We’ Il take you places! Investor presentation for F&F/Angel round March 2013 ‘Anyuee cman witout spectepernacenetCareen secretesDisclaimer — this is a HIGH RISK investment! Investment in Careem carries very high risk as well as the possibility of high rewards. It is highly speculative and potential investors should weigh the risks appropriately for the size and diversity of their portfolio. Be aware that no established market exists for the trading of shares in private companies. In preparing this document, we have used and relied on information from public sources on the web and on personal interviews. We therefore make no warranty, express or implied, as to the accuracy or completeness of the underlying assumptions, estimates, data or other information not generated by us. The document is confidential and was prepared for potential investors in Careem, We cannot predict the future, but seek to provide our best estimates on the size of the opportunity and the share that Careem will capture No part of this report may be circulated, quoted, or reproduced for distribution without prior written approval from Careem.Executive summary + Careem is a value-added aggregator of private cars (limos) and taxis in the Middle East. Customers can order a ride on careem.com and through Careem's mobile app, track their ride in real-time, pay with credit cards, rate their rides, and access receipts online. + Our focus is building a scalable technology and operations platform that works with extemal providers to deliver a reliable and consistently high-quality service under Middle East's relatively challenging infrastructure. Current service levels are very high: 95% of trips are on- time, 99% are within 5-minutes; average rating is 4.7 on a 5.0 scale (35% of trips get a rating). + We have been LIVE in Dubai and Abu Dhabi since September 2012. Current annualized revenue run-rate is $600-650k, growing at 50+% per month. We are serving some large high- profile corporate customers and an increasing number of consumers. Next target city is Doha, followed by the major cities in KSA (Riyadh, Jeddah, Dammam). + Our target market is the $4B+ chauffeur-driven passenger transportation market in GCC, which except for a few relatively bright spots (UAE), offers very poor service levels and is very inefficiently managed. We expect the infrastructure that we build to have applicabilty in other areas of logistics down the road + Founders, Magnus Olsson and Mudassir Sheikha, were both management consultants at McKinsey, and have prior tech-entrepreneurship backgrounds in Sweden and Silicon Valley respectively; current organization headcount is 15 + We are raising $600k from F&F and angels who can help strategically to build the team, scale volumes in UAE, and = up —Careem is a value-added aggregator of limos and taxis; we aggregate providers on a technology-enabled grid, and make them accessible electronically Demand @. FS Careem Grid ‘Supply 5 3 Saudi UAE Key features and benefits High quality - strict grid quality criteria or quality indicator, through driver assessments and user ratings Reliable — real-time transparency into car location allows operational interventions (e.g., call driver if late) ‘Short wait times — as a result of location-aware dispatching Standard prices — grid standard- izes prices across providers Spans multiple geographies — providing a single interface to make/manage bookings across GCC Competitively priced — efficiently matches supply/demand, increases utilization and brings down pricesThe grid works through a GPS-enabled unit in the car, a technology- enabled back-end operations layer, and various electronic front-ends How does it work All cars broadcast their location and availabilty to the Careem back-end periodically @ Careem back-end aggregates input from cars and builds real-time visibility into the location and availabilty of all cars @ Close to the time of the booking (if dispatched) or right away, we find a car for the booking based on the location and availability of cars @ User is able to track the real-time location of the assigned car on the e oe e Be eo e e web and the mobile app We can also attach corporate- owned cars to the grid and act as an outsourced dispatcher Limo provider ‘Taxi providerWe offer two products on the grid with distinct service levels Overview Primary use cases Key success factors Delivery method El ccc martet size, USD m SCHEDULED (since Sep'12) | NOW RIDE (since Feb'13) | A ride for a set time in the future We assign a car 1-2 hours before pickup time based on location and availabilty A ride right now We find and assign the closest available car as soon as a booking is made Business travel Predictable (e.g., to/from airport) Repeat travel (e.g., work commute) Bespoke (e.g.,need child seat) Unpredictable ‘Spontaneous Everyday use Reliability High quality Customer service Web (desktop, mobile) [== Email Call center Scale Availability Demand predictionBusiness model and margins vary by product and car type (NOTE: taxi play is yet to be validated, but we are in talks with both RTAin Dubai and TransAD in Abu Dhabi) Product type SCHEDULED Now Payment Gross commission! Gross commission 20-25% of revenue 15-20% of revenue Careem Lumo collects, pays driver or limo company Dispatch fee Dispatch fee AED 4-5 per booking AED 2-3 per booking Driver or cab company m™I collects, pays Careem 1 Grose margin processing cost. SMS cost. ons costWe launched in Dubai and Abu Dhabi in September; monthly revenues and trips have grown strongly since then Monthly revenue and trips Launched the web for corporates in Sep'12, followed by the mobile app for consumers in Feb'13 Revenue has grown 60%+ per month (on average); current annualized run-rate is $600-650k Trip volumes are split almost equally between corporates and consumers 300+ drivers on the grid across 10+ providers in Dubai and Abu Dhabi 15+ corporates and 1000+ users have signed up Kanes Pawel LATHAM*WATKINS ALLEN & OVERYThe growth has been supported by an extensive technology stack that improves customer experience and increases operational efficiency Technology stack has 6 major pieces Book a ride User web — our web interface for making bookings, checking status, receipts, etc. = Driver mobile app —Android app for devices in the cars to attach to the grid = Consumer mobile app -iOS app for accessing the service = Operations control center — intemal tool to manage large number of simultaneous bookings and user activity = Locations database — to supplement and adapt to poor Middle East coverage within existing map providers = SMS messaging infrastructure — to ‘Technology is being developed under the communicate with drivers and users leadership of a senior architect at Salesforce.comOur virtual fleet’ has 300+ cars and drivers, and is growing rapidly We have a 3-step fleet expansion strategy = Step 1— Get ALL drivers and cars in our database — cast a wide net and get all the 300+ drivers & cars in the drivers in our database so that they can be database, increasing by about 10 activated under peak loads oad en = Step 2 — Interview to profile and rate pe Ra drivers — we rate drivers on 4 dimensions: driving safety, communication skills, NU navigation knowledge, and customer Tee ei aio) service; their ratings directly correlate to volumes they get from us eee eer coun rl Bolwell aa Le UD = Step 3 - Monitor user feedback to refine ee RU SR le) driver rating — users are asked for a rating after every trip and this rating feeds into a driver’ s overall rating (GD) @ Camp Nyy TOYOTA Luss AUOICustomer feedback has been AMAZING! ~ 95% of all trips have been rated4 or 5 stars Two thirds of customers are already loyal Breakdown of customer ratings Tripsper customer 13% One trip 2.2 nips 21% ©, tips oe 1% Om Five Fox Tree Two One Customer Courteous driver, smooth ride, comfortable car comments Love the SMSes! Thank you for the iPad! Service was awesome Punctual, safe, knowledgeable about locations, service oriented, Superb experience, smooth, efficient serviceOur plan is to grow beyond UAE and current product offerings, leveraging the grid to ultimately become a fully-fledged logistics player Growin adjacencies + Explore verticals on the grid (ea, f00d, documents) + Complete logistics player (ast Scale regionally mile delvery of GCC & commerce) + pan mo business io ater SECs Satna wi ncaradnetrk + Become a value-added + Route optimization sokions aggregator of tas in KSA Dominate UAE + Land-grab corporate trough * pporunisticaly pusue fax) direct sales and key partnerships opportunities in other markets (4, travel agencies) + Launch consumer limo and ‘market aggressivelyWe project breakeven by 2015 and USD 35-40m in revenue by 2017) Esimisics usD ED] ET] 2015 Ea Eau Revenue 2,786256 13,28649 —20,580,77 © 28.22142 3655421 1 4 4 3 timo 2,752,005 12,388.83 18,713,3225,40514 32,483.68 1 7 4 7 Taxi 34.251 857,661 1817.46 2,815,281 4,070,526 Gross profit 221,600 2,202,421 3,884,983 5,750,357 7,951,066 Umo 235,481 1,756,275 2,890,749 4,183,456 5,681,179 Taxi (13.842 446,147 94,234 1,566,900 2,260,887 ) SG&A 3950082 3,324,417 3,770,390 4188144 4,414,078 Headcount 1,427,800 2,361,000 2,606,000 2,811,000 2,881,000 Office, adminand 396990 590,250 651,500 702,750 720,250 travel Tech infrastructure 27,863 132,465 123,185 169,329 182,71 Marketing 55725 158,958 307,962 73,321 548,313 Legal 81744 81,744 81.744 a1744 81,744 Netprofit (2,728,482 (1,121,995 114588 «1562213 =3536,968 ) ) Capex (41,669 (217,230 (310,329 (324055 (391,402 } ) ) ) } Headcount aa = Ss > Key assumptions + Limo revenue is gross, whereas taxi revenue is the dispatched fee + Limo market share is at 5% in all 9 target cities by 2017 + Taxi market share is at 2% in 3 KSAcities by 2017, and not rolled out elsewhere + Alimo brings in $18k J year and a taxi $900/ year + Capexincludes car device costat $220 + Office, admin and travel is 25% of ntPotential exits could be an acquisition by travel arrangers, global ground transportation aggregators, regional lot ic players, or an IPO Travel arrangers Other GT aggregators Regional logistic cos. GDS players such as Amadeus, Sabre, Galileo and Worldspan (already in talks with a couple of them for partnerships) Large travel agencies such as American Express, HRG, etc. Player in both of the above segments are getting squeezed by airlines and hotels, and are looking for areas to diversify and grow Global ground-transportation aggregators who have raised significant rounds of capital may start acquiring local / regional players to enter new markets Regional family businesses that own logistics interests (taxi companies, etc.) or independent logistic companies (e.g., Aramex) may see synergies with their assetsWe are currently raising $600k from F&F and angels who can help strategically to build the team, scale volumes in UAE, and open up Doha/Riyadh We are raising $600k... * Raising $600k from F&F and angels who can help strategically * Issuing convertible equity with 20% discount and $8m valuation cap * Funding should last for about 6 months and plan is to raise a larger institutional round within that timeframe «to hit of the next set of milestones Target milestones * Build the team * Scale volumes in UAE (corporate, consumer) * Open up Doha * Pilot setup in Riyadh Spend buckets * Headcount $480k Admin & travel $60 IT infrastructure $30k Marketing $25k * Legal $50kAppendixChauffeur-driven passenger transportation is a $4B+ market in GCC Bahral 5% GCC marketsplit ISD 4.1bn, GCC marketsplit Percent; 100% = USD 4.1bn a Taxis 84% Methodology + Estimated Dubai market size based on RTA numbers and current market knowledge + Extrapolated Dubai market size to the rest of GCC, with adjustments for population, tourist traffic and GDP per capita Key market data assumptions *Dubai taxi did 90m trips in 2011 fora total market size of $00- 525m © 5.5% were dispatched, ARPU40Dh Remaining were hailed, ARPU 20 Dh “There are 2k limos in Dubai that do about $50kper year, fora market size of ~$100m Dubai is 50% of UAE market, which is 30% of the GCC marketExcept for a few bright spots, industry is highly fragmented, not very quality conscious, and is generally very low-tech 3. Kuwait Taxi—fragmented and low quality Limo— fragmented and low quality 5.Bahrain ‘Taxi—fragmented and low quality Limo — fragmented and reasonable quality Dac anc ue) ares CE) ery There are very few operators that are leveraging technology to improve user experience and operational efficiency 4. Qatar Taxi—concentrated and low quality Limo— fragmented and reasonable quality 2.UAE eet Ea] reasonable quality oo eukey 6.Oman Taxi—fragmented and low quality Limo fragmented and low qualityThe resulting user experience is unreliable, inconsistent and inconvenient Except for a few bright spots, taxis are unreliable, low quality, and inconvenient * Experience is not consistently reliable nor of high quality, cars are often late for scheduled pickups, and quality of cars and drivers is highly variable * Prices require haggling and cash — except for a few places (e.g., UAE), prices need to be haggled for every trip, and credit cards are not accepted anywhere * Wait times can be long and not transparent due to inefficient dispatching and inherent line-of-sight limitation of traditional cab hailing * Service is fransactional’ and dumb’ — does not remember past locations or preferences, and does not cater to complex needs such as school runs, etc. Limos are not always reliable, expensive, and inaccessible * Prices are high and service is not consistently reliable due to the lack of efficient dispatching and resulting low utiizations (e.g., 40-50%) * People are unaware or do not trust existing limo providers even though they can afford high prices; end up keeping corporate cars or personal drivers * Businesses with operations in multiple cities have to manage a complex web of providers in different cities; and in cities without arrangement, experience remains poor (e.g., discovery of options, cash payments)Moreover, the current setup is not an efficient match-maker of demand and supply, which leads to fairly low utilization levels Reasons for market inefficiencies * Hailing requires line of sight requirement - e.g., taxi is available, but roaming on the wrong street Demand + Local residents * Corporate travel + Tourists + Supply is hidden or not credible — there is a lack of awareness or credibility among users of some supply Supply sources (e.g,, freelancers) + Taxi companies + Limo companies + Inefficient dispatching — most of the + Company cars supply is not equipped with technology + Freelancers for efficient dispatching (e.g., job is not assigned to the nearest available driver) Industry utilizations are fairly low, e.g., limo companies are at 20-30% in summers and at 60-70% in winters.