System1 Investor Presentation Deck

23 Historical Financial Data $ in millions Combined Revenue Owned & Operated Properties Network Partners Advertising Total Subscription Total YOY Growth Adjusted Gross Profit Owned & Operated Properties Network Partners Advertising Total Subscription Unallocated Cost of Revenue Total % Margin Operating Expense Adjusted EBITDA % Margin YOY Growth Memo: Change in Deferred Revenue 2020 $438 $38 $476 $91 $567 23% $110 $38 $148 ($7) ($15) $128 23% $65 $63 11% -8% $18 Note: See Appendix for a reconciliation of non-GAAP metrics to comparable GAAP metrics. 2021 $653 $36 $688 $145 $833 47% $143 $36 $179 $46 ($11) $213 26% $86 $127 15% 103% $10 Q2 21 $161 $9 $170 $36 $206 69% $38 $9 $46 $13 ($3) $56 27% $22 $34 17% 558% $4 Q2 22 $164 $13 $177 $43 $220 7% $48 $14 $62 $19 ($7) $74 33% $33 $41 19% 20% $4 SYSTEM

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