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Appendices Index

Sixth Wall Holdings - PE Investment Committee Materials Date: December 2025 Classification: Confidential

Purpose​

The appendices provide essential reference materials supporting the main deliverables (proposal, pitch slides, supporting documentation). These materials are designed for deep-dive analysis, due diligence preparation, and ongoing operational reference.

Appendix Contents​

01. Risk Assessment Matrix​

File: 01-risk-assessment-matrix.md

Purpose: Comprehensive risk analysis across technology integration, acquisitions, market dynamics, and execution.

Contents:

  • Technology Integration Risks (4 risks)

    • Platform integration complexity
    • Data migration and quality
    • API dependency and platform changes
    • System conflicts and compatibility

  • Acquisition Risks (3 risks)

    • Valuation and deal structure
    • Due diligence gaps
    • Cultural fit and integration

  • Market Risks (3 risks)

    • Creator economy volatility
    • Platform dependency
    • Competitive market entry

  • Execution Risks (4 risks)

    • Timeline delays and milestone slippage
    • Budget overruns and capital constraints
    • Talent acquisition and retention
    • Operational complexity and scaling

Key Features:

  • Probability and impact assessments for each risk
  • Risk score calculations (probability × impact)
  • Detailed mitigation strategies with specific actions
  • Success metrics and early warning indicators
  • Risk prioritization matrix
  • Monthly monitoring and governance framework

When to Reference:

  • Investment Committee Review: Understand risk landscape before approval
  • Due Diligence Planning: Prepare comprehensive diligence framework
  • Integration Planning: Anticipate challenges and prepare mitigation
  • Board Reporting: Quarterly risk updates to PE investors
  • Operational Reviews: Monthly risk monitoring and management

Quick Reference Sections:

  • Risk Summary Matrix (page 20): Prioritized list of all 14 risks
  • Critical Risks (page 21): Top 4 requiring immediate action
  • Key Risk Indicators (page 22): Weekly/monthly monitoring metrics

02. Terminology Glossary​

File: 02-terminology-glossary.md

Purpose: Definitions of key terms used throughout deliverables for strategic concepts, companies, technology, markets, and PE/finance.

Contents:

  • Strategic Concepts

    • CreatorOS, Portfolio OS, Three Pillars Strategy

  • Company-Specific Terms

    • Pro Tap (Mirage DRM)
    • Rocket Indexer, SEOHero, Smart Links (SaaS products)
    • Programmatic SEO (Skailed flagship)

  • Technology Terms

    • API, SaaS, SSO, DRM, ETL, CRM
    • GA4, GTM (Google Analytics/Tag Manager)

  • Market Terms

    • Creator Economy, TAM, FAST, OTT
    • Programmatic SEO, Long-Tail Keywords

  • Private Equity Terms

    • LOI, Due Diligence, Investment Committee
    • EBITDA, ARR, NRR, LTV:CAC
    • Earn-Out, IRR, MOIC

  • Integration & Operations Terms

    • Data Warehouse, API Gateway, Data Lake
    • ML (Machine Learning), MVP

  • Acronyms Quick Reference

    • Business & Finance (ARR, CAC, CAGR, etc.)
    • Technology (API, CRM, DRM, etc.)
    • Media & Creator Economy (CPM, FAST, OTT, etc.)

When to Reference:

  • First Read: Review before reading main deliverables for term familiarity
  • Investment Committee Prep: Share with committee members unfamiliar with creator economy or technology terms
  • Due Diligence: Ensure consistent terminology across diligence teams
  • Communication: Reference when discussing strategy with stakeholders
  • Onboarding: Educate new team members on key concepts

Usage Tips:

  • PE Audience: Focus on Strategic Concepts, Market Terms, PE Terms
  • Technical Reviewers: Focus on Technology Terms, Integration Terms
  • Operational Teams: Focus on Company-Specific Terms, Operations Terms

03. Pillar Alignment Reference​

File: 03-pillar-alignment-reference.md

Purpose: Detailed guide to Three Pillars Strategy including recommended ordering, company mapping, synergy analysis, and gap identification.

Contents:

  • Recommended Pillar Ordering

    • Option A: Brand → Creators → Technology (Recommended)
    • Option B: Creators → Technology → Brands
    • Option C: Technology → Creators → Brands
    • Rationale and trade-offs for each approach

  • Three Pillars Framework

    • Pillar definitions and strategic overview
    • Company-to-pillar mapping with fit scores

  • Detailed Company Profiles by Pillar

    • Pillar 1: Brands (Zuti Digital)

      • Capabilities, relationships, performance, technology assets
      • CreatorOS integration, gap areas

    • Pillar 2: Creators (Mirage Digital)

      • Platform partnerships, content metrics, technology assets
      • CreatorOS integration, gap areas

    • Pillar 3: Technology (Impressive/Skailed)

      • SaaS products, case studies, technology stack
      • CreatorOS integration, gap areas

  • Pillar Synergy Analysis

    • Cross-pillar integration opportunities
    • Three-way synergies and unified platform vision
    • Revenue potential and implementation timelines

  • Visual Pillar Mapping

    • Capability coverage heatmap
    • Gap analysis by pillar

  • Strategic Recommendations

    • Acquisition sequencing (Year 1-3)
    • Pillar balance evolution over time

When to Reference:

  • Strategic Planning: Decide pillar ordering for presentations
  • Acquisition Pipeline: Evaluate new targets against pillar framework
  • Synergy Modeling: Quantify cross-pillar revenue opportunities
  • Gap Prioritization: Determine which gaps to fill first (build vs. buy)
  • Integration Planning: Understand how companies connect to form CreatorOS
  • Investor Communication: Explain strategic framework to PE stakeholders

Quick Reference Sections:

  • Recommended Pillar Ordering (page 1): Decision guide with rationale
  • Company-to-Pillar Mapping Table (page 6): One-page alignment matrix
  • Capability Coverage Heatmap (page 18): Visual gap analysis
  • Acquisition Sequencing (page 21): Year 1-3 priority roadmap

For Investment Committee Members​

First-time readers should review in this order:

  1. Terminology Glossary - Familiarize with key terms (30 min)
  2. Main Proposal (../01-proposal/01-client-proposal.md) - Understand opportunity and deliverables (45 min)
  3. Pillar Alignment Reference - Grasp strategic framework (30 min)
  4. Risk Assessment Matrix - Evaluate risk landscape (45 min)
  5. Pitch Deck Slides (../02-pitch-deck-slides/) - Review final presentation materials (30 min)

Total time investment: ~3 hours for comprehensive review

Quick review (1 hour):

  1. Engagement Summary (../01-proposal/02-engagement-summary.md) - 15 min
  2. Pillar Alignment Reference (Recommended Ordering section only) - 10 min
  3. Risk Assessment Matrix (Risk Summary Matrix section only) - 10 min
  4. Pitch Deck Slides (skim all 5 slides) - 25 min

For Technical Reviewers​

Focus on these materials:

  1. Technology Synthesis (../03-supporting-documentation/technology-synthesis/01-full-synthesis.md)
    • Technology assets, integration roadmap, build budget
  2. Risk Assessment Matrix (Technology Integration Risks section)
    • Integration complexity, data migration, API dependencies
  3. Terminology Glossary (Technology Terms section)
    • API Gateway, Data Warehouse, ETL, ML, MVP
  4. Pillar Alignment Reference (Company Technology Profiles)
    • Detailed technology stack for each acquisition

Key questions to validate:

  • Are technology integration timelines realistic? (18 months total)
  • Is the build budget sufficient? ($16-24M over 3 years)
  • Are API dependencies properly mitigated?
  • Is the data warehouse approach sound?

For Financial Reviewers​

Focus on these materials:

  1. Investment Framework (../03-supporting-documentation/financial-frameworks/01-investment-framework.md)
    • Build budget, acquisition budget, total investment summary
  2. Risk Assessment Matrix (Acquisition Risks and Execution Risks)
    • Valuation, budget overruns, talent costs
  3. Company Analyses (../03-supporting-documentation/company-analyses/)
    • Mirage, Skailed, Zuti financial profiles and metrics
  4. Pillar Alignment Reference (Synergy Revenue Potential)
    • Cross-pillar revenue modeling

Key questions to validate:

  • Is the total investment range reasonable? ($56-159M over 3 years)
  • Are acquisition valuation multiples defensible?
  • Is the ROI achievable? (2-3x valuation multiple improvement)
  • Are synergy revenue projections credible?

For Operational Leaders​

Focus on these materials:

  1. Risk Assessment Matrix (Execution Risks section)
    • Timeline delays, talent acquisition, operational complexity
  2. Pillar Alignment Reference (Gap Analysis and Integration)
    • What needs to be built or acquired, integration sequencing
  3. Technology Synthesis (Integration Roadmap)
    • Phase-based approach with specific milestones
  4. Terminology Glossary (Integration & Operations Terms)
    • Data Warehouse, API Gateway, Portfolio OS

Key questions to validate:

  • Is the integration roadmap executable?
  • Are talent requirements realistic?
  • Is the PMO structure sufficient?
  • Are operational processes defined?

Document Relationships​

How Appendices Support Main Deliverables​

┌─────────────────────────────────────────────────────────┐
│                   MAIN DELIVERABLES                     │
├─────────────────────────────────────────────────────────┤
│ 01-Proposal                                             │
│   ↓ References → Appendix 02 (Terminology)              │
│   ↓ References → Appendix 03 (Pillar Alignment)         │
│                                                         │
│ 02-Pitch Deck Slides                                    │
│   ↓ Supported by → Appendix 03 (Pillar Framework)       │
│   ↓ Informed by → Appendix 01 (Risk Assessment)         │
│                                                         │
│ 03-Supporting Documentation                             │
│   ↓ Technology Synthesis ← Appendix 01 (Tech Risks)     │
│   ↓ Financial Frameworks ← Appendix 01 (Budget Risks)   │
│   ↓ Company Analyses ← Appendix 03 (Pillar Mapping)     │
│                                                         │
│ 04-Source Analysis                                      │
│   ↓ Document Summaries ← Appendix 02 (Terminology)      │
└─────────────────────────────────────────────────────────┘
                          ↓
┌─────────────────────────────────────────────────────────┐
│                      APPENDICES                         │
├─────────────────────────────────────────────────────────┤
│ 01-Risk Assessment Matrix                               │
│   → Informs: Risk sections across all deliverables      │
│   → Feeds: Due diligence planning, board reporting      │
│                                                         │
│ 02-Terminology Glossary                                 │
│   → Enables: Consistent terminology across materials    │
│   → Supports: Reader comprehension, onboarding          │
│                                                         │
│ 03-Pillar Alignment Reference                           │
│   → Defines: Strategic framework for all acquisitions   │
│   → Guides: Pillar ordering decisions, gap prioritization│
└─────────────────────────────────────────────────────────┘

Common Reference Scenarios​

Scenario 1: Preparing for Investment Committee​

Goal: Get IC approval for acquisition strategy and budget

Recommended Reading Path:

  1. Engagement Summary (15 min) - Understand the ask
  2. Terminology Glossary: Strategic Concepts, PE Terms (15 min)
  3. Pitch Deck Slides (30 min) - Review presentation materials
  4. Risk Assessment Matrix: Risk Summary (15 min)
  5. Pillar Alignment Reference: Recommended Ordering (10 min)
  6. Company Analyses (30 min) - Deep-dive on targets

Key Materials to Bring to IC:

  • Engagement Summary (executive handout)
  • Pitch Deck Slides (presentation)
  • Risk Summary Matrix (reference)
  • Investment Framework (financial backup)

Scenario 2: Planning Due Diligence​

Goal: Build comprehensive diligence framework for target acquisition

Recommended Reading Path:

  1. Risk Assessment Matrix: Due Diligence Gaps (15 min)
  2. Company Analysis for specific target (20 min)
  3. Technology Synthesis: Integration Roadmap (20 min)
  4. Pillar Alignment Reference: Gap Analysis (15 min)

Key Outputs:

  • Due diligence checklist (from Risk Assessment)
  • Technology assessment framework
  • Integration complexity scorecard
  • Cultural fit evaluation criteria

Scenario 3: Integration Kickoff​

Goal: Launch integration of newly acquired portfolio company

Recommended Reading Path:

  1. Risk Assessment Matrix: Integration Risks (20 min)
  2. Technology Synthesis: Integration Roadmap (30 min)
  3. Pillar Alignment Reference: Synergy Opportunities (20 min)
  4. Terminology Glossary: Technology and Operations Terms (15 min)

Key Materials for Kickoff:

  • Integration roadmap (Phase 1-3)
  • Risk mitigation checklist
  • Success metrics and milestones
  • Cross-pillar synergy targets

Scenario 4: Monthly Risk Review​

Goal: Monitor and manage ongoing portfolio risks

Recommended Reading Path:

  1. Risk Assessment Matrix: Key Risk Indicators (10 min)
  2. Risk Assessment Matrix: Early Warning Indicators for active risks (15 min)

Key Reports to Generate:

  • Risk register updates (status, probability, impact)
  • New risks identified this month
  • Mitigation action progress
  • Escalation items for executive team

Scenario 5: Evaluating New Acquisition Target​

Goal: Assess fit with Three Pillars Strategy

Recommended Reading Path:

  1. Pillar Alignment Reference: Company-to-Pillar Mapping (15 min)
  2. Pillar Alignment Reference: Gap Analysis (20 min)
  3. Risk Assessment Matrix: Acquisition Risks (15 min)

Assessment Framework:

  • Which pillar does target strengthen? (Primary/Secondary/Tertiary)
  • What gaps does it fill? (Refer to Gap Analysis tables)
  • Fit score estimation (1-10 scale, compare to Mirage/Skailed/Zuti)
  • Integration complexity (technology stack compatibility)
  • Valuation reasonability (compare to framework multiples)

Update and Maintenance​

Version Control​

  • Current Version: 1.0
  • Last Updated: December 2025
  • Next Review: After IC presentation feedback

Living Documents​

These appendices are living documents that should be updated as:

  • New risks are identified or risk assessments change
  • Additional terminology emerges from market/technology evolution
  • Pillar strategy is refined based on acquisition experience
  • Integration lessons learned inform future playbooks

Ownership​

  • Risk Assessment Matrix: CFO / Risk Committee
  • Terminology Glossary: Chief of Staff / Documentation Lead
  • Pillar Alignment Reference: CEO / Strategy Team

Questions and Clarifications​

For More Information​

Strategic Questions:

  • Pillar ordering preferences
  • Acquisition pipeline priorities
  • Integration timeline feasibility

Contact: Frank Weil, Lance Pillersdorf (Sixth Wall Holdings)

Technical Questions:

  • Technology integration approach
  • Build vs. buy decisions
  • Platform architecture

Contact: [CTO/VP Engineering when hired]

Financial Questions:

  • Investment sizing and pacing
  • Valuation frameworks
  • Return modeling

Contact: [CFO when hired]

Proposal Questions:

  • Deliverable scope and timeline
  • Pricing options
  • Engagement process

Contact: Charles Sims, SkaFld Studio (charles@skafldstudio.com)

Appendix File Locations​

final-deliverable/
└── 05-appendices/
    ├── 00-APPENDICES-INDEX.md            (this file)
    ├── 01-risk-assessment-matrix.md      (comprehensive risk analysis)
    ├── 02-terminology-glossary.md        (definitions and acronyms)
    └── 03-pillar-alignment-reference.md  (strategic framework guide)

Classification: Confidential Date: December 2025 For: Sixth Wall Holdings PE Investment Committee Prepared by: SkaFld Studio