Hypebeast SPAC Presentation Deck

Valuation Benchmarking: Public Comparables EV/ FY 2021E EBITDA EVI FY 2021E Revenue HYPEBEAST 14.6x Hypebeast Buzzfeed 3.1x 25.9x Hypebeast 2.7x Buzzfeed 20.3x NY Times 3.1x NY Times Media Median: 23.4x 22.0x Warner Music Median: 3.6x 4.3x Warner Music 23.4x S4 Capital 3.7x S4 Capital 27.8x Playboy 3.6x Playboy Inventory eCommerce 12.8x Mytheresa 1.2x Mytheresa Median: 25.2x 37.6x Revolve Median: 1.2x 4.3x Revolve nm Stitch Fix 0.5x nm TheRealReal 1.9x Marketplace & ReCommerce nm nm nm Poshmark 1stdibs.com ThredUp 1.5x Stitch Fix TheRealReal Poshmark Median: N/A Source: Buzzfeed Press Release; CapitallQ as of 3/22/2022. * Implied based on H1 FY2021 actual EBITDA margin and historical interim financial results for the period ended September 30, 2021 published on December 8, 2021. ** Based upon Hypebeast projected revenue of not less than US $112 million for the Fiscal Year Ending March 31, 2022. Median: 1.9x 1.6x 2.6x 1stdibs.com ThredUp nm Farfetch 2.3x Farfetch 15.9x Moncler 6.7x Moncler Luxury Median: 22.9x 22.9x Richemont Median: 4.8x 4.8x Richemont 26.6x V.F. Corp 3.0x V.F. Corp 33

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