System1 Investor Presentation Deck

28 Reconciliation of Revenue to Combined Revenue and Adjusted Gross Profit - FY 2020 and FY 2021 $ in millions Revenue Plus: Unaudited Protected.net Revenue Combined Revenue Less: Cost of Revenue (exclusive of depreciation and amortization) Less: Unaudited Protected.net Cost of Revenue (exclusive of depreciation and amortization) Adjusted Gross Profit 2020 $476 $91 $567 ($341) ($98) $128 2021 $688 $145 $833 ($521) ($99) $213 SYSTEM

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