flyExclusive SPAC

II. WHO WE ARE GROWING TAM WITH FAVORABLE DYNAMICS A large, untapped user base with potential for meaningful adoption exists Industry Drivers Landscape Shift in Air Travel from Commercial to Private The pandemic accelerated sustained market growth as individuals sought safer flying options Reduction in Commercial Aviation Capacity and Poor Performance ▪ Major airlines continue to operate less capacity Airlines continually trimming costs, causing a decline in customer experience and increase in dissatisfaction overall Reversed Corporate Trend of Cutting Executives Private Flights ▪ Previously cut corporate travel expenses now ubiquitously incurred due to health concerns and availability of travel options Growing Flight Optionality and Reduced Barriers Growth in the number and types of customer programs have resulted in lower barriers to access private aviation, expanding the TAM to include households with lower net worth ■ Source: Wall Street research. Private Aviation TAM by Household Net Worth (“HHNW”) ▪ Potential TAM expected to grow to more than $43 billion driven by enhanced affordability, new customer segments, and increasing penetration in existing economic cohorts -$32 Billion $1.1 $9.3 $3.4 $17.6 2021E Potential TAM Growth -1.4x -$43 Billion $1.6 $14.2 $5.5 $22.0 HHNW $50 - $100 million HHNW $10-$50 million HHNW $5 - $10 million Corporate Use 2025E ▪ McKinsey estimates that only 10% of households that can afford private aviation (i.e., households with a net worth over $10 million+) use it • Lower adoption level underscores the significant opportunity to increase share across private aviation's historical core markets flyexclusive 11

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