FiscalNote Earnings and Growth Projections

46 84% Operational Benchmarking (Cont'd) 2023E Gross Margin 71% 69% .68%- 83% 80% I 89% 48% 79% 75% 72% 83% 52% Median: 71% 63% Mean: 70% 59% 60% 1 Fiscal Note ■DISCO legalzoom intapp MSCI CoStar Group Z zoominfo tyler QPalantir Veeva technologies Avalara PROCORE GUIDEWIRE incino Duck Creek Technologies Alkami Note: FactSet. Capital IQ, Market data as of November 3, 2021. (1) FiscalNote margin refers to 2023PF 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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