TradeStation SPAC Presentation Deck

37 Endnote to Page 22 "Available Digital Marketing Impressions" is an estimate of the total number of Digital Marketing Impressions available to be purchased for a given period for TradeStation's "Target Audience," and is segmented by the types of campaigns TradeStation seeks to conduct (Search Engine, Social Media, and Display). "Target Audience" means the market audience a firm like TradeStation seeks to reach based on certain parameters and demographics, such as user behavior, user interests, geographical region, age and numerous other demographics and demonstrated behaviors, and this audience can be a pre-packaged, “in-house" custom audience organized and made available by providers such as Google and Facebook. The Company's sources for estimating the size of its Target Audience in order to estimate Available Digital Marketing Impressions include Google, Twitter, Facebook, LinkedIn Ads Manager and The Trade Desk. "Digital Marketing Impression" describes the moment at which an advertisement or any other form of digital media renders on a user's screen. This does not measure any actions taken by the user, only the appearance of the ad or impression that the user may choose at which to look and on which to click or otherwise act or not act. "Digital Marketing Impressions Purchased" means, with respect to each type of campaign (Search Engines, Social Media, and Display), the number of Digital Marketing Impressions to occur throughout the Target Audience during a specified period. With respect to such purchases by campaign segment, "Search Engine" means, for example, the Google Search Engine, "Social Media" means channels such as Twitter, Facebook, Instagram, LinkedIn, Reddit, etc., and "Display" refers to display ads such as banners, images, videos and text ads on relevant third-party sites. "Affiliate Marketing" means a lead referral program that consists of agreements with numerous third-party websites to generate online account-opening leads for TradeStation via TradeStation click-through ads on those websites. TradeStation pays a fee for each completed application or opened account. This program is facilitated through the use of a third-party vendor platform that organizes and manages these relationships, and aggregates and categorizes the third-party websites who wish to participate. Please note that the term "affiliate" as used here is not meant to imply in any way that the third-party websites are affiliates of TradeStation as they are in fact independent businesses B

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