#1BuzzFeed Inc. TASTY LIFESTYLE BRANDS IHUFFPOSTI BuzzFeed News BuzzFeed ENTERTAINMENT COMPLEX NETWORK S Investor Presentation | March 2023#2Note to recipient: disclaimer Forward-Looking Statements Certain statements in this presentation (this "Presentation") may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. BuzzFeed, Inc.'s ("BuzzFeed" or the "Company") forward-looking statements include, but are not limited to, statements regarding our management team's expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts (including our outlook for Q1 2023) or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "affect," "believe," "can," "contemplate," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "seek," "should,” "target," "will," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward- looking. Forward-looking statements may include, for example, statements about: (1) anticipated trends, growth rates, and challenges in our business and in the markets in which we operate; (2) demand for products and services and changes in traffic; (3) changes in the business and competitive environment in which we operate; (4) developments and projections relating to our competitors and the digital media industry; (5) the impact of national and local economic and other conditions and developments in technology, each of which could influence the levels (rate and volume) of our advertising, the growth of our business and the implementation of our strategic initiatives; (6) poor quality broadband infrastructure in certain markets; (7) technological developments including artificial intelligence; (8) our success in retaining or recruiting, or changes required in, officers, key employees or directors; (9) our business, operations and financial performance, including expectations with respect to our financial and business performance, including financial projections and business metrics and any underlying assumptions thereunder and future business plans and initiatives and growth opportunities; (10) our future capital requirements and sources and uses of cash, including, but not limited to, our ability to obtain additional capital in the future in a higher interest rate environment and any impacts of bank failures or any restrictions on our ability to access our cash and cash equivalents; (11) expectations regarding future acquisitions, partnerships or other relationships with third parties; (12) developments in the law and government regulation, including, but not limited to, revised foreign content and ownership regulations; (13) the anticipated impacts of current global supply chain disruptions, further escalation of tensions between Russia and Western countries and the related sanctions and geopolitical tensions, as well as further escalation of trade tensions between the United States and China; the inflationary environment; the tight labor market; the continued impact of the COVID-19 pandemic and evolving strains of COVID-19; and other macroeconomic factors on our business and the actions we may take in the future in response thereto; and (14) our ability to maintain the listing of our Class A common stock and warrants on the Nasdaq Stock Market LLC. The forward-looking statements contained in this Presentation are based on current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under sections entitled "Risk Factors" in the Company's filings with the Securities and Exchange Commission ("SEC"). Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. There may be additional risks that we consider immaterial or which are unknown. It is not possible to predict or identify all such risks. We do not undertake any 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. 2#3Use of Data Note to recipient: disclaimer (continued) This Presentation contains estimates and information concerning our industry, our business, and the market for our products and services, including our general expectations of our market position, market growth forecasts, our market opportunity, and size of the markets in which we participate, that are based on industry publications, surveys, and reports that have been prepared by independent third parties. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to these estimates. Although we have not independently verified the accuracy or completeness of the data contained in these industry publications, surveys, and reports, we believe the publications, surveys, and reports are generally reliable, although such information is inherently subject to uncertainties and imprecision. The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors, including, but not limited to, those described in the section titled "Risk Factors" in our SEC filings. These and other factors could cause results to differ materially from those expressed in these publications and reports. Trademarks and Trade Names BuzzFeed owns or has rights to various trademarks, service marks and trade names that it uses in connection with the operation of its businesses. This Presentation also contains trademarks, service marks and trade names 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 the Company, or an endorsement or sponsorship by or of the Company. Solely for convenience, the trademarks, service marks and trade names referred to in this Presentation may appear without the Ⓡ, TM or SM symbols, but such references are not intended to indicate, in any way, that the Company will not assert, to the fullest extent under applicable law, their rights or the right of the applicable licensor to these trademarks, service marks and trade names. 3#4Note to recipient: disclaimer (continued) Non-GAAP Financial Measures This Presentation includes certain non-GAAP financial measures-Adjusted EBITDA and Adjusted EBITDA margin (including on a forward-looking basis). These non- GAAP measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to their nearest GAAP equivalent or any other performance measures derived in accordance with GAAP. The Company defines Adjusted EBITDA as net (loss) income, excluding the impact of net (loss) income attributable to noncontrolling interests, income tax provision (benefit), interest expense,net, other expense (income), net, depreciation and amortization, stock-based compensation, change in fair value of warrant liabilities, change in fair value of derivative liability, restructuring costs, impairment expense, transaction-related costs, certain litigation costs, public company readiness costs, and other non-cash and non- recurring items that management believes are not indicative of ongoing operations. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenue for the same period. A reconciliation of the non-GAAP financial measures used in this Presentation to their nearest GAAP equivalent is included in the appendix to this Presentation. BuzzFeed believes that these non-GAAP measures of financial results (including on a forward-looking basis) provide useful supplemental information to investors about the Company. BuzzFeed's management uses forward-looking non-GAAP measures to evaluate BuzzFeed's projected financials and operating performance. However, there are a number of limitations related to the use of these non-GAAP measures and their nearest GAAP equivalents, including that they exclude significant expenses that are required by GAAP to be recorded in BuzzFeed's financial measures. In addition, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore, BuzzFeed's non-GAAP measures may not be directly comparable to similarly titled measures of other companies. Additionally, to the extent that forward-looking non-GAAP financial measures are provided, they are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. Additional Information and Where to Find It Investors and others should note that we may announce material business and financial information to our investors using our investor relations website (https://investors.buzzfeed.com), SEC filings, webcasts, press releases, and conference calls. We use these mediums to communicate with investors and the general public about our company, our products and services, and other issues. It is possible that the information that we make available may be deemed to be material information. We therefore encourage investors, the media, and others interested in our company to review the information that we post on our investor relations website. 4#5About BuzzFeed Inc.#6BuzzFeed, Inc. BuzzFeed, Inc. is a premier digital media company for the most diverse, most online, and most socially engaged generations the world has ever seen.#7BuzzFeed, Inc. M 2006 Jonah Peretti launches BuzzFeed Lab Experimentation to Grow Audience 2012 Launches BuzzFeed News (1) Deal closed in December 2021. (2) Deal closed in February 2021. History of growth and innovation. 2014 Releases DEAR KITTEN as the first branded video content 2014 Surpasses $100M in revenue 2016 Introduces trusted editorial shopping content BUZZFEED SHOPPING 2015 Launch of TASTY 2018 Launch of the BuzzFeed Creators Program 2017 Introduces programmatic advertising 2018 Surpasses $100M in revenue from new revenue streams Topline Growth & Diversification 2018 Tasty kitchenware line debuts at Walmart 2020 BuzzFeed Studios partnership w/ LIONSGATE to produce feature films 2020 Acquires IHUFFPOSTI 2021 Acquires COMPLEX NETWORKS. (2) (1) Profitable Revenue Growth 2023 Incorporates OpenAI tech to launch AI- powered content 2021 BuzzFeed, Inc. goes public NASDAQ: BZFD 7#8BuzzFeed, Inc. DO I (1) A non-GAAP financial measure; see slide 25. Long-term value creation. Leading "Media 2.0" platform for the next generation of Internet KO Globally recognized digital brands with massive, engaged audience Designed to rapidly scale and monetize digital content Demonstrated platform for both growth and industry consolidation Reached inflection point, achieving Adjusted EBITDA profitability¹ Innovative management team that has been at the forefront of driving digital trends 8#9Our Business Model#10BuzzFeed, Inc. M Portfolio of premium digital content brands that define culture. Entertainment & Culture BuzzFeed ENTERTAINMENT Advancing creativity and enhancing the audience experience with AI-infused content COMPLEX NETWORK S Attracting premium brand sponsorships with authoritative, culture-defining programming Food TASTY Inspiring the world's largest, most engaged food community on the internet 11 HUFFPOST News Engaging readers with resonant coverage of the world's biggest cultural moments BuzzFeed News Driving conversation on the internet 10#1160% Massive, highly-engaged audience. Total Annual Time Spent (in hours) 2019 619M 40% Owned & Operated Properties Distributed Network 53% 2022 624M 47% Note: We define Time Spent as the estimated total number of hours spent by users on (i) our owned & operated U.S. properties, (ii) our content on Apple News, and (iii) on our content on YouTube in the U.S., as reported by Comscore, and (iv) the estimated total number of hours spent on our content on Facebook, as reported by Facebook. Time Spent does not reflect time spent with our content across all platforms, including TikTok, Instagram, Snapchat and Twitter. Please refer to the Appendix for a full definition. 2021 includes HuffPost and Complex from the date of each acquisition. 11#12BuzzFeed, Inc. Reliable first party data and cross-platform insights creating competitive barriers... Leading audience & brands 624 million hours of content consumed in 2022(¹) #1 in time spent among Gen Z and Millennials(²) Data-driven tech platform Content A. 4. Invest 2. Audience BuzzFeed Inc. 3. Data Scaled cross- platform distribution Owned & Operated BuzzFeed TASTY COMPLEX NETWORKS. IHUFFPOSTI BuzzFeed News Social Platforms & fo@ Diversified revenue model Commerce & other Content ...and powering scaled, diversified revenue model. $ Advertising (1) Measured by reference to Time Spent. Please refer to the appendix for the methodology of how Time Spent is computed. (2) Source: Comscore Media Metrix, Multi-Platform, Key Measures, Q4 2022 (A18-A34). As compared to competitors including: Vox, Conde, People, Discovery, Hearst Young Women's Network, Vice, Dotdash Meredith, Bustle Digital Group. 12#13BuzzFeed, Inc. Aligned with massive secular trends. Video & Social Digital advertising revenues are expected to grow 8% to approximately $560 billion in 2023,(¹) outpacing expected growth in overall advertising revenues eCommerce High Quality Content Big Tech platforms in need of trusted, brand-safe supply of digital content at scale U.S. online sales comprised 18% of total retail sales in the fourth quarter of 2022, up from pre-2020 levels, and is expected to reach approximately 25% by 2025(2) (1) Source: MAGNA's "Global Ad Forecast" December 2022 Report; (2) MKM Partners E-Commerce Research December 2022. 13#14BuzzFeed, Inc. Diversified revenue model operating at scale. Content Custom advertising assets for clients, including both long- form and short-form content Affiliate commission earned on sales transactions initiated from sponsored content Feature films and content licensing FY'22 Revenue: $437M 16% 38% 46% Commerce & other Affiliate commission earned on sales transactions initiated from editorial content Royalties on licensing of IP Virtual and live events Advertising Ads distributed against our editorial and news content, including display, pre-roll and mid-roll advertising 14#15Powered by Rich Audience Insights#16BuzzFeed, Inc. M Proprietary tech stack creating growth flywheel. Creating content requires data, technology and scale. All are key competitive moats and differentiators of BuzzFeed, Inc.'s relationship with audiences. BuzzFeed QUIZ PARTY 000 Proprietary Quiz Maker Built into CMS Over 1B quiz views in 2022 (¹) Enables a dozen varieties of addictive quizzes, with new formats developed regularly (1) Source: Permutive, 2022 Optimization in Progress F EA Headline Optimization Post-publication, BuzzFeed's technology automatically finds the best headline from several options LSK 125430 28.79 Proprietary Machine Learning Algorithms Generate both recommendations and automation of what and when to publish on social platforms ☆ Custom Tools for Content Creators Support the efficient creation of the best content from what readers love and engage in, including flipped posts from comments and subbuzz remixer for market 16#17BuzzFeed, Inc. Powering organic growth of brands. - First launched in 2015, Tasty has grown into the world's largest, most engaged food community on the internet – with cross-platform scale and multiple revenue streams. BuzzFeed Formats Applied to Cooking Applies popular BuzzFeed formats to cooking and discovers success Here's how to make-PIZZA DIP (1) Source: Tubular Intelligence, Oct 2020. Experimentation & Social Media Feedback / Data Loop User-generated cooking videos going viral on Facebook; starts experimenting with original BuzzFeed food videos TASTY Den Shollenberger So good and cheesy, making this all the time now! Audience Expansion Tasty Facebook channel surpasses 8M engagements (likes, comments, shares) the month after launch (1) 14M views in 10 days This is Paract My son and for a sicano cake for the weak! Now know how! DO Iterations for Expansion & Development Applies learnings to launch international versions and develop new styles and formats PROPER bien TASTY TASTY TASTY TASTY demais JAPAN Multiple Monetization Streams Popularity fuels product launches: Top Selling Cookbook, Tasty App and One Top cooking appliance TASTY latest & greatest 17#18BuzzFeed, Inc. Differentiated approach to cross-platform content creation and distribution. Data-driven approach is Reaching our audiences wherever they are repeatable & scalable 1. Content 4. Invest 2. Audienc BuzzFeed Inc. 3. Data hulu Web Google BuzzFeed Inc. twitch Video Data-driven business model enables massive audience reach and establishes BuzzFeed, Inc. as a one-stop shop for advertisers 3 Mobile Social 18#19BuzzFeed, Inc. M ● ● Emerging businesses. Extending our core business model with a continued focus on revenue diversification. Commerce Feature Films and Content Licensing BUZZFEED SHOPPING --- Just 31 Walmart Products! Found On TikTok I Never Knewl Needed 00000 2- 43 Parenting Products From TikTok That Are Totally Worth It by the 00000 thee his the th A social-first approach to developing trusted shopping content created by our editorial team and informed by our strong audience signal Leading customers down the path from discovery to inspiration to real world transactions with a single click Drives hundreds of millions of dollars in attributable transactions annually TO ● AMAZON ORIGINAL 129 Book Love prime video BERELO NEF PEREZ ROSE FALL We are capitalizing on unprecedented demand for premium content by offering a diverse slate of programming from BuzzFeed Studios • Our approach leverages our proprietary first party data and vast library of IP to develop film and TV concepts that resonate with Gen Z and Millennials Our broader creative leadership position and brand portfolio serves as a platform for innovative marketing campaigns 19#20Our Track Record as an Industry-Leading Consolidation Platform#21BuzzFeed, Inc. Completed acquisition of HuffPost. IHUFFPOSTI Acquisition Rationale Universally known brand with cross-platform appeal & influence Extends leadership position and enhances scale Expanding reach into attractive, complementary audiences Near term opportunities to lift monetization Clear opportunity to drive profitability Highlights A Leading News Outlet for Gen Z and Millennials(¹) Pulitzer Prize-Winning Newsroom Complementary audience demographic KI LA Immediate Value Creation Rapidly integrated into cross-platform distribution network Successfully extended diversified revenue model Achieved Profitability Post-Acquisition (1) Source: Comscore Media Metrix, Multi-Platform, Key Measures, Q4 2022 (18-34). As compared to competitors including: NYTimes.com, Bustle.com, LA Times, The Hill, Politico, and Mashable.com. 21#22BuzzFeed, Inc. Completed acquisition of Complex Networks. COMPLEX NETWORK S Acquisition Rationale Expands further into new audiences and verticals with clear category leadership Deepens engagement with existing demographic Cements opportunity as defining youth media platform Clear two-way synergies and monetization opportunities Highlights A leader in Time Spent among males 18-34 (¹) 1.92x more diverse reader demographic compared to total digital population (2) Iconic Brands and IP COM PLEX FIRST WE FEAST" PRESENTS HOT ONES Greaker HIKING WITH RAPPERS COMPLEXCON (1) Source: Comscore Media Metrix, Multi-Platform, Key Measures, Q4 2022 (Males 18-34). As compared to competitors including: New York Times Digital, Meredith Corporation, Hearst, Discovery Inc. Conde Nast, Washington Post, Vox Media, Dotdash, Group Nine Media, Vice Media Group, Bustle Digital Group. (2) Refers to Black/African-American males ages 18-34. Source: Comscore, December 2022. 22#23BuzzFeed, Inc. DO I (1) A non-GAAP financial measure; see slide 25. Long-term value creation. Leading "Media 2.0" platform for the next generation of Internet KO Globally recognized digital brands with massive, engaged audience Designed to rapidly scale and monetize digital content Demonstrated platform for both growth and industry consolidation Reached inflection point, achieving Adjusted EBITDA profitability¹ Innovative management team that has been at the forefront of driving digital trends 23#24Appendix#25BuzzFeed, Inc. net income (loss) to adjusted EBITDA reconciliation. ($ in millions) Net income (loss)(¹) Income tax provision (benefit) Interest expense, net Other (income) expense, net Depreciation and amortization Stock-based compensation Change in fair value of warrant liabilities Change in fair value of derivative liability Restructuring (2) Impairment expense(³) Transaction-related costs(4) Litigation costs(5) Public company readiness costs(6) Adjusted EBITDA FY'20A FY'21A $11.2 0.9 0.9 (0.9) 17.5 1.2 $30.8 FY'22A $25.9 $(201.3) (26.4) 2.0 2.9 21.2 4.0 3.1 22.8 35.1 23.5 21.6 (4.7) (4.5) (26.7) (4.7) 3.6 15.0 104.5 5.1 1.9 1.5 $0.5 15.3 1.3 $41.5 Note: Values subject to rounding. Figures are presented on an as-reported basis (FY'21A includes HuffPost and Complex from each date of acquisition). (1) Excludes minority interest adjustment relating to non-controlling interests. (2) For the year ended December 31, 2022, represents costs associated with certain organizational changes to align sales and marketing and general and administrative functions as well as changes in content to better service audience demands, and costs incurred as part of a strategic repositioning of BuzzFeed News. Additionally, for the year ended December 31, 2022, represents costs associated with the reduction in workforce plan, which is intended to reduce the Company's costs in response to a combination of factors, including: (i) challenging macroeconomic conditions; (ii) completing the integration of Complex Networks and eliminating redundancies; and (iii) an ongoing audience shift to short-form, vertical video, which is still developing from a monetization standpoint. For the year ended December 31, 2021, represents costs associated with involuntary terminations of employees across various roles and levels as part of the integration of the HuffPost Acquisition. We exclude restructuring expenses from our non-GAAP measures because we believe they do not reflect expected future operating expenses, they are not indicative of our core operating performance, and they are not meaningful in comparisons to our past operating performance. (3) Reflects aggregate non-cash impairment expenses recorded during the year ended December 31, 2022 associated with goodwill impairment of $102.3 million and $2.2 million related to certain long-lived assets of our former corporate headquarters which was fully subleased during the third quarter of 2022.25 (4) Reflects transaction-related costs and other items which are either not representative of our underlying operations or are incremental costs that result from an actual or contemplated transaction and include professional fees, integration expenses, and certain costs related to integrating and converging IT systems. (5) Reflects costs related to litigation that are outside the ordinary course of our business. We believe it is useful to exclude such charges because we do not consider such amounts to be part of the ongoing operations of our business and because of the singular nature of the claims underlying the matter. (6) Reflects one-time initial set-up costs associated with the establishment of our public company structure and processes.#26BuzzFeed, Inc. Definition of time spent. We define "Time Spent" as the time audiences spend engaging with our content across our owned and operated US sites, as well as YouTube and Apple News in the US, as measured by Comscore and on Facebook, as reported by Facebook. (Excludes platforms for which we do not have advertising capabilities that materially contribute to our revenues, including TikTok, Instagram, Snapchat and Twitter.) 26#27BuzzFeed Inc. COMPLEX TASTY LIFESTYLE IHUFFPOSTI BuzzFeed News BRANDS NETWORK S BuzzFeed ENTERTAINMENT