Azerion SPAC Presentation Deck

The investment case in a nutshell Why invest in Azerion now? ● ● ● ● ● At the heart of two converging mega trends as advertisers follow audiences who are increasingly embracing digital games as the fastest growing form of entertainment - an expected $700bn+ combined revenue market¹ High barriers to entry based on scale platform with multiple revenue streams, highly diversified proprietary content strategy, own AdTech and localized execution and service capabilities Led by team of visionary founders and highly experienced management High growth, increasingly profitable with strong cash conversion: 37% + Revenue CAGR 2018-2022E²/14% adj. EBITDA margin in 2020 (2018: 6% ³) / 54% cash conversion rate4 in 2020 Set for strong continued growth and EBITDA margin expansion with expected low-20s Revenue CAGR and low-to-mid twenties adj. EBITDA margin in the mid-term² The upcoming listing will further accelerate the platform growth trajectory as proceeds will be invested predominantly into strategic M&A driving shareholder value (Azerion has a multi-year M&A track record) The suggested valuation is compelling against comparable platform peers, implying incremental shareholder returns from a potential re-rating over time azerion 18 80:10 5 Enjoy Coca-Cola. 7 5 19 26418 9 advertisement Coca-Co Note: FY 2020 based on audited IFRS figures. 2018 based on Dutch GAAP, not fully comparable. (1) Digital Ad (source: eMarketer) and Digital Gaming (source: Newzoo) estimated for 2023. (2) Refer to slides 38 and 39, Financial targets and objectives. (3) Reported under Dutch GAAP. (4) Defined as (Adjusted EBITDA-Capex) / Adjusted EBITDA. M&A investment excluded. w 29

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