GROWTH STRATEGY

EXECUTIVE SUMMARY Investment Highlights Appreciate Substantial and fragmented total addressable market ("TAM") of $145B(¹) with powerful demographic and secular tailwinds End-to-end SFR marketplace and management services platform that attracts both institutional and retail investors Appreciate is an end-to-end marketplace and property management services platform that seamlessly facilitates investment in the large and highly fragmented SFR market Highly scalable, front-loaded recurring revenue model with a LTV/CAC of 13.6x(2) Proven financial results with attractive margins and profitable unit economics ลล Demonstrable organic and inorganic growth opportunities across all business segments Experienced management team with deep SFR industry expertise The Iceberg Report, Freddie Mac, John Burns Real Estate Consulting, Company Estimates Based on fiscal year 2021 for retail property management customers. LTV based on 2021A gross margin of $8,246 per customer, assuming average fees, property value and customer life, and one Marketplace transaction during tenure of property; CAC based on 2021A average cost to acquire customers of $608 per customer Private & Confidential

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