LEGAL

Terms of Service

Version 1.0 · Effective 8 Sept 2026

Version 1.0 · Effective date: 2026-09-08 · Last updated: 2026-09-08

BETA NOTICE — PLEASE READ. The Bansky platform is currently offered as a beta, pre-launch test environment. Unless we expressly state otherwise in a separate written agreement signed by us, everything you see on the platform during the Beta Program — balances, funds, casks, fractions, prices, indices, loans, credit lines, options, orders, fees, club tiers and events — is simulated, illustrative and has no monetary value. No real securities, tokens, whisky, loans or financial products are being offered, sold or provided through the platform during the Beta Program. Section 3 explains this in detail.

IMPORTANT. These Terms contain a binding arbitration clause and a class-action waiver (Section 18) that affect your legal rights, a limitation of our liability (Section 15), and a Risk Disclosure Statement (Annex A). By creating an account or using the platform you agree to all of them. If you do not agree, do not use the platform.

1. Who we are and what these Terms cover

1.1 These Terms of Service (the "Terms") are a legally binding agreement between you ("you", "your", "User") and Bansky ("Bansky", "we", "us", "our"), the operator of the website at bansky.app, the web application at beta.bansky.app, any related sub-domains, applications, APIs, content and services (together, the "Platform").

1.2 These Terms incorporate by reference our Privacy Policy (bansky.app/privacy), the Risk Disclosure Statement in Annex A, and any additional terms, rules or guidelines we publish for specific features (for example, Deal Room terms, Distillery Partner terms or, in the future, Transaction Terms). If there is a conflict, the more specific document prevails for the feature it covers.

1.3 We may update these Terms from time to time as described in Section 20. The version in force is always the one published on the Platform.

2. Eligibility

2.1 You may use the Platform only if you are at least 18 years old (or the age of majority in your jurisdiction, if higher) and have the legal capacity to enter into a binding contract. Certain features related to whisky, bottles, tastings or events are available only to persons who have reached the legal drinking age in their jurisdiction, and we may require proof of age.

2.2 You may not use the Platform if you are located in, or are a citizen or resident of, a jurisdiction where use of the Platform or any part of it is unlawful, or if you are a person or entity that is the subject of sanctions administered by the United States, the United Nations, the European Union, the United Kingdom, Israel or any other applicable authority, or are acting on behalf of such a person or entity.

2.3 If you use the Platform on behalf of a company or other entity, you represent that you are authorised to bind that entity, and "you" includes that entity.

2.4 We may refuse, suspend or terminate access at our discretion, including where we cannot verify eligibility.

3. The Beta Program — simulated environment

3.1 Nature of the Beta. The Platform is in a Beta Program: a pre-launch test environment made available so that we can develop, test and improve the product and so that prospective users, partners and distilleries can evaluate it. The Beta Program is provided free of charge, for evaluation purposes only.

3.2 Everything is simulated. During the Beta Program, and unless expressly agreed otherwise in a separate written agreement signed by us:

(a) all account balances, deposits, withdrawals, "funds", credits and wallets are simulated and have no monetary value;

(b) all casks, fractions, units, tokens, "ownership" records, indices (including the CWHX index), net asset values, prices, order books, charts, yields and performance figures are simulated, illustrative or hypothetical, may be generated from demonstration data, and do not represent real assets, real ownership, real market prices or real performance;

(c) all loans, credit lines, "spend" features, buybacks, bottle options, releases, allocations, club tiers, memberships and events are simulated product features and do not create any right, obligation, debt, credit, option, membership or entitlement of any kind;

(d) all fees, spreads, premiums and charges shown are illustrative and are not charged;

(e) no real whisky, casks, bottles or other goods are sold, allocated, delivered or promised; and

(f) no real securities, financial instruments, tokens, digital assets, loans, credit, payment services, custody services or investment services are offered, sold, issued, arranged or provided.

3.3 No obligation to launch. We do not promise that any feature shown in the Beta Program will ever be launched, that it will be launched in the form shown, or that it will be available in your jurisdiction. Product names, fee levels, index methodologies, loan-to-value ratios, tier thresholds, custody and insurance arrangements and all other parameters may change or be withdrawn at any time.

3.4 Beta data may be reset. We may modify, reset, wipe or delete any Beta data, accounts, records, balances or content at any time, with or without notice, including at the end of the Beta Program. You should not rely on any Beta record as evidence of anything.

3.5 Feedback. We welcome feedback, suggestions and bug reports ("Feedback"). You grant us a perpetual, irrevocable, worldwide, royalty-free licence to use Feedback for any purpose without obligation to you.

3.6 Future real-money features. If and when we make any real-money, real-asset or securities-related feature available, it will (i) be offered only to eligible persons who have completed identity verification and any other onboarding we require, (ii) be governed by separate Transaction Terms and, where applicable, by the offering, subscription and constitutional documents of the relevant issuing vehicle, which will take precedence over these Terms, and (iii) be made available only in jurisdictions and to persons where and to whom we are lawfully able to do so. Nothing in these Terms or on the Platform is an offer or commitment to provide any such feature.

4. No offer, no advice, no regulated services

4.1 Not an offer. Nothing on the Platform, in our communications, in the Deal Room or in any material we make available is, or should be construed as, an offer to sell, a solicitation of an offer to buy, or a recommendation of any security, token, digital asset, cask, whisky, loan, credit product, membership or other product or service, in any jurisdiction. Any offering of securities, if and when made, will be made only by means of definitive offering documents and only to persons eligible to receive them under applicable law (for example, outside the United States in reliance on Regulation S, or to accredited investors in the United States in reliance on Regulation D), and will be subject to the terms of those documents.

4.2 Not registered or licensed. Bansky is not, and does not hold itself out as, a bank, broker-dealer, investment adviser, exchange, alternative trading system, custodian, money transmitter, payment institution, lender, insurer, or a licensed or regulated financial services provider in any jurisdiction. No securities, tokens or products described on the Platform have been registered with or approved by the U.S. Securities and Exchange Commission, the Israel Securities Authority, the UK Financial Conduct Authority, the Dubai Virtual Assets Regulatory Authority or any other regulator. References to our regulatory plans, licence applications, legal structure, SPVs, custody or insurance arrangements describe intentions and work in progress, not current status.

4.3 No advice. All content on the Platform is general information for evaluation purposes. It is not investment, financial, legal, tax, accounting or other professional advice, and it does not take account of your circumstances. You should obtain independent professional advice before making any decision. We do not act as your fiduciary or adviser.

4.4 Forward-looking statements. The Platform and our materials may contain projections, targets, roadmaps and other forward-looking statements. These are based on assumptions that may prove wrong, are subject to risks and uncertainties, and are not guarantees. Actual results, if any, may differ materially. We undertake no obligation to update them.

4.5 Whisky is a living asset. Whisky in cask is an agricultural product that changes over time. Its volume, strength, character and value may go down as well as up and can be affected by evaporation, contamination, warehouse conditions, regulatory change, taxation, market demand, fashion, fraud and many other factors. We never promise, guarantee or imply that any cask, fraction, index or product will increase in value, retain its value, produce income or be liquid. Any illustration of past or hypothetical performance is not an indication of future results.

5.1 To use most of the Platform you must create an account. You may register with an email address and password or through a third-party identity provider such as Google Sign-In. If you use Google Sign-In, Google will share certain information with us (such as your name, email address and profile picture) as described in our Privacy Policy, and your use of Google is subject to Google's own terms.

5.2 You must provide accurate, current and complete information and keep it updated. You are responsible for all activity under your account and for keeping your credentials confidential. Notify us immediately at security@bansky.app if you suspect unauthorised access.

5.3 One account per person. You may not share, sell, transfer or lend your account.

5.4 Demo accounts and demo mode. Some features run in a demonstration mode using synthetic data ("Demo Mode"). Demo Mode is clearly labelled where reasonably practicable; however, during the Beta Program, all accounts and features are to be treated as simulated regardless of labelling (Section 3).

5.5 Identity verification. We may at any time require identity verification, proof of address, source-of-funds information, tax information, accreditation status or other information ("KYC") as a condition of continued access, and may use third-party providers to perform it. You consent to such checks and to our sharing your information with such providers for that purpose. We may restrict or terminate access if verification is not completed to our satisfaction.

6. Description of Platform features (simulated during Beta)

The Platform is designed to demonstrate a financial operating system for cask whisky. The following descriptions explain the intended product concept. During the Beta Program each of these features is simulated as described in Section 3, and none of them creates any right or obligation.

6.1 Marketplace and fractions. The Platform illustrates how casks listed by distilleries could be divided into recorded fractions, priced and traded on an order book, with some fractions retained by the distillery.

6.2 CWHX index and index units. The Platform illustrates a basket of listed casks valued at a net asset value and expressed as index units.

6.3 Loans and credit. The Platform illustrates loans and a credit line secured against holdings, with loan-to-value limits and fees.

6.4 Releases and bottle options. The Platform illustrates a concept under development in which a right to a bottle from a future release could be acquired at a fixed price and later settled or transferred. This concept is subject to legal and regulatory analysis and may never be offered.

6.5 Clubs and events. The Platform illustrates membership tiers linked to holdings, with allocations, tastings and events offered by distilleries.

6.6 Distillery partner portal. The Platform illustrates tools for distilleries to list casks, manage retained shares, propose buybacks, run events and view analytics. Use of the partner portal by a distillery is subject to a separate Distillery Partner Agreement.

6.7 Ledger. The Platform records simulated movements on a double-entry ledger. During the Beta Program the ledger is a technical demonstration and not a record of title, ownership, debt or any legal relationship.

6.8 Custody, insurance, SPVs and buybacks. Descriptions of bonded-warehouse custody, insurance, special purpose vehicles, rights of first refusal and buyback programmes describe the intended structure. During the Beta Program none of these arrangements is in place for any Platform user, and in the future they would exist (if at all) only under separate documents and subject to their terms and limits.

7. Deal Room and confidential materials

7.1 We may give selected users (for example, prospective investors, distilleries, advisers or partners) access to a restricted area of the Platform (the "Deal Room") containing pitch materials, financial models, legal memoranda, brand assets, product roadmaps and other non-public information ("Confidential Materials").

7.2 By accessing the Deal Room you agree that (a) Confidential Materials are confidential and proprietary to Bansky; (b) you will use them solely to evaluate a potential relationship with Bansky; (c) you will not copy, download (except where a download is expressly provided), share, forward, publish or disclose them to any third party other than your professional advisers who are bound by confidentiality; (d) you will not use them to compete with us or to solicit our partners, distilleries or team; and (e) these obligations continue for three (3) years after your access ends, or indefinitely for trade secrets. These obligations do not apply to information that is or becomes public through no fault of yours, that you already lawfully possessed, or that you are required by law to disclose (in which case you will, where lawful, give us prompt notice).

7.3 Deal Room access is personal, may be tracked (including which materials you view, for how long and from which device), may be revoked at any time, and does not constitute an offer of securities (Section 4.1).

7.4 We may require you to accept separate Deal Room terms or a non-disclosure agreement before access. Those terms prevail over this Section 7 in case of conflict.

8. Acceptable use

You agree not to, and not to attempt to or help anyone else to:

(a) use the Platform for any unlawful purpose, or in breach of any applicable law, including securities, anti-money-laundering, sanctions, tax, consumer, alcohol, data-protection and export-control laws;

(b) provide false, misleading or incomplete information, impersonate any person, or misrepresent your affiliation, eligibility, accreditation or location (including through VPNs or other means intended to disguise your jurisdiction);

(c) access or use any account, data or area of the Platform you are not authorised to access; probe, scan, test or circumvent any security, rate-limiting, access-control or authentication measure; or interfere with the Platform's operation;

(d) scrape, crawl, harvest, copy, mirror, frame or reverse-engineer the Platform, its data, its ledger, its index methodology, its designs or its code, or use any automated means to access it without our written consent;

(e) upload malicious code, spam, or content that is unlawful, infringing, defamatory, obscene, harassing, discriminatory or otherwise objectionable;

(f) manipulate or attempt to manipulate any simulated or real price, order book, index, vote, ranking or metric;

(g) use the Platform to develop a competing product, to train machine-learning models, or to benchmark us for publication without our consent;

(h) remove or alter any copyright, trademark or other notice; or

(i) encourage or enable anyone else to do any of the above.

We may investigate suspected violations, remove content, suspend or terminate accounts, and cooperate with law enforcement, in each case at our discretion.

9. Intellectual property

9.1 The Platform and all of its content — including software, code, the ledger design, the index methodology, text, graphics, user interfaces, the "Bansky" name and logo (including the Tranche Mark), the "CWHX" name, trade dress, audio, video and the selection and arrangement of the foregoing — are owned by Bansky or its licensors and are protected by copyright, trademark, trade-secret and other laws. All rights not expressly granted are reserved.

9.2 Subject to these Terms, we grant you a limited, personal, non-exclusive, non-transferable, revocable licence to access and use the Platform for its intended purpose. You acquire no ownership of any content or software.

9.3 Distillery and third-party marks. Names, logos, images and descriptions of distilleries, brands, bottles and events belong to their respective owners and appear (where they appear) with permission or for identification only. No affiliation, sponsorship or endorsement is implied unless stated.

9.4 Your content. You retain ownership of content you submit (for example, profile information, messages, proposals or documents uploaded to the partner portal). You grant us a worldwide, non-exclusive, royalty-free licence to host, store, reproduce, display, adapt and process that content to operate, secure, improve and promote the Platform, and you represent that you have all rights needed to grant this licence. We may remove any content at our discretion.

10. Third-party services and links

The Platform relies on third-party services (including hosting, database, authentication, email, analytics, identity-verification and payment providers, and Google Sign-In) and may contain links to third-party sites, distilleries, events or resources. We do not control and are not responsible for third-party services, sites, content, products, policies or practices. Your use of them is at your own risk and subject to their terms. Any event, tasting or visit organised by a distillery or other third party is provided by that third party, not by us.

11. Alcohol

Bansky does not sell alcohol. Any future sale, allocation, bottling or delivery of whisky would be made only by an appropriately licensed party, only where lawful, only to persons of legal drinking age, and subject to applicable excise, duty, import and licensing rules. Please drink responsibly.

12. Fees and payments

12.1 The Beta Program is free. Any fees, spreads, premiums or charges displayed during the Beta Program are illustrative only (Section 3.2(d)).

12.2 If we introduce paid features, we will publish the applicable fees and payment terms in advance. Fees will be non-refundable except as required by law or as we expressly state. You are responsible for all taxes arising from your use of the Platform.

13. Communications and electronic records

13.1 By creating an account you consent to receive communications from us electronically (email, in-app notices, push notifications) and agree that electronic communications satisfy any legal requirement that communications be in writing. You may opt out of marketing communications at any time; service communications will continue while you have an account.

13.2 You agree that acceptance of these Terms and of any other agreement by clicking, checking a box or similar action constitutes a valid electronic signature, and that our records of such acceptance (including version, timestamp, IP address and device information) are admissible evidence of it.

14. Disclaimers

14.1 THE PLATFORM, ITS CONTENT AND ALL FEATURES ARE PROVIDED "AS IS", "AS AVAILABLE" AND "WITH ALL FAULTS", WITHOUT WARRANTY OF ANY KIND. TO THE FULLEST EXTENT PERMITTED BY LAW, BANSKY AND ITS AFFILIATES, FOUNDERS, DIRECTORS, OFFICERS, EMPLOYEES, CONTRACTORS, ADVISERS, PARTNERS, DISTILLERIES, LICENSORS AND SERVICE PROVIDERS (THE "BANSKY PARTIES") DISCLAIM ALL WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, INCLUDING WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, NON-INFRINGEMENT, ACCURACY, COMPLETENESS, TIMELINESS, QUIET ENJOYMENT, AND ANY WARRANTY ARISING FROM COURSE OF DEALING OR USAGE OF TRADE.

14.2 WITHOUT LIMITING THE FOREGOING, THE BANSKY PARTIES DO NOT WARRANT THAT (A) THE PLATFORM WILL BE UNINTERRUPTED, SECURE, ERROR-FREE OR FREE OF VIRUSES; (B) ANY DATA, PRICE, INDEX VALUE, LEDGER ENTRY, BALANCE, CALCULATION, CHART OR RECORD IS ACCURATE OR RELIABLE; (C) ANY DEFECT WILL BE CORRECTED; (D) ANY FEATURE WILL BE LAUNCHED OR CONTINUED; OR (E) THE PLATFORM COMPLIES WITH THE LAWS OF YOUR JURISDICTION.

14.3 THE PLATFORM IS A BETA PRODUCT AND MAY CONTAIN BUGS, ERRORS AND INACCURACIES, INCLUDING IN FINANCIAL CALCULATIONS. YOU USE IT AT YOUR SOLE RISK.

14.4 Some jurisdictions do not allow the exclusion of certain warranties; in those jurisdictions the above exclusions apply to the maximum extent permitted, and nothing in these Terms excludes rights that cannot be excluded by law.

15. Limitation of liability

15.1 TO THE FULLEST EXTENT PERMITTED BY LAW, IN NO EVENT WILL THE BANSKY PARTIES BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY OR PUNITIVE DAMAGES, OR FOR ANY LOSS OF PROFITS, REVENUE, BUSINESS, OPPORTUNITY, GOODWILL, DATA, OR ANY INVESTMENT OR TRADING LOSS, WHETHER ARISING IN CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY, STATUTE OR OTHERWISE, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, ARISING OUT OF OR RELATING TO THE PLATFORM, THESE TERMS, ANY CONTENT, ANY SIMULATED OR REAL FEATURE, OR ANY DECISION YOU MAKE IN RELIANCE ON ANY OF THEM.

15.2 TO THE FULLEST EXTENT PERMITTED BY LAW, THE TOTAL AGGREGATE LIABILITY OF THE BANSKY PARTIES FOR ALL CLAIMS ARISING OUT OF OR RELATING TO THE PLATFORM OR THESE TERMS WILL NOT EXCEED THE GREATER OF (A) THE FEES YOU ACTUALLY PAID TO BANSKY IN THE TWELVE (12) MONTHS BEFORE THE EVENT GIVING RISE TO THE CLAIM AND (B) ONE HUNDRED U.S. DOLLARS (US$100).

15.3 The limitations in this Section 15 are fundamental elements of the basis of the bargain between you and Bansky, apply to each Bansky Party individually, and apply even if any limited remedy fails of its essential purpose. They do not exclude or limit liability for fraud, for death or personal injury caused by negligence, or for any other liability that cannot be excluded or limited under applicable law.

16. Indemnification

You will defend, indemnify and hold harmless the Bansky Parties from and against all claims, liabilities, damages, losses, costs and expenses (including reasonable legal fees) arising out of or relating to (a) your use of the Platform; (b) your content or Feedback; (c) your breach of these Terms or of any law; (d) your violation of any third-party right; or (e) any misrepresentation regarding your eligibility, location, status or authority. We may assume the exclusive defence and control of any matter subject to indemnification, in which case you will cooperate with us.

17. Suspension and termination

17.1 You may stop using the Platform and request deletion of your account at any time via the Platform or by emailing hello@bansky.app.

17.2 We may suspend, restrict or terminate your access to all or part of the Platform at any time, with or without cause or notice, including if we believe you have breached these Terms, if required by law, if we discontinue the Beta Program or the Platform, or to protect Bansky, other users or third parties.

17.3 On termination, your licence ends and we may delete your account and data, subject to our Privacy Policy and any retention required by law. Sections that by their nature should survive (including Sections 3, 4, 7, 9, 13–16, 18, 19 and 21, and Annex A) survive termination.

18. Dispute resolution; arbitration; class-action waiver

PLEASE READ THIS SECTION CAREFULLY. IT AFFECTS YOUR RIGHTS.

18.1 Informal resolution first. Before starting any formal proceeding, you agree to contact us at legal@bansky.app with a written description of the dispute, and we agree to try in good faith to resolve it within sixty (60) days.

18.2 Binding arbitration. If the dispute is not resolved, any dispute, claim or controversy arising out of or relating to these Terms or the Platform (a "Dispute"), including its existence, validity, interpretation, performance, breach or termination, and including non-contractual claims, will be finally resolved by binding individual arbitration administered by JAMS under its rules in force at the time, before a single arbitrator, seated in Wilmington, Delaware, USA, conducted in English. Hearings may be held by video conference. The arbitrator's award is final and may be entered in any court of competent jurisdiction. The U.S. Federal Arbitration Act governs this Section.

18.3 Class-action and jury waiver. TO THE FULLEST EXTENT PERMITTED BY LAW, YOU AND BANSKY EACH WAIVE THE RIGHT TO A TRIAL BY JURY AND THE RIGHT TO PARTICIPATE IN A CLASS, COLLECTIVE, CONSOLIDATED OR REPRESENTATIVE ACTION OR ARBITRATION. Disputes will be resolved only on an individual basis.

18.4 Exceptions. Either party may (a) bring an individual claim in small-claims court, and (b) seek injunctive or other equitable relief in any court of competent jurisdiction to protect its intellectual property or Confidential Materials.

18.5 Opt-out. You may opt out of this arbitration agreement by emailing legal@bansky.app within thirty (30) days of first accepting these Terms, stating your name, account email and that you opt out of arbitration. If you opt out, Section 19 governs where disputes will be heard.

18.6 Consumers in the EEA, UK, Israel and other protected jurisdictions. If mandatory law in your country of residence gives you the right to bring proceedings in your local courts, or prohibits pre-dispute arbitration agreements or class waivers for consumers, nothing in this Section 18 deprives you of that right, and to that extent this Section will not apply to you. EU residents may also use the European Commission's online dispute resolution platform.

18.7 Time limit. To the extent permitted by law, any claim must be filed within one (1) year after it arose, or it is permanently barred.

19. Governing law and venue

These Terms and any Dispute are governed by the laws of the State of Delaware, USA, without regard to conflict-of-laws rules, and excluding the UN Convention on Contracts for the International Sale of Goods. Subject to Section 18 and to any mandatory consumer-protection law, the courts of the State of Delaware, USA have exclusive jurisdiction over any Dispute not subject to arbitration, and you submit to their personal jurisdiction.

20. Changes to these Terms and to the Platform

20.1 We may change these Terms at any time. For material changes we will give reasonable notice (for example, by email, in-app notice or by requiring re-acceptance) before they take effect, unless the change is required by law or addresses a security or legal risk, in which case it may take effect immediately. Continued use after the effective date constitutes acceptance. If you do not agree, you must stop using the Platform.

20.2 We may add, change, suspend or discontinue any part of the Platform at any time, without liability to you.

21. General

21.1 Entire agreement. These Terms (with the documents incorporated by reference) are the entire agreement between you and Bansky regarding the Platform and supersede all prior agreements and communications on that subject.

21.2 Severability. If any provision is held invalid or unenforceable, it will be enforced to the maximum extent permissible and the remaining provisions will remain in full force. If the class-action waiver in Section 18.3 is found unenforceable as to a particular claim, Section 18 will not apply to that claim, which will be heard in court under Section 19.

21.3 No waiver. Our failure to enforce any provision is not a waiver of it.

21.4 Assignment. You may not assign or transfer these Terms or your account. We may assign these Terms without restriction, including to an affiliate or successor.

21.5 Force majeure. We are not liable for any failure or delay caused by events beyond our reasonable control, including acts of God, war, terrorism, civil unrest, labour disputes, pandemics, government action, regulatory change, sanctions, internet or utility failures, cyber-attacks, or failures of third-party providers.

21.6 No third-party beneficiaries. Except for the Bansky Parties under Sections 14–16, there are no third-party beneficiaries of these Terms.

21.7 Relationship. Nothing in these Terms creates a partnership, joint venture, agency, fiduciary or employment relationship between you and Bansky.

21.8 Export control. You may not use or export the Platform in violation of export-control or sanctions laws.

21.9 Language. These Terms are drafted in English. Any translation is provided for convenience only; the English version prevails.

21.10 Headings are for convenience only and do not affect interpretation. "Including" means "including without limitation".

22. Contact

Bansky Tel Aviv, Israel General: hello@bansky.app · Legal: legal@bansky.app · Security: security@bansky.app

Annex A — Risk Disclosure Statement

This Annex forms part of the Terms. It is not exhaustive. It describes risks relevant to the product concept demonstrated on the Platform so that you can evaluate it responsibly. During the Beta Program all features are simulated and no real product is offered (Section 3); this Annex describes the risks that would apply to real products of this kind if they were ever offered. You should read it in full and obtain independent advice.

A.1 Beta and technology risk. The Platform is experimental software. Calculations, ledgers, indices, balances and records may be wrong, corrupted, lost or reset. Do not rely on them.

A.2 No guaranteed return; total loss. Investments in casks, fractions, indices or any related instrument would be speculative, would involve a high degree of risk, and could result in the loss of the entire amount invested. No return, income, appreciation, floor, buyback or exit is guaranteed. Past or hypothetical performance is not indicative of future results.

A.3 Whisky as an asset. Whisky in cask is a living, agricultural product. Volume and strength decline through evaporation; casks may leak, spoil, become contaminated or fail to mature as expected; warehouse fire, flood or failure may cause loss; changes in taste, fashion and demand may reduce value; and the market for cask whisky is opaque, unregulated in many respects, and has experienced fraud and insolvencies.

A.4 Illiquidity. There may be no market for fractions, index units, options or other instruments, and no assurance that one will develop or continue. You may be unable to sell when you want, at any price. Any order book, buyback programme or right of first refusal would depend on the willingness and ability of counterparties, including distilleries, which may fail.

A.5 Valuation and index risk. Valuations, net asset values and index levels would depend on methodologies, assumptions and third-party inputs (such as insured or appraised values) that may be inaccurate, infrequent, stale or manipulated. Index composition and methodology may change. Prices set by distilleries or by trading may not reflect realisable value.

A.6 Counterparty, custody and insurance risk. Casks would remain in third-party bonded warehouses. Warehouse keepers, distilleries, insurers, custodians, SPV administrators and other counterparties may fail, default, become insolvent, commit fraud or breach their obligations. Insurance, if any, would be subject to exclusions, limits, deductibles and the insurer's solvency, and might not cover the full loss.

A.7 Structure and bankruptcy risk. Holding assets through special purpose vehicles or other structures involves legal, tax and enforcement risks. Structures intended to be bankruptcy-remote may not be respected by courts in every jurisdiction. If Bansky ceases operations, the transfer of records, administration and servicing of any structure to a successor may fail or be delayed.

A.8 Leverage, loans and credit. Borrowing against holdings amplifies losses. A decline in the value of collateral could trigger margin calls, forced liquidation at unfavourable prices, or a debt exceeding the value of the collateral. Interest, fees and spreads reduce returns.

A.9 Options and releases. Options and similar instruments are complex, may expire worthless, and depend on the issuer's ability to deliver. Bottle options are a concept under development that may never be offered and may be restricted or prohibited in some jurisdictions.

A.10 Regulatory and legal risk. Laws governing securities, tokenised assets, virtual assets, lending, alcohol, tax, consumer protection and data protection are complex, vary by jurisdiction and are changing rapidly. Bansky may be unable to obtain, or may lose, licences it seeks; regulators may take action that restricts, prohibits or unwinds products; and products may be treated as securities, derivatives or regulated products in your jurisdiction, with consequences for you. Tax treatment is uncertain and may change; you are responsible for your own taxes.

A.11 Technology, cyber and operational risk. Digital ledgers, tokens and online platforms are exposed to bugs, exploits, hacking, key loss, outages, dependency on third-party providers, and human error. Records may be altered or lost. Transactions may be irreversible.

A.12 Fraud and misconduct. The cask-whisky sector has experienced significant fraud, mis-selling and insolvency. Despite controls, we cannot guarantee that counterparties or third parties will not act fraudulently.

A.13 Currency, inflation and macro risk. Values may be affected by exchange rates, inflation, interest rates, tariffs, trade disputes and economic conditions.

A.14 Conflicts of interest. Bansky, its founders, advisers, distillery partners and service providers may have interests that differ from yours, including holding casks or fractions, earning fees on transactions, setting or influencing prices, and operating both sides of a market. We will seek to manage conflicts, but they cannot be eliminated.

A.15 Early-stage company risk. Bansky is an early-stage company with limited operating history, limited resources and no assurance of raising capital or achieving profitability. It may cease operations at any time.

A.16 Membership and events. Clubs, allocations, tastings and events would be provided by distilleries or third parties, may be changed or cancelled, and may be subject to age, travel, health and safety requirements.

A.17 Alcohol. Whisky is an alcoholic beverage. Consumption carries health risks. Sale and possession are regulated, and delivery may be unlawful or impractical in your jurisdiction.

You acknowledge that you have read and understood this Risk Disclosure Statement and that you are solely responsible for any decision you make.

Questions? legal@bansky.app