Flutter SPAC Presentation Deck

Compelling rationale for Transaction and timing Significant upside for Flutter and Fastball... Accelerates buy-out of US market leader; bringing Flutter ownership to 95% ✓ Secures a discount to our estimate of fair market value under the buyout option in the existing agreements - Reflects potentially valuable opportunity in light of Flutter's estimate of the intrinsic value of the business as well as a discount to closest peer¹ Reduces shareholding complexity in the US, increasing flexibility to optimise US structure over time ✓ Provides Fastball with opportunity to achieve certainty today: Accelerates liquidity event while providing continued exposure to material upside via new stake in Flutter Flutter Increasing Flutter's exposure to most exciting market ✓ US most attractive opportunity in sector today - - ✓ FanDuel Group is a unique asset - 2021 US states TAM at maturity almost equivalent to UK, Ireland and Australia markets combined - Potential for US to generate very significant profits for Flutter Market leading brand and customer database provides structural cost advantage Ability to leverage Flutter's proprietary technology and trading resources drives product leadership Scale and national presence helping to fund investment 1 Transaction price implies a FanDuel enterprise value of $11.2bn; equates to a discount of over 40% to $20.3bn enterprise value of DraftKings Inc. (as at 27 Nov 2020) 5

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