Appreciate SPAC Presentation Deck

Risk Factors ● Summary of Risk Factors Our business is subject to a number of risks and uncertainties including those described at length below. These risks include, among others, the following, which we consider our most material risks: Risks Related to the COVID-19 Pandemic The extent of the future impact of the ongoing COVID-19 pandemic on our business and financial results will depend largely on future developments, which are highly uncertain and difficult to predict. Risks Related to Our Business and Operations We recorded net losses in the past and we may experience net losses in the future. We have incurred net losses. We may not be able to achieve or sustain profitability. We are employing a business model with a limited track record, which may make our business difficult to evaluate. We have a limited operating history and may not be able to operate our business successfully or generate sufficient cash flows. We may not be able to effectively manage our growth, and any failure to do so may have an adverse effect on our business and operating results. If we fail to continuously innovate, improve and expand our brokerage and management platform to create value for our customers, our business, financial condition and results of operations could be negatively impacted. ● ● ● ● ● ● ● ● ● ● ● ● 4 ww ● Appreciate Our efforts to expand our management, marketplace and adjacent services businesses and offer additional adjacent services may not be successful. Our future business and financial success will depend on our ability to continue to anticipate the needs of owners of single family residential real estate and to successfully develop and introduce new and upgraded services, including services that make our management and marketplaces useful for users. We may be unable to increase awareness of our brands, including Renters Warehouse and Appreciate, which could adversely affect our business. If internet search engines do not prominently feature our websites on the search engine results page, traffic to our websites would decrease and, if we are unable to maintain or increase traffic to our marketplaces, our business and operating results could be adversely affected. Inflation could adversely affect our business and financial results. We operate in highly competitive markets and we may be unable to compete successfully against our existing and future competitors. Because a material portion of our business is concentrated in certain geographic areas, any adverse economic, real estate or business conditions in these geographic areas could have a material adverse effect on our operating results. Our quarterly results and other operating metrics may fluctuate from quarter to quarter, which makes these metrics difficult to predict. If we pursue acquisitions that are not successfully completed or integrated into our existing operations, our business, financial condition or results of operations may be adversely affected. Our dependence upon third parties for key services to support critical functions of our business, primarily Salesforce, and any disruption of or interference with our use of these third-party services may have an adverse effect on our operating results or reputation if the third parties fail to perform. We rely on information supplied by prospective residents in managing our business. We are still building our operational expertise and systems. If we are unable to complete that successfully, our ability to operate profitably could be adversely affected. Substantial portions of our anticipated revenue growth and retention relies on attracting large institutional buyers of single family rental properties. The failure to attract these portfolio buyers, or the loss of existing institutional clients, could significant impact our current and anticipated revenue. Private & Confidential 47

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