Appreciate SPAC Presentation Deck

2 GROWTH STRATEGY M&A - Straightforward Strategy with Built-In Upside Acquiring franchise or small, local operators who can only provide retail property management services gives Appreciate built-in revenue upside ~$3.0M Illustrative Acquisition Upside +75% Revenue Uplift From Acquired Property Managers by adding Institutional and Marketplace Services ("Full-Service Revenue") ~$5.3M Acquired Property Manager Revenue(¹) +~$2.3M (+75%) Represents 2022E Company retail management revenue per property of ~$3,000, assuming 1,000 properties under management (2) Represents 2022E total revenue (excluding franchise) per average Company-managed property ~$2.3M ~$3.0M 4 ww Appreciate's End-to-End Platform Revenue (2) Appreciate Retail Management-only Revenue Full-Service Revenue Private & Confidential 30

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