Appreciate SPAC Presentation Deck

COMPANY OVERVIEW By The Numbers About Us (2) (3) (4) (5) 2007 Founded 250 Team Members(3) Minneapolis Headquarters 40+ Geographic Markets #2 SFR Marketplace (9) Refer to slide 43: Financial Model Assumptions Based on YTD data per Birdeye Customers ~68 YTD Average Net Promoter Score(2) ~15,000 Properties Under Management (4) ~12,000 Investors Served ~95% Institutional Buyers Converted to Management (7) 11% Revenue from Largest Customer Includes local market real estate agents 100% dedicated to Appreciate As of April 2022, including franchise markets Represents estimated aggregate value of properties under management; Company Information Key Financial Metrics(¹) $45M 2022E Revenue $113M 2023E Revenue $4B+ GMV(5) >200% '21A-'23E Marketplace Revenue CAGR 4 ww $24M 2022E Gross Profit 13.6x 2021 LTV/CAC(6) Appreciate $64M 2023E Gross Profit 65% Front Loaded Revenue (8) (6) 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 (7) Represents 2021A percentage of Institutional buy-side transactions that led to a new managed property (8) "Front-loaded" revenue represents Marketplace and Placement revenue (9) #2 of two SFR Marketplaces. Based on estimated annual property transaction value, per PR Newswire and industry sources Private & Confidential 17

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