Azerion SPAC Presentation Deck

Drivers of margin expansion Continued increase in profitability Adjusted EBITDA margin Adjusted EBITDA4 azerion 6%1 8 2018¹ 9% 15 14% 26 2019² 2020² High teens margin Short-term³ Low-to-mid 20s margin Future M&A Organic growth Mid-term³ 1 2 3 4 5 Drivers for margin expansion Operating leverage Hosting, leasing, central services, tech mutualization Drive more ad revenue to own inventory Internalize margin Platform synergies Adding demand with no supply requirement, removing intermediaries Optimized user acquisition Leveraging best practices in user acquisition and partner networks M&A synergies Removing intermediaries and using in-house tech (1) Reported under Dutch GAAP. (2) Based on audited IFRS figures. (3) Refer to slides 38 and 39, Financial targets and objectives. (4) Adjusted EBITDA defined as reported EBITDA after adjustments made for any non- recurring costs. Typical examples of these non-recurring items are costs incurred in relation to acquisitions, refinancing, capital markets, severance and restructuring. 25

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