Satellogic SPAC

TRANSACTION IS PRICED AT A MEANINGFUL DISCOUNT TO PEER MULTIPLES TRANSACTION VALUE ($ in billions) $0.85 SATELLOGIC $3.2 $2.1 1 Adj. EBITDA is a non-GAAP measure. See reconciliation of historic measure in Appendix SATELLOGIC RELATIVE VALUATION -210% premium at mid-point Discounted EV implied by 10.0x 15.0x 2024E revenue of $365mm $5.7 $3.8 -460% premium at mid-point Discounted EV implied by 10.0x - 15.0x 2025E revenue of $787mm SUMMARY OF APPROACH • Applied a range of forward multiples to Satellogic's 2024E and 2025E management forecasted revenue and then discounted back 3 and 4 years, respectively, assuming a 20% discount rate 10 - 15x revenue multiple range informed by Data & Analytics / SaaS and Category Creators median multiples • Multiples applied to 2024E and 2025E revenues given Satellogic's much higher growth potential and ramp to -60% Adj. EBITDA¹ margin by 2025 CONFIDENTIAL 60

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