Appreciate SPAC Presentation Deck

Risk Factors ● Risks Related to Our Business and Operations (Cont'd) We are dependent on a single asset class, which exposes us to downturns in the single family residential real estate sector. Our leasing and property management software is built on the Salesforce platform. Our continued ability to leverage these investments requires the continued viability of, support for and improvements to that platform. ● ● ● ● ● The failure to successfully implement and maintain accounting systems could materially adversely impact our business, results of operations, and financial condition. Our platform is highly complex and our software may contain undetected errors. Our management team has limited experience in operating a public company. Our company culture has contributed to our success, and if we cannot maintain this culture as we grow, our business could be harmed. Some of our potential losses may not be covered by insurance. We may not be able to obtain or maintain adequate insurance coverage. Third parties with whom we do business may be unable to honor their obligations to us or their actions may put us at risk. Catastrophic events may disrupt our business. We are subject to multiple risks related to the credit card and debit card payments we accept. We are subject to payment-related fraud and an increase in or failure to deal effectively with fraud, fraudulent activities, fictitious transactions, or illegal transactions would materially adversely affect our business, results of operations, and financial condition. We are subject to payment network rules and any material modification of our payment card acceptance privileges could have a material adverse effect on our business, results of operations, and financial condition. Risks Related to Our Business and Industry Our success depends on general economic conditions, the health of the U.S. real estate industry generally, and risks generally incident to the ownership and leasing of single family residential real estate, and our business may be negatively impacted by economic and industry downturns, including seasonal and cyclical trends, and volatility in the single family residential real estate lease market. ● ● ● ● ● ● ● 4 ww ● Appreciate ● Our management team will be required to evaluate the effectiveness of our internal control over financial reporting. If we are unable to maintain effective internal control over financial reporting, investors may lose confidence in the accuracy of our financial reports. We rely on assumptions, estimates, and business data to calculate our key performance indicators and other business metrics, and real or perceived inaccuracies in these metrics may harm our reputation and negatively affect our business. Our estimates of market opportunity may prove to be inaccurate. Changes in accounting standards, subjective assumptions and estimates used by management related to complex accounting matters could have an adverse effect on our business, financial condition and results of operations. Our investments are and will continue to be concentrated in our existing and target markets and in the single family rental sector of the real estate industry, which exposes us to seasonal fluctuations in rental demand and downturns in our markets or in the single family properties sector. Competition in identifying and acquiring customers and the right to lease single family real estate portfolios could adversely affect our ability to implement our business and growth strategies, which could materially and adversely affect us. A change in mortgage underwriting standards could reduce the ability of homebuyers to access the credit markets on reasonable terms, or at all, which could reduce utilization of our brokerage platform. Leasing fraud could adversely affect our business, financial condition, and results of operations. Private & Confidential 48

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