INPUTS(BLUE=INPUT)

Allinputsinmillions,exceptpersharedata

getthetemplateat:
OfferingAssumptions

GrossProceeds 250.000 www.gazhoo.com

PriceperUnit $10.00
Commonperunit 1.0
Warrantperunit 0.5
Warrantexerciseprice $7.50

FounderSecuritiesAssumptions
Aggregatepurchaseprice $0.025
Promote(%): 12.5%
CommonShares 3.571
Warrants(Tranche1) Strike: $0.00 0.000
Warrants(Tranche2) Strike: $0.00 0.000
Warrants(Tranche3) Strike: $0.00 0.000
Warrantexercisethreshold $0.00

PrivatePlacementAssumptions
Aggregatepurchaseprice $9.000
CommonShares 0.000
Warrants(Tranche1) Strike: $7.50 3.000
Warrants(Tranche2) Strike: $10.00 3.000
Warrants(Tranche3) Strike: $12.50 3.000
Warrantexercisethreshold $0.00

CoInvestment/10b51
Consideration: $20.000
Sharespurchasedat: $10.00 5.000
Warrantspurchasedat: $0.00 5.000
Warrantexerciseprice: $7.50

WarrantPurchase
Warrantspurchasedat: $0.80 0.000
Warrantspurchasedat: $0.90 0.000
Warrantspurchasedat: $1.00 12.500

Fees
Underwritingspread 7.0%
Deferredunderwritingspread 5.0%
LegalFees&Expenses 0.450
PrintingandEngravingExpenses 0.100
AccountingFeesandExpenses 0.070
SECRegistrationFee 0.016
FINRARegistrationFee 0.041
AMEXListingFees 0.070
MiscellaneousExpenses 0.053

OtherAssumptions
Netofferingproceedsnotheldintrust 0.200
SOURCES&USES
getthetemplateat:
www.gazhoo.com Estimate %/$perUnit Commnents

OfferingGrossProceeds $250,000,000 100.00% / $10.00 25,000,000units@$10.00

SponsorInvestmentviaPrivatePlacement 9,000,000 3.60% / $0.36 AdditionalManagement/Sponsorequity
TotalGrossProceeds $259,000,000 103.60% / $10.36

OfferingExpenses:
UnderwritingDiscount 17,500,000 7.00% / $0.70 7.0%ofofferinggrossproceeds,5.0%isdeferred
LegalFeesandExpenses 450,000 0.18% / $0.02
PrintingandEngravingExpenses 100,000 0.04% / $0.00
AccountingFeesandExpenses 70,000 0.03% / $0.00
SECRegistrationFee 15,818 0.01% / $0.00 Othercashtransactionexpenses
FINRARegistrationFee 40,750 0.02% / $0.00
AMEXListingFees 70,000 0.03% / $0.00
MiscellaneousExpenses 53,432 0.02% / $0.00

TotalOfferingExpenses 18,300,000 7.32% / $0.73

NetProceedsfromOfferingandfromSaleof
FounderSecurities 240,700,000 96.28% / $9.63
NetOfferingProceedsnotHeldinTrust 200,000 0.08% / $0.01 Availableforduediligence,etc.
NetProceedsfromOfferingandfromSaleof
FounderSecuritiesHeldinTrustforourBenefit 240,500,000 96.20% / $9.62
DeferredUnderwritingDiscountsHeldinTrust 12,500,000 5.00% / $0.50 5.0%percentofofferinggrossproceedsdeferred
TotalAmountinTrust $253,000,000 101.2% / $10.12 Releaseduponclosingofdeal
RETURNSANALYSIS
SECURITYSUMMARY
Economics InitialInvestment PrivatePlacement WarrantPurchase WarrantPurchase TotalInvestment
Ownership% Shares Warrants Investment Shares Warrants Investment Warrants Avg.Px Investment Shares Warrants Investment Shares Warrants Investment
Management 12.5% 3,571,429 0 $25,000 0 9,000,000 $9,000,000 0 NA $0 5,000,000 5,000,000 $20,000,000 8,571,429 19,000,000 $49,025,000
*Assumesexerciseofallwarrants.

TOTALRETURNTABLE

$10.00 $11.00 $12.00 $13.00 $14.00 $15.00 $16.00 $17.00 $18.00 $19.00 $20.00

TotalValue: $50.0m $55.0m $60.0m $65.0m $70.0m $75.0m $80.0m $85.0m $90.0m $95.0m $100.0m
LessBasis: $12.5m $17.5m $22.5m $27.5m $32.5m $37.5m $42.5m $47.5m $52.5m $57.5m $62.5m
TotalReturn: $37.5m $37.5m $37.5m $37.5m $37.5m $37.5m $37.5m $37.5m $37.5m $37.5m $37.5m
TotalReturn%: 300.0% 214.3% 166.7% 136.4% 115.4% 100.0% 88.2% 78.9% 71.4% 65.2% 60.0%

VALUEGRAPH

$300

$250

$200
Value

$150

$100

$50

$0
$8.00 $9.00 $10.00 $11.00 $12.00 $13.00 $14.00 $15.00 $16.00 $17.00 $18.00

www.gazhoo.com StockPrice

Return Basis Value

DILUTIONANALYSIS:VALUE

www.gazhoo.com AbsoluteDilution($Millions)

CommonSharePrice $8.00 $9.00 $10.00 $12.50 $14.25

Amount Investment
FoundersSecurities
CommonShares 3.6mm $28.6 $32.1 $35.7 $44.6 $50.9
Warrants(Tranche1):$0.00Strike 0.0mm
$25.0k
Warrants(Tranche2):$0.00Strike 0.0mm
Warrants(Tranche3):$0.00Strike 0.0mm

PrivatePlacement
CommonShares 0.0mm
Warrants(Tranche1):$7.50Strike 3.0mm $1.5 $4.5 $7.5 $15.0 $20.3
$9.0mm
Warrants(Tranche2):$10.00Strike 3.0mm $7.5 $12.8
Warrants(Tranche3):$12.50Strike 3.0mm $5.3

CoInvestment
Warrants 5.0mm $20.0mm $2.5 $7.5 $12.5 $25.0 $33.8

WarrantPurchase
Warrants 12.5mm $12.5mm $6.3 $18.8 $31.3 $62.5 $84.4

FoundersSecuritiesDilution $38.8 $62.9 $87.0 $154.6 $207.3

Public
CommonShares 25.0mm
$250.0mm
Warrants 0.0mm

TotalDilution $38.8 $62.9 $87.0 $154.6 $207.3

Dilution(nonWarrant) $28.6 $32.1 $35.7 $44.6 $50.9

Dilution(Warrantsonly) $10.3 $30.8 $51.3 $110.0 $156.4
DILUTIONANALYSIS:OWNERSHIP

OwnershipAnalysis

CommonSharePrice $8.00 $9.00 $10.00 $12.50 $14.25

Amount Investment
FoundersSecurities
CommonShares 3.6mm 11.96% 11.16% 10.60% 9.56% 9.03%
Warrants(Tranche1):$0.00Strike 0.0mm
$25.0k
Warrants(Tranche2):$0.00Strike 0.0mm
Warrants(Tranche3):$0.00Strike 0.0mm

PrivatePlacement
CommonShares 0.0mm
Warrants(Tranche1):$7.50Strike 3.0mm 0.63% 1.56% 2.23% 3.21% 3.59%
$9.0mm
Warrants(Tranche2):$10.00Strike 3.0mm 1.61% 2.26%
Warrants(Tranche3):$12.50Strike 3.0mm 0.93%

CoInvestment
Warrants 5.0mm $20.0mm 1.05% 2.61% 3.71% 5.35% 5.99%

WarrantPurchase
Warrants 12.5mm $12.5mm 2.62% 6.51% 9.27% 13.38% 14.97%

TotalFoundersSecurities&UnitInvestments 16.26% 21.85% 25.81% 33.10% 36.78%

Public
CommonShares 25.0mm 83.74% 78.15% 74.19% 66.90% 63.22%
$250.0mm
Warrants 0.0mm
TotalPublic 83.74% 78.15% 74.19% 66.90% 63.22%

Note:Ownershipanalysisbaseduponcashlessexerciseinallscenarios.
TRANSACTIONSIZING www.gazhoo.com
AbsoluteDilution@$10.00perShare ValueCreation

Absolute Transaction ValueCreationNecessary

Amount Investment Dilution($MM) Size($MM) fora"YesVote"
FoundersSecurities
CommonShares 3.6mm $35.7 $200 43.5%
Warrants(Tranche1):$0.00Strike 0.0mm
$25.0k
Warrants(Tranche2):$0.00Strike 0.0mm $250 34.8%
Warrants(Tranche3):$0.00Strike 0.0mm
$400 21.7%
PrivatePlacement
CommonShares 0.0mm $500 17.4%
Warrants(Tranche1):$7.50Strike 3.0mm $7.5
$9.0mm
Warrants(Tranche2):$10.00Strike 3.0mm $600 14.5%
Warrants(Tranche3):$12.50Strike 3.0mm
$700 12.4%
CoInvestmentWarrants 5.0mm $20.0mm $12.5
$800 10.9%
WarrantPurchase 12.5mm $12.5mm $31.3
$900 9.7%
FoundersSecuritiesDilution $87.0
Public $1,000 8.7%
CommonShares 25.0mm
$250.0mm
Warrants 0.0mm $1,100 7.9%
TotalDilution $87.0
$1,200 7.2%
Dilution(nonWarrant) $35.7
Dilution(Warrantsonly) $51.3 $1,300 6.7%
Note:Percentagesrepresententerprisevaluemultiplepremiumabovepurchasepricenecessarytocleardilutionandforsharestotradeatpar.