FiscalNote : Management Presentation

FiscalNote (NOTE)

Investor Update: May 9, 2024

© 2024 FiscalNote

fiscalnote.com

Disclaimer

Forward Looking Statements

Certain statements herein may be considered forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally relate to future events or FiscalNote's future financial or operating performance. Statements regarding FiscalNote's financial outlook for future periods, expectations regarding profitability, capital resources and anticipated growth in the industry in which FiscalNote operates are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "pro forma," "may," "should," "could," "might," "plan," "possible,"

"project," "strive," "budget," "forecast," "expect," "intend," "will," "estimate," "anticipate," "believe," "predict," "potential" or "continue," or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may impact such forward-looking statements include FiscalNote's ability to effectively manage its growth; changes in FiscalNote's strategy, future operations, financial position, estimated revenue and losses, forecasts, projected costs, prospects and plans; the terms of any proposal FiscalNote may receive for a go-private transaction; the impact of the previous announcement of the formation of the Special Committee and its strategic review on FiscalNote's business and its ability to implement any transaction; FiscalNote's future capital requirements; demand for FiscalNote's services and the drivers of that demand; FiscalNote's ability to attract and retain customers, and expand its offerings with existing customers; FiscalNote's ability to successfully execute its acquisition strategy; FiscalNote's ability to develop, enhance, and integrate its existing platforms, products, and services; risks associated with international operations; potential technical disruptions, cyberattacks, security, privacy or data breaches or other technical or security incidents; competition and competitive pressures; FiscalNote's ability to retain or recruit key personnel; the outcome of any known and unknown litigation and regulatory proceedings; and FiscalNote's ability to adequately protect its intellectual property rights.

These and other factors discussed in FiscalNote's SEC filings, including its most recent reports on Forms 10-K and 10-Q, particularly the "Risk Factors" sections of those reports, could cause actual results to differ materially from those indicated by the forward-looking statements made herein. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by FiscalNote and its management, are inherently uncertain. Nothing herein should be regarded as a representation by any person that the forward-looking statements set forth herein will occur or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. FiscalNote undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Trademarks

FiscalNote owns or has rights to various trademarks, service marks and trade names it uses in connection with the operation of its businesses. This presentation may also contain trademarks, service marks, trade names and copyrights of third parties, which are the property of their respective owners. The use or display of third parties' trademarks, service marks, trade names or products in this presentation is not intended to, and does not imply, a relationship with FiscalNote or an endorsement or sponsorship by or of FiscalNote. Solely for convenience, the trademarks, service marks, trade names and copyrights referred to in this presentation may appear without the TM, SM, * or © symbols, but such references are not intended to indicate, in any way, that FiscalNote will not assert, to the fullest extent under applicable law, its rights or the right of the applicable licensor to these trademarks, service marks, trade names and copyrights.

Use of Data

This presentation contains information concerning FiscalNote's products, services and industry, including market size and growth rates of the markets in which FiscalNote participates, that are based on industry surveys and publications or other publicly available information, other third-party survey data and research reports. This information involves many assumptions and limitations; therefore, there can be no guarantee as to the accuracy or reliability of such assumptions and you are cautioned not to give undue weight to this information. Further, no representation is made as to the reasonableness of the assumptions made within or the accuracy or completeness of any projections or modeling or any other information contained herein. Any data on past performance or modeling contained herein is not an indication as to future performance. This modeling data is subject to change. FiscalNote has not independently verified this third-party information. Similarly, other third-party survey data and research reports commissioned by FiscalNote, while believed by FiscalNote to be reliable, are based on limited sample sizes and have not been independently verified by FiscalNote. In addition, projections, assumptions, estimates, goals, targets, plans and trends of the future performance of the industry in which FiscalNote operates, and its future performance, are necessarily subject to uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to differ materially from those expressed in the estimates made by independent parties and by FiscalNote. FiscalNote assumes no obligation to update such information.

FiscalNote Snapshot (as of March 31, 2024)

Compounding Growth, Strong Retention, High Gross Margins

~4,700 Customers4

$110M ARR1

As of March 31, 2024

Adjusted

85% Gross Margin2

Q1 2024

$1M Adj. EBITDA2

Q1 2024

$32M

Total Revenue

Q1 2024

$122M

Run-Rate Revenue

Q1 2024

$44M Cash3

50+ of the Fortune 100

Are FiscalNote customers

As of March 31, 2024

Quarterly Net

96% Revenue Retention1

Q1 2024

Diverse Revenue Base

Balanced across enterprise, government and mid-market accounts

All Data presented is as of March 31, 2024. please see page 26 for details on the impact of the divestiture of board.org and sunset revenue on several metrics and KPIs referenced above

1. "Annual Recurring Revenue" or "ARR" and "Net Revenue Retention" or "NRR", are key performance indicators (KPIs).
2. Non-GAAPmeasure. Please see "Non-GAAP Financial Measures" for definitions and important disclosures regarding these financial measures, including reconciliations to the most directly comparable GAAP measure.
3. As of March 31, 2024 and inclusive of short-term investments.

(4) Customers refer to individual buyers within a parent organization.

WHAT WE DO

Deliver a SaaS-based platform for critical political, legislative and regulatory data and insights

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Who We Serve

Crucial technology and embedded workflows on the desks of the world's decision makers

Blue Chip Diverse Client Base

Relied upon and recognized across major public and private sector customers

Government

Organizations

FINANCE

Corporates

		ENERGY						CONSUMER &
							RETAIL

Non-Profits

& NGOs

TRANSPORT

HEALTHCARE

EDUCATION

TMT

BUSINESS SERVICES

6 Note: Data as of December 31, 2023.

Why It Matters

Boards and CEOs Face

Increasing Global Regulations

and Uncertainty

Regulatory

Pressure

• Broadly speaking, I think, we as a sector need to do a better job clarifying with policymakers that, in order to invest in innovation…we need a pricing environment that rewards innovation, particularly when it improves outcomes for patients."

• CEO Vas Narasimhan Q4 2022 Earnings Call

• Higher interest rates lead to the economy running leaner, more geopolitical instability leads to more volatility, and increased regulation leads to slower growth and increased costs of innovation…given this outlook, we'll need to operate more efficiently than our previous headcount reduction to ensure success."

• CEO Mark Zuckerberg 2023 Memo to Employees

• Political instability, changes to the regulatory environment or taxation, international trade disputes and barriers to free trade, international sanctions, expropriation or nationalization of property, civil strife, strikes, insurrections, acts of terrorism, acts of war and public health situations…may disrupt or curtail our operations or development activities."
• BP 2020 Annual Report
• We need governments to provide clear pathways and a consistent taxonomy for sustainability policy, regulation, and disclosure across markets."

• CEO Larry Fink

2022 Letter to CEOs

More than half

of surveyed global CEOs reported that changes in

regulation will be the biggest impact to profitability

in their industry in the next 10 years1

Note: (1) PwC Global CEO Survey (https://www.pwc.com/ceosurvey.html)

Large and Expanding Market Opportunity

Market Tailwinds

• Proliferation of regulatory complexity

• • • • Lack of systems to track, assess and report
    • Demand for workflow efficiency and automation
  • Increasing use of data and information in decision-making
• Need for aggregation and standardization

1. Outsell: Market landscape (as of August 12, 2021), denotes estimated TAM in 2020.
2. Outsell: Market landscape (as of April 24, 2023)

Enterprise Info Solutions

TAM: $314BN1

Legal & Regulatory Info

TAM: $40BN2

The FiscalNote Solution

Data	Workflow	Analytics	Research
Unrivaled Information	Embedded Workflows	AI-Powered	Differentiated &
& Global	to Manage	Actionable	Mission-Critical
Need-to-Know Policies	Regulatory Risk	Intelligence	Commentary on Policy

Combining Data, Analytics & Workflow to Drive Actionable Insights

Secure Government Funding

Generate Incremental Revenue

Minimize Costs

Mitigate Reputational Risk

Proprietary Ingestion and Processing Infrastructure with AI at the Core

Sources

Ingestion

Processing

50k+ sources (text, audio, video)

Government regulation, legislation, and policy data (local, state, federal)

Data across countries, news, social, financial documents

Millions of documents in different formats (pdfs, text formats, multiple languages)

Different structure of source sites, changing data

Modular collection framework

Smart Scrapers

Reprocessing

APIs

Metadata

Merge

Normalize

Clean

Extract

Monitor

Human Augmentation layered in both ingestion and processing steps

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