A simple question I am often asked is what a Bitcoin treasury company is actually trying to achieve. The obvious answer is to build a large Bitcoin balance sheet. But that is only part of it. Total Bitcoin holdings cannot be viewed in isolation. They need to be understood alongside the company’s capital structure and, most importantly, what each ordinary share represents. In my view, the purpose of a Bitcoin treasury company is not simply to own more Bitcoin. It is to use the public markets, financing and disciplined capital allocation to grow the Bitcoin value attributable to each share over time. Total scale is important. Per-share value is essential. At Smarter Web, that treasury ambition sits alongside our operating businesses. We are growing businesses that serve clients, generate revenue, develop people and produce cash flows, with Bitcoin as the asset at the centre of our balance sheet. That is important within the UK regulatory framework, but it also makes good commercial sense. Stronger operating businesses give Smarter Web greater resilience and more ways to create value for shareholders. I see the operating businesses and Bitcoin treasury as complementary, not competing. The question, therefore, is not simply how much Bitcoin we own. It is whether the decisions we make are increasing the Bitcoin value attributable to each share while strengthening the wider business. This is why Bitcoin Yield is a useful measure. It shows whether our actions are increasing Bitcoin per share, rather than simply increasing the headline size of the treasury. A company can buy more Bitcoin without necessarily improving the position of each shareholder. If the capital used is too expensive, overly dilutive or unnecessarily complicated, the Bitcoin stack may grow while the economics per share do not. We want to represent the UK amongst the larger global Bitcoin treasury companies. We want scale, growing operating businesses and a company that becomes something the UK can be proud of. But we want to achieve that with a laser focus on scale and simplicity. Simplicity matters. A simple capital structure makes it easier for shareholders to understand what they own, for the market to assess the business and for us to allocate capital with discipline. I have been disappointed by our share price performance over approximately the last 12 months. I do not control the share price. I control what the business does, the decisions we make and how clearly, we communicate our strategy. Ultimately, the market speaks. Having a large Bitcoin balance sheet also means we are exposed to sentiment towards Bitcoin and movements in its price. It works in both directions. My personal view is that we are now through the worst of the Bitcoin price movement that began in late 2025, although I certainly do not claim to know what happens next. When I think about what Bitcoin treasury success looks like for Smarter Web, I focus on three outcomes: 1. Share price improvement 2. Growth in our Net Bitcoin Value Per Fully Diluted Share 3. A fully diluted mNAV - our enterprise value relative to the value of our Bitcoin - that is consistently above 1 The first matters enormously. But the second and third are particularly important because they are the areas we can work on most directly. We need to grow the underlying Bitcoin value attributable to each fully diluted share while articulating the investment proposition clearly enough that the market understands why Smarter Web may deserve to trade at a premium to the Bitcoin on its balance sheet. Those objectives are connected. Bitcoin Yield demonstrates whether we are compounding Bitcoin value per share. A sustained mNAV premium reflects whether the market believes we can continue doing so and whether the wider company offers something more than passive ownership of Bitcoin. That is also why I do not believe in issuing equity simply for the sake of issuing equity. Where possible, I do not want us using our ATM, or completing individual fundraises, for equity issuance that is too close to the line. We have built a large Bitcoin balance sheet because we believe in the long-term value of Bitcoin. My conviction remains as strong as ever. But simply owning Bitcoin is not enough. The purpose of a Bitcoin treasury company, in my view, is to compound on Bitcoin's performance for ordinary shareholders. Turning to this week, Monday was a bank holiday in the UK. Public markets may have been closed, but work continued, as it always does. On Tuesday, we were pleased to welcome Will Hamlet to the team as our new Marketing Executive. Marketing, education and communication are fundamental to building a successful Bitcoin treasury company. The investment proposition is still new to many people. Even amongst investors who understand Bitcoin, there is not always a clear understanding of how Bitcoin treasury companies create value, how capital structures affect ordinary shareholders or why Bitcoin per share matters more than the headline size of a treasury. He will be helping us communicate those ideas more effectively, produce more useful content and reach a wider audience. I am very pleased to welcome him to Smarter Web and look forward to seeing the contribution he makes as the team continues to grow. On Wednesday, we added a further 35 Bitcoin to our balance sheet. Every Bitcoin purchase naturally attracts attention, and I am pleased that our treasury has grown again. This was the second largest purchase in 2026 and I am hoping, and confident, that we will add more soon. It is also worth highlighting how amplification affects the ordinary shares. With a leveraged Bitcoin balance sheet, an increase in the Bitcoin price can produce a larger percentage movement in the residual equity value, all else being equal. The opposite is true when the Bitcoin price falls. For investors who believe in the long-term value of Bitcoin and want amplified exposure through a listed company, that can be attractive. It also comes with additional risk. We should be clear about both sides of the equation, because informed shareholders are essential to building long-term trust. On Thursday, Alexandre Laizet from Capital B joined Miller Cole for the Smarter Web Livestream. It was good to hear from another Bitcoin treasury leader, and I hope that, if you watched, you enjoyed the Livestream. We are aiming to make these Livestreams a weekly part of our communication. Some will focus directly on Smarter Web, while others will explore Bitcoin, capital markets, treasury analytics or subjects that we believe our shareholders will find interesting. Today, I am heading to an event that I was kindly invited to attend. It should be particularly interesting because the event will not be full of people who have already worked out the benefits of Bitcoin. That is important. The Bitcoin industry naturally spends a great deal of time speaking to itself. Those conversations have value, particularly as the financial products and treasury sector continue to develop. But the next stage of growth will increasingly depend on reaching people who have not yet taken the time to understand Bitcoin, have not heard of Smarter Web or do not yet see why Bitcoin may be the perfect asset on which to build a corporate balance sheet. Moving forward, our marketing and communication will increasingly focus on that wider audience. We want to explain Bitcoin without assuming prior knowledge. We want to explain the Bitcoin treasury model without hiding behind jargon. And we want to demonstrate why Smarter Web offers a distinct investment proposition, with a large Bitcoin balance sheet, operating businesses, access to the public capital markets and a clear focus on growing value per share. I am looking forward to hearing different perspectives, having conversations outside the usual Bitcoin circles and seeing how the message lands with people who may be approaching the subject for the first time. Thank you, as always, for your continued support. I hope you have a great weekend. LSE: #SWC | OTCQB: $TSWCF | FRA: $3M8