GROWTH STRATEGY

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

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