FL Entertaiment SPAC

6 Compelling valuation levels 14.7x 13.1x ◇ 11.9x 18.5x 20.5× 17.3x Content producers and IP owners 20.4x 17.5x • 16.2x 23.4x 18.7x O 16.9x 11.1x 17.2x O Banijay 21.5x LIONSGATE DISNEY ENDEAVOR UNIVERSAL 15.5x 12.0x WARNER MUSIC GROUP Average: 15.6x² 13.3x 11.4x EA EV/EBITDA 2022E of peer set¹ Sources: Companies, FactSet as of 21/03/2022 Note: All EBITDA calendarised as of 31/12 1. EV is commonly computed as Equity value + financial net debt + non-controlling interests + other debt like items - associates 2. Including DNEG PIPE multiple 12.4x ONEG Legend: FL Entertainment 11.1x II Banijay 11.1x FL Entertainment 10.8x BetClic Everest GROUP Multiple based on a 1-month VWAP as of 21/03/22 PIPE EV / 2022E Adj. EBITDA multiple Average: 12.9x 11.9x 9.8x Online betting FDJ 10.7x 12.3x 10.4x 11.4x 10.8x BetClic Everest GROUP Entain 20.9x 14.9x 16.6x Flutter High/low ranges: multiples based on 3-month min / max share prices as of 21/03/22 23

View entire presentation