Company: KOYNU
Filing Date: 2025-05-15
Form Type: DRS
Source: 0001829126-25-003675
Chunk: 217

Company: CSLM Digital Asset Acquisition Corp III, Ltd
Filing Date: 2025-05-15
Form: DRS
Chunk 217
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 unbanked population, card and digital payments                                  
 remain low. This has led to significant growth in mobile wallets, alternative lenders and payments, and remittance businesses that 
 we believe represent attractive potential opportunities for us.                                                                    |

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| ● | South Asia (excluding India): With a population of over 400 million across Pakistan and Bangladesh,                                  
 with nearly half under the age of 25, rapidly rising per capita incomes and urbanization levels, we believe South Asia is a very     
 attractive market for technology and technology enabled businesses in sectors such as e-commerce, ed-tech and food-tech. We believe  
 high mobile penetration rates in South Asia have created opportunities for digital finance services such as mobile wallets, consumer 
 finance and mobile payments for a population that is largely unbanked and underbanked as well as digital media services like         
 streaming and gaming.                                                                                                                |

| ● | South East Asia: SEA represents relatively more mature markets                                                                           
 with higher income levels and more developed infrastructure as compared to MENA, SSA and SA, including higher e-commerce spending and    
 significant time spent online by the high proportion of young population. This has led to an explosion of new media and gaming companies 
 alongside more mature e-commerce, internet infrastructure, classifieds and other specialized players.                                    |

Middle East and North Africa

With a population of 508 million and a nominal GDP of approximately $4.32 trillion in 2023, MENA includes Morocco, Algeria, Tunisia, Libya and Egypt in North
Africa. It also includes the GCC countries, comprised of Bahrain, Kuwait, Oman, Qatar,
Saudi Arabia, and the UAE, Iraq, and the Levantine nations of Syria, Lebanon, and Jordan.

We believe the growth of e-commerce in MENA has further shed light on the necessity of hard and soft infrastructure to
support its growth. In particular, cash on delivery is today approximately 60% of all e-commerce sales in MENA. MasterCard finds that post-COVID consumers in MENA are 95% more likely to consider using an emerging payment method
including cryptocurrency, biometrics, contactless or QR codes in the future. We believe
there are opportunities for companies to address payments, logistics, and deliveries.
For these reasons, we believe there are significant market opportunities in these
segments.

Sub-Saharan Africa

With a population of 1.26 billion, and a nominal GDP of approximately $2.04 trillion in 2023, we believe Africa will be a major