#1INNOVD INVESTOR PRESENTATION June 2021 INNOVID#22 DISCLAIMERS This presentation is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential business combination between Innovid, Inc. (the "Company" or "Innovid") and ION Acquisition Corp 2 Ltd. ("ION") and related transactions (collectively, the "Proposed Transactions") and for no other purpose. This presentation is for information purposes only and is being provided to you solely in your capacity as a potential investor in considering an investment in Innovid. Any reproduction or distribution of this presentation, in whole or in part, or the disclosure of its contents, without the prior consent of Innovid is prohibited. By accepting this presentation, each recipient and its directors, partners, officers, employees, attorney(s), agents and representatives agrees: (i) to maintain the confidentiality of all information that is contained in this presentation and not already in the public domain; and (ii) to return or destroy all copies of this presentation or portions thereof in its possession following the request for the return or destruction of such copies. Forward-Looking Statements This presentation includes "forward-looking statements" within the meaning of the federal securities laws, opinions and projections prepared by the Company's and ION's management. These forward-looking statements generally are identified by the words "expects," "will," "projected," "continue," " increase," and/or similar expressions that conc the mpany's or ION's strategy, or intentions, but the absence of these words does not mean that a statement is not forward-looking. Such statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on management's belief or interpretation of information currently available. Because forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company's or ION's control. Actual results and condition (financial or otherwise) may differ materially from those indicated in the forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results and conditions to differ materially from those indicated in the forward-looking statements, including, but not limited to, the various summary risk factors related to the Proposed Transactions that have been provided to you separately. The list of factors provided separately is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of ION's final prospectus related to its initial public offering, the Proxy Statement/Registration Statement (as defined below) and other documents filed by ION from time to time with the Securities and Exchange Commission ("SEC"). There may be additional risks that the Company and ION do not presently know or that they currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company's and ION's expectations, plans or forecasts of future events and views as of the date of this presentation. Accordingly, you should not place undue reliance upon any such forward-looking statements in this presentation. Neither the Company, ION nor any of their affiliates have any obligation to update this presentation. Additional Information and Where to Find it In connection with the Proposed Transactions, ION is expected to file with the SEC a registration statement on Form S-4 containing a preliminary proxy statement/prospectus relating to the Proposed Transactions (the "Proxy Statement/Registration Statement"), and after the registration statement is declared effective, will mail the proxy statement included therein to holders of ION's ordinary shares in connection with ION's solicitation of proxies for the vote by the ION shareholders with respect to the Proposed Transactions and other matters as described in the Proxy Statement/Registration Statement. ION urges its shareholders and other interested persons to read, when available, the Proxy Statement/Registration Statement and amendments thereto and documents incorporated by reference therein, as well as other documents filed with the SEC in connection with the transactions, as these materials will contain important information about ION, the Company and the Proposed Transactions. When available, the definitive proxy statement included in the Proxy Statement/Registration Statement will be mailed to ION's shareholders. Shareholders of ION will also be able to obtain copies of such documents, without charge, once available, at the SEC's website at www.sec.gov, or by directing a request to: ION Acquisition Corp 2 Ltd., 89 Medinat Hayehudim Street, Herzliya 4676672, Israel. No Representations and Warranties This presentation is for informational purposes only and does not purport to contain all of the information that may be required to evaluate a possible investment decision with respect to Innovid. The recipient agrees and acknowledges that this presentation is not intended to form the basis of any investment decision by the recipient and does not constitute investment, tax or legal advice. No representation or warranty, express or implied, is or will be given by Innovid or any of its affiliates, directors, officers, employees or advisers or any other person as to the accuracy or completeness of the information in this presentation or any other written, oral or other communications transmitted or otherwise made available to any party in the course of its evaluation of the Proposed Transactions and no responsibility or liability whatsoever is accepted for the accuracy or sufficiency thereof or for any errors, omissions or misstatements, negligent or otherwise, relating thereto. The recipient also acknowledges and agrees that the information contained in this presentation is preliminary in nature and is subject to change, and any such changes may be material. Innovid disclaims any duty to update the information contained in this presentation. Participants in Solicitation ION and its directors and executive officers, under SEC rules, may be deemed to be participants in the solicitation of proxies of ION's shareholders in connection with the Proposed Transactions. Shareholders of ION may obtain more detailed information regarding the names, affiliations and interests of ION's directors and executive officers in ION's final prospectus for its initial public offering filed with the SEC on April 13, 2021 and in the Proxy Statement/Registration Statement when available. Information concerning the interests of ION's participants in the solicitation, which may, in some cases, be different than those of ION's shareholders generally, will be set forth in the Proxy Statement/Registration Statement when it becomes available. INNOVD#33 DISCLAIMERS (cont'd) Statement Regarding Non-GAAP Financial Measures The financial information and data contained this presentation is unaudited and does not conform to Regulation S-X promulgated by the SEC. Accordingly, such information and data may not be included in, may be adjusted in, or may be presented differently in, any proxy statement, prospectus or other report or document to be filed or furnished by ION, the Company or any entity that is party to the Proposed Transactions with the SEC. Certain financial measures in this presentation are not calculated pursuant to U.S. generally accepted accounting principles ("GAAP"). These non GAAP financial measures are in addition to, and not as a substitute for or superior to measures of financial performance prepared in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures as compared to their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of the non-GAAP financial measures herein as tools for comparison. You should review the Company's audited financial statements, which will be presented in the Proxy Statement/Registration Statement to be filed with the SEC in connection with the Proposed Transactions, and not rely on any single financial measure to evaluate the Company's business. Use of Projections This presentation also contains certain financial forecasts, including projected annual revenue, gross profit and Adjusted EBITDA. Innovid's independent auditors have not studied, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this presentation, and accordingly, no independent auditor has expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this presentation. These projections are for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. In this presentation, certain of the above-mentioned projected information has been provided for purposes of providing comparisons with historical data. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. Projections are inherently uncertain due to a number of factors outside of Innovid's control. While all financial projections, estimates and targets are necessarily speculative, Innovid believes that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection, estimate or target extends from the date of preparation. Accordingly, there can be no assurance that the prospective results are indicative of future performance or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this presentation should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved. Unaudited Estimated Results The Company's preliminary unaudited estimated results contained in this presentation have been prepared in good faith by, and are the responsibility of, management based upon the Company's internal reporting, and an independent auditing firm has not audited, reviewed, compiled or performed any procedures with respect to the preliminary financial results. Such results are subject to business, economic, regulatory and competitive uncertainties and contingencies and actual results may vary and those variations may be material. As such, Innovid's actual results and financial condition as reflected in the financial statements that will be included in the registration statement on Form S-4 for the Proposed Transactions may be adjusted or presented differently from the historical financial information herein, and the variations could be material. No Offer or Solicitation; Private Placement This presentation is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction and shall not constitute an offer to sell or a solicitation of an offer buy the securities of ION or the Company nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. The securities to which this presentation relates have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any other jurisdiction. This presentation relates to securities that Innovid would intend to offer in reliance on exemptions from the registration requirements of the Securities Act and other applicable laws. These exemptions apply to offers and sales of securities that do not involve a public offering. The securities have not been approved or recommended by any federal, state or foreign securities authorities, nor have any of these authorities passed upon the merits of this offering or determined that this presentation is accurate or complete. Any representation to the contrary is a criminal offense. Trademarks This presentation contains trademarks, service marks, trade names, and copyrights of the Company, ION and other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this presentation may be listed without the TM, SMⒸ or symbols, but the Company and ION will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights. Ⓡ INNOVID#44 PRESENTERS AND SENIOR LEADERSHIP INNOVD ZVIKA NETTER CEO & CO-FOUNDER Serial entrepreneur with over 28 years of experience launching, managing and growing technology companies Prior to co-founding Innovid, founded and served as CEO for several technology companies TANYA ANDREEV-KASPIN CFO Leads finance, accounting, legal and HR functions at Innovid Prior to Innovid, spent eight years in finance roles at several technology companies and four years at PwC GILAD SHANY CEO ION ACQUISITION CORP CEO of ION Acquisition Corp. 1 and 2, Co-CEO of ION Acquisition Corp. 3, Managing Partner of ION Crossover Partners (ICP) Prior to co-founding ICP, 10 years of experience investing in public and private companies with Baron Capital (NY) and Magma Venture Partners (TLV) AVROM GILBERT COO President and COO of ION Acquisition Corp. 1 and 2, Co-CEO and President of ION Acquisition Corp. 3 COO of growth tech companies SimilarWeb & Seeking Alpha 8 years public & private investments, including equities analyst with UBS & venture capital at Jerusalem Global Ventures INNOVD#5AGENDA Introduction Overview About Innovid Go-to-Market Strategy Investment Highlights Financial Information Growth Strategy Valuation & Comparables#6INNOVID INTRODUCTION TFTUL#77| ION - GLOBAL REACH, LONG-TERM VALUE ION ISRAEL FUND 2006 ION CROSSOVER PARTNERS 2015 SOVEREIGN WEALTH FUND Q3 18 Q4 18 ION TECH FUND Total AUM: >$2bn Q4 20 ION ACQUISITION CORP (SPAC) IACA (BCA) IACB (Public) IACC (Public) INNOVID#800 8 ION INVESTMENT THESIS - MARKET LEADING EXPOSURE TO CONNECTED TV GROWTH 1 234 TV ADVERTISING IS A $200B MARKET SHIFTING FROM LINEAR TV TO CTV As "cord cutting" audiences move to CTV, and OTT publishers grow, brand advertising dollars follow MARKET-LEADING INDEPENDENT CTV ADVERTISING PLATFORM Used by >40% of major global advertisers to manage ad campaigns in a fragmented CTV market VISIONARY, FOUNDER-LED, FIRST-TO-MARKET PLAYER WITH DEEP MOAT Proprietary tech to future-proof for CTV roadmap + Unmatched Partner Network (TTD, MGNI, Peacock, Roku, Hulu, etc.) DIFFERENTIATED SOFTWARE COMPANY TO RIDE THE EXPLOSIVE GROWTH OF CTV 80%+ gross margins, 37% Revenue Growth, 94% logo retention + upside from advanced capabilities Source: Dentsu, eMarketer, Kantar (https://www.kantar.com/), Winmo (https://www.winmo.com/) Note: $200bn estimate includes 2021 traditional TV ad spend of $169bn and assumes 2021 global CTV ad spend is "2x US ad spend of $13bn INNOVD#9INNOVID OVERVIEW TFTUL#10THE TV ECOSYSTEM IS SHIFTING $200 BILLION of TV ad spending $15 - $20 BILLION of estimated ad spending on CTV today 10 I GT $200 BILLION LINEAR TV $15-20 BILLION Roku PLUTO XBOX LG fire tv YouTube PlayStation. tv CTV SAMSUNG SONY fubo™ peacock hulu Source: Dentsu, eMarketer Note: $200bn estimate includes 2021 traditional TV ad spend of $169bn and assumes 2021 global CTV ad spend is "2x US ad spend of $13bn VIZIO Ochromecast Roku channel tubitv INNOVID#11hulu cock 10 omecast Uchannel bitv 11 CTV CREATES OPPORTUNITIES AND CHALLENGES vsbe Sign up for $43/me air phone service without leaving the couch detabe $5B Stay playful BUY Rapidly capitalux on the promise of o DU 80 Sea-Cola $5MEAL DEAL PAMER INE FREE SLIDER What would you like the power to do? HIVE EST FASAN Mormors TACO BELL party packs The New Widres BBQ BASH TOATE XENDER 505-500-5008 NET r OK H Centralized Creative Ad-Delivery Personalization and Interactivity Advanced Measurement INNOVID#12INNO D Leading Independent Ad Delivery and Measurement Platform for Connected TV Empowering advertisers to shift investment from linear to connected TV#13INNOVID Patigori ival Pemper Ken Markus Carolina Laskar Ryan Pikulski lamber na Levy an Berlin Brenan Wright Netanel Attali Bob Taras Bor ABOUT INNOVID Jarod Sabatino Elizabeth A Roy ENY INNOVD Yaron Ben Zaken Pat Rol D Lauren McDonald Nickess Clinton HOVO uperly elec admin IL Kristine Dalton Pres Pes Dan Mouradian Nirali Jain onen Idrisov michal livny Nicolas Antonio... Lauren Medwid Adi Ozeri Nicole Tavera Gareth Doyle Micaela Cam Jeremy Straic Dan Zeevi#1414 PEOPLE-FIRST: AN AWARD-WINNING CULTURE INNOVID'S Company Values Our shared values unite our team and drive our award-winning company culture Be GENEROUS Be DARING Be UNBEATABLE ~365 Employees NYC Headquarters 15 Offices Worldwide glassdoor 4.8 star rating 99% CEO approval HQ Inc.Best Workplaces 2021 SELECT INVESTORS SEQUOIA Goldman Sachs NEWSPRING GENESIS PARTNERS INNOVID#1515 FOCUSED ON CTV BEFORE THERE WAS CTV INNOVID="INNOVATION + VIDEO" Focus on CTV has led to a growing list of industry firsts and key milestones: +++ 1st CTV advertising SDK to market 1st MRC certification for CTV measurement 1st interactive Super Bowl ad Exclusive Roku ACR integration 1st ad serving into Peacock Named a leader by Forrester 2008 - 1st PATENT 500- 550- 530- INVENTION IS INGRAINED IN INNOVID'S DNA MATCHING SERVER MATCHING MODULE 540 VIDEO METADATA DATABASE CLIENT INFORMATION MODULE CLIENT-AWARE loOBJECT MATCHING MODULE 560- OBJECT DATABASE 201 VO Fig. 5 VIDEO WEB SERVER 520 515 510 580- STATISTICS MODULE 225- 220- VIDEO METADATA SERVER Fig. 2 -260 -265 JECT MATCHING SERVER ✓ Insert interactive objects into video content ✔Video-associated objects ✓ Serving objects to be inserted to videos and tracking usage statistics Real-time monitoring of sentiment with respect of a desired phrase Analyzing sentiment based on term taxonomies of UGC INNOVID#1616 DELIVERING AND MEASURING ADS ACROSS ALL MAJOR TV MEDIUMS Innovid's CTV advertiser software platform: Automatically uploads and encodes advertising creative to stream ads to any screen or device Manages the physical delivery of ads connecting marketers and publishers in real-time Independently measures performance across the widest breadth of MRC accredited metrics Delivery INNOVID CTV Ad Delivery & Measurement Media Ecosystem CTV Measurement INNOVID#1717 PARTNERING ACROSS THE ADTECH ECOSYSTEM Fragmentation complicates advertising - we work with, not against, the leading players in the technology stack INNOVID INTEGRATES ACROSS AD TECH: Demand Side Platform (DSP) Programmatic Media Buying Supply Side Platforms (SSP) Programmatic Media Selling Publisher Apps Stream Content Connected TV Devices Connecting the TV to the Internet Delivery INNOVID CTV Ad Delivery & Measurement PLATFORMS SUPPORTED INCLUDE: the TradeDesk AMOBEE verizon Google Marketing Platform ◆xandr verizon Magnite FRE WHEO media A COMCAST COMPANY hulu YouTube peacock VIZIO SAMSUNG Roku amazon fireTV media A Adibe tv XBOX CTV Measurement INNOVID#1818 STRATEGIC, EXCLUSIVE PARTNERSHIPS TO ADVANCE CTV ADVERTISING Leading in CTV innovation as acknowledged by industry- first and exclusive relationships with leading providers ad exchanger Comcast Partners With Innovid To Automate Digital And Linear Campaigns by Tony Rifilato // Wednesday, March 31st, 2021-5:34 pm The Drum. Hulu named first partner in Innovid's self- serve ad composer for connected TV By Bennett Bennett September 27, 2018 TechCrunch Roku And Innovid Roll Out Interactive Video Ads, Including SMS-Based Reminders To Watch Sarah Perez @sarahintampa / 12:17 PM EDT June 18, 2015 ADWEEK The Trade Desk, Magnite and Innovid Form CTV Pact The trio BY ANDREW B Comment ad INNOVID CTV Ad Delivery & Measurement Digranowany by Ryan Joe // Monday, October 19th, 2020 - 11:00 am UPPORTED INCLUDE: MOBEE verizon exchanger NBCU And Innovid Collaborate On Ad Quality Controls For Peacock orm media A Adebe exandr verizon HEOL media MCAST COMPANY Tube peacock CTV Roku, Innovid Launch Measurement G Solution Across Roku, Linear TV by Karlene Lukovitz @KLmarketdaily, September 23, 2019 Measurement INNOVID#19INNOVID GO-TO-MARKET TFTUL#2020 OUR GO-TO-MARKET STRATEGY Selling to brands, used by agencies Primary CTV technology platform used by our clients Technology fees based on ads delivered, not media spend Source: Kantar (https://www.kantar.com/), Winmo (https://www.winmo.com/) ABInBev TOYOTA PUBLICIS MEDIA Zenith The ROI agency SPARK FOUNDRY MillerCoors™ FCA gsk FIAT CHRYSLER AUTOMOBILES CONAGRA Allergan. L'ORÉAL • BRANDS. SAMSUNG Bank of America INNOVID#2121 FOCUSING ON THE NEEDS OF THE LARGEST TV ADVERTISERS HIGH CONCENTRATION AT THE TOP: 200 represent ~75% top U.S. TV ADVERTISERS of total U.S. TV AD SPEND Source: Kantar (https://www.kantar.com/), Winmo (https://www.winmo.com/) DISTRIBUTION OF TV AD SPEND BY TOP 200 US TV ADVERTISERS INNOVID#2222 | INNOVID IS THE TRUSTED DELIVERY PLATFORM ESTABLISHED FOOTPRINT: INNOVID is already a trusted ad delivery platform ~40% of the top 200 U.S. TV advertisers Source: Kantar (https://www.kantar.com/), Winmo (https://www.winmo.com/) DISTRIBUTION OF TV AD SPEND BY TOP 200 US TV ADVERTISERS INNOVO INNOVID#2323 DIFFERENTIATED OFFERING IS WHY WE WIN WITH TV ADVERTISERS Differentiated CTV Technology Only ad-server built to CTV INNOVD True platform offering (Ad Serving, Creative Tools, and Measurement) Proprietary SDK integrations Proprietary partnerships + Unique Market Position Independent Not a media business Source of truth Zero conflicts with entire ecosystem A Highly Defensible and Expanding Moat Net Revenue Retention: Net Revenue Retention (NRR) Rate is calculated as percentage of revenue retained from existing core platform customers, including expansion revenue, downgrades, and churn. Note: Retention is calculated for core platform clients; core clients represented 89% of total 2020 revenue 120%+ 2020 Annual Net Revenue Retention 37% Projected Revenue CAGR (2020-2023) 80-85% Gross Margins INNOVID#2412 10 00 8 4 2 24 CTV IS DRIVING THE GROWTH IN OUR BUSINESS Jan-18 61% Dec '18 YoY Growth Mar-18 May-18 Jul-18 CTV Impression Volume Growth Sep-18 Nov-18 (impressions in billions) 74% Dec '19 YOY Growth Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 78% Dec '20 YOY Growth Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 250 200 150 100 50 Source: Company data An immaterial volume (less than 5%) of impressions which are not automatically classified by device were omitted from the historical 2018- 2020 data in the impression chart. Revenue from these impressions is included in the company revenue by device on a prorated basis. Impression Volume by Device 2017 (impressions in billions) 2018 Desktop TV 2019 ■ Mobile TV ■ CTV 2020 '17-'20 CAGR 61% CTV 8% Mobile TV + Desktop TV INNOVID#25CTV DRIVES OUR IMPRESSION VOLUME ACCELERATION 25 CTV ■Mobile TV Desktop TV 2018A YOY Growth: CTV: Other TV (Mobile/Desktop): 2019A 67% 13% Impression Volume by Device 2020A 60% 10% 2021E 77% 26% ■ 2022E 58% 15% (impressions in billions) 2023E 53% 14% '18A - ¹23E CAGR 65% CTV 16% Mobile TV + Desktop TV Source: Company data, Dentsu, eMarketer, Kantar (https://www.kantar.com/), Winmo (https://www.winmo.com/) An immaterial volume (less than 5%) of impressions which are not automatically classified by device were omitted from the historical 2018-2020 data in the impression chart. Revenue from these impressions is included in the company revenue by device on a prorated basis. Note: Illustrative market size based on current global TV advertising spend of $200 billion and Company data assuming constant $20 media CPM 1. $200bn estimate includes 2021 traditional TV ad spend of $169bn and assumes 2021 global CTV ad spend is "2x US ad spend of $13bn 2. Projected 2023 CTV advertising spend for Innovid customers assuming constant $20 media CPM 3. Estimated 2020 CTV advertising spend for Innovid customers assuming constant $20 media CPM Illustrative Global Market Potential TV (Linear + CTV) $200B 2023 $8B 2 2020 $2B³ INNOVD Note: Graphic is not to scale. INNOVD#26STRONG PRICING WITH UPSIDE POTENTIAL $1.00 $0.75 $0.50 $0.25 26 $0.00 Jan-18 Impression Volume Has Grown "2x While Pricing Has Been Stable $0.31 Source: Company data Jul-18 Lull Jan-19 ~2x -Average Cost per Thousand Jul-19 Jan-20 Jul-20 Total Impression Volume $0.30 Jan-21 Tech Usage Fees, Not Media Spend "Always On" Every Impression Price Increases from Cross-Sell and Up-Sell INNOVD#27CTV DRIVES OUR PROJECTED REVENUE ACCELERATION YoY Growth: 27 ■CTV CTV: Other TV (Mobile/Desktop): Total Growth: Mobile TV Desktop TV $48 21% 48% 31% 2018A 57% 3% 11% $56 30% 47% 23% 2019A 65% 4% 17% Annual Revenue $69 40% 43% 18% 2020A 59% 5% 21% $95 48% 38% 14% 2021E 67% 19% 38% $130 56% 33% 10% 2022E 60% 16% 37% $177 63% 29% 8% 2023E 53% 14% 36% ($ in millions) '18A - '23E CAGR 61% CTV 11% Mobile TV + Desktop TV INNOVD#2828 PLATFORM EXTENSIONS DRIVE FUTURE REVENUE CTV Ad Delivery CTV Personalization ممهما CTV Measurement Launched 2020 Personalized ads Interactive capabilities / experience Most advanced CTV SDK Innovid's SDK powers Trade Desk, Magnite, Roku and Hulu Leader in The Forrester Wave: Creative Advertising Technology, 2020 Universal "Source of truth" Unbiased insight and data TV-first, cookieless and compliant identity solution Uniquely positioned to win as the ad server Driving industry-wide standardization INNOVID#29INNOVID FINANCIAL INFORMATION TFTUL#3030 KEY FINANCIAL HIGHLIGHTS ~$130M 2022E Revenue ~37% 2022E Revenue Growth ~81% 2022E Gross Margins ~$16M 2022E Adj. EBITDA ▪ Highly predictable and visible re-occurring revenue: ► Existing clients generate ~90% of revenue each year¹ ▸ Strong net dollar retention over the last 3-years, exceeding 120% in 2020 ► Low customer churn with 94% core customer retention in 2020 Strong and stable pricing with path to higher margins with further adoption of highly differentiated products ▪ Significant operating leverage, with low incremental costs as client impression volumes grow 1. Revenue from existing clients was 88%, 89%, and 88% in 2018, 2019, and 2020 respectively INNOVD#3131 STRONG AND INCREASING CORE CUSTOMER 84% 77 2018 # of Core Clients % of Total Revenue 85% '18-'20 CAGR: 11% 85 2019 89% 95 2020 Core Client Retention 84% 2018 88% 2019 94% 2020 Net Revenue Retention (NRR) Rate is calculated as percentage of revenue retained from existing core platform customers, including expansion revenue, downgrades, and churn. Note: Logo retention and NRR are calculated for core platform clients only Net Revenue Retention 110% 2018 114% 2019 121% 2020 INNOVD#3232 RAPID REVENUE ACCELERATION YoY Growth $11 Q1 17% $14 Q1-19 Q1-20 24% $18 Q1-21 33% $14 Q2-19 19% Q2 Quarterly Revenue COVID Impact $13 Q2-20 (6%) $22 Q2-21E 67% Note: Quarterly revenue based on actual results up to and including Q1-21; Q2-21, Q3-21, and Q4-21 based on management projections $14 Q3 17% $19 Q3-19 Q3-20 Q3-21E $24 30% 30% $17 Q4 16% $23 ($ in millions) Q4-19 Q4-20 Q4-21E 36% $30 30% INNOVD#3333 P&L SUMMARY Revenue % Growth 1. 2. Cost of Revenue Gross Profit % Margin R&D S&M G&A Total OpEx Adjusted EBITDA³ % Margin 2018A Audited $48.4 11.0% ($9.4) $39.0 80.5% ($12.2) (19.4) (5.9) ($37.6) Historicals $1.4 2.9% 2019A $56.5 16.7% ($10.6) $45.9 81.3% ($14.5) (29.0) (7.6) ($51.1) ($5.2) -9.2% Unaudited 2020A $68.8 21.8% ($12.7) $56.1 81.6% ($17.4) (28.2) (7.9) ($53.6) $2.6 3.8% 2021E $94.8 37.8% ($18.0) $76.8 81.0% ($23.0) (35.8) (10.8) ($69.6) $7.2 7.6% Internal management results prior to PCAOB audit completion No quantitative reconciliation of EBITDA to the most directly comparable GAAP financial measure has been provided for projections because management cannot reliably predict all of the necessary components of the GAAP financial measure without unreasonable effort 3. Adjusted EBITDA includes add-back of stock-based compensation from 2018-2020; stock-based compensation not projected for 2021 - 2023 2 Projections Projected 2022E $130.1 37.2% ($24.7) $105.4 81.0% ($27.3) (46.9) (15.6) ($89.8) $15.6 12.0% 2023E $177.3 36.3% ($33.7) $143.6 81.0% ($32.8) (56.7) (19.5) ($109.1) $34.6 19.5% ($ in millions) Long-Term Margins 82% - 85% 14% 26% 8% 48% -35% INNOVD#34INNOVID GROWTH STRATEGY TFTUL#3535 MULTIPLE LEVERS TO DRIVE HIGH GROWTH FOR FORESEEABLE FUTURE Benefit from volume growth of existing customers + Upsell additional products & solutions (Acquisitions & Home-Grown) Global expansion ev Win new logos INNOVID#36INVESTMENT HIGHLIGHTS 1 2 3 4 5 6 Benefiting from the explosive growth of streaming content driving "cord-cutting", "cord shavers" and "cord-nevers" $200 billion of TV ad spend is moving from linear to CTV to reach digital audiences and requires digital infrastructure Innovid is a leading independent platform for CTV ad delivery and measurement infrastructure Exclusive technology relationships with clients creates strong customer retention Predictable business model with consistent cohort performance as client impression volumes scale Strong revenue growth with high software gross margins while increasing profitability#37INNOVID VALUATION & COMPARABLES TFTUL#38DEFINING THE PUBLIC COMPABLE UNIVERSE FOR INNOVID Innovid is an Infrastructure Software Platform, collaborating with High Growth Ad Tech Platforms 38 Market / Sector Business Model DV DoubleVerify High Growth Ad Tech Platforms Magnite Roku the TradeDesk VIANT. Infrastructure Software Platforms BIGCOMMERCE fastly S shopify twilio INNOVID#39OPERATIONAL BENCHMARKING 2021E REVENUE GROWTH 2022E REVENUE GROWTH 37.8% INNOVID 37.2% INNOVID 28.8% DV DoubleVerify 31.6% DV DoubleVerify 39 Source: Management projections, FactSet (as of 6/16/21) 23.6% Magnite 23.7% Magnite Median: 30.1% 54.9% Roku 40.2% 36.1% Median: 26.0% Roku theTradeDesk 28.3% theTradeDesk 24.2% VIANT. 21.7% VIANT. 29.7% BIGCOMMERCE 22.5% BIGCOMMERCE Median: 37.8% 31.5% fastly 25.9% 51.1% Median: 28.9% fastly shopify 32.4% S shopify 44.1% twilio 31.9% 8 twilio INNOVD#4040 VALUATION BENCHMARKING TEV / 2022E REVENUE 2022E GROWTH ADJ. REVENUE MULTIPLE¹ 8.5x INNOVID 0.2x INNOVID 13.8x DV DoubleVerify 0.4x DV DoubleVerify Source: Management projections, FactSet (as of 6/16/21) 1. TEV / 2022 Revenue divided by 2022E YOY Revenue Growth 9.2x Magnite 0.4x Magnite Median: 11.4x 12.0x Roku Median: 0.4x 0.3x Roku 19.6x theTradeDesk 0.7x theTradeDesk 10.8x VIANT. 0.5x VIANT. 18.5× BIGCOMMERCE 0.8x BIGCOMMERCE Median: 17.9x 14.3x fastly 0.6x 27.9x fastly shopify Median: 0.7x 0.9x shopify 17.3x twilio 0.5x twilio INNOVD#4141 TRANSACTION SUMMARY INNOVID + ION ACQUISITION CORP ■ ■ ■ Pro forma anticipated enterprise value of $1.1 billion $403 million total anticipated cash proceeds consisting of: $253 million from ION Acquisition Corp. 2 Ltd. $150 million in target PIPE proceeds expected to be raised at $10.00/share, including sponsor participation of up to $50 million at the Company's discretion Existing Innovid shareholders expected to retain "64% of the pro forma company Use of proceeds anticipated to include "$200 million of cash to balance sheet, which is anticipated to be used to pursue organic growth strategies and inorganic growth through opportunistic acquisitions, with balance of funds raised as secondary proceeds to existing Innovid shareholders Completion of transaction is expected by Q4 2021 INNOVD#42INNOVO Leading Independent Ad Delivery and Measurement Platform for Connected TV BACK GUID THANK YOU. COPT [email protected]#43INNOVID APPENDIX TORTILL#44TRANSACTION OVERVIEW Sources ($M) SPAC Cash in Trust¹ PIPE Investment² Innovid Equity Rollover Total Sources Anticipated Sources and Uses Uses ($M) Cash to Selling Shareholders Cash to Balance Sheet Innovid Equity Rollover Fees and Expenses Total Uses 1. 2. 3. 44 4. $253 150 844 $1,247 $163 200 844 40 $1,247 20% 12% 68% 100% Note: All values in millions except for share price. Assumes no redemptions from SPAC investors. Excludes impact of 7.06m sponsor warrants and 3.16m public warrants SPAC cash amount subject to change depending on interest earned Includes $50.0m Forward Purchase Agreement from SPAC sponsors 13% 16% 68% 3% 100% Includes 84.42m Innovid rollover shares, 15.00 PIPE shares, 6.33 sponsor shares and 25.30 SPAC shares PF net cash calculated as pre-transaction net cash of $10m plus cash proceeds from transaction of $200m Anticipated Pro Forma Valuation and Ownership Split Pro Forma Valuation ($M) PF Shares Outstanding³ Share Price PF Equity Value (+) PF Net Debt / (Cash)4 PF Enterprise Value PF EV / 2022E Revenue 2022E Revenue SPAC Investors 19.3% SPAC Sponsors 4.8% PIPE 11.4% 131.0 $10.00 $1,310 (210) $1,100 8.5x $130 Existing Shareholders 64.4% INNOVD#4545 NET INCOME TO ADJUSTED EBITDA RECONCILIATION Net Income Depreciation and Amortization Finance and Other Expenses, Net Taxes Stock-based compensation Adjusted EBITDA² 1. Internal management results prior to PCAOB audit completion 2. Adjusted EBITDA includes add-back of stock-based compensation 2018A Audited ($0.3) 0.3 0.6 0.4 0.4 $1.4 1 Historical Annual Results 2019A ($7.1) 0.4 0.4 0.7 0.4 ($5.2) Unaudited 2020A ($ in millions) ($0.7) 0.9 0.9 0.9 0.6 $2.6 INNOVD