Swvl Continues to Build Out Board of Directors with Appointment of W. Steve Albrecht, Ex-President of the American Accounting Association, as Audit Chair

Albrecht, ex-President of the Association of Certified Fraud Examiners, the Financial Accounting Foundation, and COSO, to serve as an independent director and chair of the audit committee.

Brings significant financial and corporate governance experience across a variety of sectors, having served as a director for public and private companies as well as a consultant to numerous Fortune 500 companies, the United Nations, and FBI.

Addition builds on prior appointment of three highly accomplished women and technology leaders – Victoria Grace, Lone Fønss Schrøder, and Esther Dyson.

December 6, 2021 – Swvl Inc. (“Swvl” or the “Company”), a global provider of transformative tech-enabled mass transit solutions, today announced that upon the completion of its proposed business combination with Queen’s Gambit Growth Capital (“Queen’s Gambit”) (NASDAQ: GMBT), the combined public company will appoint W. Steve Albrecht to its Board of Directors (the “Board”) to serve as an independent director and chair of the combined public company’s audit committee. Mr. Albrecht is a certified public accountant (CPA), certified internal auditor (CIA), and certified fraud examiner (CFE). His addition to the Board builds on Swvl’s prior appointment of three highly accomplished women and technology leaders – Victoria Grace, Lone Fønss Schrøder, and Esther Dyson.

Mostafa Kandil, Swvl Founder and CEO, said, “We are building a world-class board of directors and I’m pleased to welcome Steve to our organization. As a director and the chair of our Board’s audit committee, Steve will play an integral role in advancing Swvl’s corporate governance practices and helping us to execute on our growth plans, within existing markets and new geographies. Steve brings deep expertise across finance, international accounting, and regulatory compliance. He will be an essential member of the Swvl team, and we will draw on his vast experience as we create tremendous value for all of Swvl’s stakeholders.”

“I very much look forward to joining the Board, working alongside the impressive team that has already been assembled, including my fellow Board members Mostafa, Victoria, Lone, and Esther, each of whom are distinguished technology investors and experts,” said Steve Albrecht. “I was particularly drawn to Swvl given its compelling mission of providing sustainable mass transit solutions to underserved individuals and communities. The social and financial cost imposed by a lack of mass transit solutions is staggering. Having already established a leadership position in key emerging markets, I believe that Swvl is ready to capitalize on a truly global market opportunity.”

Youssef Salem, Swvl CFO, said, “We are honored to welcome Steve to Swvl. Steve was previously named one of the top 50 Corporate Directors in America by the National Association of Corporate Directors, demonstrating the strength of the Board and the combined public company’s governance. Steve has a combined 90 years of serving as audit committee chair on different boards of directors. His extraordinary career as a business partner, educator, and expert witness led to him being recognized five times as one of the 100 most influential accounting professionals in the United States by Accounting Today magazine. As a board member, he has also been involved in the acquisition and sale of numerous companies and has been instrumental in taking two companies public. He will add significant value in this area where we continue to pursue M&A and capital markets initiatives to further enhance shareholder value.”

Victoria Grace, Founder and CEO of Queen’s Gambit Growth Capital, said, “The Swvl team has done a superb job of compiling a world-class Board of Directors with deep expertise in technology, mobility, ESG, and public company leadership. Since announcing the transaction with Queens Gambit several months ago, Swvl has effectively executed against every element of its business strategy, with strong performance across its current geographies, while capitalizing on compelling new market opportunities in Europe and South America. Swvl is creating tremendous value for all stakeholders as it transforms mass transit, bringing the power of mobility to underserved communities. The market opportunity is tremendous and Swvl is uniquely positioned from a technological, financial, and operational basis.”

Additional Biographical Information

Mr. Albrecht has extensive board experience, having served as a director of five public companies and seven private companies. He has received numerous academic and professional awards and honors, including both BYU’s and the Marriott School’s highest teaching and research faculty honors, as well as the Lifetime Service Award from the American Accounting Association. Mr. Albrecht has also been retained as an expert witness in many of the largest financial statement fraud cases in the United States. He has served on the AICPA Governing Council; the board of Regents of the Institute of Internal Auditors; the Financial Accounting Standards Advisory committee; the Financial Accounting Foundation, which oversees accounting rule-making in the United States; COSO, which sets internal control standards for public companies; as well as president of the Association of Certified Fraud Examiners.

Swvl’s Momentum

Following the announcement of Swvl’s proposed combination with Queen’s Gambit in July, the Company has continued to make tremendous strides in advancing its long-term growth strategy. In addition to appointing three highly experienced women and technology leaders to the combined company’s Board of Directors upon completion of the transaction, Swvl has entered into definitive agreements to acquire controlling stakes in Shotl and Viapool, released its first annual ESG report, expanded within existing core markets, and exceeded third-quarter earnings expectations.

About Swvl

Swvl is a global tech startup that provides a semi-private alternative to public transportation for individuals who cannot afford or access private options. The Company builds parallel mass transit systems offering intercity, intracity, B2B, and B2G transportation. Swvl’s tech-enabled offerings make mobility safer, more efficient, and environmentally friendly, while still ensuring that it is accessible and affordable for everyone. Customers can book their rides on an easy-to-use app with varied payment options and access high-quality private buses and vans that operate according to fixed routes, stations, times, and prices.

Swvl was co-founded by Mostafa Kandil, who began his career at Rocket Internet, where he launched the car sales platform Carmudi in the Philippines, which became the largest car classifieds company in the country in just six months. He then served as Rocket Internet’s Head of Operations. In 2016, Kandil joined Careem, a ride-sharing company and the first unicorn in the Middle East. He supported the platform’s expansion into multiple new markets. Careem is now a subsidiary of Uber, based in Dubai, with operations across 100 cities and 15 countries.

For additional information about Swvl, please visit www.swvl.com.