Appreciate SPAC Presentation Deck

APPENDIX Financial Model Assumptions ● Financial Projections Included in this Presentation are the Company's estimates of its financial performance for fiscal years 2022 through 2023 (the "Financial Projections"), based on information known as of the date of this Presentation. The Financial Projections were prepared by the Company's management as a part of its long-term planning process, and to provide current and potential investors with the Company's expectations of projected financial performance for their use in evaluating an investment in the Company as described in this Presentation. ● ● ● ● The underlying assumptions on which the Financial Projections are based require significant judgment. As a result, there can be no assurance that the Financial Projections will be an accurate prediction of future results. Key estimates and assumptions underlying the Financial Projections include: . 4 ww ● Appreciate Revenue growth - A number of factors influence the Company's revenue projections, including, but not limited to, transactions and transaction value (for the Company's Marketplace business) and properties under management (for the Company's Management business). For Retail customers, the amount and effectiveness of the Company's marketing spend also exerts a significant influence on the amount of projected revenue. The Company's estimates are based on historical metrics, adjusted for variables including (i) real estate market conditions, (ii) business momentum, and (iii) marketing spend. The Company's 2022 and 2023 forecasts reflect the Company's expectations about (i) organic sales growth, (ii) new customer wins, (iii) improvements in customer retention, and (iv) the volume and value of properties transacted. Margin improvement - The composition of the Company's revenue impacts its gross margins. The Company expects its gross margins to improve in part due to higher growth rates in its Marketplace business. The impact of sales commission adjustments made in the Marketplace business in the first half of 2022 are also expected to result in higher gross margins in 2022 and 2023. The Company expects operating efficiencies to result in lower operating expenses as a percentage of revenue, and projects that its EBITDA margins will increase as a result of this improvement. Impact of New Capital - The Company's projections assume the availability of additional capital for investment in customer acquisition by the fourth quarter of 2022. Any delay or unavailability of such capital would directly impact the Company's ability to grow its business. The Company believes that its operating history provides a reasonable basis for the estimates and assumptions underlying the Financial Projections. Changes in these estimates or assumptions, including assumptions regarding business development, marketing effectiveness, and operational efficiency could materially affect the Financial Projections. As of the date of this Presentation, the Financial Projections contained herein continue to represent management's expectations regarding the Company's future financial performance. The financial forecast assumes cash proceeds from the business combination. If such amounts are not available to the Company, the financial forecast set forth herein would be inaccurate. 43

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