TradeStation SPAC Presentation Deck

33 Attractive Valuation Relative to Peers TradeStation is being priced attractively compared to both legacy brokerages and FinTech new entrants (challenger brokers and crypto exchanges) EV/CY 2022E Revenue SoFi::! APEX Clearing robinhood бетого» MoneyLion Interactive Brokers coinbase XP nc. charles SCHWAB TradeStation® EV/CY 2021E Revenue 6.5x 9.7x 8.2x 7.7x 11.9x 11.2x 10.5x 16.1x Legacy Brokers 14.2x Comp Median: 11.2x 20.8x SoFi APEX Clearing" robinhood coinbase Interactive Brokers етого charles SCHWAB XP Inc. MoneyLion TradeStation® FinTech New Entrants (challenger brokers and crypto exchanges) 5.1x 4.6x 7.3x 6.1x 11.0x 10.7x 10.6x 19.7x 13.8x 13.5x Comp Median: 10.6x Source: S&P Capital IQ, Company filings, management forecasts. Note: Market data and current consensus analyst estimates for public companies as of November 3, 2021; Multiples for de-SPAC transactions yet to close (eToro and Apex Clearing) shown based upon announced pro forma enterprise values and projected revenue metrics in public investor presentations; TradeStation multiples based upon pro forma enterprise value of $1,428 million (see Transaction Overview) and management revenue forecast (see Historical and Projected Financials); Does not reflect, as applicable, updated consensus analyst estimates or updated pro forma enterprise values, if any, published after November 3, 2021. B

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