System1 Investor Presentation Deck

27 Reconciliation of Revenue to Adjusted Gross Profit $ in millions S1 Holdco Revenue Less: Cost of Revenue (exclusive of depreciation and amortization) Less: Depreciation and amortization related to cost of revenue S1 Holdco Gross Profit Add: Depreciation and amortization related to cost of revenue S1 Holdco Adjusted Gross Profit Unaudited Protected.net Adjusted Gross Profit 2020 $476 ($341) $0 $135 $0 $135 ($7) 2021 $688 ($521) ($4) $163 $4 $167 $46 01/01/22 - 01/26/22 01/27/22 - 12/31/22 Predecessor Successor $53 ($42) ($5) $6 $5 $11 $4 $774 ($539) ($46) $190 $46 $235 $0 SYSTEM

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