RealReal : First Quarter 2021 Investor Presentation

Investor Presentation

May 2021

Safe Harbor

This presentation contains forward-looking statements relating to, among other things, the future performance of The RealReal that are based on the company's current expectations, forecasts and assumptions and involve risks and uncertainties. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "expect," "plan," anticipate," "believe," "estimate," "predict," "intend," "potential," "continue," "ongoing" or the negative of these terms or other comparable terminology. These statements include, but are not limited to, statements about future operating results, including the amounts of our operating expense and capital expenditure investments or reductions and our strategies, plans, commitments, objectives and goals, in particular in the context of the impacts of the COVID-19 pandemic and the recent social unrest. Actual results could differ materially from those predicted or implied and reported results should not be considered as an indication of future performance. Other factors that could cause or contribute to such differences include, but are not limited to, the impact of the COVID-19 pandemic and the social unrest on our operations and business environment, any failure to generate a supply of consigned goods, pricing pressure on the consignment market resulting from discounting in the market for new goods, failure to efficiently and effectively operate our merchandising and fulfillment operations and other reasons.

More information about factors that could affect the company's operating results is included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the company's most recent Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q, copies of which may be obtained by visiting the company's Investor Relations website at https://investor.therealreal.com or the SEC's website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to the company on the date hereof. The company assumes no obligation to update such statements.

In addition to financial information presented in accordance with U.S. generally accepted accounting principles ("GAAP"), this presentation includes non-GAAP financial measures adjusted EBITDA, Contribution Margin and Contribution Profit. These non-GAAP measures are presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP. These non-GAAP measures have limitations as analytical tools, and should not be considered in isolation or as a substitute for analysis of other GAAP financial measures. A reconciliation of these measures to the most directly comparable GAAP measures are included at the end of this presentation.

This presentation and the accompanying oral presentation also contain statistical data, estimates and forecasts that are based on independent industry publications or other publicly available information, as well as other information based on our internal sources. This information involves many assumptions and limitations, and you are cautioned not to give undue weight to such information. We have not independently verified the accuracy or completeness of the information contained in the industry publications and other publicly available information. Accordingly, we make no representations as to the accuracy or completeness of that information nor do we undertake to update such information after the date of this presentation.

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Q1 Highlights

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GMV Trends Improved Significantly Q/Q; Q1 GMV increased 27% Y/Y

• GMV of $327.3 million improved 28% Q/Q and increased 27% Y/Y
• Opened neighborhood stores in Brooklyn, Newport Beach, and Greenwich in Q1
• 83.6% of GMV from repeat buyers; Q1 new buyer growth accelerated to 34% Y/Y vs. 21% in Q4
• Total revenue of $98.8 million increased 27% Y/Y
• Direct revenue of $23.7 million increased 83% Y/Y
• Gross Profit of $58.3 million increased 19% Y/Y
• The RealReal B2B vendor program accelerated for 4th consecutive quarter
• Resumed at-home concierge appointments in March with promising signs of pent-up supply
• Well capitalized with $547.9 million in cash, short term investments and cash equivalents

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Recent Strategic Initiatives Position Us for Profitable Growth

COVID-19 RESULTED IN SHORT-TERM DISRUPTION, BUT LONG-TERM OPPORTUNITY MAY INCREASE

Opening neighborhood stores to further engage with customers and unlock supply efficiently; on track to operate 10 neighborhood stores by end of Q2

Capitalizing on large vendor opportunity with potential to grow gross profit per order

Accelerating timeline for Arizona authentication center to support next phase of growth and lower fixed cost per order as we scale; announced closure of our Brisbane, CA authentication center

Introduced virtual appointments; opportunity to increase sales productivity over time

BEGAN 2021 WITH STRONG MOMENTUM; BACK TO

GROWTH IN Q1 AND WELL POSITIONED FOR RE-OPENING

• Returned to GMV growth in Q1 with GMV growth of 27% Y/Y
• Underpinned by Q1 new buyer growth of 34% Y/Y and total a record number of new consignors
• Repeat customer base remains vibrant - over 80% of GMV from repeat buyers/consignors in Q1
• Resumed at-home concierge appointments in March; promising early signs of pent-upsupply

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