PropTech Market Update Q1 2021 Review EXECUTIVE SUMMARY – Q1 2021 MARKET UPDATE

» Q1 2021 was the most active quarter in the PropTech market since GCA began tracking the space in 2017 » $4.5Bn in equity and debt growth investment into the U.S. PropTech market in Q1 2021 represents over 60% of the total capital invested into the PropTech space in all of 2020 and represents the largest amount of funding into the space since GCA started tracking market data in 2017 » 21 financing rounds north of $50MM and 13 financing rounds over $100MM into leaders such as Notarize, Side, Blend, iLobby, SimpleNexus and multiple others » Record breaking M&A activity with over 40 PropTech M&A transactions announced in the quarter, which represents ~40% of the total number of PropTech M&A transactions announced in all of 2020

Significant Strategic & Private Equity M&A Transactions(1) / / / $500MM $7,704MM $500MM / / / Undisclosed $608MM Undisclosed

» Public market momentum and valuations remains very healthy: Multiple high profile SPAC and IPO transactions announced in the quarter » Latch, Matterport, Doma and Hippo announced SPAC mergers and Compass went public on 4/1

SPAC Mergers and IPOs

Announced on 1/25 Announced on 2/8 Announced on 3/2 Announced on 3/4 IPO on 4/1

» GCA expects continued strong PropTech market activity in 2021 given the momentum and tailwinds in the sector

Notes: (1) Deal values represent Enterprise Values. 2 LEADING ADVISORY TEAM FOCUSED ON THE PROPTECH MARKET

GCA U.S. PropTech Team Leader in PropTech Advisory – 30+ Global PropTech Deals Announced since 2017 Q1’21 Deals Chris Gough Managing Director Head of Real Estate Technology Acquired by A Portfolio Company of Phone: (415) 318-3658 Majority investment from Acquired by Acquired by [email protected] Majority investment from

Rip Furniss We advised the seller We advised the seller We advised the seller We advised the seller We advised the seller Pending Vice President Phone: (212) 537-4535 [email protected]

Investment from Investment from Acquired Majority interest Acquired by acquired by

GCA European PropTech Team A Portfolio Company of

Adrian Reed We advised the seller We advised Mobysoft We advised the buyer We advised the seller We advised the seller Managing Director Phone: +44 (161) 240-6422 [email protected]

Majority interest Acquired by Acquired by Acquired by Acquired by acquired by Dominic Orsini, Director [email protected] A Portfolio Company of

Key Sub-Sector Coverage Verticals We advised the seller We advised the seller We advised the seller We advised the seller We advised the seller

Residential RE Software Commercial RE Software

Mortgage / Lending Title / Insurance Acquired by Acquired by Acquired by Acquired by Acquired by Home Services Facilities Management

Construction Tech IWMS We advised the seller We advised the seller We advised the seller We advised the seller We advised the seller

3 GCA ADVISES SHOWINGTIME ON ITS SALE TO ZILLOW GROUP Transaction Overview ShowingTime Product Suite

GCA acted as exclusive financial advisor to » Real estate agents, teams, offices ShowingTime on its sale to Zillow Group and MLSs can manage all aspects of the showing appointment scheduling » On February 10th, ShowingTime Showings process with ShowingTime’s showing announced it entered into a definitive platform. Offerings include live agreement to be acquired by Zillow for appointment specialists, the $500MM sale to industry’s leading showing software, » ShowingTime is the real estate industry’s online scheduling, and a mobile app leading showing management and market for agents and their clients stats technology provider for a total consideration of » The acquisition will accelerate adoption of $500,000,000 ShowingTime’s technology as home shoppers and sellers, agents and industry » MLSs, associations, and their member Advised ShowingTime partners move toward a more efficient, digital future MarketStats offices and agents can benefit from *Pending ShowingTime’s in-depth analytics to » The transaction is subject to customary better understand their local real closing conditions, including HSR estate markets and help guide sales and marketing decisions Company Highlights 950K+ ~370 50MM+ Agents MLS Customers Showings Facilitated in 2020 » Offer Manager brings a boost of efficiency and improved We have been impressed with ShowingTime’s ability to simplify a communication to a critical part of “ Offers the real estate process. This cumbersome but critical part of the home shopping experience by increases industry professionalism integrating with MLSs, agents, brokers and online portals and giving and helps agents better serve their buyers’ agents an easier way to schedule showings with listing agents… clients, regardless of their we expect to grow ShowingTime’s engagement through all channels to communication style or transaction ensure touring is easier for the industry and consumers. ” management platform Errol Samuelson Chief Industry Development Officer, Zillow Group

Source: Company websites and press releases. 4 GCA ADVISES TURNKEY ON ITS SALE TO VACASA Transaction Overview Transaction Commentary

GCA acted as exclusive financial advisor to This is an incredibly exciting day as we plan to welcome TurnKey TurnKey on its sale to Vacasa “ employees, homeowners and guests into the Vacasa family upon closing of the transaction. Our companies have a similar focus on delivering » On March 11th, TurnKey announced it exceptional service to our homeowners and guests, and we are excited to entered into a definitive agreement to be do that together at a key juncture for the highly competitive vacation acquired by Vacasa rental industry. » TurnKey is a full-service vacation rental ” Matt Roberts property management company for CEO, Vacasa premier vacation rental homes in top U.S. travel destination » The acquisition is expected to close in a month, subject to customary closing “ Innovation has been at the core of our business from the start. Our goal is conditions to make vacation rental homeownership more efficient and more Advisor to Turnkey profitable for owners through the use of technology. Moving forward together, we expect to deliver on our shared vision of developing innovative solutions to meet the evolving needs of our homeowners, and Company Highlights offer a consistent, reliable hospitality experience to our guests.” John Banczak 6,000+ 400+ 40K+ Co-Founder & CEO, TurnKey Homes under Management Employees 5-Star Guest Reviews

At the Crossroads of Industry Trends

Technology Powering the Home Preference for Home Rentals Managed Marketplace Rental Market vs. Hotels » TurnKey manages both sides of the » TurnKey’s technologies improve travel » Home rentals have become the preferred marketplace, ensuring a premier experiences for both renters and travel accommodations as guests can experience for both homeowners and homeowners, while optimizing the have a full, freshly-cleaned house all to guests. This has led to repeat bookings, management, marketing, and return on themselves and more meaningfully positive reviews, and more revenue for investment for vacation rental engage with their travel destinations owners homeowners

Source: Company website. 5 GCA ADVISES UNIVERSALCIS ON ITS MAJORITY INVESTMENT FROM LMP Transaction Overview UniversalCIS Product Suite

GCA acted as exclusive financial advisor to » Combined document comprised of three credit reports UniversalCIS on its majority investment Tri-Merge from Transunion, Equifax and Experian – first step of mortgage origination process from Lovell Minnick Partners “LMP” » Verifying employment which confirms the income » On March 17th, UniversalCIS announced it VoE / VoI received a majority investment from Lovell earned by an employed individual Minnick Partners for an undisclosed amount Tax Return » Tax transcripts received directly from the IRS confirming majority investment from » UniversalCIS is a market-leading, technology- Verification tax payment and amount enabled provider of credit data and related » Ensure that the property meets all required FEMA flood origination solutions in the mortgage industry Flood map and community participation requirements » Former Speaker of the House Paul Ryan and Former U.S. Secretary of the Navy John Dalton Liens & » Database search for relevant liens and judgements on will continue to serve UniversalCIS, joining the Judgments properties based on Social Security Number Company’s board of directors. Steve Ozonian, an advisor to Lovell Minnick and industry Undisclosed Debt » Monitor to ensure there is no additional or undisclosed Advised UniversalCIS Monitoring debt taken on during the application process veteran, will also join the board » Proprietary software platform that enables lending Appraisal Company Highlights institutions, AMCs, and independent appraisers to build Firewall and manage a network of independent appraisers

4,000+ ~60 History of Strategic Acquisitions Customers LOS Integrations

In 2019, CIS acquired Alliance2020’s mortgage services division “ The UniversalCIS team has built an incredible company that plays a critical role in the mortgage origination process and provides best-in-class technology and customer service in CIS acquired Avantus in 2019, a leading technology innovator in the a seamless, centralized manner. ” Jason Barg market Partner, Lovell Minnick Partners

In 2020, CIS acquired Universal bringing new products and end markets We’re excited to embark on the next chapter of UniversalCIS’ success as we via its employment verification offering. Following this transaction, the “ combined entity rebranded to UniversalCIS. collaborate with Lovell Minnick to continue to broaden and enhance our

technology offerings for new clients UniversalCIS acquired SharperLending in 2020 to extend UniversalCIS’ and markets. ” Perry Steiner presence across all the mortgage origination process while accelerating Chairman, UniversalCIS UniversalCIS’ evolution as a technology and software provider

Source: Company websites and press releases. 6 I. PROPTECH MARKET SUMMARY

II. PUBLIC MARKETS

III. M&A AND MARKET COMPS BACK-UP

7 RESIDENTIAL RE MARKET REMAINS HIGHLY ACTIVE DESPITE HISTORICALLY LOW INVENTORY

CONSTRICTED SUPPLY AS INVENTORY NEAR RECORD LOWS(1) MORTGAGE RATES UP IN Q1 2021, BUT REMAIN LOW 1 2 RELATIVE TO HISTORICAL AVERAGES(3) 2.5 Housing Inventory (MM) 30-Year Fixed Rate Mortgage Average 5.0% 2.0 4.5%

1.5 4.0%

3.5% 1.0 3.2% 3.0%

0.5 2.5% Aug-16 Feb-17 Aug-17 Feb-18 Aug-18 Feb-19 Aug-19 Feb-20 Aug-20 Feb-21 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21

INVENTORY CONTRAINTS AND LOW MORTGAGE RATES TRANSACTIONS REBOUNDED SIGNIFICANTLY IN 2H 2021 AND DRIVING UP PRICES(4) 3 INTO 2020(1)(2) 4

U.S. pending home sales remain strong $370,000 7.2 60% Median Sales Price 6.8 $350,000 6.4 40% $346,800 6.0 $330,000 5.6 20% 5.2 $310,000 4.8 0% 4.4 $290,000 4.0 3.6 (20%) $270,000 Feb-17 Feb-18 Feb-19 Feb-20 Feb-21 Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020

Seasonally Adj. Ann. Rate of Existing Home Sales (MM) Mortgage Applications (Week-Over-Week Growth)

Source: (1) National Association of Realtors. (3) Freddie Mac. 8 (2) Mortgage Bankers Association of America, includes refinancings. (4) U.S. Department of Housing and Urban Development. CRE MARKET DRIVERS & TAILWINDS IN TENANT EXPERIENCE/OPERATIONAL EFFICIENCY

8 MONTH DECLINE IN CMBS DELINQUENCY RATES SIGNALING CBRE NEW LEASING VOLUME INDEX 1 IMPROVEMENT IN END-MARKETS & RECOVERY MOMENTUM(1) 2 (Jan 2020 = 100)(3) CMBS DELINQUENCY RATES 25% 100 90 20% 80 70 Lodging: 16% 15% 60

Retail: 12% 50 10% 40

Overall Delinquency: 7% 30 5% 20 Multifamily: 2% Office: 2% 10 Industrial: 1%

0% 0

Jul-20

Jan-21

Jul-20

Jun-20

Oct-20

Apr-20

Feb-20

Feb-21

Sep-20

Dec-20

Aug-20

Jan-20 Jan-21

Jun-20

Nov-20

Oct-20

Mar-20

Feb-20 Apr-20 Feb-21

Sep-20

Dec-20

May-20

Aug-20

Nov-20

Mar-20 May-20 COMPOUND 3-YEAR TOTAL RETURN IN US REIT PROPERTY 3 INDICES AS OF APRIL 2021(2) » CRE market remains mixed depending on end-market, but expansion of vaccinations across U.S. is generating some (1%) Lodging/Resorts optimism for a rebound in CRE activity – 8 consecutive months of Retail 2% declining CMBS delinquency rates across multiple CRE categories

Office 2% » Lodging / travel expected to see strong demand as economy re- opens – travel tech / vacation rental sector expected to Diversified 4% experience significant market tailwinds Apartments 10% » CRE office and “return to work” timing remains mixed depending Health Care 13% on geo and end-market – overall CRE vacancy rates have increased nationally, with significant increases in sub-lease space Data Centers 18% available(4) – that said, recent KPMG CEO survey indicates that Industrial 23% CEO’s are less likely to downsize physical office footprint relative (5) (5%) 0% 5% 10% 15% 20% 25% to 6 months ago

Source: (1) Trepp CMBS Delinquency Rate (30+ Days). (4) Cushman & Wakefield, U.S. Office Marketbeat Report (1/14/21). 9 (2) Nareit, "FTSE Nareit U.S. Real Estate Index Series Daily Returns" as of 4/1/2021. (5) 2021 KPMG CEO Outlook Pulse Survey (3/23/21). (3) CBRE Research. PROPTECH PRIVATE CAPITAL DEAL DASHBOARD – Q1 2021

Financing Activity Select Q1 2021 Financing Transactions

($MM) ($MM) Equity Raise Value Debt Raise Value Number of Deals Latest Select Amt. Equity Equity Funding to Reported Date Company Investor(s) Invested Date Valuation

$4,800

$4,650 $4,549

$4,500 3/26 $500 $900 $8,300

$4,350

$4,200 98 $4,050 $3,933 96 3/25 $130 $213 $760 $3,900 $1,297 $3,750 $75 equity /

$3,600 90 3/24 $92 $1,000 $1,000 debt

$3,450

$3,300 $1,085 Various Investors on Tase $3,150 3/23 Up $100 ~$200 NA

$3,000 74 75 $2,850

$2,700 2/23 $150 $215 $1,000

$2,550

$2,400 65 $2,214 $2,193 68 $2,250 $2,008 2/23 $270 $397 $1,350 $2,100 $1,884 $291 $1,950 $397

$1,800 $250 2/4 $88 $140 NA 58 $1,650 $403 $3,252 $1,500

$1,350 $2,848 2/3 $52 $63 NA

$1,200

$1,050 $815 2/2 $110 $170 NA $900 $1,923 $1,795 $728 $1,758 $750 $1,481

$600 1/26 $95 $119 NA $450 $815 $300 $718 $150 1/13 $300 $685 $3,300 $0 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 1/7 $57 $92 $300

Avg. Deal 1/5 $100 $100 NA Value: $22.8 $21.4 $23.9 $10.6 $38.5 $14.0 $18.3 $33.2

1/5 $108 $128 NA

Source: Capital IQ, Pitchbook, press releases. Data as of 3/31/2021. Excludes Oyo Rooms and The We Company financing rounds. Represents data across CRE / Investment, Residential Real Estate and Mortgage Technology. 10 PROPTECH PRIVATE COMPANY FUNDING LEADERS

Other Mega Funding Leaders Equity Raised to Date: Q1’21 Movers

>$500MM ($614MM) ($468MM) ($3.1Bn)

IPO / SPAC Announcement

2020 2021 YTD

$200MM - $500MM

Q1 2021 Acquired(1) $100MM - $200MM

52 companies raised $100MM+

$50MM - $100MM 161 companies raised $25MM+

$25MM - $50MM

Source: PitchBook, CB Insights, company filings, company websites, press releases. Funding totals exclude secondary transactions. Equity raised to date as of 3/31/2021. (1) Based on transaction announced date. 11 CONSTRUCTION LENDING SOFTWARE PLATFORM BUILT RAISES $88MM IN SERIES C ROUND Transaction Overview Built Overview Headquarters: Nashville, TN − On February 4, Built announced the closing Founded: 2014 of a $88MM Series C round led by Addition, Description: Developer of a construction lending software platform designed Lee Fixel’s fund to mitigate risk and simplify construction loan management. The − The funding will be used to expand the company's platform offers visibility into construction portfolios, Series C Company’s Built for Lending product suite to simplifies the loan administration process and accelerates the Led by accelerate its go-to-market efforts to serve movement of money into projects. This enables users to reduce construction loan risk, increasing loan profitability. more lenders and to invest in its Built for Construction division to better serve Current Investors: commercial owners, developers, homebuilders and other construction $88MM Raised companies − This round brings total equity raised to $140MM Built Fundraising Timeline Key 2020 Metrics Series: A B C 128k 171k $140

$140.0 Active Loans Inspections Performed (78% YoY Increase) (37% YoY Increase)

$120.0

$100.0 $88 $67Tn 496k

$80.0 Total Commitment Transactions Touched $60.0 $52 Dollars

$40.0 $21 $31 $52 $20.0 339k $28Bn $21 $0.0 Draw Disbursements Total Draw Amounts Nov-17 Mar-19 Feb-21 Previously Raised Equity Raised

Source: CB Insights, Pitchbook, Company website, press releases. 12 CONSTRUCTION LENDING SOFTWARE PLATFORM BUILT RAISES $88MM IN SERIES C ROUND (CONT’D) Business Model Built Platform Overview

Compliance Portfolio Insights Title Company LOS Lender Collaboration Draw Portal Management Borrower CORE Core Connectivity Contractor Collateral Management

Inspector Client Portfolio Snapshot Select Deal Commentary Committed Loan Count(1): $32Bn “ The construction industry is reliant on capital to thrive, yet In Total Assets of money movement and spending decisions are antiquated from Average Bank Client start to finish. Modern construction finance requires new infrastructure altogether. The Built team is working hard to 56% streamline construction lending and construction spending for all Builder Finance Of Top 25 construction stakeholders. We’re very excited for the road ahead Consumer 29% Construction Lenders 40% and to have continued support of world-class investors, but more importantly we’re excited to work with our clients and partners $50+Bn to accelerate changing the way the world gets built. Loan Volume ” Commercial Managed on Built 31% Chase Gilbert, Co-Founder and CEO, Built 115+ Clients To-Date

Source: Company website, press releases. (1) By loan volume. 13 SECURITY DEPOSIT ALTERNATIVE PROVIDER LEASELOCK RAISES $52M IN SERIES B ROUND Transaction Overview LeaseLock Overview Headquarters: Marina del Ray, CA − On February 3, LeaseLock announced a Founded: 2014 $52MM Series B round led by Westerly Description: LeaseLock provides online rent payment insurance services. The Winds and Wildcat Venture Partners company's platform collects individual data and helps customers − Proceeds will be used to expand LeaseLock’s secure a rental lease in exchange for a one-time rent payment. It Series B lease insurance product into the first AI- also acts as a guarantor and pays rent on time to landlords. This Led by powered financial technology platform for enables renters as well as property owners to transact in a faster, simpler and more cost-effective way. enterprise real estate Current Investors: − LeaseLock has insured $1Bn in leases to date and the number of homes on the platform $52MM Raised grew 5x to 1.5MM in 2020

Equity Fundraising Timeline Key Customers

Series: Seed A B

$70.0 $63

$60.0

$50.0

$40.0 $52

$30.0

$20.0 $11

$10.0 $1 $10 $11

$0.0 Dec-16 Apr-18 Feb-21 LeaseLock clients measure 6-figure NOI lift per asset, resulting in millions in Previously Raised New Funding portfolio asset value increase

Source: CB Insights, Pitchbook, Company website, press releases. 14 SECURITY DEPOSIT ALTERNATIVE PROVIDER LEASELOCK RAISES $52M IN SERIES B ROUND (CONT’D) Solution Overview Select Deal Commentary

“ We’re a technology company at heart, fueled by data and Drive more traffic & leads by marketing powered by insurance. We deploy our product directly a community with a Zero Deposit through enterprise property software systems which drives a move-in material data and product delivery advantage. We’re doubling-down on our core deposit replacement product, while investing in new insurance lines, payment and receivables technology and market channels. ”

A small monthly fee replaces the upfront security deposit in your online Derek Merrill, Co-Founder, CEO, leasing checkout LeaseLock

“ Security deposits are an inefficient financial instrument for all sides. Through technology, LeaseLock has intelligently solved this problem while setting the LeaseLock automatically generates a $5,000 insurance certificate in the foundation for an end-to-end enterprise insurtech system replacing the deposit platform. We are excited to back the business as it continues to realize its vision.”

Karim Abdel-Ghaffar, Founding Partner, Westerly Winds Close out the final account statement with claims automated in your native receivables process

Source: Company website, press releases. 15 HOMEOWNERSHIP PLATFORM DIVVY HOMES RAISES $110MM IN SERIES C ROUND

Transaction Overview Divvy Overview Headquarters: San Francisco, CA − On February 2, Divvy Homes announced a Founded: 2017 $110MM Series C round led by Tiger Global Description: Divvy provides a homeownership platform intended to allow Management, with participation by GGV renters to build equity credits as they rent by selecting any home Capital, Moore Capital, Jaws Ventures, a16z, on the market and buying it for the renter. The renter makes Series C Emerson Collective and Caffeinated Capital down payments and gets a jump start on owning a house, Led by − Proceeds from the raise will be used to enabling customers to close the housing affordability gap by providing trusted, transparent and simple homeownership expand to more markets and launch ancillary products for families. product offerings to help buyers throughout the home-buying journey Current Investors: $110MM Raised − This round brings total equity capital raised to $170MM

Current Geographic Presence Equity Fundraising Timeline(1)

($MM) Seed Series A Series B Series C Date 1/25/18 10/9/18 9/25/19 2/2/21 Equity Raised $7.0 $10.0 $43.0 $110.0 Minneapolis Total Raised to Date $7.0 $17.0 $60.0 $170.0 Cleveland Denver Cincinnati Business Model St. Louis

Memphis Customer rents home for Phoenix Atlanta Customer finds “forever Customer saves enough Dallas up to 3 years Jacksonville home” for down payment Houston Orlando Contributes ~25% of Ft. Lauderdale Contributes 1-2% of Applies for traditional San Antonio Tampa monthly payment to down home value home mortgage Miami payment New capital will be used to expand to new states, with the goal of serving Becomes sole homeowner 70+MM Americans in 20+ markets by year’s end Divvy purchases home Divvy owns home

Source: CB Insights, Pitchbook, Company website, press releases. (1) Total equity and debt raised is over $500MM. 16 SECURITY DEPOSIT ALTERNATIVE PROVIDER RHINO RAISES $95MM

Transaction Overview Rhino Overview Headquarters: New York, NY − On January 26, announced its recent $95 Founded: 2017 million funding round led by Tiger Global Description: Insurance company operator intended to offer low-cost insurance Management that satisfies users' security deposit requirements. The company's − The funding comes as Rhino plans to scale its platform replaces upfront deposits with a low monthly fee, Equity Funding Round expansion, targeting $500+MM in direct creating more access for renters and fewer vacancies for Led by savings for renters and doubling its landlords. This helps renters build credibility for the future and enables clients to make house rental reasonable. headcount to 200+ employees Current Investors: − Proceeds will be used to form partnerships with property owners, advocate for renter- $95MM Raised friendly legislation and bring new products to market − This round brings total equity raised ~$119MM Rhino Fundraising Timeline Select Deal Commentary Series: Seed Seed A B “ Putting renters first in our business has given us the opportunity to become renter advocates at a national level. We

$140.0 advocate for renter-friendly legislation like Renter's Choice $119

$120.0 because nearly half of Americans are unable to afford a $400 emergency expense and that makes housing affordability one of

$100.0 the most pressing issues in America right now. With $45 billion $80.0 sitting locked away in escrow accounts, unusable for both renters $95

$60.0 and property owners alike, we need common-sense legislation that can put that money back into the pockets of people who $40.0 $24 need it the most–renters.

$20.0 ” $2 $3 $21 $24

$0.0 $1$3 $2 May-17 Feb-18 Jun-19 Sep-20 Paraag Sarva, CEO, Rhino Previously Raised Equity Raised

Source: CB Insights, Pitchbook, Company website, press releases. 17 DIGITAL LENDING PLATFORM BLEND RAISES $300MM IN SERIES G ROUND

Transaction Overview Blend Overview Headquarters: San Francisco, CA − On January 13, Blend announced a $300MM Founded: 2017 Series G round led by Coatue and Tiger Description: Developer of a digital lending platform intended to simplify and Global Management, nearly doubling its accelerate consumer finance processes. The company assists its valuation to $3.3B in just five months customers in attaining mortgages, consumer loans, and deposit Series G − Proceeds from the raise will be used to fuel accounts with its digital lending platform that connects financial Led by Blend's next phase of growth and support institutions and consumers using a standardized data format investment in the products and services that Current Investors: matter most to financial institutions as the company aims to power the future of consumer banking $300MM Raised − This round brings total equity raised to over ~$685MM

Select Deal Commentary Blend Fundraising Timeline “ 2020 was a big year of change for the banking industry. Stay at Series: A B B1 C D D1 E F G home orders and social distancing mandates accelerated digital $685 adoption faster than anyone could have expected. Blend has been at the forefront of this revolution, helping banks rapidly meet the changing needs of their customers.” $300 Kris Fredrickson, Managing $385

Partner, Coatue $310 $75

$130 $165 $180 Today's consumers expect Amazon-like experiences across the $385 “ $15 $310 board, and Blend is well-positioned to help financial institutions $65 $100 $165 $180 $6 $17 $27 achieve that. $38 $65 ” John Curtius, Partner, Tiger $27 Global Management Jun-12 Oct-14 Jul-15 Dec-15 Aug-17 Jul-18 Jun-19 Aug-20 Jan-21 Previously Raised New Funding Source: CB Insights, Pitchbook, Company website, press releases. 18 DIGITAL LENDING PLATFORM BLEND RAISES $300MM IN SERIES G ROUND (CONT’D)

Mortgage Suite Product Overview

In-house applications – guided borrower flows and LO tools assist in delivering loans $1.4Tn 285+ loans facilitated by lenders partnering Blend in 2020 – more with Blend to power than double what was their mortgage facilitated in 2019 experience Technology-driven resources – data-driven workflows automate tasks for conditioning, fulfillment, and closing ~30% of all mortgage volume in the U.S. is Streamline processes – connect borrowers, loan teams, represented by Blend’s settlement agents, and real estate agents on one platform customer base

Consumer Banking Suite Product Overview Selected Customers

Enable financial institutions to process more than $4Bn in loans per day Streamline applications – combined applications simplify the collection and verification of customer information

Customer relationships – reduced manual data entry

Channel coverage – self-serve mobile, banker-assisted online, in-person at the branch, or a combination of channels

Source: CB Insights, Pitchbook, Company website, press releases. 19 VISITOR REGISTRATION AND MANAGEMENT PLATFORM ILOBBY RAISES $100MM IN SERIES A ROUND Transaction Overview iLobby Overview Headquarters: Toronto, Ontario − On January 5, iLobby announced a $100 Founded: 2014 million strategic investment from Insight Description: Developer and manufacturer of tablet-based visitor registration Partners and management platform designed for streamlining the − Proceeds from the raise will be used to help management of visitors. The company's SaaS-based platform Series A scale its go-to-market strategy and expand its optimizes the front desk by conducting the management of Led by visitor management offerings visitors and contractors with a self-serve checkpoint, enabling governments, banks, airports and retailers to improve operational − The new investment is the first private raise efficiency and enhance branding for the Toronto-based company, which has Current Investors: been growing 100 percent year to year for $100MM Raised the last several years and is profitable

Select Deal Commentary Solution Overview “ This investment will substantially accelerate the pace at which Trusted by major banks, international airports, government & Fortune we build and deploy the iLobby product suite to power the future 500 companies to track, manage and monitor who is in their buildings of safety and visitor management in the workplace. As businesses are starting to reopen, there is an increasing need to not only know who is entering your facilities, but also assess 45+ 35+ 25+ whether they are a potential risk to your workforce. ” countries languages industries

Ariel Mashiyev, CEO, iLobby ID Card Scanning – ensure accurate identification with Photo ID Card scanning

iLobby can be part of the return to work solution. Watchlists & Deny Lists – identify and flag or deny unauthorized “ ” guests with internal and 3rd party watchlist databases Ryan Hinkle, Managing Director, Insight Partners Emergency Evacuation – During emergencies, people are alerted, and provided with a list of who’s on site to assist with headcount Source: CB Insights, Pitchbook, Company website, press releases. 20 STRATEGIC BUYERS DRIVE HIGHLY ACTIVE QUARTER FOR PROPTECH M&A

Q1 2021 U.S. PropTech M&A Activity Select U.S. Q1 2021 PropTech M&A Transactions

($MM) • Q1 2021 M&A activity − 84% strategic acquirers Enterprise Buyer Target Announced Date Value − 16% financial acquirers 3/17 NA 45 43 3/15 $500

40 3/11 NA

35 32 3/9 NA 30 30 2/24 NA 27 25 25 23 23 2/19 $608 22 2/16 NA

20

2/16 $1,000

15 2/10 $500

10 2/4 $7,704

5 1/14 $100 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 1/4 NA

GCA Advisory Transactions Source: PitchBook, 451 Research, press releases. 21 VTS ACQUIRES RISE

Transaction Overview Product Offerings

− On March 9, VTS announced it has entered into an agreement to acquire Rise Buildings • VTS Data: Real-time market • Access Enablement: Solutions − Rise Buildings operates a platform to control data and competitive insights for visitor management and operations and tenant experience in • VTS Market: Online marketing Access Control Acquires properties & virtual tours for a digital • Property Operations: Improved world efficiency of property and − The acquisition will expand VTS’s offerings for • VTS Lease: Online deal optimized staff workflow landlords by providing them with new execution & tenant • Community Engagement: capabilities to operate as efficiently as management possible Solutions to create tenant Undisclosed community within properties These solutions can be used by • Advanced Solutions: Insights landlords, agency brokers and into a property’s performance tenant reps to enable operational efficiency

Select Transaction Commentary

“ By acquiring Rise, we’ll be expanding the value our customers “ Joining forces and integrating the Rise offering with VTS’ already receive from our platform with new capabilities that will platform will give us the ability to accelerate the delivery of the be more critical than ever as landlords focus on renewing best-in-class technology offerings landlords need now more existing tenants, understanding occupancy trends, and reducing than ever to emerge from COVID-19 unscathed. This vacancies in the coming months. By integrating Rise with the combination positions us for future growth and ensures tenants VTS platform, we’ll be taking the next step in our journey to have the information and capabilities to return to work safely. deliver a full-service platform that digitizes the entire asset And our existing customers will benefit from expanded support experience — for both landlords and their tenant customers.” and R&D investment to deliver even more capabilities.”

Prasan Kale, CEO & Co-Founder, Rise Nick Romito, CEO & Co-Founder, VTS Buildings

Source: Company websites and press releases. 22 BUILDERTREND ACQUIRES COCONSTRUCT

Transaction Overview Combined Business

− On February 24, Buildertrend announced that 23K Flexible Project Management it had acquired CoConstruct, a provider of construction project management software Clients Served for the residential construction industry Bookkeeping Acquired − Funding for the acquisition is provided by a growth investment in Buildertrend by Bain 1.1MM+ Capital Tech Opportunities and HGGC, with Supplies Procurement Users served existing CoConstruct investor Serent Capital is reinvesting in the combined company Undisclosed Customer Engagement − This transaction makes Buildertrend the $200Bn+ largest construction management software platform 2020 Construction Payments Services Project Value Facilitated Select Transaction Commentary

“ Our industry is one of the fastest growing in the U.S., yet it lags “ It's rare to see two market-leading providers share a full- in digital innovation and relies on antiquated project breadth of complementary operations and product capabilities, management systems to overcome a complex value chain and but each with their own unique ways of addressing customer fragmented contractor ecosystem. This acquisition, together challenges. We're thrilled to bring together our complementary with continued support from our best-in-class set of enterprise approaches and build an even stronger platform with the software investors, positions Buildertrend to significantly combined teams' scale and shared culture of innovation.” expand our market share and continue delivering innovative, value-added solutions that improve client success and Donny Wyatt, CEO & Co-Founder, efficiency.” Rise Buildings Dan Houghton, Co-Founder & CEO, Buildertrend

Source: Company websites and press releases. 23 REDFIN ACQUIRES RENTPATH

Transaction Overview Redfin Financial Detail(1) ($MM) Revenues Adj. EBITDA − On February 19, Redfin (NASDAQ: RDFN) $1,800 $1,712 announced it has entered into an agreement CAGR: to acquire RentPath for $608MM in an all- $1,600 $1,339 37% cash transaction, which implies 3.1x EV / $1,400 CY20A revenue $1,200 Acquires

$1,000 − RentPath owns ApartmentGuide.com, $780 $886 Rent.com and Rentals.com and had ~16MM $800 average monthly visitors in 2020 $600 $487

$400 − The acquisition is subject to antitrust approval $142 $200 $92 $608MM and bankruptcy court approval $52

$0

($200) ($35) ($42) CY18A CY19A CY20A CY21E CY22E

Redfin 3-Year Stock Price Performance

$120.00 12.0mm Redfin to acquire RentPath $100.00 Announcement 10.0mm February 19, 2021 $80.00 8.0mm $110 MM investment $60.00 March 30, 2020 6.0mm

$40.00 4.0mm

$20.00 $575MM Convertible Note Offering 2.0mm October 15, 2020

$0.00 0.0mm

Jul-18 Jul-19 Jul-20

Jan-19 Jan-20 Jan-21

Sep-18 Sep-19 Sep-20

Nov-18 Nov-19 Nov-20

Mar-18 Mar-19 Mar-20 Mar-21

May-18 May-19 May-20

Source: Capital IQ as of 3/31/2021, Wall Street Research, company websites, press releases and earnings transcripts. (1) Projected figures per Wall Street research consensus. 24 REDFIN ACQUIRES RENTPATH (CONT’D)

Strategic Rationale RentPath Timeline

Feb CoStar agrees to buy RentPath for $588MM as RentPath files 2020 for Chapter 11 bankruptcy protection Redfin is a technology-powered RentPath is a digital marketing residential real estate company. It solutions company that helps Dec The FTC sues to block CoStar’s proposed acquisition of achieved 23% organic visitor YoY consumers find apartments and (1) 2020 RentPath, citing industry consolidation concerns growth houses for rent. It achieved 26% organic visitor YoY growth(2) Dec Agreement to be acquired by CoStar is terminated following 2020 the FTC’s decision to sue to block the acquisition

Feb Redfin announces agreement to purchase RentPath for 2021 $608MM Better search experience: More than a third of North American adults currently rent, so showing rentals is an important expansion of Redfin's mission. Redfin expects RentPath's rental listings to be on Redfin.com in late 2022 Select Transaction Commentary

RentPath has more than 20,000 By acquiring RentPath, Redfin will Better value for advertisers: Redfin will create more opportunities for rental “apartment buildings on its rental “be as committed as we are to the

properties promoted on RentPath. Redfin estimates that 10MM of Redfin's websites and grew its traffic more rental market. As part of the Redfin

40+MM monthly online visitors may also be interested in rental properties. than 25% last year. We can almost family, our platform will be well double that audience, as one in five“ positioned to lead the market in the of Redfin's 40+MM monthly visitors quality and value of our products,

Traffic growth: Redfin and RentPath grew traffic by 20+% in 2020 and have also wants to see homes for rent. while giving our current and future powerful channels for both meeting customers and marketing listings directly to customers access to many“ more consumers. high-intent renters through Redfin's extensive network.

Improving the rental experience: While Redfin does not expect to hire real estate Glenn Kelman, CEO, Dhiren Fonseca, agents to represent renters, the acquisition presents an opportunity to make the whole process of renting an apartment better. Redfin CEO, RentPath

Source: Company websites, filings, earnings transcripts and press releases. (1) Reflects trailing twelve months ended September 30, 2020. 25 (2) Reflects full year CY2020. STONE POINT CAPITAL AND INSIGHT PARTNERS TO ACQUIRE CORELOGIC

Transaction Overview CoreLogic Financial Detail(1) ($MM) Revenues Adj. EBITDA − On February 4, CoreLogic (NYSE: CLGX) $1,666 announced it had entered into a definitive $1,642 $1,637 and merger agreement to be acquired by Stone $1,436 $1,441 CAGR: Point Capital and Insight Partners for $80 per 3% share in cash, representing an enterprise value of approximately ~$7.7Bn To acquire − Purchase price implies 4.7x EV / CY20A $638 $642 Revenue and 12.1x EV / CY20A Adj. EBITDA $606 $493 $440 CAGR: multiples 5% $7.7Bn − The purchase price represents a 51% Pending premium over CoreLogic’s unaffected share price on June 25, 2020 CY18A CY19A CY20A CY21E CY22E

CoreLogic 3-Year Stock Price Performance & Select Acquisition History

$90.00 Sells Jenark to MRI Software 12.0mm October 29, 2020 $80.00 10.0mm Cannae Holdings and Senator $70.00 April 12, 2018 Investment Group Submit 8.0mm Initial Takeover Offer $60.00 Stone Point and Insight June 26, 2020 December 18, 2018 September 25, 2019 Partners to Acquire 6.0mm $50.00 CoreLogic Announcement February 4, 2021 4.0mm $40.00

$30.00 January 22, 2020 2.0mm December 17, 2018

$20.00 0.0mm

Jul-18 Jul-19 Jul-20

Jan-19 Jan-20 Jan-21

Sep-18 Sep-19 Sep-20

Nov-18 Nov-19 Nov-20

Mar-18 Mar-19 Mar-20 Mar-21

May-18 May-19 May-20

Source: Capital IQ as of 3/31/2021, Wall Street Research, company websites, filings, earnings transcripts and press releases. (1) Projected figures per Wall Street research. 26 STONE POINT CAPITAL AND INSIGHT PARTNERS TO ACQUIRE CORELOGIC (CONT’D)

Business Overview Diversifying Revenue Base

Non-Mortgage Revenue Mortgage Revenue

100%

Insight Partners is a venture capital Stone Point Capital is a financial 90%

and private equity firm investing in services-focused private equity 80%

high-growth technology and firm based in Greenwich, CT. The 70%

software ScaleUp companies that firm has raised and managed eight 60% are driving transformative change. private equity funds with 50% Founded in 1995, Insight Partners aggregate committed capital of 40%

30% has invested in more than 400 $25+Bn. Stone Point targets ~50% companies worldwide and has investments in companies in the 20% ~35% ~40%

10% raised $30+Bn in capital global financial services industry 0% commitments. and related sectors. 2018 2020 2022 Target

Select Transaction Commentary

Stone Point and Insight Partners CoreLogic’s proprietary data assets “are highly respected investors who “are increasingly important to its recognize the value and potential of customers, and we look forward to

Provides property information, analytics, data-enabled software platforms and CoreLogic’s digital content, solutions leveraging our network within the services with more than one million end-users and market-leading platforms that broader financial“ services industry to power the housing economy. We support the company’s next phase of look forward to working closely with growth.

Stone Point and Insight to build on

41% Property Intelligence & Risk Management Solutions: Delivers our record financial and operating “ Total Revenue housing market and property-level insights, predictive analytics and performance and accelerate our CY20A risk management capabilities digital transformation and growth.

59% Underwriting & Workflow Solutions: Provides mortgage origination Frank Martell, Chuck Davis, and monitoring solutions, including underwriting-related solutions Total Revenue President and CEO, CEO, Stone Point CY20A and data-enabled valuations and appraisals CoreLogic Capital

Source: Company websites, filings, presentations, earnings transcripts and press releases. 27 I. PROPTECH MARKET SUMMARY

II. PUBLIC MARKETS

III. M&A AND MARKET COMPS BACK-UP

28 PROPTECH PUBLIC COMPANY PERFORMANCE

LTM Share Price Performance

RDFN: 410% RMAX: 103% EXPI: 1065% PURP: 163% 800% RLGY: 482% 700% 600% 542% 500% 400% 300% 115% 109% 200% 82% 66% 100% 60% 0% 55% 50% (100%) 37% Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21

Residential RE Media / Commercial Property Mgmt RE Sharing RE Data / RE Traditional Credit / Mortgage Broader Data Brokerage Portals Brokerage Software Economy / Travel Software Mortgage / Title Marketing Public PropTech Ecosystem

Property Residential Commercial RE Sharing RE Data Traditional Credit / Mortgage RE Media / Portals Management Broader Data Brokerage Brokerage Economy / Travel / RE Software Mortgage / Title Marketing Software

542% 115% 109% 82% 66% 60% 55% 50% 37%

LTM Share Price Performance

Source: Capital IQ as of 4/1/2021. 29 PROPTECH PUBLIC COMPANY VALUATION

Enterprise Value / 2021E Revenue Enterprise Value / 2021E EBITDA

16.6x 33.9x 33.6x 29.8x

9.6x 19.6x 19.4x 7.9x 7.2x 15.8x 12.3x 4.4x 8.8x 6.3x 3.1x 2.3x 1.6x 1.2x

RE Sharing Property Credit / Traditional Property RE Sharing Credit / Traditional RE Media / Broader RE Data / Residential Commercial RE Media / Broader RE Data / Commercial Residential Economy / Mgmt Mortgage Mortgage Mgmt Economy / Mortgage Mortgage Portals Data RE Software Brokerage Brokerage Portals Data RE Software Brokerage Brokerage Travel Software Marketing / Title Software Travel Marketing / Title

Public PropTech Ecosystem

Property Residential Commercial RE Sharing RE Data Traditional Credit / Mortgage RE Media / Portals Management Broader Data Brokerage Brokerage Economy / Travel / RE Software Mortgage / Title Marketing Software

2.3x / 8.8x 16.6x / 29.8x 1.2x / 12.3x 7.9x / 33.9x 9.6x / 33.6x 4.4x / 15.8x 1.6x / 6.3x 7.2x / 19.6x 3.1x / 19.4x

2021E Revenue / 2021E EBITDA Multiple

Source: Capital IQ as of 4/1/2021. Multiples represent median value of sector group. 30 THE RISING ROLE OF SPACS (SPECIAL PURPOSE ACQUISITION COMPANIES)

SPAC Industry Overview

» SPACs are publicly traded “blank check” companies (i.e., “blind pool” capital) launched to acquire a public-market ready operating business

» SPAC “sponsors” are typically experienced executive teams and / or deal professionals who take a shell company public, then source / diligence a deal with a private operating company, negotiate the transaction and generally provide ongoing expertise / sit on the board (but do not usually act as operators)

» The SPAC market shattered historical records in 2020 with 248 SPAC IPOs in the U.S. raising $83.0Bn in capital(1)

» Given general momentum in the PropTech market and public market investor appetite to invest behind the PropTech market, there have been multiple successful PropTech mergers and active SPACs currently focused on the PropTech space (e.g., Property Solutions Acquisition Corp & Lionheart Acquisition Corp. II)

Selected 2021 Q1 PropTech-Related SPACs

To merge with To merge with To merge with To merge with To merge with To merge with

Raising PIPE capital Raising PIPE capital Raising PIPE capital Raising PIPE capital Raising PIPE capital Raising PIPE capital from from from from from from

Enterprise Value at Enterprise Value at Enterprise Value at Enterprise Value at Enterprise Value at Enterprise Value at Announcement: $9.0Bn Announcement: $2.4Bn Announcement: $5.0Bn Announcement: $3.0Bn Announcement: $2.3Bn Announcement: $1.1Bn

Source: Company websites, press releases, company investor presentations, Wall Street research. (1) SPAC Insider as of 1/4/2021. 31 OFFERPAD TO GO PUBLIC THROUGH MERGER WITH SUPERNOVA PARTNERS ACQUISITION COMPANY (NYSE: SPNV) Transaction Overview Pro-Forma Ownership Structure

2% FPA − On March 18, Offerpad announced that it had 3% Supernova Sponsor entered into a definitive merger agreement with Supernova Partners Acquisition Company 6% PIPE Investors (NYSE: SPNV), a blank-check SPAC To merge with 11% Equity Incentive Plan + ESPP(2) − The offer price implies an enterprise value of ~$2.4Bn, which represents 1.0x 2022E Revenue and 0.6x 2023E Revenue Enterprise Value at − The transaction is expected to provide up to 67% Announcement: $635MM in cash proceeds, including $200MM 12% Public Equity Holders $2.4Bn of PIPE commitments, $403MM of cash held in Offerpad Equity the trust account of Supernova, $50MM of Holders Supernova FPAs, and $51MM of cash on the balance sheet(1)

Financial Overview Offerpad vs. Traditional Real Estate Transactions $9

2.0%

$8 0% 1.0% 30+ Days & 10+ showings & (0%) 30+ 30-45 days $7 Traditional $1,000s of list 30+ days on - Days in escrow ready repairs market (2%) $6 (1.0%) Prepare listing Showings / $5 Broker search Closing (2.0%) & marketing Open house $3.9 $4 (4%) (3.0%) 24 hrs to 0 list ready 0 showings & Close in as receive cash $3 $2.4 (4.0%) repairs open houses little as 3 days offer

$2 $1.4 (5.0%) $1.1

$1 (6.0%) • Traditional real estate transactions can take 6+ months to close - (7.0%) • This results processes that are time consuming, lack transparency and CY20E CY21E CY22E CY23E involve multiple counterparties Total Revenue ($Bn) Adj. EBITDA Margin • Offerpad enables sellers to receive certainty in 24 hours

Source: Company websites, press releases and company investor presentation. (1) After $60MM in est. transaction fees & expenses and $8MM in debt paydown. 32 (2) No grants have been made under the incentive plan OFFERPAD TO GO PUBLIC THROUGH MERGER WITH SUPERNOVA PARTNERS ACQUISITION COMPANY (NYSE: SPNV) (CONT’D) Conversion Metrics Market Growth Potential

10-15k 16(1) 99% Future Requests per Markets Acquisitions sourced month via Offerpad platform 2021E Opportunity

Each market adds Attractive top of $3k Markets 19(4) 48 20%+ ~$500MM(5) in revenue funnel acquisition Organic Blended CAC of seller Each % share adds Market Share ~1% 4% 77% 99% ~$6Bn(5) in revenue Limited competition Of sellers contacted 1 Underwriting agent before selling(2) accuracy Annual revenue / $1.4Bn 16x $23Bn(5) run rate revenue Strong conversion with 3.6% 2-3x significant upside Gross request to Conversion opportunity close conversion(3) increase potential Contribution Margin $52MM $1.6Bn+ after Interest

Attractive Unit Economics

2020E Contribution Margin per Home after Interest ($000s) $30

$24 ($2) $25 ($9)

$20 ~$6-$11 ~$15-20 $15 $12 $1 $9 $10 $8

$5

$0 Net Sale Holding Selling Contribution Contribution Other Total Contribution LT Additional Flex Total LT Proceeds Costs Costs Margin Margin after Services Margin after & Ancillary Contributiuon Interest Interest Contribution Margin after Interest Express

Source: Company websites, press releases and company investor presentation. (4) 14 as of December 2020. (1) 2 of the 16 markets were launched in 2021. (5) On average, reflects annual, run-rate revenue opportunity in 48 markets 4% market share, based 33 (2) Estimates per National Association of Realtors. on 2019 transaction data. (3) As of December 2020 results. HIPPO TO GO PUBLIC THROUGH MERGER WITH REINVENT TECHNOLOGY PARTNERS Z (NYSE: RTPZ) Transaction Overview Pro-Forma Ownership Structure

− On March 4, Hippo Enterprises Inc. announced 4% SPAC Public Holders that it entered into a definitive business agreement with Reinvent Technology Partners 9% PIPE Holders Z (NYSE: RTPZ), a blank-check SPAC launched To merge with by Reinvent Capital − The offer price implies an enterprise value of ~$5.0Bn, which represents 12.5x 2020A(1) Total Written Premium and 4.4x 2023E Total Written Enterprise Value at Premium Announcement: 87% $5.0Bn − The transaction is expected to provide up to $638MM in cash proceeds, including PIPE Existing commitments of $550MM and up to $230MM Shareholders of cash held in the trust account of Reinvent Technology Partners Z(2) Financial Overview(1) Product Overview

$1,100 50.0% 7% Modern Home Insurance (8%) $900 - Policies provided by Hippo set a new standard of (38%) $789 home insurance and offer protection for everything from traditional property & liability coverage to $700 (50.0% ) individual devices and appliances (108%) (89%) $488 $500 (100.0%) Home Wellness (141%) Hippo helps care for your home and prevent small (168%) $282 issues from becoming expensive headaches with $300 (150.0%) complimentary smart home monitoring systems $151 and virtual home maintenance services, DIY guides $63 $87 $100 $49 (200.0%) and on-demand bookings

($100) CY19A CY20A CY21E CY22E CY23E CY24E CY25E (250.0%) 60-seconds 5 minutes Up to 25%

Total Revenue ($MM) Operating Margin To receive a quote To purchase a policy Savings

Source: Company websites, press releases and company investor presentation. (1) 2020A results are unaudited, preliminary results that are subject to change. 34 (2) After $100M cash consideration to existing shareholders and $42MM in est. transaction costs. HIPPO TO GO PUBLIC THROUGH MERGER WITH REINVENT TECHNOLOGY PARTNERS Z (NYSE: RTPZ) (CONT’D) Growth Strategy Metrics & Performance Indicators

Total Written • Highly recurring and predictable Improved unit (1) • Unaffected by short-term fluctuations in loss ratio economics, profits Increased scale Premium reinvested in growth

Premium • Important driver of future Total Written Premium and Renewal Rate customer lifetime value Increasingly Predictable & • Driver of long-term profitability Higher customer Profitable More data, satisfaction & deeper insights Loss Ratio • Improves with cohort tenure and becomes less volatile as retention Company scales and diversifies geographically

Adjusted Gross • Source of capital for business operations More accurate • Neutralizes for carrier/channel mix and reinsurance pricing, better Profit underwriting results structure Select Deal Commentary

“ We’ve built products and services […] to broaden home “ Hippo is reimagining home insurance to serve the needs of the protection to include proactive, smart insurance coverage. The modern homeowner. Through deep investments in evolution of our industry must be grounded in meeting today’s technology, data and homeowner services, Hippo has built the customer needs. Through this strategic partnership with country’s most radically user-friendly home insurance Reinvent and an incredible team of world-class entrepreneurs, company that provides it with a competitive advantage over investors and employees, we can’t wait to transform the industry incumbents. Hippo is positively disrupting the homeowner experience and accelerate our growth.” insurance industry by offering consumers the first online buying experience that is fast, friendly and affordable ”

Assaf Wand, Co-Founder & CEO, Mark Pincus, Co-Lead Director, Hippo Insurance Reinvent Technology Partners Z

Source: Company websites, press releases and company investor presentation. (1) Total Written Premium represents the Gross Written Premium of policies underwritten by Hippo and its affiliates plus the premium of policies placed with third-party insurance carriers where Hippo 35 earns a recurring commission payment. MATTERPORT TO GO PUBLIC THROUGH MERGER WITH GORES HOLDINGS VI

Transaction Overview Pro-Forma Ownership Structure(2)

− On February 8, Matterport, Inc. announced 3.0% GHVI Sponsor that it entered into a definitive agreement to merge with Gores Holdings VI (NASDAQ: GHVI), 11.8% GHVI Shareholders a blank-check special purpose acquisition To merge with company 10.1% PIPE Investors − The offer price implies an enterprise value of ~$2.3Bn, which represents ~26.3x 2020E revenue Enterprise Value at Announcement: − The transaction was expected to provide up to 75.1% $2.3Bn $615MM in cash proceeds to the balance sheet, including a fully committed PIPE of Investor Rollover $295MM and up to $345MM of cash held in the trust account of Gores Holdings VI(1)

Revenue Breakdown ($MM)(3) Key Metrics 10.5% 20.0% $900 3.5% 10.0% Unit Economics Attractive Customer Base $800 (4.5%) $747 (8.5%) - $700 $39 $62 (10.0%) 11.7x 250k+ (22.0%) $600 (23.6%) $53 $510 (20.0%) CY20E LTV / CAC(4) Customers across diverse $500 $37 (30.0%) $55 verticals $400 $323 $40 (40.0%) 82% 13%+ $300 (58.9%) $36 $593 $203 (50.0%) $48 CY20E Subscriber Growth Customers of Fortune 1000 $200 $123 $19 $378 (60.0%) $86 Margin(5) $100 $46 $220 (70.0%) $121 $42 $66 - (80.0%) 112% <10% CY19A CY20E CY21E CY22E CY23E CY24E CY25E 4Q20 Net Revenue Top 10 customer revenue (6) Subscription License Services Product EBITDA Margin Retention concentration Source: Company websites, press releases and company investor presentation. subscriber multiplied by subscription gross margin and revenue churn rate, divided by the quotient of (1) Assumes no redemptions and $25MM in estimated deal expense. sales and marketing expense and total new paid subscribers. (2) Assumes a nominal share price of $10.00. Ownership excludes impact of warrants and earn out. (5) Calculated as subscription revenue less cost of goods sold for subscription, excluding amortization (3) CY19A subject to adjustment, CY21E-CY25E excludes stock-based compensation expense and of capitalized software. 36 includes estimated public company expenses of $10M annually. (6) Net revenue retention compares the revenue from active subscriber accounts in 4Q19, excluding (4) LTV / CAC is calculated as the quotient of the product of the average subscription revenue per variable revenue, to the revenue generated in 4Q20 by those same accounts. MATTERPORT TO GO PUBLIC THROUGH MERGER WITH GORES HOLDINGS VI (CONT’D) Investment Thesis Total Addressable Market

Large, relatively unpenetrated $1.2Tn Total Addressable Market Global Opportunity Matterport ARR Market leader fueling the digital transformation of the built world 4Bn 5% Buildings Penetration Unrivaled software & data platform with significant expansion opportunities 20Bn 1Bn Global, blue chip customers spanning variety of end markets Spaces Spaces

Rapid growth, efficient customer acquisition and expanding margins $5 $60Bn ARR Leadership team with large-scale platform experience Per space per month

$1.2Tn TAM(1) Platform Overview

Extensible Platform Ubiquitous Capture Spatial Data Library AI Powered Insights Ecosystem

− Breakthrough capture − Millions of buildings & spaces − 3P software marketplace − Computer vision analysis technology − Billions of square feet captured − Developer & partner APIs − Deep spatial indexing − AI-powered 3D reconstruction − Billions of 3D data points − Robust data services layer − Search engine for buildings − Smartphone capture − Deep learning analysis for “building Intelligence”

Matterport is well-positioned to become the “digital platform” for buildings and real property

Source: Company websites, press releases and company investor presentation. (1) TAM estimate from Savills World Research and the Company. 37 COMPASS COMPLETES IPO

Transaction Overview Management Team

− Compass, the residential real estate tech company, went public on April 1, selling 25MM in Class A shares at $18.00 per share for total proceeds of $450MM − The company’s shares gained ~12% on their Robert Reffkin Ori Allon Kristen Ankerbrandt Founder & Chief Founder & Chief Chief Financial IPO 4/1 trading debut, closing at $20.15 Executive Officer Strategist Officer (NYSE: COMP) − The company has an enterprise value at IPO of $6.9Bn(1)(2), which represents ~1.9x CY20A Equity Value at IPO: revenue $7.8Bn(1)

Joseph Sirosh Greg Hart Rob Lehman Chief Technology Officer Chief Product Officer Chief Business Officer Large Addressable Market ($Bn)

• Serviceable Addressable Market $330 $570 $400 • Long-Term US TAM $350

•$300 Global TAM

$250 $50 $10 $240

$200 $20 $180 $30 $150 $35

$100 $95

$50

$0 US Residential Title Insurance & Real Estate Home Serviceable US Residential Other Real Long-Term US Global Global TAM Broker Escrow Marketing Renovations Addressable Mortgage Estate Services TAM Residential Commissions Referral Market Commissions Broker Commissions Commissions

Source: Capital IQ, Company filings and press releases. (1) Includes total Class A, B, C shares outstanding as of 4/1/21 and excludes options and RSUs. Calculated using IPO closing share price of $20.15. 38 (2) Calculated using pro forma cash as of 12/31/20. COMPASS COMPLETES IPO (CONT’D)

Growth Strategy Financial Profile ($MM) Revenues Net Loss $3,721 CAGR: Empower more Invest in Compass agents with more 111% platform time and tools $2,386

$885 Increase revenue Provide great $370 for agents and experiences to $187 Compass clients

($63) ($65) ($224) ($388) ($270) Grow repeat and referral CY16A CY17A CY18A CY19A CY20A business

Attract high-performing agents in existing markets: Continue to add high-performing agents Geographic Presence in current markets, despite leading market share in key geographies. Seattle

Expand to new domestic markets: Demonstrated track record of successfully expanding into new markets driven, in part, by Compass Anywhere virtual support model. New England Rhode Island Chicago Philadelphia San Francisco New York Colorado Baltimore Build software that makes agents more productive: Continue to add new functionality and Bay Area Delaware improve existing solutions that helps agents’ businesses. Washington, D.C. Southern California Nashville San Diego Atlanta Develop a broader set of solutions to capture more spend: Well-positioned for continued Dallas expansion of adjacent solutions across the transaction lifecycle. Austin Houston

Hawaii Execute opportunistic M&A: Continue to evaluate potential acquisitions in the real estate South Florida technology ecosystem to bolster platform’s value and accelerate product roadmap. 20 states and 46 markets covered since launching in New York City in 2013

Source: Company filings and press releases. 39 LATCH TO GO PUBLIC THROUGH MERGER WITH TS INNOVATION ACQUISITIONS CORP. (NASDAQ: TSIA) Transaction Overview Pro-Forma Ownership Structure

− On January 25, Latch, Inc. announced that it 4% TSIA Sponsor Shares entered into a definitive merger agreement with TS Innovation Acquisitions Corp. 12% PIPE (NASDAQ: TSIAU), a blank-check SPAC To merge with launched by Tishman Speyer Properties − The offer price implies an enterprise value of ~$1.1Bn, which represents 6.3x 2020E booked 19% revenue ($167MM) and 61.1x 2020E net 64% Enterprise Value at revenue TSIA Public Announcement: Shares Existing Latch $1.1Bn − The transaction is expected to provide up to Shareholders $450MM in cash proceeds, including PIPE commitments of $190MM and up to $300MM of cash held in the trust account of TS Innovation Acquisitions Corp.(1) Financial Overview(2) Key Metrics 12% (18%) 1% (65%) Unit Economics Large TAM $877 (180%) 6.8x ~47MM LTV / CAC(3) Number of rental homes in (339%) (333%) $600 the US

$368 97% Annual $144Bn Customers prepay full 6+ Residential renter and operator (625%) $173 year contract(3) market in the US & Europe $49 $4 $15 $18 154% 150% CY18A CY19A CY20E CY21E CY22E CY23E CY24E CY25E Net booked revenue Avg Revenue per Home Unit expansion(4) (ARPHU) growth visibility Net Revenue ($MM) EBITDA Margin Source: Company websites, press releases and company investor presentation. (1) Assumes no redemptions and $40MM in estimated transaction expense. (2) Estimates for CY20E-CY25E per company investor presentation as of 1/25/2021. (3) Q1’19 to Q4’20 cumulative weighted average on Booked Units. 40 (4) Based on Q4’20 y/y. LATCH TO GO PUBLIC THROUGH MERGER WITH TS INNOVATION ACQUISITIONS CORP. (NASDAQ: TSIA) (CONT’D) Investment Thesis Cumulative Booked Home Units (000s)(2)

$4,000 3,711 Latch is a key player in the smart building market

$3,500 Market for an apartment building operating system is massive

$3,000 2,634

Latch is defining the full building operating system category $2,500

Compelling customer traction and unit economics $2,000 1,715

Significant white space for continued growth $1,500 1,018

$1,000 Tishman Speyer is a global real estate company with $50+Bn in assets(1). 536 $500 304 Proposed business combination provides Latch access to additional growth 45 145 capital and synergies across Tishman Speyer’s global real estate portfolio. - CY18A CY19A CY20E CY21E CY22E CY23E CY24E CY25E Company Overview

Delivery & Guest Smart Homes & Resident Smart Access Connectivity Management Sensors Experience

Smart access platform Latch capabilities include Enterprise device Latch Intercom and Latch Mobile interfaces enable includes complete resident, guest and delivery access management capabilities Hub’s cellular connectivity resident onboarding, a staff and construction sharing, Latch Intercom, enable thermostat, lighting, bring internet access to streamlined move-in access management with Latch Camera and Latch leak detector and other new and existing building experience that includes Latch R, M and C devices Delivery Assistant sensor integrations, infrastructure product upselling and monitoring and controls community management

Building owners purchase LatchOS SaaS Modules and compatible devices that encompass the important capabilities at their building.

Source: Company websites, press releases and company investor presentation. (1) Represents gross market value and includes assets where Tishman Speyer provides property management services as of 9/30/2020. 41 (2) Estimates for CY20E-CY25E per company investor presentation as of 1/25/2021. I. PROPTECH MARKET SUMMARY

II. PUBLIC MARKETS

III. M&A AND MARKET COMPS BACK-UP

42 APPENDIX Select M&A Activity ($MM) Date Enterprise EV / Revenue EV / EBITDA Announced Acquirer Target Value LTM NTM LTM NTM Target Description 3/31/2021 NA NA NA NA NA Provider of credit data and related origination services to the mortgage industry

3/25/2021 NA NA NA NA NA Developer of back-office software catering to the real estate sector

3/22/2021 NA NA NA NA NA Provider of credit data and related origination services to the mortgage industry

3/17/2021 NA NA NA NA NA Provider of credit data and related origination services to the mortgage industry

3/17/2021 NA NA NA NA NA NexSpring Financial’s cloud-based online loan origination system (LOS) LOS

3/15/2021 $500 NA NA NA NA Provider of title insurance and settlement services

Operator of a full-service rental property management platform intended to provide premier vacation homes in various 3/11/2021 NA NA NA NA NA travel destinations

3/9/2021 NA NA NA NA NA Developer of a tenant management platform designed to streamline the process of managing a property

Developer of a SaaS based real estate technology platform designed to track, manage and communicate the 3/3/2021 NA NA NA NA NA performance of income property portfolios

2/25/2021 NA NA NA NA NA Provider of field-based construction delivery services aimed at better construction and project performance

2021 2/24/2021 NA NA NA NA NA Developer of a construction management software designed to manage, schedule and budget all construction procedures

2/23/2021 NA NA NA NA NA Developer of cloud-based real estate CRM software designed to help real estate professionals to optimize their business

2/19/2021 $608 3.1x NA NA NA Provider of digital marketing services intended to empower clients to find apartments and houses for rent

2/16/2021 NA NA NA NA NA Provider of real estate marketing and consulting brokerage services

2/16/2021 $1,000 NA NA NA NA Producer and servicer of residential mortgage loans

2/11/2021 NA NA NA NA NA Provider of hospitality services intended to offer co-working spaces and social clubs designed for women

2/10/2021 $500 NA NA NA NA Developer of showing management and market stats platform for the real estate industry

(1) (1) 2/4/2021 $7,704 4.7x NA 12.1x NA Provider of data and analytics for the real estate sector

Developer and provider of application software designed to measure, estimate, simulate and present roof repair and 1/14/2021 NA NA NA NA NA replacement projects

1/14/2021 NA NA NA NA NA Developer of home inspection software

Source: Capital IQ as of 3/31/2021, PitchBook, company filings. (1) LTM multiples reflect 2020A figures. 43 APPENDIX Select M&A Activity (cont’d) ($MM) Date Enterprise EV / Revenue EV / EBITDA Announced Acquirer Target Value LTM NTM LTM NTM Target Description Provider of data management and business intelligence services for automotive, retail, restaurants, travel and financial 1/14/2021 $22 NA NA NA NA industries

1/14/2021 $100 NA NA NA NA Provider of property and casualty insurance brokerage services intended for homeowners and residential investors

1/6/2021 NA NA NA NA NA Developer of mortgage compliance software designed to reduce the complexity of mortgage regulatory compliance

Provider of mortgage lending services to lenders in wholesale, retail, joint ventures, non-delegated correspondent and 1/5/2021 NA NA NA NA NA financial institutions sectors

2021 Provider of voice, video, and cable television services committed to delivering deliver quality telecommunication 1/4/2021 NA NA NA NA NA experience for multi-dwelling unit housing developments and businesses

1/4/2021 NA NA NA NA NA Operator of an online platform designed to search commercial properties in North America

1/1/2021 NA NA NA NA NA Developer of property management applications designed to interact with residents on their mobile devices

12/24/2020 NA NA NA NA NA Provider of cloud-based software for homebuilders, remodelers and specialty contractors

12/21/2020 NA NA NA NA NA Developer of ResWare title and escrow production platform

Provider of a technology platform that enables real estate owners and managers to change how people experience and 12/21/2020 $10,200 9.1x NA 32.5x NA use rental space

12/18/2020 Houses.com domain name NA NA NA NA NA The acquisition of Houses.com sets the stage for CoStar Group's entry into residential real estate marketplaces

Developer of an online platform for independent landlords and tenants that provides the tools, education and support to 12/16/2020 NA NA NA NA NA make renting easy

12/8/2020 NA NA NA NA NA Provider of web-based software solutions for the real estate industry

2020 Provides agents and homebuyers with real-time MLS data and enhanced property features alongside digital marketing 11/22/2020 250 NA NA NA NA tools to reinforce client-agent relationships

11/9/2020 NA NA NA NA NA Provider of original InsurTech that allows consumers and businesses to easily compare and purchase insurance

Developer of technology that supports the ongoing valuation, underwriting and asset management of commercial and 11/3/2020 NA NA NA NA NA multifamily real estate assets and loans

10/29/2020 NA NA NA NA NA Provider of residential property management software

Leading provider of transaction management, forms and back-office software to the residential real estate broker, MLS 10/23/2020 NA NA NA NA NA and agent ecosystem Provider of a personal finance app that lets people save for a down payment on a home, manage the equity in their home 10/15/2020 NA NA NA NA NA and monitor their credit score

10/5/2020 NA NA NA NA NA Developer of a real estate technology platform intended to provide a seamless home closing experience

Source: Capital IQ as of 3/31/2021, PitchBook, company filings. 44 APPENDIX Select M&A Activity (cont’d) ($MM) Date Enterprise EV / Revenue EV / EBITDA Announced Acquirer Target Value LTM NTM LTM NTM Target Description 9/21/2020 NA NA NA NA NA Developer of a location intelligence software designed to collect and analyze geospatial data

Developer of risk management software intended to help the residential mortgage industry solve fundamental problems 9/15/2020 NA NA NA NA NA and minimize operational risks

9/1/2020 180 NA NA NA NA Provider of online consumer payment portals for real estate-related payment processing

9/1/2020 NA NA NA NA NA Developer of a digital platform designed for mortgage loan originators and borrowers

Operator of a B2B internet of things company intended to offer internet of things services to the real estate industry, 8/31/2020 NA NA NA NA NA with a focus on access and energy management tools

8/30/2020 NA NA NA NA NA Developer of construction accounting software and payroll services for small- to mid-sized specialty contractors

8/27/2020 NA NA NA NA NA Developer and provider of digital document verification solutions

8/18/2020 NA NA NA NA NA Developer of a property disclosure software designed to help real estate agents manage property disclosures listings

8/6/2020 NA NA NA NA NA Developer of lease administration software

8/6/2020 $11,000 12.2x(1) NA 23.4x (1) NA Developer of software products and services designed to be used by mortgage lenders to process mortgage applications

2020 8/3/2020 NA NA NA NA NA Developer of real estate search and consumer engagement platform

7/27/2020 1,800 NA NA NA NA Operator of an online mortgage marketplace catering to investors, lenders and originators

7/22/2020 NA NA NA NA NA Developer of software solutions for enabling construction companies

7/8/2020 NA NA NA NA NA Operator of a real estate data technology

7/7/2020 NA NA NA NA NA Provider of home inspection and building services intended to provide interior and exterior caring services

6/30/2020 NA NA NA NA NA Provider of CMA platform that assists real estate agents with managing deals and graphics generation

Provider of mortgage lending and real estate software solution that maximizes repeat business for lenders and agents by 6/25/2020 NA NA NA NA NA empowering consumers to build wealth through homeownership Provider of real estate search applications, which actively manages over $1 trillion worth of active listings data from over 6/24/2020 NA NA NA NA NA 600 individual Multiple Listings Services (MLS)

6/24/2020 NA NA NA NA NA Provider of a residential real estate search site and end-to-end platform for consumers and agents to collaborate

6/11/2020 NA NA NA NA NA Provider of a cloud-based platform for institutional real estate investors and global property managers

Source: Capital IQ as of 3/31/2021, PitchBook, company filings. (1) LTM multiples reflect 2020E figures. 45 APPENDIX Select M&A Activity (cont’d) ($MM) Date Enterprise EV / Revenue EV / EBITDA Announced Acquirer Target Value LTM NTM LTM NTM Target Description 6/11/2020 NA NA NA NA NA Provider of a technology platform designed to build highly personalized, premium prefab homes

6/4/2020 NA NA NA NA NA Provider of professional appraisal management services

Provider of tools to access data across the entire enterprise that optimize space use, meeting room coordination, 5/13/2020 NA NA NA NA NA workplace moves and asset management

5/13/2020 190 3.3x NA NA NA Provider of a platform for digital commercial real estate transactions that accelerates the property sales process

Provider of a web-based real estate financial modeling, analysis, and presentation application that includes a suite of 4/2/2020 NA NA NA NA NA smart, flexible models, calculators and tools for the single-family real estate sector

3/31/2020 NA NA NA NA NA Provider of software solutions for the UK social housing sector

3/9/2020 NA NA NA NA NA Provider of a visual marketing platform designed to offer videos and 3D models

Provider of automated valuation models and other property valuation tools for appraisers, appraisal management 3/3/2020 NA NA NA NA NA companies, lenders, investors and government agencies

2020 Developer of financial education and recommendation platform intended to offer free credit scores and reports with 2/25/2020 $7,100 7.1x NA NA NA monitoring

2/19/2020 NA NA NA NA NA Provider of online commercial real estate marketplace that connects tenants and buyers with brokers

2/13/2020 350 NA NA NA NA Provider of document, eSign, eClosing and compliance technology

1/22/2020 NA NA NA NA NA Provider of multifamily real estate resident engagement solution

1/22/2020 NA NA NA NA NA Provider of geographic data sciences and predictive, location-based analytics for businesses across the U.S. and Canada

1/14/2020 NA NA NA NA NA Provider of client relationship management (CRM) software company for CRE brokers

Provider of property management software and services for public and affordable housing organizations in the United 1/8/2020 NA NA NA NA NA States Provider of data science, machine learning and human interaction to help real estate professionals better leverage the 12/18/2019 NA NA NA NA NA value of their personal network

12/18/2019 NA NA NA NA NA Provider of technology for home subscription sign-ups, and associated concierge offerings

2019 12/11/2019 NA NA NA NA NA Provider of an Investor Relationship Management (IRM) platform

12/6/2019 NA NA NA NA NA Provider of augmented reality technology for home improvement technicians

Provider of a system designed to integrate artificial intelligence and machine learning solutions into an organization's 11/19/2019 NA NA NA NA NA overall business strategy

Source: Capital IQ as of 3/31/2021, PitchBook, company filings. 46 APPENDIX Select M&A Activity (cont’d) ($MM) Date Enterprise EV / Revenue EV / EBITDA Announced Acquirer Target Value LTM NTM LTM NTM Target Description 11/12/2019 NA NA NA NA NA Provider of real estate marketing automation services

11/7/2019 400 NA NA NA NA Provider of Relocation assets of Realogy's Cartus subsidiary Global Relocation Business

11/6/2019 580 11.6x NA NA NA Provider of property management SaaS solutions

11/6/2019 NA NA NA NA NA Provider of an automated RFP solution for commercial real estate property managers

10/28/2019 NA NA NA NA NA Provider of cloud-based document management technologies for the mortgage industry

10/16/2019 NA NA NA NA NA Provider of a lease automation and software platform for retail landlords

(1) (1) 10/1/2019 450 7.0x NA 28.1x NA Provider of data benchmarking, analytics and marketplace insights to global hospitality sectors

Provider of a search platform for real estate properties designed to collaborate and make the process of finding and 10/1/2019 NA NA NA NA NA purchasing a home more efficient and personalized Provider of property tax management services to lenders, real estate investment trusts, and property management 9/25/2019 NA NA NA NA NA companies

9/20/2019 $152 NA NA NA NA Provider of storage facility services

2019 9/12/2019 NA NA NA NA NA Developer of a software platform for real estate brokers

9/10/2019 NA NA NA NA NA Provider of an end-to-end marketplace designed to make renting apartments easy

9/6/2019 NA NA NA NA NA Provider of a showing scheduling platform for the residential real estate industry

9/5/2019 NA NA NA NA NA Provider of national residential and commercial title and escrow services

8/27/2019 NA NA NA NA NA Platform offering empty restaurant spaces as co-working spaces during the closed hours

8/22/2019 NA NA NA NA NA Largest vacation rental marketplace in the Canadian market

8/21/2019 NA NA NA NA NA Provider of an end-to-end SaaS platform for the residential real estate industry, offering various agent productivity tools

8/19/2019 NA NA NA NA NA Predictive analytics and data-driven marketing automation platform for the residential real estate industry

8/8/2019 NA NA NA NA NA Provider of business intelligence software for the construction industry

8/6/2019 NA NA NA NA NA Online marketplace for furnished apartments aimed at the vacation, business and student markets

Source: Capital IQ as of 3/31/2021, PitchBook, company filings. (1) LTM multiples reflect 2019E figures. 47 APPENDIX Select M&A Activity (cont’d) ($MM) Date Enterprise EV / Revenue EV / EBITDA Announced Acquirer Target Value LTM NTM LTM NTM Target Description 8/31/2019 NA NA NA NA NA Provider of AI-powered data extraction solutions for real estate and corporate documents

7/30/2019 NA NA NA NA NA Workplace real estate management and operations platform, offering space planning and portfolio optimization

7/24/2019 NA NA NA NA NA Real estate investment analytics platform offering valuation tools

7/16/2019 NA NA NA NA NA Provider of project management software for commercial property owners and developers

7/10/2019 NA NA NA NA NA Tech-enabled direct mortgage lender targeting the luxury buyer segment

7/9/2019 NA NA NA NA NA Provider of a predictive listing and lead generation platform for the rresidential real estate industry

6/20/2019 NA NA NA NA NA Online multifamily marketplace service for student housing in the United States

6/20/2019 NA NA NA NA NA Provider of technology for tracking and engaging potential multifamily property residents and analyzing marketing returns

Provider of advisory services, data management, partner management, application management and data analytics for 6/12/2019 NA NA NA NA NA the commercial real estate industry The credit, flood, income and tax verification services, government services, REO management and disposition, online 6/4/2019 NA NA NA NA NA (Select Businesses) foreclosure auction and homeowners association (HOA) tracking units of Chronos Solutions

2019 6/3/2019 NA NA NA NA NA Provider of research, data and analytics to the commercial real estate industry in North America and Europe

Provider of ERP software and SaaS for the multifamily and commercial real estate sectors, providing features for 5/23/2019 NA NA NA NA NA accounting, budgeting and forecasting, job costing, lease management, reporting and Web design Online marketplace and SaaS platform supporting commercial real estate (“CRE”) brokers through property marketing, 5/13/2019 NA NA NA NA NA transaction management and business intelligence tools Provider of cloud-based real estate and location data platforms serving more that 350,000 business and government 5/13/2019 NA NA NA NA NA users Provider of cloud-based operations management software that automates enterprise asset management workflows such 5/3/2019 $500 NA NA NA NA as work order, inventory, energy, capital planning and facility scheduling Operator of a network connecting agents and jurisdictions that underpin residential mortgage records, streamlining the 5/1/2019 335 NA NA NA NA local recording of residential mortgage transactions

4/22/2019 NA NA NA NA NA Provider of real etstate transaction forms and transaction management software for the residential real estate industry

4/17/2019 NA NA NA NA NA Online mortgage lender leveraging advanced analytics to offer no origination fees, fast approvals and competitive rates

4/3/2019 220 NA NA NA NA Provider of an office space management platform and office management logistics

4/1/2019 NA NA NA NA NA Provider of loan origination and servicing software systems for the residential real estate lending industry

Mean 7.9x NA 24.0x NA Median 7.1x NA 25.8x NA

Source: Capital IQ as of 3/31/2021, PitchBook, company filings. 48 PROPTECH ECOSYSTEM

($MM, Except Per Share Data) Stock Trading Statistics Operating Metrics Trading Statistics Price Equity Net Enterprise Revenue EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin EV / Revenue Company 4/1/2021 Value Debt Value CY20E CY21E CY20E CY21E CY20E CY21E 20E / 19A 21E / 20E CY20E CY21E RE Media / Portals CoStar Group, Inc. $861.38 $33,947 $2,631 $31,316 $1,659 $1,944 18.9x 16.1x NM 48.3x 19% 17% 33% 33% Zillow Group, Inc. $135.42 $32,590 ($817) $33,407 $3,340 $5,474 10.0x 6.1x NM NM 22% 64% 10% 10% REA Group Limited $108.42 $14,324 ($111) $14,435 $677 $761 21.3x 19.0x 37.4x 32.0x 6% 12% 57% 59% Scout24 AG $77.66 $7,598 ($189) $7,787 $460 $443 16.9x 17.6x 30.0x 29.8x 13% (4%) 56% 59% Rightmove plc $8.24 $7,139 $115 $7,024 $281 $412 25.0x 17.0x 36.3x 23.0x (27%) 47% 69% 74% LIFULL Co., Ltd. $3.73 $492 $2 $490 $334 $351 1.5x 1.4x 11.8x 8.1x (9%) 5% 12% 17%

RE Media / Portals Mean: 15.6x 12.9x 28.9x 28.2x 4% 24% 40% 42% Median: 17.9x 16.6x 33.1x 29.8x 9% 15% 45% 46%

RE Data / RE Software Black Knight, Inc. $74.71 $11,599 ($2,241) $13,840 $1,239 $1,414 11.2x 9.8x 22.7x 19.7x 5% 14% 49% 50% CoreLogic, Inc. $79.45 $5,845 ($1,819) $7,665 $1,642 $1,666 4.7x 4.6x 12.0x 11.9x 14% 1% 39% 39% Altus Group Limited $48.52 $1,991 ($91) $2,082 $440 $488 4.7x 4.3x 26.8x 21.7x 9% 11% 18% 20% Real Matters Inc. $11.53 $969 $109 $859 $472 $558 1.8x 1.5x 11.4x 10.8x 29% 18% 16% 14%

RE Data / RE Software Mean: 5.6x 5.0x 18.2x 16.0x 14% 11% 30% 31% Median: 4.7x 4.4x 17.3x 15.8x 11% 12% 28% 29%

Property Management Software RealPage, Inc. $88.75 $9,629 $571 $10,200 $1,158 $1,286 8.8x 7.9x 31.6x 27.2x 17% 11% 28% 29% AppFolio, Inc. $143.00 $4,927 $98 $4,829 $310 $347 15.6x 13.9x NM NM 21% 12% 15% 16% Agilysys, Inc. $49.78 $1,167 $78 $1,088 $140 $158 7.7x 6.9x 47.0x 40.6x (11%) 13% 16% 17%

Property Management Software Mean: 10.7x 9.6x 39.3x 33.9x 9% 12% 20% 21% Median: 8.8x 7.9x 39.3x 33.9x 17% 12% 16% 17%

Residential Brokerage Redfin Corporation $68.86 $7,107 $290 $6,817 $886 $1,346 7.7x 5.1x NM NM 14% 52% 6% 7% eXp World Holdings, Inc. $45.32 $6,530 $95 $6,435 $1,798 $2,784 3.6x 2.3x NM NM 84% 55% 3% 4% Realogy Holdings Corp. $15.72 $1,836 ($3,465) $5,301 $6,221 $7,259 0.9x 0.7x 7.3x 7.0x 6% 17% 12% 10% RE/MAX Holdings, Inc. $40.78 $758 ($178) $936 $266 $304 3.5x 3.1x 10.1x 8.8x (6%) 14% 35% 35% Purplebricks Group plc $1.31 $401 $97 $304 $131 $133 2.3x 2.3x 33.9x 18.5x 1% 2% 7% 12%

Residential Brokerage Mean: 3.6x 2.7x 17.1x 11.5x 20% 28% 12% 14% Median: 3.5x 2.3x 10.1x 8.8x 6% 17% 7% 10%

Source: Capital IQ as of 4/1/2021. “NM” signifies multiple >40x. 49 PROPTECH ECOSYSTEM (CONT’D)

($MM, Except Per Share Data) Stock Trading Statistics Operating Metrics Trading Statistics Price Equity Net Enterprise Revenue EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin EV / Revenue Company 4/1/2021 Value Debt Value CY20E CY21E CY20E CY21E CY20E CY21E 20E / 19A 21E / 20E CY20E CY21E Commercial Brokerage CBRE Group, Inc. $80.05 $26,330 ($2,318) $28,648 $23,826 $25,548 1.2x 1.1x 15.1x 13.9x (0%) 7% 8% 8% Jones Lang LaSalle Incorporated $184.52 $9,431 ($2,538) $11,968 $8,900 $9,639 1.3x 1.2x 13.9x 12.3x (11%) 8% 10% 10% Cushman & Wakefield plc $16.50 $3,666 ($2,885) $6,551 $7,844 $8,159 0.8x 0.8x 13.0x 11.3x (10%) 4% 6% 7% Colliers International Group Inc. $105.85 $4,264 ($1,096) $5,360 $2,787 $3,282 1.9x 1.6x 14.8x 12.5x (9%) 18% 13% 13% Savills plc $16.10 $2,207 ($173) $2,379 $2,376 $2,642 1.0x 0.9x 10.1x 9.2x (7%) 11% 10% 10% Newmark Group, Inc. $10.56 $1,936 ($1,832) $3,768 $1,905 $2,077 2.0x 1.8x 10.5x 9.0x (14%) 9% 19% 20% Marcus & Millichap, Inc. $34.21 $1,348 $165 $1,184 $717 $784 1.7x 1.5x 15.6x 12.7x (11%) 9% 11% 12%

Commercial Brokerage Mean: 1.4x 1.3x 13.3x 11.5x (9%) 10% 11% 11% Median: 1.3x 1.2x 13.9x 12.3x (10%) 9% 10% 10%

Traditional Mortgage / Title Rocket Companies, Inc. $22.55 $45,088 ($675) $45,762 $15,981 $13,619 2.9x 3.4x 4.1x 6.8x 204% (15%) 70% 49% Fidelity National Financial, Inc. $41.28 $12,019 ($627) $12,646 $10,815 $11,234 1.2x 1.1x 5.8x 5.5x 28% 4% 20% 20% First American Financial Corporation $57.44 $6,303 ($547) $6,850 $7,087 $7,068 1.0x 1.0x 6.1x 6.3x 14% (0%) 16% 15% Radian Group Inc. $23.26 $4,459 ($1,548) $6,006 $1,439 $1,361 4.2x 4.4x NA NA (6%) (5%) NA NA Stewart Information Services Corporation $53.04 $1,419 $192 $1,227 $2,288 $2,473 0.5x 0.5x 5.0x 4.6x 18% 8% 11% 11% Home Point Capital Inc. $9.70 $1,347 ($5,839) $7,186 $1,445 $1,402 5.0x 5.1x 8.2x 11.5x 461% (3%) 61% 45% Altisource Portfolio Solutions S.A. $9.06 $143 ($204) $347 $366 $218 1.0x 1.6x 33.9x NM (44%) (40%) 3% 1%

Traditional Mortgage / Title Mean: 2.2x 2.4x 10.5x 6.9x 97% (7%) 30% 24% Median: 1.2x 1.6x 5.9x 6.3x 18% (3%) 18% 18%

Credit / Mortgage Marketing LendingTree, Inc. $220.51 $2,895 ($539) $3,434 $910 $1,105 3.8x 3.1x 27.8x 23.4x (18%) 21% 14% 13% Moneysupermarket.com Group PLC $3.69 $1,982 ($13) $1,994 $471 $487 4.2x 4.1x 13.6x 13.3x (8%) 3% 31% 31% QuinStreet, Inc. $20.70 $1,103 $86 $1,017 $520 $584 2.0x 1.7x 25.3x 19.4x 8% 12% 8% 9%

Credit / Mortgage Marketing Mean: 3.3x 3.0x 22.2x 18.7x (6%) 12% 18% 18% Median: 3.8x 3.1x 25.3x 19.4x (8%) 12% 14% 13%

Source: Capital IQ as of 4/1/2021. “NM” signifies multiple >40x. 50 PROPTECH ECOSYSTEM (CONT’D)

($MM, Except Per Share Data) Stock Trading Statistics Operating Metrics Trading Statistics Price Equity Net Enterprise Revenue EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin EV / Revenue Company 4/1/2021 Value Debt Value CY20E CY21E CY20E CY21E CY20E CY21E 20E / 19A 21E / 20E CY20E CY21E RE Sharing Economy / Travel Airbnb, Inc. $188.24 $113,405 ($4,296) $117,701 $3,378 $4,757 34.8x 24.7x NM NM (30%) 41% (7%) 2% Booking Holdings Inc. $2,382.46 $97,590 ($1,977) $99,567 $6,796 $9,463 14.7x 10.5x NM 37.3x (55%) 39% 13% 28% Expedia Group, Inc. $175.93 $25,310 ($5,492) $30,802 $5,199 $7,528 5.9x 4.1x NM 29.9x (57%) 45% (7%) 14% TripAdvisor, Inc. $55.25 $7,449 ($216) $7,665 $604 $876 12.7x 8.8x NM NM (61%) 45% (8%) 16%

RE Sharing Economy / Travel Mean: 17.0x 12.0x NA 33.6x (51%) 42% (3%) 15% Median: 13.7x 9.6x NA 33.6x (56%) 43% (7%) 15%

Broader Data Moody's Corporation $306.31 $57,309 ($4,347) $61,656 $5,371 $5,619 11.5x 11.0x 23.1x 22.0x 11% 5% 50% 50% Experian plc $35.21 $32,163 ($4,169) $36,332 $5,147 $5,608 7.1x 6.5x 20.3x 19.6x 3% 9% 35% 33% Equifax Inc. $182.61 $22,356 ($2,811) $25,166 $4,128 $4,435 6.1x 5.7x 16.8x 17.0x 18% 7% 36% 33% TransUnion $92.26 $17,647 ($3,123) $20,770 $2,717 $2,867 7.6x 7.2x 19.9x 18.6x 2% 6% 38% 39% Fair Isaac Corporation $500.95 $14,646 ($796) $15,442 $1,308 $1,345 11.8x 11.5x 31.0x 30.0x 9% 3% 38% 38%

Broader Data Mean: 8.8x 8.4x 22.2x 21.4x 9% 6% 39% 39% Median: 7.6x 7.2x 20.3x 19.6x 9% 6% 38% 38%

Source: Capital IQ as of 4/1/2021. “NM” signifies multiple >40x. 51 GCA is a global investment bank that provides strategic M&A and capital markets advisory services to growth companies and market leaders. The firm offers worldwide coverage with over 500 professionals in 25 offices across America, Asia and Europe. Built by the people that run the business, GCA is a firm of experts who focus on deals that require commitment, original perspective, skill and exceptional networks. www.gcaglobal.com

This report was prepared by GCA Advisors, LLC, a registered broker-dealer and member of FINRA and SIPC. Sources of data include Capital IQ and other news organizations. Information obtained from third- party sources is considered reliable, but we do not guarantee that the information herein is accurate and complete. The report shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities mentioned herein; past performance does not guarantee future results. Recipients of this report should not interpret the information herein as sufficient grounds for an investment decision or any other decision.

DISCLAIMER: This report includes logos or other words or devices that may be registered trademarks of their respective owners. Such use is solely for purposes of convenience in referring to the trademark owners and their products/services. This report and its contents are not endorsed by, sponsored by or affiliated with any trademark owners. GCA Advisors, LLC and its affiliates are not affiliated with any trademark owner but may provide financial services to one or more trademark owners or their affiliates.