Arena : January 2023 Investor Presentation

INVESTOR

JANUARY 2023 PRESENTATION

The Arena Group | Investor Presentation | 2

DISCLAIMER

This presentation by The Arena Group Holdings, Inc., which includes information for its wholly owned subsidiaries The Arena Platform, Inc., The Arena Media Brands, LLC, TheStreet, Inc., College Spun Media Incorporated, Athlon Holdings, Inc. and Athlon Sports Communications, Inc. (collectively "Arena Group," the "Company" or "we") contains "forward-looking" statements that are based on our management's beliefs and assumptions and on information currently available to management. Forward-looking statements include all statements other than statements of historical fact contained in this presentation, including information concerning our business strategy, future revenues, market growth, capital requirements, product introductions and expansion plans, including the expected timing for the consummation of the Men's Journal acquisition and launch of the Men's Journal Lifestyle Vertical. Forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause our actual results, performance or achievements to differ materially and adversely from those anticipated or implied by our forward-looking statements. You should refer to the section entitled "Risk Factors" set forth in our Annual Report on Form 10-K for the year ended December 31, 2021, and other filings we make with the Securities and Exchange Commission (the "Commission") from time to time for a discussion of important factors that may cause our actual results to differ materially from those expressed or implied by our forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. We undertake no obligation to update any forward-looking statements after the date of this presentation except as may be required by law.

This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry. These data involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Projections, assumptions and estimates of the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk.

This presentation also contains projections of future financial performance have been prepared by the Company to assist in the evaluation of the Company and are not to be relied upon as an accurate representation of future results. Furthermore, because the pro forma financial information is based upon estimates and assumptions about circumstances and events that have not been audited and are subject to variation, there can be no assurance that the unaudited proforma data will be attained. Predictions and projections as to future events are subject to a high degree of risk and uncertainty. The pro forma financial information should not be regarded as a representation, expressed or implied, by the Company or any person that the results set forth therein will be achieved. Changes in facts underlying the assumptions, among others, may have a material adverse effect upon the Company's business, results of operation and financial condition. The Company does not intend to update or otherwise revise the projections or proforma data to reflect circumstances existing after the date of this document or to reflect the occurrence of unanticipated events even if any or all of the underlying assumptions do not come to fruition. Further, the Company does not intend to update or revise the projections or proforma data to reflect changes in general economic conditions. The projections were not prepared under the guidelines established by the American Institute of Certified Public Accountants or any other rules or regulations of any governing authority. There can be no assurance that the projections will be realized. It can be expected that actual results will vary from those set forth in the projections, and the variations may be material and adverse. Prospective investors are cautioned not to place reliance on the projections or proforma data.

WHO WE ARE

WE TRANSFORM MEDIA BUSINESSES

The Arena Group | Investor Presentation | 5

KEY INVESTMENT HIGHLIGHTS*

The Arena Group is a global tech-poweredmedia company

that transforms media businesses

*Source: Google Analytics

** Based on AREN price as of 11/30/2022

***All data shown as of or for the three months ended 9/30/2022 unless otherwise indicated.

SCALE WITH

O&O AND

PARTNERSHIPS

• 50+ owned or operated properties
• 200+ platform partners across 3 verticals: sports, finance and lifestyle
• 1.5B pageviews in Q3, an increase of 32% YoY*

DEMONSTRATED

FINANCIAL

RESULTS

• Grew digital ad revenue by 90% & gross profit 44% in first 9 months of 2022 vs. prior year
• +260% 3-year CAGR in annual gross profit
• 88% 3-year CAGR in annual revenue; +70% target incremental margin on digital revenue

PROPRIETARY PLAYBOOK & TECHNOLOGY

• Unique Vertical Model
• Offering transformative scale, efficiency and yield to struggling digital brands
• Proven audience growth, increased margins and revenue diversification