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Non-IFRS Financial Measures ​

This presentation includes references to the Company’s “Gross Gaming Revenue” and “Total Wagers”, measures not prescribed by International Financial Reporting Standards (“IFRS”). Management uses certain non-IFRS financial measures and supplementary financial measures to evaluate the performance of the Company. The term “Gross Gaming Revenue” is a non-IFRS financial measure and the term “Total Wagers” is a non-IFRS supplementary financial measure. “Gross Gaming Revenue” and “Total Wagers”, as presented, may not be comparable to other similarly titled measures presented by other publicly-traded companies, as these measures do not have a standardized meaning under IFRS. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management’s perspective and to discuss NorthStar’s financial outlook. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of the Company’s financial information reported under IFRS. We believe that securities analysts, investors and other interested parties frequently use non-IFRS measures, including industry metrics, in the evaluation of companies in our industry. Management also uses non-IFRS measures and industry metrics in order to facilitate operating performance comparisons from period to period, the preparation of annual operating budgets and forecasts and to determine components of executive compensation. These measures have been applied consistently for all periods presented in this presentation.​

Total Wagers​

Total Wagers is calculated as the total amount of money bet by customers in respect of bets that have settled in the applicable period. Total Wagers does not include free bets or other promotional incentives, nor money bet by customers in respect of bets that are open at period end. Total Wagers is used to provide investors with supplemental measures of our operating performance and thus highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures.​

Gross Gaming Revenue​

Gross Gaming Revenue is calculated as dollar amounts bet by customers less the dollar amounts paid out to the customers in respect of such bets which have settled in the applicable period.​

Profit/(loss) before marketing and other expenses​

Profit/(loss) before marketing and other expenses is calculated as the gross profit margin less general and administrative expenses excluding non-cash items such as stock-based compensation. Proft/(loss) before marketing and other expenses is used to provide investors with supplemental measures of our operating performance and thus highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures. ​

A reconciliation of historical non-IFRS financial measures to the most directly comparable IFRS measures is available on the Company’s website. Additional information on non-IFRS financial measures may be found in the Company’s earnings news releases or in additional information on the Company’s website or SEDAR+ at www.sedarplus.ca. ​

Trademarks​

This presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this presentation may be listed without the TM, SM © or ® symbols, but we will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights.​ Unless otherwise specified, all dollar amounts in this presentation are expressed in Canadian dollars.