Allwyn SPAC

Allwyn compares favorably to primary lottery peers Strong NGR growth coupled with highest cash conversion among lottery comparables 84 Key Allwyn Differentiators 2023E Adj. EBITDA margin (%) 19A-23E NGR CAGR (%) 19A-23E Adj. EBITDA CAGR (%) 2023E cash conversion (%) Total addressable market 2) 3) 233667 Demonstrated ability to enter new geographies, most recently being chosen as preferred bidder in UK tender¹ • Track-record of operational efficiency and improvements ● 5 international markets in operation with a 6th in progress¹ Multi-national Lottery Operator ● ✔ ✔ ✔ ✔ allwyn 17.3% 45.1% 18.2% 66.2% 2 €19bn wagered with 9.4% CAGR growth projected Reflects UKNL up- front spend - 2021 Cash Conversion of 94.4% FDJ Adj. EBITDA margin calculated with respect to revenue instead of NGR, as NGR not applicable Defined as Adj. EBITDA - capex / Adj. EBITDA.For Tabcorp, represents all business segments, not just the Lottery and Keno segment Represents Australia lottery market 5.0% 23.9% 8.9% 82.1% Source: Company information, H2GC, Capital IQ as of 27-May-22 Note: All financials calendarized to Dec-YE unless otherwise stated. 1) The award of the UKNL license is currently being contested in a legal challenge. Unless the challenge is successful, Allwyn Entertainment Ltd will be confirmed as the incoming UKNL operator and, subject to a successful period of transition, would become the operator of the UKNL with effect from February 2024 Based on pro rata Allwyn financials sourced from management estimates (subject to material change) Reflects valuation for The Lottery Corporation published by equity research broker in May-22, sourced from Refinitiv; calendarized due to TLC fiscal year ending 30-Jun Refers to revenue instead of NGR, as NGR not applicable Single market lottery operators ~€19bn 2021A wagered with mid-single digit CAGR growth projected The Lottery Corporation 5.2%4 21.0%5 9.3% 82.5%6 3 ~AU$7bn 2021A wagered with mid-single digit CAGR projected7 ✔Superior performance allwyn

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