#1anghami VISTAS MEDIA ACQUISITION COMPANY INVESTOR PRESENTATION MARCH 2021#2DISCLAIMER This investor presentation (this "presentation") is for informational purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase any equity, debt or other financial instruments of Vistas Media Acquisition Company Inc, a Delaware corporation ("Vistas"), or Anghami, a Cayman Islands exempted company ("Anghami") or any of their affiliates' securities (as such term is defined under the U.S. federal securities laws]. This Presentation has been prepared to assist parties in making their own evaluation with respect to the proposed transaction (the "Business Combination") between Anghami and Vistas contemplated by that certain business combination agreement (the "Business Combination Agreement] by and among Vistas, Anghami and the other parties thereto and for no other purpose. It is not intended to form the basis of any investment decision or any other decisions with respect to the Business Combination. No Representation or Warranty No representation or warranty, express or implied, is or will be given by Vistas or Anghami or any of their respective affiliates, directors, officers, employees, advisers or any other person as to the accuracy or completeness of the information in this presentation or any other written, oral or other communications transmitted or otherwise made available to any party in the course of its evaluation of the Business Combina- tion, and no responsibility or liability whatsoever is accepted for the accuracy or sufficiency thereof or for any errors, omissions or misstatements, negligent or otherwise, relating thereto. This presentation does not purport to contain all of the information that may be required to evaluate a possible investment decision with respect to Vistas, and does not constitute investment, tax or legal advice. The recipient also acknowledg- es and agrees that the information contained in this presentation is preliminary in nature and is subject to change, and any such changes may be material. Vistas and Anghami disclaim any duty to update the information contained in this presentation. Any and all trademarks and trade names referred to in this presentation are the property of their respective owners. Forward-Looking Statements This presentation contains "forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements regarding the estimated future financial performance, financial position and financial impacts of the Business Combination, satisfaction of closing conditions to the Business Combination, the level of redemption by Vistas' public stockholders and purchase price adjustments in connection with the Business Combination, the timing of the completion of the Business Combination, the anticipated EBITDA of the combined company following the Business Combination, anticipated ownership percentages of the combined company's stockholders following the Business Combination, and the business strategy, plans and objectives of management for future operations, including as they relate to the potential Business Combination. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "estimate," "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. When Vistas discusses its strategies or plans, including as they relate to the Business Combination, it is making projections, forecasts and forward-looking statements. Such statements are based on the beliefs of, as well as assumptions made by and information currently available to, Vistas' management. These forward-looking statements involve significant risk and uncertainties that could cause actual results to differ materially from the expected result. Most of these factors are outside Vistas' and Anghami's control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Business Combination Agreement; (2) the outcome of any legal proceedings that may be instituted against the parties or the combined company following announcement of the proposed Business Combination; (3) the inability to complete the transactions contemplated by the Business Combination Agreement due to the failure to obtain approval of the stockholders of Vistas or other conditions to closing in the Business Combination Agreement; [4] the risk that the announcement of the proposed Business Combination disrupts current plans and operations; (5) the ability of the combined company to meet its financial and strategic goals, due to, among other things, competition, the ability of the combined company to grow and manage growth profitability and maintain relationships with suppliers and customers; (6) costs related to the Business Combination; (7) changes in applicable laws or regulations; (8] the possibility that the combined company may be adversely affected by other economic, business, competitive factors, weather and/or commodity prices; and (9) other risks and uncertainties described in the documents filed with the U.S. Securities and Exchange Commission (the "SEC") by Vistas or Anghami. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and Vistas and Anghami undertake no obligation to update or review the forward-looking statements whether as a result of new information, future events or otherwise. 02#3DISCLAIMER 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 buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. Use of Projections This presentation contains financial forecasts. Neither Vistas' nor Anghami's auditors have audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this presentation, and accordingly, neither of them expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this presentation. These projections are for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. In this presentation, certain of the above-mentioned projected information has been provided for purposes of providing comparisons with historical data. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. Projections are inherently uncertain due to a number of factors outside of Vistas' or Anghami's control. Accordingly, there can be no assurance that the prospective results are indicative of future performance of Vistas, Anghami or the combined company after the Business Combination or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this presentation should not be regard- ed as a representation by any person that the results contained in the prospective financial information will be achieved. Industry and Market Data In this presentation, we rely on and refer to information and statistics regarding market participants in the sectors in which Anghami competes and other industry data. We obtained this information and statistics from third-party sources, including reports by market research firms and company filings. Being in receipt of this presentation you agree you may be restricted from dealing in (or encouraging others to deal in] price sensitive securities. Non-IFRS Measures This presentation includes certain non-IFRS financial measures, including EBITDA. These non-IFRS financial measures are not calculated in accordance with international financial reporting standards ["IFRS") and should not be considered as alternatives to IFRS. These non-IFRS financial measures are included herein because Vistas and Anghami believe that the use of these non-IFRS financial measures provides an addition- al tool for investors to use in evaluating ongoing operating results and trends. Other companies may calculate their non-IFRS financial measures differently, and therefore Anghami's non-IFRS financial measures may not be directly comparable to similarly titled measures of other companies. Additionally, to the extent that forward-looking non-IFRS financial measures are provided, they are presented on a non-IFRS basis without reconciliations of such forward-looking non-IFRS financial measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. 03#4DISCLAIMER Additional Information Vistas intends to file a preliminary proxy statement/prospectus with the SEC in connection with the Business Combination and will mail a definitive proxy statement/prospectus and other relevant documentation to its stockholders. This presentation does not contain all of the information that should be considered concerning the Business Combination. Vistas' stockholders and other interested parties are advised to read, when available, the preliminary proxy statement/prospectus and any additional information filed by Vistas with the SEC concerning the Business Combination, as these materials will contain important information about Anghami, Vistas and the Business Combination. A definitive proxy statement/prospectus will be mailed to stockholders of Vistas as of a record date to be established for voting on the Business Combination. Stockholders will also be able to obtain copies of the proxy statement and other documents filed with the SEC that will be incorporated by reference in the proxy statement, without charge, once available at the SEC's website at www.sec.gov, or by directing a request to Vistas Media Acquisition Company Inc, 30 Wall Street, 8th Floor, New York, NY 10005. Participants in the Solicitation Vistas and its directors and executive officers may be deemed participants in the solicitation of proxies from Vistas stockholders with respect to the Business Combination. A list of names of such directors and executive officers and a description of their interests in Vistas is contained in Vistas final prospectus dated August 6, 2020, which was filed with the SEC on August 10, 2020 and is available free of charge at the SEC's website at www.sec.gov or by directing a request to Vistas Media Acquisition Company Inc., 30 Wall Street, 8th Floor, New York, NY 10005. Additional information regarding the interests of such directors and execu- tive officers will be contained in the proxy statement/prospectus for the Business Combination when available. Anghami and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from stockholders of Vistas in connection with the Business Combination. A list of the names of such directors and executive officers and a description of their interests in the Business Combination will be included in the proxy statement/prospectus for the Business Combination when available. 04#5INVESTMENT SUMMARY anghami Click here to watch video 1 ¹Middle East and North Africa NUMBER 1 MUSIC APP IN THE MENA¹ REGION WITH A BELOVED BRAND UNDERPENETRATED AND UNIQUE MARKET 2 3 TREMENDOUS GROWTH POTENTIAL 5 VALIDATED POTENTIAL TO EVOLVE TOWARDS A LEADING ENTERTAINMENT PLATFORM VISIONARY FOUNDERS BACKED BY LEADING INVESTORS IN REGION SHUAA capital psc. and Vistas Media Capital Singapore, have gathered commitments of a combined $40 million ($30 million from SHUAA and $10 million from Vistas Media Capital) in PIPE financing, sufficient to close the transaction. 05#6ANGHAMI IS THE #1 MUSIC APP IN MENA¹ ACTIVE USERS 15M MARKET SHARE 58% of subscribers in MENA ² ¹Middle East & North Africa 2MiDia report July 2020 ³Avg 2020 PAID SUBS 73 OPERATING IN GENERATING 16 countries 56milies 9 user data points per day OVER per day per user ³ 06 yrs old and first mover#7WITH ONE OF THE BEST UNIT ECONOMICS IN EMERGING MARKETS 7.5% $1.8 Churn rate on monthly paying subs Average CAC on paying subs Note: As of FY20 ¹Measured as total subscribers/ total MAU 8.1X ~21% 07 LTV/CAC on monthly paying subs Conversion Rate¹#8ANGHAMI - THE MOST RECOGNISED BRAND FOR MUSIC IN THE REGION MOST POPULAR 84% 43% 38% Are aware of the service 43% Ell MOST FREQUENTLY USED 35% 35% Actually use the service Source: Global Web Index, Nov '19; Egypt (n=202), Saudi Arabia (n=211), UAE (n=200) ANGHAMI SPOTIFY 58% INDEPENDENT SURVEY 1. 36% DEEZER 37% --- 08 Use the service every week Ell.#9ANGHAMI IS AT AN INFLECTION POINT OF RAPID GROWTH SUBSCRIPTION REVENUE GROWING AT 47% CAGR 47% CAGR '18-'23 16 M 2018 24 M 26 M 39 M Source: Management Projections 69 M 2019 2020 2021F 2022F 114 M 2023F EBITDA Margin +10% +5% 0% -5% -10% -15% -20% ON TRACK TO BE EBITDA POSITIVE IN 2021 -25% -21% 2018 -6% -1% 2019 2020 +2% +5% 2021F 2022F +7% 2023F 09#10Our vision is to create THE LARGEST MUSIC & MEDIA PLATFORM for MENA¹ & Emerging markets ¹Middle East & North Africa Your new music > خايف خايف ادهم نابلسي Song Explore Oriental CHILL قالهالي Q Search Nedaa Shrara فالعالي نداء شرارة ، Song Your Library 10 Elli.#11AUDIO ENTERTAINMENT TRAJECTORY $6.5B x 50% X TOTAL ADDRESSABLE SHARE OF PEOPLE MARKET¹ WHO STREAM² ORIGINAL CONTENT PODCASTS SHARE OF PEOPLE WHO SUBSCRIBE² + 45% X LIVE CONCERTS NEW FEATURES TO DRIVE ADDITIONAL REVENUE 58% BRANDED CONTENT CURRENT MARKET SHARE³ SOCIAL BILLING ¹People in 10-60 across current operating markets + select South Asian Markets + Arab diaspora at maturity 2Assumes present day penetration rate of North America 3 Anghami's current market share in MENA 11 $1.1B GROSS REVENUE OPPORTUNITY in existing markets Elli#12THE MIDDLE EAST IS A FOCUS FOR M&A AS U.S. UNICORNS SEEK TO BUY NOT BUILD Careem UBER March 2019 • Careem was the "Uber" of the Middle East. It was first, incumbent, and had greater scale • Uber purchased Careem for $4.18bn. The first unicorn exit and the largest buyout in the region • Founded in Dubai in 2012 • Present across Middle East, North Africa, Pakistan and Turkey - operating in 98 cities Post buyout, Uber retained the brand Careem and continues to operate independently 66 [Careem's] success depends on incorporating local norms and needs." Careem's business was very localised, deeply embedded, and more locally innovative ¹Fastcompany.com 2CMSwire.com 99 amazon SOUQ.com March 2017 Souq was the Amazon of the Middle East • "Amazon" purchased Souq for $580mn in a landmark transaction for the region • Founded in 2005 in Dubai out of the online portal Maktoob 66 12 • Focus was on creating a local language solution for e-commerce including marketplace, fulfilment and payments "Amazon" clearly acquired the business that qualified as its closest counterpart in the region.² 99 Souq was solving problems unique to the region their head start, access to data, and local expertise led Amazon to buy Souq#13App Store .anghami sic your anghami.com Your Get the App for free Wiking 314 MARKET OVERVIEW anghami ***** w!!! www w ****mid * ***** mmmm#14OVERVIEW OF GLOBAL STREAMING GROWTH MUSIC INDUSTRY SNAPSHOTS 3.7X growth of live streaming events in 2021 32% growth in US Audio streams Dec 19 - Jun 20 Source: MiDia Research 19% CAGR, streaming revenue by 2020-27 86% Digital Share of Global Revenue https://www.marketingcharts.com/industries/media-and-entertainment-114082 60 50 40 30 20 10 0 GLOBAL RECORDED MUSIC INDUSTRY ($B) 36 11 25 2020 42 9 33 2022E Streaming Revenue 47 8 39 2024E 53 7 46 2027E Downloads + Others 14 Elli.#15MENA: FASTEST GROWING MARKET WHICH IS STILL NASCENT ADDRESSABLE MARKET TO GROW 1.5x BY 2025¹ (USD BN) 7B 6B 5B 48 3B 2B 1B 2.9 2020 660 million 45% 3.1 2021 3.7 2022 4.0 4.2 2023 2024 Total global Arab diaspora² Considered one of the world's fastest-growing population 4.4 2025 Between 10-35 yrs old ...with favourable demographics ¹Target population of addressable market defined as number of individuals aged between 10-50 with internet connection, includes MENA and Pakistan 1.5% MOROCCO North Africa TUNISIA 1.3% ALGERIA 2MENA, Pakistan and global Arab diaspora x CURRENT PENETRATION Measured as MAU / Addressable Market Levant 10% JORDAN LEBANON 5% EGYPT 1.2% IRAQ 6% SAUDI ARABIA QATAR 15 UAE GCC 4% BAHRAIN OMAN U.S. AUDIO STREAMING PENETRATION ~35% Ell.#16ANGHAMI AGGREGATED A FRAGMENTED MUSIC LABELS MARKET ARABIC CATALOG |3 39K Artists 11 4M Artists 600K Songs INTERNATIONAL CATALOG 56M Songs ARABIC CATALOG WAS FRAGMENTED AND NON-DIGITAL DANAWAT WATARY ПГР UNIVERSAL PLATINUM ACCORDE ANGHAMI DIGITALIZED THE REGION'S MUSIC Cy Chbk MUSIC UNIVERSAL MUSIC GROUP LONG STANDING PARTNERSHIPS WITH TOP 3 GLOBAL LABELS > GROUP SONY MUSIC WARNER MUSIC GROUP 16 Ell.#17Ell anghami anghami COMPANY OVERVIEW (E.) anghami 16#18ANGHAMI HAS A MULTIFOLD COMPETITIVE ADVANTAGE We are LOCAL 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 FOR LOCALS Customized for each of the 16+ countries We are EMBEDDED BEST KNOWN & BEST-LOVED BRAND IN MUSIC streaming across region INIMITABLE USER ACCESS 36 telco partnerships drive subscriptions and industry leading conversion rates ECOSYSTEM ACCESS Investors include the region's largest investment funds We are DATA DRIVEN OVER 9 YEARS OF DATA 56 million data points updated daily EXTENSIVE UNDERSTANDING OF 70M+ REGISTERED USERS with 56 data points updated daily UNPARALLELED 18 UNDERSTANDING OF HABITS, TRENDS, PREFERENCES unlocks advantage to create content UNIQUE INSIGHTS AND ACCESS leverage for advertisers and unlocks advantages to create content Ell.#19We are Local ANGHAMI WAS THE FIRST TO MARKET AND CONTINUES TO THRIVE 11₁. Feb-12 Anghami Established 2012 Mar-14 Dubai Office 2013 Source: Company information 2014 ($1₁.) Mar-17 Egypt Office 2015 Jun-15 Apple Music O May-18 Saudi Arabia office 2016 Anghami reports; record high revenue (+43%) despite new competition 2017 6 YEARS BEFORE SPOTIFY & DEEZER 3 YEARS BEFORE APPLE MUSIC 2018 Dec-20 Abu Dhabi office Oct-18 Deezer Music 2019 Nov-18 Spotify Music 19 MAU increased 23% YOY (2020) 2020 Sep-19 YouTube Music#20We are Local OUR BUSINESS AND MUSIC IS HYPERLOCAL BY DESIGN UNDERSTAND WHAT USERS WANT DELIVER ENGAGING EXPERIENCES ~50% OF TOTAL STREAMS ARABIC IS 1% OF TOTAL CATALOG TOP ARTISTS IN REGION: ALL LOCAL Iraqi Maghrebpop Rai Shaabi Arabic Varieties Egyptian Note: All figures for 2020 Source: Company information Khaleeji Saudi Khaleeji Emirati #1 IN LOCAL CONTENT WITH 600K+ ARABIC CATALOG AND 39K+ ARABIC ARTISTS PODCASTS 68% YoY growth in unique listeners Switch to Ramadan Homepage Explore Arabic& national LOCALIZED PROMOTIONS C Elissa-The Podcast Anghand Exte THE PODCAST 11 G SEASONAL FEATURES Scan the instrument on the Pepsi can to unlock exclusive content Sap here Nator 20#21ANGHAMI IS SYNONYMOUS WITH ARABIC MUSIC THE O SOUND OF go FREEDOM 21 Tanghami anghami#22We are Embedded PARTNERSHIPS WITH 36 TELCOS ACROSS REGION PROVIDES A READY USER BASE 1: 2 3 OUTREACH TO BROADER AUDIENCE ENHANCE BRAND VISIBILITY ALLOWS DEEPER ACCESS TO TELCO'S MARKETING BUDGETS 4 5 ACCESS TO CUSTOMER INFORMATION ESTABLISH A STRONGER UNDERSTANDING OF EVERY MARKET PROMOTE EXISTING CONTENT AND LOCAL ARTISTS EASY CUSTOMER BILLING + INCREASED CONVERSION in a low-credit card penetration region اتصالات etisalat Maroc sic Telecom umniah موبايلي Virgin mobily ooredoo vodafone mobile orange 22 عمان ل zain ...TO NAME A FEW Omantel CREATES COMPETITIVE ADVANTAGE by creating a barrier to entry Elli#23We are Embedded ARTISTS PREFER ANGHAMI BECAUSE OF THE USER BASE, FOLLOWER SIZE AND BRAND NAME SAMPLE POPULAR ARTISTS NANCY AJRAM TAMER HOSNY AMR DIAB HUSSEIN AL JASSMI Source: Follower count from respective applications anghami FOLLOWERS ON PLATFORM (M) ► YouTube- 14.7 5.4 11.9 6.5 11.5 4.8 Spotify .deezer 8.5 4.6 5.6 10.2 6.7 8.1 0.9 1.1 1.3 0.5 23 Ell.#24We are Data Driven DATA IS AT THE HEART OF WHAT WE DO WE USE DATA TO DRIVE BETTER RECOMMENDATIONS REDUCES CHURN AND DRIVES ENGAGMENT CREATE CUSTOM PLAYLISTS TO DRIVE ENGAGEMENT ENHANCE ADVERTISING TO DRIVE REVENUE AND MARGINS ENHANCE THE ARTISTS EXPERIENCE DRIVES ENGAGEMENT AND REVENUE CREATE ORIGINALS TO DRIVE MARGINS 9 YEARS OF DATA ON 70M USERS - A SUBSTANTIAL MOAT 24 Ell.#25We are Data Driven OUR ORIGINAL CONTENT CREATES 60% ROI ON AVERAGE WHAT Explore A Your new music > 1,000 Facas G KAS) & free low 2012 • In-house music production platform • Promote local artists through local production Search & Discover WHY Q& Fopular New Music Podcuta Trending 1,030 FAKE Sup Chiling Kad • Advance artists & influencers content rigorously Create exclusive content for Anghami users Source: Company Information Note: ROI calculations based on all Anghami originals and covers recorded RESULTS Musique Podcasts Fly V 2 1 Play- Musicus de votre appare Chansons cu Rada Drama Plat 5Y4C Jun 02, Loide To O nusun 1 ▸ 25 • Increased differentiation • Deeper ties with the artist ecosystem $ ROI 60% Ell.#26OUR CONTENT ADVANTAGE BEING LOCAL, EMBEDDED, AND DATA-DRIVEN REINFORCES OUR CONTENT STRATEGY Publishing platform with deep insights - Discovers and promotes local creators First platform for both local and global labels across markets HIGHER REVENUES ARTISTS USERS Efficient content strategy RELATIONSHIPS DATA HIGHER MARGINS First mover with 6 year head-start - unmatched localized and personalized experience Over 9 years of insight on usage and preferences 26 HIGHER RETENTION Ell#27OUR TECH Search & Discover Q Songs, artists, lyrics, p Popular New Music Podcasts Trending Q 4 Top In Your Arms 1,000 Faces Randy Montana Chilling Radar anghami#28OUR CUTTING EDGE TECH IS DESIGNED FOR THE CULTURE AND LIFESTYLE IN MENA 80% MUSIC MATCH Create and share playlists with your friends CHAT - Post and share music with your followers Note: Figures for 2020 Source: Company Information 300K Users recommended other profiles via music matching 30% 109K per month increase in collaborative playlists creation COLLABORATIVE PLAYLISTS Unique chat users 74M Song previews played from stories Match your music tastes with friends and discover your music buddies Chat with your friends 28 STORIES Im Ell#29LIVE RADIO: AUDIO ROOMS FOR ARTISTS, CREATORS & USERS FANS AND INFLUENCERS CREATE LIVE SHOWS Habib LIVE 21 QUEVE Up & Up Ogaily Take y Jenna wong COMMENTS POWERING THE CREATOR ECONOMY WITH AUDIO CHANNELS AS AN ALTERNATIVE MONETIZATION STRATEGY Album Launch LIVE 121 PEOPLE Warned COMMENTS Orweiny Lass Khary Ave Siam KAN ARTISTS TALK DIRECTLY TO FANS ABOUT THEIR MUSIC Note: Figures are monthly average for 2020 Source: Company information USER-GENERATED CONTENT FROM LIVE RADIO SHOWS Interview with Ahlam LIVE A 1009 PEOPLE Edly Karw Kryvel Chaces www DOO COMMENTS SEND STARS Show support ★20 Up & Up ★20 Recharge ★60 Custom SEND A VIRTUAL GIFT Send 324 100 100 CREATORS MONETIZE THEIR AUDIO CONTENT 29 488K unique users who joined Live Radio 116K Average monthly broadcasters#30H BUSINESS MODEL anghami Your music, your way. anghami#31ATTRACTIVE BUSINESS MODEL WITH DIVERSE REVENUE STREAMS SUBSCRIPTION 21% of users 60% of revenue from 36 TELCO PARTNERSHIPS 40% of revenue from APP STORE SUBSCRIPTIONS Figures as of 2020 Source: Company Information 81% of revenue E11. 19% of revenue NEW MONETIZATION CHANNELS STARTING 2021 CONVERSION BAKED INTO PRODUCT DATA DRIVEN ADVERTISING 79% of users Lufthansa STC الاتصالات السعودية M HUAWEI NIDO Bershka Over 280 Global brands 31 1₁.#32THE FUTURE OF ANGHAMI anghami NA#33NEW GROWTH AREAS DEEPER PENETRATION INTO HIGH GROWTH & HIGH REVENUE MARKETS GEOGRAPHICAL EXPANSION PRODUCT GROWTH WITH NEW MONETIZATION CHANNELS • Live Radio Live concerts Branded content 33 Ell#34DEEPER PENETRATION INTO EXISTING MARKETS SAUDI ARABIA 9M 8M 7M 6M 5M 4M 3M 2M By 2023 monthly active users expected to grow 316% across markets Saudia Arabia and Egypt will contribute 51% to total growth 1M OM 50% CAGR '19-¹23 1.1 2019 1.4 2020 2.2 2021F MONTHLY ACTIVE USERS Source: Management Projections 3.6 2022F 5.8 2023F EGYPT 9M 8M 7M 6M 5M 4M 3M 2M 1M OM 48% CAGR '19-'23 1.6 2019 5.1 Mil 3.2 1.9 2020 2021F MONTHLY ACTIVE USERS 2022F 7.9 34 2023F#35GEOGRAPHICAL EXPANSION Expand to other countries outside the MENA region BUILD LOCAL CHAMPIONS SOUTH ASIA (C.400MM) Excludes India No major players Strong local preferences Note: Figures for 2020 Source: Company Information SERVE DIASPORA BETTER ARAB DIASPORA (C.100MM) 30,000 subscribers $2.8 ARPU Majority of Diaspora 35 O marketing spend Ell#36PRODUCT MONETIZATION: NEW REVENUE STREAMS FROM FEATURES USERS LOVE COMMENTS LIVE RADIO LIVE Weel Houe THANH KH Ogly ******* وسلا MAX Sad Fan Ang Karam LIVE CONCERTS * Louvre Abu Dhabi FOLLOWERS FOLLOW Tamang shot the Loves Maren Take a Stroll Through the Louvre Abu Dhabi Louvre Abu Dhabi COLLABS Los Abu Dhabi Colis AMC Zates remi Contemplative Orade Q Electro PULSE Colourful BRANDED CONTENT 36 Ell#37anghami FINANCIAL SUMMARY L anghami#38SIGNIFICANT 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 EV/Subscriber 23F 10X 8X 6X 4X 2X OX 25X 20X 15X 10X 5X OX 800X 650X 500X 350X 200X 50X 2021 4.5 5.4 8.2 8.3 00 AN SP TM NE 74 25 17.6 14 il AN SP TM NE 20.9 331.7 556.4 I AN SP TM NE 1,094 10X 8X 6X 4X 2X ox 25X 20X 15X 10X 5X OX 800X 650X 500X 350X 200X 50X 2022 7 7.1 500 AN SP TM NE 2.5 6.7 4.5 14.7 21.1 16.8 AN SP TM NE 983 445.1 287 TO 44 AN SP TM NE Note: All enterprise values as of 23 Feb 2021 Source: Credit Suisse research, Morgan Stanley research; Thomson One, Management projections First full year after investment 10X 8X 6X 4X 2X ox 25X 20X 15X 10X 5X OX 2023 800X 650X 500X 350X 200X 50X 6 000 AN SP TM NE 1.5 18 12.7 14 000 AN SP TM NE 3.6 6.2 255 349.5 898 26.7 AN SP TM NE AN SP TM NE Anghami Spotify Tencent Music 38 Entertainment Netflix#39IMPRESSIVE TRACK RECORD OF TOPLINE GROWTH AND PROFITABILITY EVOLUTION 22% CAGR '17-'20e $4.5M Total Revenue $12M $5.5M Ads $17M $7.5M $24M 2017 2018 2019 Growth marketing cut by 23% due to COVID but Subscription still grew 6% Subscription Source: Company Information $5.2M $26M 2020 Gross Profit 76% CAGR 17-20e $1.6M $8.9M $8.5M ALF $4.7M 2017 2018 2019 2020 ($6.5M) EBITDA 2017 97% reduction on EBITDA losses in 4 years ($4.7M) 2018 ($1.8M) 2019 ($0.2M) 2020 39#40CASH PROCEEDS TO BALANCE SHEET WILL BE USED TO DRIVE GROWTH 2% 6% 5% 19% 8% 11% USES OF FUNDS 49% Note:Estimates based on cash to balance sheet net of redemptions and PIPE proceeds Growth Marketing R&D and Infrastructure Content Production Branding New hires Geographic expansion Cash Cushion 40 Ell#41GROWTH MARKETING WILL CONTINUE TO BE EFFICIENT... 14X 12X 10X 8X 6X 4X 2X IMPROVED ROI ON MARKETING SPEND Forecast period assumes, conservatively, that ROI falls back to 2018 levels as we scale 4X 2017 6.1X 10.2X 2018 2019 12.8X Source: Management Projections 2020 REVENUE / GROWTH MARKETING 6.4X 6.1X 2021F 2022F 6.7X 2023F 7.6X 6.4X "1 2024F 2025F Since 2017, marketing has been increasingly efficient. Targeting, content recommendation and churn - have all been optimised by our dedicated team of local professionals From 2019 to 2020 we saw, 2x rise in retention of new users Conversion rates crossed 20% 41 Overall LTV/ CAC of 8.1x#42...LEADING TO INCREASED USER BASE AND REVENUES 40M 35M 30M 25M 20M 15M 10M 5M OM ANGHAMI MAU FORECAST 12 FY21* 49% CAGR '21-'25 18 FY22 27 FY23 40 *Assumes capital injection 2021 & 2024 Source: Managment estimates FY24 MONTHLY ACTIVE USERS 60 FY25 $350M $300M $250M $200M $150M $100M $50M $0M ANGHAMI REVENUE FORECAST 48 39 FY21* Ads Revenue 70% CAGR $21-'25 88 16 69 FY22 -2 Subcription Revenue 150 28 114 FY23 251 10 15 44 182 FY24* 403 25 27 68 283 FY25 42 Content Licensing Live Radio Monetization#43WHERE IS ANGHAMI HEADING? O Monthly ~3mn Active Users Gross Revenue 2015 288) Paying Users ~202k ~8x Gross Profit Source: Management Projections ~3x ~$6mn ~5x ~$820k ~11x 2020 ~8mn ~1.4mn ~31mn ~3x ~6x 2023e ~$8.8mn ~7x ~27mn ~8.2mn ~5x ~$149mn 43 ~$62mn#44BRIDGE TO GROWTH IS CLEAR AND ACHIEVABLE Ad Revenue 31 5.2 26 Subscription Revenue 23 Ad Revenues expected to grow by a CAGR of 75% on the back of Direct Ads / Ad Server initiatives 2020 Revenues Ad Revenues Source: Management Projections 88 Subscribers to grow by 4.8x with stable ARPUS across countries assumed Subscription Revenue ~5 Exclusive content Content Licensing 3 New monetization channel through the billing and tipping of users and artist to be introduced in 2021 Live Radio Monetization ~150 44 2023F Revenue#45TRANSACTION SUMMARY VISTAS MEDIA ACQUISITION COMPANY anghami Anghami to be merged with Vistas Media Acquisition Company INC ("VMAC"2), a publicly listed special purpose acquisition company with $100M cash in trust Valuation at 2.5x 2022E revenue Transaction includes a $110M pro-forma PIPE • Pro forma enterprise value of $219.5M² Current Anghami shareholders own 33% of the company on a pro-forma basis PRO-FORMA SOURCES & USES USES Anghami consideration¹ Transaction Expenses Cash to the balance sheet Total Uses SOURCES Cash in Trust PIPE Proceeds Anghami Rollover Equity Total Sources $100M $110M $119M $329M PRO-FORMA ANGHAMI VALUATION Shares Outstanding Price per Share Market Capitalization (-) Cash Enterprise Value² $36.2M $10 ~$362M $142.4M $219.5M SPONSOR PUBLIC FROM IPO PIPE INVESTORS -33% -$362M market capitalization -28% ANGHAMI ROLLOVER EQUITY Assumes no redemptions by public shareholders in connection with the transaction and does not take into account interest income in SPAC trust account. 1 The mix of cash and equity paid to Anghami depends on the amount of cash in trust net of redemptions, the amount of capital raised in the PIPE and the transaction costs. The amount of equity rolled over by existing Anghami investors ranges from ~66% (no redemptions and $11OM PIPE) to -94% ( full redemptions and $40M PIPE) 2 Due to the structure of the transaction, regardless of the redemptions and PIPE proceeds, the enterprise value remains fixed at approximately $220M. Source: Management Estimates 45 $180M $6.6M -30% $142.4M $329M ~9% Ell#46OUR TEAM COMBINES OVER 100 YEARS ACROSS MUSIC, TECH, TELCOM AND FINANCE anghami VISTAS MEDIA ACQUISITION COMPANY EDDY MAROUN CEO, Co-Founder Deep music industry knowledge & telco connections over 15 years. ELIE ABOU SALEH VP GCC Snapchat alumni. Driving high growth area of advertising and creating independent self-serve network. F. JACOB CHERIAN CEO & Board member 25+ years across U.S. capital markets, M&A and Consulting. Former CEO for 2 NASDAQ SPACS ELIE HABIB CTO, Co-Founder Serial entrepreneur, product and tech veteran with experience in multiple successful startups. OMAR SUKARIEH VP Finance Has 15 years in corporate finance and financial advisory. MBA from University of Chicago, CFA Charterholder SAURABH GUPTA Co-Founder & Board Member 20+ years spanning banking, asset management and media investments mainly in leading senior functions within the banking industry 46 CHOUCRI KHAIRALLAH VP Business Development Driving 35 telecos connection and multiple partnerships over past 8 years. HOSSAM EL GAMAL VP North Africa Serial entrepreneur with more than 15 years of experience in telco partnerships and scaling high growth startups. ABHAYANAND SINGH Co-Founder & Board Member 16+ years spanning banking, Hedge Funds and Media Industries with expertise in successfully managing Financial and Media investments#47VISTAS MEDIA WILL SUPPORT ANGHAMI'S TRANSITION AND EXPANSION 150+ years of cumulative experience across Media, Entertainment and Finance Cross-Border, Multi Sector Specialists 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 Content Production, Financing Sales and Distribution • 70+ films with over $3.6 Billion in revenue from Hollywood to Bollywood • Several films received international awards, nomination (including Oscars) • Content Sold and Licensed to multiple global platforms and film content partners worldwide SPONSOR'S CORE MARKET VISTAS MEDIA ACQUISITION COMPANY Gateway to South Asia • Media and Entertainment Fund Management • Private Equity 47 • Mergers, Acquisitions & Business Valuations • Content Finance : Structuring • Investment Banking & TMT Consulting Corporate & Bankruptcy Restructuring Multinational Governance & Leadership • International Entertainment Law • Regulatory and Compliance • Capital Markets • Audit and Accounting • Banking and Investment Management#4811. anghami M