Investment Disclaimer

1. Nature of BitWealth's Service

BitWealth Asset Managers (Pty) Ltd ("BitWealth") provides software automation tools that place buy and sell orders on your own VALR cryptocurrency exchange account in accordance with a published algorithmic strategy that you select. BitWealth is not:

• a financial advisor or financial services provider;
• a portfolio manager or asset manager exercising discretion outside the documented Strategy parameters;
• a custodian of your funds or crypto-assets; or
• a broker-dealer.

Nothing on the BitWealth website, in the customer portal, in any statement or report, or in any communication from BitWealth constitutes financial, investment, tax or legal advice, a recommendation, an offer or a solicitation to buy or sell any financial product or crypto-asset.

2. No Guarantee of Returns

The performance of any trading strategy depends on market conditions that are inherently uncertain and outside BitWealth's control. BitWealth makes no representation, warranty or guarantee that you will earn any profit, that you will recover your capital, or that any specific level of return will be achieved.

3. Past, Simulated and Back-Tested Performance

Where BitWealth presents historical, back-tested or simulated performance for any strategy:

• Such results are based on assumptions about market conditions, slippage, fees and execution that may not match real-world conditions;
• Back-tested results are inherently subject to look-ahead bias, survivorship bias and over-fitting;
• The strategy may have been adjusted or "tuned" with the benefit of hindsight; and
• Past or simulated performance is not a reliable indicator of future performance.

4. Risks of Cryptocurrency Trading

You acknowledge and accept the following risks, which is not an exhaustive list:

• Volatility risk. Cryptocurrency prices can move sharply in short periods, including overnight, and may experience drawdowns of 50% or more. You should be financially and psychologically prepared to lose your entire investment.
• Liquidity risk. Order books may thin out during periods of stress, leading to slippage and partial fills at unfavourable prices.
• Counterparty and exchange risk. VALR is an independent third party. If VALR experiences technical, financial, regulatory or security difficulties — including hacking, insolvency, withdrawal freezes or account closures — you may lose access to your funds. BitWealth has no control over VALR and is not liable for VALR's acts or omissions.
• Custody risk. Even though BitWealth does not custody your funds, your funds remain on a centralised exchange (VALR) until you withdraw them to a wallet you control. Centralised exchanges historically carry custody risk.
• Technology risk. Software bugs, server outages, websocket failures, API errors, latency, race conditions and adverse interactions between BitWealth and VALR may cause missed trades, duplicate trades, late cancellations or other unintended outcomes.
• Strategy risk. Algorithmic strategies are based on historical relationships and assumptions that may break down. The LTH PVR strategy and any other Strategy may underperform a passive buy-and-hold approach over any given period, and may incur losses even when the broader market is profitable.
• Concentration risk. Strategies focused on a single asset (such as Bitcoin) carry no diversification benefit.
• Regulatory risk. The regulatory framework for crypto-assets in South Africa and globally is evolving. New laws, tax treatment changes or enforcement actions may adversely affect the Service or your ability to trade.
• Tax risk. Crypto-asset trading typically gives rise to South African income tax or capital gains tax obligations. You are solely responsible for assessing and meeting these obligations. BitWealth does not provide tax advice.
• Cybersecurity risk. Phishing, SIM-swap attacks, credential theft and other forms of cyber-crime can result in loss of funds. You are responsible for the security of your devices, email account, VALR account and BitWealth account.
• Force majeure. Events outside reasonable control — including blockchain network failures, internet outages, exchange outages, government action and natural disasters — can interrupt trading and adversely affect your portfolio.

5. Suitability

You should only invest funds that you can afford to lose entirely without affecting your standard of living, ability to meet financial obligations, or long-term financial goals. The Service is not suitable for:

• Money you may need at short notice;
• Funds that form part of an emergency reserve;
• Borrowed money or money obtained on credit;
• Retirement savings unless you have separately taken financial advice on the appropriate allocation; or
• Persons who do not understand the risks set out in this Disclaimer.

Before using the Service you should, where appropriate, consult an independent financial advisor, tax practitioner and/or attorney to assess whether the Service is suitable for your personal circumstances, risk tolerance, investment horizon and tax position.

6. Your Acknowledgements

By accepting this Disclaimer and using the Service, you acknowledge and agree that:

• You have read, understood and accepted the risks listed above;
• You have made your own independent decision to use the Service and to use the Strategy you have selected, without reliance on any representation, advice or recommendation from BitWealth;
• You are solely responsible for the consequences of your investment decisions, including any losses;
• You will not hold BitWealth liable for any market loss, opportunity cost, tax liability or other adverse outcome arising from your use of the Service, except to the extent such liability cannot be lawfully excluded; and
• You will keep your account credentials and VALR API Key secure and you will revoke API access immediately if you suspect any compromise.

7. Limitation of Liability

The limitation of liability provisions set out in clause 13 of the Terms of Service apply to this Disclaimer and are incorporated by reference.

8. Updates

This Disclaimer may be updated from time to time. The latest version will always be available at bitwealth.co.za/legal/investment-disclaimer.html. Continued use of the Service after the effective date of an updated Disclaimer constitutes acceptance.

9. Contact

If you have questions about this Disclaimer, please contact support@bitwealth.co.za.