Brad: You know, as we all know, Bill Gurley has laboriously pointed out and documented that there are
two expenses to a traditional IPO, right? There is the upfront fee of 5.5 to 6%, whatever they are paying on the amount of capital raised, but he would argue that the much bigger expense, right, is the indirect cost of the structural underprice,
right? So in a traditional IPO, lets say you have a ten billion enterprise value raising a billion dollars. If its being underpriced, he would argue structurally by 40%, and we can all debate that, but thats four-hundred million
dollars of dilution to employees and to existing shareholders. I think everybody in the Grab process, both the buy-side portfolio managers from Fidelity, Janus, T-Rowe
et cetera, as well as the company, believe that we got a 20-30% higher price than a bank wouldve got because of the conviction the portfolio managers had as a result of the significant investment we were
making in the company, as a result of the fact that we were locking up our promote shares, our sponsor shares, for three years, and so if you say its 30% on a four billion dollar raise, thats over a billion dollars of savings, right,
over a billion dollars of indirect cost savings to the employees and the shareholders. And, like, for me, our north star is founders and so we literally have deconstructed the IPO at every step of the value chain and just say, you know, like Rich
Barton, my thought partner in this, he was on the board of Netflix when it went public, took Zillow public, took Expedia public, and he said we can make this better at every step of the value chain. And so weve thought about it like a product
and were building a capital markets business that says part of it, right, is eliminating the commission, part of it is getting a fair price, but part of it is curating that day one cap table, right? Because these companies are stepping into
the public markets and, you know, as Rich has said and others have said, think about all of the curation that goes into a private cap table. Now, when you go public, Rich calls it a cap table randomization event, right? You lose total control over
your cap table, right? Whereas in the case of Grab, we hand selected what we think are the worlds best public market shareholders to be their day one cap table. So its a very different outcome, and its not just about cost savings,
its not just about trying to get a fairer price, its actually making the process better at each step of the value chain.
Important
Information and Where to Find It
The above communications relate to a proposed Business Combination between Grab Holdings Inc., a Cayman Islands
exempted company (Grab), and Altimeter Growth Corp, a Cayman Islands exempted company (Altimeter). They do not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any
securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The proposed Business
Combination will be submitted to shareholders of Altimeter for their consideration.
J1 Holdings Inc., a Cayman Islands exempted company
(PubCo), intends to file a registration statement on Form F-4 (the Registration Statement) with the SEC which will include preliminary and definitive proxy statements to be
distributed to Altimeters shareholders in connection with Altimeters solicitation for proxies for the vote by Altimeters shareholders in connection with the proposed Business Combination and other matters as described in the
Registration Statement, as well as the prospectus relating to the offer of the securities to be issued to Grabs shareholders in connection with the completion of the proposed Business Combination. Altimeter and PubCo also will file other
documents regarding the proposed Business Combination with the SEC.
After the Registration Statement has been filed and declared effective, Altimeter
will mail a definitive proxy statement and other relevant documents to its shareholders as of the record date established for voting on the proposed Business Combination. This document is not a substitute for the Registration Statement, the
definitive proxy statement/prospectus or any other document that Altimeter will send to its shareholders in connection with the Business Combination. Altimeters shareholders and other interested persons are advised to read, once available, the
preliminary proxy statement/prospectus and any amendments thereto and, once available, the definitive proxy statement/prospectus, in connection with Altimeters solicitation of proxies for its special meeting of shareholders to be held to
approve, among other things, the proposed transactions, because these documents will contain important information about Altimeter, PubCo, Grab and the proposed Business Combination. Shareholders and investors may also obtain a copy of the
preliminary or definitive proxy statement, once available, as well as other documents filed with the SEC regarding the proposed transactions and other documents filed with the SEC by Altimeter, without charge, at the SECs website located at
www.sec.gov or by directing a request to Altimeter. The information contained on, or that may be accessed through, the websites referenced in this document is not incorporated by reference into, and is not a part of, this document.