Codere SPAC Presentation Deck

Spain 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 8 M6 M11 NGR Targeted Gross Profit Payback: Month 13 M16 Gross Profit M21 M26 CPA (Targeted) M31 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. (2) LTV based on five-year player spend. M36 Illustrative Path to Targeted Net Gaming Revenue & Contribution ~3x LTV/CPA (2) ~20% EBITDA Margin 2020A >2x Revenue Expansion ~4x LTV/CPA(2) C Net Gaming Revenue ■ EBITDA Note: Spain Effective Gaming Tax Rate: 10% ~40% EBITDA Margin DD 3 Acquisition Corp. II Targeted Commentary Given the advertising limitations in place in Spain, our marketing investment is expected to be more targeted and focused on high-yielding digital channels aiming to acquire customers, driving superior return on marketing investment and shorter CPA payback periods 29

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