System1 Investor Presentation Deck

27 Reconciliation of Revenue to Adjusted Gross Profit - FY 2020 and FY 2021 $ in millions S1 Holdco Revenue Less: Cost of Revenue (exclusive of depreciation and amortization) S1 Holdco Adjusted Gross Profit Unaudited Protected.net Adjusted Gross Profit 2020 $476 ($341) $135 ($7) 2021 $688 ($521) $167 $46 Note: The Company is not able to reasonably reconcile Adjusted Gross Profit to revenue, its nearest GAAP metric, for future periods due to uncertainties regarding purchase accounting, stock-based compensation, taxes and other potential adjustments SYSTEM

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