CRHC Cohn Robbins Holdings Corp

Filed by Cohn Robbins Holdings Corp.

Pursuant to Rule 425 under the Securities Act of 1933

and deemed filed pursuant to Rule 14a-12

of the Securities Exchange Act of 1934

Subject Company: SAZKA Entertainment AG

Commission File No. 001-39454

 

HIGHLY CONFIDENTIAL June 2022 Maximizing Returns to Good Causes For further information on our company, please visit our website: allwynentertainment.com

General This presentation (the "Presentation") is for informational purposes only. The information provided in this Presentation pertaining to Allwyn AG and its subsidiaries, joint ventures and associates ("Allwyn" or the "Company“ or “we”), its business assets, strategy and operations has been prepared to assist interested parties in making their own evaluation with respect to a potential business combination between the Company and Cohn Robbins Holdings Corp. (the "SPAC") (the "Proposed Business Combination") as described in the Business Combination Agreement, dated as of January 21, 2022 (the “Merger Agreement”) by and among SPAC, the Company, Allwyn Entertainment AG, Allwyn US HoldCo LLC and Allwyn Sub LLC, and the private placement of securities in connection with the Proposed Business Combination, and for no other purpose, and shall not constitute an offer to sell, or a solicitation of an offer to buy, any securities, options, futures, or other derivatives related to securities, nor shall there be any sale of such securities or other derivatives in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The information contained herein does not purport to be all inclusive. Nothing herein shall be deemed to constitute investment, legal, tax, financial, accounting or other advice. Neither the U.S. Securities and Exchange Commission (the "SEC") nor any securities commission or similar regulatory agency of any other jurisdiction has reviewed, evaluated, approved or disapproved of the contents of this Presentation or the Proposed Business Combination or the securities or determined that this Presentation is truthful or complete, and the content of this Presentation is not prescribed by securities laws. Investors should consult with their counsel as to the applicable requirements with respect to any exemption under the Securities Act. The transfer of securities may also be subject to conditions set forth in an agreement under which they are to be issued. Investors should be aware that they might be required to bear the final risk of their investment for an indefinite period of time. In addition, this Presentation does not purport to be all - inclusive or to contain all of the information that may be required to make a full analysis of the Proposed Business Combination or an investment in any securities or the Company or the SPAC and is not intended to form the basis of any decision with respect to any securities, the Company, the SPAC or the Proposed Business Combination. The consummation of the Proposed Business Combination will also be subject to other various risks and contingencies, including customary closing conditions. There can be no assurance that the Proposed Business Combination will be consummated with the terms described herein or otherwise. As such, the subject matter of these materials is evolving and is subject to further change by the Company and the SPAC in their joint and absolute discretion. “Allwyn” is a registered trademark of Allwyn International a.s. The Company intends to complete a rebranding of its parent/holding companies from “SAZKA” to “Allwyn”. The rebranding has not been completed and may take significant time to complete, may be subject to regulatory or other approvals in certain jurisdictions, and may not ultimately be completed. The projections herein and the assumptions underlying such projections differ from those disclosed in the Form F - 4 filed with the SEC by Allwyn on May 20, 2022; the projections included in the Form F - 4 were those reviewed by the Cohn Robbins Board in approving the Proposed Business Combination, as included in the investor presentation filed with the SEC by Cohn Robbins on January 21, 2022. No Representations or Warranties and Industry and Market Data No representations or warranties, express or implied, are given in, or in respect of, this Presentation. While the information in this Presentation is believed to be accurate and reliable, the Company, SPAC and their respective agents, advisors, directors, officers, employees and shareholders make no representation or warranties, expressed or implied, as to the accuracy or completeness of such information and the Company and SPAC expressly disclaim any and all liability that may be based on such information or errors or omissions thereof. To the fullest extent permitted by law in no circumstances will the Company, the SPAC or any of their respective subsidiaries, equity holders, affiliates, directors, officers, employees, representatives, advisers or agents be responsible or liable for a direct, indirect or consequential loss or loss of profit arising from the use of this Presentation, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. Industry and market data used in this Presentation have been obtained from third - party industry publications and sources as well as from research reports prepared for other purposes (including, but not limited to, the H2GC report, which was commissioned by the Company). This information involves many assumptions and limitations; therefore, there can be no guarantee as to the accuracy or reliability of such assumptions and recipients are cautioned not to give undue weight to this information. Neither the Company nor the SPAC has independently verified the data obtained from these sources and no representation is made as to the accuracy, reasonableness or completeness any projections or modelling or any other information contained herein and neither the Company nor the SPAC undertake, and the Company and the SPAC expressly disclaim, any obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed in this Presentation. Any data on past performance or modelling contained herein is not an indication as to future performance. This Presentation does not take into account, nor does it provide and nor should it be construed as providing, any tax, legal, regulatory, business, financial, accounting or investment advice or opinion regarding the specific investment objectives or financial situation of any person. Recipients of this Presentation should consult their own legal, regulatory, tax, business, financial and accounting advisors to the extent they deem necessary, and each recipient must make its own evaluation of the Company, the SPAC and the transactions contemplated in this Presentation and of the relevance and adequacy of the information. The information contained in this Presentation only speaks at the date of this Presentation. Neither the delivery of this Presentation nor any further discussions of the Company’s or the SPAC's businesses with the recipient thereof shall, under any circumstances, create any implication that there has been no change in the affairs of the Company’s or the SPAC's businesses since the date of this Presentation. The Company and the SPAC reserve the right to amend or replace the information contained herein, in part or entirely, at any time, and undertake no obligation to provide the recipient with access to the amended information or to notify the recipient thereof. Trademarks The Company, the SPAC and their respective affiliates own or have rights to various trademarks, service marks and trade names that they use in connection with the operation of their respective businesses. This Presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. The use or display of third parties' trademarks, service marks, trade names or products in this Presentation is not intended to, and does not imply, a relationship with the Company, the SPAC or any of their respective affiliates, or an endorsement or sponsorship by or of the Company, the SPAC or such affiliates. Solely for convenience, the trademarks, service marks and trade names referred to in this Presentation may appear without the TM, SM or © symbols, but such references are not intended to indicate, in any way, that the Company, the SPAC, their respective affiliates or any third parties whose trademarks are referenced herein will not assert, to the fullest extent under applicable law, their rights or the right of the applicable licensor in these trademarks, service marks and trade names. Certain Financial Measures and Calculations Certain financial and statistical information in this Presentation has been subject to rounding off adjustments. Accordingly, the sum of certain data may not conform to the expressed total. The Company uses several key operating measures, including but not limited to Amount wagered, Operating EBITDA, Operating EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, capital expenditures and Cash Conversion, to track the performance of its portfolio and business. None of these items, including with certain unaudited numbers in the information, are a measure of financial performance under GAAP or IFRS, nor have these measures been audited or reviewed by an external auditor, consultant or expert. These measures are derived from management information systems. These items are an addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP or IFRS, and should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with GAAP or IFRS. As these terms are defined by the Company's management and are not determined in accordance with GAAP or IFRS, thus being susceptible to varying calculation, the measures presented may not be comparable to other similarly titled measures terms used by other companies. Any such information, measure or estimate should therefore not be regarded as an indication, forecast or representation by the Company, the SPAC or any other person regarding the Company's operating or financial performance for the respective period. The Company believes that these measures of financial results (including on a forward - looking basis) provide useful supplemental information to investors about the Company. However, there are a number of limitations related to the use of these measures in connection with their nearest equivalents which have been prepared in accordance with GAAP or IFRS. For example, other companies may calculate such other measures differently, or may use other measures to calculate their financial performance, and therefore the Company's measures may not be directly comparable to similarly titled measures of other companies. The principal limitation of these financial measures is that they exclude items that are significant in understanding and assessing the Company's financial results, including significant expenses, income and tax liabilities that are required by GAAP and/or IFRS to be recorded in the Company's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgements by the Company about which expense and income are excluded or included in determining these financial measures. While the Company and the SPAC believe the information set forth in this Presentation is reasonable, it is inherently subject to modification in connection with their ongoing review or audit procedures and such modifications may be material. Accordingly, such information and data may not be included, may be adjusted or may be presented differently in any proxy statement, prospectus or registration statement or other report or document to be filed with or furnished to the SEC by the Company, the SPAC and/or their respective affiliates. Disclaimer

Forward Looking Statements, Financial Projections and Financial Targets Certain information in this Presentation and oral statements made in connection with this Presentation are forward - looking. Forward - looking statements include, without limitation, statements regarding the estimated future financial performance, financial position and financial impacts of the Proposed Business Combination and the satisfaction of closing conditions to the Proposed Business Combination. Words or phrases such as "anticipate," "objective," "may," "will," "might," "seem," "should," "could," "can," "intend," "expect," "believe," "estimate," "predict," "potential," "plan," "is designed to," "would," "continue," "project," "possible," "seek," "future," "outlook," "strive," "strategy," "opportunity," "will continue," "will likely result" or similar expressions suggest future outcomes but the absence of these words does not mean that a statement is not forward - looking. When the Company or the SPAC discuss their strategies or plans, including as they relate to the Proposed Business Combination, they are making projections and using forward - looking statements. These forward - looking statements include, but are not limited, statements regarding estimates, forecasts of other financial and performance metrics, projections of market opportunity and other characterizations of future events or circumstances, including any underlying assumptions. Forward - looking statements, financial projections and financial targets are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward - looking statements, financial projections and financial targets. Although we believe that the expectations reflected in the forward - looking statements and financial projections are reasonable, there can be no assurance that such expectations will prove to be correct. None of the Company’s or the SPAC's independent auditor, nor any other independent accountants, have applied, examined or performed any procedures with respect to the financial targets, nor have they expressed any opinion or any other form of assurance on the financial targets or their achievability. These forward - looking statements are provided for illustrative purposes only and must not be relied on by an investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. The financial targets constitute forward - looking statements and are not guarantees of future financial performance. The Company and the SPAC cannot guarantee future results, level of activity, performance or achievements and there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward - looking statements, financial projections and financial targets as actual events and circumstances are difficult or impossible to predict and may differ from assumptions. While in some cases presented with numerical specificity, by their nature, forward - looking statements, financial projections and financial targets involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward - looking information will not occur, which may cause the Company's actual performance and financial results in future periods to differ materially from any estimates or projections or targets of future performance or results expressed or implied by such forward - looking statements, financial projections and financial targets. Many actual events and circumstances are beyond the control of the Company or the SPAC. There may be additional risks that neither the Company nor the SPAC presently know, or that the Company or the SPAC currently believe are immaterial, that could also cause actual results to differ from those contained in the forward - looking statements. The financial targets reflect the Company’s subjective judgements in many respects and thus are susceptible to multiple interpretations and periodic revisions based on actual experience and business, economic, financial and other developments. Accordingly, such assumptions may change or may not materialize at all. The forward - looking statements, financial projections and financial targets contained in this Presentation are expressly qualified by this cautionary statement. While the Company and the SPAC may elect to update these forward - looking statements at some point in the future, except as required by law, the Company and the SPAC specifically disclaim any obligation to update or revise publicly any forward - looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. None of the Company, the SPAC or their respective boards of directors, senior management or any of their respective affiliates, advisers, officers, directors or representatives can give any assurance that the financial targets will be realized or that actual results will not vary significantly from the financial targets. This Presentation contains financial, operational, industry and market projections, including financial forecasts for the Company with respect to certain financial results for the Company's fiscal years 2021 through 2023. Neither the Company's nor the SPAC's independent auditors have audited, studied, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this Presentation and no independent auditor has expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this Presentation. Our consolidated financial statements are in the process of being prepared in accordance with IFRS - IASB and audited in accordance with PCAOB standards. Accordingly, our historical financial results and financial forecast information are preliminary and subject to change, which change may be material, based on the completion of our financial closing procedures and any adjustments that may result from the preparation of our financial statements in accordance with IFRS - IASB and completion of the audits of our financial statements in accordance with PCAOB standards. While all financial, operational, industry and market projections, estimates and targets are necessarily speculative, the Company and he SPAC believe that the preparation of prospective financial, operational, industry and market information involves increasingly higher levels of uncertainty the further out the projection, estimate or target extends from the date of preparation. Actual results will differ, and may differ materially, from the results contemplated by the projected financial, operational, industry and market information contained in this Presentation, and the inclusion of such information in this Presentation should not be regarded as a representation by any person that the results reflected in such projections will be achieved. The risk factor titles presented in this Presentation are certain of the risks related to the business of the Company, the SPAC and the Proposed Business Combination, and such list is not exhaustive. The list in this Presentation is qualified in its entirety by disclosures contained in future documents filed or furnished by the Company and the SPAC with the SEC with respect to the Proposed Business Combination. Additional Information About the Proposed Business Combination and Where to Find It In connection with the Proposed Business Combination the Company has filed a Registration Statement on Form F - 4 with the SEC (as amended or the supplemented through the date hereof, the "Registration Statement"), which includes a proxy statement of SPAC and a prospectus of Allwyn Entertainment AG. Copies of the Registration Statement, the proxy statement/prospectus and all other relevant materials filed or that will be filed with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov. Participants in the Solicitation and Addressees The Company and the SPAC and their respective directors, certain of their respective executive officers and other members of management and employees, under SEC rules, may be considered participants in the solicitation of proxies of the SPAC's shareholders in connection with the Proposed Business Combination. This Presentation does not contain all the information that should be considered in the Proposed Business Combination. It is not intended to form any basis of any investment decision or any decision in respect to the Proposed Business Combination. Investors and security holders may obtain more detailed information regarding the names and interests in the Proposed business combination of the SPACs directors and officers in the SPAC's filings with the SEC, including the SPAC’s registration statement on Form S - 1, which was originally filed with the SEC on July 31, 2020. To the extent that holdings of the SPAC’s securities have changed from the amounts reported in the SPAC’s registration statement on Form S - 1, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of the SPAC’s stockholders in connection with the Proposed Business Combination. Investors and security holders of the SPAC and the Company are urged to read the proxy statement/prospectus and other relevant documents that will be filed with the SEC carefully and in their entirety when they become available because they will contain important information about the Proposed Business Combination. Investors and security holders will be able to obtain free copies of the proxy statement and other documents containing important information about the SPAC and the Company through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by the SPAC can be obtained free of charge by directing a written request to Cohn Robbins Holdings Corp., 1000 N. West Street, Suite 1200, Wilmington, DE 19801. This Presentation does not constitute, or form part of, an offer to sell, or a solicitation of an offer to purchase, any securities in the United States. Any securities referred to herein have not been registered, and will not be registered, under the Securities Act, or under the securities laws of any state or other jurisdiction of the United States. None of the securities can be offered, sold, pledged or otherwise transferred, directly or indirectly, within or into the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. This Presentation does not constitute a “prospectus” within the meaning of the Securities Act. Disclaimer (Continued)

4 • Vice Chairman of IBM since January 2021 • Assistant to POTUS for Economic Policy and Director of the National Economic Council : January 2017 – April 2018 • President, Chief Operating Officer and director of Goldman Sachs : 2006 – 2016 • Additional Goldman Sachs leadership positions incl. Global Co - Head, Equities and Fixed Income, Currency and Commodities; Chairman, Firmwide Client and Business Standards Committee • Board member: nanoPay, Hoyos Integrity, Infinite Arthroscopy, Gro Intelligence, and Starling Trust Sciences; Chairman of the Board of Pallas Advisors • Serves on Systemic Resolution Advisory Committee (SRAC) of the FDIC • 26 years of total experience • 8 years with Allwyn • First Vice President of the Association of European Lotteries; member of Eurojackpot executive committee • Previously worked at P&G and Reckitt Benckiser before moving to T - Mobile as Chief Marketing Director • Later appointed as CEO of T - Mobile Slovakia and T - Mobile Austria • 17 years of total experience • 3 years with Allwyn / KKCG • Appointed CFO of Allwyn in February 2020 • Previously Head of Corporate Finance at KKCG, investment banker with Morgan Stanley and Deutsche Bank Gary D. Cohn Co - Founder, Cohn Robbins Clifton S. Robbins Co - Founder, Cohn Robbins Robert Chvatal CEO, Allwyn Kenneth Morton CFO, Allwyn • 35+ years of investment experience • Founded Blue Harbour Group in 2004; Chief Executive Officer from 2004 - 2020 • Previously Managing Member of General Atlantic Partners from 2000 - 2004 • KKR, 1987 - 2000, General Partner: played significant role in leveraged buyout transactions and financings and capital markets activities • Began his career in the Mergers and Acquisitions department of Morgan Stanley

Note: Assumes no redemption from Cohn Robbins SPAC Trust; EUR:USD spot rate of 1.07 applied, sourced from CapIQ, as of 27 - May - 22 1) Cohn Robbins cash in trust as of 31 - March - 22. Subject to potential redemptions 2) Allwyn represents the rebranded operations of Allwyn AG, which is the entity that will be subject to the business combination 3) Based on management estimates (subject to material change); adj. net debt as of Dec - 21A. Includes €322mm of convertible notes expected to be outstanding at transaction close, pro forma for OPAP stake increase from 41.2% to 48.2% since YE - 21 and acquisition of Betano in Q2 - 22. Excludes impact of expected free cash flow and a €170 mm one time dividend paid prior to closing in Q1 - 22 4) Based on market valuation for The Lottery Corporation as of 27 - May - 2022 5 5) Includes impact from expected bonus pools for non - redeeming Cohn Robbins shareholders and PIPE shareholders, with potential for up to combined incremental 9.4mm common shares to be issued. Bonus pool for PIPE and non - redeeming shareholders is variable based on number of redemptions. Shares underlying CRHC warrants expected to be adjusted by the same ratio Transaction summary • NYSE - listed SPAC with $829mm 1 cash in trust • Cash in trust supplemented by $353mm PIPE • Founders Gary D. Cohn and Clifton S. Robbins ("Founders") • Intends to effect a business combination with Allwyn 2 • Newly formed entity is expected to be listed on the NYSE ("PubCo") • Transaction announced January 21, 2022 and expected to close in Q3 2022 • Large, privately - owned multinational lottery business • Expected market cap for PubCo of ~ $8.0bn / ~€7.5bn; represents entry multiple of 10.9x 2023E Adj. EBITDA of $876mm / €819mm 3 • 10.9x entry multiple is at a discount to core lottery peer The Lottery Corporation 4 • Bonus pool of 6.6mm shares to be issued to non - redeeming SPAC shareholders, resulting in implied entry multiple of ~10.0x to ~10.3x 5 projected 2023E Adj. EBITDA • Expected pro forma net debt / 2023E Adj. EBITDA of ~1.8x 3 • Expected to further bolster Allwyn’s growth plans

6 Significant strategic progress already achieved since transaction announcement What We Said We Would Do… Source: Company information, UK Gambling Commission 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. 2) Based on Camelot annual report for the year ended 31 - Mar - 21, c.£140mm EBITDA converted to € at spot rate of 1.18 EUR per GBP, sourced from CapIQ, as of 27 - May - 22 3) Deal multiple based on €327mm purchase price and OPAP €50m pro rata EBITDA, based on 6.9% stake of OPAP FY22 EBITDA management guidance of €720 to €740mm Digital - led Organic Growth … What We Have Achieved Already Continued Focus on Building Stakes in Existing Businesses January 2022 Pursue Attractive Opportunities to Expand in the US and Untapped European Markets Named Preferred Bidder of the UK National Lottery 1 Historically worth an estimated €165m in annual EBITDA 2 €327m Stake Acquisition in OPAP Increasing Allwyn’s economic interest from 41.2% to 48.2% ― at an accretive 6.5x 2022E EBITDA multiple 3 Record - High Online Active Players On track for 24% organic NGR growth in 2022 June 2022 Enter New Markets Inorganic Growth Organic Growth

7 Introduction to Allwyn Opening Remarks by KKCG Founder, Karel Komarek

8 Selected new markets being targeted 27% 16% 25% 32% 71% 9% Allwyn at a glance – A leading lottery operator… Scale Financial strength (Pro Rata) 5 Leadership Diversified business (Pro Rata) 5 #1 lottery operator across 5 markets 1 Austria Czech Republic Greece and Cyprus Italy €19bn FY21A wagers 2 Up to 84% surveyed adult population play lottery 1, 3 91mm population in Allwyn’s operating markets 1, 4 €1,661mm 2022E net gaming revenue ( +17% 18A - 22E CAGR) €751mm 2022E adj. EBITDA ( 45% margin) €638mm 2022E adj. EBITDA – capex ( 85% cash conversion 6 ) Split by geography 7 Online share (FY21A) 7 Lottery 9% iGaming 8 10% Sports betting Split by product 7 VLT and casinos 26% 38% 27% FY21A FY21A Source: Company information, Management estimates (subject to material change) 1) Based on market data sourced from H2GC 2) Calculated as the aggregate wagers for Allwyn’s key operating entities on a 100% basis (SAZKA a.s., OPAP, CASAG, Lottoitalia) 3) Adult population playing lottery in Austria (84%), Czech Republic (73%), Greece (56%), Italy (34%), as of 2019 4) Population of Austria, Cyprus, Czech Republic, Greece and Italy, as of 2020 5) Financial forecasts are based on latest management estimates (subject to material change); figures are presented pro rata for Allwyn’s economic interest in group operating companies 6) Cash conversion calculated as (Adj. EBITDA – capex ) / Adj. EBITDA; capex = acquisition of property, plant and equipment and intangible assets 7) Split based on pro rata gross gaming revenue (“GGR”); amount wagered x payout used as proxy for GGR for Lottoitalia; Lottoitalia’s revenue consists of revenue from contract with customers, calculated as 6% of amount wagered 8) iGaming includes online casino, online slots, online poker, online bingo and other online only; online sales of products which are also sold through physical retail channel included under respective product 9) 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 10) Includes gross wagers for State Lottery lottery - style games only (i.e. excludes VLTs / sportsbetting / offshore lottery) Selected as Preferred Applicant for UK National Lottery 9 UK €11bn 2022E lottery wagers 1, 10 US €102bn 2022E lottery wagers 1, 10 330mm Total population 1 67mm Total population 1

9 1) Based on H2GC data; Adult population playing lottery in Austria (84%), Czech Republic (73%), Greece (56%), Italy (34%), as of 2019 Up to 84% of adult population in certain operating markets 1 Operate lottery on behalf of government, managing brand and point of sale network Retailers and agents … positioned in a sweet spot of the lottery ecosystem Retail and Online sales Consumers Retailers’ kiosks, convenience stores, supermarkets, outlet stores Provide instant game products and systems technology for draw - based games, e.g. powerball Government entities National or local government that oversees lottery within a jurisdiction Lottery Licenses and regulation Agency agreements Product and technology suppliers Consumer - focused lottery operators Land - based sales Technology and services EU US

10 The consistent strategy of Allwyn enables our scale and track record 1 High Performance Teams Local focus supported by international expertise, providing attractive scope for talent growth 2 Innovation Expansion of our lottery games portfolio, iGaming and sports betting 3 Digitization Transforming our CRM, making games more engaging, relevant, and safe, and registering users 4 Efficiency Digitally and operationally driven 5 Gaming Safety / ESG Pioneering new approaches to the enhancement of safer gaming as an Allwyn - wide global ESG initiative 6 Inorganic Growth Strong track record of acquiring businesses with attractive potential and creating value by improving their performance and applying our operating techniques

11 Allwyn embraces ESG pillars – making play better for all Sources: Company reporting 2021 and 2020, Sustainalytics as of 11 - Feb - 2022 1) For LottoItalia, certification is held by our partner, IGT Lottery S.p.A. 2) ESG rating based on Sustainalytics ESG Risk Rating Report for Allwyn International as of November 2021. In 2014 Casinos Austria was the first company worldwide to boast a responsible gaming management system that was certified to European Casino Association (ECA) standards • Head office designed in accordance with LEED Gold certificate criteria • Management ambitions and actions towards optimizing energy consumption and improving overall energy efficiency in all operating companies • Responsible gaming: a core Allwyn value − All entities offering lottery games awarded the highest responsible gaming certifications issued by the World Lottery Association 1 − Austrian business 2 is the first gaming company worldwide to obtain certification according to the Responsible Gaming Standards by the European Casino Association − Annual responsible gaming training for retail partners • Strong philanthropic profile − Austrian Lotteries business provides €80mm in sports funding annually − “PCs for all” campaign, providing computers to underprivileged families − Founded key initiatives in its local communities during the onset of the COVID - 19 pandemic • Commitment to gender equity: 20% of board of directors and 40% of senior management are women • Equal opportunities for employees creating an diverse and including environment • Merit - based opportunities without regard to gender, age, sexuality, disability, race, religion and more Achievements and memberships ESG ratings 2 2020 Lottery operator of the year Member Member; level 4 certification Certified Certified Key sponsor Targets and actions E S G

Overview and Highlights

13 1) Global lottery sales, sourced from H2GC Operates in ~$300bn 1 global lottery industry, which is poised for growth through increased digitization Highly cash generative business, making funding available for organic and inorganic growth (e.g. M&A opportunities) Strong organic growth driven by data analytics, cross - selling, and growing online customer base Allwyn’s key investment highlights 1 2 Successful M&A track record with attractive opportunities for expansion in new markets 3 4 Experienced board and management team with long industry track record 5

47 71 89 93 95 99 105 107 128 140 147 154 161 130 115 159 167 168 175 176 166 167 175 184 190 196 1 3 7 9 10 12 15 21 26 31 36 42 48 $ 163 $ 204 $ 255 $ 268 $ 273 $ 286 $ 297 $ 295 $ 321 $ 347 $ 367 $ 385 $ 405 2005A 2010A 2015A 2016A 2020A 2021A Draw - Based Games 2022E 2023E 2024E 2025E 2017A 2018A 2019A Instant Games and Other iLottery 22.1% 4.2% 16.3% 5.8% 2.4% 6.4% CAGR (%) Note: Lottery wagers include State Lottery style games only, and do not include VLTs; Lottery wagers assume historical and projected global iLottery payout ratio of ~60%. iLottery is excluded from Instant Games and 21A – 25E CAGR (%) Consumer spend on lottery grew at a 4.3% CAGR over the last 16 years, and from 21A - 25E is expected to grow at a 6.0% CAGR driven by expected continued rollout of digital lottery Global annual lottery wagers ($bn) 1 05A – 21A Lottery: a ~$300bn global industry The largest constituent of the global gaming ecosystem… Global sales / wagers (2019A) ($bn) (1) Other and Draw - Based Games based on 2020A percentage of total 1) Assumes historical and projected global iLottery payout ratio of ~60%. 2021 figures for iLottery based on projections from H2GC, instant games and other and draw - based games based on actuals 1 $297 $146 $74 $23 Lottery Casino Sports Betting iGaming 14 Source: H2GC. EUR:USD spot rate of 1.07 applied, sourced from CapIQ, as of 27 - May - 22 $15 …With significant potential for increased online penetration iLottery Wagers ($m) Online Penetration iLottery 2019A iLottery 2025E (%) 6.5% 13.7% $48

15 Source: H2GC, World Bank Note: Lottery wagers include State Lottery style games only, and do not include VLTs, Sportsbetting; Casino, Sports Betting and iGaming figures represent gross win; GDP growth rates based on World Bank data for OECD countries only; Lottery wagers assume historical and projected global iLottery payout ratio of ~60%. iLottery is excluded from Instant Games and Other and Draw - Based Games based on 2020A percentage of total 1) In certain European jurisdictions; based on UK DCMS Taking Part Survey conducted in the UK 4.2% Lottery (1.5%) (2.8%) (3.3%) Casino Sports Betting GDP Lottery’s characteristics contribute to sector resilience Performance during COVID - 19 (19A - 20A): YoY growth (%) Performance during the Global Financial Crisis (08A - 09A): YoY growth (%) (0.7%) (4.6%) (9.7%) (39.9%) Lottery GDP Sports Betting Casino With advantageous attributes relative to other gaming segments Potential life - changing wins Easily accessed at local retailers and digitally Low - cost product Popular amongst surveyed men and women 1 Evergreen, Mass - market Appeal 1

16 Source: H2GC 13 19 21 22 27 26 17 23 30 32 34 35 36 5 9 10 12 14 16 20 26 31 36 40 44 48 $18 $28 $31 $34 $41 $42 $37 $49 $61 $67 $74 $79 $84 2010A 2015A 2016A 2017A 2018A 2019A Land - based NGR 2020A Online NGR 2023E 2024E 2025E 2026E 2021E 2022E Online penetration (%) 57% Potential to increase online lottery penetration in Allwyn’s markets, based on trends in other developed countries’ global sports betting and lottery markets Global sports betting NGR ($bn) 49% 36% 32% 18% 16% 13% 11% 5% 3% Potential upside Further growth and profitability upside from increasing online penetration Share of online lottery GGR 2021E (%) Sports betting online penetration 2026E: 57% Czech Republic Allwyn operating markets License tender process ongoing CAGR (%) 10A - 21E 22E - 26E 9.3% 8.2% 15.9% 11.2% 5.1% 4.8% 1 … With upside potential from increasing online penetration Finland Denmark UK EU Greece Austria US Italy

17 Source: Company information 1) Average monthly active online customers are customers with at least one online purchase made on a particular gaming platform during a given month. Data for Austria is based on players for OLG and tipp3, for Czech Republic on SAZKA a.s., for Greece and Cyprus OPAP and Stoiximan Rapid growth in online customer base Allwyn has almost doubled online customers over the last two years Average monthly active online customers per quarter (000) 1 2 426 168 105 153 620 194 169 257 934 281 247 406 Czech Republic Austria +29% CAGR +54% CAGR +63% CAGR Q4 - 19A Q4 - 20A Q4 - 21A +48% CAGR Greece and Cyprus Q4 - 19A Q4 - 20A Q4 - 21A Q4 - 19A Q4 - 20A Q4 - 21A Q4 - 19A Q4 - 20A Q4 - 21A

18 Source: Company information 1) Based on aggregate online GGR across all products offered in Czech Republic 2) Based on management estimates (subject to material change) > Increase number of games > Loyalty programmes > Gamification Expected results 2 Cross - selling initiatives Lottery Sportsbook iGaming eScratch ARPU LTV Churn Rates Average CAC Czech Republic internal case study 1 : GGR per player cohort and YoY growth (%) Platform to cross - sell customers Allwyn’s customer base, brands, data and wide product offerings drive growing revenues by cohort 2 2017A 2018A 2019A 2020A 2021A 2017 Cohort 2018 Cohort 2019 Cohort 2020 Cohort 2021 Cohort +81% CAGR +60% +21% +39% +22% +52% +46% +18% +21% +8% +2%

19 High structural barriers to entry Source: Company information 1) Selected as Preferred Applicant for UK National Lottery. 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. Data not reflective of Allwyn ownership/presence and is specific to the UKNL 2) OPAP and Stoiximan brands owned; some game brands owned by the Greek state 3) Population data sourced from H2GC 4) Based on Camelot’s disclosed retail partners 5) Based on 100% market share in jackpot lotteries as per Company data 6) All figures as per GGR 2020 for legal market with market size as per H2GC Oct - 21 data. Figures for LOTTOITALIA market share are based on wagers 7) Based on UK National Lottery Significant advantages for incumbents when licenses are up for renewal, creating deep competitive moat for Allwyn Austria Czech Republic Greece and Cyprus Current All wyn Assets UKNL Assets 1 Italy United Kingdom Total / Average x x x 2 Owned by the regulator N/A x Brands owned by Allwyn Established POS network 3 5,100 One per 1,745 pop. 12,500 One per 856 pop. 13,000 One per 892 pop. 33,600 One per 1,792 pop. 44,000 4 One per 1,525 pop. 64,200 (excl. UK) One per 1,424 pop. Exclusive licenses / Dominant position x x 5 x x x 1 x Market Share 6 100 % lotteries, casino and on - line lotteries / casino market share 94% numerical lotteries 86% instant - win games (100% market share in jackpot lotteries) 100% numerical lotteries 100% instant lotteries 79% numerical lotteries 100% in fixed odds 85% numerical lotteries 7 x Long - term lottery concessions (Length including extensions) 15 years N/A 30 years 9 years 10 years 18 years (excl. UK) Established relationships (Years in operation) 36 years 66 years 64 years 29 years N/A 49 years 2

20 Source: Company information 1) UK National Lottery. 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 2) As of FY21A; Calculated as the aggregate wagers for Allwyn’s key operating entities on a 100% basis (SAZKA a.s., OPAP, CASAG, LottoItalia) Buy and build track record: from zero to €19bn 1 wagered in ten years Demonstrated ability to expand platform through incremental M&A 3 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A YTD - 22A Initial market entry New acquisition / license at tender Increase in stake Select M&A activity Acquisition of remaining 50% stake in SAZKA a.s. Privatisation of 33.0% stake in OPAP Acquisition of a 50% stake in SAZKA a.s. (2011) Acquisition of indirect 11 . 3 % stake in CASAG Successful tender of 32.5% LottoItalia Acquisition of indirect 11.6% stake in Austrian Lotteries Acquisition of additional 22.7% indirect stake in CASAG Acquisition of 67 % stake in SuperSport Acquisition of 36.8% stake in Stoiximan and Betano Sale plus monetary contributions for 25% stake in SAZKA Group Acquisition of additional 17.2% stake in CASAG Acquisition of 47.7% stake in Greek and Cypriot operations 2021A Acquisition of additional 6.9% indirect stake in OPAP UK National Lottery 1 Selected as the Preferred Applicant for the 4 th National Lottery license Czech Republic Greece and Cyprus Austria Italy Greece and Cyprus Acquisition of 36.75% stake in Kaizen outside Greece and Cyprus UK National Lottery 1 (Preferred Applicant)

21 New market opportunities Attractive opportunities to expand in the US and untapped European markets Source: H2GC 1) Lottery market wagers as of 2022E; includes gross wagers for State Lottery lottery - style games only (i.e. excludes VLTs / Sportsbetting / Offshore Lottery) Allwyn is a scaled operator with opportunities to take business model to new markets 3 Current European operating markets Key European opportunities US opportunities € 88 bn 2022E wagers 1 € 13 bn 2022E wagers 1 € 28 bn 2022E wagers 1 operating markets Lottery license tenders and privatizations M&A opportunities Increasing stakes in existing businesses Disciplined and selective approach AT CZ GR&CY IT UK NL EU US

22 Source: Company information, UK Gambling Commission 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. Selected as Preferred Applicant For UK National Lottery License Tender 1 in March 2022 After a 2 - year comprehensive process

23 The UK National Lottery is one of the Largest in Europe Camelot UK Lottery Key Financials (1) NGR (£m) Source: H2GC, Camelot annual reports Note: GBP:EUR spot rate of 1.18 applied, sourced from Capital IQ as of 27 - May - 22 Disclaimer: Camelot historical results are not necessarily indicative of Allwyn’s business plan or expected results 1) Camelot UK Lottery fiscal year ends on 31 - Mar 2) D&A includes depreciation on property, plant, and equipment, depreciation on right - of - use assets, and amortisation on intangible assets UK France Italy Adult Population 56.5m 55.2m 52.5m GDP €2,638bn €2,462bn €1,775bn Lottery Ticket Sales / Adult €176 €267 €354 UK Lottery Market Overview (2021E) UK National Lottery Annual GGR (£m) % of Total EBITDA (2) (£m) Capex and investment in intangibles (£m) 3 2,580 2,470 2,774 3,278 3,400 3,558 3,802 3,897 4,026 2000A 2005A 2010A 2015A 2020A 2021E 2022E 2023E 2024E Digital as 0% 3% 13% 18% 31% 42% 44% 46% 49% £656 £684 £722 £728 FY18 FY19 FY20 FY21 £115 £130 £142 £140 FY18 FY19 FY20 FY21 £22 £25 £16 £16 FY18 FY19 FY20 FY21

AL - MT $0.07 ND $0.03 MN $0.76 ID $0.41 WY $0.03 SD $0.08 WA $1.03 OR $0.44 CA $9.64 NV - UT - KS $0.35 NE $0.24 IA $0.44 AZ $1.62 NM $0.16 TX $7.22 OK $0.26 AK - HI - MO $1.75 AR $0.69 LA $0.60 WI $0.82 IL $3.36 MI $7.54 IN OH $1.92 $3.85 KY $1.42 TN $2.04 MS $0.50 GA $5.60 FL $8.11 ME $0.35 NY $8.43 VT $0.17 PA $6.33 WV $0.27 SC $2.57 NC $3.77 VA $3.04 NH $0.40 MA $6.18 $0.23 RI $0.32 CT $1.52 $2.89 $0.24 CO $0.86 NJ 3 $4.04 DE US Lottery Opportunity Substantial total US lottery market with $103bn in annual ticket sales 1 and significant scope for growth from both retail and iLottery channels (current penetration of 6%) Source: H2GC, State Lotteries, Company filings. 1) Defined as gross ticket sales for State Lottery lottery style games only (i.e. excludes VLTs / Sportsbetting / Offshore) 24 2) Privately operated by IGT Indiana, a wholly - owned subsidiary of IGT 4) iLottery launched in Dec - 20 as a result of emergency rules adopted during the COVID - 19 pandemic 3) Privately operated by North Star New Jersey, a JV between IGT and Scientific Games 5) 10 states include North Dakota, Michigan, Illinois, Kentucky, Pennsylvania, Virginia, North Carolina, Georgia, New Hampshire, Rhodes Island and D.C. (excludes New York, Maine, Maryland which operate under online subscription management model) 2022E Total US Lottery Market 1 ($bn) 2 Private operator model Retail and iLottery presence Retail lottery presence only DC 4 MD % Total 6% 94% 45 10 # of States 5 6% 32% ’19A – ’22E CAGR 2022E Market Size $6.1bn $96.5bn Total US Lottery Market 1 is Estimated to Grow at a CAGR of 7% from 2019A to 2022E US iLottery US Retail Lottery Cohn Robbins’ relationships and expertise Clifton S. Robbins • Founded Blue Harbour Group in 2004 • Previously Managing Member of General Atlantic Partners Gary D. Cohn • Vice Chairman of IBM since January 2021 • Former assistant to POTUS for Economic Policy and Director of the National Economic Council 3

25 Source: Company information 440 25 131 597 65 157 819 51 90 960 (202) 119 877 221 66 1,165 2016A 2017A 2018A 2019A 2020A 2021A Delivering on our growth strategies +6% +30% +11% +26% +6% +11% (21%) +12% +36% +37% +17% Organic growth (%) Inorganic growth (%) +25% +8% (9%) Allwyn has consistently both delivered organic growth and implemented its buy - and - build strategy Pro rata NGR (€mm) +10% CAGR +33% 2019A - 2021A CAGR (%) 4

638 542 315 392 332 540 2018A 2019A 2020A 2021A 2022E 346 419 365 573 751 819 2019A 2020A 2021A 2022E 2023E Strong revenue, profit and cash - flow momentum expected to continue Source: Company information, Management estimates (subject to material change) Note: Stoiximan consolidated in OPAP from 2021A onwards 26 1) Forecast growth for 2023E also excludes potential contribution from M&A 2) Calculated as (Adj. EBITDA – capex) / Adj. EBITDA 3) 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. 2018A Pro rata Adj. EBITDA – capex (€mm) Cash conversion 2 CAGR +11.5% Excluding potential contribution from lottery tenders 1 Pro rata NGR (€mm) NGR growth 42.3% 43.7% 41.6% 49.1% 45.2% 45.1% 2018A Pro rata Adj. EBITDA (€mm) Adj. EBITDA margin 90.9% 93.5% 90.9% 94.4% 85.0% 66.2% 2023E Impact of UKNL up - front costs CAGR +17.3% No contribution from UKNL (expected to start in 2024) 3 2023 Projections based on organic growth only 819 960 877 1,165 1,661 1,817 2019A 2020A 2021A 2022E 2023E 17.2% (8.6%) 32.8% 42.6% 9.4% Reflecting UKNL up - front costs 4 CAGR +18.8% No contribution from UKNL (expected to start in 2024) 3

27 Source: Company information, Management estimates (subject to material change) 1) Selected as Preferred Applicant for UK National Lottery. 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 €573 €82 €96 €751 €69 €819 2021A Adj. EBITDA Inorganic Growth Organic Growth 2022E Adj. EBITDA Organic Growth 2023E Adj. EBITDA Already realized initiatives and tangible upsides underpin Adj. EBITDA forecasts x Recovery of physical retail in Greece and Cyprus and Austria x Increased online sales x Resilient physical retail x Cross - sell x OPAP stake increase x Acquisition of stake in Betano x Increased online sales x Resilient physical retail x Cross - sell Pro rata Adj. EBITDA (€mm) +9% growth +31% growth Does not include any impact from UK National Lottery (concession ex p e c b t e e d g t i n o s b F e e g b i r n u F a e r b y r 2 u 0 a 2 r 4 y ) 2024 ) 1 4

2.6x 2.0x 1.5x 0.5x 0.4x 0.4x 2.4x 1.9x 2023PF Standalone pro rata financial leverage 2 Unadjusted for expected primary proceeds Source: Company information, Management estimates (subject to material change) 1) Pro forma for OPAP stake increase from 41.2% to 48.2% since YE - 21 and a €170 mm one time dividend paid prior to closing in Q1 - 22 2) Refers to leverage at Allwyn AG. Defined as Adj. net debt / LTM Adj. EBITDA; net debt position as of Dec - YE. 28 3) Includes expected primary proceeds of $332mm / €310mm from SPAC transaction (assuming no redemptions), and €322mm of convertible notes expected to be outstanding at transaction close. 2022PF and 2023PF leverage include the impact of expected free cash flow and acquisition of Betano in Q2 - 22 4) Selected as Preferred Applicant for UK National Lottery. 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 Expected strong balance sheet 2021PF 2022PF Pro forma pro rata financial leverage 2 Adjusted for expected primary proceeds 3 Expected strong de - levering profile, driven by: – Expected robust Adj. EBITDA growth – Expected significant free cash flow generation Deleveraging shown reflects UKNL 4 up - front costs but no further material investment in M&A or tenders Expected significant available balance sheet capacity creating financing and strategic optionality – Expected leveragable stable cash flows – Willingness to operate above 3x leverage 2 on temporary basis for M&A 3.1x 1 Pro rata financial leverage 1 4

29 1) Future Board of Directors Experienced board and management team Managemen t Non - independent Director Katarina Kohlmayer ▪ Group CFO of KKCG ▪ Previous experience at Morgan Stanley and VTB Capital Pavel Saroch ▪ CIO of KKCG ▪ Previous experience at Ballmaier & Schultz, Prague Securities, ATLANTIK Non - independent Director Robert Chvatal ▪ CEO of Allwyn ▪ Previous experience at T - Mobile, Procter & Gamble and Reckitt Benckiser Executive Director Karel Komarek ▪ Founder of KKCG ▪ Founder of the Proměny Foundation Chairman Tony Khatskevich CEO Robert Chvatal COO Jan Matuska Head of Government Affairs Antonella Pederiva Head of Capital Markets Iva Horcicova Head of HR Jana Zabova Stepan Dlouhy CIO CFO Kenneth Morton Expected to be considered independent under NYSE rules. Gary Cohn to assume role of Special Advisor to the Chairman Lord Sebastian Coe ▪ President of World Athletics ▪ Former member of UK parliament Independent Director Cohn Robbins Director (1) Cliff Robbins ▪ Co - founder of Cohn Robbins ▪ 35+ years of investment experience ▪ Founder and former CEO of Blue Harbour Group Independent Director Roland Ruprecht ▪ Member of EXPERTsuisse and Association of Lichtenstein Certified Accountants ▪ Former partner at Ernst & Young CTO Group General Counsel Jonathan Handyside 5

Valuation Framework

31 Transaction sources and uses Note: Assumes no redemptions from Cohn Robbins SPAC Trust and assumes $353m common PIPE proceeds; EUR:USD spot rate of 1.07 applied, sourced from CapIQ, as of 27 - May - 22 1. Cohn Robbins cash in trust as of 31 - March - 22 • All transaction proceeds (net of transaction expenses) will be paid out to existing shareholders if gross transaction proceeds are less than or equal to $850mm (the minimum cash requirement). If gross transaction proceeds exceed the minimum cash requirement, incremental transaction proceeds will be applied to the Company balance sheet until the primary proceeds amount is equal to 1/3 of the total transaction proceeds (net transaction expenses). Thereafter, transaction proceeds (net of transaction expenses) will be allocated on a pro rata basis 1/3 to primary proceeds, which will be applied to the Company balance sheet, and 2/3 to secondary proceeds, which will be distributed to Company shareholders Sources ($mm) (€mm) Cohn Robbins cash in trust 1 829 774 Common PIPE proceeds 353 330 Existing shareholders rollover 6,613 6,180 Total sources 7,794 7,284 Uses ($mm) (€mm) Cash to PF company balance sheet 332 310 Cash consideration to existing shareholders 750 701 Existing shareholder rollover 6,613 6,180 Estimated fees and expenses 100 93 Total uses 7,794 7,284

Pro forma valuation and transaction highlights Key transaction highlights Expected ~$9.6bn / ~€9.0bn Total Enterprise Value at deal – ~10.9x EV / 2023E Adj. EBITDA Expected ~$9.0bn / ~€8.4bn Total Enterprise Value on a discounted basis for SPAC / PIPE investors – ~10.3x EV / 2023E Adj. EBITDA 2 Expected bonus pool of 6.6mm common shares for non - redeeming Cohn Robbins shareholders 2 Existing Allwyn shareholders expected to be awarded 30.0mm common shares subject to earn - out 3 Expected pro forma ownership: 2, 4 Existing Allwyn shareholders: 83% Cohn Robbins public shareholders: 11% PIPE shareholders: 5% Cohn Robbins sponsor: 1% • • • • • • • • KKCG, the majority shareholder of Allwyn, is expected to hold multiple - voting shares including customary sunset provisions The transaction is expected to close in Q3 - 22 Note: Assumes no redemptions from Cohn Robbins SPAC Trust and assumes $353mm common PIPE proceeds; EUR:USD spot rate of 1.07 applied, sourced from CapIQ, as of 27 - May - 22; Adj. net debt as of Dec - 21A, includes €322mm of convertible notes expected to be outstanding at transaction close, pro forma for OPAP stake increase and acquisition of Betano in Q2 - 22. Excludes impact of expected free cash flow and a €170 mm one time dividend prior to closing. Forecast financials for Allwyn are presented on a pro rata basis and sourced from management estimates (subject to material change). Cohn Robbins cash in trust as of 31 - March - 22 1) Includes €322mm of convertible notes expected to be outstanding at transaction close 2) Includes impact from expected bonus pools for non - redeeming Cohn Robbins shareholders and PIPE shareholders, with potential for up to combined incremental 9.4mm common shares to be issued. Bonus pool for PIPE and non - redeeming shareholders is variable based on number of redemptions. Shares underlying CRHC warrants expected to be adjusted by the same ratio 32 3) 15.0mm of earnout shares to vest at $12.00 share price and 15.0mm to vest at $14.00 4) Excludes impact from expected 30.0mm earnout shares to existing Allwyn shareholders and 26.5% Founder Share earnout vesting at $12.00 / $14.00. Reflects 16% Founder Share forfeiture. Excludes Cohn Robbins SPAC public and private warrants PF Valuation at $10.00 / Share ($mm) (€mm) Illustrative share price 10.00 9.35 (x) PF shares outstanding 800.8 800.8 PF equity value 8,008 7,484 (+) Existing Adj. net debt (YE - 21A) 1 1,571 1,468 PF Total Enterprise Value (TEV) 9,579 8,952 At Deal - PF TEV / 2023E Adj. EBITDA 10.9x 10.9x PF TEV / 2023E Adj. EBITDA (SPAC / PIPE Investors) 2 10.3x 10.3x Implied PF Adj. net debt / 2022E Adj. EBITDA 2.0x 2.0x Implied PF Adj. net debt / 2023E Adj. EBITDA 1.8x 1.8x

2 3 19A - 23E NGR CAGR (%) 17.3% 5.0% 5.2% 4 2023E Adj. EBITDA margin (%) 45.1% 23.9% 21.0% 5 19A - 23E Adj. EBITDA CAGR (%) 18.2% 8.9% 9.3% 2023E cash conversion 6 (%) Reflects UKNL up 66.2% front spend – 202 Cash Conversion of 94.4% - 1 82.1% 82.5% 6 Total addressable market € 19 bn wagered with 9 . 4 % CAGR growth projected ~€19bn 2021A wagered with mid - single digit CAGR growth projected ~AU$7bn 2021A wagered with mid - single digit CAGR projected 7 Allwyn compares favorably to primary lottery peers Strong NGR growth coupled with highest cash conversion among lottery comparables 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 2) Based on pro rata Allwyn financials sourced from management estimates (subject to material change) 3) 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 33 4) Refers to revenue instead of NGR, as NGR not applicable 5) Adj. EBITDA margin calculated with respect to revenue instead of NGR, as NGR not applicable 6) Defined as Adj. EBITDA – capex / Adj. EBITDA. For Tabcorp, represents all business segments, not just the Lottery and Keno segment 7) Represents Australia lottery market Superior performance Multi - national Lottery Operator Single market lottery operators • Demonstrated ability to enter new geographies, most recently being chosen as preferred bidder in UK tender 1 • Track - record of operational efficiency and improvements • 5 international markets in operation with a 6 th in progress 1 Key Allwyn Differentiators

2019 - 2023E Adj. EBITDA CAGR 18.2% 18.2% 8.9% 9.3% 7.0% 10.7% 8,952 819 +165 2 = 984 9.1x Comparable Company Analysis Single Market Lottery Operator Diversified Gaming peers (Including Bonus Shares) (Including Bonus Shares) from February 2024. 2) Based on Camelot annual report for the year ended 31 - Mar - 21, c.£140mm EBITDA converted to € at spot rate of 1.18 EUR per GBP, sourced from Source: FactSet, Cap IQ, Company provided information, Wall Street research. Market data as of 27 - May - 22 Note: EUR:USD spot rate of 1.07 applied, sourced from CapIQ, as of 27 - May - 22. 3) CapIQ, as of 27 - May - 22 Based on pro rata Allwyn financials sourced from management estimates (subject to material change) and pro forma EV of €9.0bn; does not 34 1) The award of the UKNL license is currently being contested in a legal challenge. Unless the challenge is successful, Allwyn Entertainment Ltd will include the impact of expected bonus shares be confirmed as the incoming UKNL operator and, subject to a successful period of transition, would become the operator of the UKNL with effect 4) Based on pro rata Allwyn financials sourced from management estimates (subject to material change) and pro forma EV of €8.4bn; includes impact of expected bonus shares. Bonus pool for PIPE and non - redeeming shareholders is variable based on number of redemptions. Shares underlying CRHC warrants expected to be adjusted by the same ratio Positive Tailwinds • Allwyn is one of the largest multi - market lottery operators • Historic growth has outpaced peer comps • Further potential from upside from shift to digital and merger activity • 2023E EBITDA figure does not include impact from the UKNL Tender 1 . • UKNL 2021A EBITDA of € 165mm Illustrative impact of UKNL Tender Figures in €mm TEV: EBITDA: Illustrative Multiple: Discounted 4 TEV / 2023E Adj. EBITDA At deal 3 Represents illustrative impact of UKNL tender 1

Source: Company information, Press Releases, Note: Assumes no redemptions from Cohn Robbins SPAC Trust and assumes $353mm common PIPE proceeds; EUR:USD spot rate of 1.07 applied, sourced from CapIQ, as of 27 - May - 22; Adj. net debt as of Dec - 21A, includes €322mm of convertible notes expected to be outstanding at transaction close, pro forma for OPAP stake increase and acquisition of Betano in Q2 - 22. Excludes impact of expected free cash flow and a €170 mm one time dividend prior to closing. Forecast financials for Allwyn are presented on a pro rata basis and sourced from management estimates (subject to material change). Cohn Robbins cash in trust as of 31 - March - 22 1) Capital IQ as of 27 - May - 22 2) Based on pro rata Allwyn financials sourced from management estimates (subject to material change); includes the impact of expected bonus shares 3) Based on pro rata Allwyn financials sourced from management estimates (subject to material change); does not include the impact of expected bonus shares. Bonus pool for PIPE and non - redeeming shareholders is variable based on number of redemptions. Shares underlying CRHC warrants expected to be adjusted by the same ratio. 4) Based on 18.2% 2019 - 2023E EBITDA CAGR 35 5) Reflects expected impact of shares underlying 42.2mm total Sponsor and SPAC public warrants net exercised into shares using TSM. Reflects expected impact from 30.0mm earnout shares to existing Allwyn shareholders and 26.5% Founder Share earnout vesting at $12.00 / $14.00. Reflects expected 16% Founder Share forfeiture Cohn Robbins’ view on value Illustrative Price per Share at Different Multiples FV / 2023E EBITDA Discounted 2 At Deal 3 10.3x 10.9x 13.0x 14.0x 15.0x 16.0x Growth Implied Multiple 4 0.6x 0.6x 0.7x 0.8x 0.8x 0.9x Firm Value $8,986 $9,579 $11,393 $12,269 $13,145 $14,022 Pro Forma Equity Value $7,415 $8,008 $9,821 $10,698 $11,574 $12,451 Pro Forma Fully Diluted Shares Outstanding 5 800.8 800.8 824.1 827.1 847.3 849.5 Illustrative Share Price $9.26 $10.00 $11.92 $12.93 $13.66 $14.66 Illustrative ROI @ various multiples 0.0% 8.0% 28.7% 39.7% 47.5% 58.3% • This table is for illustrative purposes only and is not a prediction of future performance or a guarantee of future results. Actual results may differ materially, as they involve known and unknown risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future and are based on potentially inaccurate assumptions. Accordingly, you should not place undue reliance on this table, which speaks only as of the date of this Presentation. Neither Cohn Robbins nor Allwyn undertakes any obligation to publicly revise this table to reflect circumstances or events after the date hereof or to reflect the occurrence of unanticipated events. You should, however, review the disclaimer on slides 2 and 3 of this Presentation. • Cohn Robbins believes that Allwyn is undervalued at the 10.9x 2023E Adj. EBITDA deal multiple and that the transaction presents an attractive entry point for investors relative to what Cohn Robbins believes are Allwyn’s core lottery peers – Single Market lottery operator FDJ trades at 10.9x 2023E Adj. EBITDA 1 , and The Lottery Corporation is valued at 17.2x 2023E Adj. EBITDA 1 • Cohn Robbins’ investment thesis is based on Allwyn’s scalable lottery platform with significant barriers to entry, the resiliency of the business model with high margins and free cash flow conversion and the potential future top line growth borne out of the digital transformation of lottery – Cohn Robbins’ view of value for Allwyn does not incorporate potential upside from ongoing UK tender process or further international expansion

• • • • • • • Leading lottery led entertainment platform Scaled business that is expected to generate $876mm / €819mm of 2023E EBITDA 1 High operating barriers to entry Positioned to capitalize from continued shift to digital Attractive organic and inorganic growth opportunities with expected significant available balance sheet capacity Potential for substantial upside from UK / US opportunity Opportunities to invest at compelling transaction value relative to industry comps Expected bonus pools for non - redeeming Cohn Robbins shareholders, with potential for up to combined incremental 6.6mm common shares to be issued further reducing entry price 2 Note: EUR:USD spot rate of 1.07 applied, sourced from CapIQ, as of 27 - May - 22. All financials calendarized to Dec - YE 36 1) Based on management estimates (subject to material change) 2) Includes impact from expected bonus pools for non - redeeming Cohn Robbins shareholders and PIPE shareholders, with potential for up to combined incremental 9.4mm common shares to be issued. Bonus pool for PIPE and non - redeeming shareholders is variable based on number of redemptions. Shares underlying CRHC warrants expected to be adjusted by the same ratio Summary of investment opportunity

Appendix

38 1) Redemption level at which the minimum cash condition is expected to be met (40.02%). Bonus pool structure • Non - redeeming SPAC public shareholders to receive a pro - rata portion of a 6.6mm bonus pool of shares at the closing • As redemptions increase, cost basis to SPAC public shareholders decreases, creating a tontine - style incentive structure • Bonus shares to be received by each non - redeeming shareholder capped at 80% redemptions $9.50 $9.25 $9.00 $8.75 0% 5% 10% 15% 20% Illustrative Redemptions 25% 30% 35% 40% Illustrative Cost Basis to SPAC S/H

39 PIPE shareholders Shareholders Existing Allwyn shareholders 17% 83% Pro forma structure PubCo 100% 100.0% Czech Republic 32.5% Italy 48.2% 3 Greece and Cyprus 59.7% 2 Austria 1 Source: Company information Note: Assumes no redemptions from Cohn Robbins SPAC Trust and and assumes $353m common PIPE proceeds. Includes impact from expected bonus pools for non - redeeming Cohn Robbins shareholders and PIPE shareholders, with potential for up to combined incremental 9.4mm common shares to be issued. Bonus pool for PIPE and non - redeeming shareholders is variable based on number of redemptions. Shares underlying CRHC warrants expected to be adjusted by the same ratio. Excludes impact from expected 30.0mm earnout shares to existing Allwyn shareholders and 26.5% Founder Share earnout vesting at $12.00 / $14.00. Reflects 16% Founder Share forfeiture. Excludes Cohn Robbins SPAC public and private warrants. Allwyn ownership in operating companies as of Dec - 21; does not include holding companies, service companies or other minor operating entities owned by Allwyn 1) Corporate legal name is Allwyn AG, previously SAZKA Entertainment AG 2) Interest in Casinos Austria A.G., key entity in segment 3) Interest in OPAP SA, key entity in segment. Economic interest as of 26 - Apr - 22 following purchase of minority interest in SAZKA Delta and through open market purchases 4) 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. United Kingdom 100.0% 4 4 Control; fully consolidated Control; fully consolidated Control; fully consolidated Customary minority rights; equity method accounting UK National Lottery

40 Our financials explained F E F EBITDA Costs A Amounts wagered • Amount of wagers placed by customers B Players’ winnings • Winners’ pay - outs OPEX • Agents’ commissions (variable, calculated as a % NGR) • IT related costs from gaming suppliers (semi - variable) • Other expenses include rental, content fees (fixed) SG&A • Personnel expenses • Marketing expenses (flexible in medium term) Gaming Taxes D A B C Gross gaming revenue (GGR) C D E Net gaming revenue (NGR) Key P&L drivers Reported financial information Segment financials • 100% basis • Used to review and analyze performance of each individual segments Consolidated financials • Reported under IFRS • Impacted by changes in ownership and consolidation scope • Reflect 100% of Greece and Cyprus and Austria businesses, Italian business as equity method investee Pro rata financials • Alternative view that reflects the economic interest in each segment • Used to review overall performance • Basis for internal reporting, KPIs, covenants • Tax base (usually GGR) multiplied by rate; varies based on type of game and country With the exception of Italy where revenues are based on: Amounts wagered x Commission

41 Source: H2GC Note: Scaled to reflect 2015A total wagers within each country 1) Digital increase calculated as growth in digital wagers from 2015A – 2019A, as a percentage of digital wagers for 2015A 2) No data for Czech 2015A digital 2015A 2019A 2015A 2019A 2015A 2019A 2015A 2019A 2015A 2019A UK Online lottery grows total wagers in markets where it has been introduced Online lottery generally expands total market size and does not cannibalize the retail lottery market’s growth European retail and digital lottery wagers 1 Digital wagers +26% Total growth +7% Total growth +32% Total growth +36% Total growth +68% Total growth +500% Digital growth +47% Digital growth +164% Digital growth +88% Digital growth Ireland Retail wagers France Hungary Czech Republic

42 Source: Company information, UK Gambling Commission. Connectivity Partner Infrastructure / Technology Partner • Team of UK and international experts with considerable experience in the UK’s retail, gaming, digital and entertainment sectors • Global leader in lottery games, sports betting and technology Allwyn Selected Preferred Applicant for UK National Lottery License Tender in March 2022 1 UK National Lottery Overview 2 • State - licensed national lottery; established in the UK in 1994 • Currently operated by Camelot UK Lotteries; licence was granted in 1994, 2001, and 2007 • Extensive retail network; ~ 44k retailers represent ~70% of sales • Europe’s largest online lottery by sales; > 7.5m active registered players • ~94% of the UK population live or work within 1 mile of a National Lottery Terminal • Online ticket sales accounted for almost a third of all ticket sales in FY20 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. 2) Based on Camelot disclosure as per FY2020A public financial reporting Allwyn UK Operations and Partnerships License Competition Milestones The Gambling Commission, as the regulator of the National Lottery, issues the license to operate the lottery 28 Aug 2020 4 th National Lottery license competition was launched 26 Oct 2020 Invitation to Apply issued to all applicants who passed initial Selection Questionnaire 19 Oct 2020 Final applications submitted by 4 groups: Camelot, Allwyn, Sisal, and The New Lottery Company; which is the largest number of applicants since the lottery’s founding 15 Mar 2022 Allwyn announced as the Preferred Applicant for the Fourth National Lottery license The award of the license is currently being contested in legal proceedings. Upon the Gambling Commission making the Award Notification, it is expected to enter into legal arrangements with the preferred bidder to start transition period February 2024 Expected start date for Fourth National Lottery license which will last 10 years

43 Q1 - 19 Q2 - 19 Q3 - 19 Q4 - 19 Q1 - 20 Q2 - 20 Q3 - 20 Q4 - 20 Q1 - 21 Q2 - 21 Q3 - 21 Q4 - 21 Total NGR Q1 - 19 Q2 - 19 Q3 - 19 Q4 - 19 Q1 - 20 Q2 - 20 Q3 - 20 Q4 - 20 Q1 - 21 Q2 - 21 Q3 - 21 Q4 - 21 Austria - domestic and international casinos Greece (excl. Stoiximan) Impact of COVID on our top - line Strong performance in segments not impacted by COVID, COVID impacted segments remained below 2019 levels in 2021 Note: Greece financials not pro forma for subsequent acquisitions of additional interests in OPAP 1) Pro rata calculations for each quarter illustratively based on current stakes as of Q4 - 21 to demonstrate organic growth More impacted segments Organic NGR 1 , €m Combined performance Organic NGR 1 , €m Segments with limited impact from COVID Organic NGR 1 , €m • Austrian Lotteries, Czech Republic, Italy, Stoiximan – Minimal COVID - 19 impact after the first wave in Q1 / Q2 - 20 – Strong performance since then, benefiting from rapid customer shift to online – NGR in Q4 - 21 13% higher than in Q4 - 19 (pre - pandemic) on organic basis 1 Q1 - 19 Q2 - 19 Q3 - 19 Q4 - 19 Q1 - 20 Q2 - 20 Q3 - 20 Q4 - 20 Q1 - 21 Q2 - 21 Q3 - 21 Q4 - 21 Austrian Lotteries Czech Republic Greece - Stoiximan Italy • Greece physical retail, Austrian casinos – Heavily impacted in H1 - 21 – Good recovery in Q3 - 21, with NGR largely in line with pre - pandemic Q3 - 19 levels on an organic basis – Q4 - 21 NGR 9% lower than Q4 - 19 due to impact from COVID - 19 restrictions % Growth Growth: 12.8% Growth: (9.2%) % Growth Growth: 2.5% • Q4 - 21 Group NGR was 3% above Q4 - 19 on an organic basis 1 • Total Q4 - 21 Group NGR was 29% above Q4 - 19, reflecting both organic and inorganic growth % Growth

44 Summary of adjustments to operating EBITDA Operating EBITDA 2019 2020 2021 Austria 211 147 232 Czech Republic 95 84 107 Greece and Cyprus 413 260 555 Italy 396 311 409 Corporate – SAZKA Group (27) (30) (14) Corporate – Allwyn – – (39) Adjustments to Operating EBITDA Austria – (4) (21) Czech Republic – (2) 4 Greece and Cyprus 1 66 23 Italy – – – Corporate – SAZKA Group 10 15 7 Corporate – Allwyn – – 16 Adjusted EBITDA Austria 211 143 211 Czech Republic 95 82 111 Greece and Cyprus 413 326 578 Italy 396 311 409 Corporate – SAZKA Group (17) (15) (7) Corporate – Allwyn – – (23) 100% Basis (€m) Operating EBITDA Adjustments Breakdown 2019 2020 2021 Austria adjustments Casino Linz insurance gain + restructuring non - personnel costs – (4) (1) Argentina arbitration gain – – (16) Other – – (5) Total Austria adjustments – (4) (21) Czech Republic adjustments Gain from cancellation of obligation to acquire entity – (2) – Charitable donation to support disaster relief and other – – 4 Total Czech Republic adjustments – (2) 4 Greece and Cyprus adjustments Hellenic Lotteries minimum gaming tax adjustment – 38 25 Litigation provision (16) 5 (1) COVID - 19 related extraordinary costs – 10 (4) Other non - recurring costs and write - offs 17 13 3 Total Greece and Cyprus adjustments 1 66 23 Corporate adjustments – SAZKA Group Inorganic business development costs 10 15 20 Arbitration gain – – (13) Total Corporate adjustments – SAZKA Group 10 15 7 Corporate adjustments – Allwyn Inorganic business development costs - - 16 Total Corporate adjustments – Allwyn - - 16

45 The risks presented below are certain of the general risks related to Allwyn AG (or "Swiss NewCo," following the closing of the Business Combination) (the "Company") (the Company, together with its subsidiaries, joint ventures and associates, the "Group"), Cohn Robbins Holdings Corp. ("SPAC") and the Proposed Business Combination between the Company and SPAC (the "Business Combination") and such list is not exhaustive. The list below has been prepared solely for purposes of the Business Combinations, and solely for potential investors in the Business Combination, and not for any other purpose. You should carefully consider these risks and uncertainties, and should carry out your own diligence and consult with your own financial and legal advisors concerning the risks and suitability of such an investment before making an investment decision. Risks relating to the business of the Company are included in the Form F - 4 filed by the Company with the SEC on May 20, 2022. The risks presented in such filings are consistent with those that would be required for a public company in its SEC filings, including with respect to the business and securities of the Company and SPAC and the Business Combination, and may differ significantly from, and be more extensive than, those presented below. Risks Related to the Group's Industry and Business • Risks related to COVID - 19 and related public health measures; • Risks related with the strict and ongoing regulation of the lottery and gaming industry; • Risks related to the maintenance of licenses and concessions in each jurisdiction, which may be dependent on shareholders also meeting specific regulatory requirements; • Risks related to the potential loss, modification, or challenges to Allwyn AG’s licenses and concession agreements; • Changes in tax regimes, tax audits, tax penalties, and special levies and fees; • Risks related to Allwyn AG’s potential inability to respond to future changes in technology; • Risks related to government actions, political events or other changes in the countries in which Allwyn AG operates; • Risks related to the competitiveness of the gaming industry; • Risks related to the illegal lottery and gaming market and competitors whose legal status is unclear; • Inability to successfully obtain the expected benefits from existing or future strategic investments, partnerships and acquisitions; • Risks related to not wholly owning several of the entities that operate Allwyn AG’s businesses and that account for a substantial portion of its GGR; • Risks related to the use of a network of agents for product distribution; • Reliance on a low number of suppliers; • Allwyn AG’s business model depending upon the continued comparability between its platforms and the major mobile operating systems and upon third - party platforms for its product distribution; • Risks related to Allwyn AG’s business and third parties’ failure to maintain effective compliance procedures and policies; • Risks related to the negative perception and publicity about the lottery and gaming industry; • Technical failures and security breaches of operating systems and networks; • Risks related to pay - out fluctuations or betting outcomes; • Fluctuations in the timing and frequency of sporting events during the calendar year; • Inability to successfully maintain and enhance Allwyn AG’s brands; • Risks related to the name change and rebranding from SAZKA Entertainment to Allwyn; • Uncertainties about consumer preferences for lotteries and games; • Identification of a material weakness and a potential failure to maintain effective and proper internal controls; • Swiss NewCo’s Slovakian auditor is not currently subject to PCAOB inspection; • Uncertainties surrounding Allwyn AG’s online offerings; • Risks related to data leakage; • Risks related to work stoppages or other labor disputes; • Inability to attract, train or retain key management and qualified employees; • Taxation of unrealized foreign exchange gains; • Failure to maintain adequate insurance for Allwyn AG’s business activities; • Risks related to the breach of intellectual property rights; • Risks related to Allwyn AG’s substantial indebtedness; • Control exerted by the existing major shareholder of Allwyn AG; • Risks related to additional tax liabilities; • Uncertainties surrounding Allwyn AG’s financial projections of Allwyn AG and its subsidiaries; • Risks relating to Allwyn AG’s substantial indebtedness; Risk factors

46 Risk factors (Continued) Risks Related to the Company’s Industry and Business • Risks relating to the conflict between Russia and Ukraine; • A potential adverse affect on Allwyn AG’s operations by ongoing developments in Russia, Ukraine and surrounding countries; • Unstable market and economic conditions are expected to have additional global consequences; • Swiss NewCo is not guaranteed to become the next UKNL (as defined below) operator; and • Camelot’s (as defined below) recent results and past performance may not be indicative of Swiss NewCo’s future results and performance. Risks Relating to the Swiss NewCo Shares • Lack of prior public trading of the Swiss NewCo Class B Shares; • Risks related to the Swiss NewCo Class B Shares not being listed in the Company’s home jurisdiction, and the resulting lack of shareholder protections under Swiss law; • KKCG’s voting control will limit or preclude the ability of other shareholders to influence corporate matters; • Risks related to the dual - class share structure depressing the Swiss NewCo Class B Shares’ trading price; • Compliance with gaming regulatory requirements by certain shareholders; • Risks related to the issuance of additional debt or equity securities and its resulting dilution of other shareholdings; • Shareholders may not have, or be entitled to exercise, preferential subscription rights in future equity offerings; • Risks related to shareholder’s rights and responsibilities under Swiss law, which will differ in some respects from the rights and obligations of shareholders under the laws of other jurisdictions; • Risks related to Allwyn AG’s reliance on its subsidiaries to make dividend payments and distributions; and • Exchange rate risk for shareholders or investors whose principal currency is not the euro. Risks Related to the Business Combination • Lack of operating or financial history; • Risks associated with the COVID - 19 pandemic; • Inability of Cohn Robbins and Allwyn AG to enter into certain transactions that might otherwise be beneficial to Cohn Robbins, Allwyn AG or their respective shareholders during the pre - closing period; • Loss of key management personnel and other key employees; • Third - party delays; • Differences in voting for the Business Combination between the Cohn Robbins Sponsor LLC and Cohn Robbins’ shareholders; and • Waiving conditions to the Business Combination. Risks if the Adjournment Proposal is Not Approved • The Cohn Robbins Board will not have the ability to adjourn the extraordinary general meeting of shareholders to, among other things, solicit further votes and the Business Combination will not be approved. Risks if the Business Combination is Not Consummated • Cohn Robbins would cease all operations except for the purpose of winding up; • You will not have any rights or interests in funds from the Cohn Robbins' trust account (the "Trust Account") except under limited circumstances; • Public shareholders of Cohn Robbins may not receive any redemption payments from the Trust Account until after September 11, 2022; • If the Business Combination is not consummated, a potential target may perceive leverage over Cohn Robbins in negotiating an initial business combination; and • Resources could be used to research acquisitions that are not completed and, if an initial business combination is not completed by September 11, 2022, Cohn Robbins’ public shareholders may receive only approximately $10.00 per share (or less than $10.00 per share in certain circumstances).

47 Risk factors (Continued) Risks Related to Cohn Robbins • There is no guarantee that a Cohn Robbins shareholder’s decision to redeem shares for a pro rata portion of the Trust Account will put such shareholder in a better future economic position; • If a Cohn Robbins shareholder fails to comply with the redemption requirements specified herein, they will not be entitled to redeem their Cohn Robbins public shares; • If you or a “group” of shareholders of which you are a part are deemed to hold an aggregate of 15% of the public shares, you will lose the ability to redeem all such shares in excess of 15% of the Cohn Robbins public shares; • The Cohn Robbins Initial Shareholders and Cohn Robbins’ officers and directors have interests that are different, or in addition to, the interests of Cohn Robbins’ shareholders and a conflict of interest may have existed in determining whether the Business Combination is appropriate; • Certain Cohn Robbins shareholders and Cohn Robbins’ officers and directors agreed to vote in favor of the Business Combination; • Cohn Robbins Sponsor LLC or any of Cohn Robbins’ directors, officers or advisors may elect to purchase Cohn Robbins stock or public warrants prior to the consummation of the Business Combination; • Cohn Robbins' public warrants and private placement warrants are accounted for as liabilities; • Cohn Robbins has identified a material weakness in its internal controls over financial reporting; • Cohn Robbins (and Swiss NewCo, following the Business Combination) may face litigation and other risks as a result of the material weakness in Cohn Robbins’ internal controls over financial reporting; • Each of Cohn Robbins and Allwyn AG will incur significant transaction and transition costs in connection with the Business Combination; • The exercise of redemption rights with respect to a large number of Cohn Robbins public shares could increase the probability that the Business Combination would be unsuccessful; • Cohn Robbins’ public shareholders will experience immediate dilution in the Business Combination; • A third - party valuation was not obtained in determining whether or not to pursue the Business Combination; • Founders holding certain shares control the election of the Cohn Robbins Board until the consummation of a business combination; • Cohn Robbins’ discretion in agreeing to changes or waivers in the Business Combination Agreement may result in a conflict of interest; • Subsequent to consummation of the Business Combination, Swiss NewCo may be exposed to unknown or contingent liabilities; • Investors will not have the same benefits as an investor in an underwritten public offering; • The Trust Account could be reduced in the event third parties bring claims against Cohn Robbins; • The Cohn Robbins Board may decide not to enforce the indemnification obligations of Cohn Robbins Sponsor LLC; • Risks relating to a winding - up or bankruptcy or insolvency position; • Cohn Robbins shareholders may be held liable for claims by third parties against Cohn Robbins; • Risks relating to Cohn Robbins’ status as incorporated under the laws of the Cayman Islands and • A provision in Cohn Robbins’ warrant agreement may make it more difficult for Cohn Robbins to consummate the Business Combination. Risks Related to the Redemption of Cohn Robbins Class A Shares • As the number of redemptions of Cohn Robbins shares increase, the implied value of Swiss NewCo shares ultimately issuable to Cohn Robbins’ shareholders will also increase; and • Cohn Robbins has a minimum cash condition, which may make it more difficult for Cohn Robbins to complete the Business Combination.