What was a significant consequence of the policy of appeasement in the lead-up to World War II?

It effectively deterred Hitler's expansionist ambitions and prevented a larger conflict.
It led to the strengthening of the League of Nations as a major peacekeeping body.
It emboldened aggressive regimes, notably Nazi Germany, to annex more territories.
It facilitated an immediate alliance between the major European powers against fascist states.

It emboldened aggressive regimes, notably Nazi Germany, to annex more territories.