DraftKings SPAC Presentation Deck

COMPARABLE COMPANY BENCHMARKING EV/2021E Revenue 2019E - 2021E Revenue CAGR EV/2021E Revenue - Growth Adjusted (1) EV/2020E EBITDA(²) High Growth Underpenetrated TAM DRAFT KINGS 3.9 x 30% 0.13 x 9.9 x SBTech We Know Sports High-Growth Consumer Internet 5.6 x 26% 0.25 x 26.7 x Interactive Gaming 4.4 x 9% 0.57 x 16.6 x X X x EU Sportsbook Operators ? 2.4 x 5% 0.51 x 10.1 x Customer Engagement High LTV Mobile First Millennial Audience Data / Analytics Network Effects Vertical Integration Source: Latest publicly available financial statements, IBES, Wall Street Research; market data as of December 20, 2019 Note: Figures represent medians for peers. High-growth consumer Internet comps include FB, NFLX, PINS, SNAP, SQ, and TENCENT. Interactive gaming comps include ATVI, EA, TTWO, and ZNGA.EU sportsbook operators include FLTR, GVC, TSGI, and WMH. Represents 2021E revenue multiple divided by 2019E-2021E revenue CAGR. (1) (2) DraftKings multiple based on $2.7 billion valuation and an illustrative 2028E EBITDA discounted to year end 2020 at 20% discount rate. High-growth consumer Internet median excludes companies with negative EBITDA. X ✓ ✓ x | 22

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