Codere SPAC Presentation Deck

Mexico Case Study: Unit Economics and Path to Targeted Contribution Unit Economics and Return on Marketing Investment (2020 Cohort)(¹) NGR/Gross Profit (2020 Cohort) M1 Targeted NGR Payback: Month 9 M6 M11 NGR M16 Gross Profit Targeted Gross Profit Payback: Month 19 M21 M26 CPA (Targeted) M31 M36 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. Illustrative Path to Targeted Net Gaming Revenue & Contribution ~2.5x LTV/CPA (2) 2020A >6x Revenue Expansion ~4x LTV/CPA (2) C Net Gaming Revenue EBITDA Note: Mexico Effective Gaming Tax Rate: 22.5% ~20% EBITDA Margin Targeted 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 DD 3 Acquisition Corp. II 30

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