Codere S A : Annual Report Codere 2020

Dear readers:

This year, once again, we would like to inform you of the developments in our business, our policies, and our actions during an unusual, complicated 2020, in which the health crisis had a powerful impact on the entire world, slowing economic growth and testing the strength of organizations.

With this goal, we are presenting this Integrated Report, prepared under the strictest corporate reporting standards, in which we have sought to lay out the most relevant aspects of Codere's performance in its various markets.

As you well know, beginning in March, with the onset of the pandemic, 2020 revealed itself as the most uncertain, troubling year in our recent history. The restrictive measures implemented across

the world to halt the spread of the coronavirus resulted in the sudden closure of Codere's on-site operations, causing a significant decline in the company's revenues and consequently its cash flow. In the face of these difficult circumstances, the organization was once again able to demonstrate its flexibility and adaptability, responding to

the situation in a responsible, dynamic, and comprehensive manner.

We have been able to overcome this situation thanks, in part, to our Group's strong cultural values. As part of our comprehensive transformation process in recent years, we have been eagerly reinforcing these values, driven by the very essence of our organization. Our values are what make Codere a unique company. They consist of placing the customer at the center of our strategy; focusing on efficiency; working in teams committed to excellence, with integrity and transparency; and working with an innovative attitude, leveraged by technology.

Based on these pillars, from the very beginning the company deployed a committed, global, and effective response to the health crisis and successfully mitigated some of its effects.

First, it is worth noting Codere's effort to guarantee people's safety at all times, through general preventive measures that have been adapted to the specific circumstances and regulations of each country. The Prevention Protocol implemented in the group promotes teleworking throughout the organization, reinforces cybersecurity mechanisms,

Norman Sorensen Valdez | Non-Executive Chairman of Codere Group

and intensifies training and internal communication, through the creation of various tools that were specifically designed for this difficult moment. These tools include Codere en positivo and Espacio positivo, which have provided a meeting place, motivation, and a source of relevant information for dealing with the current situation and learning about the company's activities.

In addition, since on-site activities gradually began to reopen in May, Codere has prepared a Protocol for Safe Return to the gaming halls and workplaces and has set up an ad hoc committee responsible for the coordination, monitoring, and continuous improvement of these processes.

The Human Resources Department has worked to modify the company's structure to meet its changing needs, ensuring the optimal sustainability of the Group while maintaining the well-being and safety of our employees and customers.

In the financial realm, in March Codere approved a Contingency Plan with the goal of preserving its liquidity and responding to possible interruptions in normal business operations. At the same time, the company has worked hard this year to successfully complete a Refinancing Operation, which has enabled us to extend the maturity of our debt and