Terminal X Online Ltd.

Investor Presentation • Mar 14, 2022

Confidential

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2021 KEY HIGHLIGHTS

VISION AND STRATEGY

2021 FINANCIAL OVERVIEW

KEY HIGHLIGHTS

STRONG TOPLINE RESULTS: 51% YOY INCREASE IN NET REVENUE

ADJUSTED EBITDA 12.4% 1

~60M ANNUAL WEBSITE VISITS

Other Expenses= cost of share -based payments + issue expanses 12

Adjusted EBITDA = operating profit + D&A + cost of share -based payments + issue expanses

offering1 Curated	180+	c.850	c.1,000	Mono-brand
Same / next working day delivery				
Fast and convenient returns and exchanges				
Warehouse in Israel				
HQ in Israel and focus on local customer service				

TERMINAL X COLLABS CAPSULE COLLECTIONS WITH OUR TOP INFLUENCERS

NEXT DAY RETURNS AND EXCHANGE WITH COURIER TO THE CUSTOMER'S DOORSTEP SUPERIOR SERVICE

Israeli fashion e-commerce websites, millions of visitors per month

Terminal X fashion e-commerce market share over time²

FY18E FY19E FY20E FY21E

Note: Similar Web only tracks website visitors and therefore misses a meaningful portion of online visitors who visit stores via applications (where applicable)

LOYAL CUSTOMERS SPEND MORE EVERY YEAR

ANNUAL GROWTH IS BASED ON:

• LOYAL CUSTOMERS SPEND
• NEW CUSTOMERS ACQUIRED

VISION AND STRATEGY

Online penetration of total apparel & footwear sales (%), as of FY20A

Beauty and personal care

\$ millions

Fashion e-commerce market ¹

Significant TAM opportunity of ~US\$9bn billion

No online-fashion player offers same working day delivery

Few brick and mortar players offer same working day delivery, with market leaders mostly offering 2 working day delivery

1 Estimate of city market size, based on country market size adjusted based on GDP / capita and population of city relative to country

Source: Statista

• City assortment
• Local warehouse
• Advanced technology
• Local small teams

• Delivery within hours
• Return and exchange within hours
• Efficient local service
• Local taste

PRELIMINARY AGREEMENTS WITH LEADING FASHION DISTRIBUTORS IN GREECE

IN PROCESS OF NEGOTIATION WITH OVER 70 GLOBAL BRANDS

FINAL STEPS IN CHOOSING AN URBAN WAREHOUSE

IMPLEMEMETNING UNIQUE LOCAL DISTERBUTION MODEL

TECHNOLOGICAL ARCHITECTURE IS SET

EMPLOYEES FOR TECHNOLOGY, LOGISTICS AND COMMERCIAL WERE RECRUITED

LAUNCH ON THE SECOND HALF OF 2022

TOTAL INVESTMENT IS UP TO 30M NIS

Sales (million NIS)

FINANCIAL OVERVIEW

Source: Company information Note: The financial information is shown on a post-IFRS 16 basis

1 – Adjusted EBITDA = operating profit + D&A + cost of share-based payments + issue expanses

	2021 Q4	2020 Q4
	K NIS	K NIS
Revenues from sales	112,308	108,322
Cost of Sales	64,975	61,060
Gross Profit	47,333	47,262
%	42.1%	43.6%
Selling and Marketing expenses	42,666	36,887
%	38%	34%
General and Administrative expenses	1,653	594
Operating income before share-based payment and issue expenses	3,014	9,781
%	2.7%	9.0%

	2021 Q4	2020 Q4
	K NIS	K NIS
Revenues from sales	112,308	108,322
Cost of Sales	64,975	61,060
Gross Profit	47,333	47,262
%	42.1%	43.6%
Selling and Marketing expenses	42,666	36,887
%	38%	34%
G&A expenses	1,653	594
Operating income before share - based payment & issue expenses	3,014	9,781
%	2.7%	9.0%
Cost of share – based payment	7,308	42
Operating income (loss)	(4,294)	9,739
Financial expenses	(4,510)	(1,052)
Profit (Loss) before taxes on income	(8,804)	8,687
Taxes on income (tax benefit)	(2,024)	1,635
Net profit (loss)	(6,780)	7,052
1 Adjusted EBITDA	10,775	13,868
Adjusted EBITDA(%)	9.6%	12.8%

	2021	2020
	K NIS	K NIS
Revenues from sales	340,622	225,947
Cost of Sales	186,764	124,249
Gross Profit	153,858	101,698
%	45.2%	45.0%
Selling and Marketing expenses	134,498	92,727
%	39%	41%
General and Administrative expenses	4,617	2,447
Operating income before share-based payment and issue expenses	14,743	6,524
%	4.3%	2.9%

WE CONTINUE TO IMPROVE OUR UNIT ECONOMICS IN THE ISRAEL EXISTING MARKET

	2021	2020
	K NIS	K NIS
Revenues from sales	340,622	225,947
Cost of Sales	186,764	124,249
Gross Profit	153,858	101,698
%	45.2%	45.0%
Selling and Marketing expenses	134,498	92,727
%	39%	41%
G&A expenses	4,617	2,447
Operating income before share - based payment & issue expenses	14,743	6,524
%	4.3%	2.9%
Cost of share – based payment	12,432	198
Issue expenses	1,923	-
Operating income	388	6,326
Financial expenses	)9,210(	)2,468(
Profit (Loss) before taxes on income	)8,822(	3,858
Taxes on income (tax benefit)	)189(	874
Net profit (loss)	)8,633(	2,984
Adjusted EBITDA	42,158	13,960