Appreciate SPAC Presentation Deck

APPENDIX Summary P&L $ in 000s Revenue Marketplace Retail Institutional Total Marketplace Management Management Fee Revenue - Retail Placement Revenue - Retail Other Revenue - Retail Retail Management Fee Revenue - Institutional Placement Revenue - Institutional Other Revenue - Institutional Institutional Franchise Total Management Total Revenue Gross Profit & EBITDA Marketplace GP % Management GP % Total Gross Profit GP% Operating Expenses % of Revenue EBITDA (1) EBITDA % Note: See slide 43: Financial Model Assumptions (1) 2020A and 2021A represent Adjusted EBITDA figures; see slide 46: EBITDA Reconciliation 2020A $2,133 898 $3,031 8,661 5,573 3,960 $18,193 $2,569 $1,653 $1,175 $5,396 $1,668 $25,258 $28,289 $1,519 50.1% $12,567 49.8% $14,086 49.8% 13,159 46.5% $927 3.3% 2021A $3,438 2,700 $6,138 7,426 5,017 3,702 $16,145 $2,224 $1,296 $793 $4,313 $1,514 $21,973 $28,111 $3,197 52.1% $9,839 44.8% $13,035 46.4% 12,836 45.7% $199 0.7% 2022E $6,292 12,719 $19,010 6,613 7,757 3,892 $18,262 $2,644 $2,848 $1,125 $6,617 $1,412 $26,292 $45,302 $13,037 68.6% $11,044 42.0% $24,081 53.2% 19,861 43.8% $4,220 9.3% 4 Appreciate 2023E $23,721 31,896 $55,618 11,313 21,506 8,471 $41,289 $5,965 $5,003 $3,703 $14,672 $1,513 $57,473 $113,091 $36,465 65.6% $27,672 48.1% $64,137 56.7% 41,509 36.7% $22,627 20.0% 44

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