Slides
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1 UNDERDOG
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2 UNDERDOG DRIVING A STEP - CHANGE IN IG’S GROWTH PROFILE 1 2 3 4 5 Entering a high - growth product adjacency An expanded, complementary customer base A valuable, integrated licence stack and infrastructure Structured for disciplined value creation A strong long - term return profile Underdog transforms IG's US presence and drives faster, more diversified growth
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3 UNDERDOG IS BUILT TO WIN WITH PRODUCT VELOCITY & INNOVATION FANTASY SPORTS (DFS) PREDICTION MARKETS GAMES & MORE
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4 OUR TEAM: PROVEN INNOVATORS AND OPERATORS EXECUTIVETEAM AWARDSAND RECOGNITION Underdog was named LinkedIn’s #3 startup in the US in 2025, based on talent density and flow, and ability to attract top talent. Jeremy has been recognized by Goldman Sachs for two consecutive years as one of the world’s most exceptional entrepreneurs. JEREMY LEVINE CO-FOUNDER& CEO FounderDRAFT (soldto Flutter)& StarStreet (soldto DraftKings) NATE WOJCIK CHIEFOPERATINGOFFICER Ex-Sr.DirectorDoorDash WILL TWINN CEOMARKET MAKING ex-VP Risk& Tradingat FanDuel WESTONJOSSEY CHIEF TECHNOLOGY OFFICER ex-Sr.Directorat GoodRx& Tapjoy BRANDON STAKENBORG CO-FOUNDER& CHIEF PRODUCTOFFICER Earlyteamat DRAFT DANIEL BAY CHIEFPEOPLEOFFICER ex-Headof Peopleat GOAT NICK LUNDGREN CHIEFLEGALOFFICER ex-CLO& CEOof prediction marketsat Crypto.com JAKE WILLIAMS CHIEFSTRATEGYOFFICER ex-COOPointsbet Our experienced leadership team has built an award-winning company and innovative culture.
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5 2020 (FOUNDED) 2021 2022 2023 2024 2025 ONE OF THE FASTEST-GROWING SPORTS COMPANIES EVER $6K $9M $58M $151M $271M $441M NET REVENUE Founded in 2020, our legacy daily fantasy business fuelled our growth to become one of the fastest- growing operators in the sports gaming industry. Fiscal years 2023 - 2025 are audited and in accordance with U.S. GAAP. Earlier periods are unaudited and reclassified for comparability. Net revenue reflects (a) what the company keeps from gaming and trading activity net of customer payouts and promotional costs, plus (b) other non-gaming and trading revenue off-exchange.
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6 EVEN THOUGH REGULATION HAD LIMITED US Compared to full-suite sports-betting operators, effectively offered ~1/3 of the product customers wanted Fantasy (DFS) Regulatory Restrictions Player picks only Entries must include multiple players from multiple teams. No team picks allowed Can't offer spreads, moneylines or game totals. Only 36 states Underdog’s Pick'em availability severely limited.
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7 FANTASY SPORTS (PICK’EM) vs. SPORTS BETTING Same-Game Parlays Single-Player Picks Single-Team Picks Fantasy (Pick’em) Online Sports Betting (Sportsbooks) Fantasy Sports regulations limited users to rigid multi-player parlays, while sports betting allowed way more options. Regulated at the state level, typically by state gaming commissions. Legal in ~30 states. Multi-Player/Game Parlays Regulated at the state level. Available in ~36 states Previous Underdog Experience Competing Online Sportsbook Experience
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8 Launch Predictions with Crypto.com Accelerate & Acquisition Launch UDX All-In for NFL Kickoff Kalshi IntegrationExpand Initial offering via Crypto.com1 Fastest sports operator to offer prediction markets 30 States & deeper offering Predictions 50% of Handle + Acquisition of DCM/DCO Sep 2025 Mar 2026 Feb 2026 Apr 2026 Jul 2026 Sep 2026 Integrate Kalshi via FCM Acquire licenses and begin work building own DCM/DCO exchange Launch UDX, our own DCM/DCO Exchange OUR PREDICTIONS JOURNEY Best Experience for Sports Fans 1. Provided via Technology Services Provider (TSP) agreement, with Underdog acting as front-end to Crypto.com markets
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9 FULL STACK PREDICTION MARKETS SETUP NOW: Core sports experience in 46 states under a singular federal regulator (CFTC) PREVIOUSLY: Player picks in 36 states with piecemeal regulatory regimes DRAFTS + RIPS ALL PRODUCTS RIPS ONLY Vertical integration allows Underdog to provide the best customer experience. PREDICTIONS + RIPS DRAFTS + PICK’EM + RIPS NO PRESENCE Lists, matches, clears, and settles event contracts. Underdog acquired the licenses in H1 2026 and launched UDX in July 2026. DCM/DCO Exchange + Clearinghouse RETAIL CUSTOMERS PLATFORM FCM Broker Serves customer accounts and routes orders. Underdog built the capability and secured its FCM license in H1 2026. Market Maker Quotes prices and supplies liquidity, takes on trades and risk.
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A TRANSFORMED EXPERIENCE A seamless experience in one single app Powered behind the scenes by the orchestration layer: ● Fantasy sports (DFS) ● Prediction markets ● UDX ● FCM → other DCMs Underdog provides a seamless frontend experience for the customer to express any sports opinion. All in one super app.
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11 INNOVATIVE GAMES & EXPERIENCES DRAFTS CRASH RIPS STREAKS Launching Oct 2026 LADDERS
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12 PATH TO SUCCESS UNDER DIFFERENT REGULATORY SCENARIOS EXAMPLE OUTCOME B FEDERAL-LED SPORTS FRAMEWORK STATE-LED SPORTS FRAMEWORK Sports prediction markets nationwide Full sports markets available More competition, bigger TAM Financial markets Games and diversified revenue streams Seamless single app with large deposited customer base Fantasy sports offering in ~⅔ of states Player markets only Less competition, especially in non-sports betting (CA, TX, etc) Financial markets Games and diversified revenue streams Seamless single app with large deposited customer base EXAMPLE OUTCOME A Illustrative scenarios only, not a forecast. Product availability varies by state and depends on regulatory outcomes. Winners in the space are the companies that are best able to navigate regulatory uncertainty.
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13 Our 2026 focus around re-establishing a best-in-class product has already yielded results, leaving us well-positioned going into peak Q4 season to capture lift from NFL and NBA seasons. Q4 accounted for over a third of Underdog's 2025 revenue. 2026 YTD: A YEAR OF TRANSFORMATION 2026 Q3 metrics are preliminary estimates. Handle reflects total customer entries. Includes sports betting activity in 2025 and Underdog Rips in 2026. Net Revenue reflects (a) what the company keeps from fantasy, gaming and trading activity net of customer payouts and promotional costs, plus (b) other non-gaming and trading revenue off-exchange. YTD 2026 Net Revenue at ~$355M, up 30% YoY 20% 64% 13% Q1 26 Q2 26 Q3 26E 54% 148% 199% Q1 26 Q2 26 Q3 26E 0% 24% 118% Q1 26 Q2 26 Q3 26E AVERAGE MONTHLY ACTIVE USERS, YoY 2025 - 2026 HANDLE, YoY 2025 - 2026 NET REVENUE, YoY 2025 - 2026 1,069k 836k 705k $958m $927m $1,075m $128m $122m $105m +64% Q2 YoY actives reflective of start of World Cup +118% Q3 YoY reflective of strong Q3 26E World Cup performance and a softer Q3 2025 comp
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14 A DISCIPLINED ACQUISITION TRANSFORMING IG’S SCALE AND REACH IN THE US Adds a fast - growing new product vertical and rebalances the Group’s product mix . DOUBLES IG’S US REVENUE1 Standalone: US: 19% (£206m) Pro forma: US: 41% (£596m) Pro forma: Standalone: 4% 4% US US 7% 15% 7 4 % 27% 5% 11% 54% £1,075M £1,465M DIVERSIFIES OUR PRODUCT MIX OTC DERIVATIVES 2 EXCHANGE TRADED DERIVATIVES STOCK TRADING AND INVESTMENTS CRYPTO (OTC, PERPS AND SPOT) PREDICTION MARKETS AND DFS 54% 3% 1. Pro forma last 12 months ended 30 September 2026 net trading revenue including Independent Reserve prior to the acquisition i n J anuary 2026. Underdog net revenue converted from USD to GBP using an FX rate of 0.7457. 2. All OTC derivatives excluding crypto.
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15 REMINDER OF TRANSACTION STRUCTURE Total consideration Paid to Underdog shareholders Performance based compensation to Underdog management Management incentive plan Midpoint of earnout and MIP Maximum payment on strong outperformance Upfront consideration $1.1BN 2026 earnout $100M $425M Upfront consideration $1.1BN 2026 earnout $200M $850M • The maximum total commitment would require Underdog to deliver EBITDA of at least $400 million in 2028 1 and $700 million in 2029 2 . • MIP self funded by Underdog’s earnings. • Payable based on Underdog's 2026 net revenue and conditional on positive Underdog EBITDA. • 2026 earnout scales linearly across $533 - 600m of net revenue, capped at $200m. • Approximately 60% settled from the issue of new IG ordinary shares. The number of shares is fixed at 24.1 million , based on the 30 - day VWAP prior to signing of the merger agreement on 30 July 2026. • Approximately 40% is cash consideration funded initially via a bridge facility. 1. 2028 MIP scales linearly across $140 - 400 million of 2028 EBITDA, capped at $350 million. 2. 2029 MIP: $1.45 per $1 of 2029 EBITDA from $278 - 416m (c.$200 million in MIP), plus $0.54 per $1 of 2029 EBITDA from $416 - 600 mil lion (c.$100 million in MIP), plus $2 per $1 of 2029 EBITDA from $600 - 700 million (c.$200 million in MIP).
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16 Q&A 16