Preliminary Intro Deck - 01.14.2020

1. CONDIreinventing vacations

2. problem
01
02
03
Nearly everyone dreams
of owning a vacation home.
But the cost and hassle is
prohibitive for most households.
And no good solutions exist
to address this problem.

3. solution
An end-to-end marketplace that allows owners to purchase a share of
a vacation home and enjoy ownership benefits without stress or hassle.
Stop Wasting Money
(renting houses & hotels)
Hassle-Free Ownership
(owner benefits w/o hassle)
Flexible Marketplace
(sell or trade anytime)

4. how it works
Management Partner Network
“Fulfillment by Condi” 3rd Party Managers
Ownership
Scheduling
Financing
Fully-Integrated
Fractionalization
Whole House is divided into 10 equal shares
Trade In or Resell
Liquid Asset after 1-Year Hold Period
Purchase Experience
Search by Share Invite Your Friends

5. how it’s different
CONDIShared Ownership
Vacation Rentals
Whole House Ownership
High Hassle Low Hassle
LowROIHighROI
Timeshare Clubs

6. Timeshare Condi Share
Property Type
Hotel or Resort
(typically 1 or 2 beds)
Single Family Home
(typically 3 or 4 beds)
What You Own
1 Week Usage Right
(26-52 contracts/unit)
1/10th of Specific House
(5-10 owners/house)
Legal Structure
Rights to Use
(contractual liability)
Equity in a House
(deeded asset)
Pride of Ownership
Renter Mentality
(more wear and tear)
Owner Mentality
(less wear and tear)
Resale Value
Very Difficult to Sell
(30-50% LOSS, non-deductible)
Tied to Property Value
(avg 3-5% GAIN per year)
Investment Summary
$16k Initial Cost,
plus $6-8k per year*
$16k Equity Down,
plus $2.3k per year**
condi vs timeshare
*Timeshares average $16k to buy plus 55% per year (Source: Marketwatch). **Assumes $55k share price with rental arrangement to fund OpEx.

7. Condi is smart ownership.

8. product
Search Click Talk Vacation
$16,500 downpayment
$16,500 downpayment

9. We charge 5% per transaction and markup each share 10% above cost.
business model
Homes at $1M each
1,000 Fractional Markups
$100M Transaction Fees
$50M
Secondary Market Transactions

10. 78% interested in co-owning
a vacation home
Vacation home ownership is a dream for most households.
78% of Independent Survey respondents were interested
or very interested in co-owing a vacation home.
82% comfortable co-owning a home
with strangers
Consumers aspire to have more and will share with others
to achieve it. 82% of Independent Survey respondents did not
feel the need to know the other co-owners.
44% of second homes are
professionally managed
Co-ownership pairs well with the existing travel ecosystem and
the large network of professional managers who currently
manage 44% of second homes (Source: Hostfully).
why now
Source: In-house Consumer Survey, August 2019, age 30-70, income $100k+.

11. $50B
Revenue from 1.5M homes,
$225k national average price,
with 15% markup & fees.
9M
9M second homes, USA
20M
20M second homes, Europe
market opportunity
second homes
actively for sale1.5M

12. Condi is a highly-scalable marketplace.
We outsource property management
and fund fees from rental revenue.

13. Source Supply
Curate the best homes in select
markets from active listings.
Display select homes on website
at 11% of whole house price.
Markup and transaction fee is
baked into the final share price.
Fuel Demand
Retarget prospective buyers looking
for homes in select markets.
Advertise to potential buyers in
nearby feeder markets.
Make it easy to share with friends
& family, and easy to buy.
02 Network/Scale
Purchase experience improves
as friends collaborate to purchase.
Portfolio value grows with home
count and improved selection.
Liquidity and pricing improves as
more consumers join.
0301
go-to-market

14. speed to scale
$500,000 4 bd | 5 ba | 3,000 sf
4 bd | 5 ba | 3,000 sf
$55,000 Own for just $16,500 down!
We can scale quickly by sourcing active listings, bypassing supply aggregation.
per Share
Whole House 1/10th Share
|

15. founding team
Austin Allison
Co-Founder & CEO
Founder & Former CEO of Dotloop ($120M sale to Zillow)
Raised $13M, 9X ROC in 6 years, 50% market share
SaaS revenues $30M, 65% gross margins, 200 employees
Forbes 30 Under 30, Seasoned Real Estate Investor
Core Competencies: Product, Strategy, Leadership, Real Estate
Spencer Rascoff
Co-Founder & Chairman
Director, Co-Founder & Former CEO of Zillow (NASDAQ: ZG)
Director, TripAdvisor, Co-Founder Hotwire (sold to Expedia)
Investor: Turnkey, Vacatia, Domicile, Vamo (sold to AirBNB),
Dwellable (sold to HomeAway), Room77 (sold to Google)
Core Competencies: Strategy, Leadership, Financing, Travel

16. 10
20
30
40
0
Year 1 Year 2 Year 3
$5M
$15M
$42M
Millions
Proforma Revenues
financials & cap table
$1M Average Home Price, 10% Markup
on Share Price, 5% Transaction Fee
Yr 1 - 80 homes, $5M in revenue
Yr 2 - 280 homes, $15M in revenue
Yr 3 - 830 homes, $42M in revenue
Cap Table: Austin Allison (CEO) 80%
Spencer Rascoff (Chairman) 20%
1
2
3
Financial Highlights

17. We are raising
$15M to fund:
• Product & Engineering hires to build product
• Staffing & Partnerships to curate housing supply
• Marketing & Ad Spend to aggregate demand
• Build out Local Market Manager Partnerships
funding details
15%
Local
Partnerships
20%
Build
Product
50%
Aggregate
Demand
15%
Curate
Supply

18. appendix

19. market research
Many consumers aspire to own a vacation home to have a
special place to visit AND make a solid financial investment
- 46% of consumers with HHI $100K+ aspire to own some kind of
vacation home (timeshare, club, whole home)
- Emotionally, they want a special place to visit with family (65%)
- Rationally, they desire a sound financial investment (27%)
01
And today’s timeshare model isn’t working
- 54% would never be interested in a timeshare model
- For those who do have a timeshare, 22% regret it
- Pain points include financial expense, tying up capital and the
hassle of scheduling time to visit
- 75% use it for four weeks or less per year
02
03
But vacation home ownership often feels out of reach
- 34% do not feel they can afford the home they aspire to own
- 27% cannot justify the expense
04 Current vacation home owners have pain points with their
existing homes, too
- 30% have trouble finding to me use the home
- 27% feel it’s a hassle to manage the property
- 28% are frustrated by annual operating expense
- 55% use the home less than 4 weeks/year
Source: Survey sampling of 500 US adults ages 30-70, fielded 1/13/2020 on Survey Monkey.

20. consumer personas
“Mid-Career Executive”
Age 35-45
Director of Marketing
01
Urban/suburban; kids; HHI $200K+
Mid-career professional, just hitting
executive status. Bonus and equity
becoming larger portion of pay.
They have enough income to turn their
dream into a reality, but they are too
busy & stressed to do the heavy lifting.
Still have financial pressures of raising
a family, kids college and retirement.
But would like a place to get away and
reconnect as a family and with friends.
Main drivers: family and convenience
“I am finally at a point professionally
where I can make my family’s dreams
come true…now I just need more time!”
“Second Stager”
Age 45-60
Consultant
02
“I am loving this stage of my life, but a
lot is changing. I want a place to gather,
but I don’t want a full-time commitment.”
Urban/suburban; kids; HHI $200K+
Late-career professional who is still
working, but is downshifting from a
high-powered exec role to consulting.
Retirement is top of mind, but they
aren’t fully ready to make that move.
As their kids are growing & leaving the
home, they want a comfortable place
where the family can vacation and stay
connected. But they aren’t ready for a
full-time second home.
Main drivers: flexibility and cost
“Wealth Builder”
Age 30-40
Sales Professional
03
“I want a cool place to take my buddies
on vacation, but I don’t want to waste
money on a timeshare.”
Urban; single/married; no kids; HHI
$100K+
Proud of his accomplishments and
wants to show off proof of success.
Financially motivated, wants to make
sound investments that will pay back in
the long run.
Wants a place he can show off to his
friends and family - it needs to be well-
appointed, modern and have a “wow”
factor.
Main drivers: ROI, customization

21. consumer experience
A consumer imagines life with a vacation home and discusses the
possibilities with friends and family, wishing there was a better way to
make that dream a reality.
Dreaming
01
The consumer checks out the Condi website and can easily share the
homes they are excited about; when they find “the one,” a Condi agent
is on call and ready to show them the home (virtually or in-person).
Shopping
02
The Condi agent facilitates a seamless transaction that is tech-enabled.
The consumer is now the buyer, and the purchase is pending until 8 of
10 shares are purchased, at which point it becomes firm.
Buying
03
Condi takes the hassle out of ownership, handling EVERYTHING from
booking weeks to improvements and customizations. The new owners
can enjoy their new happy place and start building equity and realizing
profit, assuring them they made the right choice.
Ownership
04

22. Whole House Condi Share
Share Owned 100% / 52 wks 10% / 5.2 wks
Purchase Price $500,000 $55,000
Down Payment $150,000 $16,500
Loan Amount ($350,000) ($38,500)
Interest Paid/Year $14,000* $2,300*
Operating Costs/Year $15,000 $0**
Hassle Factor Very High Very Low
Investment Summary $150k down + $29k/yr $16.5k down + $2.3k/yr
condi vs whole house
*Assumes 4% interest for whole house and 6% for fractional mortgage. **Condi OpEx assumes 1.2 wks contributed to rental arrangement.

23. 1. What happens in a housing recession?
Whole house sales will slow, vacation spending will continue.
2. Are there any restrictions on reselling my shares?
There is a 1-year initial hold period, then no further restrictions.
3. What if not all shares are sold?
Deposits will be refunded if not all shares are sold in 60 days.
4. How is owner usage allocated?
Owners are issued currency to spend on preferred dates.
5. What happens if everyone wants the same weeks?
Owners will share the calendar via a dynamic “draft-like” model.
6. How are rental arrangement weeks determined?
The rental manager requests dates like other co-owners.
7. Who selects finishes? Is there a brand standard?
Brand standard finishes are selected by professional managers.
8. What happens if shares need to be sold at a loss?
Owners have control over list price when shares are resold.
FAQ

24. dotloop case study
Funding
Raised $13M, sold for $120M.
9X Return on Capital in 6 years.
Backed by Trinity Ventures,
investment led by Noel Fenton.
Team
Repeat Best Place to Work
winner. 90% Glassdoor
Recommendation Score
under Austin’s leadership.
Model
Model included large offline
service functions, serving 1M
professionals, 8k businesses
and 20M consumers.
Product
Team of 6 PMs & Designers,
Built world-class product on
Web, iOS & Android, 60 NPS,
500k MAUs, 25% DAU/MAU.
Engineering
Two engineering teams
in San Francisco and
Cincinnati, 50 person team,
bi-weekly release schedule.
Zillow
Doubled business in
3 years, retained all key
leaders, earned highest
cultural ratings in Zillow.
Metrics
200 employees, $30M ARR
(mostly SaaS), near $20M
EBITDA, 50% share of US
transactions nationwide.
Service
70 service reps, supporting
40,000 calls/mo, delivering
97% CSAT Score and
101% Monthly Retention.
Sales
60 sales reps, adding
$800k/mo in ARR, team
included 4 inside teams and
1 traveling enterprise team.

25. You have arrived.