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Investor Presentation Investor Presentation First Quarter 2021 Disclaimer Color Except for statements of historical fact, information contained in this presentation may constitute "forward-looking statements“ within the meaning Scheme of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the current views of CuriosityStream Inc. (the "Company") about future events and are subject to risks, uncertainties, assumptions and changes in circumstances that 250 166 10 may cause events or the Company’s actual activities or results to differ significantly from those expressed in any forward-looking statement. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “plan,” “expect,” “estimate,” “anticipate,” “intend,” “goal,” 0 17 63 “strategy,” “believe” and similar expressions and variations thereof. Forward-looking statements include statements regarding the Company’s future operating results, market position, strategy and plans, and expectations for future operations. These forward-looking statements are subject to a 13 44 137 number of risks, uncertainties and assumptions. These forward-looking statements speak only as of the date of this presentation, and the Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof. 51 97 193 191 209 236 Certain information contained in this presentation may be derived from information provided by industry sources. The Company believes such information is accurate and that the sources from which it has been obtained are reliable. However, the Company cannot guarantee the accuracy of, 109 120 133 and has not independently verified, such information. 2 CuriosityStream at a Glance Our Mission Color Scheme To satisfy humanity’s enduring curiosity about our 3,000+ ~16mm world with premium factual content that informs, Available Titles Paid Subscribers 250 166 10 enchants and inspires Globally 0 17 63 FEATURED 13 44 137 106% 75%+ 52 97 2-Year Revenue m % Subscribers on David Attenborough travels to the Jura Mountains in the Swiss Alps, to find out about one of the largest animal 51 97 193 societies in the world, where over a billion ants live in peace. CAGR Annual Plans 191 209 236 109 120 133 3 Statistics shown as of December 31, 2020 except paid subscribers as of March 31, 2021 CuriosityStream’s Monetization Methods CuriosityStream’s omni-channel distribution strategy reduces friction, meeting users where they are and tapping multiple revenue streams to maximize monetization of its asset base % of 2020 Revenue Color ▪ Foundation of future video consumption Scheme DTC DTC ▪ Includes Corporate & Association 49% partnerships 250 166 10 0 17 63 Bundled ▪ Efficiently scales distribution footprint 13 44 137 Bundled Distribution Distribution and drives engagement 35% Core Subscription Business Subscription Core 51 97 193 191 209 236 ▪ Pre-sales of originals de-risks owned high 109 120 133 Program value content investment 15% Sales DTC ▪ Monetization of library in select territories ▪ Purpose-driven marketing, aligning with rapidly evolving consumer preferences Growth Verticals Growth 1% SponsorshipsBundled Distribution ▪ Significant opportunity through CSR initiatives 4 ▪ High-margin, scalable multi-platform solutions Key Milestones Initial Product CuriosityStream Becomes Heritage Expansion & Growth a Public Company February 2021 $100mm Follow-on Color Scheme 1982 John Hendricks founded October 2020 Cable Educational CuriosityStream Networks or the begins trading 250 166 10 Discovery Channel publicly o June 2020 NASDAQ 1985 Bill Goodwyn joins The Discovery Channel September 2017 CuriosityStream raises $5MM in Original production of 0 17 63 Stephen Hawking’s Series A from the BBC November 2019 February 2020 and Allen & Company 2014 Favorite Places wins Devin Emery joins Jason Eustace joins (among others) & John Hendricks an Emmy Award CuriosityStream CuriosityStream debuts on Cable TV steps down as the 13 44 137 1990 Chairman of Discovery Communications Discovery 2020 reaches March 2015 May 2017 over 50 million John Hendricks launches Clint Stinchcomb joins 51 97 193 households 2014 CuriosityStream CuriosityStream Discovery to become the reaches a omnichannel in $25BN market factual content capitalization 191 209 236 March 2015 Tia Cudahy joins CuriosityStream 2019 YE 2020A 109 120 133 • Revenue: $40mm • Subscribers: ~15mm • Titles: 3,000+ 2018 2017 YE 2019A 2015 • Revenue: $18mm • Subscribers: ~10mm 2014 • Titles: 2,500+ YE 2018A 1982- • Revenue: $9mm 1990 • Subscribers: ~1mm • Titles: 1,900+ 5 Investment Highlights Favorable • Massive increase in video consumption in various formats and genres 1 Industry • Exponential growth in streaming and over-the-top services Dynamics • Lower content production costs resulting in higher ROIs Color Color SchemeScheme • Over 3,000 HD & 4K titles Valuable and • Higher production quality and resolutions compared to older libraries 250 166 10 2 Expanding • Library has global appeal to viewers regardless of age or language 250 166 10 Content Library • Vast library covers all major categories of factual entertainment 0 17 63 0 1713 63 44 137 Multiple • Company's global relationships driving growth in bundled subscribers Methods • Improved marketing is accelerating growth in DTC 3 • Strong demand from Corporations, Associations, and Educational Institutions 51 97 193 to Monetize 13 44 137 Content • Growing viewership attractive to advertising sponsors 191 209 236 • Expanded broadband capacity enabling mobile viewership 51 97 193 109 120 133 4 Global • Content delivered to any device – phones, tablets, PCs and TVs Distribution • Bundling offerings with channel partners' products driving penetration • Ability to tailor content packages to target audiences (e.g., children) 191 209 236 Industry-Leading • 109 120 133 Management John Hendricks‘s proven success of founding and growing Discovery 5 Communications Team • Decades of executive team experience monetizing factual entertainment 6 Why We Win CuriosityStream Is CuriosityStream Is NOT Scripted content that is more challenging to ✔ Evergreen factual content with broad appeal Color Content localize Scheme Genre Transcends geographical boundaries, age ✔ Content with a limited demographic or meant for demographics and generations 250 166 10 live consumption 0 17 63 ✔ Broad appeal companion service to "Streaming War" player dependent on high-priced, hyper-competitive general entertainment services hit-driven series ($5-10mm per episode) 13 44 137 DTC Component of cord cutter / shaver / never Everything for everyone value / marketing 51 97 193 ✔ entertainment package proposition 191 209 236 Legacy broadcaster with inflated carriage fees and ✔ High ROI programmer 109 120 133 Bundled rights / window restrictions in digital formats Distribution Flexible rates packages ✔ Bloated channel portfolio ✔ Brand safe content consumed by an audience that leans in Contrived reality-TV Sponsorships ✔ Scalable delivery of cross-platform content Undifferentiated AVOD provider 7 campaigns CuriosityStream is Pursuing Large Markets World's factual content solution for consumers, distributors, corporations, associations, educational institutions, brands, and media companies Color Scheme Monetization Channel Global Addressable Market 250 166 10 1 DTC $75bn (1) (2) 0 17 63 13 44 137 2 Bundled Distribution $189bn (1) 51 97 193 191 209 236 3 Program Sales $120bn (3) 109 120 133 4 Sponsorships $40bn (4) 8 (1) Represents 2021 estimates. Source: PwC Global Entertainment & Media Outlook 2020-2024. (2) Inclusive of ~$20bn of Fortune Global 500 annual spending on CSR activities. Source: “Stop Talking About How CSR Helps Your Bottom Line,” Harvard Business Review. (3) Represents 2019 estimates. Source: “Entertainment Companies Spend $121 Billion on Original Content in 2019,” Variety Intelligence. (4) Represents 2020 estimates. Source: “US Social Media Advertising in 2021,” eMarketer. Leader in Factual Content with Depth Across Categories 3,000+ Titles Span the Full Category of Factual Entertainment • Attractive cost position per hour of programming • ~1/3 original content production & ~2/3 licensed programming • Factual content is superior for cost-effective Color • Data-driven methods for adding new programs Scheme localization 250 166 10 SCIENCE HISTORY TECHNOLOGY Artificial Biology Medicine Prehistory Aviation Nanotechnology 0 17 63 Intelligence Evolution Physics Ancient Biographies Communications Privacy & Security 13 44 137 Genetics Psychology Medieval Mega structures Energy Social Web 51 97 193 Geology Space Modern Military Engineering Automotive 191 209 236 NATURE SOCIETY LIFESTYLE 109 120 133 Prehistoric Animals Biographies Politics Cooking Health & Fitness Creatures Travel & Birds Earth Democracy Social Issues Sports Stories Adventure Travel & Insects Oceans Economics Collecting Creativity Geography Current Events & Primates Plants Entrepreneurship Home Projects Performing Arts News Magazines 9 Elite Veteran-Led Management Team Color Scheme 250 166 10 Clint Stinchcomb Jason Eustace Tia Cudahy Bill Goodwyn Devin Emery President and CEO Chief Financial Officer Chief Operating Officer Chief Revenue Officer Chief Product Officer and General Counsel and EVP Strategy, Business and EVP, Content Strategy Development & Partnerships 0 17 63 • Leads all strategy and • Oversees all finance and • Oversees legal, business • Oversees all revenue • Oversees growth with unified operations
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