W3BCLOUD SPAC

EBITDA Reconciliation ($ in U.S. millions, unless otherwise noted) Net income (loss) Income tax expense Realized gain on sale of digital assets Unrealized loss (gain) on digital asset loans Digital asset fair value impairment(¹) Depreciation Interest expense Estimated Non-Recurring Expenses EBITDA EBITDA Margin W3B CLOUD Notes: Year Ended December 31, 2020 ($3) (0) 4 43% Year Ended December 31, 2021 ($54) (0) M 54 23 3 7 $29 73% Year Ended December 31, 2022 (2022E) (2) $63 (0) (2) (87) 16 13 6 7 (4) $10 24% 1Q'23E Run-Rate (3) ($21) 42 6 $27 33% Year Ended December 31, 2023 (2023E) (1) Impairment is performed by management on a monthly basis and if the carrying amount exceeds the fair value, it is impaired to the lowest closing daily value in the month of review. (2) Based on preliminary 2022 figures and projections. 2022 figures are preliminary, unaudited and subject to change. (3) 1Q 2023E run-rate figures annualize 1Q 2023E revenue and EBITDA and 4Q 2023E run-rate figures annualize 4Q 2023E revenue and EBITDA. (4) Estimated non-recurring expenses, which consist primarily of transaction-related expenses. $111 27 59 6 $203 65% 4Q'23E Run-Rate(3) $259 75 I 72 LO $412 72% 33

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