Appreciate SPAC Presentation Deck

GROWTH STRATEGY 1Core Growth - Marketing Investment Every $1.0M of marketing investment Marketplace Management Underpinned by Company Historical Precedent 3,000 2,000 Generates (No. of Properties Added) 4,000 1,000 167 Marketplace Transactions (¹) 444 New Properties Managed(¹) 167 444 $0 $2,000 $4,000 (1) Based on 2023 forecasted figures provided by Appreciate management. Does not include Marketplace-to-Management referrals. $6,000 Equating To $3.1M Annual Revenue (¹) + ($ Marketing Investment in '000) 4 ww Appreciate Additional Recurring Revenue 95% R² for Marketing Investment to Properties Added ('16 to '21) Private & Confidential 28

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