Fibra Educa · BIVA:EDUCA/18

Fibra Educa — Codere Online — SPAC Merger (June 2021)

38 slides from Fibra Educa's SPAC merger presentation, June 2021

  1. Slide 1: Codere Online Investor Presentation

    Codere Online Investor Presentation June 2021 1

  2. Slide 2: Disclaimer

    Disclaimer This presentation (this “Presentation”), its contents and any information provided during the meeting to present this document are for discussion purposes only, and must not be relied upon for any purpose. This document is not for release, publication or distribution, in whole or in part,

  3. Slide 3: Disclaimer (cont.)

    Disclaimer (cont.) No Offer or Solicitation This Presentation is not a proxy statement and does not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Proposed Business Combination and shall not constitute an offer to sell or a solicita

  4. Slide 4: Today's Presenters

    Today’s Presenters Moshe Edree │ Managing Director*, Codere Online Oscar Iglesias │ Chief Financial Officer**, Codere Online Martin Werner │ Co-Founding Partner, DD3 Capital Partners * Provides services as non-employee independent contractor ** Upon consummation; currently head of corporate developm

  5. Slide 5: Codere Online – The Leader in LatAm Online Gaming and Sports Betting

    Codere Online – The Leader in LatAm Online Gaming and Sports Betting OUR MISSION  To be the leading online gaming and sports betting operator in Latin America OUR PLAN  Leverage our online business in Spain and Mexico to expand in high-growth core LatAm markets ‒ Colombia, Panama, City of Buenos A

  6. Slide 6: DD3 Capital Partners – An Experienced and Proven Sponsor

    DD3 Capital Partners – An Experienced and Proven Sponsor Same management team that executed the DD3 Acquisition Corp. I transaction Executive Summary Unmatched Track Record  Specialized team with experience across different sectors and markets Sponsor of Among the Best Performing SPAC Transactions

  7. Slide 7: Transaction Overview

    Transaction Overview Key Transaction Terms Sources and Uses(1) ($MM)  DD3 Acquisition Corp. II (Nasdaq: DDMX, “DD3”) has entered into a definitive Sources Uses agreement to combine with Codere Online SPAC Cash in Trust $125 Cash to Balance Sheet $144  Alongside DD3’s $125mm cash in trust(1), a PIP

  8. Slide 8: Transaction Proceeds Used to Support Growth

    Transaction Proceeds Used to Support Growth  High Profile Sponsorships Marketing expenditure in  Traditional / Acquisition Media Core Markets  Marketing Agencies  Continuous Improvement of Mobile Application Features Technology enhancements  New Bonus Engine to support growth  Player & Content

  9. Slide 9: Comparable Company Benchmarking

    Comparable Company Benchmarking  Codere Online valuation multiples for 2022 and 2023 below reflect revenues from Core Markets only (excludes Expansion Markets) TEV / Revenue Multiples US High Growth B2C Operators EU Mature B2C Operators TEV / 2022E Revenue TEV / 2022E Revenue (5.1x Median) TEV / 20

  10. Slide 10: Codere Online At a Glance

    Codere Online At a Glance THE COMPANY  Codere Online is part of the renowned casino operator Codere Group, offering online sports betting and online casino through its state-of-the art website and mobile application Currently operating / expected near-term launch 6 core 2014 Codere Online launched

  11. Slide 11: Market Overview – Global Footprint with Largest Market Presence Throughout Latin America

    Market Overview – Global Footprint with Largest Market Presence Throughout Latin America Core Markets Codere Retail (5) (Regulated) Market Share 1 2 M EXICO 25% 11% 23% Expansion Markets Codere Online (Regulation Market Share  Online Launch: 2016 (full commercial launch in Pending) 2019) Denotes Co

  12. Slide 12: Codere Online Management Team

    Codere Online Management Team Moshe Edree Oscar Iglesias Alberto Telias Gonzalo De Osma Bucero Deborah Guivisdalsky Managing Director* Chief Financial Officer** Chief Marketing Officer Chief Accounting Officer Head of CRM / VIP  17+ years experience in senior  20+ years experience  11+ years expe

  13. Slide 13: Investment Highlights

    Investment ©) | ERA Til Acquisition Corp. IT

  14. Slide 14: Codere Online – The Singular Investment Play on Digital Sports / Casino

    Codere Online – The Singular Investment Play on Digital Sports / Casino Across Latin America Critical market opportunity as Latin America expected to represent next wave of strategic focus for global gaming industry Expansive TAM with limited competition from global gaming operators Accretive omnich

  15. Slide 15: Latin America Expected to Represent Next Wave of Strategic Focus

    Latin America Expected to Represent Next Wave of Strategic Focus For Global Gaming Industry Online Sports Betting and Online Casino Market Size / TAM (Regulated Only)(1) ~$13bn United Kingdom ~$7bn Pop.: 67mm GDP: $2.8tn (2) (3) LTM March 2020 2025E ~$29bn United States Pop.: 328mm GDP: $21.8tn ~$3b

  16. Slide 16: Codere Online Total Addressable Market Opportunity

    Codere Online Total Addressable Market Opportunity  Total addressable market opportunity projected based on GGR per capita for the United Kingdom, Australia, New Jersey, Spain, and Italy ‒ Adjusted for GDP per capita and % of population with internet connectivity ‒ Data excludes unregulated market

  17. Slide 17: Limited Competition from Global Gaming Operators

    Limited Competition from Global Gaming Operators Codere Group Retail Experience # of Licensed Online Operators Selected Key Competitors Mexico 22 years >15(1) Colombia 36 years 18(2) Core LatAm Markets Panama 15 years 3(3) Buenos Aires, 29 years Buenos Aires Province: 7 (pending) Argentina(4) City o

  18. Slide 18: Increased Adoption of Online Technologies Further Enhances LatAm Market Opportunity

    Increased Adoption of Online Technologies Further Enhances LatAm Market Opportunity Average Adoption Rate of Selected Technologies by Market 0.14% 88% 10.1% 72% 67% 60% 47% 5.6% 28% 1.9% 0.02% - (1) (2) (3) (4) Internet Connectivity Smartphone Penetration E-Commerce Penetration Online GGR % of GDP L

  19. Slide 19: Accretive Omnichannel Opportunity Leveraging Codere Group's Retail Footprint

    Accretive Omnichannel Opportunity Leveraging Codere Group’s Leading Retail Footprint Throughout Latin America Codere Omnichannel Strategy (Existing Codere Group retail customers converted to online) Cross-selling and coordinated promotional campaigns leveraging online and retail customer databases E

  20. Slide 20: Mexico to Serve as Blueprint for Broader Omnichannel Strategy for LatAm

    Mexico to Serve as Blueprint for Broader Omnichannel Strategy for LatAm  Expected 5-year player LTV for Mexico omnichannel customers is 2.8x greater than that for pure online customers(1), reflecting superior player loyalty and engagement  Targeting high-value, brand-aware omnichannel players is p

  21. Slide 21: Proven and Flexible Technology Platform in Place to Support Growth

    Proven and Flexible Technology Platform in Place to Support Growth in Existing Markets and Expansion to New Markets  Codere Online to invest an additional ~$10-15mm over the next several years to continue to support best of breed technology Proprietary(1) Third-Party Integrations Player Online Gamb

  22. Slide 22: Highly Effective and Established Online & Mobile Sportsbook

    Highly Effective and Established Online & Mobile Sportsbook 30,000+ Live Events Offered 30 Dedicated In-House Traders 200+ Individual Player Prop Markets(1) 50+ In-Play Markets Per Event 11.2% Robust pre-match offering Industry-leading 24/7 Live Streaming and Two-year average take for with historica

  23. Slide 23: Leading Online Casino Offering

    Leading Online Casino Offering 900+ Games Offered 20+ Third-Party Content Providers [Placeholder] [Placeholder] Proprietary player World-class library of Full sportsbook integration bonusing engine compelling, high-performing drives $0 CPA cross-sell casino content within the Codere ecosystem 23

  24. Slide 24: Robust Marketing Strategy Drives Efficient Acquisition of High-Value Players

    Robust Marketing Strategy Drives Efficient Acquisition of High-Value Players Acquisition Traditional Marketing Campaign Sponsorships Media Media Agencies Production (1) 3mm+ Codere Group registered retail player database(2) (1) Rights to the sponsorship agreement with Real Madrid expected to be lice

  25. Slide 25: Well-Positioned to Capitalize on the Large Untapped Hispanic Market Opportunity in the US

    Well-Positioned to Capitalize on the Large Untapped Hispanic Market Opportunity in the US Hispanic Expected Date 2025E Market  LatAm experience as foundation for future Population (MM)(2) of Regulation(3) Size ($MM)(3) success in US Hispanic market: California 15.3 2023 $186 ‒ Soccer-first focus of

  26. Slide 26: Financial Highlights

    Financial Highlights 26

  27. Slide 27: $1 Billion+ Revenue Opportunity With Potential Expansion Into High Growth LatAm Markets

    $1 Billion+ Revenue Opportunity With Potential Expansion Into High Growth LatAm Markets Codere Online Illustrative Path to Potential Net Gaming Revenue(1) ($MM) ~$1bn+ 2020-2023 CAGR: +34% (Core Markets Only) ~$600 ~$400 $152 $203 ~$200 $54 $71 $85 $108 $27 2017A 2018A 2019A 2020A 2021E 2022E 2023E

  28. Slide 28: 2020 Financial Highlights

    2020 Financial Highlights Selected Key Performance Indicators 2020A Net Gaming Revenue by Product Sports Betting 450K+ Player Registrations Casino 47% 150K+ First Time Depositors 53% 30%+ Conversion Rate(1) 2020A Net Gaming Revenue by Channel 50K+ Average Monthly Active Players(2) Net Gaming Revenue

  29. Slide 29: Spain Case Study: Unit Economics and Path to Targeted Contribution

    Spain Case Study: Unit Economics and Path to Targeted Contribution Illustrative Path to Targeted Net Gaming Revenue Unit Economics and Return on Marketing Investment (2020 Cohort)(1) & Contribution ~4x LTV / CPA(2) NGR / Gross Profit (2020 Cohort) Note: Spain Effective Gaming Tax Rate: 10% ~40% Targ

  30. Slide 30: Mexico Case Study: Unit Economics and Path to Targeted Contribution

    Mexico Case Study: Unit Economics and Path to Targeted Contribution Illustrative Path to Targeted Net Gaming Revenue Unit Economics and Return on Marketing Investment (2020 Cohort)(1) & Contribution ~4x LTV / CPA(2) NGR / Gross Profit (2020 Cohort) Targeted NGR Note: Mexico Payback: Month 9 Effectiv

  31. Slide 31: Illustrative Consolidated Margin Outlook (Core Markets)

    Illustrative Consolidated Margin Outlook (Core Markets) 100% 17% 8% 10% ~65% 31% 7% ~25% 3% Net Gaming Gaming Payment Content / Gross Marketing Other Personnel EBITDA Revenue Taxes Processing Other Third Margin Operating Costs Party Services Expenses Note: includes growth marketing expenditures. 31

  32. Slide 32: Codere Online – The Singular Investment Play on Digital Sports / Casino

    Codere Online – The Singular Investment Play on Digital Sports / Casino Across Latin America The Latin American digital sports / casino market remains in its early innings and is expected to represent the next wave of strategic focus for the global gaming industry Supported by Codere Group’s strong

  33. Slide 33: Appendix

    Appendix © | aa Cc Acquisition Corp. IT

  34. Slide 34: Codere Online P&L

    Codere Online P&L $ in millions 2019 2020 Accounting Revenue $69 $80 Accounting Adjustments(1) 2 4 Net Gaming Revenue $71 $85 Operating Expenses Gaming Taxes (9) (11) Payment Processing (4) (5) Content / Other Third Party Services (3) (6) Marketing (41) (43) Personnel / Other (27) (25) Total Operati

  35. Slide 35: Selected Benchmark Market Metrics

    Selected Benchmark Market Metrics Selected Benchmark Market Metrics ($MM) Benchmark Country Economic Indicators Market Size (Onshore Only) GDP Per % Internet Online GGR(1) Pop. (MM) GDP ($BN) Capita ($000) Connectivity Total ($MM) Per Capita ($) United Kingdom 66.8 $2,827 $42 94.9% $7,034(2) $105 Au

  36. Slide 36: Comparable Company Benchmarking Detail

    Comparable Company Benchmarking Detail  Codere Online valuation multiples for 2022 and 2023 below reflect revenues from Core Markets only (excludes Expansion Markets) Stock Price Total TEV / Revenue Growth-Adjusted TEV / Revenue(1) Revenue CAGR Company 6/18/21 Market Cap Enterprise Value 2022E 2023

  37. Slide 37: Glossary

    Glossary Gross Gaming Revenue (GGR): Gross dollar value of wagers less player wins Net Gaming Revenue (NGR): GGR less player bonuses / promotional bets First Time Depositor (FTD): New players who make a deposit for the first time during a given period Conversion Rate: Number of FTDs in a given perio

  38. Slide 38: Codere Online Investor Relations

    For additional information, please contact: Codere Online Investor Relations codereonline.com [email protected] 38

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