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Investor Presentaiton

C 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
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