System1 Investor Presentation Deck

27 Reconciliation of Net Income to Adjusted EBITDA - FY 2020 and FY 2021 $ in millions Net Income (Loss) Plus: Income Tax Expense Interest Expense Depreciation & Amortization Other Expense Stock-Based Compensation & Distributions to Members Impact of Terminated Product Lines Acquisition & Restructuring Costs Acquisition Earnout Unaudited Protected.net Adjusted EBITDA Adjusted EBITDA 2020 $16 $2 $24 $14 $0 $9 $1 $4 $3 ($11) $63 2021 $33 $1 $17 $14 $0 $10 $0 $14 $0 $39 $127 SYSTEM

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