Skillz SPAC Presentation Deck

APPENDIX: COMPARABLE COMPANIES BENCHMARKING Gross Profit Revenue Multiple Multiple (Growth Adj.) EBITDA Multiple 2021E 2022E 2021E 2022E 2021E 2022E skillz High Growth Internet Tencent Paypal Shopify Square MercadoLibre Snap Roku Pinterest Wix DraftKings Etsy Average Median Enterprise Value $673,878 $120,323 $208,185 $211.065 $61,613 $51,872 $37,840 $19.638 $14,674 $15,453 $12,865 Equity Value Revenue Growth Gross Margin EBITDA Margin Revenue Multiple 2021 2022 2021 2022 2021 2022E 2021E 2022E $13,003 $675,269 $122,778 $62,866 $53,740 $37,778 $20,059 $16,411 $15,855 $14,230 $13,107 22% 37% 38% 24% 51% 18% 31% 20% 18% 30% 31% 20% 30% 31% 50% 68% 55% 64% Č 69% 55% 36% 28% 8% 8 8 (19%) 24% 11% 37% 28% 10% 15% 21% 10% $ 8.1x 6.8x 26% 16% 15% 8.7% 40.6x 9.2x 12.3x 12.6x 9.8x 8.8x 13.0x METEN (5%) 17.2x 9.2x 10.9x 9.8x 7.4x 9.4x 27.9x 7.1x 8.9x 9.5x 7.2x 6.7x 17.9x 15.2x 0.39x 0.32x 12.4x 17.8x NM 22.1x 24.6x 21.7x 22.1x 12.8x 15.1x 49.9x 16.0x 17.1x 0.33x 15.0x 15.3x 9.3x 10.4x 18.2x 15.1x 0.49x 0.42x 34.8x 26.3x 1.00x 0.36x 0.32x 0.23x 0.27x 0.53x 0.69x 0.28x 0.21x 0.38x 0.26x 0.49x 7.7x 8.4x 7.7x 20.0x 15.2x 0.38x 13.7x 11.1x 20.6x 15.5x 0.39x 0.27x 0.21x 0.43x 0.28x 22.4x 18.4x 31.2x 26.1x NM NM NM NM NM NM NM NM NM NM NM 46.5x NM NM NM NM 0.41x 38.7x 29.1x 0.30x 30.8x 30.0x 0.28x 31.2x 27.6x Skillz Implied Multiples 63% 0.16x 0.11x Note: Factset, Company Filings, Thomson, Market Data as of July 28, 2020; "Shopify multiples excluded from average: Revenue Multiple (Growth Adj) calculated by (Revenue Multiple)/(2020E - 2022E Revenue CAGR 100), NM means multiple >50x or <0x 1 Skillz implied multiples based on a $3.5Bn pre-money equity value 35

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