GROWTH STRATEGY

GROWTH STRATEGY 1 Core Growth - Marketing Investment Every $1.0M of marketing investment Marketplace Generates 167 Marketplace Transactions (1) New Properties Managed (1) Equating To $3.1M Annual Revenue (¹) 444 Management (No. of Properties Added) 4,000 3,000 Underpinned by Company Historical 2,000 Precedent 1,000 167 444 $4,000 $6,000 $0 $2,000 (1) Based on 2023 forecasted figures provided by Appreciate management. Does not include Marketplace-to-Management referrals. Appreciate + Additional Recurring Revenue 95% R² for Marketing Investment to Properties Added ('16 to '21) ($ Marketing Investment in '000) Private & Confidential 28

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