GROWTH STRATEGY

BUSINESS COMBINATION OVERVIEW Valuation Benchmarking Real Estate Rental Marketplaces EV / 2023E Revenue 3.7x Appreciate Median: 12.4x 15.0x 15.4x 12.4x 12.6x airbnb 9.6x 8.1x 6.3x Hemnet 2 Zillow CoStar Group SCOUT 24 rightmove REA Group Median: 15.1x Online Investment Marketplaces Median: 5.4x Tech-Enabled Property Management Median: 1.8x Appreciate 5.6x 8.3x 4.6x 5.2x Robinhood 1.8x 3.3x InteractiveBrokers coinbase 0.9x Selina Overall Median: 7.2x Sonder Median: 8.0x vacasa етого EV / 2023E Gross Profit 6.5x Appreciate 15.1x 15.3x 6.6x airbnb Hemnet 2 Zillow 11.8x 8.3x CoStar Group 20.4x 18.6x SCOUT 24 rightmove REA Group Source: FactSet Market Data, Benchmark Company Filings and Presentations. Market data as of 4/04/2022 12.4x 10.3x 9.3x 6.3x 6.6x "етого Robinhood InteractiveBrokers coinbase Note: eToro LTM financials sourced to investor presentation filed 03/07/2022, projected financials sourced to investor presentation filed 09/13/2021; net trading income used as revenue Note: Pulling implied market capitalization for Interactive Brokers and Robinhood; valuations based on market cap Note: No 2023E gross profit projections for Rightmove, Robinhood, Interactive Brokers. Multiples based on 2021A gross margin % applied to 2023E revenue projections; see slide 43: Financial Model Assumptions Median: 6.3x 3.0x 6.3x Selina Sonder Overall Median: 9.8x vacasa Private & Confidential 40

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