronavirus (COVID-19) pandemic and other similar epidemics, pandemics or widespread health crises could have a material adverse effect on the Company' business, financial condition and results of operations. • Industry data, projections and estimates contained in this presentation are inherently uncertain, subject to interpretation and may not have been independently verified. The foregoing summarizes certain of the general risks related to the business of the Company, and such list is not exhaustive. The foregoing list has been prepared solely for purpose of assisting interested parties in making their own evaluation with respect to the proposed Business Combination and not for any other purpose. You should carefully consider these risks and uncertainties together with the other available information and should carry out your own diligence and consult with your own financial and legal advisors. A more expansive description of the key risk factors will be filed with the SEC as part of the proxy statement referred to above and in subsequent filings with the SEC, and such risk factors will be more extensive than, and may differ significantly from, the above summary. 4#5Mike Federle CEO, Forbes Mike York CFO, Forbes Forbes Today's Presenters Vadim Supitskiy CTO, Forbes Jonathan Lin Chairman & CEO, Opus 2 L Frank Han President, Opus MAGNUM OPUS ACQUISITION LIMITED Forbes Kevin Lee CFO, Opus 5#6Executive Summary Forbes 6#7Key Investment Highlights 1 Iconic, global, and trusted information brand with 104 years of history 2 3 4 5 6 Strong industry tailwinds driven by continued digital growth Expansive reach with a digital eco-system of 150 million engaged audience Organic investment initiatives to accelerate growth in high quality and recurring revenue verticals Robust fundamentals of healthy top line growth, attractive margins and unit economics Compelling valuation versus public comparables and precedents GREATER CAPITALISM How The Pandemic Is Permanently Reshaping Our Economic System For The Better Intro Covid Rain Forbes 4 The Forbes Forbes pot Forbes Forbes Forbes WORLD'S BILLIONAIRES LIST Haus 7#8Proposed Transaction Summary ■ Magnum Opus Acquisition Limited ("Opus") is a publicly listed special purpose acquisition vehicle with approximately $200 million of cash in trust Forbes has agreed to combine with Opus: Values Pro Forma Forbes at an enterprise value of $685 million, or $630 million net of tax benefits(1), (2),(3) Represents an attractive entry multiple of 2.7x 2022E Revenues and 11.8x 2022E EBITDA, post-tax benefits (4) Growth adjusted entry multiple of 0.2x(4),(5) 1) 2) 3) 4) 5) $400 million in concurrent PIPE financing at closing of the proposed transaction Note: Presentation on this page represents current expectations relating to transaction structure and is subject to further discussion and negotiation of definitive documentation in its entirety. Any redemptions will impact the value of secondary proceeds. Forbes After giving effect to the transaction, assuming no redemptions, the Company will have approximately $145 million in cash and public currency to accelerate growth(4) Excludes the impact of warrants and management equity compensation and assumes no redemptions. Assumes Forbes is debt-free, cash-free at closing. Company estimates. For financial projections, please refer to "Use of Projections" portion of the disclaimer. Metric Defined as TEV / 2022E revenue / 2020-2022 revenue CAGR. 8#9Estimated Sources & Uses and Illustrative Pro Forma Valuation In millions Estimated Sources & Uses 1) 2) 3) 4) 5) Uses Cash to Balance Sheet Estimated Transaction Expenses Secondary to Existing Shareholders(¹) Existing Shareholder Rollover Founder Shares held by Opus Total Uses Sources (2) Opus Cash from Trust (2 Existing Shareholder Rollover PIPE Investors Founder Shares held by Opus Total Sources $ $ $ $ $ $ $ $ $ is ee $ $ $ 145.0 15.0 440.0 180.0 50.0 830.0 200.0 180.0 400.0 50.0 830.0 17.5% 1.8% 53.0% 21.7% 6.0% 100.0% % 24.1% 21.7% 48.2% 6.0% 100.0% Illustrative Pro Forma Valuation Pro Forma Shares Outstanding Share Price (3) Pro Forma Equity Value Add: Pro Forma Net Debt / (Cash) (4) Pro Forma Enterprise Value (4) (5) Opus Founder Shares Total Note: Presentation on this page represents current expectations relating to transaction structure and is subject to further discussion and negotiation of definitive documentation in its entirety. Any redemptions will impact the amount of secondary proceeds. This amount will be reduced by the amount of cash used to satisfy any redemptions. Excludes the impact of warrants and management equity compensation and assumes no redemptions. Assumes Forbes is debt-free, cash-free at closing. Company estimates. For financial projections, please refer to "Use of Projections" portion of the disclaimer. 83.00 $ 10.00 $ 830.0 $ (145.0) $ 685.0 Less: Tax Benefits Pro Forma Enterprise Value, Net of Tax Benefit PF EV / 2022E Pro Forma Revenue(5 PF EV / 2022E Pro Forma EBITDA (5) PF EV Net of Tax Benefit / 2022E Pro Forma Revenue(5) PF EV Net of Tax Benefit / 2022E Pro Forma EBITDA (5) Pro Forma Ownership Existing Shareholders PIPE Investors Opus Public Shareholders $ (55.0) $ 630.0 2.9x 12.8x 2.7x 11.8x 21.7% 48.2% 24.1% 6.0% 100.0% Forbes 9#10Our North Star: Closing the Gap "Close the gap" between enterprise value and brand value through conversion From Transition to Digital to Conversion of Digital footprint Tomorrow Unique consumer value proposition and membership ecosystem Today 1/3 Consumer and Brand Extension Forbes Yesterday 1/3 Print 10#11Closing the Gap: How do we get there? Membership ecosystem powered by data analytics and iconic brand Monetize our brand and audience Strategy High quality and high impact content informed by data ● Strengthen the Core ● Drive users through higher engagement funnel Outcome Consumer / membership based revenues Leverage the Brand Strategy Increased brand equity through understanding our customers better Outcome Brand extensions into high growth and high incumbency verticals where we have a captive audience Data & Analytics Our Financial Outcomes ( Subscriptions/ Ads/ Transactions ( Our Core Competency Iconic Brand Forbes High Volume/ Engagement Our KPIs ) Forbes High Quality/ High Impact Information ] Where we are investing 11#12Forbes Overview Forbes 12#13OUR MISSION To give people the knowledge, resources, inspiration and connections they need to achieve success. Forbes 13#14Forbes is a Brand for Success and Validation "I wanna be on the cover of Forbes magazine/ Smilin' next to Oprah and the Queen." - Bruno Mars, "Billionaire" Success Success in Pop Culture "Tell'em that I'm gunnin' for the top: Forbes/ Headed to the top, dot org." Nicki Minaj, "Last Chance" "Just call me Forbes.com/ In case y'all forgot, New York is still mine." - Jay Z, "I Get Money (Remix)" 400 Forbes , ke RICHEST SELF-MADE WOMEN America's most successful self-made entrepreneurs & execs The Midas List Forbes 30 UNDER Validation Leading Validation Platform Forbes WORLD'S BILLIONAIRES LIST Forbes 50 50 OVER Forbes 14#15Highlights of a 104 Year Iconic Brand ***** Flagship franchises Digital milestones FORBES MAGAZINE, Devoted to Doers and DoingS 15 Contr $10,00 Brand extensions Forbes magazine, founded by B.C. Forbes and Walter Drey, publishes first issue 1917 400 The Forbes 1982 Forbes 400 list launches 1987 Forbes Billionaires list launches Forbes WORLD'S BILLIONAIRES LIST 1990 Forbes Forbes publishes first international edition - Forbes Von Burda, Germany com Forbes.com launches, making it one of the first media web sites 1996 ForbesWomen 2001 Forbes hosts first Forbes Global CEO Conference in Singapore Forbes Woman launches 2008 Forbes O FORBES GLOBAL CEO CONFERENCE Forbes 30 UNDER Forbes publishes first 30 Under 30 List 2012 2010 Forbes launches native advertising platform for advertisers Forbes BrandVoice A THE UNIVERSITY OF ARIZONA GLOBAL CAMPUS 2012 School of Business & Technology" Launches Forbes School of Business online Forbes debuting a new Al assisted publishing CMS 2018 2013 bertie™ Forbes launches conference business Forbes.com relaunches, 2013 Digital surpasses print revenues for first time Forbes 2020 150 million digital audience 15#16Expansive Reach of Audience Online, offline, across the globe... DIGITAL 150M Digital Ecosystem 79M Monthly Organic Search Views 21M+ View on Global Licensee Sites Sources: Company Data from March / April 2021, ComScore PRINT 6.0M Readers 3.1M Noted Audience #1 For Readers, Millennials and ROI vs. Business Media Competitive Set SOCIAL MEDIA 42M Social Media Followers 17M Twitter Followers 17M LinkedIn WORLDWIDE RANKING Top 50 Global Site on Internet 3.5BN Annual Pageviews 1/3 U.S. Population / Month WORLDWIDE EDITIONS 45 Global Editions 76 Countries 27 Languages Forbes 16#17Expansive Reach of Audience ...and across diverse and highest value demographic cohorts DEMOGRAPHICS 58/42 Male/Female % 65/35 U.S / International % EXECUTIVES #1 Executive Reach Rank 27.4% Executive Reach % Sources: Company Data from March / April 2021, Google Analytics, ComScore HIGH VALUE COHORTS 43% More Likely to Reach $150K+ income reader 45% More Likely to Reach Grad School Educated 46% College educated population reach MEMBERSHIP 500k Print Subscribers 27 Paid Newsletters 27 Languages Forbes 17#18Large Addressable Opportunity Trajectory driven by global digital tailwind 700 600 500 400 300 200 100 1) 2) 0 Global Digital Advertising Market (US$B)(¹) 664.7 360.8 2019 CAGR: 9% 2026 450 400 350 300 250 200 150 100 50 0 Global Digital Content Media Market (US$B)(²) 167.4 2019 Source: Research and Markets.com. Global Digital Advertising Market 2020-2026 by Platform, Ad Format, Industry Vertical, and Region: COVID-19 Impact and Growth Opportunity. Source: PR Newswire. Includes Films, Games, Education, Digital Publications and Others. CAGR: 13% 397.4 2026 Forbes 18#19Forbes Ecosystem Today A trusted information eco-system supported by technology 1) Media Forbes.com Brandvoice Magazine Brand Extensions Conferences Insights Our Businesses Licensing Reprints Consumer Digital subscriptions Q.ai Newsletters E-commerce Highly complementary and synergistic business 2021E Pro Forma Revenue of $211M & EBITDA of $44M (21% margin) (¹) Forbes com Forbes 50 OVER 50 America's 50 Top Givers Theaning of the biggest givers is based solely on money given out, aut pledhjed, in camlar war 2012. Ch Our Channels Forbes The Forbes 400 38 Company estimates. For financial projections, please refer to "Use of Projections" portion of the disclaimer. Forbes WORLD'S BILLIONAIRES LIST Forbes CMO NEXT. Best in class media brands and franchises Forbes The Midas List RICHEST SELF-MADE WOMEN America's most successful self-made entrepreneurs & exec Forbes 01 ONE bertie™ AD TECH Our Technology Leading cutting-edge digital infrastructure Forbes 19#20Our Editorial Audience growth fueled by world class, trusted information and content 400 The Forbes 1982 Forbes The Midas List 2001 RICHEST SELF-MADE WOMEN America's most successful self-made entrepreneurs & exers 2015 Forbes WORLD'S BILLIONAIRES LIST 1987 Historic Franchises Long history of 80 leading media franchises Forbes 30 30 2011 Forbes 50 50 OVER > 2021 176 In House Editorial Staff 100 Total Content Producers 65 Editors 17 Staff Writers 28 Reporters and Senior Reporters 2,650 Total Contributor Base Editorial Team Best in class media brands and franchises. Expansion plans include industry leading premium content creator platform and Journalist Entrepreneurs THE WEBBY AWARDS OMMA AWARDS THE ONE SHOW FOLIO: DIGITA RDS | THEDRUM® MARKETING AWARDS Forbes D DIGIDAY AWARDS campaign PUBLISHING AWARDS inma PRSA International News Media Association Public Relations Society of America Awards Recipients of all major industry awards across multiple years 20#21Media: Data Driven Advertising Blue chip client portfolio with diversified, premium, and digital revenue mix Forbes com Forbes BrandVoice Forbes.com Leading flagship website for the Forbes brand with direct and programmatic advertising Brandvoice Industry-leading brand content platform offering a range of tailored advertising solutions 81M Monthly Active Users 300+ Daily Posts 20+ Editorial Newsletters 340 Partners to Date 21,000+ Posts 300M+ Page Views Luxury Technology Financial Consulting C LEXUS 3 45 PATEK PHILIPPE GENEVE aws SAP cíti G Fidelity INVESTMENTS COLE HAAN The MACALLAN salesforce BlackRock Microsoft +ableau Deloitte. nuveen A TIAA Company Goldman Sachs Square servicenow. NESPRESSO KPMG ● AMERICAN EXPRESS CISCO Forbes J.P.Morgan ROCKET Mortgage by Quicken Loans EY 21#22Brand Extensions High margin and recurring revenue streams leveraging the iconic brand Forbes CEO FORBES GLOBAL CEO CONFERENCE THE WORLD REBOOTS October 30-31, 2018 Bangkok. Thailand Forbes CIO Forbes Forbes CMO WOMEN Forbes BLOCKCHAIN 50 Conferences Industry leading events that unite influential business leaders and industry icons with Forbes' valuable viewership IBM A Adobe Insights Consulting business leveraging the extensive Forbes' network of C-level executives to drive data-driven insights INDIA Forbes Forbes A THE UNIVERSITY OF ARIZONA GLOBAL CAMPUS Forbes Councils Forbes School of Business & Technology® Forbes SHOOK TOP ADVISOR Licensing Geographic licensing extension into 45 global publications 34 media and 17 brand licensees Cross-industry extension into synergistic adjacencies including education and personal financial advisory Forbes 2021 CANADA'S BEST EMPLOYERS POWERED BY STATISTA Forbes 2021 AMERICA'S BEST STARTUP EMPLOYERS POWERED BY STATISTA Forbes Forbes 2021 THE BEST EMPLOYERS FOR NEW GRADS POWERED BY STATISTA Forbes 2021 THE BEST EMPLOYERS FOR DIVERSITY ● POWERED BY STATISTA Reprints Individuals and businesses recognized on a Forbes Ranking, cover story, or other feature can promote their industry leadership by repurposing the content for use on their own media platforms 22#23Case Study: Forbes School of Business & Technology Leading education business leveraging Forbes brand "This collaboration is a natural extension of what Forbes has been doing for nearly 100 years: providing people with information and insights to enable them to develop their own talent and become true entrepreneurs." Steve Forbes 25 Degree Programs 86% Alumni Satisfaction Rating 18K Students $230M Revenue $30M EBITDA Source: Forbes School of Business | UAGC | University of Arizona Global Campus A THE UNIVERSITY OF ARIZONA GLOBAL CAMPUS Forbes Forbes School of Business & Technology® YOUNG THOUGHT | Forbes LEADER SUMMIT School of Business & Technology Center for Forbes Women's School of Business Leadership &Technology 23#24From Data Driven to Data Led Cultivating insights to unlock growth Forbes Leading Franchises Ꮎ com bertie™ Google BigQuery FMP MSA FB Digital Subscriptions salesforce Consumer Touchpoints mongoDB Virtual / Live Events Proprietary Content Management System and Publishing Platform Infrastructure and Capabilities Analytics and Insights Self-Serve Data Products Customer Segmentation Platform Experimentation Platform Customer Profile Enrichment Feature Engineering Data Science Models Machine Learning Inference Systems Data Lake Development Data Quality Automation Google Analytics Technology Partners Google Cloud Platform in Reblaze Newsletters Google Ads fastly. ►YouTube Affiliate Commerce Forbes 01 ONE docker Forbes 24#25Forefront of Embracing Digital Innovation A technology enabled platform, tested at scale Forbes 01 600+ Unique Data Points / User 1bn+ Unique Global Users in Data Set 100% Uplift in Impressions First Party Data Utilizes interactive touchpoints within the Forbes ecosystem to build data-rich audience segments and thematic insights. Uses machine learning and Al to group visitors based on site behavior. Highly scalable and advertiser-desirable data points, even without user authentication. High detail on authenticated users specific to Forbes. High availability of first party data attributes bertie™ 100M Monthly Active Users supported 10k+ Content Pieces / Month 50k Users From 100 Virtual Events Hosted Publishing Technology Modern, cutting-edge architecture designed for speed, performance & scalability Al-powered assistant and powerful analytics engine provides insights and SEO recommendations. Optimized ad-tech stack maximizes results of direct and programmatic advertising. Scalable for affiliate and subscription businesses AD TECH 100k Advertisers 1bn+ Ad Impressions delivered annually Ad Stack Technology Highly optimized ad stack for programmatic yield Forbes 20+ Models in production 4x Uplift in click-through rate target on personalized recirculation unit Upcoming Innovation Models to capture propensity to subscribe, scale lookalike audiences, and deliver personalized content recommendations On-chain publishing and non-fungible tokens ("NFTs") 25#26Case Study: "Merchants of the Metaverse" NFT Pioneer in Non-Fungible Tokens "As we watch the rapid rise of cryptocurrency and its mainstreaming across the world, we're capturing a unique moment in time and also playing a role ourselves. In turning our cover into an NFT, we're demonstrating that journalism is as immutable as the one-of-a-kind artwork portrays" - Randall Lane, Forbes Chief Content Officer Source: Company $333,333 Final Auction Price 1st Media Brand to Launch an NFT #1 Value ranking among singular NFTs sold by a Media Brand SPECIAL ISSUE Forbes A NEW BILLIONAIRE EVERYDAL AS THE WORLD SUFFERED OVER THE PAST YEAR, GREAT FORTUNES WERE FORGED AT Forbes unreuveRIEUR ICS UNDERLYING THE POINT TO EN ENTRALA 26#27Competitive Position (1/2) Leading position: Total users, HNW and across C-suite Millions of users Forbes WSJ Bloomberg CAN BUSINESS The Atlantic WIRED Entrepreneur Inc. FORTUNE FAST COMPANY The Economist INVESTOR'S BUSINESS DAILY Source: Comscore 1) Total MAU 9.2 6.5 10.2 6.4 22.3 29.1 21.7 15.9 HHI Household Income 62.1 54.6 51.8 81.3 Forbes WSJ CAN BUSINESS Bloomberg The Atlantic Inc. WIRED Entrepreneur FORTUNE INVESTOR'S BUSINESS DAILY FAST COMPANY The Economist US$100K +HHI(¹) 7.1 5.6 7.9 4.5 3.5 3.4 1.7 14.2 19.5 30.1 Forbes 30 WSJ 26.1 2.8 Forbes 2.6 CAN BUSINESS 2.5 WSJ CAN BUSINESS Bloomberg 1.5 Bloomberg The Atlantic 1.1 The Atlantic # Inc. 0.7 Inc. WIRED 0.5 Entrepreneur INVESTOR'S BUSINESS 0.5 WIRED DAILY 0.3 FORTUNE FORTUNE 0.3 FAST COMPANY FAST COMPANY 0.2 Entrepreneur The Economist C-Suite 0.1 INVESTOR'S BUSINESS Management DAILY 1.4 1.2 1.1 0.9 0.5 The Economist 0.3 0.8 1.9 3.3 Forbes 4.6 4.5 5.5 27#28Competitive Position (2/2) Leading position: Core consumption demographics Millions of users Forbes WSJ CAN BUSINESS The Atlantic Bloomberg WIRED Inc. The Economist FAST COMPANY Entrepreneur 0.6 FORTUNE 0.6 0.1 INVESTOR'S BUSINESS 0.1 DAILY Source: Comscore 18-24 1.1 1.5 1.0 2.7 2.4 1.8 2.1 4.7 Forbes WSJ The Atlantic CAN BUSINESS Bloomberg WIRED FAST COMPANY Inc. Entrepreneur FORTUNE INVESTOR'S BUSINESS DAILY The Economist 25-34 2.5 2.3 1.9 1.4 0.9 0.5 6.2 5.1 4.3 9.0 8.9 12.5 Forbes WSJ The Atlantic CAN BUSINESS Bloomberg FAST COMPANY WIRED Inc. INVESTOR'S BUSINESS DAILY The Economist 35-44 Entrepreneur 1.8 FORTUNE 1.2 1.0 0.5 3.7 3.1 3.0 2.3 7.5 7.1 9.2 11.1 Forbes WSJ The Atlantic CAN BUSINESS Bloomberg Inc. Entrepreneur WIRED FAST COMPANY INVESTOR'S BUSINESS DAILY FORTUNE The Economist 0.4 45-54 1.7 2.2 1.6 1.0 0.9 1.6 3.4 5.6 Forbes 8.7 8.4 10.1 28#29Seasoned Management Team Cohesive team with rich experience and long history of working together Steve Forbes Editor in Chief 50+ years at Forbes 50+ years in industry Mike Federle Chief Executive Officer 10 years at Forbes 30 years in industry Mike York Chief Financial Officer 19 years at Forbes 25 years in industry Randall Lane Chief Content Officer 10 years at Forbes 30 years in industry Jessica Sibley Chief Revenue Officer 16 years at Forbes 30 years in industry Nina Gould Chief Product Officer 22 years at Forbes 27 years in industry Forbes Vadim Supitskiy Chief Technology Officer 13 years at Forbes 15 years in industry 29#30Organic Initiative 1: Consumer Ecosystem Forbes 30#31Forbes Reimagined Business Model Rethinking digital to unlock value What: Multiple Monetization Models Curated content and experiences to drive increasing customer lifetime value Media $ Consumer Brand Extension Differentiated Content Tech Enabled Platform Enable instant and frictionless customer engagement Complementary Ecosystem Where: Complementary Online and Offline Ecosystem Multiple online and offline touchpoints to capture a wider aspirational set of audience and consumers How: Data led Strategy & Execution Supporting back-end tech infrastructure 10001010 010101 0101- Gather data to optimize product and user experience Create positive feedback loop between fulfilment and new demand Facilitate an interactive consumer ecosystem that increasingly captures "share of mind" Forbes 31#32Consumer Ecosystem Business Model Proprietary competencies to drive conversion Captive Audience Attracting quality audiences from across the Forbes' network • 150M audience Forbes com FB ►YouTube + O in ● Engagement Engaging consumers with more targeted content Predicting consumer interests with algorithms, accelerating product testing while gaining consumer insights Empowering editorial teams with actionable intelligence Forbes Forbes Forbes DEAL FLOW TECH LUXURY Forbes Proprietary Competencies Trusted, Iconic Consumer Brand with Unparalleled Global Reach First Class Editorial Content Digital Infrastructure Internal First Party Data Membership Subscriptions al Monetization NETFLIX coursera Disney+ ||| Forbes 32#33Driving Conversion to Increase Lifetime Value Scalable and synergistic content platform 1) 2) Increased Monetization Membership Migration Active Engaged Loyal High Value ● ● ● ● ● ● ● ● ● ● ● Currently 150M Forbes.com Membership Status Social media platforms Magazine readers Low customer acquisition cost given captive audience Audience segmentation & targeting Capturing marketing opt-ins Building 1st party data profiles Maximizing newsletter sign-ups Improving cost per thousand impressions ("CPMs") Deeply engaged: 4x more visits and 6x more time spent Consumer subscriptions (currently 23K subscribers) Premium CPMs High value paying subscribers Multiple opt-in bundles "Power users" Assumes annual churn of 30-35% and monthly subscription of US$14.99. Assumes annual churn of 25-30% and monthly subscription of US$31.5 = $14.99 @ 30% discount * 3 products from cross-sell. ● ● Long Term Target 150M+ +15M Registered Users +1M Paid Subscribers +100K Paid Subscribers Cumulative Lifetime Spend N/A • N/A $500-600¹ >$1,000-1,200² ● ● ● ● ● ● ● ● ● ● ● ● ● ● Forbes Selected Offerings Basic editorial Breaking News Branded Content Video & Social Newsletters Lists Access Tools & Guides Commenting & Following Curated Content Premium Newsletters Paywall Content Insights Events Education Exclusive Invitations Membership recognition Communities Profiles 33#34Initial Strategy to Drive Conversion Focus on high reach, growth, engagement verticals Existing Audience & Assets Value Proposition Products & Initiatives ● ● ● ● Trusted Information Unique Perspectives % S Personal Finance & Investing 209M impressions 20M users 44K registered users 34 newsletters Strong tailwind of growing retail investor base Strong opportunity to capitalize via robust productization Increase premium investment content (themes, advice, guides, and insights) Forbes Forbes WEALTH DEAL FLOW ● ● ● Guiding Principles Proprietary Data Optimal User Experience Knowledge & Education 155M impressions 12M users 54K registered users 15 newsletters Forbes' unique ability to attract and gather global thought leaders and experts Aspirational brand of success Expand coverage of explanatory videos and ramp up production of podcasts 0 M MASTERCLASS podcast ● ● ● ● Multi-medium Digital Strategy and Loyalty Entrepreneurship & Technology 339M impressions 26M users 45K registered users 6 newsletters Forbes is a champion of entrepreneurial capitalism Brand has grown strong roots within the startup, tech and VC ecosystem Increase opportunities for people to connect to make the ecosystem more indispensable Forbes Forbes GAMER TECH ● ● Forbes Lifestyle & Entertainment 113M impressions 11M users 23K registered users 5 newsletters Strong affinity with luxury and affluent audience base globally Historical and proprietary knowledge of the space Expand coverage of top tier luxury across all categories Forbes Forbes LUXURY ENTERTAINMENT 34#35Organic Initiative 2: Brand Extension В Forbes 35#36International Expansion Contracted revenue streams with regional partners Forbes Forbes 1) 4018 MUCIT PATRONLAR MUGENETYSALE R TO FONTRAPORU 2018 LEGLASSEMENT DES MILLIARDAIRES FRANCAIS OCCASION RINNOVARILE LE STAN DE YOUTURE Forbes Forbes 30-30 -RACK OBECHER MEST PORNATA PENAOS MARITAN CZERWONE WYGeral COMPRO KIN BAIN BEA POGROMCA POCZTY POLSKIEJ NA CEFELS SEGER O PRENT plumnone geor MASTA 29 Licensees 45 Editions 76 Countries 27 Languages Publication Licensing Forbes will seek to continue to penetrate existing licensing relationships with increased digital offerings and expanding new licensing partnership Up to US$500K per licensee(¹) Company estimates. For financial projections, please refer to "Use of Projections" portion of the disclaimer. 全球以及中国最具创新力企业榜·中国潜力企业榜 福布斯 Forbes JOLLEGE 2 MAIR 创投之王 站桩全球最譯朗行人独有的地区,一个由中国人 中国正成为世界交易价值的关键来源 福布斯 Forbes BEURET LASERSING 福布斯 Forbes NADO 年度商业人物 新篇章 SERRA HUA HEROES PHILANTHROPY AHOGAN 福布斯 Fores |更多榜单 Forbes KORTER *AIC 中国企业不满足于眼前成绩,美国企业的竞争方式相对绅士。 -HAIRBAN China Joint Venture The media business of Forbes China is operated by a local joint venture partner Minimum per annum of US$800K in licensing fees, upside through a 10% revenue share (whichever is greater) (¹) 36#37Brand Vertical Expansion Contracted revenue model in strategic growth categories 1) Forbes Forbes **: FAMILY TRUST TRAVEL GUIDE Successful Brand Extension Currently 17 licensees Up to $3.8M per licensee(¹) Forbes School of Business & Technology® Forbes GLOBAL PROPERTIES ISSUE Forbes Company estimates. For financial projections, please refer to "Use of Projections" portion of the disclaimer. A NEW BILLIONAIRE "EVERYDAL TV AS THE WORLD SUFFERED OVER THE PAST YEAR, GREAT FORTUNES WERE FORGED Current Initiatives Leverage our 150 million digital audience to accelerate growth in key categories Partner with reputable, industry experts and leading players in new segments FINANCE EDUCATION ENTREPRENEURSHIP & TECHNOLOGY LIFESYTLE ● Wealth Management Credit Cards Banking ● Insurance ● ● ● ● • Startup School ● ● ● Masterclass Learning Management Systems Executive Coaching Forbes Founder's Network Incubator Executive Club Luxury Concierge Luxury Hotels Potential Areas for Growth Build category leading businesses in personal finance, education, entrepreneurship / tech, and lifestyle categories 37#38A Track Record of Extending Across Adjacent Verticals Leveraging the brand to incubate and scale in new strategic verticals 1) Forbes SHOPPING 400%+ Q1'2021 YOY Revenue growth E-commerce Partnership with digital companies by incorporating product reviews with link of purchase Total return over 3-year period from 2018 through 2020. Source: Q.ai FMP Marketplace 900%+ Q1'2021 YOY Revenue growth Trusted Product Reviews Recommendations enabling users to make informed decisions with fully integrated media opportunities for advertisers 54k Waitlist Q.ai 0.gi 30%+ a Forbes company Forbes Alpha vs. S&P 500(¹) 72%+ Alpha vs. Russell 1000 Value (¹) FinTech Investing app empowering every-day investors with Al / machine learning driven investment and portfolio management capabilities 2021 Fintech Breakthrough Awards - Winner of Best Retail Investment Platform 2020 Benzinga Global Fintech Awards - Listmaker of the Year for Best New Product; Robo-Advisor; Influential Data Scientist - Stephen Mathai-Davis 38#39Potential M&A Opportunities Forbes is well positioned in a consolidating landscape Consumer IDG D CBINSIGHTS PitchBook. REALVIS ISION TH INVESTOR'S BUSINESS DAILY DIGIDAY AWARDS BENZINGA W WEALTH-X NIKKEI AXIOS Investing.com Forbes skills TECHINASIA M MASTERCLASS News Corp Media coursera Seeking Alpha BUSINESS INSIDER Brand Extensions CRYPTO BRIEFING α Forbes 39#40Financial Overview Forbes 40#41Attractive Financial Profile Healthy top-line growth and improving margins In millions USD Pro Forma Revenue (¹) Healthy topline growth... Magazine revenues 1) 2) $33 $178 $20 i 2019A $163 CAGR: 14% / 17%(1) $18 $193 $16 $221 Pro Forma Contribution Margin ...in 60%+ contribution margin verticals % margin 56% $118 63% 2019A $114 64% 2020A 2021E 2022E Note: Company estimates. For financial projections, please refer to "Use of Projections" portion of the disclaimer. 14% inclusive of magazine, 17% ex-magazine. Pro forma EBITDA includes: 1) $2M estimated public company costs, 2) $2M add back for start up losses and 3) $1M attributable EBITDA from Marketplace. See appendix for details. 2020A $128 63% 2021E $142 2022E % margin Pro Forma EBITDA (²) ...driving accelerated EBITDA growth 19% $40 2019A 19% $35 2020A 21% CAGR: 23% $44 Forbes 2021E 22% $53 2022E 41#42Strong Recovery from Covid Forbes at record high profitability In millions USD EBITDA 1) $35 FY20 $7 $42 Impact $43 Estimated COVID-19 Pro Forma FY20 (ex. LTM May 2021 COVID-19) Company estimates. For financial projections, please refer to "Use of Projections" portion of the disclaimer. Commentary Forbes was negatively impacted by COVID-19 in 2020 by an estimated amount of $7M EBITDA(¹) Events was most impacted due to lack of live attendance ● Forbes Through May 2021, Forbes has seen a significant recovery and is at record high LTM EBITDA of $43M ● Driven by strong growth in digital revenue streams Live event streams expected to accelerate in 2nd half 2021 and through to 2022 42#43Continuing Transformation Improving our business mix into recurring revenues Forbes 2021E(¹) 34% Consumer & Brand Extension Brand Extension Consumer 22% 12% Media 65% Note: Numbers may not add up to 100% due to rounding. 1) Company estimates. For financial projections, please refer to "Use of Projections" portion of the disclaimer. Forbes Tomorrow (Long Term) 55% Consumer & Brand Extension Consumer 38% 17% Brand Extension Media 45% Forbes 43#44Our Financial Targets What success looks like Media Revenue Mix Consumer & Brand Extension Mix Pro Forma Revenue CAGR Pro Forma Contribution Margin EBITDA Margin EBITDA CAGR Cash Flow Conversion (¹) Current (2020-2022E) 65% 35% 14% or 17% ex-magazine 63-64% 19-22% 23% 70%+ Note: Company estimates. For financial projections, please refer to "Use of Projections" portion of the disclaimer. Numbers may not add up to 100% due to rounding. 1) EBITDA to operating cash flow. Long Term (2023+) 45% 55% 20%+ 70%+ 25%+ 25%+ 80%+ Forbes 44#45Significant Tax Benefits NOL and amortization provide shareholder value In millions USD Amortization Tax shield (¹): $45 million 1) 2) NOLS (¹): $10 million Total: $55 million Result of continued availability of historically generated amortization deductions available through 2029 • Total of $213 million in potential tax shield available • Accumulated NOLs in current structure(2) • Total of $48 million in potential tax shield available • Overall benefits from an additional $55 million, 1.0x 2022E EBITDA of value Note: Company estimates. For financial projections, please refer to "Use of Projections" portion of the disclaimer. Assumes 21% US federal income tax rate. Application of state taxes may provide additional benefit. NOLS estimated as of December 31, 2020. Forbes 45#46Valuation Forbes 46#47Compelling Valuation versus Public Comparables TEV / 2022E Revenue TEV / 2022E EBITDA Growth Adj. TEV / Revenue (2) Forbes 2.7x 11.8x 0.19x (1) J 3.5x 20.4x Publishers # 0.31x Median: 3.5x Median: 20.4x 1.5x= = 9.5x Median: 0.31x 0.21x 8.9x 25.7x 1.87x Data S&P Global FACTSET Median: 10.6x 12.7x Median: 23.2x 22.5x 8.4x 1.79x 23.8x Median: 1.73x 1.67x Source: S&P Capital IQ. Market data as of 08/23/2021. 1) Company estimates. For financial projections, please refer to "Use of Projections" portion of the disclaimer. 2) Metric Defined as TEV / 2022E revenue/2020-2022 revenue CAGR. DISNEY NETFLIX VIACOMCBS 4.4x 22.3x 0.31x 7.5x 30.8x 0.45x Media - Median: 3.4x 1.4x COMCAST 8.3x 3.0x Median: 14.3x 9.5x Median: 0.31x 0.19x 0.34x 4 Discovery 2.5x 7.9x 0.27x WARNER MUSIC 3.8x 19.2x 0.31x Education GCE coursera Median: 6.1x 4.0x Median: 11.2x 11.2x 8.1x 0.55x NA Median: 0.41x 0.26x Forbes Media & Ent. Brands Median: 2.8x 2.5x AMAND 13.1x Median: 12.1x 3.1x 0.05x 11.0x Median: 0.14x 0.22x 47#48Compelling Valuation versus Precedent Transactions Strategics have paid average of 4.6x EV/Revenue and 25.8x EV/EBITDA for branded business information assets 10.0 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 Source: Public filings EV / Revenue BUSINESS INSIDER h.. II. INVESTOR'S BUSINESS DAILY INVESTOR'S BUSINESS DAILY FT FINANCIAL FORTUNE TIMES 40.0 4.6x 35.0 30.0 25.0 20.0 15.0 10.0 5.0 0.0 EV / EBITDA FT FINANCIAL TIMES FORTUNE 25.8x Forbes 48#49Appendix Forbes 49#50Segmented Financials In millions USD Revenue Media % Growth Brand Extensions % Growth Consumer % Growth Consolidated Revenue % Growth Proportionate Revenue from Unconsolidated Subsidiary (2) Pro Forma Revenue % Growth Contribution Margin Media % Growth % Margin Brand Extensions % Growth % Margin Consumer % Growth % Margin Consolidated % Growth % Margin 1) 2) 2019 $ $ 150 58 3 $ 211 $ 0 211 82 55% 35 61% 0% 118 56% $ $ 2020 132 -12% 40 -31% 9 182% 180 $ -15% 2 $ 183 $ -14% 80 -3% 60% 27 -24% 67% 8 88% 114 -3% 63% Forecast (¹) 2021 Company estimates. For financial projections, please refer to "Use of Projections" portion of the disclaimer. For illustrative purpose only, includes attributable revenue from 40% ownership in Marketplace on a non-consolidated basis. 138 5% 47 19% 16 75% 201 $ 11% 10 $ 211 $ 15% 85 7% 62% 30 13% 64% 13 60% 80% 128 12% 64% 2022 147 7% 56 19% 21 30% 224 12% 13 237 13% 91 7% 62% 34 12% 60% 16 30% 80% 142 11% 63% ¹20-¹22 CAGR 6% 19% 51% 11% 14% 7% 13% 44% 11% Forbes 50#51Pro Forma EBITDA Reconciliation In millions USD EBITDA Reported EBITDA (1) Less: Public Company Costs Add: Start Up Loss from New Business Add: Proportionate Unconsolidated Subsidiary(²) Pro Forma EBITDA % Growth % Margin 1) 2) (1) $ $ $ $ 2019 1 41 $ (2) $ $ $ 40 19% 2020 35 $ (2) $ 2 $ 35 -12% 19% Company estimates. For financial projections, please refer to "Use of Projections" portion of the disclaimer. For illustrative purpose only, includes attributable EBITDA from 40% ownership in Marketplace on a non-consolidated basis. Forecast(¹) 2021 43 $ (2) $ 2 $ 1 $ 44 26% 21% 2022 52 (2) 2 1 53 20% 22% '20-¹22 CAGR 21% 23% Forbes 51#52Historical Balance Sheet In thousands USD ASSETS Deferred subscription commissions PPE Investments Goodwill Intangibles Other assets Non-current assets Cash and cash equivalents Accounts receivable Deferred subscription commissions Prepaid expenses and other Due from affiliates Discontinued operations Current assets TOTAL ASSETS Source: Management Information Financial Statements reflect Management Accounts. Dec-19 $6,086 $8,088 $2,671 $41,897 $130,102 $5,642 $194,486 $17,871 $54,711 $11,035 $10,845 $968 $1,158 $96,588 $291,074 Dec-20 $2,610 $9,649 $4,748 $32,990 $119,049 $4,829 $173,875 $47,759 $44,838 $7,852 $13,415 $2,208 $2 $116,074 $289,949 LIABILITIES & EQUITY AP, accrued expenses and other liabilities Accrued compensation Unexpired subscriptions Deferred revenues Loans payable, net of debt discount Discontinued operations Current liabilities Loans payable, net of debt discount Deferred revenues Unexpired subscriptions Deferred tax liability Other liabilities Non-current liabilities TOTAL LIABILITIES TOTAL EQUITY TOTAL LIABILITIES & EQUITY Dec-19 $10,521 $8,707 $13,393 $10,537 $670 $132 $43,960 $12,912 $3,509 $10,059 $309 $7,902 $34,691 $78,651 $212,423 $291,074 Dec-20 $8,082 $7,285 $10,769 $9,262 $8,706 $49 $44,153 $12,242 $4,139 $5,949 $309 $6,761 $29,400 $73,553 $216,396 $289,949 Forbes 52#53Historical Cash Flow Statement In thousands USD Net Income Depreciation and amortization Share-based compensation Loss/(gain) on sale of assets and investments Minority interest in income of JV Changes in operating assets and liabilities Net cash provided by operating activities Purchases of PPE Proceeds on the sale of assets and investment Purchase of investments Net cash used in investing activities Distributions to shareholders Repayments under the term loan Proceeds from loans payable, net of discount Finance fees Investment in Quantalytics Net cash used in financing activities FX rate changes on cash and restricted cash Net increase in cash, cash and restricted cash Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year FY 2019 $7,003 $24,442 $2,583 $85 ($74) ($13,913) $20,126 ($3,399) $33 ($3,366) ($25,325) ($750) ($1,923) $600 ($27,398) ($38) ($10,676) $28,547 $17,871 FY 2020 $4,684 $24,561 ($542) ($12) ($555) $1,821 $29,957 ($4,579) $12 ($2,077) ($6,644) ($719) ($750) $8,036 $6,567 $8 $29,888 $17,871 $47,759 Source: Management Information Financial Statements reflect Management Accounts, Cash and cash equivalents balance excludes restricted cash of $1.9m and $2.0m as of Dec-19 and Dec-20, respectively. Forbes 53