TradeStation SPAC Presentation Deck

Demonstrated Ability to Acquire Valuable Customers ($ in millions) Marketing Spend 7.2x projected 7-year return $80 $15 $10 $17 $23 $11 $16 FYE 3/31/18 Cohort 8-month payback(¹) 2018 7-month payback(¹) 7.2x projected 6-year return $80 $19 $17 $25 $11 $19 FYE 3/31/19 Cohort 7-month payback(¹) FYE 3/31, Actual Cohort Revenue 2019 2020 7.8x projected 5-year return $87 $37 $31 $19 $11 FYE 3/31/20 Cohort 2021 5-month payback(¹) 9.3x projected 4-year return $163 $124 $38 $17 FYE 3/31/21 Cohort Projected Cohort Revenue FYE 3/31/22-3/31/24 20 Note: Cohort represents new accounts acquired in a particular year. "Revenue" is defined as trading-related revenue plus net interest income generated by active accounts of cohort for relevant period. This page contains forward-looking statements that reflect TradeStation's assumptions, plans, estimates and beliefs and involve numerous risks and uncertainties. Please see pages 1 - 3 for information regarding non-GAAP financial measures and forward-looking statements and the Appendix for various relevant assumptions. Actual results may differ materially from those contained in any forward-looking statements. (1) The payback period equals the number of months required to generate sufficient revenue to equal or exceed the marketing expenditures in respect of such account cohort. B

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