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Legal disclaimer and general notes

This report is provided for informational purposes only, and does not constitute financial, investment, legal, regulatory, or tax advice. The author(s) and ENS cannot guarantee the accuracy of data and information contained in the report, which is provided strictly on a best efforts basis. References to assets are made for informational purposes, and are not a recommendation, offer to sell, or solicitation of an offer to buy any asset. Content, data, or assessments provided in this report are subject to change without notice.

This report include certain forward looking statements; such statements face a high degree of uncertainty and are not a guarantee or promise of future performance or events. Author(s) and the ENS are materially relying on waiver of liability as a condition of providing this report. By accessing the content herein, readers agree to indemnify and hold harmless author(s) and ENS against any and all claims.

This presentation is provided as is and is still a work in progress and shouldn’t be relied on for anything.

M2M means mark-to-market the reevaluation due to a price change of an asset or liability.

All prices are taken at end of day, this can lead to some discrepancies and inflating the Swap P&L (as trade record doesn’t occur at the same price as the trade itself).

Most data are sourced from Dune Analytics.

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EXECUTIVE SUMMARY

Sustainability

Revenues > Cash Burn

120 months runway

Endowment

($8.3M) loss in December due to ETH M2M

Endowment recurring revenues covering 40% of cash burn

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Revenues and Cash

Revenues: $2.2M

vs $1.8M last month

vs $2.2M last year

Cash inflow: $1.2M

vs $0.9M last month

vs $1.4M last year

1.05x cash burn

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Cash burn and reserves

Norm. cash burn: $1.1M

vs $1.1M last month

vs $0.7M last year

Reserves: $134M

vs $142M last month

vs $100M last year

of which:�- 126.3M ETH

- 7.3M USDC

Runway: 120 months

Normalized burn is a weighted average over the last twelve month with a weight of 12 for the current month decreasing to 1 twelves month ago. Cash burn doesn’t include ENS token given.

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Endowment

Assets: $100.5M

$23.5M Stablecoins invested

$77M ETH invested

P&L: -$8.3M

of which:�- ($8.8M) from ETH M2M

- $443K from Invest P&L (2)

(2) Count token yield farming rewards when claimed and converted to base currency

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Annex 1 - Balance sheet

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Annex 2 - Income statement

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Annex 3 - Long term financials

Income statement doesn’t show Short Name Claims but they are accounted for in the aggregate.�Other expenses for 2021/2022 are ENS airdrop.

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Annex 4 - Token Balance by Wallet and Currency

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