#1C azerion Becoming the go-to-partner for advertisers in the digital environment easy-to-use | competitively priced | brand-safe#2Introduction Digital advertising is growing fast, as audiences move to digital 2.5bn 10 years ago azerion D: 5bn Today # Internet users 14% -$800bn '22-'26 CAGR 2026 Market size Digital advertising Sourced from Research And Markets and "Datareportal - Digital 2022: Global overview report". 2026 total market size combines digital advertising and marketing 2#3Introduction Fragmented digital advertising landscape creates inefficiencies Advertiser SOUL Brands looking to place ads effectively azerion Spends $ Agency Create ads MERKLE AT&T MDC OPartners ROSETTA XXX MEDIASMITH WebVisible cramer-krasselt LBi IPG Buy media OmnicomGroup User data PUBLICIS GROUPE dentsu yodle success simplified. camelot STRATEGIC MARKETING & MEDIA AKQA IBM ¡Crossing HAVAS Fraud detection Demand-side platform Facilitate digital inventory purchases amazonadvertising acuity BEESWAX=> choozle PubMatic EfficientFrontier. MediaMath mbuy Simpli.fi DIGILANT TURN invitemedia VIANT. theTradeDesk adform Chango dataxu getintent TRL/SHIFT ⒸADTHEORENT sitescout BRANDSCREEN Google Viewability tracking Ad networks Ad servers aditech kevel OpenX wwưring nag Livelntent O adgear trueffect :ZEDO Adjuger adform Match adnance Ad exchange DoubleClick... DoubleClick..... Ad services and optimisation Openx ⓇRHYTHMONE smartyads Magnite PLYmedia ADECN PULSEPOINT gumgum YAHOO! Index¹ ZENOVIA AD EXCHANGE Exchange Data platform HEDIA font Marketing bizo ADMAN LOTAME Demdex eyeota PEER39 LiveRamp Quantcast exelate datantcs Jovian SIGNAL grapeshot bombora Brand safety tracking Supply-side platform Facilitate digital inventory sale PubMatic Magnite Admeld sonobi ReviNet sharethrough Business intelligence software LIFTONA AdSuite Altitude MARKETING. OpenX Identity management Receives Publisher SOUL Create online content & place digital ad 3#4Introduction Our integrated model optimises the advertising value chain Advertiser SOUL Agency Autom. auction sales Ħ Direct sales I Demand-side platform Digital ad buying platform and formats Ad networks Supporting advertisers to reach audiences in a simple, cost-effective and brand-safe way azerion 8,$ Advertising auction platform Publisher monetisation Ad services and optimisation Supply-side platform Publisher azerion owned publishers Exclusive publishers Contracted publishers Supporting publishers to maximise revenue and user engagement 4#5Value proposition to advertisers Vertical integration maximizes efficiency for all parties TECHNOLOGY Technology allows clients to access our platform and execute their strategies everywhere azerion Illustrative allocation of highly intermediated ad spend vs. Azerion's model Each intermediary takes out ~5-10%1 Traditional ad spend value chain DSP SSP User data Fraud detection Viewability tracking Brand safety tracking Business intelligence software Ad serving Dynamic Creative Identity management Digital publishers receive... Fragmented, complex market (1) Management estimates. Azerion places ad on 3rd party content azerion More efficient, retaining value and sharing it with our clients Digital publishers can receive larger share We act as an efficient one-stop shop Azerion places ad on own content Buying efficiency for advertisers/agencies azerion More revenues in our ecosystem Optimized for advertisers, publishers and Azerion LO 5#6Platform model The Azerion mission We help brands improve the way they engage with audiences We entertain audiences azerion 144 Digital publishers Advertisers Non-game Consumers Content Azerion proprietary content Game Game creators 66 Our mission is to be the go-to-partner for advertisers for an easy-to- use, competitively-priced and brand-safe digital environment "" 6#7Platform model Our scalable platform provides access to a global, diverse and engaged audience, connecting publishers and game creators to advertisers 1.2k+ Employees HQ Amsterdam 28 offices in 24 countries azerion Consumers 500m+ Unique monthly active users 20k+ Game titles Customers Advertisers 400k+ Advertisers 9bn+ Digital ads sold per month¹ Data as of September 2022. (1) Average number of paid impressions served per month. Digital publishers 300k+ Contracted publisher websites 10k+ Exclusive publisher websites Partners Game creators >1k Contracted game creators >250 Av. new casual games per month 7#8Strategy delivery Strong historical performance underpinning growth outlook 127 173 Adj. EBITDA 195 azerion Revenue 308 453 2018 2019 2020 2021 2022 2023 2024 2025 ~560 27 47 52 ~15% annual growth 75+ 14-16% Adj EBITDA margin 20% Revenue split 40% Automated auction sales 20% 80% Platform Advertising E-commerce 80% Direct sales 60% Premium Games 11% Value drivers Continued integration of past acquisitions driving synergies and efficiencies Increase volume of direct sales Increase volume of publisher monetization services Continuously developing new features and innovating with our technology 2018 revenue based on Dutch GAAP, not fully comparable. 2019 and 2020 audited IFRS figures. All figures in EUR million. Outlook does not include impact of material acquisitions or divestments 8#9Platform model Our resilient model has value drivers on both demand and supply sides DEMAND AZERION'S PROPRIETARY FULL STACK ADTECH SUPPLY REVENUE SOURCE REPORTING SEGMENT azerion Direct sales Digital ad buying platform Contracted publisher Advertisers Automated auction sales Exclusive publisher Advertising Advertising auction platform Publisher monetization services Platform Azerion's portals Consumers E-commerce Sale of AAA game keys Premium games In-game purchases Premium Games 9#10Value proposition to advertisers One service, five core elements of value for our clients We are constantly growing our existing business and products and adding new capabilities through acquisitions and partnerships 101 CONTENT a safe, curated, engaging and high-quality content environment makaong HABBO REACH bring competitively priced audiences at a global scale theguardian H HEARST skyscanner The Weather Channel italiaonline TECHNOLOGY efficient and easy to use technology PubGalaxy takerate HEADERLIFT improve digital azerion : CREATIVE AD FORMATS Display, video, high-impact, mobile, DOOH, audio, in- game, hyperlocal INSKIN azerion Indicative examples only, not intended to be exhaustive. Acquisition of Targetspot/Radionomy expected to be completed by the end of 2022 sublime ADPLAY targetspot PEOPLE local expert teams that help our clients achieve the results they need himedia M MEDIA HHybrid Theory UX AD 10#11Value proposition to advertisers Azerion wraps all five in one offer Offering an integrated solution brings advertisers more value but we don't see companies taking the vertical integration as far as Azerion. azerion CONTENT Tung The Guardian Pinterest Playtika Quantcast REACH Specialized format integrators run a 3rd party ad network on a single format LiveRamp Google LOTAME Indicative examples only, not intended to be exhaustive twitter TECHNOLOGY theTradeDesk digital turbine. PubMatic Magnite facebook is ironSource A APP LOVIN azerion smartclip CREATIVE AD FORMATS w weborama PEOPLE Teads INCUBETA dq&a WebAds the publishers network Highly scaled social platforms lack creative ad formats and local support 11#12Developing content and engaging audiences Our audiences seek engaging content DIGITAL Device agnostic - Desktop - Mobile Platform agnostic - Web - App azerion ENTERTAINING Engaging Fun Gamified LEVEL S 124500 QUALITY Crushpi Fast and reliable technology Safe Trust FREE Free to use Freemium 12#13Developing content and engaging audiences We reach over 500m monthly active users with brand-safe content REACH Without enough of the right people at the right time in the right place, advertising cannot work azerion Non-game content The Telegraph theguardian HELLO! H HEARST STYLIST flickr motorsport NETWORK The Chicago Weather Tribune Channel italiaonline MAGAZINE ebay VICE BAUER lo MEDIA GROUP skyscanner >400m monthly active users ASSASSIN'S FREERUNNERS Game content HOTEL IDEAWAY 331772 GOVERNOR OF POKER3 BUBBLE SHOOTER PRO makaong 306 HABBO >100m monthly active users E-commerce voidu OFFICIAL GAME STORE GENBA DIGITAL 13#14Developing content and engaging audiences Our highly diversified and engaging free to play game content Thousands of Casual Games monetized through advertisement Mahjong 360 The Original azerion BUBBLE SHOOTER PRO 11 ΚΟΡΡΕΝ ΚΝΑΡΕΝ TA SSASSINS TIMBER MAN MahJongs Ketchapp BALLS RACE Partnership with 1k+ game creators adding >250 Average new casual games per month 20k+ Game titles Data as of September 2022 Average 18 min/day Spent by consumers playing our Casual Games (mobile) Nine Premium Games monetized through in-game purchase Social Card Games POKERWORLD Average 80 min/day 4.8k+ Game portals Spent by consumers playing our Premium Games HABBO Far Metaverse smest >100m Premium and Casual Game audiences PHfi HOTEL HIDEAWAY √ S Wooz world 234012 EAST COAST FREE GOVERNOR POKER3 Owned and operated content, with proprietary technology and data O MONOPOLY Poker $25,000 GOVERNOP POKOR PLAY NOW Jackpot COM 14#15Developing content and engaging audiences GameDistribution offers unparalleled value proposition to the whole spectrum of game creators on the web From small game studios... Hassle-free distribution and monetisation 100m+ users 4.8k+ portals 400k+ advertisers Azerion's integrated advertising technology Licensed brands azerion miffy MGA ENTERTAINMENT" Competitive and flexible model Revenue share model Device agnostic Platform agnostic THE SMURFS Hell Data as of September 2022 Kitty SMILEY ATARI ... to large AAA game developers Unlock new revenue streams Convert successful AAA titles into free to play GameDistriution's expertise in building engaging free to play casual games Game Distribution leading position for distribution and monetization on the web Exclusive Titles GAMELOFT Microsoft Studios UBISOFT Access to new audiences with free to play casual titles Unlock new revenue streams with digital advertising Voodoo 8 TapNation Gismart SOFTGAMES 15#16Developing content and engaging audiences Extended value proposition to advertisers - a global entertainment and media partner azerion ADVERTISING GAME DISTRIBUTION METAVERSE DIGITAL COLLECTIBLES LEVEL S 124500 Azerion's unique value proposition to advertisers Reach new audiences with free-to-play casual games Boost brand awareness and connect with consumers in an innovative way Unlock new revenue streams 16#17Key messages Consolidation and integration leading to resilient revenue growth and increased profitability ● ● Solid strategy delivery Successfully progressed consolidation and integration of previous acquisitions Resilient growth in Platform and Premium Games segments • Upgraded annualised cost savings expectations to at least €15m from at least €10m (excluding any effects from foreign exchange)* Reaffirm full year 2023 guidance of at least €75m Adj. EBITDA and around €560m Net revenue azerion * The expected savings are compared to the January 2023 baseline. Strong financial performance 113M Revenue Q1 2023 9M Adj EBITDA Q1 2023 17#18Strategy delivery Focus on integration; Strategic M&A powering growth Transaction Integration process ΙΝΕΙΝΤΑ madvertise. INNOVATING MOBILE ADVERTISING VLYBY M MEDIA H Hybrid Theory targetspot ADPLAY + Monolith & GameBake azerion ● · ● ● ● ● . ● ● ● ● Strategic rationale Geographic diversity into LATAM & US Hispanic market DMP focused on improving customer advertising campaigns through digital activation Premium publisher reach Diversification of publisher monetisation services Premium publisher reach Geographic diversity Geographic diversity Diversification of ad formats Premium publisher reach Diversification of publisher monetisation services Exclusive premium publisher reach Established local sales team Entry into advertising performance management Geographic diversity into the US & UK Advertiser, Agencies, Publisher reach Entry into digital audio advertising Geographic diversity into the US & UK Diversification of ad formats Premium advertiser & publisher reach Geographic diversity Publisher monetisation technology Premium agency & publisher reach LESS Integration level of completeness ● . . ● . ● ● ● ● ● ● Integrated & Anticipated Organic Growth Cross sell opportunities into LATAM market Imbed ad performance management across all products Migration of campaigns onto Azerion SSP (cost optimisation) Ability to target and track our own Azerion specific audiences. Cross & up sell opportunities in the French, German & Italian market Enhanced publisher monetization on mobile platforms Bespoke consultancy for design agencies for mobile & web Optimisation of digital video ad formats and integration with Azerion owned content provided by Zoomin. Cross sell opportunities into DACH region and Azerion countries Access to high margin exclusive publisher content Integration of publisher and advertiser solution teams Imbed ad performance management across all products Ability to target and track our own Azerion specific audiences. Larger campaign acquisition and up selling opportunity due to extended product offering in new markets New ad format to offer advertisers whilst inheriting established relationship with audio publishers Cross sell opportunities in Europe and North America Enhanced publisher monetisation and delivery through owned content (Shoutcast) Expansion into digital out-of-home High impact video ad formats Expand owned content into Italian market MORE#19Financial performance Q1/23: Resilient Platform and Premium Games performance driving growth EUR 113m Revenue Q1 2023 EUR 9m Adj. EBITDA Q1 2023 azerion +19.4% vs Q1 2022 +47.5% vs Q1 2022 Benefits of recent acquisitions increasing top line growth Value optimisation reducing costs of operations Focused allocation of resources to high margin and profitable businesses 19#20Financial performance Strong financial framework 5-quarter rolling financial performance 94 ● 6 Q1 '22 104 12 106 Q2 '22 Net Revenue azerion 12 Q3 ¹22 149 22 Q4 '22 Adjusted EBITDA 113 9 Q1 '23 -8 Profit 10 All figures in EURm. Interest-bearing debt as per Bonds terms & conditions Deprec. Q1/23 cash conversion 6 9 Adjust. -4 Interest Adj EBITDA 23 Other 27 Record first quarter performance in absolute revenue and Adj. EBITDA in Q1 2023 Cash flow conversion driven by changes in working capital Focus on financial robustness of the company deleveraging the balance sheet in 2023 CFFO 178 Q4/22 -1 Debt Q1/23 net debt 1 Cash 177 Q1/23 20#21Financial performance Platform leveraging integrations delivering resilient growth Operational performance 18 16 14 12 10 86 8 6 4 2 0 ml Q2 '22 Q3 '22 Q4 '22 Q1 '23 Q1 '22 73 Q1 '22 azerion Financial performance 2 89 Q1 '23 4 All figures in EURm unless otherwise indicated Avg. Gross Revenue per Million processed Ad Requests from advertising auction platform (€) Net Revenue Adjusted EBITDA Enhanced cross sales opportunities through newly acquired technologies and sales teams delivering revenue diversification. Gross revenue per processed ad request increasing due to higher publisher monetization and RTB optimization rejecting less profitable ad campaigns. Combination of organic and inorganic revenue growth in challenging macro environment Consolidation of operations reducing operational cost accelerating Adj. EBITDA growth 21#22Financial performance Premium Games allocating resources towards profitable growth 700 600 500 400 300 200 100 0 Q1 '22 Q2 '22 Q3 '22 Q4 '22 22 Operational performance Financial performance LL 24 Q1 '22 azerion Q1 '23 Q1 '23 0.5 0.4 0.3 0.2 0.1 0 All figures in EURm unless otherwise indicated Daily Active Users (thousands) Revenue per daily active user (EUR) RHS Net Revenue Adjusted EBITDA Focus on user acquisition leading to increased average daily active users, subsequently reducing ARPDAU. Improvements in user engagement driven by new features and events increased monetisation of mature users Time in game per day grew more than 6% compared to previous quarter Social Card Games, Governor of Poker 3 and Monopoly Poker performing strongly, expanding new features and content for users to further grow and monetise the games' communities. Lower capital expenditure in Metaverse has offset reduced user activity and spending. 22#23Strategy delivery Becoming the go-to-partner for advertisers for an easy-to-use, competitively priced and brand-safe digital environment Ad sales Ad tech Curated Content Premium Games azerion Strategic priorities Local expert teams that help our clients achieve results Creative proprietary ad formats Efficient and easy to use Platform Publisher monetisation services Partnerships and high-margin titles in casual game distribution Innovative business models to bring audiences together Optimise our E-commerce business to strengthen relationship with advertisers Strengthen our position in the metaverse and offer an extended value proposition to advertisers to connect with digital audiences in innovative ways ● ● Q1 proof points Grew presence in the US and Latin America, providing increased local support and expertise to advertisers across the globe. Launch of Performance by Azerion, enriching campaigns across all features and platforms, driving increased performance across the full advertisement funnel. Roll out of proprietary ad format Oneskin, an integrated rich media native product that creates a highly scalable feature on the Azerion Platform. Cost per million ad request decreased by 52% in Q1 2023 compared to Q1 2022 due to further platform optimisation and benefits of scale. Signed 50 new exclusive publishers to further extend our platform supply footprint, reaching larger audiences. Growth of puzzle and word games portfolio, increasing the reach of high-margin and mature audiences. We launched 473 new games to expand the reach in target markets. Expanded brand licensing partnerships with Smiley World, Mattel and L.O.L. Surprise! O.M.G. Fashion House to create engaging in-game branded content in Hotel Hideaway, Habbo and Woozworld. 23#24Value proposition to advertisers Efficient and easy to use technology We own all the components needed to successfully run digital advertising campaigns and our open platform allows easy integration with external validation, data and inventory providers. TECHNOLOGY Technology allows clients to access our platform and execute their strategies everywhere azerion DSP (Demand Side Platform) Google DV360 Mediamath SSP (Supply Side Platform) Google Adx Pubmatic Universal Buying Interface (Meta-DSP) Xandr Advertisers & Agencies Xandr Marketplace Delta Projects HybridTheory - Data audiences Advertising Auction Platform (Improve Digital) Publisher monetisation services Infinia Targetspot Websites & Apps Contracted publishers Exclusive publishers Owned portals Consumers 24#25Value proposition to advertisers Vertical integration maximizes efficiency for all parties TECHNOLOGY Technology allows clients to access our platform and execute their strategies everywhere azerion Illustrative allocation of highly intermediated ad spend vs. Azerion's model Each intermediary takes out ~5-10%1 Traditional ad spend value chain DSP SSP User data Fraud detection Viewability tracking Brand safety tracking Business intelligence software Ad serving Dynamic Creative Identity management Digital publishers receive... Fragmented, complex market (1) Management estimates. Azerion places ad on 3rd party content azerion More efficient, retaining value and sharing it with our clients Digital publishers can receive larger share We act as an efficient one-stop shop Azerion places ad on own content Buying efficiency for advertisers/agencies azerion More revenues in our ecosystem Optimized for advertisers, publishers and Azerion 25#26Value proposition to publishers Partner with digital publishers offering a wide range of monetisation service Digital publishers is any company who interacts with its customers digitally - for example through online content, portals, news and videos Ad sales EU High reach global demand Standard ad formats Support Special formats Priority in ad sales EU Contextual targeting Game-as-a-service Inventory optimization Premium support azerion Azerion offerings Help digital publishers access advertisers Azerion's proprietary advertising auction platform Combination of market standard formats (IAB) Self-service ticket system Azerion's proprietary ad formats Direct access to Azerion unique demand Azerion's proprietary technology (cookieless) White-label and game widget solutions, increasing audience engagement and ad space Management of advertising on existing digital inventory to maximize publisher revenue Full support from account manager and technical team, including recommendations on website developments and new rules/trends on the advertisement market. Contracted publishers Exclusive publishers > > > > > > > > > You 17° www De verbindi WWTOONS YANG OF SANDA de gen THE VERY BEST UMBRELLA and und my vo SOLITAIRE classic XX dave Chicago Tribune YOU ve PLAY FUN& GAMES BOOB— — — — es TH Disney Chicserib CA Chine HUZ 26#27Strategy deep dive - Developing content and engaging audiences Operating the whole supply chain with E-Commerce Digital content seller and aggregator One of the largest AAA games catalogues 300+ retail partners R GENBA DIGITAL azerion 100+ game creators "Bethesda 505 GAMES Data as of September 2022 voidu OFFICIAL GAME STORE AAA and PC games store 5,200+ gaming titles across a wide range of genres 10m+ game keys sold per year across 200+ countries CAPCOM® BANDAI NAMCO k UBISOFT voidu SPECIAL OFFERS ALL PC GAMES PRE-ORDER CONSOLE GAMING TREHE TETTE Search for pc games, software, gift cards and more MANAGER Get ahead of the grid by pre-ordering new to receive five days early access and a 10% discount. STEAM €-54-99 € 49.49 -10% PRE-ORDER NOW GIFT CARDS BLOG ****** Q Log in Excellent 4.6 out of 5 Trustpilot FI MANAGER 2022 WARHAMMER 40,000: CHAOS GATE DAEMONHUNTERS STELLARIS: OVERLORD HOUSE FLIPPER PATHFINDER: WRATH OF THE RIGHTEOUS Increasing user engagement and monetization 27#28Developing content and engaging audiences Innovating in the Metaverse and digital collectibles ● Frontrunners in the Metaverse 4 metaverse communities with millions of users Partnership with advertisers for in-game branding and sale of virtual items Hotel Hideaway opens a virtual Love Island villa with ITV Studios, with 3m visits and avg time spent of 52 min per visitor in the first 30 days love island azerion love 133 HOTEL HIDEAWAY ● ● Innovating with digital collectibles Solid expertise in developing, distributing and monetizing NFTS Use of NFTs to create playable digital collectibles and enhance user game play experience in Azerion's metaverse Expanding into Web3.0, unlocking collaborations with Metakey, Metaverse HQ, CyberKongz, Coolcats OpenSea Habbo Avatars Created by SulakeOy 11.6K items 0.115 floor price 4.5K ⠀ owners 6.1K volume traded ● Emerging opportunities Azerion as a trusted partner of key brands that want to expand into metaverse and digital collectibles Potential cross-selling opportunities within Azerion's platform > GCDS simplex by nuvei Goobit Group Authic Labs BLACKBEARⓇ 28#29Developing content and engaging audiences Our game content appeals to all ages, nationalities and interests What age groups play our games?¹ 65+ 41-64 21-40 13-20 22.7% 27.8% 28.3% 21.2% o Sports Bubble shooter Racing VEX 3 Action Home makeover Male 32% 9 Strategy azerion gameplays in Q4 2021), India (30m), Indonesia (29m), Thailand (28m), Philippines (24m). 353m Unique game plays per month³ GOVERNOR 1041 POKER MOLTIPLAYER Female 63% HATAS Puzzle DANGER DAIN Adventure Jewels blitz 4 Tile matching TA Cards RPG Where do our players play?² Europe Asia North America South America ROW 10.6% 3.2% 21.5% 13.9% Social cards (1) Age distribution of Casual Games only, measured over Q3 2020 - Q1 2021. Sourced from Nielsen Digital Ad Ratings. (2) Location of players, as of Q4 2021, for entire portfolio (Casual and Premium Games). Sum of gameplays for the whole quarter. (3) Average number of gameplays per month over Q4 2021. Gender split based on Casual Games. Sourced from Nielsen Digital Ad Ratings. Premium Games have 53% of male players and 47% of female players. Note that gender split is an estimation as this data is not registered. It is based on estimates from the Google analytics and Facebook pages. (4) Top 5 Asian countries are Vietnam (58m 29 50.8%#30Q1 2023 investor pack Disclaimer The following disclaimer applies to this document, any oral or video presentation of the information in this document by Azerion Group N.V. ("Azerion Group") or any person on behalf of Azerion Group and any question-and-answer session that follows the oral or video presentation (collectively, the "Information"). 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Even though the alternative performance measures are used by management to assess Azerion Group's financial position, financial results or liquidity under IFRS, and these types of measures are commonly used by investors, they have important limitations as analytical tools, and the recipients should not consider them in isolation or as a substitute for analysis of Azerion Group's financial position or results of operations as reported under IFRS. For all definitions and reconciliations of alternative performance measures please also refer to www.azerion.com/investors. The Information may contain forward-looking alternative performance measures. We are unable to provide a reconciliation of these forward-looking alternative performance measures to the most comparable IFRS financial measure because certain information is dependent on future events some of which are outside the control of Azerion. azerion mo 3#31Q1 2023 investor pack Forward-looking statement The Information includes statements, including Azerion Group's financial and operational objectives that are, or may be deemed to be, "forward-looking statements". These forward-looking statements may be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "plans", "projects", "forecasts", "anticipates", "expects", "intends", "aims”, "targets", "seeks", "continues", "could", "can have", "likely", "would", "may", "might", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results. Past performance of the Azerion Group cannot be relied on as a guide to future performance. Any forward-looking statements reflects the Azerion Group's current view and expectations with respect to future events and are subject to risks, uncertainties and assumptions relating to Azerion Group's business, results of operations, financial position, liquidity, prospects, growth or strategies, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in Azerion Group's records (and those of its affiliates) and other data available from third parties. Although the Azerion Group believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. azerion ULTIMO PAN Derto ganó 32.865€ JUEGOS N 31#32[email protected] I C azerion Azerion Investor Relations www.azerion.com