System1 SPAC Presentation Deck

Strong Growth Trajectory & Track Record of Profitability Revenue S1 ($ in millions) $299 2018 $460 18 - ¹22 CAGR: 35% $564 $805 $995 $404 YOY Growth: 47% $594 2019 2020 2021 2022E Sept20 Sept21 YTD YTD Gross Profit ($ in millions) $78 26% 18-'22 CAGR: 35% $119 26% $133 $203 24% 25% $255 26% $91 22% YOY Growth: 72% $156 26% 2018 2019 2020 2021 2022E Sept20 Sept21 YTD YTD Pro Forma Adj. EBITDA ($ in millions) 18 - ¹22 CAGR: 32% 15% $68 $46 15% $63 11% $111 2018 2019 2020 14% $142 14% $40 10% YOY Growth: 123% % Margin Note: Pro Forma Adj. EBITDA includes pro forma consolidation of pre-acquisition results in historical periods. See Appendix for a reconciliation of non-GAAP metrics to comparable GAAP metrics. Change in Deferred Revenue is an operating metric used by management in conjunction with billings to provide insight into the performance and cash flow of the business. Figures in charts may not foot due to rounding. Refer to appendix to see impact of acquisitions and terminated product lines $90 2021E 2022E Sept20 Sept21 YTD YTD Deferred Revenue +$9 +$13 + $18 +$23 +$27 +$12 +$11 Change in 15% 37

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