Property Management Incorporated^®

Franchise vs Corporate Performance: Item 19 presents revenue results for 2025 by pillar and by whether a franchise completed an acquisition. The document reports average annual revenue for franchises that operate in multiple pillars: - Franchises that HAVE NOT completed an acquisition (n = 110): average revenue $332,743 annually. - Franchises that HAVE completed an acquisition (n = 90): average revenue $642,973 annually. At the pillar level (2025 averages): - Not-completed-acquisition group (Table 3) averages: Residential $197,403; Commercial $20,193; Association $190,641; Short-Term Rental $327,879; Realty $57,353. - Completed-acquisition group (Table 4) averages: Residential $439,515; Commercial $39,031; Association $415,736; Short-Term Rental $264,669; Realty $78,156. Interpretation: franchises that have completed acquisitions show materially higher average total annual revenue (roughly +93% on average for the group average shown). This implies acquisitions (or growth strategies associated with completed acquisitions) are correlated with substantially higher systemwide average revenues for 2025.

Performance Variability Analysis: There is very wide variability across and within pillars. Per-unit/unit ranges reported in notes to Table 1: - Residential revenue per door range: $183 – $18,492 (Residential sample n = 239). - Commercial revenue/unit range: $210 – $34,053 (Commercial sample n = 37). - Association revenue/unit range: $2,176 – $128,846 (Association sample n = 92). - Short-Term key revenue range: $1,001 – $52,437 (Short-Term sample n = 63). - Realty revenue/transaction range: $705 – $113,878 (Realty sample n = 51). Median vs average differences (Table 1) show skew in some pillars: e.g., Residential average $2,069 vs median $2,221 (small difference), Commercial average $1,282 vs median $1,144, Association average $16,122 vs median $15,331, Short-Term average $12,384 vs median $7,814 (large gap indicates skew/high outliers), Realty average $6,641 vs median $8,614. Practical implication: many franchises will be far from the averages because of skew and outliers - Short-Term in particular shows high skew (average >> median).

Data Scope and Limitations: The financial representations are based on historical operating reports and accounting software; the document states data were provided from either unaudited financials/operating reports submitted by franchisees or the franchisor’s accounting software. Specific inclusions/exclusions are documented: several groups were excluded from pillar analyses when they had no units or insufficient data (examples: 95 franchises excluded from Residential pillar analysis because they did not manage Doors; 103 excluded from Commercial pillar for no Square Feet; 42 excluded from Realty for no Realty Transactions; others listed). Pillar-level sample counts reported in the Item 19 notes: Residential n=239, Commercial n=37, Association n=92, Short-Term n=63, Realty n=51. The Item 19 text repeatedly cautions that individual results will vary and that there is no assurance a prospective franchisee will achieve the amounts shown. Also, the FDD indicates the underlying data are not audited (written substantiation is available upon request). These factors limit comparability and require prospective franchisees to request outlet-level records if they want validated historical performance.