System1 SPAC Presentation Deck

System1 Checks All of Our Boxes System1 operates in a very large and growing market U.S. digital advertising was a $150B market in 2021, growing to $278B in 2024¹ Serving advertisers across every industry vertical for mass relevancy Large TAM Differentiated Solution Proven Track Record Strong Management Flexible Capital Structure Proven Platform Leverage Playbook S1 1. Source: eMarketer System1's RAMP platform drives a long term sustainable advantage RAMP is a comprehensive technology platform that enables System1 to programmatically acquire, refine and monetize customers across all advertising channels and industry verticals at significant scale 1st Party data (not reliant on third-party cookies) positions System1 for the future of online consumer privacy Long track-record of performance 2021E Pro Forma Adj. EBITDA of $111M, and 2018A-2021E Pro Forma Adj. EBITDA CAGR of 34% System1 has had positive Pro Forma Adj. EBITDA since inception Strong management team that has worked together for many years Founder-led management team with track record of success Deep knowledge of sector and strong employee loyalty Management team holding significant equity in the transaction Strong FCF generation allows for capital structure flexibility Pro forma balance sheet with limited leverage and capital structure flexibility Strong cash flow generation to service debt System1 business model and technology provides a platform that scales to support organic growth and integrate M&A Successfully acquired and scaled 7 companies We look to continue their success & execute on larger opportunities Proven track record of driving significant shareholder value Trebia to help drive cost efficiencies and organic and inorganic growth initiatives Experience in scaling public businesses and expanding multiples 6

View entire presentation