Anghami SPAC Presentation Deck

Global Peers and Middle East SPAC Valuation Multiples Enterprise Value / 2022E Revenue 3.3x Spotify Enterprise Value / 2023E Revenue 2.8x Spotify Streaming Services Peers Median: 3.3x 1.9x 7/² TENCENT MUSIC ENTERTAINMENT Streaming Services Peers Median: 2.8x 1.8x 7/² TENCENT MUSIC ENTERTAINMENT 8.2x NETFLIX 7.1x NETFLIX Note: (1) Source: SWVL SPAC investor presentation, July 2021. SWVL is an Egypt-based Middle East SPAC target focusing on mass transit mobility. Multiples are calculated based on SWVL's reconciliation from Gross Revenue (a non-IFRS measure) to IFRS Revenue. Source: Thomson Refinitiv, priced as of December 29, 2021. MENA SPAC 9.7x swl MENA SPAC 3.1x swl (1) (1) 28 anghami

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