Mondee SPAC

Valuation Comparables are trading at ~10-14x 2023 EV/EBITDA, ~13-20x adjusting for capex. The implied valuation for Mondee represents a deep discount to comparables, despite Mondee's much higher historic growth rate. 2023F EV/(EBITDA- CapEx¹) Multiple² 2023F EV/EBITDA¹ Multiple² 2023F P/E¹ Ratio Revenue CAGR, 2015-19 (%) Sources: Public filings, Capital IQ Notes: 11.0x MONDEE Organic 10.5× MONDEE Organic 14.4x 41.0 7.4x MONDEE Organic + Acquisitions 7.2x MONDEE Organic + Acquisitions 9.0x 63.0 1. Market data as of 7 December 2021 2. Using fully-diluted transaction valuation including sponsor equity and transaction costs. B2E Corporate 15.9x ctm 13.7x ctm 22.5× 17.7 14.4x BOOKING HOLDINGS 13.5x BOOKING HOLDINGS 17.9x 13.0 OTA 13.1x e expedia group 9.9x e expedia group 15.7x 16.0 19.4x AMADEUS 13.5× AMADEUS 23.1x 10.1 GDS MONDEE 14.4x Sabre 11.8x Sabre 21.7x 7.6 © 2021 All Rights Reserved | Confidential | 25

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