TradeStation SPAC Presentation Deck

Efficient Account Acquisition Engine... $462 Decreasing Account Acquisition Cost(¹) Lifetime Value (LTV)(2) = $3,206 LTV/Account Acquisition Cost (3) = 10.8 $257 FQ1'18 FQ2'18 FQ3'18 FQ4'18 FQ1'19 FQ2'19 FQ3'19 FQ4'19 FQ1'20 FQ2'20 FQ3'20 FQ4'20 FQ1'21 FQ2'21 FQ3'21 FQ4'21 FQ1'22 22,293 5,603 Increasing Gross New Account Additions (1) "Account Acquisition Cost," for a given period, is marketing expense for the period divided by new accounts opened during such period. An account is not considered acquired until it is funded. Account Acquisition Cost is expected to increase to $335 for fiscal year ending March 31, 2022 and then level off and begin to decrease in fiscal year ending March 31, 2023 as a result of TradeStation's planned substantial increases in marketing spend over the next 2 to 3 years. See slide 29 for additional details. Please see pages 1-3 for information regarding non-GAAP financial measures and forward-looking statements and the Appendix for various relevant assumptions. 18 (2) "Lifetime Value" means the average total revenue generated per customer account for the expected life of an account for the FYE18-FYE21 customer cohorts. Approximately 76% of such revenue is estimated to be received within the first five years following opening of the account. (3) The Account Acquisition Cost used for purposes of this calculation reflects the average Account Acquisition Cost for each of the quarters in the period FYE18-FYE21, which was $296. B

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