FL Entertaiment SPAC

6 Pro forma ownership Share price Illustrative pro forma capitalization Pro forma shares outstanding (m) Equity value (€bn) 2 (+) Pro forma net financial debt (€bn) ² 3 (+) Non-controlling interests (€bn) ³ (+) Other items 4 Entreprise value (€bn) Implied EV/adj. EBITDA 2022E5 Pro forma net financial debt/adj. EBITDA 2022E³ €10.00 414.0¹ €4.1bn €2.3bn €0.4bn €0.3bn €7.2bn 11.1x 3.5x 1. Pre warrants and pre earn out 2. Including €2,114m of net debt 2021A post IFRS 16 for Banijay, €193m of net debt 2021A post IFRS 16 for Betclic Everest Group, €167m of net debt 2021A post IFRS 16 at Holding level, €97m vendor loan to purchase remaining De Agostini 6.02% stake in LDH and €300m of cash available post transaction 3. Including non-controlling interests in Banijay (€280m) and Betclic Everest Group (€150m) 4. Including €326m of earn-out and LTIPS % shares Illustrative pro forma ownership¹ Free float 10% O DE AGOSTINI 5% MONTE CARLO SOCIÉTÉ DES BAINS DE MER 10% Fimalac % voting rights 7 7% vivendi 19% 7 I Fimalac vivendi 10% DE AGOSTINI 3% MONTE CARLO SOCIÉTÉ DES BAINS DE MER 5% 4%7 Sponsors 1% i 26% Sponsors 2% Free float ( 5% I 13% LOV GROUP 46% LOV GROUP 72%8 5. Post holding costs of ~€5m 6. 4.99% stake rounded to 5% for presentation purposes 7. Excluding PIPE investments 8. Through triple voting rights mechanism benefiting to LOV Group only (with ability to transfer all (and not part) of them provided minority shareholders have the option to sell their shares at a price equivalent to the price received by LOV Group in the context of a tender offer launched by the transferee) 25

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