#1Codere Online Investor Presentation October 2021 9 22 A 7 28 codere Acceder Regístrate ((D)) En Vivo Fútbol Baloncesto Fútbol A... Tenis CHAMPIONS LEAGUE ¡Vívela en directo sin riesgo! Ahora en directo +19 > → Fútbol Fc Shakhtar Donetsk 1 1 X 1. Fc Slovacko 0 1,03 6 28 50 2º Tiempo 90' Tenis Wildgruber, Anja Colmegna, Martina 2° Set .01 1 04 0 1 2 1,95 1,59 Stefanini L/Walt... Kuearum S/Saw... 150 | 1 1 2 000 1,08 5,50 2º Set Alex Bolt Duck-hee Lee 40 4 0 1 2 15 3 0 1,22 3,80 1° Set D Poger Federer 000 C DD3 Acquisition Corp. II#2Disclaimer C www DD3 Acquisition Corp. II This presentation (this "Presentation"), its contents and any information provided during the meeting to present this document are for discussion purposes only, and must not be relied upon for any purpose. This document is not for release, publication or distribution, in whole or in part, in or into any jurisdiction where such distribution would be unlawful. Certain terms used throughout this document are defined in the Glossary section included at the end of this document. Important Information about the Proposed Business Combination and Where to Find It Codere Online Luxembourg, S.A. ("Holdco"), Servicios de Juego Online, S.A.U. (together with its consolidated subsidiaries upon consummation of the Proposed Business Combination, "Codere Online"), DD3 Acquisition Corp. II ("DD3") and the other parties thereto have entered into a business combination agreement (the "Business Combination Agreement") that provides for DD3 and Codere Online to become wholly-owned subsidiaries of Holdco (the "Proposed Business Combination"). In connection with the Proposed Business Combination, a registration statement on Form F-4 (the "Form F-4") has been filed by Holdco with the U.S. Securities and Exchange Commission ("SEC") that includes a preliminary proxy statement relating to DD3's solicitation of proxies from DD3's stockholders in connection with the Proposed Business Combination and other matters described in the Form F-4, as well as a preliminary prospectus of Holdco relating to the offer of the securities to be issued in connection with the completion of the Proposed Business Combination. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE FORM F-4 AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION. After the Form F-4 has been declared effective, the definitive proxy statement/prospectus will be mailed to DD3's stockholders as of a record date to be established for voting on the Proposed Business Combination. Stockholders will also be able to obtain copies of such documents, without charge, once available, at the SEC's website at www.sec.gov, or by directing a request to Codere Online Luxembourg, S.A., 7 rue Robert Stümper, L-2557 Luxembourg, Grand Duchy of Luxembourg. INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. Participants in the Solicitation Holdco, Codere Online and DD3 and their respective directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of DD3's stockholders in connection with the Proposed Business Combination. Information regarding the names, affiliations and interests of DD3's directors and executive officers is set forth in the final prospectus for DD3's initial public offering filed with the SEC on December 10, 2020, as well as in other documents DD3 has filed with the SEC. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of DD3's stockholders in connection with the Proposed Business Combination is set forth in the Form F-4. Information concerning the interests of Holdco's, Codere Online's and DD3's participants in the solicitation, which may, in some cases, be different than those of Holdco's, Codere Online's and DD3's equity holders generally, is also set forth in the Form F-4. Shareholders, potential investors and other interested persons should read carefully the preliminary proxy statement/prospectus included in the Form F-4, and, when it becomes available, the definitive proxy statement/prospectus, before making any voting or investment decisions. You may obtain free copies of these documents, once available, from the sources indicated above. Forward-Looking Statements This Presentation includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this Presentation, including any statements as to Holdco's, Codere Online's, DD3's or the combined company's future results of operations and financial position, planned products and services, business strategy and plans, objectives of management for future operations, market size and potential growth opportunities, competitive position, expectations and timings related to commercial launches or the consummation of the Proposed Business Combination, potential benefits of the Proposed Business Combination and PIPE investments, technological and market trends and other future conditions, are forward-looking statements. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Holdco's, Codere Online's, DD3's and the combined company's actual results may differ from their expectations, estimates and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believe," "predict," "likely," "potential," "continue," and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Holdco's, Codere Online's and DD3's expectations with respect to the timing of the completion of the Proposed Business Combination. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially, and potentially adversely, from those expressed or implied in the forward-looking statements. Most of these factors are outside Holdco's, Codere Online's and DD3's control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the occurrence of any event, change, or other circumstances that could give rise to the termination of the Business Combination Agreement; (2) the outcome of any legal proceedings that may be instituted against Holdco, Codere Online and/or DD3 following the announcement of the Business Combination Agreement and the transactions contemplated therein; (3) the inability to complete the Proposed Business Combination, including due to failure to obtain approval of DD3's stockholders, certain regulatory approvals, or satisfy other closing conditions in the Business Combination Agreement; (4) the occurrence of any other event, change, or other circumstance that could cause the Proposed Business Combination to fail to close; (5) the impact of COVID-19 on Codere Online's business and/or the ability of the parties to complete the Proposed Business Combination; (6) the inability to obtain and/or maintain the listing of Holdco's ordinary shares or warrants on NASDAQ following the Proposed Business Combination; (7) the risk that the Proposed Business Combination disrupts current plans and operations as a result of the announcement and consummation of the Proposed Business Combination; (8) the ability to recognize the anticipated benefits of the Proposed Business Combination, which may be affected by, among other things, competition, the ability of Codere Online and the combined company to grow and manage growth profitably, and retain its key employees; (9) costs related to the Proposed Business Combination; (10) changes in applicable laws or regulations; (11) the amount of redemptions by DD3's stockholders in connection with the Proposed Business Combination; and (12) the possibility that Holdco, Codere Online or DD3 may be adversely affected by other economic, business and/or competitive factors. The foregoing list of factors is not exclusive. Additional information concerning certain of these and other risk factors is contained in DD3's most recent filings with the SEC and the Form F-4, and, after the Form F-4 has been declared effective by the SEC, will be contained in the definitive proxy statement/prospectus to be mailed to DD3's stockholders in connection with the Proposed Business Combination. All subsequent written and oral forward-looking statements concerning Holdco, DD3, Codere Online, the combined company, the Proposed Business Combination or other matters and attributable to Holdco, Codere Online or DD3 or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Each of Holdco, Codere Online and DD3 expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in their expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based, except as required by law. 2#3Disclaimer (cont.) C DD3 www Acquisition Corp. II No Offer or Solicitation This Presentation is not a proxy statement and does not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Proposed Business Combination. This Presentation also does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act of 1933, as amended, or an exemption therefrom. Trademarks This Presentation may contain trademarks, service marks, trade names and copyrights of the parties to the Business Combination Agreement or other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this Presentation may be listed without the TM, SM, or Ⓡ symbols, but Codere Online and DD3 will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights. Financial Information and Non-GAAP Financial Measures Codere Online's financial information included in this Presentation is unaudited and has been prepared by Codere Online in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS") or is based on information prepared by Codere Online in accordance with IFRS. There are important differences between IFRS and generally accepted accounting principles in the United States of America ("U.S. GAAP"). The financial information and data contained in this Presentation is unaudited and does not conform to Regulation S-X. Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in, any proxy statement, registration statement, or prospectus, including the Form F-4. This Presentation includes certain financial measures not presented in accordance with U.S. GAAP or IFRS, such as, without limitation, net gaming revenue and EBITDA. These non-GAAP financial measures are not measures of financial performance in accordance with U.S. GAAP or IFRS and may exclude items that are significant in understanding and assessing Codere Online's financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under U.S. GAAP or IFRS. You should be aware that Codere Online's presentation of these measures may not be comparable to similarly-titled measures used by other companies. In addition, the conversion of Codere Online's financial statements into U.S. GAAP or IFRS and the audit of Codere Online's financial statements in accordance with PCAOB standards, may impact how Codere Online currently calculates its non-GAAP financial measures, and we cannot assure you that there would not be differences, and such differences could be material. Codere Online believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Codere Online's financial condition and results of operations. Codere Online 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 in comparing Codere Online's financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. This Presentation includes certain projections of non-GAAP financial measures. Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from these projected measures, together with some of the excluded information not being ascertainable or accessible, Codere Online is unable to quantify certain amounts that would be required to be included in the most directly comparable U.S. GAAP or IFRS financial measures without unreasonable effort. Consequently, no disclosure of estimated comparable U.S. GAAP or IFRS measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included. Use of Projections This Presentation contains financial forecasts with respect to Codere Online's business and projected financial results, including net gaming revenue, EBITDA and EBITDA margin. Neither DD3's nor Codere Online's independent auditors have audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this Presentation, and accordingly, they did not express an opinion or provide any other form of assurance with respect thereto for the purpose of this Presentation. These projections should not be relied upon as being necessarily indicative of future results. 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. See "Forward-Looking Statements" above. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of Codere Online 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. You should review Codere Online's audited financial statements, which will be included in the Form F-4 relating to the Proposed Business Combination. For further information on the limitations and assumptions underlying these projections, please refer to such Form F-4 and to Amendment No. 1 to the registration statement on Form F-4 that is expected to be filed by Holdco with the SEC. Industry and Market Data In this Presentation, DD3 and Codere Online rely on and refer to certain information and statistics obtained from publicly available information and third-party sources, which they believe to be reliable. Neither DD3 nor Codere Online has independently verified the accuracy or completeness of any such publicly-available and third-party information nor make any representation as to the accuracy or completeness of such data or undertakes any obligation to update such data after the date of this Presentation. You are cautioned not to give undue weight to such industry and market data. 3#4Today's Presenters Moshe Edree Oscar Iglesias | Martin Werner * Provides services as non-employee independent contractor ** Upon consummation; currently head of corporate development for Codere Group Managing Director*, Codere Online Chief Financial Officer**, Codere Online Co-Founding Partner, DD3 Capital Partners C www DD3 Acquisition Corp. II 4#5Codere Online - The Leader in LatAm Online Gaming and Sports Betting OUR MISSION ■ To be the leading online gaming and sports betting operator in Latin America OUR PLAN Leverage our online business in Spain and Mexico to expand in high-growth core LatAm markets - Colombia, Panama, City of Buenos Aires Enter expansion LatAm markets as they become regulated - Brazil, Chile, Peru, Puerto Rico, Uruguay, Argentina (other regions) ■ Pursue options to access the large (~60mm population) US Hispanic market OUR TAILWINDS - ■ Favorable Demographic Trends in LatAm – Increasing adoption of smartphones, e-commerce and internet connectivity - ■ Omnichannel Strategy – We are closely aligned with our indirect parent company, Codere S.A., which has a leading retail footprint encompassing 10,000+(1) locations throughout LatAm, Spain and Italy and a 3mm+(2) registered retail database Market Expertise - Codere Group has a long history of successful LatAm operations dating back to 1984 ■ First Mover Advantage - Early entrant in LatAm markets with limited competition from global gaming operators Strong Brand - High visibility from long-running sponsorships of soccer teams and athletes (1) Figure includes Codere Group controlled bars, arcades, sports betting shops, and gaming halls, as well as third-party venues where Codere Group offers its slot and/or sports betting products. Reflects Codere Group registered retail database in Codere Online core markets only. (2) C www DD3 Acquisition Corp. II 5#6(1) C www DD3 Acquisition Corp. II Codere Online At a Glance THE COMPANY ■ Codere Online is part of the renowned casino operator Codere Group, offering online sports betting and online casino through its state-of-the art website and mobile application 2014 Codere Online launched operations in Spain 6 core countries Currently operating / expected near-term launch in Spain, Italy, Mexico, Colombia, Panama, and City of Buenos Aires (Core Markets) 2018 Experienced and proven Israel-based digital management team hired to lead Codere Online's expansion 30+ years Codere Group retail track record in Latin American and European markets 2020A-2023E Revenue CAGR 34% (Codere Online Core Markets only) $8bn+ Combined TAM of Codere Online Core and Expansion Markets (1) BAR 3mm+ Codere Group registered retail player database (Codere Online Core Markets only) B $1bn+ Revenue Opportunity in Codere Online Core and Expansion Markets (1) Core markets include Spain, Italy, Mexico, Colombia, Panama, and City of Buenos Aires. Expansion markets include Brazil, Chile, Peru, Puerto Rico, Uruguay, and Argentina excl. City of Buenos Aires. 6#7(1) (2) Transaction Overview C DD3 www Acquisition Corp. II Key Transaction Terms ■ DD3 Acquisition Corp. II (Nasdaq: DDMX, "DD3") has entered into a definitive agreement to combine with Codere Online Alongside DD3's $125mm cash in trust(¹), a PIPE commitment of $67mm has been secured, provided by Baron Funds, MG Capital, Larrain Vial and DD3 Capital Partners Existing Codere Online management to continue operating the business and Codere Group to maintain majority ownership post-transaction ■ Proceeds to be used to fund marketing expenditure, technology platform improvements and new market entry costs Pro Forma Valuation (¹) ($MM) Sources and Uses (1) ($MM) Sources SPAC Cash in Trust Uses $125 Cash to Balance Sheet $144 Sellers' Rollover Equity 270 Sellers' Rollover Equity 270 67 Cash to Codere Group 50 30 Transaction Fees 18 PIPE Total Sources $462 Total Uses Pro Forma Post Money Ownership(1)(2) $462 2022E 2023E (in millions) Net Gaming Revenue $152 $203 Post-Money TEV / Net Gaming Revenue 2.3x 1.7x Codere Group Price Per Share $10.00 Public Shares (x) Pro Forma Shares Outstanding 49.7 Post-Money Equity Value $497 PIPE Shares (+) Debt (-) Cash Post-Money TEV (144) $353 Total Shares Shares 7.0% 27.0 13.5% 12.5 54.3% 6.7 25.1% Founder Shares / Private Shares 3.5 Assumes no redemptions by public shareholders, redemption of up to $30mm of Codere Online shares owned by Codere Group, and expenses of up to $18mm in connection with the transaction. Does not reflect beneficial ownership. 49.7 7#8Transaction Proceeds Used to Support Growth C DD3 Acquisition Corp. II Marketing expenditure in Core Markets ■ High Profile Sponsorships ■ Traditional / Acquisition Media ■ Marketing Agencies Technology enhancements to support growth Continuous Improvement of Mobile Application Features New Bonus Engine Player & Content Management System Upgrade Expansion into new high- growth markets Brazil, Chile, Peru, Uruguay, Puerto Rico and Argentina (excluding City of Buenos Aires) Licensing costs 8#9C www DD3 Acquisition Corp. II Comparable Company Benchmarking Codere Online valuation multiples for 2022 and 2023 below reflect revenues from Core Markets only (excludes Expansion Markets) TEV / Revenue Multiples US High Growth B2C Operators TEV/2022E Revenue (6.7x Median) EU Mature B2C Operators TEV/2022E Revenue TEV/2022E Revenue (3.2x Median) TEV/2023E Revenue (3.0x Median) TEV/2023E Revenue (4.8x Median) TEV/2023E Revenue 11.6x 8.6x 7.5x 6.7x 6.4x 5.2x 4.4x 4.8x 4.3x 4.3x 3.4x 3.7x 3.2x 3.0x 2.0x 1.9x 2.3x 1.7x (1) (2) C DRAFT KINGS изисто INTERACTIVE codere Growth-Adjusted TEV / Revenue Multiples (4) TEV/2022E Revenue TEV/2023E Revenue 0.07x 0.05x I TITTTT (1) C codere (3) GOLDEN NUGGET RUSH STREET INTERACTIV POINTSBET Flutter Σntain 888 HOLDINGS ONLINE GAMING US High Growth B2C Operators Growth-Adj. TEV/2022E Rev. (0.12x Median) Growth-Adj. TEV/2023E Rev. (0.09x Median) EU Mature B2C Operators Growth-Adj. TEV/2022E Rev. (0.29x Median) Growth-Adj. TEV/2023E Rev. (0.28x Median) 0.32x 0.33x 0.28x 0.29x 0.19x 0.17x 0.14x 0.14x 0.12x 0.09x 0.05x 0.05x 0.02x 0.02x (2) DRAFT KINGS INTERACTIVE (3) GOLDEN NUGGET RUSH STREET INTERACTIVE ONLINE GAMING POINTSBET Flutter 0.25x 0.21x Σntain 888 HOLDINGS Source: Company filings, S&P Capital IQ, and Wall Street research. Prices as of 10/1/2021. Codere Online valuation based on pro forma equity value of $497mm at $10.00 per share, less $144mm pro forma cash, assuming no redemptions by public shareholders. 2022E and 2023E revenue assumes redemptions by public shareholders are no greater than 50%. Assumes redemption of up to $30mm of Codere Online shares owned by Codere Group and expenses of up to $18mm in connection with the transaction. (1) (2) Pro forma for pending acquisition of Golden Nugget Online Gaming, based on company disclosures (transaction announced 8/9/2021). (3) (4) Represents TEV/2022E revenue multiple or TEV / 2023E revenue multiple divided by 2020-2022 CAGR or 2020-2023 CAGR, respectively. Based on trading price as of 10/1/2021. Acquisition by DraftKings announced 8/9/2021. 9#10Market Overview - Global Footprint with Largest Market Presence Throughout Latin America C www DD3 Acquisition Corp. II Core Markets (Regulated) Expansion Markets (Regulation Pending) Denotes Codere Top 3 Market Codere Retail Market Share Codere Online Market Share Codere Online 2027E Market Share Share Position (1) PANAMA 19% 2 3% " Online Launch: 2018 2 45% ■ Retail Footprint: 11 gaming halls (incl. 8 sportsbooks) and 1 racetrack ■ Potential Online TAM (excl. offshore): ~$40mm(2) COLOMBIA (3) 6% 2 6% 30% ■ Online Launch: 2019 " Retail Footprint: 9 gaming halls, 136 arcades, and 70 sportsbooks ■ Potential Online TAM (excl. offshore): $150mm(4) CITY OF BUENOS AIRES 33% PERU " Online Launch: 2021 " Online Launch: TBD " Retail Footprint: None " Retail Footprint: None ■ Potential Online TAM (excl. offshore): ~$90mm(2) " Potential Online TAM (excl. offshore): ~$120mm(2) CHILE ■ Online Launch: TBD ■ Retail Footprint: None ■ Potential Online TAM (excl. offshore): ~$240mm(2) MEXICO (5) 25% 2 11% 23% ■ Online Launch: 2016 (full commercial launch in 2019) ■ Retail Footprint: 96 gaming halls (incl. 93 sportsbooks), 1 racetrack, and the largest convention center in Mexico (Centro Citibanamex) Potential Online TAM (excl. offshore): $630mm(2) " PUERTO RICO Online Launch: TBD ■Retail Footprint: None ■ Potential Online TAM (excl. offshore): ~$70mm(2) BRAZIL ■ Online Launch: TBD ■ Retail Footprint: Entered market in 2006, currently have exclusive agreement with Jockey Club do Rio Grande do Sul ■ Potential Online TAM (excl. offshore): ~$1.3bn(2) URUGUAY Online Launch: TBD (6) 52% 1 " Retail Footprint: 6 gaming halls, 29 sportsbooks, 2 racetracks, and a hotel (Carrasco Nobile) ■ Potential Online TAM (excl. offshore): ~$40mm(2) (7) 42% ARGENTINA (OTHER) Online Launch: TBD ■ Retail Footprint: 13 gaming halls (Buenos Aires Province) ■ Potential Online TAM (excl. offshore): ~$260mm(2)(8) SPAIN (9) 26% 2 6% 10% " ■ Online Launch: 2014 (mobile app launch in 2016) Retail Footprint: Codere owned gaming halls (3 gaming halls, 47 arcades, 61 sportsbooks); 3rd party sports betting distribution (1,026 arcades, 1,411 bars); slot route operations (6,118 bars) ■ Potential Online TAM (excl. offshore): $1.3bn(4) ITALY (10) 5% 3 ~1% ■ Online Launch: 2021 ■ Retail Footprint: 11 gaming halls and 2,198 bars Potential Online TAM (excl. offshore): $3.6bn (4) " Note: Market share per Company estimates. Retail footprint figures refer to Codere Group as of 12/31/19. Based on 2019 gross win (per Panama's Gaming Control Board (JCJ)). (1) (2) Reflects 2027 estimates. TAM projected based on UK/Australia/NJ/Spain/Italy GGR per capita, adj. for GDP per capita / internet connectivity (Mexico further adjusted based on 2019A gambling expenditures as a % of total GDP for illustrative and conservative purposes). Includes onshore online sports betting, casino, poker, and bingo. (3) Based on gross win (LTM September 2019, per Coljuegos). Excludes unregulated revenue. (4) Reflects 2027 estimates, based on 2025 H2GC projections. Spain/Italy assumes 2026/2027 growth based on estimated inflation. Colombia 2026/2027 growth held constant to 2025 % growth. Includes onshore online sports betting, casino, poker, and bingo. (5) (6) (7) Based on number of gaming halls (as of 12/31/19, per Codere estimates). Reflects 2019 share of slot gross win in Montevideo (regulated market). Figure reflects Buenos Aires Province (gaming halls) only. (8) Figures reflect total for Argentina, excluding City of Buenos Aires. (9) Based on 2019 gross win from sports betting via 7,189 self-service terminals (SSTS) in Codere-controlled venues/third party arcades. 5% market share based on Codere's 8,646 slot machines in bars (slot routes). (10) Reflects Q4 2019 gaming hall market share (per MAG Consulting estimates). 10#11C www DD3 Acquisition Corp. II Codere Online Total Addressable Market Opportunity ■ Total addressable market opportunity projected based on GGR per capita for the United Kingdom, Australia, New Jersey, Spain, and Italy Adjusted for GDP per capita and % of population with internet connectivity - Data excludes unregulated market Online Sports Betting & Online Casino TAM (¹) ($MM) and GGR Per Capita ($) Core Markets Online Sports Betting & Online Casino TAM ($MM) GGR Per Capita ($) $3,592 $60 Expansion Markets Online Sports Betting & Online Casino TAM ($MM) GGR Per Capita ($) $28 $28 $1,310 $1,293 $13 $9 $22 $12 $5 $625 $6 $6 $3 $4 $151 $261 $242 $40 $87 $124 $71 $40 Mexico (2) Colombia (3) Panama City of Buenos Aires Italy(3) Spain (3) Brazil Argentina (ex.-CABA)(4) Chile Peru Puerto Rico Uruguay $8bn+ Market Opportunity Europe (~$5.0bn) (Implied 0.14% of GDP) Latin America Expansion Markets (~$2.0bn) (Implied 0.07% of GDP) Latin America Core Markets (~$1.0bn) (Implied 0.05% of GDP) Source: H2GC and regulatory disclosures. Please refer to Appendix for illustrative market sizing methodology detail. Note: EUR converted to USD at 2027E exchange rate of 1.244, per management forecasts. (1) (2) (3) (4) Core Markets TAM reflects 2027E for illustrative purposes. Expansion markets TAM reflects potential market opportunity once regulated. Includes adjustment based on 2019A gambling expenditures as % of total GDP relative to median of UK / Australia / NJ / Spain / Italy, based on management experience and for illustrative purposes. Reflects 2027 estimates, based on 2025 H2GC projections. Spain / Italy assumes 2026 2027 growth based on estimated inflation. Colombia 2026 2027 growth held constant to 2025 % growth. CABA refers to City of Buenos Aires. 11#12Limited Competition from Global Gaming Operators Codere Group Retail Experience Mexico 22 years # of Licensed Online Operators >15(1) Colombia 36 years 18(2) Core LatAm Markets Panama 15 years 3(3) Buenos Aires, 29 years Argentina (4) Buenos Aires Province: 7 (pending) City of Buenos Aires: 3+ Selected Key Competitors Caliente PlayCity APUESTAS bet365 betcris BetPlay Wplay.co CBet RUSH™ BET betcris Caliente William HILL bet365 Flutter (BOLDT) 246 0000 playtech 888 POKER STARS betcris HOLDINGS C www DD3 Acquisition Corp. II BETMGM bet365 RUSH STREET FOXBET 888 INTERACTIVE New Jersey ΝΑ Online SB: 36 available (20 active) Online Casino: 45 available (25 active) FANDUEL DRAFT KINGS William HILL GOLDEN Reference Markets for Comparison United NA 648 Kingdom Australia NA 36 36 Not publicly disclosed; at least 15 operators have specific authorization for online (based on Company's understanding of current situation). Source: Eilers & Krejcik Gaming, VIXIO Gambling Compliance and regulatory disclosures. (1) (2) Per Coljuegos, as of January 2020. (3) ICIDINGS bet365 Flutter William HILL STARS GROUP Entain gamesys 888 group 009 HOLDINGS Tabcorp sportsbet BET EASY Ladbrokes bet365 Competitive landscape in more established markets for comparative purposes Codere and Betcris pursuant to retail sports betting licenses and Caliente pursuant to a pure online license (based on Company's understanding of current situation); Codere to begin operating pursuant to a pure online license (granted in May 2021) commencing December 2021. (4) Selected key competitors reflect Buenos Aires Province only. 12#13Accretive Omnichannel Opportunity Leveraging Codere Group's Leading Retail Footprint Throughout Latin America Codere Omnichannel Strategy (Existing Codere Group retail customers converted to online) Cross-selling and coordinated promotional campaigns leveraging online and retail customer databases C DD3 Acquisition Corp. II $ Enhanced payment processing options via retail locations (cash withdrawals & deposits) Improved customer service via retail locations (face to face communication) Retail business incentivized to drive online business through affiliate program (in place) codere Value of Codere Omnichannel Customers Reduced Customer Acquisition Costs: Limited marketing expenditure required as players are already in Codere funnel Higher Player Lifetime Values: Increased player loyalty leading to higher spend and / or retention bar &CO 13#14(1) (2) €2 Proven and Flexible Technology Platform in Place to Support Growth in Existing Markets and Expansion to New Markets ■ Codere Online to invest ~$10-15mm over the next several years to continue to support best of breed technology C www DD3 Acquisition Corp. II Casino & Slots Providers Sports Providers Other Game Providers Proprietary(1) Player Channels Online Gambling App & Web Loyalty App Communication channels (Email/SMS/ Push) Omnichannel Integration & Orchestration Capabilities Content Management System Marketing & Digital Analytics Wallet Payment Gateway Integration & Orchestration Capabilities Casino & Slots Games Player Account Management Bonus Engine Fraud & Risk Sport Betting Algorithmic Risk Segmentation (2) Customer Services Affiliates Management Trading Campaign Management BI & Online KPI Reporting Regulations & Compliance Others games Loyalty Program Advance Analytics Security Real Time Monitoring DevSecOps Responsible Gaming (Algorithmic Problem gambler identification) Agile Development Digital Architecture Serverles High availability, Scalability & Performance, Real time event processing, Resiliency, Cost effectiveness On Premise & Cloud Infrastructure On Premise due to regulatory requirements & Public Cloud Includes technology and operating capabilities provided by Codere Group (on an exclusive basis within Codere Group) pursuant to a Technology and Platform Services Agreement. Al predictive risk segmentation work in progress. Integration & Orchestration Capabilities Third-Party Integrations Payment Providers Geolocation & Digital ID Verification Providers Affiliates Regulators Other 3rd parties 14#15$1 Billion+ Revenue Opportunity With Potential Expansion Into High Growth LatAm Markets Codere Online Illustrative Path to Potential Net Gaming Revenue (1) ($MM) 2020-2023 CAGR: +34% (Core Markets Only) -$600 ~$400 $203 (2) $27 $54 $71 $85 $99 $152 -$200 2017A 2018A 2019A 2020A 2021E 2022E 2023E Growth in Core Markets 2027E Expansion Market Entry (Assumes 30% Share)" (3) Spain Mexico Colombia Panama Italy City of Buenos Aires Net Gaming Revenue Distribution by Country in Core Markets ($MM) 2021E 2027E 5% 33% (2) $99 61% 7% 8% 32% 5% 11% ~$400 37% III C wwwww DD3 Acquisition Corp. II ~$1bn+ Illustrative Potential Net Gaming Revenue (1) (2) For historical periods, EUR converted to USD at average exchange rate in each period. For projection periods, exchange rates based on management forecasts in each period. Assumes redemptions by public shareholders are no greater than 50%, redemption of up to $30mm of Codere Online shares owned by Codere Group, and expenses of up to $18mm in connection with the transaction. Reflects midpoint of 2021 revenue outlook ($97mm - $103mm). (3) Expansion markets include Brazil, Chile, Peru, Puerto Rico, Uruguay, and Argentina excl. City of Buenos Aires. Excludes unregulated revenue. Expansion market sizing based on illustrative extrapolation methodology - please refer to Appendix for additional detail. 15#16eso (1) (2) (3) 2020 Financial Highlights Selected Key Performance Indicators 2020A Net Gaming Revenue by Product $ 450K+ Player Registrations 44% 150K+ First Time Depositors 56% 30%+ Conversion Rate (1) Sports Betting Casino 50K+ Average Monthly Active Players (2) ~10% Sports Betting Hold 2020A Net Gaming Revenue by Channel 22% Net Gaming Revenue from Pure Online Customers Net Gaming Revenue from Omnichannel Customers (3) ~3.5% Casino Gaming Hold Represents number of FTDs in a given period divided by the number of new player registrations during the period. Active defined as having placed a real money bet (i.e. excludes free bets) in the period. Omnichannel includes Mexico only. 78% C www DD3 Acquisition Corp. II 16#17Strong Trading Continuing into H1 2021 Net Gaming Revenue / Active Players Net Gaming Revenue ($MM) Spain Mexico Colombia Other Total Average Monthly Active Players (000s) Spain Mexico Colombia Other Total EUR converted to USD at average exchange rate in each period. Q2 2020 Q2 2021 Var. % H1 2020 H1 2021 Var. % $11.4 $15.2 +34% $23.7 $30.9 +30% 3.4 7.7 +127% 8.4 15.5 +85% 0.5 1.7 +207% 1.0 2.7 +156% 0.9 0.7 -22% 1.5 1.2 -18% $16.2 $25.3 +56% $34.6 $50.3 +45% 16.4 32.1 +96% 24.0 34.2 +42% 5.9 15.6 +163% 10.1 17.1 +68% 5.2 18.4 +253% 6.7 15.6 +131% 0.1 0.7 n.m. 0.2 0.6 +174% 27.6 66.7 +142% 41.1 67.4 +64% C www DD3 Acquisition Corp. II 17#18Illustrative Consolidated Margin Outlook (Core Markets) C www DD3 Acquisition Corp. II 100% 17% 8% 10% ~65% 31% 7% -25% 3% Net Gaming Revenue Gaming Taxes Payment Processing Content / Other Third Gross Margin Marketing Party Services Other Operating Expenses Personnel Costs EBITDA Note: includes growth marketing expenditures. 18#19Codere Online - The Singular Investment Play on Digital Sports / Casino Across Latin America C DD3 Acquisition Corp. II The Latin American digital sports / casino market remains in its early innings and is expected to represent the next wave of strategic focus for the global gaming industry Supported by Codere Group's strong brand and 30+ years of operating experience in LatAm, Codere Online is uniquely positioned to become the leading player throughout the region Codere Online expects to leverage its differentiated omnichannel platform to attract a loyal, sustainable, high-value customer base aimed at driving growth and enhanced profitability 19#20Appendix - Proven Management Team to Capitalize on LatAm Market Opportunity C DD3 Acquisition Corp. II BENZEMA 9 adidas MCF#21Codere Online - The Singular Investment Play on Digital Sports / Casino Across Latin America C www DD3 Acquisition Corp. II adidas Fly Emirates REST Critical market opportunity as Latin America expected to represent next wave of strategic focus for global gaming industry Expansive TAM with limited competition from global gaming operators Accretive omnichannel opportunity leveraging leading retail footprint throughout Latin America Proven and flexible technology platform in place to support growth in core markets and expansion to new markets Highly effective and established online & mobile sportsbook / online casino codere Robust marketing strategy drives efficient acquisition of high-value players 养 Well-positioned to capitalize on the large untapped Hispanic market opportunity in the US 21#22Codere Online Management Team C www DD3 Acquisition Corp. II Moshe Edree, Managing Director* 17+ years experience in senior growth and operations roles at leading operators such as Ladbrokes and PartyGaming Previously held Board / advisor roles with NetPlay, IGlobal Media Israel, William Hill, Bwin.Party, Playtech, SafeCharge, and others LADBROKES CORAL GROUP Party GAMING playtech William HILL SUCCESS * Provides services as non-employee independent contractor Oscar Iglesias Sanchez, Chief Financial Officer** 20+ years experience Previously served as CFO & Head of Corporate Development for Franklyn Hotels & Resorts, Principal of WL Ross & Co. and financial (REGAL) and research (gaming) analyst at Bear Stearns BEAR codere Franklyn STEARNS WL Ross & Co. ** Upon consummation; currently head of corporate development for Codere Group Aviv Sher, Chief Operating Officer 15+ years experience Previously served as the COO of NeoGames and CEO of Prime Gaming Member of the founding team of Aspire Global Aspire Global PRIME GAMING neogames • Alberto Telias, Chief Marketing Officer 11+ years experience Previously served as a marketing manager at William Hill and Head of Paid Social Media at The Stars Group ESTARS GROUP William HILL Gonzalo De Osma Bucero, Chief Accounting Officer • 15+ years experience Previously served as Finance Planning Manager for Spain and CFO for Mexico for Codere Group codere Tecnocom " Deborah Guivisdalsky, Head of CRM/VIP 15+ years experience Previously served as Head of Customer Experience at Jackpot.com and Head of VIP Digital at Ladbrokes Jackpot .com LADBROKES CORAL GROUP 22#23DD3 Capital Partners - An Experienced and Proven Sponsor III C DD3 Acquisition Corp. II Executive Summary Same management team that executed the DD3 Acquisition Corp. I transaction Unmatched Track Record " Specialized team with experience across different sectors and markets " Sponsor with proven track record, delivering impressive shareholder returns First Mexican SPAC to close a deal, listing Betterware (BWMX) on Nasdaq Sponsor of Among the Best Performing SPAC Transactions in History(1) Betterware has had a unit return of 523% (1) since its initial business combination with DD3 Acquisition Corp. I Symbol Name Price % Diversified skill-set with deep knowledge and hands-on execution expertise Share Price Performance IRDM Iridium Unit Return 43.08 687% 600 " Hands-on Sponsor team, fully engaged with the Company & committed to drive long-term value DKNG DraftKings 51.33 546% 400 Betterware $67mm PIPE with Baron Funds, MG Partners, LarrainVial & DD3 Capital Partners for DD3 Acquisition Corp. II BWMX Betterware 36.89 523% 200 S&P500 0 PRIM Primoris 25.02 463% Jun-20 Nov-20 Apr-21 Sep-21 (1) Management Team Martin Werner CEO & Chairman Founding Partner of DD3 Capital Partners Partner / Managing Director at Goldman Sachs (16 years) Director of Public Credit and Deputy Finance Minister (4 years) PhD in Economics from Yale University Guillermo Ortiz Director & Co-Sponsor Board Member & Senior Advisor at BTG Pactual Chairman of the Board of Banorte-lxe (5 years) Governor of Mexico's Central Bank (12 years) PhD in Economics from Stanford University Source: SPAC Analytics as of 9/24/2021. Goldman Sachs SHCP YCITO CO Yale University BTG Pactual BANORTE ixe Stanford University BANCO MEXICO Jorge Combe COO & Director ■ Founding Partner of DD3 Capital Partners ■ Managing Director at Goldman Sachs (7 years) Vice President at GP Investimentos MBA from Wharton Daniel Salim Goldman Sachs GP Investments Wharton UNIVERSITY PENNSTIVANIA CFO Member of DD3 Capital Partners ■ Previously Analyst at Bank of Tokyo Analyst at HR Ratings MUFG HR Ratings Credit Rating Agency NIVERSIUND ANAHUAL INCE PA NO MALAY 23#24Latin America Expected to Represent Next Wave of Strategic Focus For Global Gaming Industry Online Sports Betting and Online Casino Market Size / TAM (Regulated Only) (1) C www DD3 Acquisition Corp. II United Kingdom Pop.: 67mm GDP: $2.8tn United States Pop.: 328mm GDP: $21.8tn Latin America (Codere Online Core + Expansion Markets)(5) Pop.: 496mm GDP: $4.6tn ~$7bn LTM March 2020 (2) -2x Revenue Expansion ~$3bn -10x Revenue Expansion 2020 ~$0.3bn (6) 2020 -10x Revenue Expansion ~$13bn (3) 2025E ~$29bn United States TAM (At Maturity)(4) ~$3bn ~$2bn (Expansion) ~$1bn (Core) LatAm TAM (At Maturity) (7 (1) Source: H2 Gambling Capital (H2GC) as of 2020, VIXIO Gambling Compliance, and regulatory disclosures. GDP / population figures from World Bank World Development Indicators database. Includes online sports betting, online casino, online poker, and online bingo. (2) GBP converted to USD at 2020 average exchange rate of 1.284. (3) Based on H2GC projections. (4) Extrapolates US market TAM based on NJ % of total US GDP / population using LTM 2/28/20 figures (pre-COVID). (5) (6) Based on 2020E per H2GC. Excludes unregulated, except Mexico and Panama, which include both regulated and unregulated due to limited H2GC data. EUR converted to USD at 2020 average exchange rate of 1.141. (7) Includes Mexico, Colombia, Panama, and City of Buenos Aires (core markets) and Brazil, Chile, Peru, Puerto Rico, Uruguay, and Argentina excl. City of Buenos Aires (expansion markets). Based on H2GC estimates for Spain, Italy, and Colombia. For all other markets, represents total addressable market opportunity based on market sizing methodology (please refer to Appendix for additional detail). EUR converted to USD at 2027E exchange rate of 1.244, per management forecasts. 24#25Increased Adoption of Online Technologies Further Enhances LatAm Market Opportunity C www DD3 Acquisition Corp. II Average Adoption Rate of Selected Technologies by Market 60% 67% 88% 28% 47% 72% Internet Connectivity (1) (2) Smartphone Penetration Latin America (2015) Latin America (2020) 1.9% 0.14% 10.1% 5.6% 0.02% (3) E-Commerce Penetration" Online GGR % of GDP (4) Benchmark Markets - UK, New Jersey (United States), Australia, Italy, Spain (2020) (1) Source: United Nations International Telecommunication Union database (as of 2019). Represents percentage of population with internet access. LatAm includes Codere Online core / expansion markets only. (2) Source: eMarketer. Represents individuals who own at least one smartphone and use the smartphone at least once per month, as a percentage of total population. Reflects total US due to limited NJ-specific data. (3) Source: eMarketer. Represents e-commerce retail sales as a percentage of total retail sales. Reflects total US due to limited NJ-specific data. (4) Market size based on 2020E per H2GC, except UK / NJ, which are based on regulatory disclosures. Includes online sports betting, online casino, online poker, and online bingo. LatAm includes Codere Online core / expansion markets only. Excludes unregulated, except Mexico and Panama, which include both regulated and unregulated due to limited H2GC data. 25#262020A - 2025E CAGR C www DD3 Acquisition Corp. II Mexico to Serve as Blueprint for Broader Omnichannel Strategy for LatAm ■ Expected 5-year player LTV for Mexico omnichannel customers is 2.8x greater than that for pure online customers (1), reflecting superior player loyalty and engagement ■ Targeting high-value, brand-aware omnichannel players is projected to increase conversion of online registrations to FTDs by +50% Mexico Omnichannel Growth +18% +24% Omnichannel First Time Depositors Omnichannel Net Gaming Revenue % Registered (Cumulative) Mexico Online Registrations from Retail Database 6% 2020A (End of Period) 16% 2025E (End of Period) (1) 5-Year player lifetime value reflects player spend (i.e. net gaming revenue realized) in the first five years following customer acquisition. Actual year 1 player spend for omnichannel players (based on cohorts with at least 1 year of operating history) is 3.1x that for pure online players. 26#27Highly Effective and Established Online & Mobile Sportsbook 30,000+ Live Events Offered codere 2132,24€ 30 Dedicated In-House Traders < Fútbol/Primera División Betis 21 Abr 21:00 2/2 ENFRENTAMIENTOS DIRECTOS TENDENCIAS ㄓ Athletic < > codere < Tenis/ATP Barcelona SHA Set 1 Juego 5 15:00 && 2132,24€ 000 O CHA род codere .b. a Shapovalov, Denis Set ... C www DD3 Acquisition Corp. II codere Jovende 2132,24€ < Fútbol/HNL 1 000 200+ Individual Player Prop Markets(1) 50+ In-Play Markets Per Event 11.2% Two-year average take for Spanish online business EATM 1:1 @ ECF 1:1 LEV 20 D SEV 1:0 W-E-E-V-O 40% 20% EVCF 22 04 FCB D Chardy, Jeremy I Todos Principales Goles Resultado Final Handic 0:0 ALA E 1:1 RSO E codere ✓1X2 01 RSO D 1:1 SDE E Todos Apuestas Principales Apuestas A Juegos A 1 1,60 X 3,20 2 6 Todos Principales Player Props Goles Resul Ganador del partido ✓ Próximo Equipo en Marcar (Marcador 1:0) Bilbao falló en ganar en 13 de sus últimos 15 partidos de Liga fuera de casa. Hubo al me pa 1 1,20 1 2,88 sin goles 3,80 22 Victoria local o empate 1,33 Ganador del Punto 1 en el Juego 5 del Set 1 Más/Menos Total Goles ▼ 1X2 Robust pre-match offering with historical data, odds, and player tips (1) A proposition ("prop") bet relates to the occurrence or non-occurrence of an event not directly tied to the final outcome of a sporting event. 1 2,30 2 1,55 ✓ Ganador del Punto 2 en el Juego 5 del Set 1 Industry-leading match visualization Más 1.5 1,22 Menos 1.5 3,80 Más 2.5 Menos 2.5 24/7 Live Streaming and Comprehensive In-Play Offering 27#28Leading Online Casino Offering 900+ Games Offered codere Patrocinador Oficial Ingresar Registro codere Patrocinador Oficial Ingresar Registro Destacados Ocultar TE DAMOS EL 100% DE TU 1ER DEPÓSITO HASTA $3,500 Premicon Premium BLACKJACK ROULETTE BED WIZARD CLASSICS 20+ Third-Party Content Providers PAPEN 00:01 AGE GODS THE 343.960,38 € LACASA DE PAPEL Clásico LA CASA DE PAPEL fonda de ATRESMEDIA CORPORACION para SKYWIND HOLDINGS LTD 2020 PT LIVE RULETA CODERISTA RULETA CODERISTA 0.25€ -4000€ 06 13 17 05 29 07 05 00 26 11 Términos y condiciones JUEGOS DESTACADOS OLIVE GOLDEN TAVERN BLACKJACK SAHARA RICHES CASH COLLECT ROULETTE LIVE BICE WIZARD 5555 3359 M ESPAÑOL BLACKJACK GOD STORMS BUFFALO BTZ AGE GODS LEGAC WILD BOOGBREET BLAST 3399 BUFFALO BITZ II EARPEARLS SKY QUEEN WAY BOOST CLASSICS 3359 Proprietary player bonusing engine World-class library of compelling, high-performing casino content C www DD3 Acquisition Corp. II codere Patrocinador Oficial Ingresar Registro TRIPLICAMOS $$3,000 TU 1ER DEPÓSITO codere Patrocinador Oficial AT&T AT&T AT&T Términos y condiciones BBVA Full sportsbook integration drives $0 CPA cross-sell within the Codere ecosystem 28#29(1) (2) Robust Marketing Strategy Drives Efficient Acquisition of High-Value Players I C www DD3 Acquisition Corp. II Acquisition Media Traditional Media Marketing Agencies Campaign Production Google YouTube σ f adform MEDIASETEspaña. 5 F Bo E. (l ATRESMEDIA TELEVISIÓN CADENA as SER MARCA NGOL CARACOL CANAL RCN TELEVISIÓN FOX SPORTS nuestratele ESPA UP artner media shackleton part of Accenture Interactive apple tree communications AREAG LANTI ESTÁTICO NORIA STUDIO ינור fish 0 Televisa tv azteca 3mm+ Codere Group registered retail player database(2) Rights to the sponsorship agreement with Real Madrid expected to be licensed from Codere Group. Reflects Codere Group registered retail database in Codere Online core markets only. C Sponsorships (1) Realmadrid codere 29#30Well-Positioned to Capitalize on the Large Untapped Hispanic Market Opportunity in the US C www DD3 Acquisition Corp. II ■ LatAm experience as foundation for future success in US Hispanic market: Soccer-first focus of sports betting business leveraging Real Madrid (1), Rayados and Valderrama sponsorships Hispanic Population (MM) (2) Expected Date of Regulation (3) California 15.3 2023 2025E Market Size ($MM)(3) $186 Texas 11.1 2022 $1,336 Florida 5.3 2023 $64 Casino product configuration tailored to Hispanic customer (e.g. over-weight electronic bingo and roulette versus traditional U.S. slot / table mix) Live (Retail Only); New York 3.7 $928 Online Pending Launch Arizona 2.2 Legalized; Pending Launch $39 Adapted marketing messaging and promotional campaigns based on cultural associations / affinity Illinois 2.2 Live $735 Experienced Spanish-speaking call center / customer service New Jersey 1.8 Live $1,809 Colorado 1.2 Live $279 Tested Spanish-language front end user interface / experience New Mexico 1.0 2023 $8 Experience operating under multiple regulatory regimes across a number of jurisdictions Georgia 1.0 2023 $572 Other (40 States) 13.5 $9,308 Total US 58.4 $15,264 eso (2) (1) Rights to the sponsorship agreement with Real Madrid expected to be licensed from Codere Group. Source: World Population Review. (3) Source: Morgan Stanley research estimates as of January 2021. Market size represents retail/ online sports betting only for states listed except NJ (which includes iGaming) due to Morgan Stanley projected pace of iGaming rollout. 30#31Appendix - Supplemental Financial Disclosure C DD3 Acquisition Corp. II 13 36 11 30 8 23 10 5 24 16 33 1 201 4 2 25 17 34 SE 7 82 LZ6L SLZE 0 92 E#32C www DD3 Acquisition Corp. II Spain Case Study: Unit Economics and Path to Targeted Contribution Unit Economics and Return on Marketing Investment (2020 Cohort) (1) Illustrative Path to Targeted Net Gaming Revenue & Contribution NGR / Gross Profit (2020 Cohort) Targeted NGR Payback: Month 8 Targeted Gross Profit Payback: Month 13 ~3x LTV/CPA (2) >2x Revenue Expansion -20% EBITDA Margin ~4x LTV/CPA(2) M1 M6 M11 M16 M21 M26 M31 M36 2020A Targeted NGR Gross Profit - CPA (Targeted) ■Net Gaming Revenue ■EBITDA Note: Spain Effective Gaming Tax Rate: 10% ~40% EBITDA Margin Commentary Given the advertising limitations in place in Spain, our marketing investment is expected to be more targeted and focused on high-yielding digital channels aiming to acquire customers, driving superior return on marketing investment and shorter CPA payback periods Note: Gross profit represents NGR less variable expenses (gaming taxes, payment processing, and other third party services). (1) Based on actual cohort data through March 2021, and management estimates thereafter. (2) LTV based on five-year player spend. 32#33Mexico Case Study: Unit Economics and Path to Targeted Contribution Unit Economics and Return on Marketing Investment (2020 Cohort)(1) Illustrative Path to Targeted Net Gaming Revenue & Contribution NGR / Gross Profit (2020 Cohort) Targeted NGR Payback: Month 9 Targeted Gross Profit Payback: Month 19 ~2.5x LTV/CPA (2) >6x Revenue Expansion ~4x LTV/CPA (2) M1 M6 M11 M16 M21 M26 M31 M36 2020A Targeted NGR Gross Profit CPA (Targeted) ■Net Gaming Revenue EBITDA C www DD3 Acquisition Corp. II Note: Mexico Effective Gaming Tax Rate: 22.5% -20% EBITDA Margin Commentary In Mexico, we plan to invest heavily in traditional media aiming to not only acquire customers but also accelerate brand building and drive long- term market share growth, while still maintaining attractive return on marketing investment and CPA payback periods Note: Gross profit represents NGR less variable expenses (gaming taxes, payment processing, and other third party services). (1) Based on actual cohort data through March 2021, and management estimates thereafter; CPA includes legacy affiliate program cost. (2) LTV based on five-year player spend. 33#34Codere Online P&L Accounting Revenue Accounting Adjustments (1) Net Gaming Revenue Operating Expenses 2019 $69 2 $71 2020 $80 4 $85 Gaming Taxes (9) (11) Payment Processing (4) (5) Content / Other Third Party Services (3) (6) Marketing (41) (43) Personnel / Other (27) (25) Total Operating Expenses ($85) ($90) EBITDA ($14) ($6) Accounting Adjustments (2) Accounting EBITDA (3) (9) ($17) ($15) C www DD3 Acquisition Corp. II $ in millions EUR converted to USD at exchange rate of 1.120 and 1.141 in 2019 and 2020 respectively. (1) Figures primarily reflect differences in recognition of revenue related to certain partner and affiliate agreements in place in Colombia and our '.com' business, along with VAT impact from entry fees in Mexico. (2) Figures primarily reflect costs related to a legacy affiliate program in Mexico, post-closing adjustments to financial accounts to reflect commercially agreed platform and technology services fees, and actual costs of doing business (i.e. invoicing between Codere Group companies and Codere Online companies). 34#35Selected Benchmark Market Metrics Selected Benchmark Market Metrics ($MM) Benchmark Country Economic Indicators United Kingdom Australia New Jersey Spain Italy Benchmark Median Pop. (MM) 66.8 25.4 GDP ($BN) $2,827 1,393 GDP Per Capita ($000) % Internet Market Size (Onshore Only) Online GGR (1) Connectivity Total ($MM) Per Capita ($) $42 94.9% $7,034(2) $105 55 86.6% 8.9 635 71 99.5% 967 803 (3) 38 90 47.1 1,394 30 86.1% 60.3 2,001 33 ($42 74.4% (86.6% 839 1,993 18 33 $38 Illustrative Market Sizing Extrapolation Detail ($MM) C www DD3 Acquisition Corp. II KPIs Discount to Benchmark Median Extrapolation Pop. (MM) GDP ($BN) GDP Per Capita ($000) % Internet Connectivity GDP Per Capita ($000) % Internet Implied GGR Connectivity Per Capita ($)(5) Implied TAM ($MM) (4) Selected Core Markets Mexico (6) 127.6 $1,258 $10 65.8% 23.3% 76.0% City of Buenos Aires 3.1 112 36 74.3% 86.0% 85.8% Panama 4.2 67 16 57.9% 37.2% 66.9% 1989 $7 $625 28 87 40 LatAm Expansion Markets Brazil 211.0 $1,840 $9 Argentina (ex.-CABA) 41.9 338 Chile 19.0 282 15 Peru 32.5 227 Puerto Rico 3.2 105 33 Uruguay 3.5 ${ 56 16 085736 67.5% 20.6% 78.0% 74.3% 19.1% 85.8% 82.3% 35.2% 95.1% 52.5% 16.5% 60.7% 65.3% 77.7% 75.4% 68.3% 38.3% 78.9% 663422 $6 $1,293 261 13 242 124 71 12 40 440 Source: H2GC and regulatory disclosures. GDP / population figures from World Bank World Development Indicators database. Internet connectivity data from United Nations International Telecommunication Union database. Note: EUR converted to USD at 2019 average exchange rate of 1.120. GBP converted to USD at 2019 average exchange rate of 1.277. Reflects 2019 online GGR due to COVID-19 impact on 2020 figures. Represents 12 months ending September 2019. (1) (2) (3) (4) (5) (6) Represents 12 months ending February 2020 (pre-COVID-19). Note: projections for other core markets (Spain, Italy, Colombia) based on H2GC estimates. Mexico, Panama, and City of Buenos Aires market sizing based on illustrative extrapolation methodology due to limited available projections. Represents benchmark median GGR Per Capita ($38) multiplied by each country's discount to benchmark median for both GDP Per Capita and % Internet Connectivity. Market sizing for Mexico reflects additional downwards adjustment based on 2019A gambling expenditures as % of total GDP relative to median of benchmark markets, based on management experience and for illustrative purposes. 35#36C www DD3 Acquisition Corp. II Comparable Company Benchmarking Detail Codere Online valuation multiples for 2022 and 2023 below reflect revenues from Core Markets only (excludes Expansion Markets) Company Codere Online (2) Stock Price 10/1/21 Market Cap Total Enterprise Value TEV / Revenue 2022E 2023E Growth-Adjusted TEV / Revenue (¹) 2022E 2023E Revenue CAGR 2020-2022 2020-2023 NA NA $353 2.3x 1.7x 0.07x 0.05x +34.0% +33.8% US Pure Play Digital B2C Operators DraftKings Inc. (3) $50.56 $23,292 $21,896 11.6x 8.6x 0.19x 0.17x +60.2% +51.4% Golden Nugget Online Gaming, Inc. (4) $18.25 1,512 1,506 6.7x 4.8x 0.12x 0.09x +56.8% +51.0% PointsBet Holdings Limited A$9.82 1,801 1,341 4.3x 3.4x 0.05x 0.05x +87.5% +63.7% Rush Street Interactive, Inc. $19.03 4,171 3,810 6.4x 5.2x 0.14x 0.14x +46.3% +38.2% Wynn Interactive $9.97 3,790 3,150 7.5x 4.4x 0.02x 0.02x +330.4% +214.4% |Low 4.3x 3.4x 0.02x 0.02x +46.3% +38.2% Mean 7.3x 5.3x 0.10x 0.09x +116.3% +83.7% Median 6.7x 4.8x 0.12x 0.09x +60.2% +51.4% High 11.6x 8.6x 0.19x 0.17x +330.4% +214.4% EU Mature B2C Operators 888 Holdings plc £4.26 $2,147 $2,033 2.0x 1.9x 0.21x 0.25x +9.4% +7.7% Entain Plc Flutter Entertainment plc £21.56 £148.20 17,130 19,120 3.2x 3.0x 0.29x 0.33x +11.0% +9.3% 35,155 38,902 4.3x 3.7x 0.32x 0.28x +13.3% +13.4% Low 2.0x 1.9x 0.21x 0.25x +9.4% +7.7% Mean 3.2x 2.9x 0.28x 0.28x Median High 3.2x 3.0x 0.29x 0.28x +11.2% +11.0% +10.1% +9.3% 4.3x 3.7x 0.32x 0.33x +13.3% +13.4% Source: Company filings, S&P Capital IQ, and Wall Street research. Prices as of 10/1/2021. Note: $ in millions, except share prices. (1) (2) (3) (4) Based on trading price as of 10/1/2021. Acquisition by DraftKings announced 8/9/2021. Represents TEV/2022E revenue multiple or TEV/2023E revenue multiple divided by 2020-2022 CAGR or 2020-2023 CAGR, respectively. Codere Online valuation based on pro forma equity value of $497mm at $10.00 per share, less $144mm pro forma cash, assuming no redemptions by public shareholders. 2022E and 2023E revenue assumes redemptions by public shareholders are no greater than 50%. Assumes redemption of up to $30mm of Codere Online shares owned by Codere Group and expenses of up to $18mm in connection with the transaction. Pro forma for pending acquisition of Golden Nugget Online Gaming, based on company disclosures (transaction announced 8/9/2021). 36#37Glossary Gross Gaming Revenue (GGR): Gross dollar value of wagers less player wins Net Gaming Revenue (NGR): GGR less player bonuses / promotional bets First Time Depositor (FTD): New players who make a deposit for the first time during a given period C www DD3 Acquisition Corp. II Conversion Rate: Number of FTDs in a given period divided by the number of new player registrations during the period Monthly Active Players: Number of customers who placed a real money bet (i.e. excludes free bets) in a given month Lifetime Value (LTV): The average amount of NGR generated per FTD (based on all FTDs acquired in a given period) in the first 5 years following acquisition Cost Per Acquisition (CPA): ATL, BTL and retail affiliate program marketing investment during a given period divided by number of FTDs acquired during the period Above the Line (ATL): Marketing investment to acquire customers through traditional media resources (TV, radio, print, etc.) Below the Line (BTL): Marketing investment to acquire customers through digital channels (pay-per-click campaigns, search engine optimization, Google search, social media platforms, online affiliates, etc.) Omnichannel Players: Existing Codere Group registered retail customers who are then converted to online Pure Online Players: Codere Online customers who were not previously registered through a Codere Group retail location Core Markets: Markets in which Codere Online is currently operating or expects a near-term launch (Mexico, Colombia, Panama, City of Buenos Aires, Spain, Italy) Expansion Markets: Currently unregulated markets in which Codere Online does not yet have an existing presence (Brazil, Chile, Peru, Puerto Rico, Uruguay, and Argentina excluding City of Buenos Aires) 37#38For additional information, please contact: Codere Online Investor Relations codereonline.com [email protected] C DD3 Acquisition Corp. II 7 33 930 877 98118