Execution & Pricing Disclaimer

BitLease Technologies Ltd. A subsidiary of 49G Holding Ltd. Incorporated in Abu Dhabi Global Market (ADGM) Registered Address: Unit PC-1, Level 7, Al Maryah Tower, Abu Dhabi Global Market Square, Abu Dhabi, Al Maryah Island, United Arab Emirates

ADGM Registration No.: 34619,

Last Updated: 21 March 2026

Effective Date: 21 March 2026

Version: 1.0

1. Critical Disclosure: Read Before Using the Platform

Critical Disclosure: Read Before Using the Platform

BitLease is not a cryptocurrency exchange. The Platform does not have an order book, does not match buy and sell orders, and does not offer price discovery services.

All asset valuations, contract calculations, and settlement values on the Platform are based on the Platform Reference Prices, which are proprietary indicative asset valuations determined using BitLease’s internal methodology.

Platform Reference Prices may vary, and may vary significantly, from asset valuations quoted on cryptocurrency exchanges, OTC markets, indices, and any other external sources.

This document outlines the concept and operation of the platform reference prices, where and how they are used, and the reasons for any potential differences with asset valuations quoted on cryptocurrency exchanges. You must read and understand this document if you use the Platform.

You acknowledge and agree to the use of the Platform and the pricing model outlined in this document in full.

2. Platform Reference Pricing

2.1 What Platform Reference Prices Are

Platform Reference Prices are proprietary asset valuations determined by BitLease and used as the exclusive basis for all financial calculations on the Platform. They represent BitLease’s internal evaluation of the asset’s value at a particular point in time, based on multiple sources and applied adjustments.

2.2 How Platform Reference Prices Are Determined

BitLease’s pricing methodology incorporates the following inputs and adjustments:

2.3 What Platform Reference Prices Are NOT

However, it is equally important to clarify what Platform Reference Prices are not.

Platform Reference Prices are not real-time spot prices from any exchange. They are not mid-market prices, nor are they VWAP or TWAP prices or any other standard pricing benchmark. They are not the best bid or best offer prices from any order book. They are not the prices at which BitLease guarantees you the ability to buy or sell on any exchange. They are not index prices from any third-party source unless we have specifically designated the index as a reference price on the Platform. They are not guaranteed to be the most favorable or best prices in the market. Finally, they are not subject to the best execution requirements that apply to exchanges, brokers, or other regulated trading venues.

2.4 Why Prices Differ From Exchanges

The differences between Platform Reference Prices and external exchange prices are not arbitrary. They arise from specific, identifiable factors:

Methodological difference: BitLease aggregates and adjusts across sources, while an individual exchange shows its own order book price.

Execution spread: The Platform Reference Price includes a spread that accounts for real execution costs. Exchange “spot prices” often represent the mid-point of the order book, not the actual fill price for a transaction of relevant size.

Timing: Exchange prices change continuously (millisecond by millisecond). The Platform Reference Price reflects the most recent calculation, which may have minor latency.

Liquidity conditions: During periods of low liquidity or high volatility, prices across venues can diverge significantly. The Platform Reference Price reflects an aggregated view, not any single venue.

Size-adjusted pricing: The Platform Reference Price for a specific LTO Contract may account for the size of the underlying asset position, which may not match the price for a small retail trade on an exchange.

Exchange-specific events: Individual exchanges may experience outages, flash crashes, or manipulation that distort their quoted prices. The aggregation methodology is designed to filter such anomalies.

3. Where Platform Reference Prices Apply

3.1 Comprehensive Application

Platform Reference Prices are used for every financial calculation on the Platform. There are no exceptions.

3.2 No Alternative Pricing

There is no option to use an alternative pricing source for any calculation on the Platform. The Client cannot request that a Buyout, settlement, or any other operation be calculated using an external exchange price, index price, or any price other than the Platform Reference Price.

4. Execution

4.1 BitLease Is Not an Exchange

“Execution” on the Platform does not have the same meaning as it does on a trading platform. There is no order book, no submission of orders, and no bid/ask spread, as might be found on a trading platform. There is no order matching and no discovery of counterparty, as BitLease is your sole counterparty. There is no price discovery, as the Platform Reference Prices are determined by sources external to the Platform. There is also no “best execution” requirement as might be found in securities laws and exchange rules (such as MiFID II, FCA COBS, and MAS SFA), as BitLease is not executing a trade on your behalf but is entering into a contract with you, at a price determined by our methodology. “Execution” on the Platform is the confirmation and activation of an LTO Contract, Buyout, Full Settlement, or termination, not the execution of a trade order.

4.2 Contract Execution Pricing

When you execute an LTO Contract, the Platform Reference Price displayed at the time of your contract confirmation is the execution price. Between the time you review the contract terms and the time you confirm execution, the Platform Reference Price may change. The final execution price is the price at the moment of confirmed execution, not the price at the moment of review. If the price changes materially between review and confirmation, BitLease may present updated terms for your review before proceeding. Once the contract is executed and confirmed, the execution price is final and not subject to adjustment.

4.3 Buyout Execution Pricing

In the case where you perform a Buyout, the asset is priced based on the Platform Reference Price at the time the Buyout is executed, not at the time the request is submitted, in the event that there is a processing delay. The settlement calculation, which gives a surplus or a deficit based on the asset value and the outstanding obligations, is performed based on the asset price at the time the Buyout is executed. There is a time gap between the time you submit the Buyout request and the time it is executed, and the asset price may have changed during this time. The final calculation is performed at the time the Buyout is executed. In the case where the asset is staked and has an unbonding period, the asset is priced at the time of settlement after the unbonding period, not at the time the original request was made.

4.4 Termination Execution Pricing

When a contract is terminated due to non-payment, the asset is valued at the Platform Reference Price at the time of termination execution. An execution spread (as disclosed in the Contract Summary / Schedule A) is applied to account for liquidation costs. The combination of the Platform Reference Price minus the execution spread determines the net liquidation value from which obligations are deducted and surplus (if any) is calculated. The Client receives the Final Settlement Statement showing all calculations, including the price used, spread applied, and resulting surplus or deficit.

5. Execution Spread

5.1 What It Is

The execution spread is an adjustment applied to the Platform Reference Price during certain operations to account for the real-world costs and risks of executing the underlying asset transaction. It represents the difference between the theoretical valuation and the achievable execution price under actual market conditions.

5.2 When It Applies

5.3 Disclosure

The execution spread applicable to termination is disclosed in the Contract Summary (Schedule A) before contract execution. The Client acknowledges the spread before entering into the LTO Contract.

5.4 Factors Affecting the Spread

The execution spread is not a fixed number. It may vary based on the specific digital asset (more liquid assets typically have tighter spreads), market conditions at the time of execution (volatile markets typically result in wider spreads), the size of the position being liquidated (larger positions may have wider spreads due to market impact), and the time of day and day of week (liquidity varies by time zone and trading session).

6. Slippage and Price Movement

6.1 Definition

“Slippage” refers to the difference between the price you expect and the price at which execution actually occurs. In the BitLease context, this manifests as the difference between the Platform Reference Price displayed at the time of your action (reviewing contract terms, initiating a Buyout) and the Platform Reference Price at the time the operation is confirmed and executed.

6.2 Causes of Slippage

Slippage is caused by the passage of time between your action and the Platform’s execution of that action. Specifically, it arises from market movement (digital asset prices can move significantly within seconds, and between reviewing and confirming, the underlying market may have moved), processing time (technical processing between your confirmation and the final execution may take seconds to minutes, during which prices change), queue position (during periods of high Platform activity, operations may be queued, introducing additional time between request and execution), data feed latency (Platform Reference Prices depend on data feeds that have inherent latency, typically milliseconds to seconds but potentially longer during market stress), and staking unbonding (if a Buyout requires unbonding, the delay between request and execution can be days, during which significant price movement is likely).

6.3 Slippage Is Not an Error

This is an important distinction. Price differences between the displayed price and the executed price, caused by the factors described above, are not Platform errors, defects, or malfunctions. They are an inherent characteristic of any system that operates in a market with continuously moving prices. BitLease does not compensate for slippage.

6.4 Slippage Scenarios

The following table illustrates how slippage works in practice, in both directions:

7. Volatile Market Conditions

7.1 Impact of Extreme Volatility

During periods of extreme market volatility, the effects described throughout this document become more pronounced:

Price feed divergence: Different data sources may show significantly different prices. The Platform Reference Price may diverge more than usual from any single exchange’s price.

Wider execution spreads: Liquidation costs increase during volatility, resulting in wider effective spreads.

Processing delays: High Platform activity during volatile markets may increase processing times for Buyouts, settlements, and LTO Wallet operations.

Rapid slippage: Prices may move significantly during even short processing delays.

Temporary price display inaccuracy: Display prices may lag actual Platform Reference Prices during rapid movement.

Liquidity gaps: External market liquidity may thin, affecting both Platform Reference Price calculations and actual execution conditions for asset liquidation.

7.2 Circuit Breakers

Additionally, BitLease reserves the right to invoke temporary circuit breakers in cases where there is extreme market volatility. The aforesaid actions are for your own benefit and are not meant to be restrictions on your rights. The restrictions are designed to prevent trading at abnormal prices, which are not indicative of real-time market conditions. The restrictions can include, but are not limited to, a temporary halt on the execution of new LTO contracts where there is a failure in the provision of accurate pricing information, a delay in the execution of a Buyout where there is a significant decrease in liquidity or liquidation conditions, an increase in the execution spread outside of the standard spread as indicated in the Contract Summary, and a temporary halt on staking where there is a failure of network conditions.

Circuit breakers are invoked at our own discretion and will be communicated to you as soon as possible.

7.3 Flash Crashes and Anomalous Prices

If a digital asset experiences a flash crash (sudden, extreme price drop followed by rapid recovery) or an anomalous price event on one or more external data sources, BitLease’s outlier filtering is designed to mitigate the impact on Platform Reference Prices. However, if the flash crash reflects genuine market conditions across multiple venues, the Platform Reference Price will reflect the decline.

If an LTO Contract, Buyout, or termination is executed during a flash crash at a price that is later determined to have been anomalous, BitLease may, but is not obligated to, review the transaction. Any reversal or adjustment is at BitLease’s sole discretion. BitLease is not liable for losses arising from execution at prices that reflected genuine, if extreme, market conditions.

8. No Market Control or Manipulation

8.1 Independence

BitLease does not have any control over, nor does it influence or manipulate, the price of any digital asset on the external market/exchange. It does not have control over the trading activity, order flow, and/or liquidity on the external exchange. It does not have control over the decisions made by the data providers, index providers, and/or price feed providers. It does not have control over the conditions on the blockchain network, including the fees and/or confirmation time, and/or the stablecoin-related factors, including the stability, reserves, and/or operations.

8.2 Platform Reference Price Integrity

BitLease commits to the integrity of its Platform Reference Price methodology. The methodology is applied consistently to all users and all transactions. It is not altered to benefit BitLease at the expense of a specific user or transaction. No BitLease employee, officer, or agent may manipulate Platform Reference Prices for personal benefit or to influence specific contract outcomes. The pricing methodology is subject to internal audit and compliance oversight. Planned Chainlink Proof of Reserve integration will provide an independent, on-chain verification layer for solvency calculations based on asset valuations.

8.3 Conflicts of Interest

As the Direct Counterparty, BitLease has a financial interest in the pricing of LTO Contracts, Buyouts, and terminations. This is an inherent structural conflict, and you must understand exactly how it works.

At contract execution: BitLease acquires the asset at market price and enters the contract at the Platform Reference Price. The difference (if any) accrues to or against BitLease.

At Buyout: The Platform Reference Price determines the Client’s surplus. A lower price means less surplus for the Client.

At termination: The Platform Reference Price and execution spread determine the liquidation proceeds and surplus.

BitLease manages this conflict through consistent, documented pricing methodology applied uniformly (not on a per-user or per-transaction basis), disclosure of the methodology and its limitations in this Disclaimer and the Terms of Service, compliance oversight of pricing operations, planned independent verification (Chainlink), and the Client’s right to Buyout at any time. If you believe pricing is unfavorable, you can exit.

9. No Best-Execution Obligation

9.1 Regulatory Context

BitLease is not subject to best-execution obligations as defined under MiFID II (Article 27, obligation to execute orders on terms most favourable to the client), FCA COBS 11.2 (best execution), MAS SFA (best execution obligations for capital markets services licensees), or any equivalent best-execution requirement applicable to exchanges, brokers, or trading venues.

9.2 Reason

Best-execution obligations apply to entities that execute client orders on external markets or venues. BitLease does not execute orders. BitLease enters into bilateral contracts (LTO Contracts) with Clients as principal counterparty. The Platform Reference Price is the contract price. It is not an attempt to achieve the best available market price for a client order.

9.3 User Recourse

If you believe the Platform Reference Price is consistently or significantly unfavorable, you have several options. You have the unconditional right to Buyout at any time. You have the right to decline to enter into new LTO Contracts. You may submit a complaint regarding pricing through complaints@bitlease.com. And you may compare Platform Reference Prices with external sources to make informed decisions.

10. Acknowledgment

By using the Platform, you acknowledge that:

1. You understand that BitLease is not an exchange and does not operate an order book;

2. You understand that all calculations are based on Platform Reference Prices, which are proprietary and may differ from exchange prices;

3. You accept the Platform Reference Pricing methodology as described in this Disclaimer;

4. You understand that execution spreads apply and are disclosed in your Contract Summary;

5. You understand that slippage may occur between review and execution;

6. You understand that volatile market conditions may cause wider price divergence, wider spreads, and processing delays;

7. You understand that BitLease has no best-execution obligation;

8. You understand the conflict of interest inherent in the Direct Counterparty structure and accept BitLease’s conflict management measures;

9. You will not claim compensation for differences between Platform Reference Prices and external market prices;

10. You make all decisions based on your own assessment and have not relied on Platform Reference Prices as equivalent to any external market price.

11. Contact

For pricing-related inquiries:

BitLease Technologies Ltd. A subsidiary of 49G Holding Incorporated in Abu Dhabi Global Market (ADGM) Registered Address: Unit PC-1, Level 7, Al Maryah Tower, Abu Dhabi Global Market Square, Abu Dhabi, Al Maryah Island, United Arab Emirates

ADGM Registration No.: 34619

Website: www.bitlease.com