Anghami Inc. · NASDAQ:ANGH
Anghami — SPAC Merger (March 2021)
48 slides from Anghami's SPAC merger presentation, Mar 4, 2021
Slide 1: Investor Presentation
ACQUISITION COMPANY INVESTOR PRESENTATION
Slide 2: Disclaimer
02 DISCLAIMER This investor presentation (this “presentation’) is for informations! purposes only and does not constitute sn offer to sell, # solicitation of an offer to buy, or # recommendation to purchase any equity, debt or other financial instruments of Vistas Media Acquisition Company Ince Dela
Slide 3: Disclaimer
03 DISCLAIMER No Offer or Solicitation This presentation shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Business Combination. This presentation shall also not constitute an offer to sell or the solicitation of an offer to
Slide 4: Disclaimer
DISCLAIMER Additional information Vistas intends to file 8 preliminary proxy statement/prospectus with the SEC in connection with the Business Combination and wall mail a definitive proxy statement/prospectus and ather relevant documentation to its stockholders. This presentation does not contain al
Slide 5: Investment Summary
05 INVESTMENT SUMMARY NUMBER 1 MUSIC APP IN THE MENA! REGION WITH A BELOVED BRAND (2) UNDERPENETRATED AND UNIQUE MARKET 3) TREMENDOUS GROWTH POTENTIAL @) anghami (4) VALIDATED POTENTIAL TO EVOLVE TOWARDS A LEADING ENTERTAINMENT PLATFORM hehe oa rs ) VISIONARY FOUNDERS BACKED BY LEADING INVESTORS IN
Slide 6: Anghami is the #1 music app in MENA
06 ANGHAMI IS THE #1 MUSIC APP IN MENA’ ACTIVE USERS = MARKET SHARE _s=~PAID SUBS O e 15M 58%. 73:nins OPERATING IN GENERATING OVER il ] QO . user data points yls vi countries per day and first mover ‘'Middle East & North Africa ?MiDia report July2020 *Avg 2020 y ©)
Slide 7: With one of the best unit economics in emerging markets
07 WITH ONE OF THE BEST UNIT ECONOMICS IN EMERGING MARKETS 6 Churn rate LTV /CAC on on monthly monthly (~) paying subs paying subs rage CAC re ] Conversion Nn paying Rate! subs és oor Note: As of FY20 ‘Measured as total subscribers / total MAU Qi)
Slide 8: Anghami - the most recognised brand for music in the region
08 ANGHAMI - THE MOST RECOGNISED BRAND FOR MUSIC IN THE REGION INDEPENDENT SURVEY MOST POPULAR MOST FREQUENTLY USED @ ANGHAM| ~—s SpPOTIFY = @ DEEZER ‘ fi 35% " 36% Are aware of the Actually use the Use the service service service every week Source: Global Web Index, Nov '19; Egypt (n=202), Saudi Ar
Slide 9: Anghami is at an inflection point of rapid growth
09 ANGHAMI IS AT AN INFLECTION POINT OF RAPID GROWTH SUBSCRIPTION REVENUE ON TRACK TO BE GROWING AT 47% CAGR EBITDA POSITIVE IN 2021 T14M EBITDA Margin 47% CAGR 18-23 a 2 hg +5% 1% rs 69M ~ Ay . l-6% 39M 10% a 15% 26M “i * a 2018 2019 2020 202IF 2022F 2023F Source: Management Projections 2019 2020 2
Slide 10: Our vision is to create the largest music & media platform
10 Our vision is to create THE LARGEST MUSIC & MEDIA PLATFORM for MENA’ & Emerging markets
Slide 11: Audio entertainment trajectory
nN AUDIO ENTERTAINMENT TRAJECTORY ee ee ee ee en x x x Jow kv ww 70 Tw sO ww s0 \ pace Pa oR cnt [Soe ane e RR eae [Sock \ TOTAL ADDRESSABLE SHARE OF PEOPLE SHARE OF PEOPLE CURRENT \ MARKET" WHO STREAM? WHO SUBSCRIBE? MARKET SHARE® a \ ie ly afi GROSS REVENUE OPPORTUNITY in existing markets NEW FEAT
Slide 12: Regional exits: Careem and Souq
March 2019 e Careem was the “Uber” of the Middle East. It was first, incumbent, and had greater scale e Uber purchased Careem for $4.18bn. The first unicorn exit and the largest buyout in the region e Founded in Dubai in 2012 e Present across Middle East, North Africa, Pakistan and Turkey - operatin
Slide 13: Market Overview
"MARKET OVE RVIEW 6 aii |
Slide 14: Overview of global streaming growth
IEW OF GLOBAL STREAMING GROWTH MUSIC INDUSTRY SNAPSHOTS 9h CAGR, streaming revenue by 2020-27 86% Digital Share of Global Revenue 3.7K growth of live streaming events in 2021 32% growth in US Audio streams Dec 19 - Jun 20 GLOBAL RECORDED «0 MUSIC INDUSTRY heal) 40 30 20 10 Oo 2022E 2024E 2027E @D st
Slide 15: MENA: fastest growing market which is still nascent
15 MENA: FASTEST GROWING MARKET WHICH IS STILL NASCENT ADDRESSABLE MARKET TO GROW 1.5x BY 2025! (usp BN) —_———_ us @ x x | CURRENT PENETRATION e Measured as MAU / Addressable Market 5B Ay 3.7 — 29 3.1 Levant é a aces 8 1.5% “YNorth 5 55,7 2020 2021:«= 2022-2023 2024 «= 2025 a Nw 6% UAE Total global
Slide 16: Anghami aggregated a fragmented music labels market
16 ANGHAMI AGGREGATED A FRAGMENTED MUSIC LABELS MARKET ARABIC CATALOG _--- ARABIC CATALOG WAS FRAGMENTED . J AND NON-DIGITAL 7 er : ae, pg | 39K 600K Artists Songs ' | _—— » ANGHAMI DIGITALIZED THE REGION'S MUSIC INTERNATIONAL CATALOG & LONG STANDING PARTNERSHIPS WITH A O TOP 3 GLOBAL LABELS 2 2” on
Slide 17: Company Overview
| ey eV COMPANY OVERVIEW
Slide 18: Anghami has a multifold competitive advantage
18 ANGHAMI HAS A MULTIFOLD COMPETITIVE ADVANTAGE We are FIRST STREAMING SERVICE IN THE REGION 6 year head-start vs. global competitors LANGUAGE ADVANTAGE Only service available in English, Arabic & French LARGEST PHYSICAL PRESENCE with 5 offices across region CONTENT, OFFERS, AND CAMPAIGNS BY LOCALS
Slide 19: We are Local: first to market
We are Local ANGHAMI WAS THE FIRST TO MARKET AND CONTINUES TO THRIVE 19 May-18 ' : Dec-20 i Abu Dhabi 2016 2015 6 YEARS BEFORE SPOTIFY & DEEZER 3 YEARS BEFORE APPLE MUSIC
Slide 20: We are Local: hyperlocal by design
We are Local 20 OUR BUSINESS AND MUSIC IS HYPERLOCAL BY DESIGN UNDERSTAND WHAT USERS WANT DELIVER ENGAGING EXPERIENCES ARABIC IS 1% ~50% OF TOTAL ca es OF TOTAL CATALOG STREAMS PODCASTS <a 68% Yo ee oe BN VA veal o x TOP ARTISTS IN REGION: ALL LOCAL e=y #1 IN LOCAL CONTENT WITH 600K+ ARABIC CATALOG
Slide 21: Anghami is synonymous with Arabic music
Slide 22: We are Embedded: partnerships with telcos
We are Embedded 22 PARTNERSHIPS WITH 36 TELCOS ACROSS REGION PROVIDES A READY USER BASE M OUTREACH TO ACCESS TO CUSTOMER Stc Telecom) I BROADER AUDIENCE “"if" INFORMATION ESTABLISH A STRONGER Se hob be ENHANCE BRAND UNDERSTANDING OF EVERY Me VISIBILITY @) MARKET ALLOWS DEEPER ACCESS PROMOTE EXISTING
Slide 23: We are Embedded: artists prefer Anghami
We are Embedded 23 ARTISTS PREFER ANGHAMI BECAUSE OF THE USER BASE, FOLLOWER SIZE AND BRAND NAME FOLLOWERS ON PLATFORM (M) SAMPLE POPULAR ARTISTS ® angharri (@ YouTube: f © Spotify a -deezer , z ® NANCY AJRAM 14.7 4 5 © TAMER HOSNY 11.9 65 6 AMR DIAB 11.5 i: | : 5) = =) NO 7) HUSSEIN AL JASSMI_ Sour
Slide 24: We are Data Driven
We are Data Driven DATA IS AT THE HEART OF WHAT WE DO DRIVE BETTER RECOMMENDATIONS =. oe REDUCES CHURN AND DRIVES ENGAGMENT WE USE DATA TO - ENHANCE ADVERTISING TO DRIVE REVENUE AND MARGINS a ENHANCE THE ARTISTS EXPERIENCE ra oe? DRIVES ENGAGEMENT AND REVENUE A o---ail CREATE ORIGINALS ia | TO DRIVE
Slide 25: Our original content creates 60% ROI on average
We are Data Driven 25 OUR ORIGINAL CONTENT CREATES 60% ROI ON AVERAGE VriAl writ Bolore Ps + In-house music production + Advance artists & influencers platform content rigorously + Promote local artists + Create exclusive content for through local production Anghami users Source: Company Information
Slide 26: Our content advantage
26 OUR CONTENT ADVANTAGE BEING LOCAL, EMBEDDED, AND DATA-DRIVEN REINFORCES OUR CONTENT STRATEGY Publishing platform with deep First mover with 6 year insights - Discovers and promotes local creators head-start - unmatched localized and personalized experience First platform for both local and e Over
Slide 27: Our Tech
——— @® anghami Search & Discover Popular OUR TECH
Slide 28: Our cutting edge tech is designed for the culture and lifestyle in MENA
28 OUR CUTTING EDGE TECH IS DESIGNED FOR THE CULTURE AND LIFESTYLE IN MENA ‘a0% Match your music tastes with friends -————o_e*_umeo — and discover your music buddies Users recommended other wd WX profiles via music matching Create and share playlists with your friends —_—— increase in collaborative
Slide 29: Live Radio: audio rooms for artists, creators & users
29 LIVE RADIO: AUDIO ROOMS FOR ARTISTS, CREATORS & USERS POWERING THE CREATOR ECONOMY WITH AUDIO CHANNELS AS AN ALTERNATIVE MONETIZATION STRATEGY FANS AND — USER-GENERATED a INFLUENCERS CREATE pa | CONTENT FROM LIVE { -¥j LIVE SHOWS fe ~ aad | RADIO SHOWS i A = %) ar 1 e the nan. as Ty gS) = - a ‘te
Slide 30: Business Model
BUSINESS MODEL
Slide 31: Attractive business model with diverse revenue streams
31 ATTRACTIVE BUSINESS MODEL WITH DIVERSE REVENUE STREAMS 81% of revenue of revenue SUBSCRIPTION c VERTISING 21% of users 79% of users a A 60% of revenue os) o) : (Y\ > from 36 TELCO © Lufthansa HUAWEI PARTNERSHIPS st R Berchka Over 40% of revenue 280 ~* from APP STORE v Global brands SUBSCRIPTIONS
Slide 32: The Future of Anghami
THE FUTURE OF ANGHAMI
Slide 33: New growth areas
KK) NEW GROWTH AREAS DEEPER PENETRATION INTO HIGH GROWTH & HIGH REVENUE MARKETS GEOGRAPHICAL EXPANSION PRODUCT GROWTH WITH NEW MONETIZATION CHANNELS Live Radio «Live concerts * Branded content
Slide 34: Deeper penetration into existing markets
DEEPER PENETRATION INTO EXISTING MARKETS By 2023 monthly active users expected to grow 316% across markets Saudia Arabia and Egypt will contribute 51% to total growth SAUDI ARABIA 9M 8M 50% CAGR '19-'23 7M 6M SM 4M 2M 14 aaa 1M a am, OM 2019 2020 2021F 2022F qm = MONTHLY ACTIVE USERS Source: Managem
Slide 35: Geographical expansion
35 GEOGRAPHICAL EXPANSION Expand to other countries outside the MENA region BUILD LOCAL CHAMPIONS SERVE DIASPORA BETTER cA APAD IA (\C.4UUMM) JRA \C.LUUMM) Majority of Diaspora No major players Strong local preferences 30,000 subscribers $2.8 ARPU_ ~» O marketing spend Note: Figures for 2020 Source:
Slide 36: Product monetization: new revenue streams from features users love
PRODUCT MONETIZATION: NEW REVENUE STREAMS FROM FEATURES USERS LOVE err yrri tyre LIVE CONCERTS BRANDED CONTENT
Slide 37: Financial Summary
FINANCIAL SUMMARY
Slide 38: Significant value creation for investors
SIGNIFICANT VALUE CREATION FOR INVESTORS EV/ Sales Spotify trades at 167% premium to Anghami on EV/Sales 23F EV/ GP Spotify trades at 263% premium to Anghami on EV/GP 23F EV/ Subs Spotify trades at 859% premium to Anghami on EvV/Subscriber rile 25X 20X 15X 10X 5X Ox 82 83 45 oh} 7 5 AN SP TM NE 25 2
Slide 39: Impressive track record of topline growth and profitability evolution
39 IMPRESSIVE TRACK RECORD OF TOPLINE GROWTH AND PROFITABILITY EVOLUTION Total Revenue Gross Profit EBITDA 22% CAGR '17-'20e Growth marketing cut by 23% due to COVID but 76% CAGR 17-20e Subscription still 97% reduction on grew 6% EBITDA losses in 4 years Pecos $89M 89M ‘$85M 2017 +2018 2019 2020 201
Slide 40: Cash proceeds to balance sheet will be used to drive growth
40 CASH PROCEEDS TO BALANCE SHEET WILL BE USED TO DRIVE GROWTH USES OF FUNDS Growth Marketing R&D and Infrastructure Content Production Branding New hires Geographic expansion Cash Cushion Note:Estimates based on cash to balance sheet net of redemptions and PIPE proceeds @)
Slide 41: Growth marketing will continue to be efficient
4 GROWTH MARKETING WILL CONTINUE TO BE EFFICIENT... IMPROVED ROI ON MARKETING SPEND pincez0l7, marketing has been increasingly efficient. Forecast period assumes, conservatively, that ROI yen 12.8X falls back to 2018 levels as we scale Targeting, content recommendation and churn - have all been opti
Slide 42: Leading to increased user base and revenues
42 ---LEADING TO INCREASED USER BASE AND REVENUES ANGHAMI MAU FORECAST ANGHAMI REVENUE FOR ST 403 $350M zs 40M 60 35M 49% CAGR $300M * 30M ZALES 40 $250M ea da $200M 20M ra $150M 15M 18 10M 2 r $100M « @ ' $50M om $om Fy2i* FY22 FY23 FY24" FY25 @mM™ MONTHLY ACTIVE USERS qm Ads Revenue @@m Content Li
Slide 43: Where is Anghami heading?
43 WHERE IS ANGHAMI HEADING? ZOlS 2020 2023e Monthly Active Users 9 ~3™” ~3x) ~8mn 3x) ~27mn Paying Users ~202k 2x) ~1.4mn 6x) ~8.2mn Gross ~$6mn ~3Imn ~$149mn Revenue Gross Profit ~$820k @ ~$8.8mn 7x) ~$62mn Source: Management Projections 1
Slide 44: Bridge to growth is clear and achievable
BRIDGE TO GROWTH IS CLEAR AND ACHIEVABLE 23 Ad Revenues expected to grow by a CAGR 26 of 75% on the back of Direct Ads / Ad Server initiatives 2020 Revenues Ad Revenues Source: Management Projections “> Exclusive content Subscribers to grow by 4.8x with stable ARPUs across countries assumed Content
Slide 45: Transaction Summary
45 TRANSACTION SUMMARY PRO-FORMA SOURCES & USES VISTAS MEDIA POURCES yore ACQUISITION COMPANY Cash in Trust $100M Anghami consideration! $180M ©) anghami PIPE Proceeds $n0M Transaction Expenses $6.6M Anghami Rollover Equity $n9M Cash to the balance sheet $142.4M Total Sources $329M Total Uses $329M
Slide 46: Our team combines over years across music, tech, telcom and finance
46 OUR TEAM COMBINES OVER 100 YEARS ACROSS MUSIC, TECH, TELCOM AND FINANCE 3 3 ry ELIE HABIB CHOUCRI KHAIRALLAH : cTo, coroner’ tech VP Business Development Serial entrepreneur, juct ai i nectior veteran with experience in multiple ma Se ceranioues alla ‘successful startups. past 8 years. @) anghami
Slide 47: Vistas Media will support Anghami's transition and expansion
47 VISTAS MEDIA WILL SUPPORT ANGHAMI'S TRANSITION AND EXPANSION Media and Entertainment operating experience across North America, Europe & Asia ¢ Films & Televisions * Animation & VFX * LIVE Events & Concerts * OTT/ Online Streaming Platform * Gaming ¢ Digital Media and Marketing Multi-Format Conte
Slide 48: anghami :
anghami : A Mm hei — e ® “se Es *