I’ve been disappointed by our share price performance over the last ~12 months. But I don’t control the share price. I control what the business does - and ultimately the market speaks. Having a large Bitcoin balance sheet also means we are exposed to sentiment towards Bitcoin and movements in its price. My view is that we are now through the worst of that movement since late 2025. When I think about what Bitcoin treasury success looks like for Smarter Web, I focus on three things: 1. Share price improvement 2. Growing our Net Bitcoin Value Per Fully Diluted Share 3. Getting our mNAV - Fully Diluted EV vs. BTC Value - consistently above 1 For me, the second and third measures are particularly important as they are the ones we can work on directly. We need to grow the underlying Bitcoin value attributable to each fully diluted share, while also articulating the model to the market to explain why it should value the company at a premium to that Bitcoin value. Where possible, I don’t want us using our ATM, or doing individual fund raises, for equity issuance that is “close to the line”. I don’t think there is much value in issuing equity simply for the sake of it. Our Bitcoin treasury focus is on the things we can control: 1. How we generate Bitcoin Yield and compound Net Bitcoin Value Per Fully Diluted Share 2. How we help investors better understand the investment opportunity and why Smarter Web may outperform Bitcoin We have built a large Bitcoin balance sheet because we believe in the long-term value of Bitcoin. But simply owning Bitcoin is not enough. The purpose of a Bitcoin treasury company, in my view, is to compound on Bitcoin’s performance. We need to demonstrate that our actions can grow Bitcoin value per share and justify a sustained mNAV premium. That is my focus. LSE: #SWC | OTCQB: $TSWCF | FRA: $3M8