Boxed SPAC Presentation Deck

Valuation EV/2021E Revenue 3.0 x BOXED 2.1 x 9.4 x EV/2022E Revenue BOXED POSHMARK 7.2 x POSHMARK ATTRACTIVE ENTRY VALUATION RELATIVE TO COMPARABLE PUBLIC COMPANIES 8.1 x 5.6 x E-COMMERCE 6.2 x 4.8 x 4.8 x 4.4 x E-COMMERCE 4.0 x FARFETCH Cocado REVOLVE BARK chewy THG wayfair Source: Publicly available information. Note: Market data as of April 5, 2021 3.8 x 3.2 x 3.6 x Median: 4.6x 3.2 x 2.9 x 2.3 x Median: 3.6x 1.9 x FARFETCH Cocado REVOLVE chewy BARK THG *wayfair 12.0 x MARKETPLACE 10.0 x 4.2 x Etsy ebay 3.9 x Etsy ebay Median: 3.3x 2.5 x MARKETPLACE STITCH FIX 2.1 x 2.3 x Median: 3.0x STITCH FIX wish 1.9 x wish 35.0 x shopify 26.0 x shopify SAAS Median: 21.5x 13.8 x 21.5 x BIGCOMMERCE WIX SAAS Median: 17.5x 17.5 x 11.0 x BIGCOMMERCE WIX 38

View entire presentation