System1 Investor Presentation Deck

30 Reconciliation of Revenue to Combined Revenue and Adjusted Gross Profit - Q2 '21 and Q2 '22 $ 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) Plus: One-time Ad Credit Impact Adjusted Gross Profit Successor System1, Inc. Period from April 1, 2022 through June 30, 2022 $220 $0 $220 ($153) $0 $6 $74 Predecessor S1 Holdco LLC Period from April 1, 2021 through June 30, 2021 $170 $36 $206 ($126) ($23) $0 $56 SYSTEM

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