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You should carefully consider the risk factors on the following slides, which will apply to our business and operations following the completion of the Business Combination, together with the other information included in our Form S-4 Registration Statement filed with the Securities and Exchange Commission. These risk factors are not exhaustive and investors are encouraged to perform their own investigation with respect to the business, prospects, financial condition and operating results of Aldel and Hagerty. We may face additional risks and uncertainties that are not presently known to us, or that we currently deem immaterial, which may also impair our business, prospects, financial condition or operating results. 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Hagerty may not show profitability from these newer products as quickly as the company anticipates or at all.\nHagerty is subject to payment processing risks which could adversely affect the company's results of operations.\nFuture acquisitions or investments contain inherent strategic, execution, and compliance risks that could disrupt Hagerty's business and harm the company's financial condition.\nHagerty may not find suitable acquisition candidates or new ventures in the future.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 13:27:21.717+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "637abdb2-e40d-4c06-acd3-fa9b8d4ec201", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.41, "x": 0.038, "y": 0.09 }, "kind": "title", "text": "General Risks Related to Hagerty's Business", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 13:27:21.717+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f8a7aefa-f1e7-4744-8700-6d9846207263", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 41, "type": "setup", "function": "other", "rawType": "appendix_disclosure", "block": null, "metadata": { "slideType": "appendix_disclosure", "slideTypeCanon": { "name": "Appendix disclosure", "slug": "appendix_disclosure", "status": "active", "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "balanced", "densityScore": 29, "componentCount": 3, "textChars": 363, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 13:27:21.797+00", "seconds": 2.503, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de071-6997-747c-89bf-434e4efd1260/41", "deck": "/decks/019de071-6997-747c-89bf-434e4efd1260", "deckAnchor": "/decks/019de071-6997-747c-89bf-434e4efd1260#slide-41", "deckJson": "/decks/019de071-6997-747c-89bf-434e4efd1260.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.1, "x": 0.05, "y": 0.95 }, "kind": "disclaimer", "text": "Proprietary and Confidential", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 13:27:21.797+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "57884687-0fc1-4559-8abc-7958284373b8", "parentComponentId": null }, { "bbox": { "h": 0.7, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "list", "text": "Regulatory approval for products; highly regulated environment; rate increase approvals; reliance on external data; audits by regulators; cyclical nature of insurance; reinsurance availability; counterparty risk; policy interpretation changes; claim frequency/severity; catastrophic events.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 13:27:21.797+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2103da4b-a8c6-4f79-85cb-9657457216a3", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.05, "y": 0.08 }, "kind": "title", "text": "Risks Related to Hagerty's Insurance Services", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 13:27:21.797+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "24c62778-0c5b-4cae-80cb-2f1eea2937a9", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 42, "type": "setup", "function": "other", "rawType": "appendix_disclosure", "block": null, "metadata": { "slideType": "appendix_disclosure", "slideTypeCanon": { "name": "Appendix disclosure", "slug": "appendix_disclosure", "status": "active", "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "balanced", "densityScore": 40, "componentCount": 2, "textChars": 1063, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 13:27:21.838+00", "seconds": 2.303, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de071-6997-747c-89bf-434e4efd1260/42", "deck": "/decks/019de071-6997-747c-89bf-434e4efd1260", "deckAnchor": "/decks/019de071-6997-747c-89bf-434e4efd1260#slide-42", "deckJson": "/decks/019de071-6997-747c-89bf-434e4efd1260.json" }, "components": [ { "bbox": { "h": 0.44, "w": 0.924, "x": 0.038, "y": 0.00188 }, "kind": "list", "text": "The legal and regulatory requirements applicable to Hagerty's business are extensive. If the company is not able to comply, it could have an adverse effect on the company. Extensive regulation and potential further restrictive regulation could increase Hagerty's operating costs and limit the company's growth.\nNew legislation or legal requirements impacting the internet and the applicable use of mobile applications may affect how Hagerty communicates with customers and could have an adverse effect on the company's business model, financial condition, and operations.\nFuture regulatory changes could limit or impact Hagerty's business model.\nHagerty's intellectual property rights are extremely valuable and if they are not properly protected, the company's products, services, and brand could be adversely impacted.\nNew legislation or legal requirements impacting the use of petroleum-based and/or supporting autonomous vehicles could significantly challenge and impact Hagerty's core insurance model and company purpose.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", 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"Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 13:27:23.448+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "159613bc-8f15-404f-af80-dec0330863d4", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.9, "x": 0.05, "y": 0.18 }, "kind": "list", "text": "Following the consummation of the Business Combination, Hagerty will incur significant increased expenses and administrative burdens as a public company, which could negatively impact its business, financial condition and results of operations.\nHagerty's failure to timely and effectively implement controls and procedures required by Section 404(a) of the Sarbanes-Oxley Act that will be applicable to the company after the Business Combination is consummated could negatively impact its business.\nHagerty will qualify as an \"emerging growth company\" within the meaning of the Securities Act, and if the company takes advantage of certain exemptions from disclosure requirements available to emerging growth companies, it could make Hagerty's securities less attractive to investors and may make it more difficult to compare Hagerty's performance to the performance of other public companies.\nHagerty's business and operations could be negatively affected if it becomes subject to any securities litigation or shareholder activism, which could cause Hagerty to incur significant expense, hinder execution of business and growth strategy and impact its stock price.\nBecause Hagerty does not anticipate paying any cash dividends in the foreseeable future, capital appreciation, if any, would be your sole source of gain.\nFuture offerings of debt or offerings or issuances of equity securities by Hagerty may adversely affect the market price of Hagerty's Common Stock or otherwise dilute all other stockholders.\nHagerty will qualify as, and intends to elect to be treated as, a \"controlled company\" within the meaning of the NYSE listing standards and, as a result, the company's stockholders may not have certain corporate governance protections that are available to stockholders of companies that are not controlled companies.\nThe dual class structure of Hagerty's common stock may adversely affect the trading market for its Class A common stock following the closing of the transaction.\nThe dual class structure of Hagerty's common stock will have the effect of concentrating voting power with the Hagerty's Equityholders, which will limit your ability to influence the outcome of important transactions, including a change in control.\nPursuant to the Tax Receivable Agreement, Hagerty may be required to pay Hagerty Equityholders for certain tax benefits, which amounts could be substantial.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", 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