Risk disclosure

Important Notice

The Company may, from time to time, allocate a portion of its treasury reserves or surplus cash to Ethereum (“ETH”) as part of its treasury management strategy. Ethereum is a type of cryptoasset that is not regulated by the UK Financial Conduct Authority (“FCA”) under the Financial Services and Markets Act 2000 (“FSMA”).

An investment in the Company is not an investment in Ethereum, either directly or indirectly, and shareholders have no rights, claims, or access to any Ethereum that the Company may hold. The Company is not authorised or regulated by the FCA, and neither the Company nor its shareholders benefit from the protections of the Financial Ombudsman Service (“FOS”) or the Financial Services Compensation Scheme (“FSCS”).

The FCA considers cryptoassets, including Ethereum, to be high-risk investments. The value of Ethereum may rise or fall significantly over short periods. The Company may not be able to realise its Ethereum holdings at the values recorded in its accounts, or at all. Movements in the value of Ethereum may therefore affect the Company’s financial position.

Ethereum Risk Disclosure

The Board of Directors has identified the following non-exhaustive risks associated with the Company’s potential holding of Ethereum:

1. Volatility

The price of Ethereum is highly volatile and may change rapidly without warning.

2. Liquidity Risk

The ability to convert Ethereum into cash depends on market supply and demand. Exchange outages, operational issues or low liquidity could delay or prevent conversion.

3. Custody and Security

Ethereum is held in digital wallets secured by cryptographic keys. Loss or compromise of private keys, whether held directly or by a custodian, may result in permanent loss of assets.

4. Cyber Risk

Crypto exchanges and custodians are exposed to hacking, fraud, and cyberattacks which may lead to loss of assets or disruption of access.

5. Regulatory Risk

The regulatory landscape for cryptoassets continues to evolve. Changes to UK law, including under FSMA or related instruments (such as the Cryptoassets Order), may restrict the Company’s ability to hold or transact in Ethereum.

6. Counterparty Risk

The Company may rely on third-party service providers such as custodians and exchanges. Insolvency, poor conduct, or technical failures by such parties may result in loss.

7. Valuation Risk

There is no standard methodology for valuing Ethereum. Prices vary between exchanges and may not reflect achievable sale prices.

8. Financial Crime Risk

Cryptoassets carry elevated risks of fraud, money laundering, and other financial crime, which may affect price, liquidity, or access.

9. No Investor Protection

Investments in the Company’s shares do not provide any direct interest in Ethereum. Cryptoassets fall outside the FSMA consumer protection regime. The Company’s shareholders are not protected by the FSCS or FOS in relation to losses arising from the Company’s Ethereum holdings.

Cryptoassets are high-risk, and investors should not invest amounts they cannot afford to lose in full.

This disclosure has been prepared in accordance with the Aquis Exchange Cryptoassets Policy (August 2025).