FiscalNote : Corporate Update Presentation

FiзcalNote: Poweri⭲g Beer Policy Deciзio⭲з with AI-Drive⭲ I⭲зightз

Corporate Overview

Auguзt 10, 202ð

Footnote: Unless otherwise indicated, data presented herein is as of June 30, 2026. 1

Trademarks & Use of Data

Sate Harbor Stateme⭲t (co⭲ti⭲ued)

The risk factors listed on the prior slide 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 dier 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.. FiscalNote assumes no obligation to update such information.

Trademarkз

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.

Uзe ot 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 dier materially from those expressed in the estimates made by independent parties and by FiscalNote. FiscalNote assumes no obligation to update such information.

WHAT WE DO

Deliver unique and essential political and policy related data, insights, and workflow across proprietary and third-party platforms

SECTION I: Products, Markets, and Customers

Large and Expanding Market Opportunity

E⭲terpriзe I⭲to Solutio⭲з TAM: €314B1

Current Trends

Increasingly complex regulatory environment driving demand for policy intelligence

Rising volume and pace of rules, laws, and regulations across all levels of government, from municipal to international

Legal & Regulatory I⭲to

TAM: €40B2

Growing enterprise adoption of AI is increasing demand for trusted, verified data to ground it

AI-driven consumption is creating new delivery channels for authoritative data through agentic APIs and MCP

Opportunity to embed policy intelligence directly into customers' systems, AI agents, and workflows

FiзcalNote'з truзted data, domai⭲ expertiзe, a⭲d AI capabilitieз poзitio⭲ it to capture value acroзз both зubзcriptio⭲ a⭲d API-drive⭲ co⭲зumptio⭲.

6

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

2. Outsell: Market sizing (as of December 2024)

EDUCATION

TMT

TRANSPORT

BUSINESS SERVICES

Public Sector / Govt Orgз.

NFPз & NGOз

Private Sector / Сorporateз

FINANCE

ENERGY

CONSUMER & RETAIL

Our Customers - Sample Logos (as of 6/30/26)

HEALTHCARE

Our Customers At A Glance (as of 6/30/26)

Global Target Сuзtomerз

1

Private Sector [~48%]1

2

Public Sector [~22%]1

3

E⭲d Uзerз

Legal

Gover⭲me⭲t Aairз Exter⭲al & Public Aairз Regulatory

Market Acceзз

Riзk

No⭲-Profit / NGO [~30%]1

Сuзtomer Dy⭲amicз

Powered by data and AI, analyzed by experts, our policy and global intelligence solutions help customers navigate

today's complex world.

3,300+

Customers

eð%

Subscription Revenue as

% of Total Revenues in Q2 2026

44

Of Fortune 100

100+

Countries Legislative & Regulatory Monitoring

1. Indicates percentage of ARR represented by each target customer segment, as of 2Q26.

AI-Enhanced, Proprietary Information Business

FiзcalNote provideз policy a⭲d regulatory i⭲tellige⭲ce to e⭲able actio⭲able outcomeз tor cuзtomerз globally.

ACTIONS

Data Ingestion

Analytics

INSIGHTS

INFLUENCE

Сombi⭲e Fragme⭲ted, U⭲зtructured Public Data with U⭲ique, Proprietary A⭲alyзiз: Leverage scaered global-to-local data sets that are cumbersome to obtain, and enhance with proprietary expert analysis

Сreate I⭲зightз:

Identify useful connections between data at scale to fill in knowledge gaps and provide value-add insights

Augme⭲t E⭲d-to-E⭲d Workflowз: Integrate AI seamlessly into existing human-driven processes with appropriate level of automation to reduce time and cost

Сombi⭲i⭲g proprietary data, a⭲alyticз, a⭲d workflowз to drive actio⭲able i⭲зightз that e⭲able cuзtomerз to ma⭲age political a⭲d buзi⭲eзз riзk.

Proprietary Infrastructure and Expert Intelligence

Diere⭲tiatorз that are more tha⭲ a decade i⭲ the maki⭲g.

Sourceз I⭲geзtio⭲

Modular collectio⭲

Proceззi⭲g

Merge

Multimodal data зourceз (text, audio, video)

Gover⭲me⭲t regulatio⭲, legiзlatio⭲, a⭲d policy data (local, зtate, tederal)

Data acroзз cou⭲trieз, ⭲ewз, зocial, fi⭲a⭲cial docume⭲tз

Millio⭲з ot docume⭲tз i⭲ diere⭲t tormatз (pdtз, text tormatз, multiple la⭲guageз)

Diere⭲t зtructure ot зource зiteз, cha⭲gi⭲g data

tramework Smart Scraperз

Reproceззi⭲g APIз

Metadata

Normalize Сlea⭲

Extract

Mo⭲itor

Data augme⭲ted with proprietary AI a⭲d expert (huma⭲) i⭲зightз, providi⭲g comprehe⭲зive a⭲d diere⭲tiated value tor cuзtomerз.

How We Dierentiate

A⭲ award-wi⭲⭲i⭲g a⭲d u⭲matched combi⭲atio⭲ ot AI-powered tech⭲ology, global policy expertiзe, a⭲d comprehe⭲зive data.

KEY DIFFERENTIATORS

Truзtworthy Data a⭲d I⭲tellige⭲ce Comprehensive and real-time policy and regulatory intelligence tailored to your specific industry and issues

AI-Powered Tech⭲ology a⭲d Workflow Toolз Advanced AI and machine learning technologies that provide intuitive insights and facilitate collaboration

Highly Valued Policy A⭲alyзiз

Award-winning content and analysis includes deep coverage of US and EU policy changes

Proteззio⭲al Serviceз

Customizable solutions that can be tailored to the specific needs and requirements of dierent organizations

Automated Human

Comprehensive

Local to Global Data and SaaS Productivity Tools (Workflow, Reporting, CRM)

Objective, Unmatched Policy Intelligence and Expertise

Responsive

Proprietary AI Technology and Machine Learning Capabilities

Professional Services and Custom Research

SECTION II: The Company

PolicyNote Unifies FiscalNote's Leading Solutions into an AI-Powered Platform

THE POLIСYNOTE VISION

Grassroots Advocacy

PERSONALIZED

Local to Global Policy Data

Exclusive, Award-Winning CQ Content

PROAСTIVE

Social Media, Curated

RESPONSIVE News & More

Human & Artificial Intelligence

INTEGRATED

Custom Research & Analysis

Products

Platform

Сombi⭲i⭲g truзted ⭲ewз, expert a⭲alyзiз, a⭲d expa⭲ded data зourceз to зtreamli⭲e policy ma⭲ageme⭲t at every level ot gover⭲me⭲t, PolicyNote empowerз orga⭲izatio⭲з to move beyo⭲d mo⭲itori⭲g policy to actively зhapi⭲g it with greater зpeed, i⭲зight, a⭲d impact.

PolicyNote: AI-Driven Platform with Global Data and Proprietary Insights

AI THAT SPEAKS POLIСY

BUILT-IN AI SUMMARIES

CHAT-BASED, AI-POWERED SEARCH & ALERTS

CUSTOM DASHBOARD & IN-DEPTH REPORTING

BILL Q&A

BILL FORECASTS

Сreati⭲g Сompetitive Diere⭲tiatio⭲

Regular LLM Flow FiзcalNote'з LLM Flow

LLM

trained on public data

User prompt

All potential sources of info

Response

User prompt

LLM

trained on public data

Only relevant data sources maintained or created by FiscalNote

Response

User feedback

Domain expertise layer

Personalization layer

Org level

User level

Impreciзe Refi⭲eme⭲t ot Uзer Prompt: LLM not focused on policy and regulation; may generate responses that fail to address nuances of user's intent and workflow.

High Riзk ot I⭲accuracy: LLM pulls from broad sources with no guardrails, leading to inaccurate, incomplete, or misleading responses.

Limited diere⭲tiatio⭲: If user finds a cheaper product with the same level of response, they'd switch.

FiзcalNote domai⭲ expertiзe: Uniquely connect data, proprietary insights, and analysis, making replication diicult. User feedback further refines our expertise.

Perзo⭲alizatio⭲: Deliver tailored responses, continuously improving with user feedback.

Releva⭲t/Proprietary Data Sourceз: Queries only run against FiscalNote's data sources (public data processed by FiscalNote plus proprietary content & analysis).

Suppleme⭲t with expertз: FiscalNote's professional services team provides the crucial human element often absent in pure AI solutions.

2025 and Beyond: AI as an Accelerant

FiзcalNote iз a leadi⭲g provider ot AI-powered, зector-зpecific i⭲tormatio⭲ a⭲d a⭲alyticз that haз i⭲veзted over 11 yearз to create a deep reзervoir ot tech⭲ical expertiзe, proprietary data, a⭲d purpoзe-built AI toolз.

POLICYNOTE vs GENERIC LLMs Generic AI models often rely on unverified, biased, or outdated information, making them unreliable for government affairs and advocacy. FiscalNote's purpose-built AI solutions, including PolicyNote, are powered by proprietary, verified, and up-to-date data - enhanced through subject matter expertise and advanced prompt engineering. Leveraging LLMs on the backend, FiscalNote continuously improves precision and relevance while going beyond information discovery to enable workflow automation, reporting, and stakeholder management. As generative and agentic AI capabilities evolve, FiscalNote is driving greater efficiency, automation, and growth across the policy and regulatory ecosystem.			POLIСYNOTE	GENERIС LLMз
		Provides Timely Data
	Pulls ONLY from Verified Data Sources
		Purpose-Built Specifically for Policy Tasks
	Protects Your Private Data
		Exclusive, Expert Analysis
	Allows You to Track Legislator Relationships
		Helps You Manage Your Workflow
	Built-in Reporting & ROI Tools

Policy Intelligence as Infrastructure for AI-Driven Consumption

Aз dema⭲d зhittз toward embedded, programmatic acceзз to policy i⭲tellige⭲ce, FiзcalNote iз poзitio⭲i⭲g itзelt aз the truзted i⭲traзtructure layer tor AI-drive⭲ co⭲зumptio⭲.

What We've Built Age⭲tic PolicyNote API Native support for Model Context Protocol (MCP) enables AI agents to discover, query, and integrate FiscalNote intelligence. Сroзз-Plattorm Сompatibility Compatible with Claude, OpenAI, Google Gemini, Microsoft ecosystems, and other adopters of MCP. Global Сoverage Intelligence spanning Congress, all 50 states, and 100+ countries is available programmatically.	Why It Maerз TAM Expa⭲зio⭲ Opens new customer categories including developers, partners, and AI-native platforms. Product-Led Growth Enables self-serve onboarding through API keys and documentation without lengthy sales or implementation cycles. Data Moat Rei⭲torceme⭲t Usage signals strengthen internal models and create compounding competitive advantages over time.	Early Tractio⭲ & Сommercial Model E⭲terpriзe Сuзtomerз Lumen Technologies and ICE Data Services (Intercontinental Exchange subsidiary) actively using APIs in production environments. Flexible Prici⭲g Consumption-based and hybrid models allow customers to shift spend between seat-based licenses and API usage credits. High-Margi⭲ Profile Core infrastructure is already built with low incremental delivery cost and no per-seat constraints.
FiзcalNote'з value reзideз i⭲ the depth ot itз data, domai⭲ expertiзe, a⭲d i⭲зtitutio⭲al truзt; ⭲ot i⭲ a⭲y зi⭲gle delivery i⭲tertace.

Financial Forecast: 2026

FY 202ð		Key Сo⭲зideratio⭲з I⭲tormi⭲g 202ð Forecaзt Workforce transformation and operational restructuring announced in March, leveraging broad AI deployment, with full annualized benefit phasing in through 2026 Continued investment in PolicyNote, focused on agentic workflows and personalization, to drive deeper engagement and improved retention Potential further divestiture of non-core products as part of ongoing strategic review Continued volatility in the private sector and federal spending headwinds in the public sector
($ in millions)	FY Forecaзt1 (As of 8/10/2026)
Total Revenues	€75 to €78
Adjusted EBITDA1, 2	€e to €11
Θ3 202ð
($ in millions)	I⭲itial Forecaзt1 (As of 8/10/2026)
Total Revenues	€1e.0 to €20.0
Adjusted EBITDA1, 2	~€3.5

1. Non-GAAP measure; refer to "Non-GAAP Financial Measures" for definitions and important disclosures regarding these financial measures; also refer to "Appendix" for reconciliations to the most directly comparable GAAP measure.

2. Because of the variability of items impacting net income and the unpredictability of future events, management is unable to reconcile without unreasonable eort the Company's forecasted adjusted EBITDA to a comparable GAAP measure. The unavailable information could have a significant impact on the non-GAAP measures.

   Q2 2026 Financial Snapshot

   Fi⭲a⭲cial Highlightз

   ComTmoetntaalry

   Reve⭲ue

   $19.6M

   Meets Guidance

   ARR1

   $74.9M

   Adjuзted EBITDA2

   $2.3M

   Below Guidance

   Сaзh3

   $20.6M

   1. "Annual Recurring Revenue" is a key performance indicators (KPI). See "Key Performance Indicators" for the definitions and important disclosures related to these measures.

   2. Non-GAAP measure. 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 June 30, 2026 and inclusive of short-term investments

SECTION III: Key Takeaways