Allwyn SPAC

Lottery tenders and M&A: successful two-pronged approach to inorganic growth Lotteries, by their nature, have certain characteristics that create strong barriers to entry Lottery license tenders Strategic M&A growth 1 2 3 Allwyn bidding team ambitiously targets lottery tenders Differentiating B2C-led skillset 52 Significant track record High success rate ● Dedicated in-house team specialized in bidding on large scale lottery contract tenders • Combining Allwyn expertise with local market knowledge Broad skillset crucial for success ● Allwyn participated in multiple major European lottery operating license tenders organized in last 10 years Turkey (2014, 2019) O Italy (2016, 2019) UK (2022¹) Success in 2 out of 5 major European lottery tenders Allwyn has participated in (40% success rate) Wins: Italian Lotto and UK¹ ● Lost tenders: disciplined approach, focus on value creation not reckless bidding 1 2 Based on sound, disciplined investment principles Investment criteria & focus areas Investment approach Source: Company information, UK Gambling Commission 1) The award of the UKNL license is currently being contested in a legal challenge. Unless the challenge is successful, Allwyn Entertainment Ltd will be confirmed as the incoming UKNL operator and, subject to a successful period of transition, would become the operator of the UKNL with effect from February 2024. . Strategic fit • Focus on lottery and digital gaming Control over cash flows and strong governance rights Investment return Geography: EU and potentially US Regulated operations ● 3 Dedicated investment team focused on M&A opportunities • Proactive market screening for opportunities Disciplined selective approach to new market expansion Focus on targets where Allwyn can add value by active management: • Driving revenue growth • Improving operating margins Prudent adherence to investment principles allwyn

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