eToro SPAC Presentation Deck

48 етого Compelling relative valuation Selected Peers 2020-2022 net revenue CAGR EV/ 2022E Net revenue Growth adjusted EV / 2022E net revenue етого FTV 35% 9.7x eToro / FTV 0.3x High-growth FinTech PayPal adyen bill.com shopify afterpay Lemonade Square eToro / FTV 35% 26.2x High-growth Fintech 0.8x High-growth international brokers High-growth Fintech GFUTU XP Inc. 45% 17.0x High-growth international brokers 0.3x Developed Tech led brokers AVANZA II AJBell HARGREAVES LANSDOWN FINECO BANK 3% Interactive Brokers 12.0x High-growth international brokers Source: Company Public Information and Eikon as of 12-Mar-2021. Note: All Company forecasts have been calendarized to December year end. Market Capitalisations based on FDSO using the treasury stock method for options, RSUS, and convertible note hedge and warrant transactions. EV-to-Equity Bridges based on gross debt plus minority interest less excess cash and cash equivalents. Growth Adjusted EV/ 2022E Net Revenue multiple is calculated as EV / 2022E Revenue multiple divided by 2020E-2022E Net Revenue CAGR. Developed Tech led brokers 2.3x Developed Tech led brokers

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