#1Porch The partner for your home PROPTECH ACQUISITION Love your home. For moving and improving and everything in between Investor Presentation July 2020#2DISCLAIMERS Information Subject to Change The information, including financial information, contained herein has not been finalized and is subject to change. PropTech Acquisition Corporation (PTAC") intends to file a registration statement on Form 5-4 containing a preliminary proxy statement and preliminary prospectus of PTAC with the Securities and Exchange Commission (the "SEC") containing some of the information contained herein which may change prior to filling the registration statement and in response to the SEC review process. To the fullest extent permitted by law, in no circumstances will Porch.com, Inc. [Porch" or the "Company") or IPTAC or any of their respective subsidiaries, stockholders, affilates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this presentation, its contents, its omissions, reliance on the information contained within it or on opinions communicated in relation thereto or otherwise arising in connection therewith. Industry and market data used in this presentation have been obtained from third-party industry publications and sources as well as from research reports prepared for other purposes. Neither Porch nor PTAC has independently verified the data obtained from these sources and cannot assure you of the data's accuracy or completeness. This data is subject to change. In addition, this presentation does not purport to be all-inclusive or to contain all of the information that may be required to make a full analysis of Porch or the proposed business combination of PTAC and Porch (the "Business Combination"), and none of PTAC, the Company or their respective affiliates or representatives makes any representation or warranty, express or implied, as to the accuracy, completeness or reliability of the information contained in this presentation, and the recipient disclaims any such representation or warranty. Viewers of this presentation should each make their own evaluation of Porch and of the relevance and adequacy of the information and should make such other investigations as they deem necessary. This presentation does not constitute () a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed Business Combination or (I) an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase any security of PTAC, Porch or any of their respective affilates. You should not construe the contents of this presentation as legal, tax, accounting or investment advice or a recommendation. You should consult your own counsel and tax and financial advisors as to legal and related matters concerning the matters described herein, and, by accepting this presentation, you confirm that you are not relying upon the information contained herein to make any decision. Forward-Looking Statements Certain statements in this presentation may be considered "forward-looking statements within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or PTAC's or the Company's future financial or operating performance. For example, projections of future revenue, gross profit, contribution margin, Adjusted EBITDA and other matrics are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "should," "expect," "intend," "will" "estimate," "anticipate," "belleve," "predict," "potential" or "continue," or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by PTAC and its management, and Porch and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of negotiations and any subsequent definitive agreements with respect to the Business Combination; (2) the outcome of any legal proceedings that may be instituted against PTAC, the combined company or others following the announcement of the Business Combination and any definitive agreements with respect thereto; (3) the inability to complete the Business Combination due to the failure to obtain approval of the shareholders of PTAC, to obtain financing to complete the Business Combination or to satisfy other conditions to closing; (4) changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the Business Combination; (5) the ability to meet the Nasdag's Isting standards following the consummation of the Business Combination: (6) the risk that the Business Combination disrupts current plans and operations of Porch as a result of the announcement and consummation of the Business Combination; (7) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees, (8) costs related to the Business Combination; (9) changes in applicable laws or regulations [10] the possibility that Porch or the combined company may be adversely affected by other economic, business and/or competitive factors (11) Porch's estimates of its financial performance, and (12) other risks and uncertainties set forth in the section entitled "Risk Factors" and "Cautionary Note Regarding Forward- Looking Statements in PTAC's Annual Report on Form 10 k for the fiscal year ended December 31, 2019 and the section entitled "Risk Factors in PTAC's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020.. Nothing in this presentation should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Neither PTAC nor the Company undertakes any duty to update these forward-looking statements. Financial Information; Non-GAAP Financial Measures The financial information and data contained in this presentation is unaudited and does not conform to Regulation S-X. Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in, any proxy statement/prospectus or registration statement to be filed by PTAC with the SEC. The "Pro Forma financial data included herein has not been prepared in accordance with Article 11 of the SEC's Regulation S-X is presented for informational purposes only and may differ materially from the Regulation S-X compliant unaudited pro forma financial statements of Porch to be included in PTAC's proxy statement/prospectus in connection with the proposed Business Combination (when available). In addition, all historical financial information included herein is preliminary and subject to change pending finalization of the audits of Porch as of and for the years ended December 31, 2019 and 2018 in accordance with PCAOB auditing standards. Except as otherwise noted, all references herein to full-year periods refer to Porch's fiscal year, which ends on December 31. Some of the financial information and data contained in this presentation, such as Adjusted EBITDA, Pro Forma Adjusted EBITDA, Pro Forma Revenue, Pro Forma Gross Profit and Contribution Margin, have not been prepared in accordance with United States generally accepted accounting principles (CAAP). Porch defines Adjusted EBITDA as not income (loss) plus interest expense, not, income tax expense benefit), other expense, not, and depreciation and amortization, certain non-cash long-lived asset impairment charges, stock based compensation expense and acquisition compensation and transaction expenses. Pro Forma Adjuste EBITDA is defined as Adjusted EBITDA, as further adjusted to exclude the Adjusted EBITDA contribution from certain Porch businesses divested during 2019 and the first half of 2020, after giving effect to all such divestitures as if they had occurred on January 1, 2018. Similarly, Pro Forma Revenue and Pro Forma Cross Profit represent revenue and gross profit, respectively, as adjusted to exclude the revenue and gross profit contribution from certain Porch businesses divested during 2019 and the first half of 2020, after giving effect to all such divestitures as if they had occurred on January 1, 2018. Contribution Margin is defined as gross profit less all variable expenses, including marketing and sales. See the appendix beginning at slide 44 for more details regarding Adjusted EBITDA, Pro Forma Adjusted EBITDA, Pro Forma Revenue, Pro Forma Gross Profit and Contribution Margin, including the reconciliation of these measures to the nearest comparable GAAP measures elsewhere in this presentation. Copyright 2020 Porch.com. All rights reserved 2#3DISCLAIMERS Porch uses these non-GAAP measures to compare Porch's performance to that of prior periods for budgeting and planning purposes. PTAC and Porch believe these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Porch's results of operations. PTAC and Porch believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating projected operating results and trends in and in comparing Porch's financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Porch's method of determining these non-GAAP measures may be different from other companies' methods and, therefore, may not be comparable to those used by other companies and Porch does not recommend the sole use of these non-GAAP measures to assess its financial performance. Porch management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in Porch's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-CAAD financial measures in connection with CAAP results. You should review Porch's financial statements, which will be included in PTACS proxy statement/prospectus in connection with the proposed Business Combination (when available), and not rely on any single financial measure to evaluate Porch's business. Other companies may calculate Adjusted EBITDA, Pro Forma Adjusted EBITDA, Pro Forma Revenue, Pro Forma Gross Profit, Contribution Margin and other non-GAAP measures differently, and therefore Porch's Adjusted EBITDA, Pro Forma Adjusted EBITDA, Pro Forma Revenue, Pro Forma Gross Profit, Contribution Margin and other non GAAP measures may not be directly comparable to similarly titled measures of other companies. Use of Projections This presentation contains financial forecasts of the Company, namely, Porch's projected revenue, gross profit, contribution margin and Adjusted EBITDA for 2020-2021. Neither the Company's independent auditors, nor the independent registered public accounting firm of PTAC, audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this presentation, and accordingly, neither of them expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this presentation. These projections should not be relied upon as being necessarily indicative of future results. The projected financial information contained in this presentation constitutes forward-looking information. The assumptions and estimates underlying such projected financial information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. See "Forward-Looking Statements" above. Actual results may differ materially from the results contemplated by the projected financial information contained in this presentation, and the inclusion of such information in this presentation should not be regarded as a representation by any person that the results reflected in such projections will be achieved. Industry and Market Data In this presentation, PTAC relies on and refers to certain information and statistics obtained from third-party sources which it believes to be reliable, including reports by market research firms. Neither PTAC nor Porch has independently verified the accuracy or completeness of any such third-party information. This presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners. Additional Information About the Proposed Business Combination and Where to Find It In connection with the proposed Business Combination, PTAC intends to file with the SEC a registration statement on Form 5-4 containing a preliminary proxy statement and a preliminary prospectus of PTAC, and after the registration statement is declared effectival, PTAC will mail a definitive proxy statement/prospectus relating to the proposed Business Combination to its shareholders. This presentation does not contain all the information that should be considered concerning the proposed Business Combination and is not intended to form the basis of any investment decision or any other decision in respect of the Business Combination. PTACS shareholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus and the amendments thereto and the definitiva proxy statement/prospectus and other documents filed in connection with the proposed Business Combination, as these materials will contain important information about Porch, PTAC and the Business Combination. When available, the definitive proxy statement/prospectus and other relevant materials for the proposed Business Combination will be mailed to shareholders of PTAC as of a record date to be established for voting on the proposed Business Combination Shareholders will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other documents filed with the SEC, without charge, once available, at the SEC's website at www.sec.gov or by directing a request to David Batalion at [email protected]. This presentation does not constitute an offer to sell or the sollicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any suchjurisdiction. No offering of securities shall be made except by means of a prospectus meating the requirements of Section 10 of the U.S. Securities Act of 1933, as amended. INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE Participants in the Solicitation PTAC and its directors and executive officers may be deemed participants in the solicitation of proxies from PTAC'S shareholders with respect to the proposed Business Combination. A list of the names of those directors and executive officers and a description of their interests in PTAC is contained in PTAC's annual report on Form 10K for the fiscal year ended December 31, 2019, which was filed with the SEC and is available free of charge at the SEC's web site at www.sec.gov. Additional information regarding the interests of such participants will be contained in the proxy statement/prospectus for the proposed Business Combination when available. The Company and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the shareholders of PTAC in connection with the proposed Business Combination. A list of the names of such directors and executive officers and information regarding their interests in the proposed Business Combination will be included in the proxy statement/prospectus for the proposed Business Combination when available. Porch Copyright 2020 Porch.com. All rights reserved 3#4Today's Presenters 1 Matt Ehrlichman CEO and Founder Chairman, CEO, Founder - Porch Former CEO, Founder-Thriva - Event Mgmt SaaS company - Bootstrap to $60M acquisition Former Chief Strategy Officer - Active Network (ACTV) - Event Mgmt Vertical SaaS -Acquisition through IPO Porch Experience: Stanford BS and MS, 25 buy-side transactions, high growth SaaS companies Copyright 2020 Porch.com. All rights reserved Marty Heimbigner CFO CFO - Porch Former CFO-WASH Multifamily Laundry Systems ($1.5B PE-backed roll-up) Former CFO-City Bank (CTBK), Airbiquity, The Maven (MVEN), BSQUARE (BSQR) Experience: KPMG, reverse merger into public markets, public company CFO, 40 buy-side transactions, CPA Tom Hennessy Chairman, Co-CEO, and President PROPTECH ACQUISITION Chairman, Co-CEO, and President - PropTech Acquisition Corporation Managing Partner - Hennessy Capital Real Estate Strategies Former Portfolio Manager at Abu Dhabi Investment Authority (ADIA) Experience: Previously with Sam Zell's Equity International and Credit Suisse Investment Bank Joe Beck Co-CEO and CFO Co-CEO & CFO - PropTech Acquisition Corporation Managing Partner - Hennessy Capital Real Estate Strategies Former Senior Investment Manager at Abu Dhabi Investment Authority (ADIA) Experience: Previously with Goldman Sachs Investment Bank Porch 4#5Porch aligns with PTAC's investment objectives Identify Screen ~350 PropTech companies reviewed (companies that are bringing innovation to real estate) Established companies with considerable scale Select Copyright 2020 Porch.com. All rights reserved Quantitative Metrics Qualitative Metrics Execute Ready to be public PROPTECH ACQUISITION Investment Objectives Vertical Software platform for home inspection and home services industry Implied Transaction EV of $523 million High revenue growth and gross margins, attractive unit economics, path to profitability Capable and experienced management team that aspires to be public Robust financial systems, and controls Porch ✓ ✓ Porch 5#6Indicative Transaction Overview Transaction Structure PropTech Acquisition Corporation ("PTAC") has proposed to enter a business combination (the "Transaction") with Porch.com, Inc. ("Porch"), a vertical software platform for the home (1) The Transaction is expected to close in Q4 2020 Post-closing, the company will be listed on NASDAQ under the Porch brand Valuation Transaction implies a pro forma combined enterprise value of $523 million (4.4x based on 2021E revenue of $120 million) Existing Porch shareholders will receive approximately 53% of the pro forma equity and up to $30 million cash at close (¹) (2) Porch Founders, Team and existing Porch shareholders are rolling 92% of their equity as part of the Transaction(1¹)(2) Capital Structure The Transaction will be funded by a combination of PTAC cash held in a trust account, PTAC common stock, proceeds from the PTAC PIPE, and Porch cash on hand at closing(¹) Transaction is expected to result in zero debt and $205 million cash on balance sheet to fund growth See Pro Forma Equity Ownership (slide 37) for key assumptions and additional details. Assumes no redemptions by PTAC's existing public shareholders. Cash proceeds subject to downward adjustment to minimum of $10 million based upon total net cash available from all sources at closing. Pro forma equity ownership includes an arnout comprised of 5 million restricted shares issued at the closing of the Transaction that are subject to forfeiture should the company not meet certain stock trading price hurdles (one-third during the three-year post-closing period at each of $18.00, $20.00 and $22.00 per share). Pro forma equity ownership is subject to upward adjustment if cash proceeds are adjusted downward. Copyright 2020 Porch.com. All rights reserved Porch 6#7Investment Highlights loão 8 (2) (3) Large Addressable Market >$200B addressable TAM that will continue to expand Software + Transaction Business Model Software for companies provides consistent, reoccurring, and highly scalable business-to-business-to- consumer (B2B2C) transaction revenue $9 Defensible Moat Creates a Sustainable Advantage Software for home service companies provides early access to homebuyers and unique data about the home Strong Unit Economics 30x LTV/CAC Inspector SaaS Companies Unique Access to Valuable Demand 65% of US Homebuyers in platform 6 weeks pre-move date Attractive Financial Results 49% Expected 3 year revenue CAGR 78% 2020E Gross Margins 25% targeted long-term Adj EBITDA margins (1) For the period Aug 2019 through Jan 2020, 65.4% of US residential properties bought or sold in the period were processed through the Porch system by Contracted Recurring Companies (source: US Census Bureau and National Association of Realtors). This definition applies throughout this presentation On average, inspections occur 6 weeks prior to a homebuyer moving into their new home. Source: Elie Mae For the period Q3 and Q4 2019. LTV is calculated by taking total contribution margin after CAC, divided by the number of customers, and then multiplied by the average expected life of an account, capped at 5 years. CAC is the Customer Acquisition Cost and represents all variable costs (sales and marketing) required on average to acquire a new company. The LTV/CAC shown here is for an average inspection company Porch acquires. (4) Based on 2018 pro forma through 2021E Porch revenue. Copyright 2020 Porch.com. All rights reserved Porch 7#8Porch Porch Introduction Copyright 2020 Porch.com. All rights reserved ISN Inspection Support Network HIRE A HELPER Elite Insurance Group 8#9Porch has scaled into the vertical software platform for the home 2013 Launched as a Home Services Marketplace in 2013 2020 Transitioned to a Vertical Software Platform for Home Service Companies with Reoccurring B2B2C Transaction Revenue + Leading ERP/CRM software for home inspectors and moving companies creates high retention rates. + Companies (software customers) provide consistent and reoccurring access to homebuyers in exchange for their software. + Unique early access to homebuyers provides the opportunity to monetize effectively by assisting consumers with the most valuable home services. Key insights: 1. Consumers don't hire many home professionals each year. 2. The high LTV home services are purchased during the move. 3. Traditional legacy direct-to-consumer channels will only get more expensive. 4. Companies can provide sustainable and proprietary demand. Copyright 2020 Porch.com. All rights reserved 9#10Porch, the vertical software platform for the home Deliver Services Software & Services for Companies Copyright 2020 Porch.com. All rights reserved Porch Access to Consumers Porch has a unique strategy in the home services industry. 1. Porch provides software and services to home services companies such as home inspection and moving. 2. Through these companies, Porch gains early access to homebuyers. 3. Porch generates B2B2C transactional revenues by facilitating key and high value service purchases for these consumers. Similar to other Vertical Software Providers: OpenTable OMINDBODY. (software with transaction revenue, but with a bigger TAM) Porch 10#11Porch, the vertical software platform for the home 11,000 Companies EA HIRE A HELPER #1 Moving Labor + Full Service Deliver Services [1] Software & Services for Companies Porch ISN Inspection Support Network" (1) #1 Inspector ERP/CRM Based on Porch management estimates of relative market share. Copyright 2020 Porch.com. All rights reserved Access to Consumers Porch provides software and services to home services companies (such as home inspectors and moving companies) via multiple brands. The companies pay either typical SaaS fees or by enrolling in Porch's innovative Customer Access pricing model that provides Porch proprietary and early access to the homebuyer. Porch generates revenue from these consumers through sales of services. 1. Porch Value Add to Companies Leading CRM software available for free 2. Improved consumer experience and NPS 3. New customer demand and increased revenue Porch 11#12Porch, the vertical software platform for the home Deliver Services Software & Services for Companies Porch Access to Consumers Porch has early access to homebuyers at large scale by way of 11,000 companies. 65% of U.S. homebuyers flow through Porch's software platform.) 27% of U.S. homebuyers provided to Porch by companies to help make the move and home maintenance easy. (2) 26% of all U.S. home inspections are managed through Porch's inspection software. (3) 1. 2. Porch Value Add to Consumers Free white glove concierge service Free guided price comparison and service provisioning with top providers at best rates (1) For the period Aug 2019 through Jan 2020, 65.4% of US residential properties bought or sold in the period were processed through the Porch system by Contracted Recurring Companies (source: US Census Bureau and National Association of Realtors). (2) For the period Aug 2019 through Jan 2020, Porch had call and marketing rights for 27% of US homebuyers who were buying or selling their home in the period (source: US Census Bureau and National Association of Realtors). (3) For the 2019 year, Porch estimates 26% of US home inspections were processed through its systems by taking total inspections in the Porch system divided by the total home sales during that period (source: US Census Bureau and National Association of Realtors). Copyright 2020 Porch.com. All rights reserved Porch 12#13Porch, the vertical software platform for the home Deliver 780K Services Monetized Services Software & Services for Companies Porch Access to Consumers Porch generates a majority of its revenues via a B2B2C transaction model, assisting consumers provided by companies with service purchases. Current services include moving, insurance, security, TV/internet and contractor services. Porch has focused on services purchased during the homebuying and moving experience given they are the highest value, but provides ongoing support for home maintenance and improvement projects as well. Porch Value Add to Service Providers High intent and high value customers 1. 2. Early access to homebuyers during their move 3. Superior close rates within target CAC range Elite Insurance Group Licensed insurance agency (1) As of the end of the 2019 year, Monetized Services is defined as the total number of unique services from which Porch generated revenue, including a new insurance customer, completed moving job, security installation, TV/internet installation or other home project. Copyright 2020 Porch.com. All rights reserved Porch 13#14(1) (3) (5) (6) Porch by the numbers 68 About Us 2013 Launched Sept '13 900 Full-time team members.) Seattle Headquarters National Coverage Customers 11,000 Contracted Recurring Companies(2) 65% U.S. Homebuyers in Platform(3) 27% U.S. Homebuyers Call+Marketing Rights(4) 26% U.S. Home Inspections (5) Key Financial Metrics $73M 2020E Revenue >50% YOY 2021E Revenue Growth 134% Annual Net Revenue Retention (6) 780K 2019 Monetized Services(7) $57M 2020E Gross Profit As of June 2020, Porch had approximately 970 full-time employees and 530 full-time contractors for support, operations and sales. As of the end of Q4 2019, Contracted Recurring Companies (also "Company" and "Companies") are defined as SaaS and services companies across all home services verticals with reoccurring revenue contracts with Porch and which generated revenue during the quarter. For the period Aug 2019 through Jan 2020, 65.4% of US residential properties bought or sold in the period were processed through the Porch system by Contracted Recurring Companies (source: US Census Bureau and National Association of Realtors). For the period Aug 2019 through Jan 2020, Porch had call and marketing rights for 27% of US homebuyers who were buying or selling their home in the period (source: US Census Bureau and National Association of Realtors). This definition applies to this stat throughout this presentation. For the 2019 year, Porch estimates 26% of US home inspections were processed through its systems by taking total inspections in the Porch system divided by the totall home sales during that period (source: US Census Bureau and National Association of Realtors). Annual Net Revenue Retention was calculated with inspectors who pay for the software by providing access to their customers. These inspectors were organized into cohorts by the month the inspectors first joined. By comparing the revenue generated by each cohort in the full month (the 2nd active month) to that same month a year later, we see an average of a 134% increase in net revenue across all cohorts. We included those cohorts which began in 2018 and had a full year of data through the end of year 2019. As of the end of the 2019 year, Monetized Services is defined as the total number of unique services from which Porch generated revenue, including a new insurance customer, completed moving job, security installation, TV/internet installation or other home project. As of the end of the 2019 year, Total Services GMV is measured as the total estimated completed service volume from home services processed through or originating from the Porch platform. Porch Copyright 2020 Porch.com. All rights reserved 78% 2020E Gross Profit Margin $450 Avg Rev/Month per Company $2.2B 2019 Total Services GMV(B) 14#15B2B - Software & Services for Companies Porch provides software & services to several home service industries Inspectors Moving Utilities Warranty Real Estate HOUSECHECK D BPG Inspections' AXIUMA INSPECTIONS PODS Budget Copyright 2020 Porch.com. All rights reserved ELITEGROUP DTE FLORIDA PUBLIC ComEd PSEG kw KELLERWILLIAMS. 1-800- PACK-RAT REALTOR® SECURE TRANSACTION d First American Frontdoor. LONG ISLAND Zap Cap HomeTeam INSPECTION SERVICI A Center Company SYSTEMS VECTREN TAGES ET cinch CALINGENITA ANNOCIATION Inspection companies utilize Porch's ISN software and provide Porch access to homebuyers Moving companies use Porch's HireAHelper software and provide Porch access to homebuyers Utilities provide a white-labeled Porch Moving Concierge to their customers to increase customer satisfaction Home Warranty companies provide Porch access to homebuyers for Moving Concierge or contractor services Porch provides agents with inspection booking tools and a Repair Estimate Report and Moving Concierge Porch 15#16B2B - Software & Services for Companies Porch offers a compelling value proposition for inspectors & movers Innovative pricing: free with customer access Leading ERP/ CRM software" DASHBOARDS CUSTOMER CRM $1,783.31 $5,253.79 863* ONLINE BOOKING & SCHEDULING Hener Services Payment information CALENDAR & DISPATCH REPORTING Order summary Früe PAYMENT PROCESSING together produce 30x LTV/CAC (3) Pay SaaS Fees OR Pay with Customer Access Porch's preferred option (Companies are 6x more valuable to Porch while getting the software for free) (1) Based on Porch management estimates of relative market share. (2) For 2019, Porch generated approximately $4 per inspection in SaaS fees processed through its SaaS system. Through Porch's customer access model, Porch management estimates that homebuyers generate $25 in revenue to Porch. (3) For the period Q3 and Q4 2019. LTV is calculated by taking total contribution margin after CAC, divided by the number of customers, and then multiplied by the average expected life of an account, capped at 5 years. CAC is the Customer Acquisition Cost and represents all Porch variable costs (sales and marketing) required on average to acquire a new company. The LTV/CAC shown here is for an average inspection company Porch acquires Copyright 2020 Porch.com. All rights reserved 16#17B2B - Software & Services for Companies Porch's unique value proposition creates strong results Porch provides: 1) Leading software for free, 2) Tools to increase NPS for free and 3) Demand and jobs 5,500 inspector companies INSPECT IT LIKE AGIRL Since starting to work with Porch in 2017, ILG has more than doubled. 145% ILG's annual revenue has increased b d by Since joining Porch CRM, ILG's annual Inspections have increased by 135% Case Study: Inspect It Like A Girl ("ILG") is Moving Concierge, and other modules. 2019 2019 "Porch will be a game changer in our industry... Porch's CRM has turned me from a technician to a business owner, and keeps me focused on growing my business." Pam Pybas, Founder Inspect It Like A Girl Jackson, MS 6 of 7 inspection company franchise systems; majority of top 200 by volume -50 Outstanding Customer Satisfaction) 0 73 NPS 50 Annual Net Revenue Retention 134% -100 100 (1) (2) The graphs represent Inspect it Like A Girl's ("ILG") annual revenue in its first year using Porch's CRM compared to 2019 (left) and total number of annual inspections during the first year since using Porch's CRM compared to 2019 (right). Source: Inspect It Like A Girl. Based on Porch management belief. Net Promoter Score (NPS) Surveys are sent to all inspection software customers every 90 days. The most recent data is for 1/1/2020 to 3/31/2020 where there were 963 respondents and a 73 NPS score. (3) (4) Annual Net Revenue Retention was calculated with inspectors who pay for the software by providing access to their customers. These inspectors were organized into cohorts by the month the inspectors first joined. By comparing the revenue generated by each cohort in the full month (the 2nd active month) to that same month a year later, we see an average of 134% retention across all cohorts. We included those cohorts which began in 2018 and had a full year of data through the end of year 2019. Copyright 2020 Porch.com. All rights reserved Porch 17#18B2B2C - Access to Consumers Companies introduce Porch to help their homebuyers in many ways Moving Concierge Personal (and free) Moving Concierge teams with Porch's in-house insurance agents to assist with all aspects of the move and any ongoing home maintenance Offers & Advice Targeted communications, direct mail and programmatic retargeting to engage homebuyers Get multiple quotes with one quick call. Copyright 2020 Porch.com. All rights reserved Cost Calculator Project cost guide to help accurately save and budget for projects based on local pricing YOUR ESTIMATE $586 NATIONAL AVERAGE RANGE ESTIMATE Self-Service Moving Dashboard to provide an easy checklist and quotes for all aspects of the move Inspection Repair Estimates New level of transparency to the home inspection process through detailed cost estimates सुप TOTAL DEFICIENCIES WHOLE HOME ESTIMATE POTENTIAL ITEMS Summary Your moving checklist 20% off Budget Moving Checklist Detailed moving checklist to make the move easy and extend Porch's relationship with the homeowner Hove checkst 18#19B2B2C - Access to Consumers Companies provide Porch uniquely vast access to homebuyers Home Inspection CRM/ERP Software Moving Companies CRM/ERP software CHANNEL Utilities On average, inspections occur 6 weeks prior to a homebuyer moving into their new home. Source: Ellie Mae. Copyright 2020 Porch.com. All rights reserved Warranty 65% of all U.S. homebuyers are processed through Porch's software by companies Inspections lead to early insights 6 weeks pre-move (11) 27% of all U.S. homebuyers get a Porch Moving Concierge Includes call and marketing rights Real Estate Porch 19#20B2B2C - Access to Consumers Porch sees homebuyers 6 weeks pre-move, when most valuable Porch knows homebuyers are moving 6 weeks before the move due to unique early access Pre-move Porch (1) Source: Epsilon new mover report from 2016 Copyright 2020 Porch.com. All rights reserved (1) 71% of movers make major move related purchase decisions Move Date Everyone Else Customer info becomes public (i.e. available to everyone else) via USPS 5-60 days post-move Post-move Porch 20#21SERVICES B2B2C - Deliver Services Porch's unique access to the consumer allows it to deliver services across the lifetime of the home Pre-move Partner processes inspection using Porch tools Book Inspections Inspection Estimates Core Focus Copyright 2020 Porch.com. All rights reserved Move-in Porch assists homebuyers with all of their move-in service needs Insurance Movers Security TV/Internet HI 11 Future Utility Setup Solar Warranty HI " I HI I I Future Opportunities Maintenance Porch supports all maintenance requests with fixed pricing and quality professionals Homeowner is assisted by Porch's Moving or Home Concierge, self serve tools, and services TV Mounting Dryer Vent Clean Carpet Cleaning Gutter Cleaning HVAC Handyman Improvement Porch supports larger home improvement projects utilizing the Porch Pro Network Painting Electricians Plumbing Remodeling Roofing Windows Porch 21#22B2B2C - Deliver Services Porch provides end-to-end comparison & provisioning for key services Insurance Commission revenue Moving Per job revenue Security Per install revenue TV/Internet Per install revenue Contractors Per lead/appt revenue PROGRESSIVE Safeco Insurance... A liberty Muted Compre PODS Budget Budget ADT vivint. comcast. xfinity. TRAVELERS Hippo AT&T U-verse Copyright 2020 Porch.com. All rights reserved Nationwide STATE AUTO Insurance Companies 1-800- Wowing & Storage Made Simple Frontpoint verizon FiOS DIRECTV Spectrum dish Universal A Windows HANDYPRO TRANSFORM FLOOR COVERINGS Direct laternational Porch is a nationwide insurance agency, quoting and selling P&C insurance to homebuyers and renters. This includes home, auto, flood and umbrella. Porch is the leader in providing moving labor services (loading or unloading a moving truck) and spans to coordinate full-service long-distance moves. Porch helps ensure homes are protected with getting the right home security and home automation company scheduled to complete the installation. Porch helps consumers understand all of their options for Internet, TV and phone service for their new home, and helps the customer purchase and activate service. Porch helps customers get inspection repairs done on their new home and complete ongoing maintenance and improvement tasks. Porch 22#23Copyright 2020 Porch.com. All rights reserved Financial Overview Z 23#24Financial Results and Projections Revenue (5 mm) $36 2018PF % Growth 49% CAGR $57 2019PF 55% 167% CAGR $11 $85 m) (3) $73 2020E 28% 49% Contribution Margin ($mm) $26 (1) $120 2021E 64% 41% $53 (2) Gross Profit ($ mm) $29 81% 2018PF % Growth 49% CAGR $47 -$29 2018PF 83% 2019PF 60% Gross Profit -$30 2019PF $68 m) $57 Adjusted EBITDA ($mm) 78% 2020E 21% 45% -$10 (1) 2020E -Gross Margin $97 81% $3 2018PF 2019PF 2020E 161% 2021E 87% % Growth 292% Note: Numbers noted as PF are Pro Forma results which exclude the financial results of certain Porch businesses divested during 2019 and the first half of 2020, after giving effect to all such divestitures as if they had occurred on January 1, 2018. (1) Based on internal estimates, Porch believes without the COVID-19 pandemic, it would have been estimating $85M in revenue and $68M in gross profit for the 2020 year. Had this occurred, 2020E and 2021E revenue growth would have been 49% and 41%, respectively. (2) Gross Profit is defined as Revenue less cost of revenue, which is inclusive of credit card processing fees, guarantee fees, service provider fees and other minor costs. Gross Margin is Gross Profit divided by Revenue. (3) Contribution Margin is defined as Grass Profit less all variable expenses, including marketing and sales. 2021E 70% 43% $7 6% 5) 2021E Adjusted EBITDA is calculated as EBITDA less certain non-cash long-lived asset impairment charges, stock based compensation expense and acquisition compensation and transaction expenses. See Non-GAAP Reconciliation and the appendix beginning at slide 44 for more information. (5) 2021E Adjusted EBITDA as a percentage of revenue. Copyright 2020 Porch.com. All rights reserved 24#25Diverse, quality, and reoccurring revenue leads to targeted 25% long-term Adjusted EBITDA margins 23% Revenue Gross Profit 11% 66% 2021E Revenue Distribution ■ B2B -Recurring SaaS Generated Company Fees ■B2B2C (Moving Services) - Reoccurring Transaction Fees via Companies B2B2C and B2C (Post-Move Services) -Reoccurring and Non-Reoccurring Transaction Fees Contribution Margin Adjusted EBITDA Margin 2018PF 100% 81% 7% -79% 2019PF 100% 83% 19% -52% 2020E 100% 78% 36% -14% 2021E 100% 81% 44% 6% Long-Term (targeted 100% 80% 50% 25% (1) B2B includes recurring fees paid by Companies to Porch for SaaS and other services. (2) B282C (Moving Services) includes revenue predominantly related to selling consumers insurance, moving, security and TV/internet with the vast majority of these consumers being provided to Porch on a reoccurring basis by companies. (3) 8282C and B2C (Post-Move Services) includes revenue predominantly related to connecting consumers with contractors across home maintenance and improvement projects with these consumers originating from both 1) companies on a reoccurring basis, and 2) direct- to-consumer channels. Copyright 2020 Porch.com. All rights reserved Porch 25#26Porch operates in industries rapidly rebounding from COVID Home Inspections The volume of home inspections processed through Porch nationwide bottomed out at a 42% YOY decline in April 2020. Existing-home sales in June 2020 experienced the biggest monthly increase on record going back to 1968." 2/24: Stock Market Dips 3/4: WFH Policies Start 3/16: Avoid Groups >10 2020 4/15: NY Peak Daily Cases 2019 Source for both graphs: Porch customer data. (1) Source: WSI.com article="US. Existing-Home Sales Rose 20.7% in June". Copyright 2020 Porch.com. All rights reserved rial Day (2020) 25: 20.20 2019 Home Projects The volume of home service project requests processed through Porch nationwide bottomed out at -38% YOY decline in March 2020. 8 weeks later volumes had fully recovered, with US consumers spending more money on their homes. 2/24: Stock Market Dips 3/4: WFH Policies Start 3/16: Avold Groups >10 4/15: NY Peak Daily Cases 5/25: Memorial Day (2020) 2019 Porch 26#27Copyright 2020 Porch.com. All rights reserved Looking Forward 27#28Porch has built a values-led culture and business Matt Ehrlichman Marty Heimbigner Matthew Neagle CEO & Founder CFO CFO, WASH (roll-up), CTBK, MVEN, BSQR. Airbiquity • KPMG, CPA • CSO, Active Network (IPO) • CEO, Thriva (sold for >$60M) No Jerks / No Egos Copyright 2020 Porch.com. All rights reserved CRO • Prin. Product Manager, Amazon • SMB Ad Sales & Operations, Google Be Ambitious Nicole Pelley VP Product • Group Manager, Nordstrom • Product Leader, Active Network Gavin Woody VP Ops · VP Operations, A Place for Mom • Expedia, McKinsey, Army Solve Each Problem Dena Singleton VP People • HR Leader at Apptio, Starbucks, Microsoft, and Pepsi Care Deeply Ronnie Castro VP Marketing • Co-Founder Porch • Paid Search at Expedia, Google Together We Win Mike Glanz GM Moving • Founder/CEO HireAHelper Porch 28#29Trillion dollar market potential in Home Services (2) (3) Moving Services Insurance Contractor Services Other Opportunities in "Home" U.S. Total Addressable Market ("TAM"): Moving Services: $4B" (moving, security, TV/internet) P&C Insurance: $83BⓇ) (home, auto, umbrella, flood) Contractor Services: $141B (referral, managed services gross profit) Other Opportunities in “Home” (SaaS, mover marketing, home care subscription) Moving Services: TAM of $48 is comprised of Security, Moving, and TV / Internet installs. Security TAM of $1.38 estimated based on $220 net commission per security install multiplied by GM home sales per year. Moving TAM of $1.98 based on $314 net commission per move multiplied by 6M moves per year. TV/Internet Installs TAM of $684M based on $114 net commission per install multiplied by 6M installs per year. Insurance: $838 TAM based on U.S. home insurance annual revenues of $1048 plus U.S. auto insurance annual revenues of $3138 (source: IBIS 2019 full year data) all multiplied by a 20% broker commission. Umbrella and flood are incremental. Contractor Services TAM of $141B is composed of Managed Services and Referral Services Managed services TAM of $1048 based on home services spend of $4608 (source: GM Insights 2018 full year data) with 50% of projects managed at a 45% gross margin. Referral services TAM of $358 based on home services spend of $4708 with 50% referral projects at a 15% referral for. Copyright 2020 Porch.com. All rights reserved Porch 29#30Core business growth has potential to increase 30-35% annually ~$500M core business opportunity (6x growth) over 5-7 years from clear tactics including: $73M 2020E Revenue Core Business Growth 30-35% CAGRO ~$500M Revenue Potential in 5-7 Years # of B2B clients Increase organically through sales & marketing Increase through SaaS acquisitions X % of B2B clients that grant access rights Increase % of B2B companies that grant access rights to consumers X % of consumers contacted and engaged Increase % of individuals with access rights that are called, contacted, and engaged X Increase monetization through existing services and new services Improve conversion rate of each service and increase take rate per service Represents Porch management approximate estimates of potential future revenue growth opportunities and does not constitute Porch management financial projections or guidance and should not be regarded or relied on as such. Copyright 2020 Porch.com. All rights reserved Gain access to more homebuyers Increase revenue per homebuyer Porch 30#31Core growth levers: clear opportunities to continue strong growth Today, Porch captures only ~1% of the total value opportunity per homebuyer ~$2,300 59% of companies don't yet pay with access Porch sees a 6x increase in revenue when they do (3) ~$25 ~6x increase (2) $4 Saas Fee Pricing Companies pay ~$4 fee per transaction for using Porch software Customer Access Pricing Porch's Revenue Per Homebuyer with Call and Marketing Rights +90x opportunity ~$25 Porch's current revenue per homebuyer (4)(5) Potential revenue opportunity per homebuyer (1) Porch does not have customer access (call and marketing rights) to -59% of the 11,000 companies using Porch's software. (2) For 2019, Porch generated approximately $4 in SaaS fees per inspection processed through its SaaS system. (3) Porch's homebuyer base has grown quickly and while Porch has and continues to scale rapidly, it does not yet attempt to contact all homebuyers to whom it has access. $25 is Porch management's estimate based on those homebuyers who were attempted to be (4) Figure not to scale. contacted (5) -$2,300 calculated as $1,300 potential LTV for insurance times 100% frequency purchased, $1,100 for security times 20 % frequency purchased, $120 for TV/ Internet times 100% frequency purchased, $200 for Utilities times 50 % frequency purchased, $250 for Moving times 60% frequency purchased, $300 for Warranty times 25% frequency purchased, $160 for additional product sales times 33% frequency purchased, $2,080 for Inspection Repairs times 10% frequency purchased, $150 for Mover Marketing times 100% frequency purchased. All potential LTV's and frequency purchased based on Porch management estimates Copyright 2020 Porch.com. All rights reserved Porch 31#32Porch has the potential to grow revenues ~20x ~$400M ~$1.5B $73M 2020E Revenue 30-35% CAGR Core Business Growth -$500M -$200M 0 -$400M 2 3 Revenue Mover Insurance New Home Potential Marketing Expansion Service in 5-7 Verticals Years Upside Potential 1 2 3 0) Mover Marketing: ~$200M potential revenue opportunity Data monetization by shifting mover marketing spend by brands from change of address to 6 weeks prior with Porch. Achieved by acquiring 40 enterprise customers paying $1 per mover (vs $2 per mover list rate) Insurance Expansion: $400M potential revenue opportunity Expand from an insurance agency to a Managed General Agency (MGA). Achieved by the acquisition of 1+ insurance MGA (-$100M anticipated acquired revenue) which increases commissions -2.5x without assuming underwriting risk. New Vertical Expansion: ~$400M potential revenue opportunity Assumes 4+ SaaS acquisitions per year with $200M acquired revenue and $200M organic growth via revenue growth from Porch's platform. Represents Porch management approximate estimates of potential future revenue growth opportunities and does not constitute Porch management financial projections or guidance and should not be regarded or relied on as such. Copyright 2020 Porch.com. All rights reserved Porch 32#33Porch has a compelling M&A pipeline and the track record to execute Management Experience CEO has led >25 acquisitions CFO has led 40 buy-side acquisitions Corp Dev leader with >30 M&A deals Porch has a strong M&A playbook Home service with recurring revenue Ability to accelerate growth within Porch Strong and energized team Profitable within Porch Immediately accretive X Opportunities: >1000 O Pipeline: 150+ Insurance, Moving, Home Services SaaS, and Home Technology sectors (among others). O Active: 20 Regular contact with 20 potential acquisition targets. Deal Discussion: 7 2020E: $181M Rev/ $32M EBITDA Immediately accretive to Porch Expected in next 12 months: 4 We expect to complete several strategic acquisitions in the 12 months following the Transaction. (1) This represents the approximate aggregate 2020E revenue and EBITDA of these target companies on a standalone basis as communicated by such target companies to Porch management and has not been independently verified by Porch Copyright 2020 Porch.com. All rights reserved Porch 33#34Porch's innovative platform creates significant growth for acquisitions 19 I'SN Inspection Support Network" $30,000,000 $20,000,000 $10,000,000 $0 ISN Revenue Acquired Aug '17 2015 2016 2017 2018 2019 2020 2021E I I SLAJI $0.30.79 Summary: Founded in 2000, ISN is the largest CRM and ERP software system for home inspectors." Key Initiatives: 1. Pay by Customer Access: Porch's Moving Concierge helps inspectors provide a better consumer experience. 2. Product Enhancement: Updates to core CRM functionality including scheduling, billing, reporting and online booking. 3. Integrated Payment Processing: Porch provided integrated payment processing for inspectors to save inspectors money and increase revenue per inspector. 163* $40,000,000 5:30,000,000 $20,000,000 $10,000,000 HIRE A HELPER HireAHelper Revenue Full Service (Truck or Long Distance) 2015 2016 Acquired Nov '18 2017 2018 Moving Labor 2019 2020E 2021E (2) 4.7 out of 5 Based on Porch management estimates of relative market share. Source: www.hineahelper.com. HireHelper requests a review from each consumer and this is the average score from 150,214 review responses received that have been collected all time through May 2020. Copyright 2020 Porch.com. All rights reserved 150,214 reviews Summary: Founded in 2007, HireAHelper offers SaaS for moving companies and a highly rated consumer experience for comparing and booking any moving service. Key Initiatives: 1. Product Expansion: Launched integrated Movers + Truck and Long Distance (Full Service) product offerings. 2. Integration of Porch Demand: Integrated into the Porch Moving Concierge driving a significant increase in demand. 3. Strategic Partnerships: Porch's Moving Concierge, services, and demand helped expand enterprise partnerships including top moving truck companies. Porch 34#35Recap: The strategy to build a winner in the "Home" market Scale inspection and other home SaaS and disrupt insurance, moving, home services & mover marketing Be a critical partner for home service companies Companies give unique access to consumers We build trust as the Moving Concierge Vertically integrate in insurance 2020 Monetize data with mover marketing 2020 M&A to roll-up SaaS companies Copyright 2020 Porch.com. All rights reserved How: Software and services to help companies grow and delight their customers How: Software-using companies introduce Porch -6 weeks early to movers How: Use our Concierge platform and services capabilities to delight consumers How: Leverage unique demand and data access to scale insurance business How: Shift current mover marketing industry forward 6 weeks via Porch How: Identify and close accretive acquisitions with unique demand and data 35#36Transaction Overview Copyright 2020 Porch.com. All rights reserved 36#37(2) (3) Pro Forma Equity Ownership ($M) (4) (5) (6) (0) (8) Sources Porch Shares(¹) Estimated Cash Held in Trust (2) Proceeds from PIPE (3) Total Sources Uses Equity Consideration to Porch Existing Shareholders(4) Cash Proceeds to Seller(5) Paydown of Existing Net Debt (6) Cash to Porch Balance Sheet Estimated Transaction Fees & Expenses Total Uses $366 $174 $150 $689 $366 $30 $66 $205 $23 $689 Share Price PF Shares Outstanding(7) Equity Value(7) Plus: Debt(5) Less: Cash Enterprise Value Pro Forma Ownership Structure (8) (9) 19% Pro Forma Valuation 22% 16% 53% Note: The sources and uses of funds presented herein are forward-looking statements and reflect the Company's current plans and expectations regarding financing the business combination. The Company may elect to obtain additional financing, including the sale of additional debt or equity, or alternative financing on different terms in connection with the business combination, in which case the information presented herein may change. Due to rounding, the numbers presented may not add up to precisely the totals indicated. Based on enterprise value of $471.5 million, as reduced by 0) estimated $75.9 million of net debt adjustment (of which $74.4 million will be paid down at closing) and (i) estimated $30 million of cash consideration payable to Porch stockholders at closing. Assumes $8.5 million cash on hand at closing. Porch shares are assumed to be issued at $10.09 per share (includes interest). Assumes no redemption by PTAC's existing public shareholders. Includes $172.5 million raised from investors and $1.2 million of estimated interest eamed on the trust account. Actual results in connection with the business combination may differ. PIPE shares are issued at $10.00 per share. Subject to upward adjustment as cash is adjusted downward pursuant to footnote 5. Existing Porch Equity Rollover (4) PTAC Public Shareholders ■ PIPE Investors ■ PTAC Sponsor Shareholders $10.00 72.8 $728 $0 ($205) $523 Cash proceeds subject to downward adjustment to minimum of $10 million based upon total net cash available from all sources at closing. Assumes $74.4 million of indebtedness paid down at closing of the proposed Transaction, subject to downward adjustment based upon total net cash available from all sources at closing. Assumes $8.5 million of cash on hand at closing Excludes eam-out consisting of 5 million restricted shares issued at closing. Pro forma ownership table excludes (approximately $14 million of shares currently anticipated to be issued at closing to advisors in lieu of cash transaction fees, (i) the impact of all out-of-the-money PTAC warrants, (ii) the impact of all vested and unvested options and RSUS (-7-8% of outstanding shares at closing) and the new employee equity incentive plan pool (~15% of outstanding shares at closing, of which less than 1% may be paid as a cash bonus), and (iv) 1 million share management grant at same vesting schedule as shareholder camout. Pro forma ownership table includes eam out consisting of 5 million restricted shares issued at the closing of the Transaction that are subject to forfeiture should the company not meet certain stock trading price hurdles (one-third during the three-year post-closing period at each of $18.00, $20.00 and $22.00 per share). Copyright 2020 Porch.com. All rights reserved Porch 37#38Porch's unique platform creates significant long-term advantages Porch Vertical Software Platform Reoccurring B2B2C Transaction Revenue SaaS — Predictable and repeatable revenue Sticky customer base ✓ Controllable sales channel High customer LTV No ability to capture broad monetization opportunities of end- consumers limiting TAM Copyright 2020 Porch.com. All rights reserved Predictable reoccurring revenue Sticky software platform High gross and contribution margins 30x LTV/CAC Massive $220B TAM Company and consumer-centric growth levers Marketplace Vast TAM and revenue opportunity Tailwinds from digitalization ✓ No cost to consumers Companies interested in demand High variable acquisition cost limit profitability profile and growth opportunity Porch 38#39Operational Benchmarking 49.0% 2018PF - 2021E Revenue CAGR Porch 2021E Gross Profit Margin 80.8% Porch Porch's operating metrics compare favorably to its publicly traded peers Real Estate Software 26.6% Oppfolio 61.4% Copyright 2020 Porch.com. All rights reserved Median: 15.0% 15.0% CoStar Group.REALPAGE Median: 62.4% 80.4% Oppfolio CoStar Group 13.5% 62.4% REALPAGE High Growth / High Margin Software(¹) Median: 26.6% 37.4% 23.8% 24.9% alteryx HubSpot the TradeDesk Median: 79.8% 28.2% zendesk 91.0% 82.8% 76.9% 76.8% alteryx HubSpot the TradeDesk zendesk Sources: Company filings and S&P Capital IQ. Note: Market data as of July 22, 2020. (1) High Growth/High Margin Software competitive set defined as companies with greater than 20% projected 2021 Y-o-Y revenue growth and greater than 75% gross margins. Home Services Marketplace 16.7% ANGI HOMESERVICES 91.3% ANGI HOMESERVICES Porch 39#40Valuation Benchmarking EV / 2021E Revenue 4.4 x Porch The indicative Transaction valuation is attractive on an absolute and on a relative basis EV / 2021E Gross Profit 5.4 x Porch Real Estate Software Median: 13.2x 13.2 x 14.6 x Oppfolio Costar Group 21.6 x @ppfolio Median: 18.2x 18.2 x CoStar Group 6.0 x REALPAGE 9.6 x ..REALPAGE High Growth / High Margin Software(¹) 16.8 x 10.0 x 21.9 x 8.8 x alteryx Hubspot the TradeDesk zendesk 18.5 x Median: 13.4x alteryx Median: 15.3x 12.1 x 28.4 x HubSpot the TradeDesk 11.5 x zendesk Sources: Company filings and S&P Capital IQ. Note: Market data as of July 22, 2020. (1) High Growth/High Margin Software competitive set defined as companies with greater than 20% projected 2021 Y-O-Y revenue growth and greater than 75% gross margins. Copyright 2020 Porch.com. All rights reserved Home Services Marketplace 4.1 x ANGI HOMESERVICES ANGI HOMESERVICES Porch 40#41Financial + Operational Benchmarking Revenue Growth (2020E-2021E) + 2021E EBITDA Margin "Rule of 40" - 2021E YOY Revenue Growth + 2021E EBITDA Margin versus EV/2021E Revenue 707% 60% 50% 30% 20% 10% 2.0 x Porch ANGI HOMESERVICES Sources: Company filings and S&P Capital IQ. Note: Market data as of July 22, 2020. Porch provides a rare combination of value + growth Copyright 2020 Porch.com. All rights reserved ...REALPAGE 7.0 x zendesk. HubSpot 12.0x CoStar Group™ @ppfolio EV / 2021E Revenue alteryx 17.0x 22.0x theTradeDesk Porch 41#42M&A Benchmarking I Two relevant comparable transactions were priced at a ~95% premium to the proposed Porch Transaction V VISTA EQUITY PARTNERS 02/15/19 Closed Date MINDBODY. $1,829M Implied EV 6.5x EV/NTM Revenue EV / NTM Revenue 4.4 x Porch Sources: Company filings and S&P Capital IQ based on sell-side consensus estimates. Note: Market data as of June 15, 2020. (1) Source: Meritech Capital. Median SaaS comps include all SaaS/Cloud IPOs since 2004, including those that were subsequently acquired. Copyright 2020 Porch.com. All rights reserved priceline 07/24/14 Closed Date Median: 8.6x 6.5 x OMINDBODY. 10.6 x OpenTable OpenTable $2,503M Implied EV 10.6x EV / NTM Revenue Since the Mindbody and OpenTable transactions were executed, median SaaS multiples have increased by -22.8% and -85.1%, respectively(1) Porch 42#43Porch The partner for your home PROPTECH ACQUISITION Copyright 2020 Porch.com. All rights reserved Thank you#44Porch The partner for your home PROPTECH ACQUISITION Copyright 2020 Porch.com. All rights reserved Appendix#45Non-GAAP Reconciliation - Net Loss To Pro Forma Adjusted EBITDA ($'s in millions) Net income (loss) Interest expense Other, net Income tax expense (benefit) Depreciation and amortization Non-cash long-lived asset impairment charge Non-cash stock-based compensation Acquisition compensation and transaction expense Adjusted EBITDA (loss) Adjusted EBITDA (loss) from divested businesses Pro Forma adjusted EBITDA (loss) Copyright 2020 Porch.com. All rights reserved 2018 Actual ($50) $4 ($2) ($1) $2 $0 $5 $9 ($33) ($4) ($29) 2019 Actual ($56) $7 ($0) $0 $4 $2 $2 $7 ($35) ($6) ($30) 2020E Forecast ($34) $12 $0 $0 $4 $0 $1 $7 ($10) $0 ($10) 2021E Forecast ($11) $4 $0 $0 $7 $0 $3 $2 $7 $0 $7 Porch 45#46Non-GAAP Reconciliation - Pro Forma Gross Profit Contribution Margin ($'s in millions) Revenue Cost of revenue Gross profit Variable compensation expense Variable marketing & advertising Variable other expense Pro forma contribution margin Copyright 2020 Porch.com. All rights reserved 2018PF Actual $36 $7 $29 $11 $15 $1 $3 2019PF Actual $57 $10 $47 $17 $18 $1 $11 2020E Forecast $73 $16 $57 $17 $13 $1 $26 2021E Forecast $120 $23 $97 $18 $20 $6 $53 Porch 46#47Non-GAAP Reconciliation - Actuals to Pro Forma Gross Profit ($'s in millions) Revenue Revenue from divested businesses. Pro forma revenue Cost of revenue Cost of revenue from divested businesses Pro forma cost of revenue Pro forma gross profit Copyright 2020 Porch.com. All rights reserved 2018 $54 ($18) $36 $15 ($8) $7 $29 2019 $78 ($21) $57 $22 ($12) $10 $47 Porch 47#48The Porch journey so far... we are just getting started 2013 - 2014 Launch Porch launches with over 1.5 million professionals listed A great place to work & USA Today Entrepreneur of the Year Named Seattle's fastest-growing company and one of the best places to work. Matt Ehrlichman is named USA Today Entrepreneur of the Year. Partnerships Porch partners with Lowe's and other major partners, expanding nationally and beginning to build proprietary demand channels. Copyright 2020 Porch.com. All rights reserved 2015-2016 New HQ Porch expands into its current HQ in Seattle's SODO neighborhood. Vertical software platform Porch quietly makes its key pivot, transitioning to becoming a vertical software platform and begins providing CRM solutions to companies who are involved in the homebuying process. Porch launches its Moving Concierge products and services to simplify their entire move by tackling all items on moving to-do lists. 2017 - 2018 Vertical software expansion Porch partners with leading companies across a number of verticals, including Keller Williams and others in the real estate industry, the leading retail companies, and major new utility partners. ISN acquisition Porch acquires ISN to become the leading provider of software to home inspectors. Vertically integrating key services Porch begins to strategically identify services to go deeper into, starting with handyman, before expanding into moving, insurance, and security. HireAHelper & Moving services Porch acquires HireAHelper, adding CRM tools for moving companies and expanding full-service capabilities into moving. 2019 - Today Kandela Porch acquires Kandela, expanding into the utilities industry and launching TV/internet. Warranty and real estate expansion Porch launches partnerships with the leading warranty and real estate companies, to help their customers move. Insurance Porch goes deeper into the insurance value chain by becoming a nationwide licensed insurance agency, now helping to quote and sell all types of P&C insurance through the leading carriers. Divestitures Porch strategically divests certain non-core direct-to-consumer business assets as the migration to a vertical software platform is complete. Porch 48