FiscalNote Earnings and Growth Projections

45 82% Operational Benchmarking (Cont'd) 2022E Gross Margin 71% 69% 68% 88% 83% 81% 49% 81% 74% 73% 83% 52% Median: 70% 62% Mean: 70% 59% 57% 1 Fiscal Note ■DISCO legalzoom intapp MSCI CoStar Group Z zoominfo tyler Palantir Veeva technologies Avalara PROCORE GUIDEWIRE ■ncino Duck Creek Technologies Alkami Note: FactSet. Capital IQ, Market data as of November 3, 2021. (1) FiscalNote margin refers to 2022PF gross margin, which reflects revenue less cost of revenue divided by revenue expressed as a percentage for the period indicated. Fiscal Note

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