System1 Investor Presentation Deck

29 Reconciliation of Net Income to Adjusted EBITDA - Q2 '21 and Q2' 22 Predecessor S1 Holdco LLC Period from April 1, 2021 through June 30, 2021 $ in millions Net Income (Loss) Plus: Income Tax Expense Interest Expense Depreciation & Amortization Other Expense Stock-Based Compensation & Distributions to Members Revaluation of non-cash warrant liability Acquisition & Restructuring Costs One-time Ad Credit Impact Acquisition Earnout Unaudited Protected.net Adjusted EBITDA Adjusted EBITDA Successor System1, Inc. Period from April 1, 2022 through June 30, 2022 ($34) $3 $7 $33 $2 $22 ($4) $5 $6 $0 $0 $41 $12 A A A A A A A $0 $4 $3 $0 $3 $0 $1 $0 $0 $11 $34 SYSTEM

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