Appreciate SPAC Presentation Deck

BUSINESS COMBINATION OVERVIEW Operational Benchmarking 2022E Revenue Growth 2022E Gross Margin 2022E EBITDA Margin 2022E 2023E 150% 61% # Appreciate 53% 57% Appreciate 9% 20% 32% airbnb 80% airbnb airbnb Real Estate Rental Marketplaces Hemnet 27% 18% Hemnet 2 Zillow Hemnet 12% 11% 49% 98% 92% Median: 11% 2 Zillow CoStar Group™ Median: 83% Zillow CoStar Group™ 81% 41% SCOUT 24 Median: 49% 27% 11% SCOUT 24 98% Appreciate Source: FactSet Market Data, Benchmark Company Filings and Presentations, Appreciate Financial Model. Market data as of 4/4/2022. CoStar Group™ Note: Hemnet, Robinhood, Interactive Brokers - No 2022E gross margin projections, figures represent LTM gross margins SCOUT 24 rightmove 54% 8% rightmove 83% REA Group rightmove (3%) 76% 61% REA Group 60% REA Group Online Investment Marketplaces 17% бетогод 41% Robinhood бетого» Median: 0% 0% 9% InteractiveBrokers Median: 69% 73% Robinhood (1%) coinbase (16%) 90% InteractiveBrokers Median: 16% 71% (5%) coinbase 65% InteractiveBrokers 23% coinbase Note: REA Group gross margin %s based on June 30 2022E, 2023E, and 2024E estimates Note: Zillow adjusted to remove iBuying business line Note: See slide 43: Financial Model Assumptions бетого Robinhood Tech-Enabled Property Management Median: 139% 152% 139% Selina 2% Median: 20% Selina Sonder (16%) Selina 20% Sonder Median: (16)% vacasa 30% Sonder 52% vacasa (47%) (1%) vacasa 4 ww Appreciate Overall Median: 12% Overall Median: 77% Overall Median: 27% Private & Confidential 39

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