System1 Investor Presentation Deck

26 Reconciliation of Net Income to Adjusted EBITDA $ in millions S1 Holdco Net Income (Loss) Plus: Income Tax Expense Interest Expense Depreciation & Amortization Impairment of goodwill Other Expense Stock-Based Compensation & Distributions to Members Protected.net acquisition bonus accrual Non-cash revaluation of warrant liability Impact of Terminated Product Lines Acquisition & Restructuring Costs Acquisition Earnout S1 Holdco Adjusted EBITDA Unaudited Protected.net Adjusted EBITDA 2020 $16 $2 $24 $14 $0 $0 $9 $0 $0 $1 $4 $3 $74 ($11) 2021 $33 $1 $17 $14 $0 $0 $10 $0 $0 $0 $14 $0 $89 $39 01/01/22 - 01/26/22 01/27/22 - 12/31/22 Predecessor Successor ($37) ($1) $1 $1 $0 ($0) $23 $0 $0 $0 $13 $0 $1 $3 ($442) ($102) $32 $119 $366 $8 $56 $51 $4 $0 $26 $0 $118 $0 SYSTEM

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