BuzzFeed SPAC Presentation Deck

BuzzFeed Total Sources $ and share data (except share price) in millions Sources Existing BuzzFeed Shareholders Equity Rollover SPAC Cash in Trust Cash from Target Balance Sheet(¹) Convertible Note Sources & Uses / Pro Forma Valuation Estimated Sources & Uses Uses Existing BuzzFeed Shareholders Equity Rollover Common Stock Issued to Complex Cash Payment to Complex Cash to Balance Sheet (1) (2) $1,335 $288 $154 $150 $1,926 Illustrative Pro Forma Valuation Illustrative Share Price Pro forma shares outstanding Equity Value Plus: Debt(2) Less: Cash Enterprise Value $1,235 $100 $200 $356 Payment of Transaction Expenses $35 $1,926 Complex Shareholders Total Uses Note: Amounts presented on this slide assume no redemptions from the trust account. Amounts also exclude (i) outstanding unvested equity awards rolling over in the Transaction, (ii) the impact of any equity awards issued at or after the closing of the Transaction, (iii) the dilutive impact of 9.842M SPAC warrants with a strike price of $11.50 per share, and (iv) potential future conversion of the $150M of Convertible Notes. Values subject to rounding. $154 million cash balance as of May 31, 2021, $5 million of which represents the breakup fee held in escrow pending the closing of the Complex acquisition. Debt balance consists of $35.1 million of debt from the Company balance sheet as of May 31, 2021, including $15.5 million in outstanding Letters of Credit issued by Capital One, N.A. and $19.6 million of revolving credit loans drawn down from White Oak along with the 5-Year Unsecured $150 million Convertible Note bearing a coupon rate of 7.00% and a conversion price of $12.50 Illustrative Pro Forma Ownership Existing BuzzFeed Shareholders Equity Rollover SPAC Sponsor Shares SPAC Public Shareholders 72.5% $10.00 170.165 $1,702 $185 $356 $1,530 5.9% 4.7% 16.9% STRICTLY PRIVATE AND CONFIDENTIAL 32

View entire presentation