On January 12, 2023, the Board of Directors (the “Board”) of Papaya Growth Opportunity Corp. I (the “Company”) increased the size of the Board to four directors and appointed Neil B. Herceg to serve as a director of the Company effective immediately. Mr. Herceg will serve on the Audit Committee of the Board.

Mr. Herceg will be entitled to receive the same compensation for service as an independent director as is currently provided to the other independent directors serving on the Board. Neil Herceg is a real estate investment manager, serving most recently as the principal of Big Creek Real Estate Partners and Blackmount Real Estate Partners where he has overseen the acquisition, financing, asset management, and disposition of over 2,000 multifamily units and several hundred thousand square feet of commercial properties. Prior to founding these firms, Mr. Herceg was the Chief Investment Officer at Cocke Finkelstein Inc., where he grew the firms ownership to roughly 13,000 multifamily units.

Mr. Herceg graduated Magna Cum Laude from Miami University and earned his MBA from the Stanford Graduate School of Business.