Pre-acquisition, the SPAC trades like a zero coupon bond with a warrant Between announcement of the acquisition and shareholder vote, investors may monetize a great acquisition while still maintaining full downside protection After successful business confirmation, the SPAC will trade on the basis of an operating company with the warrants providing potential additional upside retums Return profile for SPAC investors Phase I - Pre-acquisition Bond-floor + call option - -100% cash-in-escrow provides downside protection — Option to participate in future acquisition $10 $O Dovmside protection ; Downside risk Phase II — At acquisition Bond-floor + equity upside +call option — Still full downside protection through redemption right — Potential upside in share and warrant — Opportunity to acquire company at discount to public market valuation For illustrative purposes only I Phase Ill — Post-acquisition Equity — No downside protection — Trading in line with company fundamentals — Additional upside through warrant ono OR Fhb IPO Announcement of acquisition Deutsche Bank Corporate & Investment Banking 'DeSPACing' Shareholder vote 23 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00208326 DB-SDNY-0062142 EFTA01369707