FiscalNote Earnings and Growth Projections

A Highly Efficient Business Model at Scale FY21E Long-term Scale (Expected) Gross Margin¹ 82% -88% Key Drivers High incremental margins Sales & Marketing 51% 31% -20% contribution margin 68% contribution margin Seller productivity; using automation for sales operations and CRM Research & 25% Development Editorial ~13% Unified platform for quicker integration of new products/acquisitions 20% ~12% Economies of scale in editorial and licensing General & 27% ~12% Administrative Focus on operational excellence and M&A synergies EBITDA Margin (21%) -30% +~10-15% Organic Growth =Rule of 40% 39 Note: (1) For the period indicated, reflects revenue less cost of revenue divided by revenue expressed as a percentage. FiscalNote

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