FL Entertaiment SPAC

6 A rare investment opportunity in growth entertainment B Banijay • Large independent content producer • Successful proprietary IP, brands and formats • Best-in-class talent attraction and retention Key characteristics of the businesses Finding the right universe of comparable listed entities • Large scale platform with strong bargaining power and export capabilities • Highly diversified across genres, formats, clients and geographies • Top margins and cash conversion LIONSGATE UNIVERSAL WARNER MUSIC GROUP Disney EA DNEG Large content producers, IP owners and ecosystem stakeholders UNIVERSAL MUSIC GROUP ENDEAVOR Global scale and operating capabilities ✓ Large diversification across businesses/ geographies * No pure comparable in terms of business mix * In-house studios of broadcasters irrelevant given lower scale or independence, limited coverage and value impact of structural and cyclical headwinds BetClic Everest GROUP • Leader in attractive sports betting markets • Digital pure-play with best-in-class user experience • Scalable proprietary technology • Positioned in growing regulated markets with a strong focus on responsible gaming • Fast & sustainable growth resilient to cycles High margins and cash conversion Flutter FDJ Entain European betting operators exposed to similar markets and/or structural growth / regulatory drivers Fast growing businesses leveraging digital platforms * Some comparables have a high exposure to retail and/or unregulated markets 22

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