Azerion SPAC Presentation Deck

Valuation benchmarking Compelling valuation at a €1,300m enterprise value EV / 2022E Revenue Growth Adjusted 2022E Revenue multiple² EV / EBITDA azerion <2.9x <0.1x Mid teens in short-term ³ User Engagement Platforms 10.7x 0.5x 36.1x A APPLOVIN 12.8x 0.4x 37.7x iS ironSource 5.8x 0.2x 22.8x AdTech Secondary peers¹ 6.4x 0.3x 23.1x Ad Funded Digital Media azerion Source: Company filings and FactSet data as of 07 December 2021. Note: All financials calendarized to 31st December YE. EV/EBITDA multiples for peers are based on CY2022E. Refer to slides 38 and 39, Financial targets and objectives. (1) Figures shown are median of each category. Game Developers includes Playtika, Stillfront, Ten Square and Zynga. Ad Tech includes Digital Turbine, LiveRamp, Magnite, PubMatic and The Trade Desk. Ad Funded Digital Media includes Facebook, Google, Pinterest, Snapchat and Twitter. (2) Growth Adjusted Multiples based on expected revenue growth 2021E-2022E. (3) Based on adjusted EBITDA. 2.9x 0.3x 9.0x Game Developers 28

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