Disclosures

These disclosures apply to information, data, estimates, charts, analytics, and other content made available through the Exenro website and platform (collectively, the “Platform”). Use of the Platform is also subject to Exenro’s Terms of Service and Privacy Policy.

1. Platform Content

Exenro provides information and analytics relating to private companies, private-company securities, and private markets. Content available through the Platform may be derived from publicly available information, company disclosures, secondary-market data, third-party sources, market observations, proprietary models, and other reference data. All Platform content is provided for informational purposes only.

Information concerning private companies is inherently limited and may be incomplete, delayed, estimated, inconsistent across sources, or otherwise unavailable. Private companies generally do not provide the same level of public disclosure as companies whose securities trade on public exchanges.

Exenro does not guarantee the accuracy, completeness, timeliness, availability, or reliability of any Platform content. Information may change without notice as new data becomes available or as Exenro updates its models, methodologies, or underlying data.

2. Pricing and Valuation

Share prices, valuations, and related pricing information displayed on Exenro are indicative and may be model-derived using secondary-market activity, quotes, transaction data, funding information, reference data, and other available information. An indicated share price is provided as market information only.

It is not an executable quote, bid, offer, solicitation, commitment, or representation that any security can be purchased or sold at the displayed price or in any particular quantity. Displayed pricing is not intended to represent an active market or the price that any particular user would necessarily receive in an actual transaction.

Actual transaction prices may differ materially from prices displayed on Exenro and may depend on factors including security type and share class, transaction size and structure, transfer restrictions, issuer approval requirements, rights of first refusal, buyer eligibility, liquidity, fees, and prevailing market conditions. Exenro does not guarantee that a buyer, seller, security, or transaction opportunity exists or will become available at any displayed price.

3. Market Data, Sources, and Ranges

Market information displayed on Exenro may incorporate observations originating from different sources, dates, transaction structures, share classes, and levels of liquidity. Displayed ranges, reference values, market observations, or other indicators should not be interpreted as an executable bid-ask spread, an order book, or a representation that securities can currently be purchased or sold within the displayed range.

Market data may be delayed, incomplete, indicative, estimated, or subsequently revised. Unless expressly identified otherwise, market observations and source data displayed on Exenro do not constitute executable bids, offers, or quotations. Exenro may not independently verify all information obtained from third-party sources and assumes no obligation to continuously update such information.

4. Charts and Historical Information

Charts and historical pricing information displayed on Exenro are provided for informational purposes only. Historical values may include model-derived, estimated, interpolated, or otherwise calculated data and should not necessarily be interpreted as prices at which completed securities transactions occurred or could have occurred on a particular date.

Past prices, valuations, and performance are not indicative of future results. Charts are not personalised and do not constitute investment advice or a recommendation to purchase, sell, or hold any security. Users should not rely on charts or historical pricing as the sole basis for an investment decision.

5. Market Capitalisation and Other Estimates

Market capitalisation, implied valuation, financial metrics, forecasts, estimates, and other calculated values displayed on Exenro may depend partly or entirely on estimated or third-party information. For example, an implied company valuation may be calculated using an indicated share price together with estimated, reported, or otherwise derived capitalisation information.

Different classes of securities may have different economic, voting, liquidation, conversion, or other rights. A single displayed share price or company valuation may not reflect these differences. Any estimates, forecasts, or projections are inherently uncertain and should not be considered guarantees of future performance or value.

6. Securities Disclaimer

Exenro is not a registered broker-dealer or investment adviser and does not operate a securities exchange or alternative trading system. Exenro does not provide investment, brokerage, legal, tax, or accounting advice.

Nothing available through the Platform constitutes or should be construed as an offer to sell securities, a solicitation of an offer to purchase securities, investment advice, a personalised investment recommendation, a recommendation to purchase, sell, or hold any security, or an endorsement of any particular investment or transaction. Exenro does not accept, route, or execute securities orders through the Platform and does not hold customer funds or securities.

Users are responsible for conducting their own independent evaluation of any company, security, or potential transaction and should consult appropriately qualified professional advisers where appropriate.

7. Buy and Sell Interest

The Buy and Sell functionality available on certain company pages allows users to submit a non-binding indication of interest. Submitting an indication of interest does not constitute an order to purchase or sell securities, an offer or acceptance of an offer, an agreement or commitment to transact, an instruction to execute a transaction, or the creation of a brokerage, advisory, or fiduciary relationship.

Investment-size ranges and other information submitted through these forms are indicative only. No contract for the purchase or sale of securities can be entered into through the Platform, and Exenro does not accept or execute securities orders through Buy or Sell interest forms.

Submitting an indication of interest does not guarantee that securities are available, that a counterparty exists, that the user is eligible to participate in a transaction, or that any transaction will occur.

8. Communications Following an Indication of Interest

Exenro may contact a user regarding an indication of interest or request additional information to better understand that user’s interest. Any such communication does not, by itself, constitute an investment recommendation, a brokerage service, an executable quotation, an offer to buy or sell securities, or confirmation that a transaction opportunity is available.

Unless expressly stated otherwise under separate terms applicable to a service provided by an appropriately licensed third party, communications from Exenro should not be interpreted as acceptance of an order or a commitment to arrange or execute a securities transaction.

9. Private Securities and Transaction Risks

Securities of private companies are generally illiquid and may be difficult to value or transfer. Transfers may be subject to contractual, legal, or regulatory restrictions, issuer approval, rights of first refusal, investor eligibility requirements, and other conditions. Some issuers may prohibit or significantly restrict secondary transactions.

The appearance of a company or security on Exenro does not mean that its securities are transferable, currently available for purchase or sale, or available to any particular user. Private-company investments involve substantial risk, including the possible loss of some or all invested capital.

10. Issuer Independence

Unless expressly stated otherwise, Exenro is not affiliated with, sponsored by, endorsed by, or acting on behalf of any company displayed on the Platform. The inclusion of a company, its name, trademarks, logos, financial information, pricing information, or other content does not imply any relationship between Exenro and that company.

The inclusion of a company on Exenro is not an endorsement of that company by Exenro and should not be interpreted as an endorsement of Exenro by that company. Information displayed on the Platform does not imply that Exenro has a current commercial relationship, agreement, or transaction with the relevant issuer. All third-party trademarks, company names, and logos remain the property of their respective owners.

11. Eligibility and Jurisdiction

The availability of information regarding a company or security on Exenro does not mean that such security may lawfully be purchased or sold by any particular person or in any particular jurisdiction. Eligibility to participate in a private securities transaction may depend on applicable securities laws, investor status, jurisdiction, issuer requirements, transfer restrictions, and other circumstances.

The ability to view information about a security or to submit an indication of interest does not constitute a determination by Exenro that a user is eligible to purchase or sell that security.

12. No Reliance

Platform content is not intended to provide a complete picture of any company, security, or potential investment. Users should not rely solely on Exenro pricing, valuations, charts, estimates, market information, or other Platform content when making an investment decision.

Any decision to purchase or sell securities should be based on the user’s own independent diligence and, where applicable, the definitive legal documentation governing the relevant transaction.

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