FiscalNote : Corporate Update Presentation

FiscalNote: Powering Beer Policy Decisions with AI-Driven Insights

Corporate Overview

May 7, 2026

Footnote: Unless otherwise indicated, data presented herein is as of March 31, 2026. 1

Trademarks & Use of Data

Safe Harbor Statement (continued)

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.

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 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

FiscalNote operates at the intersection of policy intelligence and emerging markets for AI-driven data consumption and political prediction.

Enterprise Info Solutions TAM: €314B1

Political Prediction Markets TAM:

€9B → €150B2

Legal & Regulatory Info

TAM: €40B3

Current Trends

Increasingly complex regulatory environment driving demand for policy intelligence

AI-driven consumption creating new delivery channels for authoritative data (agentic APIs, MCP)

Political prediction markets expanding rapidly - ~5x growth from $9B (2024) to $44B (2025); $150B+ projected in 2026

Non-election political contracts generated ~$3.5B in 2025, signaling durable demand beyond election cycles

CFTC "Future-Proof" initiative signaling institutional legitimacy for political event contracts

FiscalNote's trusted data, domain expertise, and AI capabilities position it to capture value across traditional subscription, API-driven consumption, and prediction market ecosystems.

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

2. 365Prediction U.S. Political Prediction Markets Market Report (Feb 2026)

3. Outsell: Market landscape (as of April 24, 2023)

EDUCATION

TMT

TRANSPORT

BUSINESS SERVICES

Public Sector / Govt Orgs.

NFPs & NGOs

Private Sector / Corporates

FINANCE

ENERGY

CONSUMER & RETAIL

Our Customers - Sample Logos (as of 3/31/26)

HEALTHCARE

Our Customers At A Glance (as of 3/31/26)

Global Target Customers

1

Private Sector [~50%]1

2

Public Sector [~21%]1

3

End Users

Legal

Government Aairs External & Public Aairs Regulatory

Market Access

Risk

Non-Profit / NGO [~29%]1

Customer Dynamics

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

today's complex world.

3,400+

Customers

95%

Subscription Revenue as

% of Total Revenues in Q1 2026

45

Of Fortune 100

100+

Countries Legislative & Regulatory Monitoring

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

AI-Enhanced, Proprietary Information Business

FiscalNote provides policy and regulatory intelligence to enable actionable outcomes for customers globally.

ACTIONS

Data Ingestion

Analytics

INSIGHTS

INFLUENCE

Combine Fragmented, Unstructured Public Data with Unique, Proprietary Analysis: Leverage scaered global-to-local data sets that are cumbersome to obtain, and enhance with proprietary expert analysis

Create Insights:

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

Augment End-to-End Workflows: Integrate AI seamlessly into existing human-driven processes with appropriate level of automation to reduce time and cost

Combining proprietary data, analytics, and workflows to drive actionable insights that enable customers to manage political and business risk.

Proprietary Infrastructure and Expert Intelligence

Dierentiators that are more than a decade in the making.

Sources Ingestion

Modular collection

Processing

Merge

Multimodal data sources (text, audio, video)

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

Data across countries, news, social, financial documents

Millions of documents in dierent formats (pdfs, text formats, multiple languages)

Dierent structure of source sites, changing data

framework Smart Scrapers

Reprocessing APIs

Metadata

Normalize Clean

Extract

Monitor

Data augmented with proprietary AI and expert (human) insights, providing comprehensive and dierentiated value for customers.

How We Dierentiate

An award-winning and unmatched combination of AI-powered technology, global policy expertise, and comprehensive data.

KEY DIFFERENTIATORS

Trustworthy Data and Intelligence Comprehensive and real-time policy and regulatory intelligence tailored to your specific industry and issues

AI-Powered Technology and Workflow Tools Advanced AI and machine learning technologies that provide intuitive insights and facilitate collaboration

Highly Valued Policy Analysis

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

Professional Services

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

Clear Priorities and Strategic Positioning

Strategic Priorities	Proof Points
Strengthen the Core and Achieve Positive Free Cash Flow	Operational Transformation: ~25% headcount reduction relative to year-end 2025; cash operating expenses targeted to decline more than 19% Margin Inflection: H2 2026 Adjusted EBITDA margins expected to approximately double vs. H2 2025 as restructuring fully phases in; positive FCF expected on a twelve-month basis for period from Q2 2026 through Q1 2027 and continuing thereafter PolicyNote Progress: Legacy FiscalNote platform migration completed; PolicyNote outperforming legacy FN platform across key user actions and delivering higher net retention for post-migration renewal cohorts
Position Policy Intelligence as Infrastructure for AI-Driven Consumption	Agentic API Launched: PolicyNote API with native MCP support across Claude, OpenAI, Gemini, and Microsoft ecosystems; listed in OpenAI App Store in March Strong Enterprise and Global Demand: Growing enterprise pipeline with substantial commitments; over one-third of website signups outside the US, reflecting organic global demand and signaling product-led growth Continually Expanding Datasets: District matching functionality launched April 2026 enables real-time grassroots advocacy at scale; alternative pricing models (e.g., consumption-based pricing) to follow in 2026
Extend Capabilities into Political Prediction Markets	Rapidly Scaling Market: U.S. prediction market volume grew from ~$9B (2024) to ~$44B (2025); ~$150B+ projected for 2026 Early Positioning: Preview experience at PoliticalPredictions.com; strategic MOU with 365Prediction; Dr. Laila Mintas engaged as Strategic Advisor Capital-Efficient Entry: Focused on intelligence layer (data, analytics, contract design, governance), leveraging existing assets without building exchange infrastructure

Organizational Transformation

Accelerating the Path to Positive Free Cash Flow

Workforce & Cost Restructuring

AI Deployment at Scale

Financial Impact

• Headcount Reduction: 25% relative to year-end 2025, driving cash operating expense reduction of more than 19%

• Commercial Restructuring: ~24% expense reduction; eliminating senior roles and increasing automation of outbound marketing

• Content Optimization: ~20% expense reduction; generative AI for production workflows while preserving premium CQ Roll Call editorial

• G&A Eiciency: ~12% expense reduction through targeted vendor savings

• Engineering Adoption: 100% AI tooling across engineering; development cycles ~3x faster

• Development Productivity: Majority of completed development work now

  AI-enabled,driving substantial output gains vs. prior year

• Agentic AI Workflows: AI deployed across client support, sales development, and content production

• Operating Model: AI-augmented teams expanding individual capacity across functions

• Margin Expansion: FY 2026 Adjusted EBITDA margin guidance reflects ~2x improvement vs. 2025 on a like-for-like basis, with a rapid step-up in H2 as restructuring fully phases in

• Free Cash Flow: Positive FCF on a

  next-twelve-month basis beginning Q2 2026(1) and continuing thereafter

• Reinvestment Capacity: Structurally lower cost base enables continued investment in PolicyNote, agentic APIs, and prediction markets

• Capital-Eicient Growth: Primary inputs for new growth initiatives already exist within current asset base

This transformation is building a more durable, more profitable, and more strategically positioned FiscalNote for the future.

1. After one-time restructuring charges.

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

THE POLICYNOTE VISION

Grassroots Advocacy

PERSONALIZED

Local to Global Policy Data

Exclusive, Award-Winning CQ Content

PROACTIVE

Social Media, Curated

RESPONSIVE News & More

Human & Artificial Intelligence

INTEGRATED

Custom Research & Analysis

Products

Platform

Combining trusted news, expert analysis, and expanded data sources to streamline policy management at every level of government, PolicyNote empowers organizations to move beyond monitoring policy to actively shaping it with greater speed, insight, and impact.

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

AI THAT SPEAKS POLICY

BUILT-IN AI SUMMARIES

CHAT-BASED, AI-POWERED SEARCH & ALERTS

CUSTOM DASHBOARD & IN-DEPTH REPORTING

BILL Q&A

BILL FORECASTS

PolicyNote Progress: Engagement Metrics

Improvement from FiscalNote vs. PolicyNote

Key activity adoption and frequency of use is higher in PolicyNote in March 2026 versus FiscalNote in March 2025, indicating a higher percentage of users making PolicyNote part of their regular workflow.

Frequency: average # of times user does key activity per month

Key activity frequency: FiscalNote vs. PolicyNote

Adoption: # users who did key activity / # users who had any activity

Key activity adoption: FiscalNote vs. PolicyNote

Creating Competitive Dierentiation

Regular LLM Flow FiscalNote's 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

Imprecise Refinement of User Prompt: LLM not focused on policy and regulation; may generate responses that fail to address nuances of user's intent and workflow.

High Risk of Inaccuracy: LLM pulls from broad sources with no guardrails, leading to inaccurate, incomplete, or misleading responses.

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

FiscalNote domain expertise: Uniquely connect data, proprietary insights, and analysis, making replication diicult. User feedback further refines our expertise.

Personalization: Deliver tailored responses, continuously improving with user feedback.

Relevant/Proprietary Data Sources: Queries only run against FiscalNote's data sources (public data processed by FiscalNote plus proprietary content & analysis).

Supplement with experts: FiscalNote's professional services team provides the crucial human element often absent in pure AI solutions.

2025 and Beyond: AI as an Accelerant

FiscalNote is a leading provider of AI-powered, sector-specific information and analytics that has invested over 11 years to create a deep reservoir of technical expertise, proprietary data, and purpose-built AI tools.

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.			POLICYNOTE	GENERIC LLMs
		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

As demand shifts toward embedded, programmatic access to policy intelligence, FiscalNote is positioning itself as the trusted infrastructure layer for AI-driven consumption.

What We've Built Agentic PolicyNote API Native support for Model Context Protocol (MCP) enables AI agents to discover, query, and integrate FiscalNote intelligence. Cross-Platform Compatibility Compatible with Claude, OpenAI, Google Gemini, Microsoft ecosystems, and other adopters of MCP. Global Coverage Intelligence spanning Congress, all 50 states, and 100+ countries is available programmatically.	Why It Maers TAM Expansion 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 Reinforcement Usage signals strengthen internal models and create compounding competitive advantages over time.	Early Traction & Commercial Model Enterprise Customers Lumen Technologies and ICE Data Services (Intercontinental Exchange subsidiary) actively using APIs in production environments. Flexible Pricing Consumption-based and hybrid models allow customers to shift spend between seat-based licenses and API usage credits. High-Margin Profile Core infrastructure is already built with low incremental delivery cost and no per-seat constraints.
FiscalNote's value resides in the depth of its data, domain expertise, and institutional trust; not in any single delivery interface.