Benjamin Levin - 24 May 2022 Form 4 Insider Report for Vacasa, Inc. (VCSA)

Footnote F1

Represent an award of 33,999 restricted stock units (the "RSUs"), which vest in full on the earlier of (i) May 24, 2023, and (ii) immediately before the next annual meeting of the Issuer's stockholders following the date hereof, subject to the Reporting Person continuing in service on the board of directors of the Issuer through such vesting date. Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock.

Footnote F2

Represents 6,524,729 shares of Class A Common Stock, consisting of (i) 901,795 shares of Class A Common Stock held by Level Equity Opportunities Fund 2015, L.P., (ii) 868,798 shares of Class A Common Stock held by Level Equity Opportunities Fund 2018, L.P., (iii) 4,553,127 shares of Class A Common Stock held by LEGP II AIV(B), L.P., (iv) 43,661 shares of Class A Common Stock held by LEGP I VCS, LLC, (v) 113,911 shares of Class A Common Stock held by LEGP II VCS, LLC, and (vi) 43,437 shares of Class A Common held by Level Equity - VCS Investors, LLC ((i) to (vi) collectively, the "LE Stockholders").

Footnote F3

The general partner of each of Level Equity Opportunities Fund 2015, L.P. and LEGP II AIV(B), L.P. is Level Equity Partners II (GP), L.P. The general partner of Level Equity Partners II (GP), L.P. is Level Equity Associates II, LLC. The general partner of Level Equity Opportunities Fund 2018, L.P. is Level Equity Partners IV (GP), L.P. The general partner of Level Equity Partners IV (GP), L.P. is Level Equity Associates IV, LLC. The sole member of LEGP I VCS, LLC is Level Equity Growth Partners I, L.P. The general partner of Level Equity Growth Partners I, L.P. is Level Equity Partners (GP), LLC. The managing member of Level Equity Partners (GP), LLC is Level Equity Professionals, L.P. The general partner of Level Equity Professionals, L.P. is Level Equity Associates, LLC. The sole member of LEGP II VCS, LLC is LEGP II AIV(NB), L.P. The general partner of LEGP II AIV(NB), L.P. is Level Equity Partners II (GP), L.P.

Footnote F4

(Continued from footnote 3), The general partner of Level Equity Partners II (GP), L.P. is Level Equity Associates II, LLC. The sole manager of Level Equity - VCS Investors, LLC is Level Equity Management, LLC. The managing members of each of Level Equity Associates, LLC, Level Equity Associates II, LLC, Level Equity Associates IV, LLC and Level Equity Management, LLC are Benjamin Levin and George McCulloch. The Reporting Person disclaims Section 16 beneficial ownership of the securities held by the LE Stockholders, except to the extent of his pecuniary interest therein, if any, and this report shall not be deemed to be an admission that he has beneficial ownership of such securities for Section 16 or any other purpose.