DraftKings SPAC Presentation Deck

Components of DraftKings' Standalone P&L ($ in millions) Net Revenue Less: Cost of Revenue Less: Sales and Marketing Less: Product and Technology Less: General and Administrative Loss from Operations Plus: D&A Plus: Stock-Based Compensation Plus: Other Adjustments Adjusted EBITDA FY2019 $323 (104) (185) (56) (125) $(147) 14 18 17 $(99) Source: Company filings and management. Note: Figures may not foot due to rounding. Select Commentary H RESULTS OF OPERATIONS ■ ■ Net of promotional costs Taxes, platform, payment processing, and revenue share · Product and engineering headcount costs for product development Marketing team headcount costs, public relations, brand & creative services, and marketing attributable to unit economics Administrative personnel (e.g., HR, Finance, Legal, Lobbying), stock compensation expense and benefits, professional services Before interest income (expense) and taxes Allocated across cost of revenue and operating expenses Primarily allocated to G&A ■ Transaction-related, litigation and settlement, and other non-recurring and special project costs; primarily allocated to G&A | 48

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