Investor deck november 2017 final

1. 1Contains proprietary and confidential information owned by Synacor, Inc. © / 2017 Synacor, Inc.
DRIVING GROWTH IN
ATTRACTIVE DIGITAL MARKETS
N O V E M B E R 2 0 1 7
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2. 2
SAFE HARBOR
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This presentation contains forward-looking statements concerning
Synacor’s expected financial performance as well as Synacor’s strategic and operational plans. The achievement or success of the matters covered by such
forward-looking statements involves risks, uncertainties and assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove
incorrect, the company's results could differ materially from the results expressed or implied by the forward-looking statements the company makes.
Synacor is under no obligation to, and expressly disclaims any such obligation to, update or alter forward-looking statements, whether as a result of new
information, future events, or otherwise.
The risks and uncertainties referred to above include - but are not limited to - risks associated with: execution of Synacor’s plans and strategies; the loss of a
significant customer; the company’s ability to obtain new customers; expectations regarding consumer taste and user adoption of applications and
solutions; developments in Internet browser software and search advertising technologies; developments in display advertising technologies and practices;
general economic conditions; expectations regarding the company's ability to timely expand the breadth of services and products or introduction of new
services and products; consolidation within the cable and telecommunications industries; changes in the competitive dynamics in the market for online
search and display advertising; the risk that security measures could be breached and unauthorized access to subscriber data could be obtained; potential
third party intellectual property infringement claims; and the price volatility of Synacor’s common stock.
Further information on these and other factors that could affect the company's financial results is included in filings it makes with the Securities and
Exchange Commission from time to time, including the section entitled "Risk Factors" in the company's most recent Form 10-K filed with the SEC. These
documents are available on the SEC Filings section of the Investor Information section of the company's website at investor.synacor.com.

3. 3
INVESTMENT HIGHLIGHTS
A Transformation Story with Multiple Profitable
Growth Avenues
STRONG
OPPORTUNITIES FOR
GROWTH
RECURRING AND
FEE-BASED
REVENUE
MASSIVE
TRANSFORMATION
ON A PATH:
• 3 YEARS (2019)
• $30M EBITDA
• $300M REVENUE
SEASONED
MANAGEMENT
TEAM
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4. 4
PORTALS EMAIL AND
COLLABORATION
MULTIPLATFORM
VIDEO
CLOUD ID
ENGAGING CONSUMERS
ADVERTISING

5. 5
OUR MISSION
We enable our customers to
better engage
with their consumers
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6. 6
TWO PRIMARY SOURCES OF REVENUE
SEARCH AND ADVERTISING RECURRING AND FEE-BASED
Advanced Portal
Experiences
Email/Collaboration Video Platform/Cloud IDAdvertising Solutions

7. 7
MULTI-PLATFORM PORTAL EXPERIENCES
DESIGNED FOR ENGAGEMENT AND MONETIZATION
Personalized, curated, and relevant content
experience that drives engagement and
reinforces ISP brand across devices
• Modern design, stream-based experience
• Hundreds of thousands of articles and videos
• Push notification for breaking news
• Flexible and customizable for
customer needs
• Monetization through integration with
Synacor Media

8. 8
Complete advertising platform:
• Strong Monetization
• Search, display, video and mobile
• Direct, programmatic, network
• Publisher and Portal Network
• Operated and managed portals
• Publisher platform
• Targeting Expertise
• Proprietary and third-party data
• Ad Ops and Analytics
Hundreds
of Publishers
SYNACOR MEDIA: COMPELLING
AD PLATFORM AT SCALE
200M
Uniques
35M+
Broadband
Households

9. 9
SEARCH & ADVERTISING GROWTH
OPPORTUNITY
• Launch AT&T
• Win new portal customers
• Programmatic growth
• Grow publisher reach and products
• Expand mobile monetization
Digital Ad Spending
12%
$72B
Total Market
Source: eMarketer, growth for 2016 – 2020
Total Market for 2016
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10. 10
EMAIL & COLLABORATION
OPEN, SECURE, PRIVATE PRODUCT SUITE
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• Powering ~500M mailboxes –
one of the largest providers
of white label email in the world
• Open source, on-prem software, and as a
fully managed & hosted solution
• Unmatched migration
& hosting capability
• Serving service providers,
government agencies, and
business enterprises globally

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EMAIL & COLLABORATION GROWTH
OPPORTUNITY
• Open source program to monetize ~400 million
existing mailboxes
• Open Source Support subscription
• Suite Plus (e.g. backup, admin tools)
• Grow government customer base focusing on
security & privacy
• Leverage partner community to accelerate
feature development and grow sales
Market Growth
24%
$19B
Total Market
11Source: Radicati, growth for 2016 – 2020
Total Market for 2016

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VIDEO PLATFORM/CLOUD ID
END-TO-END VIDEO AND IDENTITY MANAGEMENT PLATFORM
• Ability to authenticate nearly all
Pay TV households in US
• Selected to provide Cloud ID
Authentication for HBO Go
• Supported deployment of Apple’s
Single Sign-On platform
• Participating with CTAM & OATC on
industry standards
• Debuted end-to-end TVE and OTT
solutions for GVTC and Consolidated
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13. 13
VIDEO PLATFORM/CLOUD ID GROWTH
OPPORTUNITY
• Win new video platform customers
• Win new content provider customers
• Extend Cloud-ID into new verticals and
geographies
Online OTT & Video Revenue
28%
$37B
Total Market
13Source: Digital TV Research, 2010 – 2020
Total Market for 2016

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BLUE-CHIP CUSTOMERS AND PARTNERS
Advertising and Content Partners
Command and Simulation Solutions
Chile
120 Service Providers, 1,000 Government Agencies, 2,500 Businesses, 1,000 Publishers
ADVERTISING

15. 15
• Win new portal and email service
provider customers
• Win government email customers
• Win content providers
• Launch AT&T
• Programmatic Growth
• Expand mobile monetization
4-PILLAR GROWTH AGENDA BUILT ON OPERATING DISCIPLINE
Increase value for existing
customers by optimizing
consumer experience &
monetization
Innovate on Synacor-as-a-
platform for advanced
services
Win new customers in
current and related
verticals
Extend product portfolio
into international and
enterprise
CLEAR STRATEGY FOR PROFITABLE REVENUE GROWTH
• Grow Open Source Support
adoption
• Explore Cloud ID into new
verticals
• Leverage partner community to
accelerate email feature
development
• Win customers in new
geographies
BUILT ON OPERATING DISCIPLINE

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SYNACOR’S 3/30/300 PATH
TARGETING $300M IN REVENUES AND $30M IN EBITDA IN 2019
Revenue, $Millions Adjusted EBITDA*, $Millions
*Please refer to the appendix for information regarding the reconciliation of GAAP net loss to adjusted EBITDA for twelve months ended December 31, 2015 and
December 31, 2016 and for guidance for twelve months ending December 31, 2017. Guidance is as of November 14, 2017.
INVESTING ~$10M BETWEEN 2H16 – 1H17 TO DEVELOP AND DEPLOY FOR A MAJOR CUSTOMER
$110.2
$127.4
$140 - $145
~$300
2015 2016 2017G 2019G
$7.6
$3.2
$0.8 - $2.8
~$30
2015 2016 2017G 2019G

17. 17
INVESTMENT HIGHLIGHTS
A Transformation Story with Multiple Profitable
Growth Avenues
STRONG
OPPORTUNITIES FOR
GROWTH
RECURRING AND
FEE-BASED
REVENUE
MASSIVE
TRANSFORMATION
ON A PATH:
• 3 YEARS (2019)
• $30M EBITDA
• $300M REVENUE
SEASONED
MANAGEMENT
TEAM
17

18. 18
THANK YOU

19. 19
APPENDIX

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ADJUSTED EBITDA RECONCILIATION
2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 2016 Q1 2017 Q2 2017
Revenue 110,245 30,260 30,476 31,721 34,916 127,373 26,540 31,216
Net (loss) income (3,474) (1,565) (2,757) (3,365) (3,053) (10,740) (6,656) (3,276)
Provision (benefit) for income taxes 239 144 260 379 436 1,219 446 309
Interest expense 245 68 84 75 91 318 87 114
Other (income) expense 16 (2) (242) 38 248 42 (6) (67)
Depreciation and amortization 6,901 2,098 2,270 2,414 2,453 9,235 2,184 2,224
Stock-based compensation 3,115 737 687 680 667 2,771 647 676
Loss in equity interest 73 - - - - - - -
Capitalized software impairment - - - - 334 334 - 256
Acquisition costs 478 - - - - - - -
Adjusted EBITDA 7,593 1,480 302 221 1,176 3,179 (3,298) 236
Q3 2017
36,269
261
127
(99)
2,596
-
-
1,832
244
605
-
Gain on sale of investment - -- - - - - - (1,902)

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FISCAL 2017 AND Q3 2017 GUIDANCE RECONCILIATION*
Fiscal 2017 Guidance: Revenue for the full year of 2017 is now expected to be within the range of $140
million to $145 million. The Company expects to report a net loss in the range of $9.1 million to $11.4
million and adjusted EBITDA in the range of $0.8 million to $2.8 million, which excludes stock-based
compensation expense of $2.5 million to $2.6 million, depreciation and amortization of $9.6 million to
$9.8 million, gain on investment of $1.9 million and tax, interest expense, capitalized software
impairment, and other income and expense of $1.7 million.
Q4 2017 Guidance: Revenue for the fourth quarter of 2017 is projected to be in the range of
$46.0 million to $51.0 million. The Company expects to report net income of ($1.8) million to
$0.5 million and adjusted EBITDA of $2.0 million to $4.0 million, which excludes stock-based
compensation expense of $0.6 million to $0.7 million, depreciation and amortization of $2.6
million to $2.8 million, and tax, interest expense and other income and expense of $0.3
million.
*Guidance is as of November 14, 2017.