EX-99.2 8 tm2038448d1_ex99-2.htm EXHIBIT 99.2

 

Exhibit 99.2

 

38448-1-ba_2_page_01.jpg U R B A N A I R M O B I L I T Y

 

 

 

38448-1-ba_2_page_02.jpg  Confidentiality, Forward Looking Statements and Non-Reliance These materials are not intended to form the basis of any investment activity, decision or any decision to purchase securities. They do not constitute or form part of an offer to sell or issue, or a solicitation or an offer to purchase or subscribe for, any securities or other interests in the Company (as defined below) or any related entity. This presentation, the information contained herein and the materials accompanying it (collectively, this “Presentation”) contains confidential, material and non-public information regarding Experience Investment Corp. (the “Company”), Blade Urban Air Mobility, Inc. (“Blade”) and the proposed transaction described in this Presentation and is provided to the recipients (the “Recipients”) of this Presentation on the condition that the Recipients agree to hold it in strict confidence and not reproduce, disclose, forward or distribute it in whole or in part to others at any time without the prior written consent of the Company and Blade. By accepting this Presentation, the Recipients expressly agree to maintain the confidentiality of the material and information contained or accompanying it and to use this Presentation in accordance with its compliance policies, contractual obligations and applicable law, including federal and state securities laws. This Presentation does not purport to contain all of the information that may be required by the Recipients to evaluate the Company, Blade and the potential transaction described in this Presentation and the Recipients should rely on their own independent analysis and should seek their own legal, accounting and other relevant professional advice to assess the accuracy and completeness of this Presentation. Acceptance of this Presentation further constitutes your acknowledgement and agreement that none of the Company, Blade and their respective affiliates and their and their respective affiliates’ directors, officers, employees, partners, shareholders, controlling persons, agents or advisers (collectively, their respective “Representatives”) (i) makes any express or implied representation or warranty as to, or in relation to, the accuracy or completeness of the information contained in this Presentation, errors therein or omissions therefrom or any other written or oral communication transmitted to any interested party in the course of its evaluation of the Company, Blade or the potential transaction described in this Presentation or (ii) shall have any liability to the Recipients or their Representatives relating to or arising from the information contained in this Presentation, errors therein or omissions there from, or any other written or oral communication transmitted to any interested party in the course of its evaluation of the Company, Blade or the potential transaction described in this Presentation. The Recipients shall ensure that any person to whom it discloses any of this information complies with this paragraph. Misuse of some or all of the information contained in these materials (and any other information which may be provided to the recipient) or of any other confidential matters relating to a possible securities offering by the Company or any related entity may constitute behavior amounting to market abuse. Any such information is given in confidence. This Presentation includes “forward looking statements”. Terms such as “anticipate,” “believe,” “will,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “should,” “would,” or similar expressions may identify forward-looking statements, but the absence of these words does not mean the statement is not forward-looking. Such forward-looking statements include estimated or projected financial information. Such forward-looking statements with respect to revenues, earnings, performance, strategies, prospects and other aspects of the businesses of the Company, Blade or the proposed transaction described in this Presentation are based on current expectations that are subject to known and unknown risks and uncertainties, which could cause actual results or outcomes to differ materially from expectations expressed or implied by such forward-looking statements. Actual events or results may differ materially from those discussed in forward-looking statements as a result of various risks and uncertainties. Recipients are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance. Recipients should carry out their own due diligence in connection with the assumptions contained herein. The forward-looking statements in this Presentation speak as of the date of this Presentation. Although Company or Blade may from time to time voluntarily update its prior forward-looking statements, each disclaims any commitment to do so whether as a result of new information, future events, changes in assumptions or otherwise. This Presentation includes certain financial measures not presented in accordance with generally accepted accounting principles (“GAAP”), including, but not limited to Adjusted EBITDA and other metrics derived therefrom. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing the Company’s or Blade’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. In addition, historical financial measures included in this Presentation have not been audited and are subject to review and adjustment accordingly. You should be aware that the Company’s and Blade’s presentation of these measures may not be comparable to similarly-titled measures used by other companies. By reading this Presentation, you will be taken to have represented, warranted and undertaken that you have read, understood and agreed to be bound by the terms and limitations set forth in the disclaimer above. If you are unable to agree the foregoing, please read no further and promptly return these materials to the Company or its advisers and destroy all copies in your possession. 2

 

 

 

38448-1-ba_2_page_03.jpg Co-founder and General Counsel and Chief Technology Chief Financial Officer Chief Executive Officer Director Chief Investment Officer Development • Previously a • Previously worked • Previously at Oak company of golf clubs in the Development Previously COO of and at Deustche • Previously at Pryor • • Previously at Pivotal Labs, and IAC • Previously at Moelis • Previously a Group Current Director aerospace M&A • Capital Partners 3 Boston TODAY’SPRESENTERS Eric Affeldt Marty Newburger Michael Mohapp Rob WiesenthalMelissa Tomkiel Brandon KeeneWill Heyburn Chief Executive Officer President, Fixed WingOfficer and Head of Corporate •Previously CEO of •Currently a Partner•Currently a Principal •Previously CFO •Previously General •Previously at •Previously at formerly publicly-at KSL Capitalat KSL Capital Sony Corp. of Counsel and Microsoft afterRedBird Capital listed ClubCorp, PartnersPartnersAmerica and Head President of LIMAselling group Partners one of the largest of Sony Corp. NY Corp. (Part 135 messaging app owner and operator Global Corporate Air Carrier) GroupMe to the world Director at Citigroup at Citigroup Hill Advisors Bank Warner Music Cashman Principal at KSL and Company in and Chair of Auditand restructuring Committee, Tripadvisor, Inc. •Previously a managing director in M&A group at Credit Suisse First BLADE Experience Investment Corp. and KSL Capital

 

 

 

38448-1-ba_2_page_04.jpg 3 4 eVTOL is expected to improve unit economics and existing products • 167 different eVTOL aircraft under development • BLADE is 1 of 1 — poised to benefit regardless of 6 strategic infrastructure secures its leading position in BLADEISPOSITIONEDTO RE-SHAPETHEAIRMOBILITY LANDSCAPE An end-to-end urban air mobility platform leveraging captive infrastructure, customer and operator technologies, 200,000+ users, and a well-known global brand 1 2 •BLADE’s business model is proven and is profitable; dramatically expand the addressable market of BLADE’s 5 which is first to market 7•BLADE’s extensive customer base and control of the future of urban air mobility 4 BLADE is strategically positioned to deploy next generation verticraft (eVTOL) profitably and at scale First-mover advantage and loyal customer base have created significant barriers to entry Recognized and valuable Urban Air Mobility brand Captive strategic infrastructure in place today, additional capital will enable further expansion via actionable targets and new routes Large addressable and serviceable markets that are only getting bigger as urban congestion escalates #1 market share in our key short-distance aviation markets, bringing credibility to new market expansion Strong management team with domain expertise and public market experience Proprietary technologies and asset-light model enables flight volume growth and accelerates launch timeline for new markets BLADE 2024+ BLADE Today

 

 

 

38448-1-ba_2_page_05.jpg • ~$13 billion of equity capital raised over 15 years (NYSE:MYCC), led over 60 acquisitions • Made over 40 investments exclusively in the travel & leisure space by Institutional Investor over 30 years, most notably with Ross Aviation billion-dollar M&A exit • Kenneth Lerer (Board Chairman) – Lerer Hippeau; Co-Founder, Huffington LODGES 5 • Eric Schmidt – Former CEO, Google EICANDKSLWILLFORTIFY ANDACCELERATEBLADE’SGROWTHPLAN experts that could serve on BLADE’s Board •Former President & CEO of ClubCorp •90 investment professionals based globally •Former President of General Aviation Holdings •Named the best CEO in consumer-leisure in 2015 •Significant relevant experience with investments in FBOs / aviation Eric Affeldt •Former Cedar Fair (NYSE: FUN) Chairman (’12-’17) •Serves on the board of United Airlines and Hasbro •Co-founded Lycos, one of the first internet search companies; taking it from a start up to a multi-Ted Philip Strategic / Institutional Venture Capital • •Lerer Hippeau •Colony Northstar •Raine Ventures LUXURYPrivate Venture Capital Post •David Zaslav – CEO, Discovery Inc. •Barry Diller – Chairman, IAC; Former CEO: Fox, Paramount Pictures Key Existing BLADE Investors BLADE will leverage and partner with KSL’s portfolio companies to generate attractive growth opportunities KSL Portfolio Companies EIC Industry Expertise KSL and EIC have a deep network of industry Significant relevant experience with a platform solely focused on travel & leisure Platform Expertise

 

 

 

38448-1-ba_2_page_06.jpg BLADE is a global urban air mobility platform Through our powerful brand, user-friendly customer experience, strategic infrastructure, proprietary technology, 200,000 users, and asset light business model, we’ve built a platform which accommodates use of the current generation of aircraft, and a transition to eVTOL tomorrow.

 

 

 

38448-1-ba_2_page_07.jpg − If we don’t fly, we don’t pay HOW BLADE WORKS WITH ITS OPERATORS ON AN ASSET-LIGHT BASIS BLADE dramatically increases our operators’ volume, revenue predictability, and reduces their fixed costs BLADE buys aircraft time by-the-hour from our operators, covering all costs associated with flights − Fixed pricing at discounted rates − Aircraft branded BLADE − Dedicated aircraft availability 7 Helicopter Operator Aircraft & InsuranceHangarsCustomer Service MechanicsPilots & TrainingTechnologyCustomer Experience Staff Marketing BLADE BrandTechnologyCustomer Service Strategic Infrastructure UsersCustomer Experience Staff BLADE leases terminal space from heliports and airports

 

 

 

38448-1-ba_2_page_08.jpg  BLADEOVERVIEW Key Business Lines Short-DistanceBLADE AirportBLADE MediMobilityInternational JVs (e.g., Manhattan to/from Long Island, et. al.)(e.g., Manhattan to/from LGA, JFK, EWR)Rapid Organ Movements for Human TransplantBLADE India $402m (1) Calendar year figures. Unaudited management financials, subject to material change. 8 Projected 2024E Product Mix Revenue (1) 28 Scheduled Routes BLADE AirportNortheast Short DistanceJet, MediMobilityWest Coast, Other Prior Year 2019A Product Mix $33m Revenue(1) 10 Scheduled Routes BLADE AirportNortheast Short DistanceJet, MediMobilityWest Coast, Other

 

 

 

38448-1-ba_2_page_09.jpg 9 GLOBALTRAFFIC CONGESTIONIS APROBLEMANDISGETTING WORSE… Based on target or current BLADE urban areas (NYC, Boston, Philadelphia, Washington D.C., LA, San Francisco) 45% - 65% 26% - 40% 4.7mph vs 9.1mph Increase in commute% of total drive timeAverage car speed in during rush hourstuck in traffic NYC (2019 vs 2012) Traffic congestion cost the economies of these cities $35bn 95% 243 Hrs 65% 149 Hrs Increase inSitting in trafficIncrease inSitting in traffic commute timeeach yearcommute timeeach year Source: INRIX, TomTom, management analysis. Increase in commute time during rush hour vs. drive time without traffic. Tokyo Mumbai Outside of the US, Traffic is Even Worse US Commuters are Spending More Time in Traffic Each Year

 

 

 

38448-1-ba_2_page_10.jpg BLADESOLVESTHISPROBLEM

 

 

 

38448-1-ba_2_page_11.jpg (1) Represents high-end pricing Travel Time (minutes) Travel Time (minutes) BLADEREDUCES TRAVELTIMEANDANXIETY—ATPRICESLESSTHAN ORCOMPARABLETOALTERNATIVES 0:58 – 1:58 faster 5 0 Source: Big Three consultancy hired by the company, management analysis 11 Case study: Manhattan (Hudson Yards) – JFK Case study: NYC – Philadelphia 1:50 faster 200 180 160 140 120 100 80 60 40 20 0 DrivingRegional AmtrakAcela Transfer from CityBoarding/UnloadingGate-to-Gate TimeTransfer to City $425 Amtrak Acela (1)BLADEFlight (LGA –Phil)(1) 1:30 – 2:30 140 120 100 80 60 40 20 0:47 faster Potential Traffic Delay 1:19 Potential Train Delay 90 17 52 0:32 10 10 10 DrivingSubway/Airtrain BLADE Transfer from CityTransit TimeBoarding/UnloadingLanding Zone to Terminal $250 services at high UberBlackBLADELimo/Black Car $215+$195 Premium car end of range Surge Pricing $130 $110 $295$295 11 Unlimited $95/seat flights with annual $795 Airport Pass 3:00 180 0:45 faster 15 1:55 90 15 75 1:10 15 30 10 10 10 15 15 15 BLADE

 

 

 

38448-1-ba_2_page_12.jpg 1 + + = JFK Passengers Newark Passengers LaGuardia Passengers Annual NYC Airport Source: Big Three consultancy hired by the company, management analysis MASSIVEMARKETFORAIRPORTIN NYC… TAM of 27 million passengers per year in New York City alone, with 3-5m passengers identified through surveys indicating they would pay to use a helicopter service, represents up to a $1bn revenue opportunity pre-eVTOL 63m46m31m140m Passengers Market Addressable Airport in 2024 represent: Of 5m 2024 SAMOf 27m 2024 TAM Max At A Single Max Leaving or Arriving a 12 Projections for BLADE~8%~1%6 Landings28 Fliers Airport in One HourSingle Airport in One Hour Serviceable Addressable Market (SAM) is defined as high-income travelers who, based3m – 5m 3on surveys, have indicated they would use a $195 helicopter service to/from NYCFliers Would Pay $195 for airportsa Helicopter Service Serviceable Market 27m 2Remove connecting passengers, and passengers traveling to/from outside ManhattanPassengers Between Airports and Manhattan Total Addressable

 

 

 

38448-1-ba_2_page_13.jpg 1 + + + = Annual Northeast NYC <> Philadelphia NYC <> Boston NYC <> DC Philadelphia <> DC Source: Third-party consultancy hired by the company, management analysis NORTHEASTCORRIDORMARKETISEVENLARGER $1 to $2 billion serviceable addressable market pre-eVTOL, with nearly 40 million passenger total addressable market 24m20m9m5m58m Corridor Trips Addressable Addressable 2024 represent: Of 7m 2024 SAMOf 39m 2024 TAM Per Heliport PerLeaving or Arriving a Single 13 Projections for Northeast in~5%<1%5 Landings21 Fliers Hour On a RouteStation in One Hour Per Route Serviceable Addressable Market (SAM) is defined as high-income travelers who, based4m – 7m 3on surveys, have indicated they would use a helicopter serviceInterested, High-Income Travelers Serviceable Market 2Apply capture rates by current mode of transportation (e.g. – car, train, bus) 39m Relevant Passengers Total Market

 

 

 

38448-1-ba_2_page_14.jpg Southern California Northern California Annual West Coast Trips Source: Third-party consultancy hired by the company, management analysis WESTCOAST $3 to $5 billion serviceable addressable market, pre-eVTOL, with a more than 200 million passenger total addressable market 1188m+144m=332m Addressable Addressable in 2024 represent: Of 30m 2024 SAM Average Daily PassengersLeaving or Arriving a Single (1) Morning and afternoon commuter service only 14 Projections for West Coast~1%17427 Fliers Per RouteStation in One Hour Per Route(1) Serviceable Addressable Market (SAM) is defined as high-income travelers who, based21m – 34m 3on surveys, have indicated they would use a helicopter service Interested, High-Income Travelers Serviceable Market 247m 2Apply capture rates by current mode of transportation (e.g. – car, train, bus) Relevant Passenger Trips Total Market

 

 

 

38448-1-ba_2_page_15.jpg BLADE’s asset-light model, high-touch flier experience, last minute booking patterns, and need Our technology platform combines a comprehensive operator dashboard, automated app providing the company with an ultra-rich data exhaust and the ability to manage thousands Cross-Platform Customer Booking System BLADEBUILTACUSTOMER-TO-COCKPITURBANAIRMOBILITYfor frequent regulatory filings required proprietary software that previously did not exist. TECHNOLOGYPLATFORM 100% proprietary technology, built in-houseregulatory compliance, geo-targeting and accounting system, as well as a dynamic consumer of fliers in multiple markets simultaneously. CUSTOMER FACING APP BLADE INTERNAL FLIGHT VIEW OPERATOR DASHBOARD IN-COCKPIT 15 To be a BLADE operating partner you must utilize the company’s technology platform in addition to passing comprehensive safety, operating and regulatory diligence

 

 

 

38448-1-ba_2_page_16.jpg THE TECHNOLOGY BACKBONE FOR URBAN AIR MOBILITY Cockpit Technology Platform Manages DOT Part 380 filing and escrow requirements Drives cost efficiency, increases flight throughput, and • Data exhaust 16 Comprehensive Operator/Accounting/ BLADE’s cloud-based air mobility platform works from customer-to-cockpit Scale More Flights, More Locations, Less Work • Automated Workflows / Communication • Complex Business Rules Made Easy • Cross Platform • Cloud Hosted • Intelligent Airspace / Landing Restrictions • Works for All Aircraft Types EfficiencyAutomated Communications Intelligent Software Lower Cost, Higher MarginIntelligently updates passengers and informs the relevantIntegrates complex airspace/aircraft restrictions and • Automatic Arrival/Departure LogsBLADE Lounge teams to enable real-time manifest updates,business rules into an easy-to-use software solution • Realtime Flight Trackingincreasing utilization and improving the customer experience • Optimized Aircraft Routing • Weight, Balance, Baggage Alerts/Workflow ScopeCERTIFICATE OF COMPLETION Full Stack Solution For Entire Value Chain • Accounting • Analytics • Audit Log “Digital Footprint” • CRM • Operator Dispatch • Passenger Communications • Pilot Mission Management • Sales / MarketingRoute Optimization + TrackingSeamless Regulatory Compliance • Scheduling improves customer communicationsthrough auto-generation and e-signing of regulatory filings

 

 

 

38448-1-ba_2_page_17.jpg STRATEGICINFRASTRUCTURE: Strategic Infrastructure PRIVATETERMINAL/LOUNGE NETWORK BLADE Lounge East BLADE Lounge West BLADE Downtown LA Rooftop Lounge BLADE Lounge Westchester BLADE Aqua Lounge BLADE Lounge Miami BLADE Lounge Nantucket BLADE Lounge Pune, India Note: Additional lounges in Manhattan (Wall Street) and India (Shirdi, Mahalaxmi)17 Enables Security, Health and Safety, Passenger Management, Baggage Handling and Brand Sponsorships Key BLADE Lounges

 

 

 

38448-1-ba_2_page_18.jpg CAPTIVESTRATEGICINFRASTRUCTUREINTHEMOST Strategic Infrastructure IMPORTANTROTORCRAFTMARKETINTHEWORLD NY/NJ/CT Airport and Commuter 18 BLADE has held #1 market share in the New York City area by-the-seat helicopter market since 2015

 

 

 

38448-1-ba_2_page_19.jpg STRATEGICINFRASTRUCTURE–CURRENT ANDFUTURE East 34th St. Baltimore MD Long Island NY Strategic Infrastructure San Francisco West 30th St. Washington DC Nantucket MA Manhattan (4 locations) East 23rd St. Seaplane Westchester NY Base Southeast NJ Philadelphia PA Wall St. Wilmington DE Los Angeles CA Existing Infrastructure Future Investments & InfrastructureMiami FL Present International Infrastructure Pune India (1) Indian infrastructure controlled by BLADE India joint venture in which BLADE holds a minority stake (with the ability to increase ownership through additional investment) and receives a percentage of revenues and profits as a royalty. 19 (1) Mumbai India (2 locations) Shirdi India Actionable Future International Expansion Vancouver Canada Jakarta Indonesia Tokyo Japan

 

 

 

38448-1-ba_2_page_20.jpg Bell 407 BLADE branded aircraft with “as-new” condition interiors and exteriors – P R I M A R Y A C C E S S I B L E F L E E T HOWBLADEOPERATORSARECHOSEN ▪ BLADE partners with safety vetted third-party operators to arrange flights for its customers ▪ BLADE does not own any aircraft ▪ Each operator must pass comprehensive safety evaluations including: –In-person audits of pilots, aircraft, mechanics and facilities by our in-house Head of Safety (former military, NYPD pilot and head of Fortune 50 corporate aviation department) –Insurance, maintenance, FAA and DOT records check, and pilot background checks ▪ Operators must also meet BLADE’s standards for customer experience and operational efficiency: Sikorsky S-76 –Scheduled maintenance review (time between overhauls, annual inspections) –Use of BLADE’s operator dispatch and accounting dashboard technology Grand Caravan EX Amphib 20 BLADE standards of “flyability” of our missions are often more stringent than FAA guidelines

 

 

 

38448-1-ba_2_page_21.jpg Source: Public filings and management estimates eVTOL –– BLADE’SCATALYSTFORGROWTHINURBANAIRMOBILITY ▪Electric Vertical Take-Off and Landing aircraft ▪Piloted ▪Quiet ▪Safe (Engine Redundancy, Fly-by-Wire, limited moving parts) ▪Zero Emissions (Full Electric Operation) ▪Lower Cost of Manufacture and Operation ▪180mph+ cruising speed vs. ~150mph for rotorcraft ▪Certification by FAA in 2023 (BLADE model reflects 2025) Given low costs, low noise footprints, and zero emissions, eVTOL are poised to supercharge BLADE’s business while leveraging the air mobility platform we have been building for 6 years 21

 

 

 

38448-1-ba_2_page_22.jpg  OVER$5BILLION INVESTEDIN eVTOL AIRCRAFTOVER5YEARS Tens of thousands of successful flights across the universe of eVTOL platforms BoeingAirbusBLADE Investor/Partner • Lead investor in BLADE’s Series B round • Major investments across the UAM landscape including Aurora Flight• Developing airspace management system for eVTOL service Sciences, SkyGrid, and Kitty Hawk/Wisk• Performing trial flights for last mile cargo delivery LiliumJoby Aviation • $721 million raised, including $590 million from Toyota • $375 million raised• Began type certification program with FAA in 2018 • Developed and flown two variations of eVTOL prototypes• Received airworthiness approval by the U.S. Air Force for military use BellBLADE Partner Volocopter • $140 million raised • Currently testing cargo-only eVTOL prototypes with lead customers • UAM alliance with BLADE• Passenger flights in Singapore and Dubai22

 

 

 

38448-1-ba_2_page_23.jpg  REGULATORYOFFICIALS AREFOCUSEDON eVTOL CERTIFICATION 23 Once approved by regulators, eVTOL adoption will rely on existing infrastructure, FAA rules and air traffic control systems – BLADE’s existing platform provides the expertise, scale and consumer trust to transition to eVTOL Earl Lawrence FAA Aircraft Certification Service Executive Director “I have four active formal applications for electric vertical-lift aircraft right now that are going to be the urban air mobility aircraft of the future. These aren’t concepts; these are full-up active type certification projects. And I expect to be issuing a type certificate to one of these aircraft prior to 2022.” Jay Merkle FAA UAS Executive Director “We really cracked the code on how to take decades-old aviation [rules] and get to the essence of each of those requirements and say ‘What was the safety goal here?’…It is absolutely not true that there need to be all new regulations governing Urban Air Mobility.” Steve Dickson FAA Administrator “We are currently engaged with the builders of more than 15 electric vertical takeoff and landing Urban Air Mobility aircraft projects. In January, we saw North America’s first public demonstration of an autonomous two-seat flying taxi…”

 

 

 

38448-1-ba_2_page_24.jpg THEMARKETSWESERVE Powerful Brand and 200,000+ User Base THEBLADEBRANDRESONATESIN NYC Urban Air Mobility Aspen Northeast Cabin Class Service BLADE West –– Hudson Yards Nantucket BLADE “Safe SUV” Service BLADE Westchester BLADE Mumbai Amphibious Seaplane 24

 

 

 

38448-1-ba_2_page_25.jpg BRANDSPARTNER WITHBLADE Powerful Brand and 200,000+ User Base Beverages Technology Entertainment Hospitality Transportation Fashion Beauty Realty / Finance BLADE works with partners on a category exclusive basis to amplify flier exposure across BLADE’s suite of services and geographies. Uber Disney+ Deals are for cash, products, in-kind. or services Diageo Coca-Cola 25 Note: Represents current and former BLADE partners.

 

 

 

38448-1-ba_2_page_26.jpg THE WORLD HAS TAKEN NOTICE Bloomberg NYC Executives Commuting to Work by Air From Vacation Homes ..,.. Blade's monthly comnmter pas&es fron1Hamptons have so]d out ..,.. Just not com.f:Ortable'' having my fami]y in NY, a cmnmute·says •........................................................................................................................................................................................................................................................... Company Update Equity Research ...._, PPENHEIME Uber TechnologiesInc. I • Uber Cople:r 11aunching1 July 20'119, llo·wer Manhattan to' JFK. Eight minille liide wi'll cost $200-$225, initially 5 Vaiilabl.e to Uber Platinum/Diamond Rewards members only. Whil'e liky unprofitable on a per-seat basis vs. maliket-leader Rriatety-hldl Bld'e,1his wflll spedl Uber's1eam:ing1.Per Blade,NYC TAM for airport l'lel1copter ndes 1s $2..SB (assum'lngl $95· per seat for automotive travel). <t!be Nttu §orl{<t!intes Take the Hamptons Helicopter; Get the Tamara Mellon Outfit? <t!bt Netu §orl{<!times California Today: Would You Pay $195 to Take a Helicopter to Work? Blade, a start-up based in New York, saw the commuting nightmare as a business opportunity. Earlier this year the company started daily helicopter flights across the Bay. For $195 you can hop from Oakland to Palo Alto. The new romper and jumpsuit uniforms, designed by Tamara Mellon for employees of Blade helicopte service. TIMES TUESDAY 4 DECEMBER 2018 True JFK express Helicopter-sharing app Blade pairs with NYU Langone to speed transplant organs Time is of the essence when it comes to organ transP-l ants. That's why the helicopter TechnoiOQY sector Helicopter ride app Blade et sigl1 I Liftoff for lly RICHARDMORGAN 11}ill!< LtXi> l1ve finally tome to the lltgi\prlc and they \\ant to w.k..-you 10 Jl K nndb.Jck RIJJthe c;hvn'"1.1.,.tJfk."'\! ;n·i.uinn 'omp.m)' kno\o\ n tor tl!t hellc,>rter th ht.s hJ 1hI f..:unphm'-i' nnw uiTc.:r illr lUX1 ---1-$195 taxi to · L:' the tarmac U.."'-'r.. •Ji') tor a O.¢lt from M.mhatun to JFK - but in on111clia expan io11 I ...tal1l"t.', L:tw11..lw.-d in f.muary 2015 · a t.-ruv.d c;o\Jr\.'\..--d M:r· vire that ch.:lfW"li fin.Himt.• Routes from Mumbai o Pune and Shirdi included in US app's first sharing app Blade - largely used to transport elite New Yorkers to surrounding airports and destinations like the Hamptons in the summertime-has paired with NYU Langone Health to more quickly transport donated organs to transplant patients in need. M;i)'2'01CHtsrkJey, sovcr Allhouh Blad•'· "'rv1cc i' '\l.lrtint nut u"-inv Bell ..l.()(l ht:hcortcr>. t he tdcJ j,lu repl antho<·..,w· ?lt.:r.; With t'tij:!, C h.."'Ctrt foreign ven ure ; ; :"\:;',o.;J "--.. .:=.., SIMO N MUNDY • MU BAI · --"-' FINANCIAL F T.COM N TS K EY PO

 

 

 

38448-1-ba_2_page_27.jpg  BLADEISPOSITIONEDFOR LEADERSHIPINGLOBAL AIRMOBILITY BLADE has methodically built the infrastructure, technology and customer base required to seamlessly introduce eVTOL to our captive vertical transportation markets, creating an irreplicable platform for global expansion Phase 1 Phase 2 Phase 3 ‒ 11 vertiport terminalsFortify leading market position by ‒ Launched first Internationalexpanding Northeast and WestOperate current routes with eVTOL market in India (2019)Coast footprintaircraft, reduce pricing to expand ‒ Scaled operations to ~37kvolumes and reduce costs passengers flown per yearEnter additional new markets through M&A 2014-20202021-20242025-2026 Build Platform and Customer Base with Existing Aircraft Technology Transition Existing Customers and Routes to eVTOL (1) Source: Wall Street Research, 2040 market size estimate 27 Existing Routes Begin Transition to eVTOL Expand Route Network Built a Scalable Platform Add 5-10 new markets per year ‒ BLADE is the only eVTOL platform in the world operating at scale 2027+ $674 billion Global Market Size Opportunity(1) Global Expansion Accelerate Global Expansion

 

 

 

38448-1-ba_2_page_28.jpg HISTORY – PHASE 1 airports in Q3), driving significant growth. BLADE Airport operated at a 20k flier/year and MediMobility (launched Q4 2019) coupled with modest growth in BLADE’s core respectively, year-over-year in 2020 (year-to-date March 14, 2020)(1) BLADEOPERATINGMETRICS (1) 2014A2015A2016A2017A2018A2019A Key Takeaways •Positive gross margin in all years •Expansion from 2014 to 2018 driven by growth in existing core business with minimal contributions from new routes •BLADE Airport service to JFK launched in Q2 2019 (expanded to all NYC-area run-rate by end-of-year 2019 •2020 pre-Covid revenue forecast was based on realizing a full-year of BLADE Airport routes •Prior to Covid shutdowns, BLADE revenues and passengers were up 61% and 127%, 2014A2015A2016A2017A2018A2019A2020E (1) Historical and projected unaudited revenue for calendar years, based on management financial information (subject to mat 2019 vs 2020 erial change) 28 (1) ($ in mm; Passengers in 000s) $28.4 $3.1 RevenuePassengersRevenueRevenue (YTD March 14)(YTD March 14)(YTD October)(October) 20192020 $5.04.7 $19.5 $1.6$2.4 2.1 +51% +127% +61% (31%) (1) $50m Budget Pre-Covid Revenue ($ in mm) $33 $25 $25 $18 $12 $2 $7 Passenger Growth 37,401 23,997 18,581 1,2182,484 13,794

 

 

 

38448-1-ba_2_page_29.jpg significant attributed volume Flight time per trip is pre-negotiated for all key routes.BLADE pays only if we fly ILLUSTRATIVEUNITECONOMICS:ONE-WAYAIRPORTFLIGHT Cost structure is 100% variable on a per flight basis—if we don’t fly, we don’t pay.Given six-seat aircraft capacity and profitability on third seat, unit economics are ideal to achieve profitability at any scale Commentary Flight RevenueSix seat capacity per helicopter Less: Landing FeesFixed landing fees paid to heliports and airports. BLADE enjoys reduced landing fees given Less: Flight CostFixed hourly rate paid to BLADE’s operators covers pilots, fuel, maintenance, insurance, hangar, etc. Gross MarginProfitable on third seat Plus: Landing Fee Savings Ownership of key infrastructure would result in further reduction of landing fees Plus: Fuel Cost Savings Elimination of fuel margin charged by infrastructure owner creates pass-through fuel cost savings Pro-Forma Gross Margin 29 Single Flight P&L

 

 

 

38448-1-ba_2_page_30.jpg Phase 3 BLADEPROJECTEDFINANCIALRESULTS RevenueNo use of passenger eVTOL assumed before 2025 ($ in mm) Phase 2 BLADE Airport Northeast Short Distance MediMobility, Jet West Coast, Other 2020E 2021E 2022E 2023E 2024E 2025E 2026E Note: Northeast Short Distance includes Hamptons and Charter (excl. Jet and MediMobility); Jet includes Enhanced Aviation; West Coast, Other includes Brand Activations and Add-Ons. Calendar year figures. 30 Adjusted EBITDA ($ in mm) $81 $326 $179 $(6) $(12) $(20) $(13) Asset-light model requires minimal CapEx $402 $875 $601 $181 $25 $52 $85 2020E 2021E 2022E 2023E 2024E 2025E 2026E BLADE revenues were up 61% year-over-year prior to Covid shutdowns (YTD March 14, 2020)

 

 

 

38448-1-ba_2_page_31.jpg  SIGNIFICANTUPSIDENOTINCLUDEDINFINANCIALPROJECTIONS BLADE will be appropriately capitalized to pursue multiple immediately actionable additional areas of growth that are not included in the financial model Philadelphia, et. al. and operations to launch commuter services in agencies -BLADE’s increased volume should result in lower cost structure (1) BLADE holds a minority state (with the ability to increase ownership through additional investment) and receives a percentage of revenues and profits as a royalty 31 Operational Upside Domestic “Spoke” Expansion from New Hubs -Northeast corridor launch will leave BLADE with a strong operational footprint in DC, Boston, -Opportunity to leverage Northeast infrastructure new BLADE hub cities (e.g., Boston, DC) Dynamic Pricing and Bundling Upside -A/B testing has shown that fliers will be willing to pay more at peak times -Signed bundling deal for BLADE Airport with one of the largest publicly-traded online travel Reduced Cost of Flying costs per hour of flight; model assumes current Strategic Acquisitions UAM Acquisitions -Ideal time to pursue accretive M&A in the fragmented UAM ecosystem given current Covid-19 overhang and legacy aviation valuation metrics -Identified M&A opportunities to acquire hundreds of thousands of short-distance fliers -Proven asset-light deal structure to execute M&A to de-risk launch of new routes -Low-risk strategy to bring BLADE platform to new markets around the world Additional Strategic Infrastructure -Potential Partnership with KSL / Ross Aviation unlocks ability to purchase and operate additional strategic infrastructure inside and outside of our current core markets -Establish critical geographic “beachheads” for future UAM service International Expansion BLADE India -Launched in ~6 months -JV structure with royalty and profit share(1) -India JV has plans for growth to $150mm revenues in four-years BLADE Lounge Pune APAC Expansion -MOU signed with large Japanese industrial conglomerate to jointly pursue UAM in Asia -“BLADE-in-a-box” new market rollout process battle-tested through successful India launch

 

 

 

38448-1-ba_2_page_32.jpg  IDENTIFIEDINVESTMENTOPPORTUNITIES BLADE and KSL have identified short-to-mid-term opportunities to invest approximately $300mm to support BLADE’s growth $114mmand logistics bases in the Northeastsavings and repositioning costs $43mmSan Francisco and Los Angelesacquisition routes, cover losses during rampCoast routes will result in initial losses $75mmfliers, routes and new marketsIdentified pipeline of opportunities to acquire $30mmlounge infrastructure (e.g., TSAproducts and build out management team 32 Capital Need Description Commentary Northeast Strategic Infrastructure Actionable acquisitions of heliportsImmediate cash synergies from landing fees, fuel where BLADE has current operations West Coast Strategic Infrastructure Continued strategic infrastructure and customer Route Expansion $50mmFund marketing and launch of newRamp of Airport, Northeast Corridor, and West Opportunistic Acquisitions Proven acquisition template in place to maximize Strategic acquisitions to addcost-savings and maintain asset-light structure. hundreds of thousands of short-distance fliers and remove competitors General Corporate Purposes Support for ecosystem of current routes, enhancements to existingContinue to fortify BLADE’s most important screening) and working capital

 

 

 

38448-1-ba_2_page_33.jpg IS IN THE AIR Source: Public filings and management estimates, value creation based on actual and estimated market capitalization A$500 BILLION ECOSYSTEMOFMOBILITY PLATFORMSANDHARDWAREHAS BEENCREATEDFORGROUNDTRANSPORT …THENEXTBATTLE 33 Air Mobility Asset-Light Platforms Hardware $5bn+ Capital Invested Ground Mobility Asset-Light Platforms Hardware $300bn+ Value Creation $250bn+ Value Creation

 

 

 

38448-1-ba_2_page_34.jpg Existing shareholder rollover equity Existing shareholder rollover equity $356 $356 Equity Value $825 Shares, 15.2% Shares, 43.2% SPAC shareholder, 27.5M 34 Source: Experience Investment Corp. Letter of Intent. DETAILEDTRANSACTIONOVERVIEW SOURCESUSES Capital structure SPAC cash in trust$275Cash to balance sheet$375 PIPE investor cash$125Transaction expenses(1)$25 Valuation PRO FORMA VALUATION Share Price$10.00 PF Shares Outstanding82.5 Timing Plus: Debt$0 Less: Cash($375) Enterprise value$450 ILLUSTRATIVE PRO FORMA OWNERSHIPPRO FORMA OWNERSHIP SPAC sponsor, 6.9M Shares,Ownership BreakdownShares (M) % 8.4% Existing Blade Shareholders35.6 43.2% PIPE shareholders, 12.5M SPAC Shareholders27.5 33.3% Existing shareholderPIPE Investors12.5 15.2% rollover equity, 35.6M SPAC Sponsor6.9 8.4% Shares, 33.3% Equity Ownership82.5 100.0% Note: Assumes no redemptions and $10.00 share price. (1) Inclusive of deferred underwriting commission to SPAC underwriters, legal, PIPE and other fees. • The transaction is expected to close in 1H 2021 • Transaction implies a fully diluted pro forma equity value of $825m • Existing Blade shareholders expected to receive 43.2% of the pro forma equity Total Sources$756 Total Sources$756 • The transaction will be funded by a combination of EIC cash held in a trust account and proceeds from a $125m PIPE, of which KSL has committed to subscribing for ~$20m • Transaction will result in $375m of cash to balance sheet to fund growth

 

 

 

38448-1-ba_2_page_35.jpg  PUBLICCOMPARABLEUNIVERSE platform / network 35 Disruptive technology platforms ▪ Transformed legacy industries ▪ Strong consumer brand ▪ Closed and proprietary ▪ Recurring / reoccurring revenues Recent EV / Mobility SPAC transactions ▪ Precedent SPAC combination transactions of companies linked to mobility and electric transportation solutions Asset-light logistics and transportation ▪Link customers with capacity ▪ Highly scalable, networked solutions ▪ Non-asset ownership model ▪ High free cash flow generation Luxury brands ▪ Aspirational brand positioning ▪ Brand loyalty ▪ Proven pricing power ▪ Sustained product differentiation

 

 

 

38448-1-ba_2_page_36.jpg 4.0x Average: 1.3x 0.7x 1.2x 1.0x 0.8x 38.2x 18.8x 18.3x 2.5x NM NM NM 36 presentation and current SBE share price. VALUATIONBENCHMARKING 15.1x 13.6x 11.7x 7.4x 4.9x 2.0x Average: 38.2x 30.5x32.3x Average: 22.3x Average: 14.9x 15.7x13.4x15.8x 3.6x (1) (1) ChargePoint enterprise value based on pro forma shares outstanding and net debt as disclosed in the publicly filed investor Source: FactSet and company filings as of 12/11/2020. Average: 21.2x 23.5x 14.6x 27.3x28.0x 20.3x NM EV / CY’24E Adjusted EBITDA EV / CY’21E Adjusted EBITDA 8.4x Average: 7.5x 5.2x 11.1x Average: 6.4x 4.4x 1.9x 8.4x8.1xAverage: 8.2x 5.4x EV / CY’24E Revenue EV / CY’21E Revenue 1.1x 2024E 2025E 5.5x 2024E 2025E EV / Adjusted EBITDA EV / Revenue Disruptive technology platforms Recent EV / Mobility SPAC transactions Asset-light logistics and transportation Luxury brands

 

 

 

38448-1-ba_2_page_37.jpg will have ~$375m on the balance sheet $1,460 ▪ Significant opportunities for spend on $1,135 $450 Source: FactSet and company filings as of 12/11/2020. TRANSACTIONPRICEDATADISCOUNTTOPEERMULTIPLES ▪ 2024E EBITDA is pre-eVTOL ▪Pro forma for the transaction, company $845 strategic infrastructure acquisitions $657 (Discount rate: 20%) ▪ Applies a range of 14.0x –18.0x to Blade’s 2024E EBITDA to arrive at an implied future enterprise value. The future enterprise value is discounted back 3 years to December 31, 2021, to arrive at an implied discounted enterprise value ▪The applied range of multiples is centered around Blade’s peer group Note: All mentions of EBITDA refer to adjusted EBITDA 37 Summary of approach EV / EBITDA Metric Implied future enterprise valueImplied discounted enterprise valuePost-money enterprise value CY 2024E $81.1m 14.0x – 18.0x 8.1x – 10.4x 5.5x CY 2025E $179.4m 6.3x – 8.1x 3.7x – 4.7x 2.5x EV / Revenue Metric CY 2024E $402.4m 2.8x – 3.6x 1.6x – 2.1x 1.1x CY 2025E $601.4m 1.9x – 2.4x 1.1x – 1.4x 0.7x 67% upside to midpoint of the 2024E pre-eVTOL range 208% upside to midpoint of the 2025E range $1.2bn - $1.6bn range using 2025E EBITDA with 4-year discounting Post-money valuation Discounted value of comparable companies Comparable companies Commentary Transaction enterprise value Implied EV based on comparable companies current trading valuations

 

 

 

38448-1-ba_2_page_38.jpg ENDIX APP 38

 

 

 

38448-1-ba_2_page_39.jpg to increase our ownership through additional investment INTERNATIONALJV: BLADEINDIA BLADE expands to international markets where we have strong local partners, leading operators, existing heliport infrastructure and compelling value propositions for fliers In India, our Joint Venture is with Hunch Ventures, which has deployed over $100MM in consumer facing businesses in India December 2018 announcement was covered on the front page of the Financial Times technology section as well as in CNBC, CNN, GQ, and Forbes JV structure includes royalty paid to BLADE on revenues and profit share mechanism. BLADE owns a minority stake in BLADE India with the opportunity BLADE Lounge Pune BLADE Lounge Mahalaxmi 39 Mahalaxmi (Mumbai) - Pune Business travel route connecting Mumbai and Pune, two of the top five most congested cities in the world, via convenient urban heliports Flight time:40 minutes Drive Time: 3 to 5 hours Mahalaxmi (Mumbai) – Shirdi Religious pilgrimage route. Shirdi is visited by between 25,000 to 100,000 people each day with the average wealthy Indian visiting 2-4 times per year Flight time:45 minutes Drive Time: 5 to 8 hours

 

 

 

38448-1-ba_2_page_40.jpg ETY MEASURES 40 of medical services for large events. INDUSTRY LEADINGHEALTHANDSAF •Stringent health protocols exceeding industry norms, designed by BLADE’s Chief Medical Advisor1 •Includes temperature and blood oxygen saturation screening, as well as electrostatic decontamination of all aircraft interiors prior to every flight •Masks and face shields worn by all BLADE staff •Passengers are required to wear masks for the duration of their journey •BLADE offers an end-to-end closed-solution including our “Safe SUV” ground transport and private terminals enabling zero contact with any fliers not on a passenger’s flight (1) Dr. Andrew Bazos is the Designated Medical Director for FEMA in New York City and is the founder of CrowdRx, a provider

 

 

 

38448-1-ba_2_page_41.jpg % Change YoY COVID-19 HASCREATED NEWOPPORTUNITIES BLADE has, and will continue to, take advantage of COVID-19’s effects on the transportation industry •COVID-19 has created “Synthetic Suburbs” and reduced seasonality of key routes with more people flying on a less frequent basis •COVID-19 has amplified the value of our lounges, which allow BLADE to perform health and safety checks prior to flights. No non-BLADE passengers are permitted entry •Ground vehicle traffic is near pre-pandemic levels due to a shift away from commuter trains, where ridership remains approximately 70% below 2019 levels •The resultant travel downturn has created opportunities for strategic M&A to bolster BLADE’s business plan Source: Metropolitan Transportation Authority; Management research 41 NYC Commuter Traffic/Ridership March 1, 2020 - October 27, 2020 Ground Vehicle TrafficLong Island Rail RoadMetro-North Railroad 0% (20%) (40%) (60%) (80%) (100%) March April May June July August September October

 

 

 

38448-1-ba_2_page_42.jpg  SAFETY All BLADE flights are operated by air carriers certificated under 14 CFR 135 (“Part 135”), which have a superior safety record compared to general aviation (“GA”) helicopters and fixed-wing broadly Accident Rate per 100,000 Flight Hours 6.3 Source: United States Helicopter Safety Team 42 5.29 2.97 2.28 1.05 Commercial GA Helicopter Commercial GA Fixed-Wing Non-Commercial GA Helicopter Non-Commercial GA Fixed-Wing Part 135 Helicopter Less than 1.05 incidents occur every 100,000 flight hours flown by Part 135 helicopter operators. The majority of these incidents are not fatal

 

 

 

38448-1-ba_2_page_43.jpg Phase 3 $875 passenger volume, offset by lower pricing Phase 1 H G (2) TAM on existing routes No eVTOL assumed to carry passengers until • E D C $25 • Reduced cost of flying on a per trip basis $33 aircraft routes; longer distance connections (e.g. – growth and six years of positive gross margin given value proposition and large TAM/SAM until 2026 commuter and airport transfer service accelerated rapidly, running at a 20,000 B• Other ancillary business lines introduced G• Continued growth in existing businesses shared charter, “tilt,” et. al. • Other leisure business lines, airport product paused Source: Company information (2) Projected calendar year estimates REVENUE BRIDGE Multiple avenues for growth in Phase 2 and 3 ($ in millions) Phase 2 (2) J•Growth from eVTOL attributable to expansion of • Lower per seat prices enabled by eVTOL will allow BLADE to service a larger portion of the F$402 J2025 in management projections AB(1) (2) partially offset by fewer available seats per 20142019202020242026• Transition to eVTOL begins in 2025 for shorter A•Northeast commuter routes posted consistent D•Rapid growth expected in Northeast corridor NYC<>Boston, NYC<>DC) do not transition B•Introduction of Blade Airport in Q2 2019E•Expansion of Airport including new Westchester passenger annual run-rate by year-end F•West Coast Expansion focused on LA and SF • Brand activations, MediMobility, scheduled jet, • Northeast commuter routes C•Covid had a significant negative impact on key • MediMobility H•Brand Activations (1) Unaudited revenue for calendar year, based on management financial information (subject to audit adjustment) 43

 

 

 

38448-1-ba_2_page_44.jpg Phase 3 higher density, suggesting upside to $81 contribution Note: Existing routes includes existing business lines. ADJUSTEDEBITDABRIDGE– PHASE2AND3 Profitability across multiple business lines and as a result of infrastructure investments ($ in millions) B$326 •Blade’s operating model supports profitable Phase 2 operation pre-eVTOL A•Network efficiency will also improve with estimates •eVTOL contribution will be significant – but not required for Blade to be a successful public company A•Additional volume – lower price point (e.g. – Airport seat price reduced to $125 from $195) leads to greater market penetration 2020NortheastAirportBrandAdd-onsExistingInfrastructureOther2024AdditionaleVTOL2026 ActivationsroutesInvestmentsGrowthmarginB•Lower cost of flying using eVTOL leads to margin expansion Source: Company information. 44 Key observations

 

 

 

38448-1-ba_2_page_45.jpg BLADE’s infrastructure and systems are designed to reduction in flying cost is assumed, even though surpass peak historical hourly throughput until 2025 DE-RISKED FINANCIALPROJECTIONS BLADE’s plan is focused on low-risk expansion of our existing business and primarily utilizes our existing infrastructure Core Northeast Market ExpansionExisting Infrastructure BLADE has operated in the Northeast since 2014 and hasGrowth plan is calibrated based on current estimates flown hundreds of thousands of fliersof infrastructure capacity, in many cases terminal space is exclusive to BLADE Throughput Comparable to Historical PeakContracted Unit Economics handle compacted demand, our projections do notProfitability based on current unit economics.No increased volume will likely lower hourly rates Existing Technology Platform200,000+ Current Users BLADE’s customer-to-cockpit technology platform has aBLADE benefits from an existing engaged customer proven capability to handle large passenger volumesbase which will speed time-to-market and lower with compacted demandcustomer acquisition costs 45