Cannae Holdings, Inc. - Apr 19, 2022 Form 4 Insider Report for System1, Inc. (SST)

Role: 10%+ Owner
Signature: See Exhibit 99.1 for Signatures
Stock symbol: SST
Transactions as of: Apr 19, 2022
Transactions value $: -$10,201,128
Form type: 4
Date filed: 4/21/2022, 04:40 PM
Previous filing: Feb 17, 2022
Next filing: Apr 26, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SST	Class A Common Stock	Sale	-$3.33M	-229K	-0.84%	$14.56^*	27M	Apr 19, 2022	See Note 3	F1, F2, F3
transaction	SST	Class A Common Stock	Sale	-$4.55M	-335K	-1.24%	$13.60^*	26.6M	Apr 19, 2022	See Note 3	F1, F3, F4
transaction	SST	Class A Common Stock	Sale	-$2.32M	-165K	-0.62%	$14.03^*	26.5M	Apr 20, 2022	See Note 3	F1, F3, F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The number of shares of Class A common stock reported represents an aggregate number of shares sold in multiple open market transactions over a range of sales prices. The price reported represents the weighted average price per share. The Reporting Persons undertake to provide to the Issuer, any stockholder of the Issuer or the staff of the Securities and Exchange Commission, upon request, the number of shares sold at each separate price within the range.
F2	Sales prices range from $15.195 to $14.22 per share, inclusive.
F3	Directly held by Cannae Holdings, LLC, which is a wholly-owned subsidiary of Cannae Holdings, Inc.
F4	Sales prices range from $14.205 to $13.50 per share, inclusive.
F5	Sales prices range from $14.14 to $14.00 per share, inclusive.

Remarks:

Exhibit 99.1 (Joint Filer Information) is incorporated herein by reference.