#1Paysafe: First Quarter 2021 Earnings Presentation May 11, 2021 O 9 K915 156 LASALLE ZTAL 3270 TAU PRAT B#2Forward Looking Statements and Non-GAAP Financial Measures Forward-Looking Statements This presentation includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Paysafe Limited's ("Paysafe," "PSFE" or the "Company") actual results may differ from their expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "anticipate," "appear," "approximate," "believe," "budget," "continue," "could," "estimate," "expect," "forecast," "foresee," "goal," "guidance," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "seek," "should," "would" and variations of such words and similar expressions (or the negative version of such words or expressions) may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, without limitation, Paysafe's expectations with respect to future performance. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially, and potentially adversely, from those expressed or implied in the forward-looking statements. While the Company believes its assumptions concerning future events are reasonable, a number of factors could cause actual results to differ materially from those projected, including, but not limited to: cyberattacks and security vulnerabilities; complying with and changes in money laundering regulations, financial services regulations, consumer and business privacy and data use regulations or other regulations in Bermuda, the UK, Ireland, Switzerland, the United States, Canada and elsewhere; changes in our relationships with banks, payment card networks, issuers and financial institutions; risk related to processing online payments for merchants and customers engaged in the online gambling and foreign exchange trading sectors; risks related to our focus on specialized and high-risk verticals; risks related to becoming an unwitting party to fraud or be deemed to be handling proceeds of crimes being committed by customers; the effects of chargebacks, merchant insolvency and consumer deposit settlement risk; changes to our continued financial institution sponsorship; failure to hold, safeguard or account accurately for merchant or customer funds; risks related to the availability, integrity and security of internal and external IT transaction processing systems and services; failure of third parties to comply with contractual obligations; changes and compliance with payment card network operating rules; substantial and increasingly intense competition worldwide in the global payments industry; the COVID-19 pandemic, including the resulting global economic uncertainties; risks related to developing and maintaining effective internal controls over financial reporting; managing our growth effectively; any difficulties maintaining a strong and trusted brand; keeping pace with rapid technological developments; risks associated with the significant influence of our principal shareholders; terrorism; and other factors included in the "Risk Factors" in our Form 20-F and in other filings we make with the SEC, which are available at https://www.sec.gov. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in their expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based, except as required by law. Trademarks This presentation may contain trademarks, service marks, trade names and copyrights of 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 Paysafe 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. Statement Regarding Non-GAAP Financial Measures This presentation also contains non-GAAP financial information. Paysafe management believes the presentation of these non-GAAP financial measures, when considered together with the Company's results presented in accordance with GAAP, provide users with useful supplemental information regarding Paysafe's operating performance. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP measures are set forth in the Appendix. These non-GAAP measures exclude items that are significant in understanding and assessing Paysafe's financial results or position. Therefore, these measures should not be considered in isolation or as alternatives to measures under GAAP. Paysafe: 2#3Introduction Paysafe: Starting a New Chapter Following Successful SPAC and Listing on NYSE Board of Directors Comprising Diverse, Proven Leaders and Bill Foley as Chairman Strong Operational and Strategic Execution Coupled with Exciting Market Activity 3#4Plug into Paysafe: The Leading Specialized Payments Platform The Global Leader in iGaming Growing Digital Commerce in Attractive Verticals Driving Global Scale Positioned to Win in Market Consolidation Paysafe: Sports betting Online casino Lottery eSports Fantasy sports Digital goods Fintech services Travel & entertainment Integrated verticals Operational leverage Unity platform Global risk services Global servicing Enterprise sales History Team Platforms Two-Sided Network Proprietary APMs Risk Management Ease of Integration Multiple Ways to Pay 4#5● Business update - Strong execution on our strategic priorities ● Win in North America iGaming 66% revenue growth Q1 YoY Now live in 15 states in the U.S. Expanding our presence with exciting launches • Key enhancements - Prepaid and upcoming pilots (Skrill Instant Funding) with major brands POINTSBET (Michigan launch) parx casino (Michigan launch) Paysafe: PLAYUPY YOUR BEST BET. (Colorado launch) Jackpocket ● Grow in Key Digital Commerce Verticals eCash volume and revenue up >60% Q1 YoY Online gaming traction: live in 20 countries with Microsoft and expanding Strong activity in financial services vertical: Expanded partnership with Coinbase into U.S. Live on 27 crypto sites/exchanges eCash becoming important player supporting banks and neobanks Progress in integrated software verticals coinbase Dn Diebold Nixdorf monese TS B Microsoft ● ● Transform & Drive Global Scale Migration to Cloud: 70% of business by 2021 Risk and Banking as a service progress driving cost take out and improved loss rates Captured cost efficiencies/savings across functions; SG&A down 3.7% YoY (excl. SBC) • Foley playbook accelerating change at Paysafe Active M&A pipeline Q1 growth underpinned by strong underlying trends and focused execution, balanced with market/channel exits to improve overall risk/reward profile 5#6Q1 performance in line with expectations Paysafe: $millions Revenue Gross Profit (excl. D&A) Adj. EBITDA Cost of Services (excl. D&A) + SG&A (excl. SBC) note: guidance excluded share-based comp (SBC) $72m Q1 2021 Guidance $360 - $380 $220 - $230 $105 - $115 $250 - $275 Actual ✓ $377 $226 ✓ $113 $264 6#7Q1 financial highlights Volume ($bn) $25.6 Q1 2020 $112.8 +8% Q1 2020 Adj. EBITDA (¹) ($m) $27.7 flat Q1 2021 $113.2 Q1 2021 30.0% take rate Revenue ($m) $359.7 Q1 2020 1.4% FCF(¹) ($m) $84.4 +5% Q1 2020 29% $377.4 Q1 2021 1.4% $108.5 Q1 2021 ● ● Volume. Growth across Integrated Processing and eCash Revenue. Robust growth from eCash offset by lower revenues from Digital Wallets & Integrated Processing eCash benefiting from lockdown extensions Impact of channel exits (beginning to lap in Q2'21) Optimizing risk/reward mix across merchants in Integrated Processing Adj. EBITDA. Flat versus prior year FCF. 96% conversion (FCF/AEBITDA) - benefited from utilization of bank guarantees (~$45m) to support safeguarding activities at end of Q1 Pro Forma Results. Excluding Pay Later(²), revenue growth of 7% and Adj. EBITDA growth of 1.5% margin 31.4% Note: Volume = total volume. Take rate = total revenue divided by volume. Paysafe: (d. EBITDA and FCF are non-GAAP financial measures. See the appendix of this presentation for a reconciliation to the most directly comparable GAAP financial measures. (2) The sale of Pay Later was announced in July of 2020 and closed in October 2020. In the first quarter of 2020, Pay Later generated revenue and Adj. EBITDA of approximately $7.1m and $1.3m, respectively. 7#8Q1 summary of consolidated results $ in millions, except volume Volume Revenue Gross Profit (excluding depreciation and amortization) Margin % Adj. EBITDA Margin % Depreciation and amortization Interest expense, net Net loss attributable to Paysafe Paysafe: Q1'20 $25.6bn $359.7 $230.3 64.0% $112.8 31.4% $69.5 $38.2 ($51.1) Q1'21 $27.7bn $377.4 $226.4 60.0% $113.2 30.0% $65.5 $58.5 ($49.1) change 8% 5% (2%) 0% (6%) 53% 4% ● ● ● Depreciation and amortization decreased 6% due to prior year impairment charge Interest expense reflects expensing of capitalized debt fees as a result of debt repayment on March 31, 2021 Net loss in Q1'21 impacted by a share-based compensation charge of $72m, which reflects shares that vested on completion of the transaction with FTAC Prior year net loss included impairment charge of $53m 8#9Integrated Processing segment Paysafe: ● ● Volume ($bn) $18.5 Q1 2020 +17% $21.6 Q1 2021 Pay Later take rate Revenue ($m) $186.2 44140 $179.1 Q1 2020 1.0% -5% $176.9 Q1 2021 0.8% margin Adj. EBITDA ($m) $55.2 Q1 2020 29.6% Strong volume across U.S.; Europe muted due to slower economic recovery Revenue and Adj. EBITDA performance reflects channel and merchant mix shift to optimize risk/reward profile Q1 prior year included Pay Later: volume $288m, revenue $7.1m and Adj. EBITDA $1.3m -19% $44.9 Q1 2021 25.4% 9#10eCash segment Paysafe: ● ● ● Volume ($bn) $1.0 Q1 2020 +61% $1.5 Q1 2021 (1) Estimated twelve month actives take rate Revenue ($m) $69.1 Q1 2020 7.2% +63% $112.9 Q1 2021 7.3% Adj. EBITDA ($m) $22.9 Q1 2020 margin 33.1% +110% $48.1 Q1 2021 42.6% Growth driven by extended lockdowns in Europe and associated increase in spending more online in all verticals; continued favorable impact in Q2'21 Adj. EBITDA margin expansion primarily driven by revenue growth and overall high scalability of the business Intensifying efforts in increasing customer engagement, already ~60% of transaction volume through registered accounts (100% increase YoY) Overall Active users 12.8m (¹) 10#11Digital Wallet segment Paysafe: ● ● ● Volume ($bn) $6.2 Q1 2020 -25% (1) Twelve month actives $4.6 Q1 2021 take rate Revenue ($m) $108.5 Q1 2020 1.8% -13% $94.9 Q1 2021 2.1% Adj. EBITDA ($m) $53.7 Q1 2020 margin 49.5% -30% $37.8 Q1 2021 39.8% Performance YoY reflects targeted actions/exits that occurred in 2020, partially offset by growth from crypto activity and Skrill money transfer Active with 27 crypto exchanges Expect return to growth in Q2 as we "lap" 2020 exits and benefit from higher level of sporting events Adj. EBITDA margin reflects lower gross margin due to decline in revenue and continued investment in marketing and operations Active users 3.5m(¹) 11#12Strong balance sheet and liquidity Liquidity summary ($m) Cash and cash equivalents Undrawn amounts under revolving credit facility (¹)(2) Leverage ($m) Total Debt (2) Cash and cash equivalents Net debt(2) Net debt-to-LTM Adj. EBITDA (3) Paysafe: 3/31/21 $274 $225 3/31/21 $2,065 $274 $1,791 4.2x ● • Significant deleveraging post-merger; upgraded by S&P (B+) and Moody's (B1) Long-term leverage goal of ~3.5x Strong underlying cash generation supported by asset light and scalable business model ● ● Committed to maintaining a healthy balance sheet and financial flexibility ● 2021E FCF conversion (4) of 70-80% (1) Undrawn amounts under revolving credit facility excludes an amount of $20m that was initiated as a draw down at the end of March, but the cash was not received until the 1st of April. (2) Total debt includes the outstanding principal and accrued interest on the Company's borrowings. Total debt excludes the drawn amounts of a local $50m Credit Facility held in the US outside the Group's Senior Credit Facility. For Senior Credit Facility reporting purposes, the Company includes the drawn amount of this facility in deriving its "Total Secured Net Leverage Ratio" and "Total Net Leverage Ratio". The nature of the facility is to draw on the facility daily and to prefund daily interchange and acts as a source of working capital. (3) Net debt-to-LTM Adj. EBITDA is defined as Net Debt (Total Debt less Cash and cash equivalents) over the Company's adjusted EBITDA as defined on slide 18 for the last 12 months. The Company's adjusted EBITDA as defined on slide 18 does not represent the definition of adjusted EBITDA that is used for covenant calculation purposes. (4) FCF is a non-GAAP financial measures. See the appendix of this presentation for a reconciliation to the most directly comparable GAAP financial measures. 12#13Q2 Guidance $millions Revenue Gross Profit (excl. D&A) Adj. EBITDA Cost of Services (excl. D&A) + SG&A (excl. SBC) Paysafe: Q2 2021 Guidance $365 - $385 $225 - $235 $110 - $120 $250 - $275 Q2 Expectations ● ● ● Expect continued strong performance in eCash Lapping of targeted actions/exits from 2020 and return of sports expected to support YoY growth in Digital Wallet Expect strong volume growth and post COVID-19 recovery to drive growth in Integrated Processing 13#14Reaffirming 2021 guidance $millions Revenue Year-over-year growth(¹) Gross Profit (excl. D&A) Gross Margin Adj. EBITDA Adj. EBITDA Margin Cost of Services (excl. D&A) + SG&A (excl. SBC) % of Revenue Paysafe: prior $1,520 - $1,550 8% - 10% unchanged unchanged unchanged 68% -69% 2021 FY Guidance $1,530 - $1,550 9% - 10% $930 - $970 61% -63% $480 - $495 ~32% $1,030 - $1,070 67% -69% (1) In 2020, Pay Later generated revenue of $24m and Adj. EBITDA of $4m; growth rate excludes these amounts from 2020. Note: See Appendix for the assumptions and estimated impact of Fx translation. 2021 FY Expectations Raising lower end of revenue guidance Revenue growth across all segments Strong momentum in Integrated Processing and eCash Maintaining Adj. EBITDA range Focused on margin expansion ● ● 14#15Summary Highly differentiated B2B and B2C global network with powerful integrated solutions Leveraging leadership position and delivering on iGaming strategy to capitalize on the expanding US market Expanding across digital commerce growth initiatives in high value, emerging verticals Executing on clear priorities to drive consistent, double- digit growth and global scale Driving 10% + Annualized Organic Revenue Growth and ~500 bps Margin Expansion (2020-2023 goal) 15#16Appendix See accompanying excel file for supplemental data, including historical quarterly financial information Paysafe: 16#17Statement Regarding Non-GAAP Financial Measures To supplement the Company's condensed consolidated financial statements presented in accordance with generally accepted accounting principles, or GAAP, the company uses non-GAAP measures of certain components of financial performance. This includes Gross Profit (excluding depreciation and amortization), Gross Profit Margin (excluding depreciation and amortization), Adjusted EBITDA, Adjusted EBITDA margin, Free cash flow and Free cash flow conversion, which are supplemental measures that are not required by, or presented in accordance with, accounting principles generally accepted in the United States ("U.S. GAAP"). Gross Profit (excluding depreciation and amortization) is defined as revenue less cost of services (excluding depreciation and amortization). Gross Profit Margin (excluding depreciation and amortization) is defined as Gross Profit (excluding depreciation and amortization) as a percentage of revenue. Management believes Gross Profit to be a useful profitability measure to assess the performance of our businesses and ability to manage cost. Adjusted EBITDA is defined as net income/(loss) before the impact of income tax (benefit)/expense, interest expense, net, depreciation and amortization, share based compensation, impairment expense on intangible assets, restructuring and other costs, loss/(gain) on disposal of a subsidiaries and other assets, net, and other income/(expense), net. These adjustments also include certain costs and transaction items that are not reflective of the underlying operating performance of the Company. Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of Revenue. Management believes Adjusted EBITDA to be a useful profitability measure to assess the performance of our businesses and improves the comparability of operating results across reporting periods. Free cash flow is defined as net cash flows provided by/used in operating activities, adjusted for the impact of capital expenditure, payments relating to restructuring and other costs, cash paid for interest and movements in customer accounts and other restricted cash. Capital expenditure includes purchases of property plant & equipment and purchases of other intangible assets, including software development costs. Capital expenditure does not include purchases of merchant portfolios. Free cash flow conversion is defined as free cash flow as a percentage of Adjusted EBITDA. Management believes free cash flow to be a liquidity measure that provides useful information about the amount of cash generated by the business Management believes the presentation of these non-GAAP financial measures, including Gross Profit, Gross Profit Margin, Adjusted EBITDA and Adjusted EBITDA margin, when considered together with the Company's results presented in accordance with GAAP, provide users with useful supplemental information in comparing the operating results across reporting periods by excluding items that are not considered indicative of Paysafe's core operating performance. In addition, management believes the presentation of these non-GAAP financial measures provides useful supplemental information in assessing the Company's results on a basis that fosters comparability across periods by excluding the impact on the Company's reported GAAP results of acquisitions and dispositions that have occurred in such periods. However, these non-GAAP measures exclude items that are significant in understanding and assessing Paysafe's financial results or position. Therefore, these measures should not be considered in isolation or as alternatives to revenue, net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that Paysafe's presentation of these measures may not be comparable to similarly titled measures used by other companies. In addition, the forward-looking non-GAAP financial measures of Adjusted EBITDA, Free Cash Flow conversion and Gross Profit provided herein have not been reconciled to comparable GAAP measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. We have reconciled the historical non-GAAP financial measures presented herein to their most directly comparable GAAP financial measures. A reconciliation of our forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures cannot be provided without unreasonable effort because of the inherent difficulty of accurately forecasting the occurrence and financial impact of the adjusting items necessary for such reconciliations that have not yet occurred, are out of our control, or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information, which could be material to future results. Paysafe: 17#18GAAP Net Income to Adjusted EBITDA Reconciliation 2020 Quarterly, 2020 Full Year, Q1'21 and LTM Paysafe: $'000, unaudited Net Loss Income tax (benefit)/expense Other (income)/expense, net Interest expense, net Depreciation and amortization Impairment expense on intangible assets Restructuring and acquisition related costs (Loss)/gain on disposal of subsidiaries and other assets, net Share based compensation Adjusted EBITDA LTM = last twelve months Q1 2020 (51,014) (17,891) 15,080 38,223 69,499 52,965 5,647 261 112,770 Q2 2020 (9,066) (10,691) 9,498 42,531 68,706 5,038 4,359 110,375 Q3 2020 (56,005) 1,864 6,484 42,578 67,355 44,401 505 98 107,280 Q4 2020 (10,629) (32,481) 9,743 41,456 62,606 28,016 10,129 (13,496) 95,344 FY 2020 (126,714) (59,199) 40,805 164,788 268,166 130,420 20,640 (13,137) 425,769 Q1 2021 (49,000) (5,078) (32,630) 58,549 65,462 578 2,970 72,379 113,230 LTM (124,700) (46,386) (6,905) 185,114 264,129 78,033 17,963 (13,398) 72,379 426,229 18#19Operating Cash Flow to Free Cash Flow Reconciliation Q1'20 and Q1'21 Paysafe: $'000, unaudited Net cashflows provided by operating activities: Capital Expenditure¹ Cash paid for interest Payments relating to restructuring and other costs² Movement in Customer Accounts and other restricted cash³ Free Cash Flow Adjusted EBITDA Free Cash Flow Conversion4 1. 2. 3. 4. Q1 2020 11,579 (14,908) 38,286 4,842 44,588 84,387 112,770 75% Q1 2021 48,740 (15,406) 36,853 3,455 34,886 108,528 113,230 96% Includes purchases of property plant & equipment and purchases of other intangible assets, including software development costs. Capital expenditure does not include purchases of merchant portfolios. Restructuring and other costs include acquisition costs related to the Company's merger and acquisition activity, restructuring costs, strategic transformation costs resulting from value creation initiatives following business acquisitions and professional consulting and advisory fees related to public company readiness activities. This includes certain professional advisory costs, office closure costs and resulting severance payments to employees. In accordance with ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, the Company includes customer accounts and other restricted cash in the Cash and Cash Equivalents balance reported in the Consolidated Statements of Cash Flows. Management consider the movement in Customer accounts and other restricted cash as settlement related, and have therefore offset against movements in Settlement Receivables and Funds payable and amounts due to customers. The movement stated is net of foreign exchange movements on translation of non-USD subsidiaries to USD at the reporting date, as well as realized foreign exchange movements. Free cash flow conversion is defined as free cash flow divided by adjusted EBITDA. 19#20Net Loss to Gross Profit (excl. D&A) Reconciliation Q1'20 and Q1'21 Paysafe: $'000, unaudited Net Loss Income tax (benefit)/expense Other (income)/expense, net Interest expense, net Depreciation and amortization Impairment expense on intangible assets Restructuring and acquisition related costs (Loss)/gain on disposal of subsidiaries and other assets, net Selling, general and administrative Gross Profit Q1 2020 (51,014) (17,891) 15,080 38,223 69,499 52,965 5,647 261 117,507 230,277 Q1 2021 (49,000) (5,078) (32,630) 58,549 65,462 578 2,970 185,536 226,387 20#21Impact of translation of results of non USD entities A significant proportion of Paysafe's businesses report in non-USD currencies; principally Euros. Upon consolidation, the results of these entities are translated into USD, driving currency related variances The below table shows the expected impact of a relative strengthening or weakening of US Dollar vs the Euro Relative strengthening in EUR against USD would positively impact both reported revenues and adjusted EBITDA. This would be partially off-set by a reported increase in interest expense on bank borrowings In 2020, the average USD/EUR exchange rate was 1.142x and we assumed 1.200x in 2021 for our March 9 analyst day guidance ● ● Paysafe: ($ in millions, unaudited) Revenue Adjusted EBITDA Interest on bank borrowings 5% EUR weakening vs. Actual 2020 USD results ($30) (9) (3) $1,426 426 160 5% EUR strengthening vs. USD +$30 +12 +3 21