# EDGAR Filing Document

**Accession Number:** 0001642985
**File Stem:** 0001472375-23-000016
**Filing Date:** 2023-1
**Character Count:** 85371
**Document Hash:** 072c3ace8af28e8d9a0a9308ffbc4fb9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001472375-23-000016.hdr.sgml**: 20230113

**ACCESSION NUMBER**: 0001472375-23-000016

**CONFORMED SUBMISSION TYPE**: 425

**PUBLIC DOCUMENT COUNT**: 64

**FILED AS OF DATE**: 20230113

**DATE AS OF CHANGE**: 20230113

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Mobile Infrastructure Corp
- **CENTRAL INDEX KEY:** 0001642985
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 473945882
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 425
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-55760
- **FILM NUMBER:** 23527126

**BUSINESS ADDRESS:**
- **STREET 1:** 30 W. 4TH STREET
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45202
- **BUSINESS PHONE:** 702-534-5577

**MAIL ADDRESS:**
- **STREET 1:** 30 W. 4TH STREET
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Parking REIT, Inc.
- **DATE OF NAME CHANGE:** 20171221

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MVP REIT II, Inc.
- **DATE OF NAME CHANGE:** 20150520
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Mobile Infrastructure Corp
- **CENTRAL INDEX KEY:** 0001642985
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 473945882
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 425

**BUSINESS ADDRESS:**
- **STREET 1:** 30 W. 4TH STREET
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45202
- **BUSINESS PHONE:** 702-534-5577

**MAIL ADDRESS:**
- **STREET 1:** 30 W. 4TH STREET
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Parking REIT, Inc.
- **DATE OF NAME CHANGE:** 20171221

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MVP REIT II, Inc.
- **DATE OF NAME CHANGE:** 20150520

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

_____________________

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of**

**the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **January 13, 2023** 

**MOBILE INFRASTRUCTURE CORPORATION**

(Exact Name of Registrant as Specified in Its Charter)

---

| | | |
|:---|:---|:---|
| **Maryland** | **000-55760** | **47-3945882** |
| (State or other jurisdiction of<br> incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

---

| | |
|:---|:---|
| **30 W 4th Street, Cincinnati, Ohio** | **45202** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(513) 834-5110** 

**Not Applicable**

(Former name or former address, if changed since last report.)

_____________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[x] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**Symbol(s)** | **Name of each exchange**<br>**on which registered** |
| **N/A** | **N/A** | **N/A** |

---

------

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company [ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

------

**Item 7.01 Regulation FD Disclosure.**

As previously disclosed, on December 13, 2022, Mobile Infrastructure Corporation, a Maryland corporation (the "Company" or "MIC"), entered into an agreement and plan of merger (the "Merger Agreement"), by and among Fifth Wall Acquisition Corp. III, a Cayman Islands exempted company ("FWAC"), Queen Merger Corp. I, a Maryland corporation and a wholly-owned subsidiary of FWAC, and the Company.

Attached as Exhibit 99.1 is a presentation that MIC and FWAC plan to use in one or more meetings from time to time with potential investors. Exhibit 99.1 is incorporated by reference into this Item 7.01.

The foregoing (including the information presented in Exhibit 99.1) is being furnished pursuant to Item 7.01 and will not be deemed to be filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise be subject to the liabilities of that section, nor will it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act. The submission of the information set forth in this Item 7.01 shall not be deemed an admission as to the materiality of any information in this Item 7.01, including the information presented in Exhibit 99.1, that is provided solely in connection with Regulation FD.

**Additional Information**

This document relates to the proposed Mergers (as defined below) involving FWAC and the Company. FWAC intends to file a registration statement on Form S-4 with the Securities and Exchange Commission (the "SEC"), which will include a joint proxy statement of FWAC and the Company and that will constitute a prospectus of FWAC, referred to as a Joint Proxy Statement/Prospectus, and each party will file other documents with the SEC regarding the proposed transaction. A definitive Joint Proxy Statement/Prospectus will also be sent to the shareholders of FWAC and the stockholders of the Company, in each case seeking any required approvals. **Investors and security holders of FWAC and the Company are urged to carefully read the entire Joint Proxy Statement/Prospectus, when it becomes available, and any other relevant documents filed with the SEC, as well as any amendments or supplements to these documents, because they will contain important information about the proposed transaction. The documents filed by FWAC and the Company with the SEC may be obtained free of charge at the SEC's website at www.sec.gov. Alternatively, the documents filed by FWAC, when available, can be obtained free of charge from FWAC upon written request to Fifth Wall Acquisition Corp. III, 6060 Center Drive, 10th Floor, Los Angeles, California 90045, and the documents filed by Company, when available, can be obtained free of charge from Company upon written request to Company, 30 W 4th Street, Cincinnati, Ohio 45202.**

**No Offer or Solicitation**

This document does not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed transaction. This document also does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor will there be any sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such other jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

****

<br> **Participants in the Solicitation**

FWAC, the Company and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies, in favor of the approval of the Mergers (as defined below) and related matters. Information regarding FWAC's directors and executive officers is contained in the section of FWAC's final IPO prospectus titled "Management", which was filed with the SEC on May 26, 2021, and information regarding MIC's directors and executive officers is contained in the section of MIC's Annual Report on Form 10-K titled "Directors, Executive Officers and Corporate Governance", which was filed with the SEC on March 30, 2022. Additional information regarding the interests of those participants and other persons who may be deemed participants in the transaction may be obtained by reading the Joint Proxy Statement/Prospectus and other relevant documents filed with the SEC when they become available. Additional information regarding the interests of those participants and other persons who may be deemed

------

participants in the transaction may be obtained by reading the Joint Proxy Statement/Prospectus and other relevant documents filed with the SEC when they become available. Free copies of these documents may be obtained as described in the paragraph titled "Additional Information."

**Forward-Looking Statements**

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not limited to, the Company's and FWAC's expectations or predictions of future financial or business performance or conditions, the anticipated benefits of the proposed transaction, the expected composition of the management team and board of directors following the transaction, the expected use of capital following the transaction, including the Company's ability to accomplish the initiatives outlined above, the expected timing of the closing of the transaction and the expected cash balance of the combined company following the closing of the transactions contemplated by the Merger Agreement (the "Mergers"). Any forward-looking statements herein are based solely on the expectations or predictions of the Company or FWAC and do not express the expectations, predictions or opinions of Fifth Wall Asset Management, LLC, and Fifth Wall Ventures Management, LLC, their affiliates and any investment funds, investment vehicles or accounts managed or advised by any of the foregoing (collectively, "Fifth Wall") in any way. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions and any forward-looking statements contained in this document are provided for illustrative purposes and are not forecasts and may not reflect actual results. Such forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words "believes," "estimates," "expects," "projects," "predicts," "forecasts," "may," "will," "could," "should," "seeks," "plans," "scheduled," "anticipates," "potential," "intends" or "continue" or similar expressions. Such forward-looking statements involve risks and uncertainties that may cause actual events, results, or performance to differ materially from those indicated by such statements. Certain of these risks are identified and discussed in the section of the Company's Annual Report on Form 10-K titled "Risk Factors," which was filed with the SEC on March 30, 2022, and in Part II, Item 1A "Risk Factors" in MIC's Quarterly Reports on Form 10-Q filed with the SEC on May 16, 2022, August 15, 2022, and November 18, 2022, and in the section of FWAC's Form S-1 titled "Risk Factors," which was filed with the SEC on April 16, 2021, as amended. These risk factors will be important to consider in determining future results and should be reviewed in their entirety. These forward-looking statements are based on the Company's or FWAC's management's current expectations and beliefs, as well as a number of assumptions concerning future events. However, there can be no assurance that the events, results, or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and neither the Company nor FWAC is under any obligation and expressly disclaim any obligation, to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports, which the Company and FWAC have filed or will file from time to time with the SEC.

In addition to factors previously disclosed in the Company's and FWAC's reports filed with the SEC, including the Company's and FWAC's most recent reports on Form 8-K and all attachments thereto, which are available, free of charge, at the SEC's website at www.sec.gov, and those identified elsewhere in this document, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: risks and uncertainties related to the inability of the parties to successfully or timely consummate the Mergers, including the risk that any required regulatory approvals or securityholder approvals of the Company or FWAC are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the Mergers is not obtained, failure to realize the anticipated benefits of the Mergers, risks related to the Company's ability to execute on its business strategy, attain its investment strategy or increase the value of its portfolio, act on its pipeline of acquisitions, attract and retain users, develop new offerings, enhance existing offerings, compete effectively, and manage growth and costs, the duration and global impact of COVID-19, the possibility that the Company or FWAC may be adversely affected by other economic, business and/or competitive factors, the number of redemption requests made by FWAC's public shareholders, the ability of the Company and the combined company to leverage Fifth Wall's affiliates and other

------

commercial relationships to grow the Company's customer base (which is not the subject of any legally binding obligation on the part of Fifth Wall or any of its partners or representatives), the ability of the Company and the combined company to leverage its relationship with any other Company investor (including investors in the proposed PIPE transaction) to grow the Company's customer base, the ability of the combined company to meet NYSE's listing standards (or the standards of any other securities exchange on which securities of the public entity are listed) following the Mergers, the inability to complete the private placement of FWAC common stock to certain institutional accredited investors, the risk that the announcement and consummation of the transaction disrupts the Company's current plans and operations, costs related to the transaction, changes in applicable laws or regulations, the outcome of any legal proceedings that may be instituted against the Company, FWAC, or any of their respective directors or officers, following the announcement of the transaction, the ability of FWAC or the combined company to issue equity or equity-linked securities in connection with the proposed Mergers or in the future, the failure to realize anticipated pro forma results and underlying assumptions, including with respect to estimated shareholder redemptions and purchase price and other adjustments; and those factors discussed in documents of the Company and FWAC filed, or to be filed, with the SEC. Additional factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements will also be provided in the Joint Proxy Statement/Prospectus, when available.

Any financial projections in this document are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond the Company's and FWAC's control. While all projections are necessarily speculative, the Company and FWAC believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection extends from the date of preparation. The assumptions and estimates underlying the projected results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projections. The inclusion of projections in this document should not be regarded as an indication that the Company and FWAC, or their representatives, considered or consider the projections to be a reliable prediction of future events.

This document is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in the Company and is not intended to form the basis of an investment decision in the Company. All subsequent written and oral forward-looking statements concerning the Company and FWAC, the proposed transaction, or other matters and attributable to the Company and FWAC or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.

*Non-GAAP Financial Measures* 

 

This document, and statements made in connection with this document, refer to non-GAAP financial measures, including EBITDA, property operating expenses, general and administrative expenses, net operating income, revenue per available space and unleveraged yield. These measures are not prepared in accordance with generally accepted accounting principles in the Unites States of America ("GAAP") and have important limitations as analytical tools. Non-GAAP financial measures are supplemental, should only be used in conjunction with results presented in accordance with GAAP and should not be considered in isolation or as a substitute for such GAAP results.

**Item 9.01 Financial Statements and Exhibits.**

***(d) Exhibits***

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Exhibit**<br>**Number** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;[99.1](exhibit99-1.htm) | &nbsp;&nbsp;[Investor Presentation, dated January 2023](exhibit99-1.htm) |
| &nbsp;&nbsp;[99.1](exhibit99-1.pdf) | &nbsp;&nbsp;[Investor Presentation, dated January 2023 (PDF)](exhibit99-1.pdf) |
| &nbsp;&nbsp;104 | &nbsp;&nbsp;Cover Page Interactive Data File (formatted as Inline XBRL) |

---

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  |  | **MOBILE INFRASTRUCTURE CORPORATION** | **MOBILE INFRASTRUCTURE CORPORATION** |
| Date: January 13, 2023 | By: | /s/ Stephanie L. Hogue | /s/ Stephanie L. Hogue |
|  |  | Name: | Stephanie L. Hogue |
|  |  | Title: | President and Chief Financial Officer |

---

------

## Exhibit 99.1

------

------

![](ex991pg001.jpg)

------

![](ex991pg002.jpg)

------

![](ex991pg003.jpg)

------

![](ex991pg004.jpg)

------

![](ex991pg005.jpg)

------

![](ex991pg006.jpg)

------

![](ex991pg007.jpg)

------

![](ex991pg008.jpg)

------

![](ex991pg009.jpg)

------

![](ex991pg010.jpg)

------

![](ex991pg011.jpg)

------

![](ex991pg012.jpg)

------

![](ex991pg013.jpg)

------

![](ex991pg014.jpg)

------

![](ex991pg015.jpg)

------

![](ex991pg016.jpg)

------

![](ex991pg017.jpg)

------

![](ex991pg018.jpg)

------

![](ex991pg019.jpg)

------

![](ex991pg020.jpg)

------

![](ex991pg021.jpg)

------

![](ex991pg022.jpg)

------

![](ex991pg023.jpg)

------

![](ex991pg024.jpg)

------

![](ex991pg025.jpg)

------

![](ex991pg026.jpg)

------

![](ex991pg027.jpg)

------

![](ex991pg028.jpg)

------

![](ex991pg029.jpg)

------

![](ex991pg030.jpg)

------

![](ex991pg031.jpg)

------

![](ex991pg032.jpg)

------

![](ex991pg033.jpg)

------

![](ex991pg034.jpg)

------

![](ex991pg035.jpg)

------

![](ex991pg036.jpg)

------

![](ex991pg037.jpg)

------

![](ex991pg038.jpg)

------

![](ex991pg039.jpg)

------

![](ex991pg040.jpg)

------

![](ex991pg041.jpg)

------

![](ex991pg042.jpg)

------

![](ex991pg043.jpg)

------

![](ex991pg044.jpg)

------

![](ex991pg045.jpg)

------

![](ex991pg046.jpg)

------

![](ex991pg047.jpg)

------

![](ex991pg048.jpg)

------

![](ex991pg049.jpg)

------

![](ex991pg050.jpg)

------

![](ex991pg051.jpg)

------

![](ex991pg052.jpg)

------

![](ex991pg053.jpg)

------

![](ex991pg054.jpg)

------

![](ex991pg055.jpg)

------

![](ex991pg056.jpg)

------

![](ex991pg057.jpg)

------

![](ex991pg058.jpg)

------

![](ex991pg059.jpg)

------

![](ex991pg060.jpg)

------

![](ex991pg061.jpg)

------

### Attached PDF Documents

**Attachment 1:** `exhibit99-1.pdf`

![img-0.jpeg](img-0.jpeg)

![img-1.jpeg](img-1.jpeg)

ACQUISITION CORP. III

# **INVESTOR PRESENTATION**

January 2023

# Important Information

## ADDITIONAL INFORMATION

THIS DOCUMENT IS FOR INFORMATIONAL PURPOSES ONLY AND IT RELATES TO THE PROPOSED MERGER INVOLVING FIFTH WALL ACQUISITION CORP. (MIC). FWAC AND MOBILE INFRASTRUCTURE CORP. ("MIC"). FWAC INTENDS TO FILE A REGISTRATION STATEMENT ON FORM 5-4 WITH THE SECURITIES AND EXCHANGE COMMISSION ("SEC"), WHICH WILL INCLUDE A JOINT PROXY STATEMENT OF FWAC AND MIC AND THAT WILL CONSTITUTE A PROSPECTUS OF FWAC REFERRED TO AS A JOINT PROXY STATEMENT/PROSPECTUS, AND EACH PARTY WILL FILE OTHER DOCUMENTS WITH THE SEC REGARDING THE PROPOSED TRANSACTION. A DEFINITE JOINT PROXY STATEMENT/PROSPECTUS WILL ALSO BE SENT TO THE STOCKHOLDERS OF FWAC AND MIC, SEEKING ANY REQUIRED STOCKHOLDER APPROVALS, INVESTORS AND SECURITY HOLDERS OF FWAC AND MIC ARE LIKED TO CAREFULLY READ THE ENTIRE JOINT PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE, AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. THE DOCUMENTS FILED BY FWAC AND MIC WITH THE SEC MAY BE OBTAINED FREE OF CHARGE AT THE SEC'S WEBSITE AT WWW.SEC.GOV. ALTERNATIVELY, DOCUMENTS FILED BY FWAC, WHEN AVAILABLE, CAN BE OBTAINED FREE OF CHARGE FROM FWAC UPON WRITTEN REQUEST TO FIFTH WALL ACQUISITION CORP. (MIC) LITTLE WEST 12TH STREET, 4TH FLOOR, NEW YORK, NY 10014, AND DOCUMENTS FILED BY MIC, WHEN AVAILABLE, CAN BE OBTAINED FREE OF CHARGE FROM MIC UPON WRITTEN REQUEST TO MOBILE INFRASTRUCTURE CORPORATION, 30 W 4TH STREET, CINCINNATI, OHIO 45202.

## PARTICIPANTS IN THE SOLICITATION

FWAC, MIC AND CERTAIN OF THEIR RESPECTIVE DIRECTORS AND EXECUTIVE OFFICERS MAY BE DEEMED TO BE PARTICIPANTS IN THE SOLICITATION OF PROXIES IN FAVOR OF THE APPROVAL OF THE MERGER AND RELATED MATTERS. INFORMATION REGARDING FWAC'S DIRECTORS AND EXECUTIVE OFFICERS IS CONTAINED IN THE SECTION OF FWAC'S FINAL IPO PROSPECTUS TITLED "MANAGEMENT", WHICH WAS FILED WITH THE SEC ON MAY 26, 2021, AND INFORMATION REGARDING MIC'S DIRECTORS AND EXECUTIVE OFFICERS IS CONTAINED IN THE SECTION OF MIC'S ANNUAL REPORT ON FORM 10-K TITLED "DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE", WHICH WAS FILED WITH THE SEC ON MARCH 30, 2022. ADDITIONAL INFORMATION REGARDING THE INTERESTS OF THOSE PARTICIPANTS AND OTHER PERSONS WHO MAY BE DEEMED PARTICIPANTS IN THE TRANSACTION MAY BE OBTAINED BY READING THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE. FREE COPIES OF THESE DOCUMENTS MAY BE OBTAINED AS DESCRIBED IN THE PRECEDING PARAGRAPH.

## NO OFFER OR SOLICITATION

THIS DOCUMENT DOES NOT CONSTITUTE A SOLICITATION OF A PROXY, CONSENT, OR AUTHORIZATION WITH RESPECT TO ANY SECURITIES OR IN RESPECT OF THE PROPOSED TRANSACTION. THIS DOCUMENT ALSO DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES OR A SOLICITATION OF ANY VOTE OR APPROVAL NOR WILL THERE BE ANY SALE OF ANY SECURITIES IN ANY STATE OR JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF SUCH OTHER JURISDICTION. NO OFFERING OF SECURITIES WILL BE MADE EXCEPT BY MEANS OF A PROSPECTUS MEETING THE REQUIREMENTS OF SECTION 10 OF THE SECURITIES ACT OF 1933, AS AMENDED, OR AN EXEMPTION THEREFROM.

## FORWARD-LOOKING STATEMENTS

THIS DOCUMENT CONTAINS FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 INCLUDING, BUT NOT LIMITED TO, FWAC'S AND MIC'S EXPECTATIONS OR PREDICTIONS OF FUTURE FINANCIAL OR BUSINESS PERFORMANCE OR CONDITIONS, MIC'S ASSETS OR OPERATIONS, THE ANTICIPATED BENEFITS OF THE PROPOSED TRANSACTION, THE EXPECTED COMPOSITION OF THE MANAGEMENT TEAM AND BOARD OF DIRECTORS FOLLOWING THE TRANSACTION, THE EXPECTED USE OF CAPITAL FOLLOWING THE TRANSACTION, INCLUDING MIC'S ABILITY TO ACCOMPLISH THE INITIATIVES OUTLINED ABOVE, THE EXPECTED TIMING OF THE CLOSING OF THE TRANSACTION AND THE EXPECTED CASH BALANCE OF THE COMBINED COMPANY FOLLOWING THE CLOSING. ANY FORWARD-LOOKING STATEMENTS HEREIN ARE BASED SOLELY ON THE EXPECTATIONS OR PREDICTIONS OF FWAC OR MIC AND DO NOT EXPRESS THE EXPECTATIONS, PREDICTIONS OR OPINIONS OF FIFTH WALL IN ANY WAY. FORWARD-LOOKING STATEMENTS ARE INHERENTLY SUBJECT TO RISKS, UNCERTAINTIES, AND ASSUMPTIONS, AND ANY FORWARD-LOOKING STATEMENTS CONTAINED IN THIS DOCUMENT ARE PROVIDED FOR ILLUSTRATIVE PURPOSES AND ARE NOT FORECASTS AND MAY NOT REFLECT ACTUAL RESULTS. SUCH FORWARD-LOOKING STATEMENTS ARE NOT INTENDED TO SERVE AS, AND MUST NOT BE RELIED ON BY ANY INVESTOR AS, A GUARANTEE, AN ASSURANCE, A PREDICTION OR A DEFINITIVE STATEMENT OF FACT OR PROBABILITY. GENERALLY, STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS CONCERNING POSSIBLE OR ASSUMED FUTURE ACTIONS, BUSINESS STRATEGIES, EVENTS, OR RESULTS OF OPERATIONS, ARE FORWARD-LOOKING STATEMENTS. THESE STATEMENTS MAY BE PRECEDED BY, FOLLOWED BY, OR INCLUDE THE WORDS, BELIEVES, ESTIMATES, "EXPECTS", "PROJECTS", "PREDICTS", "FORECASTS", "MAY", "WILL", "COULD", "SHOULD", "SEEK", "PLANS", "SCHEDULED", "ANTICIPATES", "POTENTIAL", "INTENDS" OR "CONTINUE" OR SIMILAR EXPRESSIONS. SUCH FORWARD-LOOKING STATEMENTS INVOLVE RISKS AND UNCERTAINTIES THAT MAY CAUSE ACTUAL EVENTS, RESULTS OR PERFORMANCE TO DIFFER MATERIALLY FROM THOSE INDICATED BY SUCH STATEMENTS. CERTAIN OF THESE RISKS ARE IDENTIFIED AND DISCUSSED IN THE SECTION OF FWAC'S ANNUAL REPORT ON FORM 10-K TITLED "RISK FACTORS", WHICH WAS FILED WITH THE SEC ON MARCH 30, 2022, AND IN THE SECTION OF MIC'S ANNUAL REPORT ON FORM 10-K TITLED "RISK FACTORS", WHICH WAS FILED WITH THE SEC ON MARCH 30, 2022, AND IN PART II, ITEM 14, "RISK FACTORS" IN MIC'S QUARTERLY REPORTS ON FORM 10-Q FILED ON MAY 16, 2022, AUGUST 15, 2022, AND NOVEMBER 18, 2022. THESE RISK FACTORS WILL BE IMPORTANT TO CONSIDER IN DETERMINING FUTURE RESULTS AND SHOULD BE REVIEWED IN THEIR ENTIRELY. THESE FORWARD-LOOKING STATEMENTS ARE BASED ON FWAC'S OR MIC'S MANAGEMENT'S CURRENT EXPECTATIONS AND BELIEFS, AS WELL AS A NUMBER OF ASSUMPTIONS CONCERNING FUTURE EVENTS. HOWEVER, THERE CAN BE NO ASSURANCE THAT THE EVENTS, RESULTS, OR TRENDS IDENTIFIED IN THESE FORWARD-LOOKING STATEMENTS WILL OCCUR OR BE ACHIEVED. FORWARD-LOOKING STATEMENTS SPEAK ONLY AS OF THE DATE THEY ARE MADE, AND NEITHER FWAC NOR MIC IS UNDER ANY OBLIGATION AND EXPRESSLY DISCLAIM ANY OBLIGATION, TO UPDATE, ALTER OR OTHERWISE REVIEW ANY FORWARD-LOOKING STATEMENTS. WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS, OR OTHERWISE, EXCEPT AS REQUIRED BY LAW. READERS SHOULD CAREFULLY REVIEW THE STATEMENTS SET FORTH IN THE REPORTS, WHICH FWAC AND MIC HAS FILED OR WILL FILE FROM TIME TO TIME WITH THE SEC.

## NON-GAAP FINANCIAL MEASURES

THIS DOCUMENT AND STATEMENTS MADE IN CONNECTION WITH THIS DOCUMENT, REFER TO NON-GAAP FINANCIAL MEASURES, INCLUDING EBITDA, PROPERTY OPERATING EXPENSES, GENERAL & ADMINISTRATIVE EXPENSES, NET OPERATING INCOME, REVENUE PER AVAILABLE SPACE, AND UNLEVERAGED YIELD. THESE MEASURES ARE NOT PREPARED IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES IN THE UNITED STATES OF AMERICA ("GAAP") AND HAVE IMPORTANT LIMITATIONS AS ANALYTICAL TOOLS. NON-GAAP FINANCIAL MEASURES ARE SUPPLEMENTAL, SHOULD ONLY BE USED IN CONJUNCTION WITH RESULTS PRESENTED IN ACCORDANCE WITH GAAP AND SHOULD NOT BE CONSIDERED IN ISOLATION OR AS A SUBSTITUTE FOR SUCH GAAP RESULTS.

2

# Important Information (Cont'd)

## FORWARD-LOOKING STATEMENTS (CONT'D)

IN ADDITION TO FACTORS PREVIOUSLY DISCUSSED IN FWAC'S AND MIC'S REPORTS FILED WITH THE SEC, INCLUDING FWAC'S AND MIC'S MOST RECENT REPORTS ON FORM 8-K AND ALL ATTACHMENTS THERETO, WHICH ARE AVAILABLE, FREE OF CHARGE, AT THE SEC'S WEBSITE AT WWW.SEC.GOV, AND THOSE IDENTIFIED ELSEWHERE IN THIS DOCUMENT. THE FOLLOWING FACTORS, AMONG OTHERS, COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM FORWARD-LOOKING STATEMENTS OR HISTORICAL PERFORMANCE RISKS AND UNCERTAINTIES RELATED TO THE INABILITY OF THE PARTIES TO SUCCESSFULLY OR TIMELY CONSUMMATE THE MERGER, INCLUDING THE RISK THAT ANY REQUIRED REGULATORY APPROVALS OR STOCKHOLDER APPROVALS OF FWAC OR MIC ARE NOT OBTAINED, ARE DELAYED OR ARE SUBJECT TO UNANTICIPATED CONDITIONS THAT COULD ADVERSELY AFFECT THE COMBINED COMPANY OR THE EXPECTED BENEFITS OF THE MERGER IS NOT OBTAINED. FAILURE TO REALIZE THE ANTICIPATED BENEFITS OF THE MERGER, RISKS RELATED TO MIC'S ABILITY TO EXECUTE ON ITS BUSINESS STRATEGY, ATTAIN ITS INVESTMENT STRATEGY OR INCREASE THE VALUE OF ITS PORTFOLIO, ACT ON ITS PIPELINE OF ACQUISITIONS, ATTRACT AND RETAIN USERS, DEVELOP NEW OFFERINGS, ENHANCE EXISTING OFFERINGS, COMPETE EFFECTIVELY, AND MANAGE GROWTH AND COSTS, THE DURATION AND GLOBAL IMPACT OF COVID-19. THE POSSIBILITY THAT FWAC OR MIC MAY BE ADVERSELY AFFECTED BY OTHER ECONOMIC, BUSINESS AND/OR COMPETITIVE FACTORS, THE NUMBER OF REDEMPTION REQUESTS MADE BY FWAC'S PUBLIC STOCKHOLDERS, THE ABILITY OF MIC AND THE COMBINED COMPANY TO LEVERAGE FIFTH WALL'S LIMITED PARTNER AND OTHER COMMERCIAL RELATIONSHIPS TO GROW MIC'S CUSTOMER BASE (WHICH IS NOT THE SUBJECT OF ANY LEGALLY BINDING OBLIGATION ON THE PART OF FIFTH WALL OR ANY OF ITS PARTNERS OR REPRESENTATIVES). THE ABILITY OF MIC AND THE COMBINED COMPANY TO LEVERAGE ITS RELATIONSHIP WITH ANY OTHER MIC, INVESTOR (INCLUDING INVESTORS IN THE PROPOSED PIPE TRANSACTION) TO GROW MIC'S CUSTOMER BASE, THE ABILITY OF THE COMBINED COMPANY TO MEET NASDAQ'S LISTING STANDARDS (OR THE STANDARDS OF ANY OTHER SECURITIES EXCHANGE ON WHICH SECURITIES OF THE PUBLIC ENTITY ARE LISTED) FOLLOWING THE MERGER, THE INABILITY TO COMPLETE THE PRIVATE PLACEMENT OF COMMON STOCK OF FWAC TO CERTAIN INSTITUTIONAL ACCREDITED INVESTORS, THE RISK THAT THE ANNOUNCEMENT AND CONSUMMATION OF THE TRANSACTION DISRUPTS MIC'S CURRENT PLANS AND OPERATIONS, COSTS RELATED TO THE TRANSACTION, CHANGES IN APPLICABLE LAWS OR REGULATIONS, THE OUTCOME OF ANY LEGAL PROCEEDINGS THAT MAY BE INSTITUTED AGAINST FWAC, MIC, OR ANY OF THEIR RESPECTIVE DIRECTORS OR OFFICERS, FOLLOWING THE ANNOUNCEMENT OF THE TRANSACTION, THE ABILITY OF FWAC OR THE COMBINED COMPANY TO ISSUE EQUITY OR EQUITY LINKED SECURITIES IN CONNECTION WITH THE PROPOSED MERGER OR IN THE FUTURE. THE FAILURE TO REALIZE ANTICIPATED PRO-FORMA RESULTS AND UNDERLYING ASSUMPTIONS, INCLUDING WITH RESPECT TO ESTIMATED STOCKHOLDER REDEMPTIONS AND PURCHASE PRICE AND OTHER ADJUSTMENTS, AND THOSE FACTORS DISCUSSED IN DOCUMENTS OF FWAC AND MIC FILED, OR TO BE FILED, WITH THE SEC. ADDITIONAL FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED IN FORWARD-LOOKING STATEMENTS CAN BE FOUND IN FWAC'S AND MIC'S MOST RECENT REPORTS ON FORM 8-K, WHICH ARE AVAILABLE, FREE OF CHARGE, AT THE SEC'S WEBSITE AT WWW.SEC.GOV, AND WILL ALSO BE PROVIDED IN FWAC'S JOINT PROXY STATEMENT/PROSPECTUS, WHEN AVAILABLE. ANY FINANCIAL PROJECTIONS IN THIS DOCUMENT ARE FORWARD-LOOKING STATEMENTS THAT ARE BASED ON ASSUMPTIONS THAT ARE INHERENTLY SUBJECT TO SIGNIFICANT UNCERTAINTIES AND CONTINGENCIES, MANY OF WHICH ARE BEYOND FWAC'S AND MIC'S CONTROL, WHILE ALL PROJECTIONS ARE NECESSARILY SPECULATIVE. FWAC AND MIC BELIEVE THAT THE PREPARATION OF PROSPECTIVE FINANCIAL INFORMATION INVOLVES INCREASINGLY HIGHER LEVELS OF UNCERTAINTY THE FURTHER OUT THE PROJECTION EXTENDS FROM THE DATE OF PREPARATION. THE ASSUMPTIONS AND ESTIMATES UNDERLYING THE PROJECTED RESULTS ARE INHERENTLY UNCERTAIN AND ARE SUBJECT TO A WIDE VARIETY OF SIGNIFICANT BUSINESS, ECONOMIC AND COMPETITIVE RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN THE PROJECTIONS THE INCLUSION OF PROJECTIONS IN THIS DOCUMENT SHOULD NOT BE REGARDED AS AN INDICATION THAT FWAC AND MIC, OR THEIR REPRESENTATIVES, CONSIDERED OR CONSIDER THE PROJECTIONS TO BE A RELIABLE PREDICTION OF FUTURE EVENTS. THIS DOCUMENT IS NOT INTENDED TO BE ALL-INCLUSIVE OR TO CONTAIN ALL THE INFORMATION THAT A PERSON MAY DESIRE IN CONSIDERING AN INVESTMENT IN FWAC OR MIC AND IS NOT INTENDED TO FORM THE BASIS OF AN INVESTMENT DECISION IN FWAC OR MIC. ALL SUBSEQUENT WRITTEN AND ORAL FORWARD-LOOKING STATEMENTS CONCERNING FWAC AND MIC, THE PROPOSED TRANSACTION, OR OTHER MATTERS AND ATTRIBUTABLE TO FWAC AND MIC OR ANY PERSON ACTING ON THEIR BEHALF ARE EXPRESSLY QUALIFIED IN THEIR ENTIREITY BY THE CAUTIONARY STATEMENTS ABOVE.

## IMPORTANT INFORMATION ABOUT FIFTH WALL

IN THESE MATERIALS (INCLUDING ANY ACCOMPANYING VIDEO OR AUDIO MATERIALS), REFERENCES TO 'FIFTH WALL' AND 'FIFTH WALL GROUP' GENERALLY REFER TO FIFTH WALL ASSET MANAGEMENT, LLC, AND FIFTH WALL VENTURES MANAGEMENT, LLC, COLLECTIVELY WITH THEIR AFFILIATES AND ANY INVESTMENT FUNDS, INVESTMENT VEHICLES OR ACCOUNTS MANAGED OR ADVISED BY ANY OF THE FOREGOING (EACH SUCH FUND, VEHICLE OR ACCOUNT, A FIFTH WALL FUND), FWAC IS SPONSORED BY FIFTH WALL ACQUISITION SPONSOR (I LLC THE 'FWAC SPONSOR'), WHICH IS AN AFFILIATE OF FIFTH WALL. HOWEVER, FWAC IS AN INDEPENDENT PUBLICITY-TRADED COMPANY, AND NOT A MEMBER OF FIFTH WALL OR THE FIFTH WALL GROUP. FIFTH WALL HAS NOT AND IS NOT PROVIDING INVESTMENT ADVICE TO ANY PERSON IN CONNECTION WITH THE MATTERS CONTEMPLATED HEREIN, INCLUDING FWAC, FWAC SPONSOR OR MIC, EXCEPT FOR CERTAIN LIMITED OBLIGATIONS OF THE FWAC SPONSOR RELATED TO THE DISPOSITION OF ITS FOURIER SHARES IN FWAC. FIFTH WALL IS NOT A PARTY TO THE PROPOSED TRANSACTION AGREEMENTS BETWEEN FWAC AND MIC OR RELATED TRANSACTIONS. NEITHER FIFTH WALL, NOR ANY OF ITS PARTNERS, EMPLOYEES OR OTHER REPRESENTATIVES WILL HAVE AT ANY TIME ANY LEGAL OBLIGATION OR COMMITMENT TO ANY PERSON (INCLUDING MIC) TO PROMOTE, ADVERTISE, MARKET, OR SUPPORT THE PRODUCTS, SERVICES, BUSINESS OR OPERATIONS OF MIC OR THE COMBINED COMPANY. FIFTH WALLS POSITION FOLLOWING CONSUMMATION OF THE PROPOSED MERGER WILL BE THAT OF AN INVESTOR IN THE COMBINED COMPANY UNTIL SUCH TIME AS FIFTH WALL MAY, SUBJECT TO ITS CONTRACTUAL OBLIGATIONS, DISPOSE OF ITS SHARES IN THE COMBINED COMPANY. THIS MATERIAL IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OR AN OFFER TO BUY ANY SECURITY IN ANY FIFTH WALL FUND AND MAY NOT BE USED OR RELIED UPON IN CONNECTION WITH ANY OFFER OR SOLICITATION. A PRIVATE OFFERING OF INTERESTS IN A FIFTH WALL FUND MAY ONLY BE MADE BY SUCH FIFTH WALL FUND PURSUANT TO THE OFFERING DOCUMENTS FOR SUCH FIFTH WALL FUND, WHICH WILL CONTAIN ADDITIONAL INFORMATION ABOUT THE INVESTMENT OBJECTIVES, TERMS, AND CONDITIONS OF AN INVESTMENT. WHICH FIFTH WALL FUND AND ALSO CONTAIN TAX INFORMATION AND RISK DISCLOSURES THAT ARE IMPORTANT TO ANY INVESTMENT DECISION REGARDING SUCH FIFTH WALL FUND, THE INFORMATION CONTAINED IN THIS MATERIAL IS SUPERSEDED BY, AND IS QUALIFIED IN ITS ENTIREITY BY REFERENCE TO SUCH OFFERING DOCUMENTS. THIS COMMUNICATION IS INTENDED ONLY FOR PERSONS RESIDENT IN JURISDICTIONS WHERE THE DISTRIBUTION OR AVAILABILITY OF THIS COMMUNICATION WOULD NOT BE CONTAINED TO APPLICABLE LAWS OR REGULATIONS. PAST PERFORMANCE OR ACTIVITIES ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS AND THERE CAN BE NO ASSURANCE THAT ANY FIFTH WALL FUND WILL ACHIEVE RESULTS COMPARABLE TO THOSE PRESENTED HEREIN, OR THAT ANY FIFTH WALL FUND WILL BE ABLE TO IMPLEMENT ITS INVESTMENT STRATEGIES OR ACHIEVE ITS INVESTMENT OBJECTIVES. A FIFTH WALL FUND'S INVESTMENT AND APPLICABLE INVESTMENT RESTRICTIONS MAY DIFFER FROM THOSE HISTORICALLY EMPLOYED BY FIFTH WALL AND ECONOMIC CONDITIONS MAY DIFFER MATERIALLY FROM THE CONDITIONS UNDER WHICH ANY OTHER INVESTMENT FUND, INVESTMENT VEHICLE OR ACCOUNT MANAGED OR ADVISED BY FIFTH WALL HAS PREVIOUSLY INVESTED. THE INVESTMENTS, TRANSACTIONS AND OPERATIONAL ACTIVITIES OF FIFTH WALL CONTAINED IN THIS MATERIAL, IF ANY, ARE SHOWN FOR ILLUSTRATIVE PURPOSES ONLY OF THE TYPES OF INVESTMENTS, TRANSACTIONS AND ACTIVITIES THAT HAVE HISTORICALLY BEEN UNDERTAKEN BY FIFTH WALL. ITS AFFILIATES AND THEIR RESPECTIVE OFFICERS, DIRECTORS, PARTNERS, MEMBERS, EMPLOYEES AND/OR ADVISORS.

3

## Table of contents

1 Transaction overview
2 Parking is a compelling asset class
3 Defining the pillars of an attractive parking platform
4 Mobile Infrastructure at a glance
5 Fragmented market should lead to attractive external growth opportunities
6 Attractive financial profile with flexible capital structure

MOBILE
INTERNATIONAL

4

MOBILE
INFRASTRUCTURE

1

# TRANSACTION
OVERVIEW

![img-2.jpeg](img-2.jpeg)

TRANSACTION OVERVIEW

![img-3.jpeg](img-3.jpeg)

ACQUISITION CORP. III

MOBILE
INFRASTRUCTURE
REPRESENTS AN
ATTRACTIVE
RISK/REWARD PROFILE:
A COMPELLING
GROWTH STORY WITH
DOWNSIDE
PROTECTION AS A
RESULT OF ITS
OWNED-ASSET
PORTFOLIO

Why parking?

✓ Attractive rent and cash flow characteristics
✓ Inflation-protected business model with strong macro tailwinds
✓ Fragmented ownership presents opportunity for consolidation
✓ Analog industry ripe for tech-enablement
✓ Downside protection with real asset value

Why Mobile Infrastructure?

✓ Diversified portfolio with meaningful scale
✓ Superior management team
✓ Long operating track record
✓ Opportunity to leverage technology to drive internal growth
✓ Attractive lease structures and strong operator relationships provide upside

FWAC has studied the landscape of parking owners & operators as well as parking technology and we believe that Mobile Infrastructure is the right partner and platform to help redefine the industry

MOBILE
INFRASTRUCTURE

6

MOBILE
INFRASTRUCTURE

# Why FWAC?

P Provides us access to Fifth Wall, the leading VC firm investing in Built World technology

- Ability to leverage Fifth Wall's expertise and unparalleled access to technology solutions
- Access to leading capital partners and proprietary M&A targets
- History of bridging gap between analog businesses and technology

P Transaction with FWAC provides efficient access to public markets

- Liquidity for existing MIC shareholder base
- MIC to be the first pure-play parking owner of scale in the public markets

TRANSACTION OVERVIEW

# OPPORTUNITY TO CREATE A "NEXT-GENERATION" PARKING PLATFORM

MOBILE
INFRASTRUCTURE

7

TRANSACTION OVERVIEW

# Transaction structure with strong alignment between MIC and FWAC

ILLUSTRATIVE SOURCES & USES

($ in millions)

| Transaction Sources 1 |  |
| --- | --- |
| Cash in Trust | $276 |
| PIPE Proceeds | $60 |
| Total | $336 |

| Transaction Uses 1 |  |
| --- | --- |
| Cash to Balance Sheet | $227 |
| Paydown of Revolving Credit Facility | $74 |
| Transaction Costs | $15 |
| Accrued Preferred Stock Distributions | $8 |
| Deferred Underwriters Fees | $10 |
| Payables | $3 |
| Total | $336 |

Illustrative PF Ownership$^{2}$

![img-4.jpeg](img-4.jpeg)

TRANSACTION FEATURES

- Key transaction features:
1. Focused on alignment of interest (see next page)
2. No minimum cash closing condition
3. FWAC has warrantless structure
4. Meaningful MIC insider ownership
5. Fifth Wall co-founder, Brad Greiwe, expected to join the Board of Directors
6. Company is an existing public filer

Initial forfeiture of 20% of Sponsor's founder shares with remainder to vest at significant premium to current share price$^{3}$

Notes

1. Assumes SPAC transaction is consummated at approximately $15.00 per existing MIC share (based on current capitalization and excluding MIC preferred equity, warrants and unvested incentive equity), with no SPAC shareholder redemptions, also assumes $10mm PIPE from MIC shareholder, along with illustrative additional $10M of PIPE capital.
2. Calculations for pro-forma ownership based on value of $10.00 per FWAC share, assuming no SPAC shareholder redemptions. Shares to Sponsor are inclusive of 50/100 private placement shares and 120/100 shares previously granted to the Directors of FWAC, but exclude founder shares subject to vesting or forfeiture. Calculations are excluded MIC preferred equity, warrants and unvested incentive equity.
3. Initial forfeiture does not include the potential of up to 1) 2/6/2000 founder shares that may be transferred to third parties and 2) 1/7/2000 founder shares subject to forfeiture if cash proceeds from FWAC's trust account, PIPE investments (excluding MIC insiders) and other third-party financing at closing are less than $40,000,000.

MOBILE INFRASTRUCTURE

8

TRANSACTION OVERVIEW

# Transaction structure designed to align interests of all stakeholders

NO SECONDARY PROCEEDS

- All existing MIC shareholders will convert their shares into shares of the pro-forma entity

FOUNDER SHARES

- Initial forfeiture of 20% of Sponsor's founder shares1 with remainder to vest in an earn-out at significant premiums to current share price
  - Shares that Sponsor is eligible to earn expire if strike prices are not achieved by target dates

MANAGEMENT TEAM COMPENSATION

- Management compensation is aligned
  - MIC's CEO has elected to receive 100% of 2023 compensation in stock
  - Restructured incentive compensation to align with Sponsor founder shares earn-out

INITIAL PIPE COMMITMENT

- The transaction is further supported by a $10M PIPE investment from No Street Capital, an existing MIC shareholder
  - In conjunction with the commitment, 1/6 of shares received are Sponsor founder shares with vesting at similar terms to the Sponsor

Notes

1. Initial forfeiture does not include the potential of up to 1) 2,062,500 founder shares that may be transferred to third parties and 2) 1,317,500 founder shares subject to forfeiture if cash proceeds from FWAC's trust account. PIPE investments (excluding MIC insiders) and other third-party financing at closing are less than $40,000,000.

MOBILE INFRASTRUCTURE

9

**M** ![Bile logo: a stylized 'B' inside a circle]() **BILE**  
INFRASTRUCTURE

2

## PARKING IS A COMPELLING ASSET CLASS

![img-5.jpeg](img-5.jpeg)

PARKING IS A COMPELLING ASSET CLASS

# The U.S. parking industry is massive

![img-0.jpeg](img-0.jpeg)

~$131 billion annual parking revenue1

![img-1.jpeg](img-1.jpeg)

~1 billion parking spaces in the U.S.1

![img-2.jpeg](img-2.jpeg)

~1% of U.S. GDP1

Industry comparison
(annual revenue)2

~$57B Auto maintenance industry

~$23B Amusement park industry

~$9B Car wash industry

Notes:

1. Source: EY's Economic Contributions of the US Parking Industry, July 2020. Data as of 2018.
2. Goldman Sachs Equity Research initiating coverage reports: "Driven Brands Holdings", February 2021, and "Americas Amusement Parks", May 2020.

MOBILE
INFRASTRUCTURE

11

PARKING IS A COMPELLING ASSET CLASS

# Given parking asset ownership dynamics, there is a meaningful value unlock opportunity

![img-3.jpeg](img-3.jpeg)

Even 1% of the non-institutional paid parking market represents a multi-billion dollar opportunity

*This is a non-GAAP financial measure. Please see "Non-GAAP definitions" page for further detail.

Notes:

1. Source: EY's Economic Contributions of the US Parking Industry, July 2020. Data as of 2018. Note that ~70M conservatively assumes ~7% of all parking spaces in the U.S. are paid, as supported by the EY report.
2. Source: Sums the parking spaces operated by LAZ Parking, SP+, REEP Technologies, and ABM Parking. Note that ABM's number of parking spaces operated is estimated using the revenue generated at their parking facilities (from company website) and dividing by the average annual revenue per parking space in the U.S. of $1,943 in 2018, as provided by the above EY report. The three other operators' figures are taken from operator websites.

MOBILE INFRASTRUCTURE

12

PARKING IS A COMPELLING ASSET CLASS

## Constrained supply in addition to a highly fragmented market create a favorable backdrop for consolidation

1

Land scarcity, rising development costs, and zoning restrictions may **limit growth of new supply**

2

2. While there are **~1 billion parking spaces** in the US, most owners are estimated to own between **1 and 5 facilities**

3

Many asset owners may seek liquidity, and we expect them to monetize assets through the **sale and outsourcing of parking assets**

4

4. Given the **fragmented** nature of the industry, many transactions are off-market and relationship-driven, allowing for **attractive acquisition cap rates**

5

In addition, our more active, hands-on approach to asset management can generate **favorable opportunities to unlock value**

MOBILE  
IMPROVEMENT

13

PARKING IS A COMPELLING ASSET CLASS

# MOBILE INFRASTRUCTURE IS WELL-POSITIONED TO PURSUE GROWTH THROUGH CONSOLIDATION

Many parking assets are **undermanaged** with **highly fragmented ownership**

![img-4.jpeg](img-4.jpeg)

14

PARKING IS A COMPELLING ASSET CLASS

# Preferences have evolved as a result of the pandemic...

PUBLIC TRANSIT REMAINS MUTED...

![img-5.jpeg](img-5.jpeg)

...WHILE VEHICLE USAGE IS AT AN ALL-TIME HIGH

![img-6.jpeg](img-6.jpeg)

AND RESTAURANTS ARE BUSIER THAN 2019...

![img-7.jpeg](img-7.jpeg)

...WITH EVENT ATTENDANCE ABOVE HISTORICAL AVERAGE

![img-8.jpeg](img-8.jpeg)

Source: FRED public ridership data through Sept-22, FRED vehicle miles data through Oct-22, Opentable restaurant data (averaged quarterly), and LiveNation annual attendance
Note: Event attendance historical average of ~50M is for the period 2012-2019.

MOBILE
INTERNATIONAL

15

PARKING IS A COMPELLING ASSET CLASS

... which has resulted in secular tailwinds behind the industry

# **Transient revenue drivers are at or above pre-pandemic levels**

Leisure & travel and eating out have rebounded

# **Evolving preferences in working habits**

Hybrid work presents opportunities for new flexible membership products (e.g., 2, 3, 5-day passes) that free up additional capacity and feature higher rates. Data suggests more workers prefer to commute by car vs. public transit

# **Acceleration of technological adoption**

The pandemic accelerated the adoption of technology like contactless parking and payment and opened the door to increased integration between hardware and software

**THE PANDEMIC  
HAS GIVEN WAY  
TO 'PARKING 2.0'**

MOBILE  
INTERNATIONAL

16

PARKING IS A COMPELLING ASSET CLASS

## Parking has unique real estate characteristics

|  | Parking | Self-Storage | Lodging | Residential | Office |
| --- | --- | --- | --- | --- | --- |
| High Contribution Margin | ✓✓ | ✓✓ | ✓ | - | × |
| Inflation Protection | ✓✓ | ✓ | ✓ | × | × |
| Price Inelasticity | ✓✓ | × | × | × | × |
| Alternative Use Potential | ✓✓ | - | - | - | - |
| Low Labor Requirements | ✓✓ | ✓ | × | - | × |
| Low Recurring Capex | ✓✓ | ✓ | × | × | × |
| High Barrier-to-Entry | ✓✓ | × | - | - | - |

➤ The ability to change rates daily and a low-cost structure provide **superior upside** and **inflation protection** compared to other forms of real estate

MOBILE  
INFRASTRUCTURE

17

**M** ![Bile logo: a stylized 'B' inside a circle]() **BILE**  
INFRASTRUCTURE

3

## PILLARS OF AN ATTRACTIVE PARKING PLATFORM

![img-9.jpeg](img-9.jpeg)

## Defining the pillars of an attractive parking platform

![img-10.jpeg](img-10.jpeg)

Assets proximate to **multiple demand drivers**

Diversity in demand drivers unlocks **flexibility** and asset management **optimization potential**. Convenience is king, making demand inelastic

![img-11.jpeg](img-11.jpeg)

Sufficient **scale** in micro-markets

Scale in a micro-market, by way of a large asset or multiple smaller assets, leads to **pricing power**

![img-12.jpeg](img-12.jpeg)

**Data** transparency and **technology**

Collecting and leveraging data through **technology** is critical to **effective asset management**

MOBILE  
INTERNATIONAL

19

PILLARS OF AN ATTRACTIVE PARKING PLATFORM

## Parking demand drivers

➤ Different demand drivers generate different revenue profiles and assets with multiple benefit from 24/7 demand and an attractive revenue mix

MULTIFAMILY & OFFICE

![img-13.jpeg](img-13.jpeg)

Sticky contract parking

RETAIL

![img-14.jpeg](img-14.jpeg)

Transient parking revenue

EVENTS & VENUES

![img-15.jpeg](img-15.jpeg)

High-rate event revenue

HOTEL

![img-16.jpeg](img-16.jpeg)

Overnight & valet revenue

GOV'T, INSTITUTION & HOSPITAL

![img-17.jpeg](img-17.jpeg)

Workforce & visitor revenue

ASSETS WITH MULTIPLE DEMAND DRIVERS ARE TYPICALLY IN URBAN INFILL LOCATIONS WITH HIGH BARRIERS TO ENTRY

MOBILE  
IN PARTNERSHIP

20

PILLARS OF AN ATTRACTIVE PARKING PLATFORM

## Illustrative day in the life of a parking stall with multiple demand drivers

**8 A.M. - 5 P.M.**

Monthly parker arrives and goes to work at her office down the block

**6 P.M. - 9 P.M.**

Transient parker arrives to have dinner around the corner

**Diverse demand drivers are key to unlocking 24/7 usage**

**11:00 P.M. - 7:30 A.M.**

Nearby hotel guest from across the street comes to park overnight

**Nights & Weekends**

Event parker pulls in to watch the Bengals clinch AFC North

Source: MTC Management

![Mobile Information logo]() MOBILE  
INFORMATION

21

PILLARS OF AN ATTRACTIVE PARKING PLATFORM

# Parking assets are evaluated on a block-by-block basis...

It's not just about market selection, **it's about demand drivers**

- Sticky monthly parkers from nearby office towers
- Multiple drivers of transient parking including hotels, retail, and government
- Nighttime and weekend demand from proximity to Bengals and Reds stadiums

![img-0.jpeg](img-0.jpeg)

MIC Case study: Mabley Place Garage - Cincinnati, OH

![img-1.jpeg](img-1.jpeg)

Source: MIC Management

22

PILLARS OF AN ATTRACTIVE PARKING PLATFORM

... and building scale in submarkets is critical

➤ Density and scale in a given market drive pricing power

- Adding scale in markets facilitates macro-level pricing and control in specific sub-markets
- Density allows owners to capture the majority of market share from proximate demand drivers

MIC Case study: Mabley Place Garage - Cincinnati, OH

![img-2.jpeg](img-2.jpeg)

![img-3.jpeg](img-3.jpeg)

Source: MIC Management.

23

PILLARS OF AN ATTRACTIVE PARKING PLATFORM

# PARKING IS A HISTORICALLY ANALOG INDUSTRY WITH A LACK OF DATA TRANSPARENCY

![img-4.jpeg](img-4.jpeg)

## STATUS QUO APPROACH

### DATA COLLECTION

- Main focus on current cash flow
- No underlying data on KPI's like rate and utilization
- No proper segmentation of revenue

### CUSTOMERS

- Operators own customers and customer relationships

### OUTCOME

- Lack of data collection translates into poor understanding of asset management levers

![img-5.jpeg](img-5.jpeg)

## THE RIGHT APPROACH

### DATA COLLECTION

- Processes in place to collect key data points and drivers of revenue
- **Proper understanding** of revenue segments (e.g., monthly, transient, hotel, event, etc.)

### CUSTOMERS

- Owners and assets should drive **"stickiness"** not captivity to operators

### OUTCOME

- Data transparency both at the asset-level and the customer-level drives **insights** and **actionable asset management initiatives**

MOBILE INFRASTRUCTURE

24

PILLARS OF AN ATTRACTIVE PARKING PLATFORM

# The right approach can lead to significant benefits for owners

![img-6.jpeg](img-6.jpeg)

P1

Attractive rent and cash flow characteristics

Attractive in an inflationary environment with visibility from contractual revenue and upside from transient

P2

24/7 demand

Assets with multiple demand drivers can benefit from round-the-clock demand and utilization greater than 100%

![img-7.jpeg](img-7.jpeg)

Multifamily

![img-8.jpeg](img-8.jpeg)

Commerce

![img-9.jpeg](img-9.jpeg)

Events & Venues

Hospitality

![img-10.jpeg](img-10.jpeg)

Gov't & Institution

P3

Meaningful upside capture

Small changes lead to big differences, and ~90% contribution margins under MIC's lease structure equate to high EBITDA* conversion

P4

Longer-tail opportunities

Parking has historically underinvested in technology and is well-positioned for tech-enablement opportunities to generate ancillary revenue and improve experience

*EBITDA is a non-GAAP financial measure. Please see "Non-GAAP Definitions" page for further detail.

MOBILE
HIPARTICULTURE

21

MOBILE
INFRASTRUCTURE

# MOBILE INFRASTRUCTURE
AT A GLANCE

![img-11.jpeg](img-11.jpeg)

# Mobile Infrastructure at a glance

![img-12.jpeg](img-12.jpeg)

44
PARKING FACILITIES

25 / 19
LOTS / GARAGES

22
MARKETS

15,750
PARKING spaces

2.9M
AVG. MSA POPULATION

~5.4M
SQUARE FEET OF
PARKING SPACE

- Mobile Infrastructure is a large-scale, institutional-quality, mobility-focused parking owner
- Over 40 years of combined mgmt. team experience and relationships in parking
- Focus on top 50 MSAs and a value-add asset management approach

# Assets in market

Single asset

Source: MIC Management Data as of September 30, 2022.

MOBILE
INFRARERABILITY

27

MOBILE INFRASTRUCTURE AT A GLANCE

Portfolio by
Asset Type1

![img-13.jpeg](img-13.jpeg)

Portfolio by
State1

![img-14.jpeg](img-14.jpeg)

# DIVERSIFIED
PORTFOLIO
WITH STRONG
DEMOGRAPHICS

Strong geographic
diversification

Multiple and diverse
demand drivers

Source: MIC Management. Data as of September 30, 2022.
Notes:
1. On the basis of parking spaces.

MOBILE
INFRASTRUCTURE

28

## Overview of Top Ten Assets

| Name | Location | % of Total Spaces | % of Rental Income | Demand Drivers |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  | Multifamily | Commerce | Events | Hospitality | Govt |
| 322 Streeter | Chicago, IL | 7.3% | 18.0% | ✓ | ✓ | ✓ | ✓ | ✓ |
| Renaissance Garage | Detroit, MI | 8.1% | 15.3% |  | ✓ | ✓ | ✓ | ✓ |
| Mabley Place | Cincinnati, OH | 4.9% | 6.1% | ✓ | ✓ | ✓ | ✓ |  |
| Ft. Worth Taylor | Fort Worth, TX | 6.4% | 5.0% | ✓ | ✓ |  | ✓ | ✓ |
| Houston Preston | Houston, TX | 3.4% | 5.0% |  | ✓ | ✓ |  | ✓ |
| 222W7 | Cincinnati, OH | 10.3% | 5.0% | ✓ | ✓ | ✓ | ✓ |  |
| 1W7 | Cincinnati, OH | 4.9% | 3.7% | ✓ | ✓ | ✓ | ✓ |  |
| Denver Residence Inn | Denver, CO | 2.9% | 3.6% | ✓ | ✓ |  | ✓ |  |
| St. Louis Cardinal Lot | St. Louis, MO | 2.4% | 3.3% |  | ✓ | ✓ | ✓ |  |
| New Orleans Rampart | New Orleans, LA | 0.5% | 2.4% |  | ✓ | ✓ | ✓ |  |
| Subtotal of Portfolio |  | 51.0% | 67.6% |  |  |  |  |  |

Top ten assets are well-located with attractive lease structures, creating **opportunity for further upside through proper asset management and technology**

Source: MIC Management, Data as of September 30, 2022.

![Mobile Infrastructure logo]() MOBILE  
INFRASTRUCTURE

29

MOBILE INFRASTRUCTURE AT A GLANCE

# Superior management team with deep relationships in parking...

- Over 40 years of combined industry experience in parking
- Supported by 14 employees across functions

![img-15.jpeg](img-15.jpeg)

Manuel Chavez
CEO

- Founder of Bombe Asset Management
- Formerly CEO at Parking Company of America, where he oversaw 1,100 employees across 15 markets
- Previously built the second largest airport parking portfolio in the United States, with $600mm in asset value
- 20+ years of investing experience, including ~50,000 parking spaces and over 25 million square feet in total
- Principal investing experience spanning over $1 billion in real estate

![img-16.jpeg](img-16.jpeg)

Stephanie Hogue
President and CFO

- Managing Partner of Bombe Asset Management
- Former Managing Director and Head of Global Inbound M&A with PwC Corporate Finance
- 15+ years of investment banking experience
  - Advised on over $15 billion of transaction value to-date
- Investing experience in parking assets, including over 20,000 parking spaces

MOBILE INFRASTRUCTURE

30

MOBILE INFRASTRUCTURE AT A GLANCE

# ...accompanied by a Board of seasoned independent directors

![img-0.jpeg](img-0.jpeg)

**Brad Greiwe**

Independent Director
*Fifth Wall, Co-Founder*

- Co-founder and Managing Partner of Fifth Wall
- Previously Co-founder and CTO of Invitation Homes (NYSE: INVH), where he developed a proprietary tech stack to support the professional management of ~80,000 homes
- Began his career at UBS, Tishman Speyer, and Starwood Capital

![img-1.jpeg](img-1.jpeg)

**Jeffrey Osher**

Independent Director
*No Street Capital, Founder*

- Founder of No Street Capital in 2018
  - Portfolio Manager of affiliated Harvest Small Cap Partners Strategy since 2005
- Existing shareholder of MIC with significant alignment of interest

![img-2.jpeg](img-2.jpeg)

**Damon Jones**

Independent Director
*Chief of Communications at Procter & Gamble*

![img-3.jpeg](img-3.jpeg)

**Danica Holley**

Independent Director
*COO of Global Medical REIT*

![img-4.jpeg](img-4.jpeg)

**TBD**

Independent Director
*TBD*

![img-5.jpeg](img-5.jpeg)

**Manuel Chavez**

Director and CEO

![img-6.jpeg](img-6.jpeg)

**Stephanie Hogue**

Director, President, and CFO

MOBILE INFRASTRUCTURE

31

MOBILE INFRASTRUCTURE AT A GLANCE

# Long-tenured player in parking industry with strong leadership

05/04/15 - MVP REIT II was formed and began acquiring assets

04/03/19 - The Company announces internalization of its management

Q4 2021 - Management begins using proprietary technology to monitor real-time performance of Mobile Infrastructure's assets

Q1 2022 - Company leadership begins working with tenants to optimize asset performance and improve cash flow

TIMELINE

09/26/12 - MVP REIT I was formed and began acquiring assets throughout the U.S.

05/30/17 - Upon merging with MVP REIT II, the Company changes its name to "The Parking REIT"

08/25/21 - Bombe Asset Management acquires a majority stake in the Parking REIT. As part of the transaction, new management is put in place; changes name to Mobile Infrastructure Corp.

Q1 2022 - The Company restructures its leases, re-aligning incentives with operators and allowing it to participate in revenue uplift at each asset

Q4 2022 - Announces intention to merge with Fifth Wall Acquisition Corp. III

PROPERTY COUNT

7

30

44

Source: MIC Management

MOBILE INFRASTRUCTURE

32

MOBILE INFRASTRUCTURE AT A GLANCE

# Our approach to parking

![img-7.jpeg](img-7.jpeg)

1

ASSET
PROFILE

Assets in Top 50 MSA downtown cores with multiple demand drivers that have embedded upside potential

2

ACQUISITION
MARKETS

Add scale to existing markets and landmark assets of scale to anchor new markets

3

LEASE
STRUCTURING

Preference for percentage-rent leases to capture upside except in cases where net lease equivalent with a "credit tenant" is comparable

4

ASSET
MANAGEMENT
APPROACH

Onboard onto proprietary technology platform and drive value through active asset management and leveraging of data

5

ANCILLARY
REVENUE
OPPORTUNITIES

Take an owner's mentality and constantly evaluate opportunities for ancillary revenue (e.g., EV charging)

MOBILE
INFRASTRUCTURE

33

MOBILE INFRASTRUCTURE AT A GLANCE

# Strong financial alignment with tenant-operators

|  | Percentage Rent Leases | Net Lease |
| --- | --- | --- |
| Upside Participation for Owner | ✓ | ✗ |
| Operational improvements accrue to: | Owner | Operator |
| Alignment of interest | ✓ | ✗ |
| Number of MIC Assets | 29 | 15 |
| Access to customer data & relationships | ✓ | ✗ |

- ➤ Traditional “cost-plus” and high base fee agreements provide **little incentive to improve operations**
- ➤ High percentage rent leases **align incentives** between owners and operators
- ➤ MIC has amended over 60% of leases to provide a modified structure of **base rent plus percentage rent**

MOBILE INFRASTRUCTURE

34

MOBILE INFRASTRUCTURE AT A GLANCE

# MIC's portfolio provides favorable lease composition

Lease structures combine **stable recurring rental revenue streams** and **meaningful upside capture** through active asset management

![img-8.jpeg](img-8.jpeg)

Source: MIC Management

Notes:

1. Note that base rent is a guaranteed and contractual fixed payment to MIC from the operator.
2. There is one property in Minneapolis for which commercial and billboard rent is included within the "Gross Parking Revenue at Property," or where a percentage is shared with the operators.

MOBILE INFRASTRUCTURE

35

MOBILE INFRASTRUCTURE AT A GLANCE

# ATTRACTIVE IN-PLACE REVENUE PROFILE

Stable in-place revenue with base & percentage rent components

Meaningful upside participation embedded in lease structures

Strong owner-operator alignment

Highly diversified tenant base with strong demand drivers

**Total Parking Revenue by Segment (YTD Q3'22 Annualized)**

![img-9.jpeg](img-9.jpeg)

**Total Rental Income to MIC Breakdown (YTD Q3'22 Annualized)**

![img-10.jpeg](img-10.jpeg)

Source: MIC Management.

Notes:

1. Includes third-party reservations.
2. Defined on prior page.

MOBILE INFRASTRUCTURE

36

MOBILE INFRASTRUCTURE AT A GLANCE

# Embedded upside in the portfolio: Case study - 1 West 7th Garage

# BACKGROUND

- MIC purchased an asset within the Cincinnati CBD in January 2018 from Macy's
  - Purchase price of $14.2M
    - Going-in cap rate of 5.8%1
- Nearby demand drivers included:
  - 5 nearby hotels, including the historic Cincinnatian Hotel
  - The Aronoff Center for the Arts, a 2,500+ seat theater
  - National headquarters of Macy's (NYSE: M), which sat atop the garage itself
- Drove unleveraged yield* to 10.4% within ~2 years of initial acquisition though asset management initiatives
- In 2021, a developer purchased the Macy's building above the garage and announced plans to convert the space into multifamily
  - The Company plans to contract with the 338 new residents for its ~$250 monthly parking pass, which would drive parking revenue well above pre-COVID levels

# IMPACT & EXPECTED FUTURE UPLIFT

![img-11.jpeg](img-11.jpeg)

* This is a non-GAAP financial measure. Please see "Non-GAAP definitions" page for further detail.

Source: MIC Management.

Notes: "Impact of MF Development" conservatively assumes 338 units, with a ramp-up in occupancy over the course of 2024 to 94%, (from 0% in 2023), with 0.7 vehicles per unit to be contracted

1. Asset acquired in January 2018. Going-in cap rate based on trailing 12-month NOI.

2. Unleveraged yield is calculated by dividing the property's initial acquisition price by trailing 12-month NOI.

3. Asset acquired in January 2018. Revenue refers to trailing 12-month revenue.

MOBILE INFRASTRUCTURE

37

MOBILE INFRASTRUCTURE AT A GLANCE

We have built out proprietary tech for effective asset management...

![img-12.jpeg](img-12.jpeg)

WHERE WE CAME FROM

![img-13.jpeg](img-13.jpeg)

WHERE WE ARE TODAY

![img-14.jpeg](img-14.jpeg)

WHAT WE CAN DO NOW

LOOKING FORWARD

... and it is just the beginning of our journey

Acquired under-managed assets with **little to no underlying data** on KPIs (e.g., rate, utilization, etc.)

Built out proprietary systems and processes to collect **real-time asset performance data**

Leverage data & insights to create actionable asset management outcomes like **dynamic pricing**

Building a best-in-class parking platform that **unlocks asset value** and **captures upside**

MOBILE INFRASTRUCTURE

38

MOBILE INFRASTRUCTURE AT A GLANCE

# Proprietary technology to drive operational efficiencies and asset-level revenue

**PROPRIETARY** data integration platform, Inigma, which aggregates rate, utilization, and operator data

- ✓ Hardware and operator agnostic
- ✓ Live insights into asset-level operations
- ✓ Facilitates data-driven asset management discussion with operators
- ✓ Unlock to drive dynamic pricing and active asset management

![img-15.jpeg](img-15.jpeg)

![img-16.jpeg](img-16.jpeg)

**INSIGHTS** driven by proprietary pKatalyst system1

- ✓ Virtual geofencing to monitor movements in/out of lots
- ✓ Customer intelligence from multiple sources
- ✓ Targeted ad campaigns

**INTEGRATIONS** with other technology platforms

- ✓ Agnostic approach allows for additional integrations and scalability

Notes:
1. Currently in pilot phase of deployment within the MIC portfolio.

MOBILE
INFRASTRUCTURE

39

MOBILE INFRASTRUCTURE AT A GLANCE

# Multiple levers for new sources of ancillary revenue

Our approach to active asset management will lead us to pursue ancillary revenue opportunities with tech-enabled businesses, many of which are in Fifth Wall's ecosystem

![img-17.jpeg](img-17.jpeg)

MOBILE INFRASTRUCTURE

40

MOBILE INFRASTRUCTURE AT A GLANCE

# Asset management case study

MIC sees opportunity for both traditional and modern forms of ancillary revenue at its properties

# REPRESENTATIVE ASSET - OKC BRICKTOWN

- MIC owns a 555-space garage in the heart of Oklahoma City
- Management recognized both the adjacent roadway and Chickasaw Baseball Park as perfect opportunities for “optical” traffic
  - MIC has started working with a local signing company to configure billboards on two sides of the building
  - Expected to increase rental income to MIC by 9% and 13% in ’23E and ’24E, respectively1

![img-0.jpeg](img-0.jpeg)

The opportunity required intimate knowledge of the asset and seeing that baseball attendees have a clear line-of-sight

# FIFTH WALL’S NETWORK TO BROADEN MIC’S SET OF ANCILLARY OPPORTUNITIES

FWAC has already started facilitating introductions through our network to help MIC optimize use of space and boost ancillary revenue

Source: MIC Management

Notes:

1. Assumes one billboard contract of $150K annually, and additional contract on the stadium-facing side for $100K. Stadium-facing side has high visibility during the minor league baseball season (April - October).

MOBILE INFRASTRUCTURE

41

**M** ![Bile logo: a stylized 'B' inside a circle]() **BILE**  
INFRASTRUCTURE

5

# **FRAGMENTED MARKET SHOULD  
LEAD TO ATTRACTIVE EXTERNAL  
GROWTH OPPORTUNITIES**

![img-1.jpeg](img-1.jpeg)

EXTERNAL GROWTH OPPORTUNITIES

# Well-positioned to capitalize on external growth

![img-2.jpeg](img-2.jpeg)

1

Opportunity to make **accretive acquisitions** of assets that are undermanaged and not institutionally owned

2

2. Buy assets at **attractive cap rates** and generate **incremental yield** through MIC's robust asset management capabilities

3

Public markets currency to capitalize on **deep acquisition pipeline**

4

UP-C structure provides sellers with a **tax-efficient** liquidity option

MOBILE  
IMPROVEMENT

43

MOBILE INFRASTRUCTURE AT A GLANCE

# Acquisition criteria

# Origination

Institutional relationships

Boutique brokers

Network of family / mom & pop owners

# Asset Selection

Embedded upside

Located in top-50 MSA; existing MIC market or large enough asset to provide immediate scale

Proximal to multiple demand drivers

# Underwriting

5.5-7.5% entry cap rate

Near-term revenue growth

Healthy utilization rates

# Execution

Professional operating partner

Foster relationships with nearby businesses

Upgrade digital infrastructure

![img-3.jpeg](img-3.jpeg)

MOBILE INFRASTRUCTURE AT A GLANCE

44

EXTERNAL GROWTH OPPORTUNITIES

# Summary of pipeline

## ➤ **Robust near-term pipeline** ready for execution

| Property | Region | Target Price | No. Spaces | Seller |
| --- | --- | --- | --- | --- |
| Asset 1 | Southeast | 175,000,000 | 3,057 | Inst'l - Attached Parking |
| Asset 2 | Northeast | 35,000,000 | 1,451 | Individual Owner |
| Asset 3 | Southwest | 30,000,000 | 1,300 | Inst'l - Attached Parking |
| Asset 4 | Southwest | 20,000,000 | 833 | Inst'l - Attached Parking |
| Asset 5 | Midwest | 15,000,000 | 749 | Inst'l - Attached Parking |
| Total |  | $275,000,000 | 7,390 |  |

Outside of the above near-term pipeline, MIC has an additional ~$440M in assets identified as potential future opportunities (encompassing ~9,000 spaces)

![img-4.jpeg](img-4.jpeg)

MOBILE^{}[] LIFESTYLE

45

EXTERNAL GROWTH OPPORTUNITIES

# Case study - Completed Acquisition: 322 Streeter (Chicago, IL)

AT ACQUISITION

1,154 spaces

$31.4M acquisition price (Feb. 2020)1

~5.7% entry cap rate

$1.8M NOI* at acquisition2

Asset benefited from proximity to multiple demand drivers including hotel, office, residential, event, and government / institution

![img-5.jpeg](img-5.jpeg)

ASSET MANAGEMENT

- $186k in total improvement capex including LPR camera system and other enforcement mechanisms to minimize revenue slippage
- Strong hotel parking rates implemented through collaboration with tenant-operator
- Drove ~100% contract pass retention in conjunction with higher rates
- Established regular monthly meetings and business plan reviews with operator
- Installed digital signage to support dynamic pricing and yield management strategy
- Established multi-channel reach to transient parkers

WHERE ARE WE NOW?

$2.6M NOI* today3

~8.3% stabilized cap rate

~15.2% CAGR on NOI*

6 new EV chargers planning to be installed

Additional upside through dynamic pricing strategy and near-term asset management initiatives

![img-6.jpeg](img-6.jpeg)

*NOI is a non-GAAP financial measure. Please see "Non-GAAP definitions" page for further detail.
Notes:

1. Net of $1.8M tax, provision credit.
2. Represents 2019 actuals.
3. Represents Q3 YTD 2022 actuals, annualized.

MOBILE INFRASTRUCTURE

46

EXTERNAL GROWTH OPPORTUNITIES

# Potential acquisition opportunity

# Attractive opportunity that's representative of MIC's acquisition playbook

- Opportunity to enter a new market with immediate scale across three adjacent assets
  - Off-market portfolio, sourced by Mobile Infrastructure's management team
  - Assets are family owned and operated - leverage UP-C structure for seller tax efficiency
  - Opportunity to create uplift through institutional-grade asset management and a hands-on approach
- 8.7% entry cap rate on pre-pandemic NOI*
- MIC expects to drive NOI increases of ~7% and ~10% in 2023-2024E, respectively

![img-7.jpeg](img-7.jpeg)

# Select Nearby Demand Drivers

- Mid-market hotel
- Government Building
- Government Building
- New MF Development
- Entertainment Venue
- Government Building
- Upscale Hotel
- Class-A Office

* NOI is a non-GAAP financial measure. Please see "Non-GAAP definitions" page for further detail.
Source: MIC Management.

# MOBILE INFRA'S VALUE-CREATION INITIATIVES

Onboard a professional operator to drive immediate cost-savings

Upgrade analog systems with latest technology and equipment

Maximize event revenue from nearby entertainment venues

Drive usage from nearby hotels and newly developed apartments

MOBILE
INFRACTURE

47

EXTERNAL GROWTH OPPORTUNITIES

## Illustrative value creation - External growth

Illustrative incremental EBITDA* through external growth

|  |  | Incremental Acquisition Volume |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | $25.0 | $50.0 | $75.0 | $100.0 | $125.0 | $150.0 |
| Acquisition Cap Rate | 5.50% | $1.2 | $2.5 | $3.7 | $5.0 | $6.2 | $7.4 |
|  | 6.00% | $1.4 | $2.7 | $4.1 | $5.4 | $6.8 | $8.1 |
|  | 6.50% | $1.5 | $2.9 | $4.4 | $5.9 | $7.3 | $8.8 |
|  | 7.00% | $1.6 | $3.2 | $4.7 | $6.3 | $7.9 | $9.5 |
|  | 7.50% | $1.7 | $3.4 | $5.1 | $6.8 | $8.4 | $10.1 |

➤ Opportunities to generate substantial incremental EBITDA through external growth

➤ Create additional yield through active asset management initiatives

*This is a non-GAAP financial measure. Please see 'Non-GAAP definitions' page for further detail.
Note: Analysis above uses cap rate to calculate additional NOI, then applies a 90% margin to arrive at incremental EBITDA in order to account for incremental G&A/overhead costs.

MOBILE
INVESTING

48

**M** ![MOBILE logo: a stylized 'M' inside a circle]() **BILE**  
INFRASTRUCTURE

6

# **ATTRACTIVE FINANCIAL PROFILE  
WITH FLEXIBLE  
CAPITAL STRUCTURE**

![img-8.jpeg](img-8.jpeg)

## Attractive financial profile with flexible capital structure

- Organic deleveraging through stable recurring cash flow
- C-Corp preserves flexibility for diverse asset management and ancillary revenue initiatives
- C-Corp allows for retention of cash for growth initiatives and to pay down debt
- UP-C provides currency for external growth
- Potential proceeds from transaction to drive future growth

MOBILE INFRASTRUCTURE

50

ATTRACTIVE FINANCIAL PROFILE

# SETTING UP THE PLATFORM FOR SUCCESS

Our intention is to maximize cash at closing to help us to fund pipeline acquisitions and to de-lever the capital structure

We intend to do this through the minimization of redemptions and through PIPE proceeds

![img-0.jpeg](img-0.jpeg)

## NO STREET PIPE INVESTMENT: SUMMARY OF KEY TERMS

Commitment: $10M

Purchase price of $10.00 per 1.2 shares.

- Effective price of $8.33 per share
- Additional 0.2M shares offset by corresponding reduction in FWAC sponsor economics

One-sixth of shares subject to lock-up:

- 50% upon the earlier of aggregate 5-day VWAP of $16.00 and YE 2026
- 50% upon the earlier of aggregate 5-day VWAP of $20.00 and YE 2028

MOBILE INFRASTRUCTURE

51

ATTRACTIVE FINANCIAL PROFILE WITH FLEXIBLE CAPITAL STRUCTURE

# Debt capitalization

$ in millions, unless otherwise stated

|  | Coupon | Maturity | As of 9/30/22 | Illustrative Pro-Forma, with Preferred Conversion |  |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  | ~$300M Cash to Balance Sheet 1 | ~$162M Cash to Balance Sheet 2 |
| Cash & cash equivalents | - | - | 5.9 | 298.0 | 160.0 |
| Notes payable, net | 4.898% 3 | Various | 148.3 | 148.3 | 148.3 |
| Revolving credit facility | 6.193% | 4/1/2024 | 72.6 | 72.6 | 72.6 |
| Total Debt |  |  | 220.9 | 220.9 | 220.9 |
| Preferred Stock - Series A | 7.500% 4 | - | 2.9 | - | - |
| Preferred Stock - Series 1 | 7.000% 4 | - | 39.9 | - | - |
| Total Debt + Preferred |  |  | 263.7 | 220.9 | 220.9 |
| Memo: |  |  |  |  |  |
| (Net Debt + Pref) / 2022E EBITDA 5 |  |  | 16.5x | nm | 3.9x |
| (Net Debt + Pref) / 2023E EBITDA 5 |  |  | 12.4x | nm | 2.9x |

* EBITDA is a non-GAAP financial measure. Please see 'Non-GAAP definitions' page for further detail

Notes:

1. Pro-forma cash and cash equivalents net out an accrued preferred dividend distribution of ~$83M.
2. Pro-forma cash and cash equivalents net out an accrued preferred dividend distribution of ~$83M.
3. Weighed average on the basis of principal outstanding.
4. Note that upon completion of the merger with FWAC, the coupon on the Series 1 Preferred Stock is expected to decrease by 150 bps and the coupon on the Series A Preferred Stock is expected to decrease by 175 bps.

MOBILE
IMPRATISME

52

ATTRACTIVE FINANCIAL PROFILE

# DEFINING “REVPAS” AND WHY IT MATTERS

RevPAS is “revenue per available stall”

RevPAS =
(Gross parking revenue / total spaces / 12)

Comparable to “RevPAR” in the hospitality industry

Reflects changes in rate and utilization across revenue categories

Due to high contribution margins, small improvements in RevPAS* have large impacts on EBITDA*

($ in millions, unless otherwise stated)

Illustrative Monthly RevPAS1:

~$240

ILLUSTRATIVE VALUE CREATION THROUGH REVPAS UPLIFT

Avg. Monthly RevPAS Uplift

$15.00

$30.00

$45.00

$60.00

$75.00

EBITDA Impact ($M)2

$2.5

$5.1

$7.6

$10.1

$12.7

Assumed RevPAS Uplift

$15.00

$30.00

$45.00

$60.00

$75.00

Cap Rate

5.00%

$51

$101

$152

$203

$253

5.50%

46

92

138

184

230

6.00%

42

84

127

169

211

6.50%

39

78

117

156

195

7.00%

36

72

109

145

181

* Both RevPAS and EBITDA are non-GAAP financial measures. Please see “Non-GAAP definitions” page for further detail.
Source: MIC Management.

Notes:

1. RevPAS is calculated as annual gross parking revenue generated at MIC’s properties, divided by the total number of spaces, divided by 12.
2. Calculated by multiplying the uplift in RevPAS by current number of spaces. Assumes ~89% of incremental gross parking revenue flows to MIC as Rental Income under the current lease structure. Does not assume any incremental property operating expenses or G&A.

MOBILE
IMPROVEMENT

53

ATTRACTIVE FINANCIAL PROFILE WITH FLEXIBLE CAPITAL STRUCTURE

# Portfolio income statement1

| ($ in thousands unless otherwise noted) | 2019A | 2020A | 2021A | 2022E2 | 2023E2 |
| --- | --- | --- | --- | --- | --- |
| Property Count | 45 | 45 | 45 | 45 | 44 |
| Total Rental Income | $29,177 | $20,095 | $23,634 | $31,040 | $35,836 |
| Less: Property Operating Expenses3 | (6,118) | (6,605) | (6,772) | (8,012) | (8,252) |
| NOI4 | $23,060 | $13,490 | $16,862 | $23,029 | $27,584 |
| % of Rental Income | 79% | 67% | 71% | 74% | 77% |
| Less: G&A5 | (14,129) | (6,999) | (9,175) | (7,405) | (6,225) |
| EBITDA6 | $8,931 | $6,491 | $7,687 | $15,624 | $21,359 |
| YoY Growth | - | (27%) | 18% | 103% | 37% |

a This is a non-GAAP financial measure. Please see "Non-GAAP definitions" page for further detail.

Notes:

1. For years 2019A-2022E, the income statement above shows financial figures for M/C's 45 properties that were owned as of June 30, 2022. 2023E reflects figures for the same portfolio of properties less one property sold in September 2022.
2. Reflects actuals through September 2022 and budgeted figures for October-December. Full-year figures include the 60-tail property in Canton, Ohio, which was sold in September 2022.
3. Reflects budgeted figures for year ending December 31, 2023. Note that 2023E budgeted figures do not include financials from the 60-space property in Canton, Ohio, which was sold in September 2022.
4. See "Non-GAAP Definitions" page for more detail.
5. See "Non-GAAP Definitions" page for more detail.

MOBILE INFRASTRUCTURE

54

ATTRACTIVE FINANCIAL PROFILE WITH FLEXIBLE CAPITAL STRUCTURE

## Sensitivity - Total Rental Income

**Significant potential to grow 2023E revenue** through RevPAS* expansion or acquisition

TOTAL RENTAL INCOME TO MOBILE INFRASTRUCTURE ($M)

![img-1.jpeg](img-1.jpeg)

Incremental Rental Income1

|  | $15.0 | $2.5 |
| --- | --- | --- |
| Incremental | $30.0 | $5.1 |
| RevPAS | $45.0 | $7.6 |
|  | $60.0 | $10.1 |
|  | $75.0 | $12.7 |

Incremental Rental Income2

|  | $25.0 | $2.1 |
| --- | --- | --- |
| Incremental | $50.0 | $4.2 |
| Acquisition | $75.0 | $6.3 |
| Value | $100.0 | $8.4 |
|  | $125.0 | $10.6 |

*This is a non-GAAP financial measure. Please see "Non-GAAP definitions" page for further detail.

Notes:
1. Calculated by multiplying the uplift in RevPAS by current number of spaces, then assuming -89% of incremental Gross Parking Revenue flows to MIC as Rental Income under the current lease structure.
2. Assumes a 65% acquisition cap rate. Then divides by an NOI margin of 77% to arrive at Rental Income (margin is based on budgeted 2023E figures).

MOBILE INFRASTRUCTURE

55

ATTRACTIVE FINANCIAL PROFILE WITH FLEXIBLE CAPITAL STRUCTURE

## Sensitivity - EBITDA*

**High operating leverage** creates outsized benefit from organic or inorganic growth

![img-2.jpeg](img-2.jpeg)

| Incremental EBITDA 1 |  |  |
| --- | --- | --- |
| Incremental RevPAS | $15.0 | $2.5 |
|  | $30.0 | $5.1 |
|  | $45.0 | $7.6 |
|  | $60.0 | $10.1 |
|  | $75.0 | $12.7 |

| Incremental EBITDA 2 |  |  |
| --- | --- | --- |
| Incremental Acquisition Value | $25.0 | $1.5 |
|  | $50.0 | $2.9 |
|  | $75.0 | $4.4 |
|  | $100.0 | $5.9 |
|  | $125.0 | $7.3 |

*EBITDA is a non-GAAP financial measure. Please see “Non-GAAP Definitions” page for further detail.

Notes:

1. Calculated by multiplying the uplift in RevPAS by current number of spaces, then assumes ~89% of incremental Gross Parking Revenue flows to MIC as Rental Income under the current lease structure. Does not assume any incremental property operating expenses or G&A generated from revenue uplift at existing spaces.
2. Assumes a 65% acquisition cap rate to calculate additional NOL, then applies a 90% margin to account for incremental G&A or overhead costs from new properties.

MOBILE
IMPROVEMENT

56

ATTRACTIVE FINANCIAL PROFILE WITH FLEXIBLE CAPITAL STRUCTURE

## Revenue uplift - potential impact on EBITDA*

Several factors, including MIC's pricing power and potential acquisitions, represent significant upside to 2023E budgeted EBITDA

### Potential Upside to EBITDA

$ in thousands

![img-3.jpeg](img-3.jpeg)

*EBITDA is a non-GAAP financial measure. Please see 'Non-GAAP Definitions' page for further detail

Notes:

1. Assumes Monthly revenue returns to 100% of 2019A levels. Also assumes MIC receives -89% of revenue uplift based on weighted average percentage of terms and no incremental property operating costs.

2. Assumes 15% increase in pricing from 2023E budgeted levels, applied to 2023E implied utilization. Also assumes -89% of revenue uplift flows to MIC with no incremental property operating costs.

3. Assumes $75M of acquisitions at an illustrative 6.5% cap rate, with a 90% margin applied to new NOI to account for incremental G&A or overhead costs.

MOBILE  
IMPROVEMENT

57

MOBILE
INFRASTRUCTURE

# APPENDIX

![img-4.jpeg](img-4.jpeg)

APPENDIX

# Historical financials: balance sheet

## CONSOLIDATED BALANCE SHEET (as of September 30, 2022)

$ in M unless otherwise stated

| ASSETS |  |
| --- | --- |
| Investments in real estate | 449.5 |
| (-) Accumulated depreciation and amortization | (28.9) |
| Total investments in real estate, net | 420.6 |
| Fixed assets, net | 0.2 |
| Cash | 5.9 |
| Cash - restricted | 6.7 |
| Prepaid expenses | 1.0 |
| Accounts receivable, net | 2.6 |
| Other assets | 0.1 |
| Total assets | 437.1 |

| LIABILITIES & EQUITY |  |
| --- | --- |
| Notes payable, net | 148.3 |
| Revolving credit facility, net | 72.6 |
| Accounts payable and accrued expenses | 21.6 |
| Indemnification Liability | 1.9 |
| Security deposits | 0.1 |
| Deferred revenue | 0.4 |
| Total liabilities | 244.9 |
| Preferred stock Series A (stated liquidation value of $2.862M) | - |
| Preferred stock Series 1 (stated liquidation value of $39.881M) | - |
| Convertible stock | - |
| Common stock | - |
| Warrants issued and outstanding - 1.702M | 3.3 |
| Additional paid-in capital | 193.9 |
| Accumulated deficit | (106.7) |
| Total MIC stockholder equity | 90.6 |
| Noncontrolling interest | 101.6 |
| Total equity | 192.2 |
| Total liabilities and equity | 437.1 |

MOBILE  
IMPROVEMENT

59

APPENDIX

# Historical financials: income statement

$ in thousands

## Consolidated Income Statement

|  | 2019 | 2020 | 2021 | Q1 '22 | Q2 '22 | Q3 '22 | 2022 YTD |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Total revenues to MIC | $22,794 | $16,594 | $20,424 | $6,380 | $7,405 | $8,418 | $22,203 |
| Total operating expenses | (5,578) | (6,295) | (6,965) | (2,673) | (2,575) | (2,413) | (7,661) |
| Other income and expenses | (59,712) | (34,348) | (25,820) | (7,985) | (8,827) | (10,601) | (27,413) |
| Net income | ($42,496) | ($24,049) | ($12,361) | ($4,278) | ($3,997) | ($4,596) | ($12,871) |
| Plus: Depreciation & amortization | 5,172 | 5,206 | 5,850 | 1,967 | 2,021 | 2,137 | 6,125 |
| Plus: Impairment | 1,452 | 14,115 | - | - | - | - | - |
| Plus: Non-recurring expenses | 32,255 | 3 | - | 958 | 1,567 | 2,168 | 4,693 |
| Plus: Interest expense | 9,513 | 9,274 | 9,536 | 2,539 | 3,168 | 3,387 | 9,094 |
| Less: Non-operating income | (2,809) | (1,249) | 1,259 | (15) | (343) | (71) | (429) |
| EBITDA | $3,087 | $3,300 | $4,284 | $1,171 | $2,416 | $3,025 | $6,612 |

\*EBITDA is a non-GAAP financial measure. Please see 'Non-GAAP Definitions' page for further detail

MOBILE  
IMPROVEMENT60

APPENDIX

# Non-GAAP Definitions

1. **Property operating expenses:** Includes real estate taxes and insurance and may exclude other operating expenses such as repairs and maintenance expense, certain legal fees and bad debt expense, which MIC considers to be nominal in future periods
2. **General & administrative expenses:** Includes corporate overhead, legal and professional fees and other expenses necessary to conduct our business. General & administrative expenses excludes certain non-cash compensation costs and other certain non-recurring, project-based costs
3. **NOI:** NOI or net operating income is calculated as total rental income less property operating expenses and differs from other measures of net operating income because it excludes other operating expenses
4. **EBITDA:** EBITDA is calculated as NOI less general & administrative expenses
5. **RevPAS:** RevPAS refers to “revenue per available stall.” It is an average measure of contracted rate and utilization at MIC properties over a specified time period. We define RevPAS as annual gross parking revenue divided by the total number of spaces in the portfolio, divided by 12 (please note that this calculation represents a *monthly* RevPAS figure)

MOBILE INFRASTRUCTURE

61