Mr. Trevor Davidson reports

APARTMENTLOVE REPORTS STRONG GROWTH METRICS AS VACATION RENTAL KPIS EXCEED EXPECTATIONS

Apartmentlove Inc. has released organic growth metrics as its OwnerDirect.com short-term vacation rental (STVR) business posted especially strong revenue per monthly active user (MAU) metrics and other key performance indicators (KPIs) while on-boarding thousands of new STVR listings from around the world.

The metrics herein are for the October, 2023, period as compared with the July, 2023, period, unless otherwise noted. All amounts are expressed in Canadian dollars.

• Revenue per MAU (monthly active users): Improved to 96 cents in October, 2023, from 16 cents in July, 2023, amounting to a 497-per-cent increase and underscoring the market adoption of the new look and feel of the OwnerDirect website. Management expects revenue per MAU to further improve as additional STVR listings are added to OwnerDirect.com providing more choice for travellers when booking rental accommodations from coast to coast and around the world.
• Gross revenues: Increased to $27,420 in October, 2023, up 372 per cent from $5,807 in July, 2023. Management attributes the significant improvement in top-line sales to the comprehensive redesign of OwnerDirect.com and the realized efficiencies converting from a labour-intensive "on-line travel agency" to the efficient, scalable and proven effective on-line booking system competing for and winning market share it is today.
• Nights booked: Increased to 525 nights in October, 2023, up from 232 nights in July, 2023, amounting to an increase of 126 per cent in just three months. Management attributes the increase in the number of nights booked to the addition of more STVR listings on OwnerDirect.com and the improved user experience making the reservation process faster and easier to complete.
• Gross booking value per night: Increased to $349 in October, 2023, up from $185 in July, 2023, representing an 88-per-cent improvement. Management notes that MAUs reserving longer stays at more expensive properties increases company revenues as ApartmentLove earns a service fee on the gross booking value of every successfully completed booking.

These KPI (key performance indicators) metrics and their respective increases dovetail with management's expectations and operating budgets. As continued investments in search engine optimization (SEO), further refinement of the user experience, and the activation of the company's machine learning initiatives materialize, management believes to have paved a clear and direct path leading cash flow positivity in the very near term.

Trevor Davidson, the company's president and chief executive officer, stated: "Successfully completing the comprehensive redesign of OwnerDirect.com while simultaneously integrating with Google and our many new short-term vacation rental supply partners from around the world was an involved effort. Now, having completed all that engineering, we are exceptionally well positioned and focusing our efforts on SEO and other marketing activities to increase website traffic and drive bookings for our many hosts and superior returns for all our shareholders."

On-boarding new vacation rental listings

The company has completed all requisite engineering to integrate with the API (application programming interface) of one of the largest aggregators of STVR properties on-line today. Counting more than 120,000 property management companies as clients and millions of vacation rentals in 100-plus countries around the world, management expects to begin on-boarding these new and additional vacation rental listings in November, 2023.

Investments in SEO to increase MAUs

Very encouraged by the especially strong operating metrics summarized herein, the company has doubled its investments in SEO in favour of OwnerDirect.com to attract a larger number of website visitors. Among the thousands of markets and scores of keywords being targeted, research collected by the company suggests there are more than 3,775,000 MAUs within the "immediately addressable" market.

About OwnerDirect.com

OwnerDirect.com is a leading short-term vacation rental (STVR) marketplace. A pioneer in the vacation rental industry with more than 20 years of operating history, OwnerDirect.com advertises vacation rentals on behalf of property managers and private owners in more than 30 countries around the world. Trusted by millions as a safe, easy-to-use,and proven effective platform to find vacation rental accommodations, OwnerDirect.com promotes a comprehensive inventory of vacation homes, condos, cabins and villas for rent. Integrating with new supply partners to increase its rental inventory, OwnerDirect.com is a trusted promoter of rental accommodations leading to fun and memorable holidays in the deeply fragmented global STVR space.

About Apartmentlove Inc.

Apartmentlove is a leading provider of on-line home, apartment and vacation rental marketing services to property managers, owners, renters and vacationers in more than 30 countries around the world. Promoting more than 350,000 daily active homes, apartments and vacation properties on its network of short-term and long-term rental marketing websites, Apartmentlove has proven its ability to scale as a fast-growing proptech (property technology) in today's complex and dynamic markets. Seeking to consolidate the deeply fragmented Internet listing industry, Apartmentlove has acquired multiple businesses that have many monthly active users, a history of recurring revenues, positive cash flows, and custom technologies that accelerate and destress the renting experience.

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