EX-99.2 7 d761097dex992.htm EX-99.2 EX-99.2

Exhibit 99.2 Accel Entertainment – Investor Presentation June 2019 TPG PACE HOLDINGS CORP.Exhibit 99.2 Accel Entertainment – Investor Presentation June 2019 TPG PACE HOLDINGS CORP.


Important Information Use of Projections This presentation contains financial forecasts prepared by TPG Pace Holdings Corp. (“Pace”) with respect to certain financial metrics of Accel Entertainment, Inc. (“Accel”), including, but not limited to, revenues (gaming, other, and gross), gross profit, EBITDA, net income, net debt, net leverage, capital expenditures, M&A, organic revenue, EBITDA margin, unlevered P/E, levered P/E, FCF, and P/E. Neither Pace’s independent auditors, nor the independent registered public accounting firm of Accel, audited, reviewed, compiled, or performed any procedures with respect to the projections for the purpose of their inclusion in this presentation, and accordingly, neither of them expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this presentation. The financial forecasts and projections in this presentation were prepared by Pace and not by the management of Accel, and these financial forecasts and projections should not be relied upon as being necessarily indicative of future results. Neither Pace nor Accel undertakes any commitment to update or revise the projections, whether as a result of new information, future events, or otherwise. In this presentation, certain of the above-mentioned projected information has been repeated (in each case, with an indication that the information is an estimate and is subject to the qualifications presented herein), for purposes of providing comparisons with historical data. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic, and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. Accordingly, there can be no assurance that the prospective forecasts are indicative of the future performance of Pace or Accel or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this presentation should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved. Forward-Looking Statements This presentation includes “forward-looking statements.” Forward-looking statements may be identified by the use of words such as forecast, intend, seek, target, “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include projected financial information. Such forward-looking statements with respect to revenues, earnings, performance, strategies, synergies, prospects, and other aspects of the businesses of Pace, Accel, or the combined company after completion of any proposed business combination are based on current expectations that are subject to risks and uncertainties. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to: (1) the inability to complete the transactions contemplated by the proposed business combination; (2) the inability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, competition, and the ability of the combined business to grow and manage growth profitably; (3) the inability to successfully retain or recruits officers, key employees, or directors following the proposed business combination; (4) effects on Pace’s public securities’ liquidity and trading; (5) the market’s reaction to the proposed business combination; (6) the lack of a market for Pace’s securities; (7) Pace’s and Accel’s financial performance following the proposed business combination; (8) costs related to the proposed business combination; (9) changes in applicable laws or regulations; (10) the possibility that Pace or Accel may be adversely affected by other economic, business, and/or competitive factors; and (11) other risks and uncertainties indicated from time to time in documents filed or to be filed with the Securities and Exchange Commission by Pace. Accordingly, forward-looking statements, including any projections or analysis, should not be viewed as factual and should not be relied upon as an accurate prediction of future results. The forward- looking statements contained in this presentation are based on our current expectations and beliefs concerning future developments and their potential effects on Pace and the Accel. These forward- looking statements involve a number of risks, uncertainties (some of which are beyond our control), or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in the section entitled “Risk Factors” in the Prospectus filed by Pace with the SEC and those described in the section entitled “Risk Factors” in Pace’s annual report on Form 10-K for the year ended December 31, 2018 filed with the SEC, as well as Pace’s other filings with the SEC. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Accordingly, you should not put undue reliance on these statements. Industry and Market Data In this presentation, Pace and Accel rely on and refer to information and statistics regarding market shares in the sectors in which Accel competes and other industry data. Pace and Accel obtained this information and statistics from third-party sources, including reports by market research firms. Pace and Accel have supplemented this information where necessary with information from discussions with Accel’s customers and their own internal estimates, taking into account publicly available information about other industry participants and Accel’s management’s best view as to information that is not publicly available. Use of Non-GAAP Financial Measures This presentation includes non-GAAP financial measures, including EBITDA, EBITDA margin, Free Cash Flow, unlevered Free Cash Flow, P/E, ROIC, and net leverage. EBITDA is calculated as revenue less gaming taxes, revenue sharing, direct operating expenses, and SG&A expenses (including anticipated public company costs). Free cash flow (FCF) is calculated as EBITDA less total capital expenditures. Accel’s net income for P/E ratios is adjusted for tax-effected route amortization expense. Management believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Accel’s financial condition and results of operations. Pace believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends. Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. Other companies may calculate non- GAAP measures differently, and therefore the non-GAAP measures of Accel included in this presentation may not be directly comparable to similarly titled measures of other companies. TPG PACE HOLDINGS CORP. 2Important Information Use of Projections This presentation contains financial forecasts prepared by TPG Pace Holdings Corp. (“Pace”) with respect to certain financial metrics of Accel Entertainment, Inc. (“Accel”), including, but not limited to, revenues (gaming, other, and gross), gross profit, EBITDA, net income, net debt, net leverage, capital expenditures, M&A, organic revenue, EBITDA margin, unlevered P/E, levered P/E, FCF, and P/E. Neither Pace’s independent auditors, nor the independent registered public accounting firm of Accel, audited, reviewed, compiled, or performed any procedures with respect to the projections for the purpose of their inclusion in this presentation, and accordingly, neither of them expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this presentation. The financial forecasts and projections in this presentation were prepared by Pace and not by the management of Accel, and these financial forecasts and projections should not be relied upon as being necessarily indicative of future results. Neither Pace nor Accel undertakes any commitment to update or revise the projections, whether as a result of new information, future events, or otherwise. In this presentation, certain of the above-mentioned projected information has been repeated (in each case, with an indication that the information is an estimate and is subject to the qualifications presented herein), for purposes of providing comparisons with historical data. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic, and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. Accordingly, there can be no assurance that the prospective forecasts are indicative of the future performance of Pace or Accel or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this presentation should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved. Forward-Looking Statements This presentation includes “forward-looking statements.” Forward-looking statements may be identified by the use of words such as forecast, intend, seek, target, “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include projected financial information. Such forward-looking statements with respect to revenues, earnings, performance, strategies, synergies, prospects, and other aspects of the businesses of Pace, Accel, or the combined company after completion of any proposed business combination are based on current expectations that are subject to risks and uncertainties. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to: (1) the inability to complete the transactions contemplated by the proposed business combination; (2) the inability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, competition, and the ability of the combined business to grow and manage growth profitably; (3) the inability to successfully retain or recruits officers, key employees, or directors following the proposed business combination; (4) effects on Pace’s public securities’ liquidity and trading; (5) the market’s reaction to the proposed business combination; (6) the lack of a market for Pace’s securities; (7) Pace’s and Accel’s financial performance following the proposed business combination; (8) costs related to the proposed business combination; (9) changes in applicable laws or regulations; (10) the possibility that Pace or Accel may be adversely affected by other economic, business, and/or competitive factors; and (11) other risks and uncertainties indicated from time to time in documents filed or to be filed with the Securities and Exchange Commission by Pace. Accordingly, forward-looking statements, including any projections or analysis, should not be viewed as factual and should not be relied upon as an accurate prediction of future results. The forward- looking statements contained in this presentation are based on our current expectations and beliefs concerning future developments and their potential effects on Pace and the Accel. These forward- looking statements involve a number of risks, uncertainties (some of which are beyond our control), or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in the section entitled “Risk Factors” in the Prospectus filed by Pace with the SEC and those described in the section entitled “Risk Factors” in Pace’s annual report on Form 10-K for the year ended December 31, 2018 filed with the SEC, as well as Pace’s other filings with the SEC. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Accordingly, you should not put undue reliance on these statements. Industry and Market Data In this presentation, Pace and Accel rely on and refer to information and statistics regarding market shares in the sectors in which Accel competes and other industry data. Pace and Accel obtained this information and statistics from third-party sources, including reports by market research firms. Pace and Accel have supplemented this information where necessary with information from discussions with Accel’s customers and their own internal estimates, taking into account publicly available information about other industry participants and Accel’s management’s best view as to information that is not publicly available. Use of Non-GAAP Financial Measures This presentation includes non-GAAP financial measures, including EBITDA, EBITDA margin, Free Cash Flow, unlevered Free Cash Flow, P/E, ROIC, and net leverage. EBITDA is calculated as revenue less gaming taxes, revenue sharing, direct operating expenses, and SG&A expenses (including anticipated public company costs). Free cash flow (FCF) is calculated as EBITDA less total capital expenditures. Accel’s net income for P/E ratios is adjusted for tax-effected route amortization expense. Management believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Accel’s financial condition and results of operations. Pace believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends. Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. Other companies may calculate non- GAAP measures differently, and therefore the non-GAAP measures of Accel included in this presentation may not be directly comparable to similarly titled measures of other companies. TPG PACE HOLDINGS CORP. 2


Important Information (continued) No Representations or Warranties This presentation does not purport to contain all of the information that may be required to evaluate a possible transaction. No representation or warranty, express or implied, is or will be given by Pace or Accel or any of their respective affiliates, directors, officers, employees, or advisers or any other person as to the accuracy or completeness of the information in this presentation (including as to the accuracy or reasonableness of statements, estimates, targets, projections, assumptions, or judgments) or any other written, oral, or other communications transmitted or otherwise made available to any party in the course of its evaluation of a possible transaction, and no responsibility or liability whatsoever is accepted for the accuracy or sufficiency thereof or for any errors, omissions, or misstatements, negligent or otherwise, relating thereto. Accordingly, none of Pace and Accel or any of their respective affiliates, directors, officers, employees, or advisers or any other person shall be liable for any direct, indirect, or consequential loss or damages suffered by any person as a result of relying on any statement in or omission from this presentation and any such liability is expressly disclaimed. This presentation is not intended to constitute and should not be construed as investment advice and does not constitute investment, tax, or legal advice. Certain information contained herein has been derived from sources prepared by third parties. While such information is believed to be reliable for the purposes used herein, none of Pace’s, Accel’s, their respective affiliates, nor Pace’s, Accel’s or their affiliates’ directors, officers, employees, members, partners, shareholders, or agents makes any representation or warranty with respect to the accuracy of such information. This presentation is an expression of Pace’s interest in Accel and does not constitute an offer or agreement to acquire Accel; it being understood that the terms of any such acquisition would be set forth in definitive documents in form and substance satisfactory to the parties and executed by them. Re-Audit: The historical financial numbers for Accel presented in this presentation, while audited, are subject to revision based on the completion of a re-audit by an independent registered public accounting firm. While Pace and Accel do not anticipate that there will be material differences in the historical financial numbers presented for Accel from the re-audited historical financial numbers, no assurance can be given that there will be any differences, material or otherwise. Additional Information and Where to Find It In connection with the proposed business combination, Pace intends to file with the SEC a registration statement on Form S-4, which will include a proxy statement/prospectus with respect to the securities to be issued in connection with the transactions contemplated by the proposed business combination. The definitive registration statement will contain important information about the transactions contemplated by the proposed business combination and related matters. INVESTORS AND SECURITY HOLDERS OF PACE AND ACCEL ARE URGED AND ADVISED TO READ THE REGISTRATION STATEMENT CAREFULLY WHEN IT BECOMES AVAILABLE. The registration statement and other relevant materials (when they become available) and any other documents filed by Pace with the SEC may be obtained free of charge at the SEC’s website, at www.sec.gov. In addition, shareholders will be able to obtain free copies of the registration statement by directing a request to: TPG Pace Holdings Corp., 301 Commerce Street, Suite 3300, Fort Worth, Texas 76102, email: pace@tpg.com. Participants in the Solicitation Pace, Accel and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Pace’s shareholders in connection with the proposed business combination. Information about Pace’s directors and executive officers is set forth in Pace’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, which was filed with the SEC on February 13, 2019. These documents are available free of charge at the SEC’s web site at www.sec.gov, or by directing a request to: TPG Pace Holdings Corp., 301 Commerce Street, Suite 3300, Fort Worth, Texas 76102, email: pace@tpg.com. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Pace shareholders in connection with the proposed business combination will be set forth in the registration statement for the proposed business combination when available. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed business combination will be included in the registration statement that Pace intends to file with the SEC. No Offer or Solicitation This presentation is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy any securities or the solicitation of any vote in any jurisdiction pursuant to the proposed transactions or otherwise, nor shall there be any sale, issuance or transfer or securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act and applicable regulations in the Cayman Islands. TPG PACE HOLDINGS CORP. 3Important Information (continued) No Representations or Warranties This presentation does not purport to contain all of the information that may be required to evaluate a possible transaction. No representation or warranty, express or implied, is or will be given by Pace or Accel or any of their respective affiliates, directors, officers, employees, or advisers or any other person as to the accuracy or completeness of the information in this presentation (including as to the accuracy or reasonableness of statements, estimates, targets, projections, assumptions, or judgments) or any other written, oral, or other communications transmitted or otherwise made available to any party in the course of its evaluation of a possible transaction, and no responsibility or liability whatsoever is accepted for the accuracy or sufficiency thereof or for any errors, omissions, or misstatements, negligent or otherwise, relating thereto. Accordingly, none of Pace and Accel or any of their respective affiliates, directors, officers, employees, or advisers or any other person shall be liable for any direct, indirect, or consequential loss or damages suffered by any person as a result of relying on any statement in or omission from this presentation and any such liability is expressly disclaimed. This presentation is not intended to constitute and should not be construed as investment advice and does not constitute investment, tax, or legal advice. Certain information contained herein has been derived from sources prepared by third parties. While such information is believed to be reliable for the purposes used herein, none of Pace’s, Accel’s, their respective affiliates, nor Pace’s, Accel’s or their affiliates’ directors, officers, employees, members, partners, shareholders, or agents makes any representation or warranty with respect to the accuracy of such information. This presentation is an expression of Pace’s interest in Accel and does not constitute an offer or agreement to acquire Accel; it being understood that the terms of any such acquisition would be set forth in definitive documents in form and substance satisfactory to the parties and executed by them. Re-Audit: The historical financial numbers for Accel presented in this presentation, while audited, are subject to revision based on the completion of a re-audit by an independent registered public accounting firm. While Pace and Accel do not anticipate that there will be material differences in the historical financial numbers presented for Accel from the re-audited historical financial numbers, no assurance can be given that there will be any differences, material or otherwise. Additional Information and Where to Find It In connection with the proposed business combination, Pace intends to file with the SEC a registration statement on Form S-4, which will include a proxy statement/prospectus with respect to the securities to be issued in connection with the transactions contemplated by the proposed business combination. The definitive registration statement will contain important information about the transactions contemplated by the proposed business combination and related matters. INVESTORS AND SECURITY HOLDERS OF PACE AND ACCEL ARE URGED AND ADVISED TO READ THE REGISTRATION STATEMENT CAREFULLY WHEN IT BECOMES AVAILABLE. The registration statement and other relevant materials (when they become available) and any other documents filed by Pace with the SEC may be obtained free of charge at the SEC’s website, at www.sec.gov. In addition, shareholders will be able to obtain free copies of the registration statement by directing a request to: TPG Pace Holdings Corp., 301 Commerce Street, Suite 3300, Fort Worth, Texas 76102, email: pace@tpg.com. Participants in the Solicitation Pace, Accel and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Pace’s shareholders in connection with the proposed business combination. Information about Pace’s directors and executive officers is set forth in Pace’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, which was filed with the SEC on February 13, 2019. These documents are available free of charge at the SEC’s web site at www.sec.gov, or by directing a request to: TPG Pace Holdings Corp., 301 Commerce Street, Suite 3300, Fort Worth, Texas 76102, email: pace@tpg.com. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Pace shareholders in connection with the proposed business combination will be set forth in the registration statement for the proposed business combination when available. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed business combination will be included in the registration statement that Pace intends to file with the SEC. No Offer or Solicitation This presentation is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy any securities or the solicitation of any vote in any jurisdiction pursuant to the proposed transactions or otherwise, nor shall there be any sale, issuance or transfer or securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act and applicable regulations in the Cayman Islands. TPG PACE HOLDINGS CORP. 3


Transaction Summary Sponsored Public Listing NYSE: TPGH NYSE: ACEL Transaction Overview ▪ TPG Pace Group raised $450 million through the IPO of a special purpose acquisition company (“SPAC”) in June 2017, called TPG Pace Holdings Corp. (“Pace” or “TPGH”) ▪ Pace has entered into a transaction agreement with the shareholders of Accel Entertainment, Inc. (“Accel”) – Pace expects to effect Accel’s public listing for $884 million and target net cash of $4 million, resulting in $888 million initial market capitalization (1) (2) (3) – Represents an attractive entry multiple of 8.6x 2020E EBITDA , 10.2x 2020E FCF , and 14.6x 2020E P/E , given near- term EBITDA growth of over 20% per year and recent legislation expanding video gaming – Accel’s founders and management are rolling 80% of their shares of Accel into the publicly listed company ▪ Transaction combines a strong entrepreneurial team and best-in-class operations with a strong balance sheet and public acquisition currency Accel is the best-in-class gaming-as-a-service platform and biggest video gaming (4) operator in the U.S. 1. Assumes midpoint of Pace’s EBITDA projection range 2. Free cash flow calculated as EBITDA less total capex, ~8.8x 2020E FCF excluding equipment growth capex 3. P/E based on cash net income (adjusted for tax-effected route amortization costs related to historical acquisitions) 4. Accel is the largest video gaming terminal operator on an EBITDA basis in the U.S. Note: With respect to projections, see page 2 “Use of Projections” under “Important Information” and page 33 “Accel Financial Summary” for information regarding non-GAAP metrics including EBITDA and FCF TPG PACE HOLDINGS CORP. 4Transaction Summary Sponsored Public Listing NYSE: TPGH NYSE: ACEL Transaction Overview ▪ TPG Pace Group raised $450 million through the IPO of a special purpose acquisition company (“SPAC”) in June 2017, called TPG Pace Holdings Corp. (“Pace” or “TPGH”) ▪ Pace has entered into a transaction agreement with the shareholders of Accel Entertainment, Inc. (“Accel”) – Pace expects to effect Accel’s public listing for $884 million and target net cash of $4 million, resulting in $888 million initial market capitalization (1) (2) (3) – Represents an attractive entry multiple of 8.6x 2020E EBITDA , 10.2x 2020E FCF , and 14.6x 2020E P/E , given near- term EBITDA growth of over 20% per year and recent legislation expanding video gaming – Accel’s founders and management are rolling 80% of their shares of Accel into the publicly listed company ▪ Transaction combines a strong entrepreneurial team and best-in-class operations with a strong balance sheet and public acquisition currency Accel is the best-in-class gaming-as-a-service platform and biggest video gaming (4) operator in the U.S. 1. Assumes midpoint of Pace’s EBITDA projection range 2. Free cash flow calculated as EBITDA less total capex, ~8.8x 2020E FCF excluding equipment growth capex 3. P/E based on cash net income (adjusted for tax-effected route amortization costs related to historical acquisitions) 4. Accel is the largest video gaming terminal operator on an EBITDA basis in the U.S. Note: With respect to projections, see page 2 “Use of Projections” under “Important Information” and page 33 “Accel Financial Summary” for information regarding non-GAAP metrics including EBITDA and FCF TPG PACE HOLDINGS CORP. 4


Introduction to Accel (2) Key Metrics Growth of Video Gaming Portfolio (End of Period) ▪ ~25% segment share in Illinois Biggest Video 11,196 ▪ ~1,700 locations Gaming Terminal 10,084 9,096 (3) Operator in the 7,649 ▪ Revenue: 19E $423mm, 20E $527mm 6,439 (1) U.S. (3) 4,947 ▪ EBITDA: 19E $83mm, 20E $103mm 3,777 3,232 2,333 2,138 2,096 1,886 1,686 1,442 ▪ ~7.5 years average contract length 1,162 908 826 565 (4) ▪ ~$3bn already contracted Revenue Earnings YE13 YE14 YE15 YE16 YE17 YE18 YE19E YE20E YE21E (4) ▪ ~$885mm already contracted EBITDA Visibility Locations (#) Video Gaming Terminals (VGTs) (#) ▪ ~400 locations signed and pending (3) launch EBITDA Generation (6) Organic EBITDA 18A- ROIC (5) 20E CAGR Attractive 24% 21% 118-125 9% 7% (5) Growth & 100-106 (6) 83 ROIC Average Average 64 (7) (7) Gaming Peers Gaming Peers 49 33 26 19 19E Net Leverage 4x 5 Strong Balance (0x) Sheet 2013A 2014A 2015A 2016A 2017A 2018A 2019E 2020E 2021E (7) Average Gaming Peers EBITDA ($mm) Accel is the best-in-class gaming-as-a-service provider in Illinois and the only pure play listed (1) company to focus on this opportunity 1. Accel is the largest video gaming terminal operator on an EBITDA basis in the U.S. 2. Pace’s projected locations and VGTs at the top of the range and assumes M&A 3. Assumes midpoint of Pace’s Revenue and EBITDA projection ranges. See page 33 for detailed assumptions and calculations. Assumes M&A 4. Revenue and EBITDA from existing contracted portfolio until contract expiry and assumes impact of 2019 amendment to video gaming 5. 2018 EBITDA for peers is pro forma for acquisitions to date to make organic growth comparable. 2018 EBITDA for Accel is pro forma anticipated acquisitions and PA expansion through 2021 6. ROIC defined as operating profit after tax divided by average invested capital as of FY 2018. Invested capital defined as total assets less cash and current liabilities plus current debt and accumulated amortization 7. Market data as of June 12, 2019. Gaming peers comprised of AGS, ALL.AX, BYD, CHDN, CZR, ERI, EVRI, GDEN, IGT, LVS, MCRI, MGM, PENN, RRR, SGMS, TSG, and WYNN Note: With respect to projections, see page 2 “Use of Projections” under “Important Information” and page 33 “Accel Financial Summary” for information regarding non-GAAP metrics. With respect to industry and other data disclosed on this page, see page 2 “Industry and Market Data” under “Important Information” TPG PACE HOLDINGS CORP. 5Introduction to Accel (2) Key Metrics Growth of Video Gaming Portfolio (End of Period) ▪ ~25% segment share in Illinois Biggest Video 11,196 ▪ ~1,700 locations Gaming Terminal 10,084 9,096 (3) Operator in the 7,649 ▪ Revenue: 19E $423mm, 20E $527mm 6,439 (1) U.S. (3) 4,947 ▪ EBITDA: 19E $83mm, 20E $103mm 3,777 3,232 2,333 2,138 2,096 1,886 1,686 1,442 ▪ ~7.5 years average contract length 1,162 908 826 565 (4) ▪ ~$3bn already contracted Revenue Earnings YE13 YE14 YE15 YE16 YE17 YE18 YE19E YE20E YE21E (4) ▪ ~$885mm already contracted EBITDA Visibility Locations (#) Video Gaming Terminals (VGTs) (#) ▪ ~400 locations signed and pending (3) launch EBITDA Generation (6) Organic EBITDA 18A- ROIC (5) 20E CAGR Attractive 24% 21% 118-125 9% 7% (5) Growth & 100-106 (6) 83 ROIC Average Average 64 (7) (7) Gaming Peers Gaming Peers 49 33 26 19 19E Net Leverage 4x 5 Strong Balance (0x) Sheet 2013A 2014A 2015A 2016A 2017A 2018A 2019E 2020E 2021E (7) Average Gaming Peers EBITDA ($mm) Accel is the best-in-class gaming-as-a-service provider in Illinois and the only pure play listed (1) company to focus on this opportunity 1. Accel is the largest video gaming terminal operator on an EBITDA basis in the U.S. 2. Pace’s projected locations and VGTs at the top of the range and assumes M&A 3. Assumes midpoint of Pace’s Revenue and EBITDA projection ranges. See page 33 for detailed assumptions and calculations. Assumes M&A 4. Revenue and EBITDA from existing contracted portfolio until contract expiry and assumes impact of 2019 amendment to video gaming 5. 2018 EBITDA for peers is pro forma for acquisitions to date to make organic growth comparable. 2018 EBITDA for Accel is pro forma anticipated acquisitions and PA expansion through 2021 6. ROIC defined as operating profit after tax divided by average invested capital as of FY 2018. Invested capital defined as total assets less cash and current liabilities plus current debt and accumulated amortization 7. Market data as of June 12, 2019. Gaming peers comprised of AGS, ALL.AX, BYD, CHDN, CZR, ERI, EVRI, GDEN, IGT, LVS, MCRI, MGM, PENN, RRR, SGMS, TSG, and WYNN Note: With respect to projections, see page 2 “Use of Projections” under “Important Information” and page 33 “Accel Financial Summary” for information regarding non-GAAP metrics. With respect to industry and other data disclosed on this page, see page 2 “Industry and Market Data” under “Important Information” TPG PACE HOLDINGS CORP. 5


Key Investment Highlights Signed Contract Portfolio Guides Highly visible path to growing EBITDA 1 EBITDA Forecast & Visibility through multiple avenues 2019E-2021E (2)(3) – Organic / new locations at attractive Run-Rate EBITDA ($mm) EBITDA Growth: ROICs in states in which Accel is licensed 111 +46% 101 (IL and PA (provisional license)) 90 87 – Accretive tuck-ins 64 (1) Significant surplus free cash flow growing 2 to ~$100mm per year 2020E-2021E Cumulative – Significant optionality to return cash to 2018 Actual Run-Rate of 2019 Run- Run-Rate Run-Rate of investors via dividends or buybacks FCF Generation: Locations Rate of All 2019 All Signed (1) ~$200mm – Funding for attractive upside Open in Q1 Guidance Locations Locations opportunities Run-Rate Signed Contracts Run-Rate Impact of New Legislation (3) Total Locations Multiple opportunities to accelerate growth 3 2,124 1,960 1,886 – New products, including sports betting, in 1,740 1,686 Significant existing markets Optionality – Expansion of total addressable market as states continue to legalize video gaming 2018 Actual Locations 2019 Run- All 2019 All Signed Open in Q1 Rate of Locations Locations Attractive fundamental valuation 4 Guidance Multiple Run-Rate Signed Contracts – Discount to public peers and DCF Re-rating TEV / EBITDA 9.8x 8.8x 7.9x – Unlevered balance sheet enables M&A Opportunity and accretive stock buybacks (1) TEV / FCF 12.5x 10.9x 9.6x Accel is positioned to deliver significant returns via a combination of earnings growth, cash flow, and multiple expansion 1. Free cash flow is defined as EBITDA less total capex (excludes M&A). Run-rate analysis assumes normalized run-rate capex levels of $19m th 2. Incremental run-rate impact from new legislation assumes additional 6 VGT in 400 existing high performance locations at $139 HPD and 10% increase to Pace base case HPD due to higher betting limits. 3. Run-rate of signed contracts assumes go live with 5 VGTs per location and achieve a run-rate hold per day (HPD) at a 10% increase over Accel’s average HPD of $138 as of Q1 2019 at a 23% contribution margin. Note: With respect to projections, see page 2 “Use of Projections” under “Important Information” and page 33 “Accel Financial Summary” for information regarding non-GAAP metrics including EBITDA and FCF TPG PACE HOLDINGS CORP. 6Key Investment Highlights Signed Contract Portfolio Guides Highly visible path to growing EBITDA 1 EBITDA Forecast & Visibility through multiple avenues 2019E-2021E (2)(3) – Organic / new locations at attractive Run-Rate EBITDA ($mm) EBITDA Growth: ROICs in states in which Accel is licensed 111 +46% 101 (IL and PA (provisional license)) 90 87 – Accretive tuck-ins 64 (1) Significant surplus free cash flow growing 2 to ~$100mm per year 2020E-2021E Cumulative – Significant optionality to return cash to 2018 Actual Run-Rate of 2019 Run- Run-Rate Run-Rate of investors via dividends or buybacks FCF Generation: Locations Rate of All 2019 All Signed (1) ~$200mm – Funding for attractive upside Open in Q1 Guidance Locations Locations opportunities Run-Rate Signed Contracts Run-Rate Impact of New Legislation (3) Total Locations Multiple opportunities to accelerate growth 3 2,124 1,960 1,886 – New products, including sports betting, in 1,740 1,686 Significant existing markets Optionality – Expansion of total addressable market as states continue to legalize video gaming 2018 Actual Locations 2019 Run- All 2019 All Signed Open in Q1 Rate of Locations Locations Attractive fundamental valuation 4 Guidance Multiple Run-Rate Signed Contracts – Discount to public peers and DCF Re-rating TEV / EBITDA 9.8x 8.8x 7.9x – Unlevered balance sheet enables M&A Opportunity and accretive stock buybacks (1) TEV / FCF 12.5x 10.9x 9.6x Accel is positioned to deliver significant returns via a combination of earnings growth, cash flow, and multiple expansion 1. Free cash flow is defined as EBITDA less total capex (excludes M&A). Run-rate analysis assumes normalized run-rate capex levels of $19m th 2. Incremental run-rate impact from new legislation assumes additional 6 VGT in 400 existing high performance locations at $139 HPD and 10% increase to Pace base case HPD due to higher betting limits. 3. Run-rate of signed contracts assumes go live with 5 VGTs per location and achieve a run-rate hold per day (HPD) at a 10% increase over Accel’s average HPD of $138 as of Q1 2019 at a 23% contribution margin. Note: With respect to projections, see page 2 “Use of Projections” under “Important Information” and page 33 “Accel Financial Summary” for information regarding non-GAAP metrics including EBITDA and FCF TPG PACE HOLDINGS CORP. 6


Gaming-as-a-Service – Accel’s Turnkey Solution for State of the Art Gaming Redemption Machines / Video Gaming Terminals Accel is Best-in-Class Other Amusements Highly Effective Full Suite of Marketing Strategies Products Data-Driven Analytics & Optimization ▪ Improves visibility and appeal of small local business Strong Pipeline of ▪ Drives higher in store foot traffic Potential New Locations Profitable to ▪ Meaningfully increases 4-wall operating margins Location Owners ▪ Alternative stable source of revenue Seamless Licensing and On-boarding ▪ Drives local employment Secure In-house Cash ▪ Convenience / local footprint Collection and Treasury ▪ State-of-the-art games from top manufacturers Added Services Convenience for ▪ Flexibility to engage in other non-gaming activities Consumers based on venue Compliance Support ▪ No need to travel to a casino Best-in-Class Technicians Illinois Video Gaming State & Local Taxes ($mm) 422 Minimizes Downtime Significant Tax 361 306 ▪ Meaningful 241 Revenues to State / 146 tax revenue 36 -- Ongoing Training for Local Government Establishment Staff FY12 FY13 FY14 FY15 FY16 FY17 FY18 Accel helps its local business partners to maximize their sq ft Local partners earn an average of $80k additional revenue per location per year Source: Taxes reported by Illinois Gaming Board on a state fiscal year ended June basis. See page 2 “Industry and Market Data” under “Important Information” TPG PACE HOLDINGS CORP. 7Gaming-as-a-Service – Accel’s Turnkey Solution for State of the Art Gaming Redemption Machines / Video Gaming Terminals Accel is Best-in-Class Other Amusements Highly Effective Full Suite of Marketing Strategies Products Data-Driven Analytics & Optimization ▪ Improves visibility and appeal of small local business Strong Pipeline of ▪ Drives higher in store foot traffic Potential New Locations Profitable to ▪ Meaningfully increases 4-wall operating margins Location Owners ▪ Alternative stable source of revenue Seamless Licensing and On-boarding ▪ Drives local employment Secure In-house Cash ▪ Convenience / local footprint Collection and Treasury ▪ State-of-the-art games from top manufacturers Added Services Convenience for ▪ Flexibility to engage in other non-gaming activities Consumers based on venue Compliance Support ▪ No need to travel to a casino Best-in-Class Technicians Illinois Video Gaming State & Local Taxes ($mm) 422 Minimizes Downtime Significant Tax 361 306 ▪ Meaningful 241 Revenues to State / 146 tax revenue 36 -- Ongoing Training for Local Government Establishment Staff FY12 FY13 FY14 FY15 FY16 FY17 FY18 Accel helps its local business partners to maximize their sq ft Local partners earn an average of $80k additional revenue per location per year Source: Taxes reported by Illinois Gaming Board on a state fiscal year ended June basis. See page 2 “Industry and Market Data” under “Important Information” TPG PACE HOLDINGS CORP. 7


Gaming Has Been Resilient in Recessions Total U.S. Gaming: Representative Cycle-Resistant Market: YoY Revenue Growth % Iowa Gaming Historical Performance (2007-2017) Commercial regional gaming markets are more stable Domestic gaming revenues are generally quite defensive than Las Vegas due to a more stable local player base → overall industry experienced a minor slowdown in the last recession and rapidly recovered within 3 years Iowa is a mature market with more than 2x slots density than IL # Positions Revenue ($mm) Iowa Gaming 25,000 2,000 20,000 1,600 15,000 1,200 10,000 800 5,000 400 Significant impact from several state-wide smoking bans enacted during 2007-2009 -- -- (e.g. IL, LA, MD, OR, PA) 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 Total Gaming Positions Gaming Revenue ($mm) Low-limit slots are resilient as consumers typically continue to engage in locally convenient, low cost forms of entertainment even in a recession Accel’s pipeline of signed locations provides a solid cycle buffer and as the economy weakens creates added incentive for new locations to go live 1. Core “same store” regional markets defined by Credit Suisse and focus on more mature and representative commercial regional gaming markets, adjusted for adjacent new supply, cannibalization between markets, and excluding genuinely additive supply and destination markets Source: State Gaming Boards, UNLV Center for Gaming Research, and Marquette Advisors “Iowa Gaming Market Analysis” (Oct 2017) Note: See page 2 “Industry and Market Data” under “Important Information” TPG PACE HOLDINGS CORP. 8Gaming Has Been Resilient in Recessions Total U.S. Gaming: Representative Cycle-Resistant Market: YoY Revenue Growth % Iowa Gaming Historical Performance (2007-2017) Commercial regional gaming markets are more stable Domestic gaming revenues are generally quite defensive than Las Vegas due to a more stable local player base → overall industry experienced a minor slowdown in the last recession and rapidly recovered within 3 years Iowa is a mature market with more than 2x slots density than IL # Positions Revenue ($mm) Iowa Gaming 25,000 2,000 20,000 1,600 15,000 1,200 10,000 800 5,000 400 Significant impact from several state-wide smoking bans enacted during 2007-2009 -- -- (e.g. IL, LA, MD, OR, PA) 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 Total Gaming Positions Gaming Revenue ($mm) Low-limit slots are resilient as consumers typically continue to engage in locally convenient, low cost forms of entertainment even in a recession Accel’s pipeline of signed locations provides a solid cycle buffer and as the economy weakens creates added incentive for new locations to go live 1. Core “same store” regional markets defined by Credit Suisse and focus on more mature and representative commercial regional gaming markets, adjusted for adjacent new supply, cannibalization between markets, and excluding genuinely additive supply and destination markets Source: State Gaming Boards, UNLV Center for Gaming Research, and Marquette Advisors “Iowa Gaming Market Analysis” (Oct 2017) Note: See page 2 “Industry and Market Data” under “Important Information” TPG PACE HOLDINGS CORP. 8


Accel’s Senior Management Team Executive Relevant Experience ▪ Chairman and CEO, responsible for overall business operations Andy Rubenstein ▪ Prior to Accel, Andy was the owner and operator of the largest liquor store chain in central Illinois by revenue after starting his career at Arthur Andersen Consulting President, CEO, & ▪ Vast experience of successfully introducing progressive retail and customer service strategies Director ▪ BA (Economics) and MA (International Finance & Economics) from Brandeis University ▪ Practiced law for 22 years → 19 years in the gaming industry Derek Hamer▪ Currently serves as the Secretary of the Illinois Gaming Machine Operators Association ▪ Previously worked at Stadium Technology, Progressive Gaming International, and WMS Gaming General Counsel & Chief ▪ Former Deputy Attorney General on Nevada Gaming Control Board and Gaming Commission Compliance Officer ▪ BA (Criminal Justice) from University of Illinois at Chicago; JD from Drake University School ▪ Controls financial reporting, treasury, count room processing, route collections, and security ▪ Previously an executive and consultant at various companies focused on M&A / restructurings Brian Carroll ▪ Appointed by a federal judge to serve as a Special Master in the Southern District of Ohio Chief Financial Officer Federal Court mediating complex financial litigation ▪ CPA, BA (Finance) from Loyola U.; MBA. (Accounting) from DePaul Univ.; JD John Marshall Law ▪ Focuses on revenue optimization, cost efficiencies, technology, and data analytics ▪ Previously a portfolio manager at a $100mm single family office based in San Francisco Mark Phelan ▪ Former Managing Director and Head of Trading Desk for Convertible Bonds at Piper Jaffray and Chief Revenue Officer Head of Asian Derivatives Trading Desk at DRW Holdings ▪ BA (English), MA (International Relations), and MBA (Accounting) from University of Chicago ▪ Over 40 years of route gaming / amusements experience Mike Pappas ▪ Managing Member of Fair Share Gaming, LLC and Fair Share Amusements (acquired by Accel EVP of Business in 2017) Development & ▪ Serves on the board of the Illinois Gaming Machine Operators Association Government Relations ▪ B.S. (Accounting) from University of Illinois at Chicago Highly qualified management team with significant gaming experience TPG PACE HOLDINGS CORP. 9Accel’s Senior Management Team Executive Relevant Experience ▪ Chairman and CEO, responsible for overall business operations Andy Rubenstein ▪ Prior to Accel, Andy was the owner and operator of the largest liquor store chain in central Illinois by revenue after starting his career at Arthur Andersen Consulting President, CEO, & ▪ Vast experience of successfully introducing progressive retail and customer service strategies Director ▪ BA (Economics) and MA (International Finance & Economics) from Brandeis University ▪ Practiced law for 22 years → 19 years in the gaming industry Derek Hamer▪ Currently serves as the Secretary of the Illinois Gaming Machine Operators Association ▪ Previously worked at Stadium Technology, Progressive Gaming International, and WMS Gaming General Counsel & Chief ▪ Former Deputy Attorney General on Nevada Gaming Control Board and Gaming Commission Compliance Officer ▪ BA (Criminal Justice) from University of Illinois at Chicago; JD from Drake University School ▪ Controls financial reporting, treasury, count room processing, route collections, and security ▪ Previously an executive and consultant at various companies focused on M&A / restructurings Brian Carroll ▪ Appointed by a federal judge to serve as a Special Master in the Southern District of Ohio Chief Financial Officer Federal Court mediating complex financial litigation ▪ CPA, BA (Finance) from Loyola U.; MBA. (Accounting) from DePaul Univ.; JD John Marshall Law ▪ Focuses on revenue optimization, cost efficiencies, technology, and data analytics ▪ Previously a portfolio manager at a $100mm single family office based in San Francisco Mark Phelan ▪ Former Managing Director and Head of Trading Desk for Convertible Bonds at Piper Jaffray and Chief Revenue Officer Head of Asian Derivatives Trading Desk at DRW Holdings ▪ BA (English), MA (International Relations), and MBA (Accounting) from University of Chicago ▪ Over 40 years of route gaming / amusements experience Mike Pappas ▪ Managing Member of Fair Share Gaming, LLC and Fair Share Amusements (acquired by Accel EVP of Business in 2017) Development & ▪ Serves on the board of the Illinois Gaming Machine Operators Association Government Relations ▪ B.S. (Accounting) from University of Illinois at Chicago Highly qualified management team with significant gaming experience TPG PACE HOLDINGS CORP. 9


Investment Highlights TPG PACE HOLDINGS CORP.Investment Highlights TPG PACE HOLDINGS CORP.


Investment Highlights 1 2 3 4 5 Industry Favorable Leading Superior Multiple Attractive Industry Gaming-as- Financial Ways to Fundamental Tailwinds a-Service Model Grow Valuation (1) Platform 1. Accel is the largest video gaming terminal operator on an EBITDA basis in the U.S. TPG PACE HOLDINGS CORP. 11Investment Highlights 1 2 3 4 5 Industry Favorable Leading Superior Multiple Attractive Industry Gaming-as- Financial Ways to Fundamental Tailwinds a-Service Model Grow Valuation (1) Platform 1. Accel is the largest video gaming terminal operator on an EBITDA basis in the U.S. TPG PACE HOLDINGS CORP. 11


1 Significant Total Addressable Market Opportunity Video Gaming is the Fastest Growing Segment 2025E TAM (5) Accel 2019E Slot Machine Growth Total Slots 895 108 31 Revenue: $0.4bn Illinois (000s) (2018) 11% (1) 2025E $3+bn 5% (2) 1% Existing Markets $10+bn Total U.S. Casino All VGTs IL VGTs Slots (12-18 CAGR) (12-18 CAGR) (16-18 CAGR) Gaming-as-a-Service TAM (3) +New Markets (1)(2) 2025E Existing Video Gaming Markets $20-25bn Continued penetration and growth in newly legalized states and annual GDP growth in mature states (3) New Markets Assumes all casino states legalize video gaming → grows to be 20% of casino revenues by 2025 (4) +New Products (4) New Products $30-35bn Sports betting market of $10-15bn by 2025 Gaming-as-a-Service is the fastest growing segment in gaming and has a very large TAM 1. Assumes Illinois market grows at 15% CAGR based on further penetration in existing cities and legalization of opt-out municipalities such as Chicago (bottoms up analysis suggests potential growth of up to 2x-3x) 2. Video gaming revenues for Louisiana, Montana, Nevada, Oregon, South Dakota, and West Virginia growing at 2% CAGR through 2025. Also includes management’s estimate for PA run-rate revenue of ~$1.7bn and existing potential revenue of ~$1.3bn from Georgia’s coin-operated amusement machines 3. Assumes video gaming legalization in all other states that currently allow commercial or tribal casinos driving run-rate revenue at 20% current casino revenues in those states 4. Based on management and industry estimates 5. Based on Eilers & Krejcik’s “Gaming Slot & Table Counts” report Note: See page 2 “Industry and Market Data” under “Important Information”. Based on state gaming boards and AGA “State of the States” 2017 casino survey TPG PACE HOLDINGS CORP. 121 Significant Total Addressable Market Opportunity Video Gaming is the Fastest Growing Segment 2025E TAM (5) Accel 2019E Slot Machine Growth Total Slots 895 108 31 Revenue: $0.4bn Illinois (000s) (2018) 11% (1) 2025E $3+bn 5% (2) 1% Existing Markets $10+bn Total U.S. Casino All VGTs IL VGTs Slots (12-18 CAGR) (12-18 CAGR) (16-18 CAGR) Gaming-as-a-Service TAM (3) +New Markets (1)(2) 2025E Existing Video Gaming Markets $20-25bn Continued penetration and growth in newly legalized states and annual GDP growth in mature states (3) New Markets Assumes all casino states legalize video gaming → grows to be 20% of casino revenues by 2025 (4) +New Products (4) New Products $30-35bn Sports betting market of $10-15bn by 2025 Gaming-as-a-Service is the fastest growing segment in gaming and has a very large TAM 1. Assumes Illinois market grows at 15% CAGR based on further penetration in existing cities and legalization of opt-out municipalities such as Chicago (bottoms up analysis suggests potential growth of up to 2x-3x) 2. Video gaming revenues for Louisiana, Montana, Nevada, Oregon, South Dakota, and West Virginia growing at 2% CAGR through 2025. Also includes management’s estimate for PA run-rate revenue of ~$1.7bn and existing potential revenue of ~$1.3bn from Georgia’s coin-operated amusement machines 3. Assumes video gaming legalization in all other states that currently allow commercial or tribal casinos driving run-rate revenue at 20% current casino revenues in those states 4. Based on management and industry estimates 5. Based on Eilers & Krejcik’s “Gaming Slot & Table Counts” report Note: See page 2 “Industry and Market Data” under “Important Information”. Based on state gaming boards and AGA “State of the States” 2017 casino survey TPG PACE HOLDINGS CORP. 12


1 Video Gaming Regulations and Tax Benefits in Illinois Illinois Video Gaming Act & Recently Passed Gaming Expansion Bill (1) ▪ Illinois passed the Video Gaming Act in 2009 → operations began in 2012 Net Terminal Income Split ▪ After the 2019 amendment, up to 6 VGTs in licensed liquor, fraternal and veterans Terminal establishments, and truck stops (large truck stops are eligible for 10 VGTs) Operator Taxes 32.6% 34.0% ▪ All licensed VGTs are monitored and controlled by the IGB through a Central Communications System developed and maintained by Scientific Games International Scientific ▪ Illinois passed a gaming expansion bill in June 2019, increasing maximum bet Games Location Owner from $2 to $4, maximum payouts from $500 to $1,199, and a progressive jackpot 0.9% 32.6% of up to $10,000 Annual State & Local Gaming Taxes by Source ($mm) 13A-18A CAGR 891 8% 836 791 740 662 594 422 548 63% 361 306 241 483 146 457 36 548 558 517 498 483 485 475 457 469 (3%) FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 Riverboat Video Gaming Since its introduction in 2012, video gaming has become a key part of Illinois’s tax base → raising ~$1,230mm in state taxes and ~$205mm for local municipalities to date 1. Net terminal income defined as the money put into a video gaming terminal (VGT) minus the credits paid to the player. New tax / revenue share regime expected to begin July 1, 2020 (state fiscal year 2021) vs. current tax rate of 30% and 33% between Jul-2019 to Jun-2020 (state fiscal year 2020) Source: Illinois Gaming Board on a state fiscal year ended June basis Note: See page 2 “Industry and Market Data” under “Important Information”. See page 36 “Key Definitions” for additional key terms TPG PACE HOLDINGS CORP. 131 Video Gaming Regulations and Tax Benefits in Illinois Illinois Video Gaming Act & Recently Passed Gaming Expansion Bill (1) ▪ Illinois passed the Video Gaming Act in 2009 → operations began in 2012 Net Terminal Income Split ▪ After the 2019 amendment, up to 6 VGTs in licensed liquor, fraternal and veterans Terminal establishments, and truck stops (large truck stops are eligible for 10 VGTs) Operator Taxes 32.6% 34.0% ▪ All licensed VGTs are monitored and controlled by the IGB through a Central Communications System developed and maintained by Scientific Games International Scientific ▪ Illinois passed a gaming expansion bill in June 2019, increasing maximum bet Games Location Owner from $2 to $4, maximum payouts from $500 to $1,199, and a progressive jackpot 0.9% 32.6% of up to $10,000 Annual State & Local Gaming Taxes by Source ($mm) 13A-18A CAGR 891 8% 836 791 740 662 594 422 548 63% 361 306 241 483 146 457 36 548 558 517 498 483 485 475 457 469 (3%) FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 Riverboat Video Gaming Since its introduction in 2012, video gaming has become a key part of Illinois’s tax base → raising ~$1,230mm in state taxes and ~$205mm for local municipalities to date 1. Net terminal income defined as the money put into a video gaming terminal (VGT) minus the credits paid to the player. New tax / revenue share regime expected to begin July 1, 2020 (state fiscal year 2021) vs. current tax rate of 30% and 33% between Jul-2019 to Jun-2020 (state fiscal year 2020) Source: Illinois Gaming Board on a state fiscal year ended June basis Note: See page 2 “Industry and Market Data” under “Important Information”. See page 36 “Key Definitions” for additional key terms TPG PACE HOLDINGS CORP. 13


2 Fragmented Landscape in Illinois Top 6 Terminal Operators by Location (2018 End of Period) Segment 25% 16% 7% 6% 6% 6% 35% Share # Add’l Locations +524 +363 +134 +18 +84 (49) (18) since YE16 2,381 1,686 1,060 464 439 403 382 (1) 47 Other Terminal Operators Accel’s cost efficiency enables it to operate profitably in locations with less revenue and develop the largest VGT footprint in Illinois 1. Prairie State Gaming is also known as Illinois Gaming Investors, LLC and was acquired by Penn National Gaming in July 2015 Source: Illinois Gaming Board for peers and Scientific Games terminal operator portal for Accel Note: See page 2 “Industry and Market Data” under “Important Information” TPG PACE HOLDINGS CORP. 142 Fragmented Landscape in Illinois Top 6 Terminal Operators by Location (2018 End of Period) Segment 25% 16% 7% 6% 6% 6% 35% Share # Add’l Locations +524 +363 +134 +18 +84 (49) (18) since YE16 2,381 1,686 1,060 464 439 403 382 (1) 47 Other Terminal Operators Accel’s cost efficiency enables it to operate profitably in locations with less revenue and develop the largest VGT footprint in Illinois 1. Prairie State Gaming is also known as Illinois Gaming Investors, LLC and was acquired by Penn National Gaming in July 2015 Source: Illinois Gaming Board for peers and Scientific Games terminal operator portal for Accel Note: See page 2 “Industry and Market Data” under “Important Information” TPG PACE HOLDINGS CORP. 14


3 Steady Expansion of Accel’s Location Portfolio Annual Licenses Won Accel’s Annual Competitive Conversions Assumptions 149 1,077 1,035 1,037 985 ~1,000 licenses 197 285 109 177 270 104 issued per year 838 808 792 767 34 2015 2016 2017 2018 Accel to obtain Other TOs Accel's New Licenses ~25% of total 2015 2016 2017 2018 Accel % 19% 18% 26% 26% licenses Signed Competitive Conversions Total Average ~7 Months for Location Average ~3 Years for Location to to Go Live Go Live = 240-260 new locations Validation and Time Required Before Signed Locations Can Go Live + 40-60 competitive conversions Accel’s Annual Locations Additions to Live Portfolio – ~125 locations Signed & 150 Expected to closures 133 129 Go Live in 57 85 31 74 59 Q2-Q4 19: +220 26 2 = 150-200 organic 98 93 Additions in 72 74 59 locations / year 1Q19: +54 2015 2016 2017 2018 2019E (1) Annual Net Location Openings Annual Converted Locations Continued growth opportunities in video gaming → Accel gained ~25% of annual new licenses in 2017 and 2018 and is winning additional business from competitors 1. Location openings are net of establishments that have closed during the year Note: With respect to projections on this page, see page 2 “Use of Projections” under “Important Information” TPG PACE HOLDINGS CORP. 153 Steady Expansion of Accel’s Location Portfolio Annual Licenses Won Accel’s Annual Competitive Conversions Assumptions 149 1,077 1,035 1,037 985 ~1,000 licenses 197 285 109 177 270 104 issued per year 838 808 792 767 34 2015 2016 2017 2018 Accel to obtain Other TOs Accel's New Licenses ~25% of total 2015 2016 2017 2018 Accel % 19% 18% 26% 26% licenses Signed Competitive Conversions Total Average ~7 Months for Location Average ~3 Years for Location to to Go Live Go Live = 240-260 new locations Validation and Time Required Before Signed Locations Can Go Live + 40-60 competitive conversions Accel’s Annual Locations Additions to Live Portfolio – ~125 locations Signed & 150 Expected to closures 133 129 Go Live in 57 85 31 74 59 Q2-Q4 19: +220 26 2 = 150-200 organic 98 93 Additions in 72 74 59 locations / year 1Q19: +54 2015 2016 2017 2018 2019E (1) Annual Net Location Openings Annual Converted Locations Continued growth opportunities in video gaming → Accel gained ~25% of annual new licenses in 2017 and 2018 and is winning additional business from competitors 1. Location openings are net of establishments that have closed during the year Note: With respect to projections on this page, see page 2 “Use of Projections” under “Important Information” TPG PACE HOLDINGS CORP. 15


3 Accel’s Location Trends by Vintage (1) Revenue by Vintage ($mm) No evidence of vintage erosion as churn is offset by revenue growth 396 332 248 173 2016 2017 2018 Run-Rate 1Q19 Before 2014 2014 2015 2016 2017 2018 Q1 2019 Non-Gaming Revenue (2) Hold Per Day per Month since Opening by Vintage ($) 250 New locations are maturing faster and are above average quality 200 150 100 50 -- 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Months since Opening 2014 2015 2016 2017 2018 Q1 2019 Stable base of topline growth and predictable revenue maturation curve as new locations are signed up 1. Run-rate revenue based on annualized revenue from pre-2019 installed base and adjusted for full-year equivalent of Q1 2019 location contributions 2. As of April 2019. See page 36 “Key Definitions” for key terms. Monthly hold per day calculated based on monthly net terminal income divided by average of 30.4 days per month in service TPG PACE HOLDINGS CORP. 163 Accel’s Location Trends by Vintage (1) Revenue by Vintage ($mm) No evidence of vintage erosion as churn is offset by revenue growth 396 332 248 173 2016 2017 2018 Run-Rate 1Q19 Before 2014 2014 2015 2016 2017 2018 Q1 2019 Non-Gaming Revenue (2) Hold Per Day per Month since Opening by Vintage ($) 250 New locations are maturing faster and are above average quality 200 150 100 50 -- 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Months since Opening 2014 2015 2016 2017 2018 Q1 2019 Stable base of topline growth and predictable revenue maturation curve as new locations are signed up 1. Run-rate revenue based on annualized revenue from pre-2019 installed base and adjusted for full-year equivalent of Q1 2019 location contributions 2. As of April 2019. See page 36 “Key Definitions” for key terms. Monthly hold per day calculated based on monthly net terminal income divided by average of 30.4 days per month in service TPG PACE HOLDINGS CORP. 16


3 Accel has Consistent Success in Improving Acquisition Performance LTM Hold Per Day at Acquisition ($) LTM Hold Per Day as of Mar-19 ($) Hold Per Day CAGR (%) +4% 244 238 +7% +17% 190 +11% 180 +8% +10% 168 165 164 147 +10% 141 +4% 122 107 105 103 95 85 80 A B C D E F G H Acquisition 2013 2014 2014 2014 2016 2017 2018 2018 Year: # Acquired 51 8 10 27 122 121 23 71 Locations Total % +66% +59% +53% +40% +12% +13% +3% +9% Increase Proven ability to add value and improve acquired location economics through operating efficiencies, strategic refocus, and better marketing Source: Management as of April 2019 Note: See page 36 “Key Definitions” for definition of “hold per day” TPG PACE HOLDINGS CORP. 173 Accel has Consistent Success in Improving Acquisition Performance LTM Hold Per Day at Acquisition ($) LTM Hold Per Day as of Mar-19 ($) Hold Per Day CAGR (%) +4% 244 238 +7% +17% 190 +11% 180 +8% +10% 168 165 164 147 +10% 141 +4% 122 107 105 103 95 85 80 A B C D E F G H Acquisition 2013 2014 2014 2014 2016 2017 2018 2018 Year: # Acquired 51 8 10 27 122 121 23 71 Locations Total % +66% +59% +53% +40% +12% +13% +3% +9% Increase Proven ability to add value and improve acquired location economics through operating efficiencies, strategic refocus, and better marketing Source: Management as of April 2019 Note: See page 36 “Key Definitions” for definition of “hold per day” TPG PACE HOLDINGS CORP. 17


3 Simple Economic Model Building Blocks → Key Guidance Assumptions Market Growth / Competitive Expansion in Acquisitions: New Openings: Conversions: Pennsylvania: Annual Location 40-60 acquired 240-260 openings 40-60 ~5 new Growth locations less 125 closures conversions openings Consistent trend across vintages of steady improvement in hold per day Predictable with no sign of saturation. Currently $138 HPD on average Maturation Curves 3-5% same store sales growth Long-term (1) 7.5 years average length of portfolio Contracts Stable EBITDA Modest operating leverage as business continues to scale Margin Highly Visible Future Cash Flows (2) (2) Adding ~$20mm EBITDA in 2020 and ~$18mm in 2021 1. As of April 2019 2. Assumes M&A Note: Assumptions exclude sports expansion and the impact / benefit of player tracking which is expected to be enabled by the Illinois Gaming Board in 2020 With respect to projections on this page, see page 2 “Use of Projections” under “Important Information” and page 33 “Accel Financial Summary” for information regarding non-GAAP metrics. See page 36 “Key Definitions” for definition of “hold per day” TPG PACE HOLDINGS CORP. 183 Simple Economic Model Building Blocks → Key Guidance Assumptions Market Growth / Competitive Expansion in Acquisitions: New Openings: Conversions: Pennsylvania: Annual Location 40-60 acquired 240-260 openings 40-60 ~5 new Growth locations less 125 closures conversions openings Consistent trend across vintages of steady improvement in hold per day Predictable with no sign of saturation. Currently $138 HPD on average Maturation Curves 3-5% same store sales growth Long-term (1) 7.5 years average length of portfolio Contracts Stable EBITDA Modest operating leverage as business continues to scale Margin Highly Visible Future Cash Flows (2) (2) Adding ~$20mm EBITDA in 2020 and ~$18mm in 2021 1. As of April 2019 2. Assumes M&A Note: Assumptions exclude sports expansion and the impact / benefit of player tracking which is expected to be enabled by the Illinois Gaming Board in 2020 With respect to projections on this page, see page 2 “Use of Projections” under “Important Information” and page 33 “Accel Financial Summary” for information regarding non-GAAP metrics. See page 36 “Key Definitions” for definition of “hold per day” TPG PACE HOLDINGS CORP. 18


3 Accel’s Historical Financials and Annual Forecasts (1)(4) (2)(4) # of Locations and VGTs (End of Period) Revenue ($mm) Continued portfolio build-up through organic openings, acquired Steady double digit topline growth through higher betting limits, locations, competitive conversions, and expansion into PA growing player demand, and increasing footprint 11,196 589-625 CAGR: CAGR: 10,084 16-18 18-21E 508-541 16-18 18-21E 9,096 7,649 423 VGTs: 6,439 332 Revenue: 24% 13% 4,947 248 38% 22% 173 2,333 2,096 1,886 1,686 1,442 Locations: 1,162 20% 11% YE16 YE17 YE18 YE19E YE20E YE21E 2016A 2017A 2018A 2019E 2020E 2021E Locations (#) Video Gaming Terminals (VGTs) (#) Revenue ($mm) (3)(4) EBITDA and Capital Expenditures ($mm) M&A ($mm) th Higher 2019 capex to support 6 VGT roll-out and software Market remains fragmented → Accel expects to have ample upgrades → 2020+ will generate significant FCF going forward firepower to fund opportunities to acquire smaller competitors CAGR: Acquired +169 +151 +111 ~50-100 / year 118-125 16-18 18-21E Locations: 100-106 83 EBITDA: 64 56 53 39% 24% 49 32 32 32 33 25 29 20-40 20-40 20-40 19 16 19 23 13 27 15 13 12 12 9 5 3 4 2016A 2017A 2018A 2019E 2020E 2021E 2016A 2017A 2018A 2019E 2020E 2021E M&A ($mm) EBITDA ($mm) Facilities & Other CX ($mm) Growth CX ($mm) th 1. Pace’s location projections assume a 6 VGT is added in 400 of Accel’s high performance locations in Q4 2019 and M&A th 2. Pace’s revenue projections assumes a 5% increase in HPD in Q4 2019 and 10% increase in 2020 and 6 VGTs contribute $139 HPD (or 50% of high performance subset’s average of $277 HPD) 3. Pace assumes taxes increase from 30% current to 33% beginning Jul-2019 and 34% beginning Jul-2020 thereafter. 2019 growth capex includes $15m from additional VGTs and new gaming software rollout 4. Ranges reflect potential for delay in roll-out timing of additional VGTs and new gaming software Note: With respect to projections, see page 2 “Use of Projections” under “Important Information” and page 33 “Accel Financial Summary” for information regarding non-GAAP metrics including EBITDA TPG PACE HOLDINGS CORP. 193 Accel’s Historical Financials and Annual Forecasts (1)(4) (2)(4) # of Locations and VGTs (End of Period) Revenue ($mm) Continued portfolio build-up through organic openings, acquired Steady double digit topline growth through higher betting limits, locations, competitive conversions, and expansion into PA growing player demand, and increasing footprint 11,196 589-625 CAGR: CAGR: 10,084 16-18 18-21E 508-541 16-18 18-21E 9,096 7,649 423 VGTs: 6,439 332 Revenue: 24% 13% 4,947 248 38% 22% 173 2,333 2,096 1,886 1,686 1,442 Locations: 1,162 20% 11% YE16 YE17 YE18 YE19E YE20E YE21E 2016A 2017A 2018A 2019E 2020E 2021E Locations (#) Video Gaming Terminals (VGTs) (#) Revenue ($mm) (3)(4) EBITDA and Capital Expenditures ($mm) M&A ($mm) th Higher 2019 capex to support 6 VGT roll-out and software Market remains fragmented → Accel expects to have ample upgrades → 2020+ will generate significant FCF going forward firepower to fund opportunities to acquire smaller competitors CAGR: Acquired +169 +151 +111 ~50-100 / year 118-125 16-18 18-21E Locations: 100-106 83 EBITDA: 64 56 53 39% 24% 49 32 32 32 33 25 29 20-40 20-40 20-40 19 16 19 23 13 27 15 13 12 12 9 5 3 4 2016A 2017A 2018A 2019E 2020E 2021E 2016A 2017A 2018A 2019E 2020E 2021E M&A ($mm) EBITDA ($mm) Facilities & Other CX ($mm) Growth CX ($mm) th 1. Pace’s location projections assume a 6 VGT is added in 400 of Accel’s high performance locations in Q4 2019 and M&A th 2. Pace’s revenue projections assumes a 5% increase in HPD in Q4 2019 and 10% increase in 2020 and 6 VGTs contribute $139 HPD (or 50% of high performance subset’s average of $277 HPD) 3. Pace assumes taxes increase from 30% current to 33% beginning Jul-2019 and 34% beginning Jul-2020 thereafter. 2019 growth capex includes $15m from additional VGTs and new gaming software rollout 4. Ranges reflect potential for delay in roll-out timing of additional VGTs and new gaming software Note: With respect to projections, see page 2 “Use of Projections” under “Important Information” and page 33 “Accel Financial Summary” for information regarding non-GAAP metrics including EBITDA TPG PACE HOLDINGS CORP. 19


4 Multiple Additional Non-modeled Growth Levers New Products ▪ Potential to put sports Legalization in betting kiosks into New States existing locations ▪ Potential for other Expansion in Other ▪ Accel can provide states to expand above-board and Existing States gaming laws in the competitive near-term (e.g. ▪ Strategic expansion alternatives to “grey- Continued Missouri) into nascent markets gaming” offerings Penetration via organic openings ▪ Accel would be a or M&A favored entrant as a ▪ Continued New Customers / bona fide and municipality opt-ins ▪ Participation in more Digital Marketing transparent operator (e.g. Chicago) mature video gaming ▪ Launch Player markets (e.g. Nevada, ▪ Expand footprint in Rewards Program to Georgia, or Montana) Pennsylvania maximize players’ wallet share ▪ Corporate customers have been slow to adopt video gaming but are beginning to partner with reputable operators such as Accel Near-term Opportunities Future Growth Drivers Accel stands to benefit from a number of potential non-modeled upside opportunities TPG PACE HOLDINGS CORP. 204 Multiple Additional Non-modeled Growth Levers New Products ▪ Potential to put sports Legalization in betting kiosks into New States existing locations ▪ Potential for other Expansion in Other ▪ Accel can provide states to expand above-board and Existing States gaming laws in the competitive near-term (e.g. ▪ Strategic expansion alternatives to “grey- Continued Missouri) into nascent markets gaming” offerings Penetration via organic openings ▪ Accel would be a or M&A favored entrant as a ▪ Continued New Customers / bona fide and municipality opt-ins ▪ Participation in more Digital Marketing transparent operator (e.g. Chicago) mature video gaming ▪ Launch Player markets (e.g. Nevada, ▪ Expand footprint in Rewards Program to Georgia, or Montana) Pennsylvania maximize players’ wallet share ▪ Corporate customers have been slow to adopt video gaming but are beginning to partner with reputable operators such as Accel Near-term Opportunities Future Growth Drivers Accel stands to benefit from a number of potential non-modeled upside opportunities TPG PACE HOLDINGS CORP. 20


4 Potential Expansion of Video Gaming in Other States Gaming Adoption Increasing States Currently Considering Adoption of VGTs ▪ Missouri 50 48 42 – Revenue shortfall of $251mm in 2018 ▪ Mississippi – Revenue shortfall of $169mm in 2017 4 ▪ Georgia 1 7 – Exploring expansion of existing route gaming system ▪ Indiana All States Legal Gaming Casino Gaming VGT Gaming Recently Considering – Currently considering legalization of VGTs after enacting (incl. Lotteries) (incl. Tribal) Legalized VGT VGT Adoption multi-year tax cuts (PA) (1) Liberalization of Gaming Laws Typically Occur Late in States with Revenue Shortfalls the Cycle Nov 2008 Nov 2008 Jul 2009 Jul 2010 Maryland Arkansas Illinois Pennsylvania approved created a state legalized video legalized casino commercial lottery casinos gaming table games 2008 2009 2010 2011 $116.3 Have VGT/VLTs $103.5 $100.7 Nov 2009 $95.0 Neither May 2009 Jul 2010 Nov 2010 FY17 Only Ohio FY18 Only Delaware legalized approved Florida Maine approved sports betting and commercial increased land-based FY17 & FY18 casino table games casinos $2 max bet casinos 2014A 2015A 2016A 2017A Secular growth opportunity as states find that gaming increases tax base especially in times of fiscal constraint → VGT provides a material revenue opportunity and enables municipalities to participate in localized tax generation 1. Center On Budget And Policy Priorities. Pennsylvania recently legalized video gaming but there are no operating VGTs in the state to date Note: See page 2 “Industry and Market Data” under “Important Information”. Based on state gaming boards and AGA 2018 State of the States Casino report TPG PACE HOLDINGS CORP. 214 Potential Expansion of Video Gaming in Other States Gaming Adoption Increasing States Currently Considering Adoption of VGTs ▪ Missouri 50 48 42 – Revenue shortfall of $251mm in 2018 ▪ Mississippi – Revenue shortfall of $169mm in 2017 4 ▪ Georgia 1 7 – Exploring expansion of existing route gaming system ▪ Indiana All States Legal Gaming Casino Gaming VGT Gaming Recently Considering – Currently considering legalization of VGTs after enacting (incl. Lotteries) (incl. Tribal) Legalized VGT VGT Adoption multi-year tax cuts (PA) (1) Liberalization of Gaming Laws Typically Occur Late in States with Revenue Shortfalls the Cycle Nov 2008 Nov 2008 Jul 2009 Jul 2010 Maryland Arkansas Illinois Pennsylvania approved created a state legalized video legalized casino commercial lottery casinos gaming table games 2008 2009 2010 2011 $116.3 Have VGT/VLTs $103.5 $100.7 Nov 2009 $95.0 Neither May 2009 Jul 2010 Nov 2010 FY17 Only Ohio FY18 Only Delaware legalized approved Florida Maine approved sports betting and commercial increased land-based FY17 & FY18 casino table games casinos $2 max bet casinos 2014A 2015A 2016A 2017A Secular growth opportunity as states find that gaming increases tax base especially in times of fiscal constraint → VGT provides a material revenue opportunity and enables municipalities to participate in localized tax generation 1. Center On Budget And Policy Priorities. Pennsylvania recently legalized video gaming but there are no operating VGTs in the state to date Note: See page 2 “Industry and Market Data” under “Important Information”. Based on state gaming boards and AGA 2018 State of the States Casino report TPG PACE HOLDINGS CORP. 21


5 Accel vs. Gaming Peers (2) Valuation vs. Growth ROIC (1) (2) Avg Gaming Comps ROIC: 9% x20E FCF Bubble represents ROIC 21% 20.0x Regional / Local Casino Operators ALL.AX 23% Electronic Gaming & Technology CHDN LVS 21% 18.0x WYNN 12% Destination w/Asian Exposure MCRI 12% ALL.AX EVRI 10% 16.0x CHDN 10% ERI 9% RRR 8% 14.0x GDEN LVS SGMS 7% CZR ERI TSG 7% MGM 12.0x IGT 7% RRR BYD 6% EVRI MCRI TSG AGS 6% 10.2x Accel WYNN AGS 10.0x SGMS GDEN 6% BYD IGT MGM 5% PENN CZR 4% 8.0x 0% 5% 10% 15% 20% 25% 30% PENN 3% Organic Growth (excl. M&A) (18-20E EBITDA CAGR) 0% 5% 10% 15% 20% 25% Accel has a unique gaming value proposition → visibility into growth, asset light model and low capital intensity driving superior ROIs, and defensive low leverage 1. Free cash flow calculated as EBITDA less total capex. See page 2 “Use of Non-GAAP Financial Measures” under “Important Information” 2. ROIC defined as operating profit after tax divided by average invested capital as of FY 2018. Accel’s ROIC as of FY 2019 Note: 2018 EBITDA for peers is pro forma for acquisitions to date to make organic growth comparable: Boyd acquired several casino operators in mid 2018; Caesars acquired Centaur Gaming in Nov 2018; Churchill Downs acquired several casino properties in 2018; Eldorado Resorts acquired Tropicana Entertainment in Oct 2018; PlayAGS acquired Integrity Gaming in Feb 2019; Penn National acquired Pinnacle Entertainment in Oct 2018; and Stars Group acquired Sky Betting in Jul 2018. 2018 EBITDA for Accel is pro forma anticipated acquisitions and PA expansion through 2021 See page 2 “Industry and Market Data” under “Important Information”. Other companies may calculate similar financial measures differently than Accel and therefore may not be directly comparable to Accel Source: Capital IQ and company filings. Market data as of June 12, 2019 TPG PACE HOLDINGS CORP. 225 Accel vs. Gaming Peers (2) Valuation vs. Growth ROIC (1) (2) Avg Gaming Comps ROIC: 9% x20E FCF Bubble represents ROIC 21% 20.0x Regional / Local Casino Operators ALL.AX 23% Electronic Gaming & Technology CHDN LVS 21% 18.0x WYNN 12% Destination w/Asian Exposure MCRI 12% ALL.AX EVRI 10% 16.0x CHDN 10% ERI 9% RRR 8% 14.0x GDEN LVS SGMS 7% CZR ERI TSG 7% MGM 12.0x IGT 7% RRR BYD 6% EVRI MCRI TSG AGS 6% 10.2x Accel WYNN AGS 10.0x SGMS GDEN 6% BYD IGT MGM 5% PENN CZR 4% 8.0x 0% 5% 10% 15% 20% 25% 30% PENN 3% Organic Growth (excl. M&A) (18-20E EBITDA CAGR) 0% 5% 10% 15% 20% 25% Accel has a unique gaming value proposition → visibility into growth, asset light model and low capital intensity driving superior ROIs, and defensive low leverage 1. Free cash flow calculated as EBITDA less total capex. See page 2 “Use of Non-GAAP Financial Measures” under “Important Information” 2. ROIC defined as operating profit after tax divided by average invested capital as of FY 2018. Accel’s ROIC as of FY 2019 Note: 2018 EBITDA for peers is pro forma for acquisitions to date to make organic growth comparable: Boyd acquired several casino operators in mid 2018; Caesars acquired Centaur Gaming in Nov 2018; Churchill Downs acquired several casino properties in 2018; Eldorado Resorts acquired Tropicana Entertainment in Oct 2018; PlayAGS acquired Integrity Gaming in Feb 2019; Penn National acquired Pinnacle Entertainment in Oct 2018; and Stars Group acquired Sky Betting in Jul 2018. 2018 EBITDA for Accel is pro forma anticipated acquisitions and PA expansion through 2021 See page 2 “Industry and Market Data” under “Important Information”. Other companies may calculate similar financial measures differently than Accel and therefore may not be directly comparable to Accel Source: Capital IQ and company filings. Market data as of June 12, 2019 TPG PACE HOLDINGS CORP. 22


5 Accel’s Business Model vs. Peers TEV / 2020E EBITDA ~14x Headline: ~9x 8.6x PF Signed Contracts: 7.9x Regional / Local Casino Operators Route-Based Service Providers Focus on Route Density & Optimization ✔✘✔ Strong Recurring Revenue ✔✘✔ High Customer Retention ✔✘✔ Low Fixed Costs ✔✘✔ Low Capital Intensity ✔✘✘ Accretive / High Synergy M&A ✔⁓✔ (1) 2018-2020E Organic Revenue CAGR 23% ~5% ~2% (2) 2020E EBITDA Margin 20% ~28% ~23% 2020E Total Capex % Revenue 3% ~6% ~6% (2) TEV / 2020E FCF 10.2x ~11x ~19x (3) 2020E P/E 14.6x ~17x ~25x (4) 2020E Unlevered P/E 14.3x ~20x ~26x (2) 2019E Net Leverage (0)x ~5x ~3x Accel’s recurring revenue and operational similarity to route-based services provides a compelling path to multiple re-rating 1. 2018 EBITDA for peers is pro forma for acquisitions to date to make organic growth comparable. 2018 EBITDA for Accel is pro forma anticipated acquisitions and PA expansion through 2021 2. Assumes midpoint of Pace’s EBITDA projection range. See page 2 “Use of Non-GAAP Financial Measures” under “Important Information”. Free cash flow calculated as EBITDA less total capex 3. Accel’s net income is adjusted for tax-effected route amortization 4. Assumes no leverage (i.e. market cap = TEV). Net income excludes tax-effected interest expense Note: Diversified gaming peers comprised of Caesars Entertainment, Eldorado Resorts, Monarch Casino & Resort, Boyd Gaming, Red Rock Resorts, Penn National Gaming, and Golden Entertainment Route-based business services peers comprised of Waste Management, Cintas, UniFirst, The Brink’s Company, Iron Mountain, Stericycle, Rollins, and ServiceMaster Global Holdings See page 2 “Industry and Market Data” under “Important Information”. Other companies may calculate similar financial measures differently than Accel and therefore may not be directly comparable to Accel Source: Capital IQ and company filings. Market data as of June 12, 2019 TPG PACE HOLDINGS CORP. 235 Accel’s Business Model vs. Peers TEV / 2020E EBITDA ~14x Headline: ~9x 8.6x PF Signed Contracts: 7.9x Regional / Local Casino Operators Route-Based Service Providers Focus on Route Density & Optimization ✔✘✔ Strong Recurring Revenue ✔✘✔ High Customer Retention ✔✘✔ Low Fixed Costs ✔✘✔ Low Capital Intensity ✔✘✘ Accretive / High Synergy M&A ✔⁓✔ (1) 2018-2020E Organic Revenue CAGR 23% ~5% ~2% (2) 2020E EBITDA Margin 20% ~28% ~23% 2020E Total Capex % Revenue 3% ~6% ~6% (2) TEV / 2020E FCF 10.2x ~11x ~19x (3) 2020E P/E 14.6x ~17x ~25x (4) 2020E Unlevered P/E 14.3x ~20x ~26x (2) 2019E Net Leverage (0)x ~5x ~3x Accel’s recurring revenue and operational similarity to route-based services provides a compelling path to multiple re-rating 1. 2018 EBITDA for peers is pro forma for acquisitions to date to make organic growth comparable. 2018 EBITDA for Accel is pro forma anticipated acquisitions and PA expansion through 2021 2. Assumes midpoint of Pace’s EBITDA projection range. See page 2 “Use of Non-GAAP Financial Measures” under “Important Information”. Free cash flow calculated as EBITDA less total capex 3. Accel’s net income is adjusted for tax-effected route amortization 4. Assumes no leverage (i.e. market cap = TEV). Net income excludes tax-effected interest expense Note: Diversified gaming peers comprised of Caesars Entertainment, Eldorado Resorts, Monarch Casino & Resort, Boyd Gaming, Red Rock Resorts, Penn National Gaming, and Golden Entertainment Route-based business services peers comprised of Waste Management, Cintas, UniFirst, The Brink’s Company, Iron Mountain, Stericycle, Rollins, and ServiceMaster Global Holdings See page 2 “Industry and Market Data” under “Important Information”. Other companies may calculate similar financial measures differently than Accel and therefore may not be directly comparable to Accel Source: Capital IQ and company filings. Market data as of June 12, 2019 TPG PACE HOLDINGS CORP. 23


Key Takeaways Highly Visible Growth • Long-term contracted revenue • Strong backlog of new locations Compelling B2B Service Model (1) • Leader in gaming-as-a-service → largest video gaming terminal operator in the U.S. • Compelling returns on invested capital driven by asset light model Attractive Cash Flow and Balance Sheet Flexibility • Strong free cash flow conversion → low maintenance capex requirements and working capital needs • Significant firepower for strategic growth opportunities and return of capital from unlevered balance sheet Multiple Ways to Win • Numerous unmodeled upsides including new states and new products • Earnings growth + excess free cash flow + potential multiple expansion 1. Accel is the largest video gaming terminal operator on an EBITDA basis in the U.S. TPG PACE HOLDINGS CORP. 24Key Takeaways Highly Visible Growth • Long-term contracted revenue • Strong backlog of new locations Compelling B2B Service Model (1) • Leader in gaming-as-a-service → largest video gaming terminal operator in the U.S. • Compelling returns on invested capital driven by asset light model Attractive Cash Flow and Balance Sheet Flexibility • Strong free cash flow conversion → low maintenance capex requirements and working capital needs • Significant firepower for strategic growth opportunities and return of capital from unlevered balance sheet Multiple Ways to Win • Numerous unmodeled upsides including new states and new products • Earnings growth + excess free cash flow + potential multiple expansion 1. Accel is the largest video gaming terminal operator on an EBITDA basis in the U.S. TPG PACE HOLDINGS CORP. 24


Transaction Overview TPG PACE HOLDINGS CORP.Transaction Overview TPG PACE HOLDINGS CORP.


Key Transaction Terms (1) ▪ Enterprise value to Pace shareholders of $884mm (8.6x 2020E EBITDA, 10.2x 2020E FCF ) ▪ $460mm from Pace cash in trust, including interest, and $45mm PIPE raise ▪ Post money net cash balance of $4mm ▪ Pace Sponsor and certain directors of Pace to retain 7.5mm shares at closing ̶ 2mm out of 11.25mm sponsor shares deferred as earnout shares and 1.25mm cancelled ̶ Pace Sponsor will transfer 0.5mm sponsor shares into a foundation created for charitable efforts in the communities Accel currently operates or plans to operate in Transaction ̶ 1/3 of private warrants cancelled Highlights ▪ Existing Accel shareholders who roll 30% or more of their stock to receive their pro rata share of 3mm earnout (2) shares and 2.4mm private warrants ▪ Accel and Pace earnouts vest in 3 equal tranches based on the following triggers: ̶ 2021 Earnout Tranche – $12 share price or LTM $120mm EBITDA achieved ̶ 2022 Earnout Tranche – $14 share price or LTM $140mm EBITDA achieved ̶ 2023 Earnout Tranche – $16 share price or LTM $160mm EBITDA achieved ▪ Closing expected in September 2019 ▪ $350mm cash consideration to existing Accel shareholders ̶ Accel founders and management to roll 80% of equity stake ̶ Other investors to elect mix of cash vs. equity consideration Use of Proceeds ▪ Transaction fees of ~$39mm, including Pace deferred underwriting fees ▪ Remaining cash on balance sheet for accretive capital deployment Management ▪ Current Accel management to continue to run the business and ▪ 2 Accel founder designees (Andy Rubenstein and Gordon Rubenstein) and 1 Pace Sponsor director continuing to serve on the Board Independent ▪ 4 independent directors Board 1. Free cash flow calculated as EBITDA less total capex 2. Substantially similar terms to Pace’s private warrants Note: With respect to projections, see page 2 “Use of Projections” under “Important Information” and page 33 “Accel Financial Summary” for information regarding non-GAAP metrics including EBITDA and FCF TPG PACE HOLDINGS CORP. 26Key Transaction Terms (1) ▪ Enterprise value to Pace shareholders of $884mm (8.6x 2020E EBITDA, 10.2x 2020E FCF ) ▪ $460mm from Pace cash in trust, including interest, and $45mm PIPE raise ▪ Post money net cash balance of $4mm ▪ Pace Sponsor and certain directors of Pace to retain 7.5mm shares at closing ̶ 2mm out of 11.25mm sponsor shares deferred as earnout shares and 1.25mm cancelled ̶ Pace Sponsor will transfer 0.5mm sponsor shares into a foundation created for charitable efforts in the communities Accel currently operates or plans to operate in Transaction ̶ 1/3 of private warrants cancelled Highlights ▪ Existing Accel shareholders who roll 30% or more of their stock to receive their pro rata share of 3mm earnout (2) shares and 2.4mm private warrants ▪ Accel and Pace earnouts vest in 3 equal tranches based on the following triggers: ̶ 2021 Earnout Tranche – $12 share price or LTM $120mm EBITDA achieved ̶ 2022 Earnout Tranche – $14 share price or LTM $140mm EBITDA achieved ̶ 2023 Earnout Tranche – $16 share price or LTM $160mm EBITDA achieved ▪ Closing expected in September 2019 ▪ $350mm cash consideration to existing Accel shareholders ̶ Accel founders and management to roll 80% of equity stake ̶ Other investors to elect mix of cash vs. equity consideration Use of Proceeds ▪ Transaction fees of ~$39mm, including Pace deferred underwriting fees ▪ Remaining cash on balance sheet for accretive capital deployment Management ▪ Current Accel management to continue to run the business and ▪ 2 Accel founder designees (Andy Rubenstein and Gordon Rubenstein) and 1 Pace Sponsor director continuing to serve on the Board Independent ▪ 4 independent directors Board 1. Free cash flow calculated as EBITDA less total capex 2. Substantially similar terms to Pace’s private warrants Note: With respect to projections, see page 2 “Use of Projections” under “Important Information” and page 33 “Accel Financial Summary” for information regarding non-GAAP metrics including EBITDA and FCF TPG PACE HOLDINGS CORP. 26


Summary Transaction Terms Pro Forma Valuation Sources & Uses (Estimated) At Close Sources $mm (1) $10.22 Illustrative Share Price ($) Existing SPAC Cash in Trust 460 Shares Outstanding (mm) 87 PIPE 45 Initial Market Capitalization ($mm) 888 Total Sources 505 PF Net Debt ($mm) (4) TEV to Market ($mm) 884 Uses Transaction Multiples Metric ($mm) x Transaction Fees 39 FY 2019E EBITDA 83 10.6 x (2) 103 8.6 x Cash to Sellers 350 FY 2020E EBITDA (3) 87 10.2 x Deleveraging 116 FY 2020E FCF (4) 61 14.6 x FY 2020E P/E Total Uses 505 (4) 52 12.3 x FY 2020E 3x Levered P/E (6) PF Capitalization (Sep-19) Post Transaction Ownership (Estimated) Accel Founders & $mm Mgmt; 18% RCF 37 (5) Foundation; 1% Term Loan 54 Pace Public; less: Cash (95) 52% (5) Pace Sponsor Net Debt (4) Entities; 8% x 2019E EBITDA (0.1)x WACD L + 170 Other; 16% Float at Close PIPE; 5% 1. Transaction share price based on amount of cash in trust including interest 73% 2. Assumes midpoint of Pace’s EBITDA projection range 3. Free cash flow calculated as EBITDA less total capex 4. P/E based on cash net income (adjusted for tax-effected route amortization from historical acquisitions). Levered P/E based on Accel at 3x net leverage (L+250 interest rate) 5. Pace Sponsor has agreed to cancel 1.25mm founder shares, defer 2mm founder shares as earnout subject to share price targets, and transfer 0.5mm founder shares into a foundation created for charitable efforts in the communities Accel currently or plans to operate in. Pace Sponsor shares will be split across a number of entities with different beneficial owners each holding less than 5% 6. Other outstanding instruments: 15mm public warrants for 15mm shares at $11.50 per share; 7.3mm private warrants for 7.3mm shares at $11.50 per share; 2.0mm sponsor earnout shares and 3.0mm Accel founder / management earnout shares subject to 3 tranches of EBITDA or share price thresholds of: 1) $120mm 2021 EBITDA or $12.00 share price; 2) $140mm 2022 EBITDA or $14.00 share price; and 3) $160mm 2023 EBITDA or $16.00 share price Note: With respect to projections, see page 2 “Use of Projections” under “Important Information” and page 33 “Accel Financial Summary” for information regarding non-GAAP metrics including EBITDA, FCF and P/E TPG PACE HOLDINGS CORP. 27Summary Transaction Terms Pro Forma Valuation Sources & Uses (Estimated) At Close Sources $mm (1) $10.22 Illustrative Share Price ($) Existing SPAC Cash in Trust 460 Shares Outstanding (mm) 87 PIPE 45 Initial Market Capitalization ($mm) 888 Total Sources 505 PF Net Debt ($mm) (4) TEV to Market ($mm) 884 Uses Transaction Multiples Metric ($mm) x Transaction Fees 39 FY 2019E EBITDA 83 10.6 x (2) 103 8.6 x Cash to Sellers 350 FY 2020E EBITDA (3) 87 10.2 x Deleveraging 116 FY 2020E FCF (4) 61 14.6 x FY 2020E P/E Total Uses 505 (4) 52 12.3 x FY 2020E 3x Levered P/E (6) PF Capitalization (Sep-19) Post Transaction Ownership (Estimated) Accel Founders & $mm Mgmt; 18% RCF 37 (5) Foundation; 1% Term Loan 54 Pace Public; less: Cash (95) 52% (5) Pace Sponsor Net Debt (4) Entities; 8% x 2019E EBITDA (0.1)x WACD L + 170 Other; 16% Float at Close PIPE; 5% 1. Transaction share price based on amount of cash in trust including interest 73% 2. Assumes midpoint of Pace’s EBITDA projection range 3. Free cash flow calculated as EBITDA less total capex 4. P/E based on cash net income (adjusted for tax-effected route amortization from historical acquisitions). Levered P/E based on Accel at 3x net leverage (L+250 interest rate) 5. Pace Sponsor has agreed to cancel 1.25mm founder shares, defer 2mm founder shares as earnout subject to share price targets, and transfer 0.5mm founder shares into a foundation created for charitable efforts in the communities Accel currently or plans to operate in. Pace Sponsor shares will be split across a number of entities with different beneficial owners each holding less than 5% 6. Other outstanding instruments: 15mm public warrants for 15mm shares at $11.50 per share; 7.3mm private warrants for 7.3mm shares at $11.50 per share; 2.0mm sponsor earnout shares and 3.0mm Accel founder / management earnout shares subject to 3 tranches of EBITDA or share price thresholds of: 1) $120mm 2021 EBITDA or $12.00 share price; 2) $140mm 2022 EBITDA or $14.00 share price; and 3) $160mm 2023 EBITDA or $16.00 share price Note: With respect to projections, see page 2 “Use of Projections” under “Important Information” and page 33 “Accel Financial Summary” for information regarding non-GAAP metrics including EBITDA, FCF and P/E TPG PACE HOLDINGS CORP. 27


Experienced Board Proposed Board of Directors Relevant Experience Andy Rubenstein President, CEO & Director Karl Peterson Chairman Gordon Rubenstein Hollie Haynes Kathleen Philips TBD TBD TPG PACE HOLDINGS CORP. 28Experienced Board Proposed Board of Directors Relevant Experience Andy Rubenstein President, CEO & Director Karl Peterson Chairman Gordon Rubenstein Hollie Haynes Kathleen Philips TBD TBD TPG PACE HOLDINGS CORP. 28


Anticipated Transaction Timeline Date Event ▪ Transaction Agreement Executed June 2019 ▪ Transaction Announced July 2019▪ Preliminary Proxy Materials Filed with the SEC ▪ Mail Final Proxy Materials to Shareholders August 2019 ▪ Set Record Date for Shareholder Vote September 2019▪ Hold Shareholder Vote and Close Transaction Note: Subject to SEC review timetable TPG PACE HOLDINGS CORP. 29Anticipated Transaction Timeline Date Event ▪ Transaction Agreement Executed June 2019 ▪ Transaction Announced July 2019▪ Preliminary Proxy Materials Filed with the SEC ▪ Mail Final Proxy Materials to Shareholders August 2019 ▪ Set Record Date for Shareholder Vote September 2019▪ Hold Shareholder Vote and Close Transaction Note: Subject to SEC review timetable TPG PACE HOLDINGS CORP. 29


Appendix TPG PACE HOLDINGS CORP.Appendix TPG PACE HOLDINGS CORP.


Gaming-as-a-Service Model Casinos Gaming-as-a-Service Advantages B2B / business service play Players Small Businesses Primary Customer with long-term contracts Relationship ✘ Wide catchment area✔ Highly local footprint Closest option for gamers Winning share and disrupting casinos’ feeder markets given ✘ Largely mature and low ✔ Fast growing, Growth Prospects players’ preference for single-digit growth underpenetrated convenience and proximity ✘ Significant capital outlays More strategic flexibility with for real estate and non- Capital Intensity ✔ Asset light, equipment only less legacy costs gaming offerings (e.g. buffets, shows, hotel) Significant headroom to be ✘ Many multi-regional public Competitive ✔ Fragmented, mostly sub- the partner-of-choice in new and private casino Dynamics scale providers and underpenetrated markets operators ✘ High operating expenses ✔ Low operating expenses; High ROIC and better ability Free Cash Flow to return capital and ongoing capex needs low maintenance capex Disruptive gaming-as-a-service play provides entertainment in locations closer to consumers in a capital efficient way TPG PACE HOLDINGS CORP. 31Gaming-as-a-Service Model Casinos Gaming-as-a-Service Advantages B2B / business service play Players Small Businesses Primary Customer with long-term contracts Relationship ✘ Wide catchment area✔ Highly local footprint Closest option for gamers Winning share and disrupting casinos’ feeder markets given ✘ Largely mature and low ✔ Fast growing, Growth Prospects players’ preference for single-digit growth underpenetrated convenience and proximity ✘ Significant capital outlays More strategic flexibility with for real estate and non- Capital Intensity ✔ Asset light, equipment only less legacy costs gaming offerings (e.g. buffets, shows, hotel) Significant headroom to be ✘ Many multi-regional public Competitive ✔ Fragmented, mostly sub- the partner-of-choice in new and private casino Dynamics scale providers and underpenetrated markets operators ✘ High operating expenses ✔ Low operating expenses; High ROIC and better ability Free Cash Flow to return capital and ongoing capex needs low maintenance capex Disruptive gaming-as-a-service play provides entertainment in locations closer to consumers in a capital efficient way TPG PACE HOLDINGS CORP. 31


Economic Benefits of Video Gaming in Illinois Economics Contributions from Video Gaming $1.5 billion State and local taxes generated since 2012 $1 billion Industry investment ($130,000 per business) 32,000 Jobs created and supported Hundreds Small businesses created Millions of dollars Provided to encourage responsible gaming Illinois’s gaming model is a successful public/private partnership that has generated significant income for government and local partners and has driven local employment Source: IL Gaming Machine Operator Association and press articles Note: See page 2 “Industry and Market Data” under “Important Information” TPG PACE HOLDINGS CORP. 32Economic Benefits of Video Gaming in Illinois Economics Contributions from Video Gaming $1.5 billion State and local taxes generated since 2012 $1 billion Industry investment ($130,000 per business) 32,000 Jobs created and supported Hundreds Small businesses created Millions of dollars Provided to encourage responsible gaming Illinois’s gaming model is a successful public/private partnership that has generated significant income for government and local partners and has driven local employment Source: IL Gaming Machine Operator Association and press articles Note: See page 2 “Industry and Market Data” under “Important Information” TPG PACE HOLDINGS CORP. 32


Accel’s Financial Summary (2016A-2021E) $ in millions, except where indicated Quarterly (8) (8) 2016A 2017A 2018A 2019E 2020E 2021E 16A-18A 18A-21E 1Q19A 2Q19E (1) # Locations (EOP) 1,162 1,442 1,686 1,886 2,096 2,333 20% 11% 1,740 1,762 (1) # VGTs (EOP) 4,947 6,439 7,649 9,096 10,084 11,196 24% 14% 7,935 8,073 (2) Gaming Revenue 168 240 322 410 513 593 38% 23% 94 101 (3) Other Revenue 5 8 10 13 15 17 39% 18% 3 3 Gross Revenues 173 248 332 423 527 610 38% 22% 97 105 % YoY Growth 43% 34% 27% 25% 16% (4) less: Gaming Taxes (50) (72) (97) (129) (172) (202) 38% 28% (28) (30) less: Scientific Gaming Sharing (1) (2) (3) (3) (4) (5) 44% 26% (1) (1) less: Location Sharing (58) (83) (111) (138) (168) (193) 38% 20% (33) (35) Gross Profit 64 91 122 152 183 210 38% 20% 36 38 % Margin 37% 37% 37% 36% 35% 34% 37% 37% less: Direct Operating Costs (14) (20) (27) (33) (40) (45) 39% 19% (8) (8) less: SG&A Expenses (16) (23) (31) (35) (38) (42) 38% 10% (8) (9) less: Public Company Costs -- -- -- (1) (2) (2) -- -- (5) EBITDA 33 49 64 83 103 121 39% 24% 19 21 % Margin 19% 20% 19% 20% 20% 20% 20% 20% % YoY Growth 45% 32% 30% 24% 18% less: Depreciation (13) (17) (21) (24) (27) (30) (6) (6) less: Amorization of Op Routes (8) (9) (14) (20) (21) (21) (4) (5) EBIT 13 22 29 39 56 71 9 10 % Margin 7% 9% 9% 9% 11% 12% 9% 10% less: Interest (4) (7) (11) (3) (1) (0) (3) (3) less: Other Income / (Expenses) (1) (3) (1) (1) -- -- (1) (0) less: Income Taxes (3) (1) (6) (7) (10) (12) (2) (2) Net Income 4 10 12 28 45 59 3 5 % Margin 2% 4% 4% 7% 8% 10% 3% 4% Facilities & Other Capex (12) (9) (12) (5) (3) (4) (2) (1) (6) Equipment Capex (13) (23) (19) (27) (13) (14) (3) (3) PA Expansion Capex -- -- -- -- (1) (1) -- -- Equipment Growth Capex (13) (23) (19) (27) (13) (15) (3) (3) (6) Unlevered Free Cash Flow 9 17 33 51 87 102 14 17 (7) M&A-Related (29) (53) (56) (25) (26) (25) (1) (1) Net Cashflow (20) (36) (24) 26 61 77 14 16 th 1. Pace’s location projections assume a 6 VGT is added in 400 of Accel’s high performance locations in Q4 2019 and M&A th 2. Top of the range assumes a 5% increase in HPD in Q4 2019 and 10% increase in 2020 and 6 VGTs contribute $139 HPD (or 50% of high performance subset’s average of $277 HPD) 3. Includes amusement revenue, ATM revenue, and revenue sharing 4. Assumes taxes increase from 30% current to 33% beginning Jul-2019 and 34% beginning Jul-2020 thereafter 5. EBITDA is calculated as revenue less gaming taxes, revenue sharing, direct operating expenses, and SG&A expenses (including anticipated public company costs) 6. 2019 growth capex includes $15m from additional VGTs and new betting software rollout. FCF calculated as EBITDA less total capex 7. Includes operating partner payments 8. 2020E and 2021E are midpoint of Pace’s projection ranges. Ranges reflect potential for delay in roll-out timing of additional VGTs and new gaming software and assume M&A Note: With respect to projections on this page, see page 2 “Use of Projections” under “Important Information”. EBITDA and free cash flow are non-GAAP financial measures that may not be comparable to other similarly titled measures of other companies. TPGH does not consider these non-GAAP measures in isolation or as an alternative to similar financial measures determined in accordance with GAAP. TPG PACE HOLDINGS CORP. 33Accel’s Financial Summary (2016A-2021E) $ in millions, except where indicated Quarterly (8) (8) 2016A 2017A 2018A 2019E 2020E 2021E 16A-18A 18A-21E 1Q19A 2Q19E (1) # Locations (EOP) 1,162 1,442 1,686 1,886 2,096 2,333 20% 11% 1,740 1,762 (1) # VGTs (EOP) 4,947 6,439 7,649 9,096 10,084 11,196 24% 14% 7,935 8,073 (2) Gaming Revenue 168 240 322 410 513 593 38% 23% 94 101 (3) Other Revenue 5 8 10 13 15 17 39% 18% 3 3 Gross Revenues 173 248 332 423 527 610 38% 22% 97 105 % YoY Growth 43% 34% 27% 25% 16% (4) less: Gaming Taxes (50) (72) (97) (129) (172) (202) 38% 28% (28) (30) less: Scientific Gaming Sharing (1) (2) (3) (3) (4) (5) 44% 26% (1) (1) less: Location Sharing (58) (83) (111) (138) (168) (193) 38% 20% (33) (35) Gross Profit 64 91 122 152 183 210 38% 20% 36 38 % Margin 37% 37% 37% 36% 35% 34% 37% 37% less: Direct Operating Costs (14) (20) (27) (33) (40) (45) 39% 19% (8) (8) less: SG&A Expenses (16) (23) (31) (35) (38) (42) 38% 10% (8) (9) less: Public Company Costs -- -- -- (1) (2) (2) -- -- (5) EBITDA 33 49 64 83 103 121 39% 24% 19 21 % Margin 19% 20% 19% 20% 20% 20% 20% 20% % YoY Growth 45% 32% 30% 24% 18% less: Depreciation (13) (17) (21) (24) (27) (30) (6) (6) less: Amorization of Op Routes (8) (9) (14) (20) (21) (21) (4) (5) EBIT 13 22 29 39 56 71 9 10 % Margin 7% 9% 9% 9% 11% 12% 9% 10% less: Interest (4) (7) (11) (3) (1) (0) (3) (3) less: Other Income / (Expenses) (1) (3) (1) (1) -- -- (1) (0) less: Income Taxes (3) (1) (6) (7) (10) (12) (2) (2) Net Income 4 10 12 28 45 59 3 5 % Margin 2% 4% 4% 7% 8% 10% 3% 4% Facilities & Other Capex (12) (9) (12) (5) (3) (4) (2) (1) (6) Equipment Capex (13) (23) (19) (27) (13) (14) (3) (3) PA Expansion Capex -- -- -- -- (1) (1) -- -- Equipment Growth Capex (13) (23) (19) (27) (13) (15) (3) (3) (6) Unlevered Free Cash Flow 9 17 33 51 87 102 14 17 (7) M&A-Related (29) (53) (56) (25) (26) (25) (1) (1) Net Cashflow (20) (36) (24) 26 61 77 14 16 th 1. Pace’s location projections assume a 6 VGT is added in 400 of Accel’s high performance locations in Q4 2019 and M&A th 2. Top of the range assumes a 5% increase in HPD in Q4 2019 and 10% increase in 2020 and 6 VGTs contribute $139 HPD (or 50% of high performance subset’s average of $277 HPD) 3. Includes amusement revenue, ATM revenue, and revenue sharing 4. Assumes taxes increase from 30% current to 33% beginning Jul-2019 and 34% beginning Jul-2020 thereafter 5. EBITDA is calculated as revenue less gaming taxes, revenue sharing, direct operating expenses, and SG&A expenses (including anticipated public company costs) 6. 2019 growth capex includes $15m from additional VGTs and new betting software rollout. FCF calculated as EBITDA less total capex 7. Includes operating partner payments 8. 2020E and 2021E are midpoint of Pace’s projection ranges. Ranges reflect potential for delay in roll-out timing of additional VGTs and new gaming software and assume M&A Note: With respect to projections on this page, see page 2 “Use of Projections” under “Important Information”. EBITDA and free cash flow are non-GAAP financial measures that may not be comparable to other similarly titled measures of other companies. TPGH does not consider these non-GAAP measures in isolation or as an alternative to similar financial measures determined in accordance with GAAP. TPG PACE HOLDINGS CORP. 33


Accel’s Community Engagement Folds of Honor Run the Ridge 5K Providing Educational Scholarships to the Children and Spouses Supporting Ray Graham Association to of Fallen and Disabled Military Service Members Empower People with Disabilities A foundation will further support the communities where Accel operates or anticipates operating in TPG PACE HOLDINGS CORP. 34Accel’s Community Engagement Folds of Honor Run the Ridge 5K Providing Educational Scholarships to the Children and Spouses Supporting Ray Graham Association to of Fallen and Disabled Military Service Members Empower People with Disabilities A foundation will further support the communities where Accel operates or anticipates operating in TPG PACE HOLDINGS CORP. 34


Illustrative Fully Diluted Share Count Illustrative Share Price Share count in millions $10.00 $11.00 $12.00 $13.00 $14.00 $15.00 $16.00 $17.00 $18.00 TPGH Public IPO Shares 45.0 45.0 45.0 45.0 45.0 45.0 45.0 45.0 45.0 (2, 3) -- -- 0.6 1.7 2.7 3.5 4.2 4.9 5.4 TPGH Public Warrants PIPE Shares 4.4 4.4 4.4 4.4 4.4 4.4 4.4 4.4 4.4 (1) 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.5 TPGH Sponsor Shares (4) -- -- 0.7 0.7 1.3 1.3 2.0 2.0 2.0 TPGH Sponsor Earnouts Seller Shares 29.5 29.5 29.5 29.5 29.5 29.5 29.5 29.5 29.5 (4) -- -- 1.0 1.0 2.0 2.0 3.0 3.0 3.0 Seller Earnouts (2, 5) -- -- 0.3 0.8 1.3 1.7 2.1 2.4 2.6 Private Warrants (1) 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 Foundation Shares Total 86.9 86.9 89.5 91.1 94.2 95.4 98.2 99.1 99.9 1. Of original 11.25mm founder shares, TPGH sponsor has agreed to the cancellation of 1.25mm shares at closing, deferral of 2mm shares subject to earnout triggers, and transfer of 0.5mm shares to a foundation for charitable efforts in the communities Accel currently operates or anticipates operating in. Includes 200,000 Pace director shares 2. Assumes treasury share method for public and private warrants 3. 15.0mm public warrants issued as part of TPGH IPO with strike price of $11.50 and redemption price of $18.00 4. TPGH sponsor to receive 2mm earnout shares vesting in 3 equal tranches (0.7mm shares each) and Accel existing shareholders to receive 3mm earnout shares vesting in 3 equal tranches (1.0mm shares each) Earnout triggers: 1) $120mm 2021 EBITDA or $12.00 share price; 2) $140mm 2022 EBITDA or $14.00 share price; and 3) $160mm 2023 EBITDA or $16.00 share price 5. 7.3mm private warrants issued as part of TPGH IPO with strike price of $11.50. 1/3 of private warrants to be cancelled. 2.4m warrants issued to sellers at substantially similar terms to Pace’s private warrants. TPG PACE HOLDINGS CORP. 35Illustrative Fully Diluted Share Count Illustrative Share Price Share count in millions $10.00 $11.00 $12.00 $13.00 $14.00 $15.00 $16.00 $17.00 $18.00 TPGH Public IPO Shares 45.0 45.0 45.0 45.0 45.0 45.0 45.0 45.0 45.0 (2, 3) -- -- 0.6 1.7 2.7 3.5 4.2 4.9 5.4 TPGH Public Warrants PIPE Shares 4.4 4.4 4.4 4.4 4.4 4.4 4.4 4.4 4.4 (1) 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.5 TPGH Sponsor Shares (4) -- -- 0.7 0.7 1.3 1.3 2.0 2.0 2.0 TPGH Sponsor Earnouts Seller Shares 29.5 29.5 29.5 29.5 29.5 29.5 29.5 29.5 29.5 (4) -- -- 1.0 1.0 2.0 2.0 3.0 3.0 3.0 Seller Earnouts (2, 5) -- -- 0.3 0.8 1.3 1.7 2.1 2.4 2.6 Private Warrants (1) 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 Foundation Shares Total 86.9 86.9 89.5 91.1 94.2 95.4 98.2 99.1 99.9 1. Of original 11.25mm founder shares, TPGH sponsor has agreed to the cancellation of 1.25mm shares at closing, deferral of 2mm shares subject to earnout triggers, and transfer of 0.5mm shares to a foundation for charitable efforts in the communities Accel currently operates or anticipates operating in. Includes 200,000 Pace director shares 2. Assumes treasury share method for public and private warrants 3. 15.0mm public warrants issued as part of TPGH IPO with strike price of $11.50 and redemption price of $18.00 4. TPGH sponsor to receive 2mm earnout shares vesting in 3 equal tranches (0.7mm shares each) and Accel existing shareholders to receive 3mm earnout shares vesting in 3 equal tranches (1.0mm shares each) Earnout triggers: 1) $120mm 2021 EBITDA or $12.00 share price; 2) $140mm 2022 EBITDA or $14.00 share price; and 3) $160mm 2023 EBITDA or $16.00 share price 5. 7.3mm private warrants issued as part of TPGH IPO with strike price of $11.50. 1/3 of private warrants to be cancelled. 2.4m warrants issued to sellers at substantially similar terms to Pace’s private warrants. TPG PACE HOLDINGS CORP. 35


Key Definitions ▪ Go Live – the assigned date a location’s VGTs are activated and available to the public for play ▪ Hold Per Day (HPD) – the average amount of money held after payouts for each VGT on a daily basis → calculated as Net Terminal Income / 365 / # of VGT’s ▪ Illinois Gaming Board (IGB) – state agency that regulates both casino gaming and video gaming in Illinois. Comprised of a five-member board (appointed by the Governor and confirmed by the Senate), and a large staff of investigators, enforcement agents, financial and licensing staff, and attorneys. The IGB investigates and issues licenses to persons and entities involved in gaming, and regulates all day-to-day gaming activities ▪ Number of Locations / VGTs – Accel’s counts are based on Scientific Games terminal operator portal data which is updated at the end of each gaming day and includes locations that may be temporarily closed but still connected to the central system; competitor counts are based on Illinois Gaming Board reported data which is updated ~2-3 weeks after month and only includes locations / VGTs that are licensed to be live on the last day of the month ▪ Net Terminal Income (NTI) – the difference between the cash deposited into the VGT and the winnings paid to players ▪ Redemption Machine – a payout terminal at which a player redeems a voucher for the payment of cash ▪ Terminal Operator (TO) – an individual, partnership, corporation, or limited liability company that is licensed and that owns, services, and maintains video gaming terminals in licensed establishments ▪ Illinois Video Gaming Act (VGA) – enacted in July 2009 and amended in June 2019, authorizing the placement of up to six VGTs in licensed retail establishments, truck stops (some large truck stops are eligible for up to 10), and veteran and fraternal establishments. The VGTs are all connected to and monitored by a Central Communications System ▪ Video Gaming Terminal (VGT) – any electronic video game machine that, upon insertion of cash, electronic cards or vouchers, or any combination thereof, is available to play or simulate the play of a video game, including but not limited to video poker, line up, and blackjack, utilizing a video display and microprocessors in which the player may receive free games or credits that can be redeemed for cash. Excludes machines that directly dispense coins, cash, or tokens or are for amusement purposes only. Commonly referred to as a VGT or slot machine TPG PACE HOLDINGS CORP. 36Key Definitions ▪ Go Live – the assigned date a location’s VGTs are activated and available to the public for play ▪ Hold Per Day (HPD) – the average amount of money held after payouts for each VGT on a daily basis → calculated as Net Terminal Income / 365 / # of VGT’s ▪ Illinois Gaming Board (IGB) – state agency that regulates both casino gaming and video gaming in Illinois. Comprised of a five-member board (appointed by the Governor and confirmed by the Senate), and a large staff of investigators, enforcement agents, financial and licensing staff, and attorneys. The IGB investigates and issues licenses to persons and entities involved in gaming, and regulates all day-to-day gaming activities ▪ Number of Locations / VGTs – Accel’s counts are based on Scientific Games terminal operator portal data which is updated at the end of each gaming day and includes locations that may be temporarily closed but still connected to the central system; competitor counts are based on Illinois Gaming Board reported data which is updated ~2-3 weeks after month and only includes locations / VGTs that are licensed to be live on the last day of the month ▪ Net Terminal Income (NTI) – the difference between the cash deposited into the VGT and the winnings paid to players ▪ Redemption Machine – a payout terminal at which a player redeems a voucher for the payment of cash ▪ Terminal Operator (TO) – an individual, partnership, corporation, or limited liability company that is licensed and that owns, services, and maintains video gaming terminals in licensed establishments ▪ Illinois Video Gaming Act (VGA) – enacted in July 2009 and amended in June 2019, authorizing the placement of up to six VGTs in licensed retail establishments, truck stops (some large truck stops are eligible for up to 10), and veteran and fraternal establishments. The VGTs are all connected to and monitored by a Central Communications System ▪ Video Gaming Terminal (VGT) – any electronic video game machine that, upon insertion of cash, electronic cards or vouchers, or any combination thereof, is available to play or simulate the play of a video game, including but not limited to video poker, line up, and blackjack, utilizing a video display and microprocessors in which the player may receive free games or credits that can be redeemed for cash. Excludes machines that directly dispense coins, cash, or tokens or are for amusement purposes only. Commonly referred to as a VGT or slot machine TPG PACE HOLDINGS CORP. 36