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Retail Alliance

MiCA Whitepaper

In accordance with Title II of Regulation (EU) 2023/1114 (MiCA)

xbrli:pure BVI Company No.: 2152957 2026-03-05T00:00:00 2027-03-05T00:00:00 BVI Company No.: 2152957 2026-03-05T00:00:00 BVI Company No.: 2152957 2026-03-05T00:00:00 2027-03-05T00:00:00 1 BVI Company No.: 2152957 2026-03-05T00:00:00 2027-03-05T00:00:00 1

General information about the other token

00 Table of content

true

Contents

01 Date of notification

2026-03-05

02 Statement in accordance with Article 6(3) of Regulation (EU) 2023/1114

true
This crypto-asset white paper has not been approved by any competent authority in any Member State of the European Union. The person seeking admission to trading of the crypto-asset is solely responsible for the content of this crypto-asset white paper.

03 Compliance statement in accordance with Article 6(6) of Regulation (EU) 2023/1114

true
This crypto-asset white paper complies with Title II of Regulation (EU) 2023/1114 of the European Parliament and of the Council and, to the best of the knowledge of the management body, the information presented in the crypto-asset white paper is fair, clear and not misleading and the crypto-asset white paper makes no omission likely to affect its import.

04 Statement in accordance with Article 6(5), points (a), (b), (c), of Regulation (EU) 2023/1114

true
The crypto-asset referred to in this crypto-asset white paper may lose its value in part or in full, may not always be transferable and may not be liquid.

05 Statement in accordance with Article 6(5), point (d), of Regulation (EU) 2023/1114

true
The utility token referred to in this white paper may not be exchangeable against the good or service promised in this white paper, especially in the case of a failure or discontinuation of the crypto-asset project.

06 Statement in accordance with Article 6(5), points (e) and (f), of Regulation (EU) 2023/1114

true
The crypto-asset referred to in this white paper is not covered by the investor compensation schemes under Directive 97/9/EC of the European Parliament and of the Council or the deposit guarantee schemes under Directive 2014/49/EU of the European Parliament and of the Council.

SUMMARY

07 Warning in accordance with Article 6(7), second subparagraph, of Regulation (EU) 2023/1114

true
Warning
This summary should be read as an introduction to the crypto-asset white paper.
The prospective holder should base any decision to purchase this crypto –asset on the content of the crypto-asset white paper as a whole and not on the summary alone.
The offer to the public of this crypto-asset does not constitute an offer or solicitation to purchase financial instruments and any such offer or solicitation can be made only by means of a prospectus or other offer documents pursuant to the applicable national law.
This crypto-asset white paper does not constitute a prospectus as referred to in Regulation (EU) 2017/1129 of the European Parliament and of the Council or any other offer document pursuant to Union or national law.

08 Characteristics of the crypto-asset

The RAISE token is designed to provide access to app-exclusive gift cards and digital codes offered by participating merchants. It is intended to be operational within the Raise mobile application and interoperable with other wallets and applications, enabling use and transfer outside the Raise mobile application. Within this context, the token facilitates token-based interactions associated with purchases and related rewards within the application environment.

The RAISE token does not confer ownership interests in any legal entity, nor does it provide dividend entitlements, voting rights in corporate governance, or claims against any issuer or affiliated party. Rights and obligations associated with the RAISE token are determined by its protocol-level design and applicable contractual arrangements, and may be subject to modification through technical upgrades or written agreements. Token holders do not participate in governance of the underlying blockchain network unless acting independently in a validator or equivalent technical role. Technical compliance requirements and transfer limitations, such as vesting arrangements applicable to certain allocations, may apply.

As of the date of this crypto-asset white paper, the RAISE token has not yet been issued, launched, or made available to the public.

09 Further information about utility tokens

10 Key information about the offer to the public or admission to trading

No offer of Raise (RAISE) tokens is made to the public in connection with this disclosure. The token has not yet been issued or made available to the public. There is no subscription period, fundraising, or primary issuance associated with this admission to trading request.

The admission to trading of Raise (RAISE) on Bitvavo B.V. is not linked to any new or ongoing discounted purchase arrangements, pre-sales, or staged offerings. Admission is sought solely to provide market access, liquidity, and regulated availability for eligible users in the European Economic Area.

No crypto-asset service provider has been appointed to place the token on a firm commitment or best effort basis. Use of the trading platform is subject to the terms and conditions of Bitvavo B.V., with fees set independently by the platform.

Part A - Information about the offeror or the person seeking admission to trading

A.1 Name

Raise Network Ltd.

A.2 Legal form

ZHED

A.3 Registered address

Registered address

Suite 5, Oleander Building, Port Purcell, Tortola, VG1110, British Virgin Islands

Country

https://xbrl.org/2024/iso3166#VG
VG

Sub-division

Tortola

A.4 Head office

Head office

Suite 3119, 9 Forum Lane, George Town, Grand Cayman, Cayman Islands

Country

https://xbrl.org/2024/iso3166#KY
KY

Sub-division

George Town

A.5 Registration date

2024-07-10

A.6 Legal entity identifier

N/A

A.7 Another identifier required pursuant to applicable national law

BVI Company No.: 2152957

A.8 Contact telephone number

13457499601

A.9 E-mail address

finance@retailalliance.foundation

A.10 Response time (days)

007

A.11 Parent company

Retail Alliance Foundation

A.12 Members of management body

Identity

G Kennedy

Business address

3119, 9 Forum Lane, George Town, Grand Cayman, Cayman Islands, KY1-9006

Function

Director

A.13 Business activity

A.14 Parent company business activity

A.15 Newly established

true

A.16 Financial condition for the past three years

A.17 Financial condition since registration

Part B - Information about the issuer, if different from the offeror or person seeking admission to trading

B.1 Issuer different from offeror or person seeking admission to trading

false

B.2 Name

N/A

B.3 Legal form

N/A

B.4 Registered address

Registered addess

N/A

Country

N/A

Sub-division

N/A

B.5 Head office

Head office

N/A

Country

N/A

Sub-division

N/A

B.6 Registration date

N/A

B.7 Legal entity identifier

N/A

B.8 Another identifier required pursuant to applicable national law

N/A

B.9 Parent company

N/A

B.10 Members of management body

Identity

N/A

Business address

N/A

Function

N/A

B.11 Business activity

N/A

B.12 Parent company business activity

N/A

Part C - Information about the operator of the trading platform in cases where it draws up the crypto-asset white paper and information about other persons drawing the crypto-asset white paper pursuant to Article 6(1), second subparagraph, of Regulation (EU) 2023/1114

C.1 Name

N/A

C.2 Legal form

N/A

C.3 Registered address

N/A

Registered address

N/A

Country

N/A
N/A

Sub-division

N/A

C.4 Head office

N/A

Head office

N/A

Country

N/A
N/A

Sub-division

N/A

C.5 Registration date

N/A

C.6 Legal entity identifier

N/A

C.7 Another identifier required pursuant to applicable national law

N/A

C.8 Parent company

N/A

C.9 Reason for crypto-asset white paper preparation

N/A

C.10 Members of management body

Identity

N/A

Business address

N/A

Function

N/A

C.11 Operator business activity

N/A

C.12 Parent company business activity

N/A

C.13 Other persons drawing up the crypto-asset white paper according to Article 6(1), second subparagraph, of Regulation (EU) 2023/1114

N/A

C.14 Reason for drawing the white paper by persons referred to in Article 6(1), second subparagraph, of Regulation (EU) 2023/1114

N/A

Part D - Information about the crypto-asset project

D.1 Crypto-asset project name

RAISE

D.2 Crypto-asset name

RAISE

D.3 Abbreviation

RAISE

D.4 Crypto-asset project description

D.5 Details of all natural or legal persons involved in implementation of crypto-asset project

Type of person

https://www.esma.europa.eu/taxonomy/2025-03-31/mica/#OtherPersonInvolvedInImplementation
OtherPersonInvolvedInImplementation

Name of person

Retail Alliance Foundation (Legal Person)

Business address of person

Suite 3119, 9 Forum Lane, George Town, Grand Cayman, Cayman Islands

Domicile of company

https://xbrl.org/2024/iso3166#KY
KY

D.6 Utility token classification

true

D.7 Key features of goods or services for utility token projects

D.8 Plans for the token

Description of past milestones

  • 24 October 2024: Public announcement of the RAISE cryptocurrency initiative.
  • 26 February 2025: Completion of a funding round bringing total funding to over USD 220 million, including USD 63 million allocated to development of the RAISE project.
  • Ongoing: Design and technical structuring of the RAISE utility token and its integration within the ecosystem.

Description of future milestones

D.9 Resource allocation

D.10 Planned use of collected funds or other tokens

  • The funds raised from past initiatives are not linked to any new offer of Raise (RAISE) in connection with this white paper. They are planned to be used for the following purposes:
  • Stimulating user participation on the platform, including through reward mechanisms and other engagement initiatives.
  • Advancing ecosystem development, such as improving the Raise application and related services.
  • Supporting liquidity and market functioning for the token, where appropriate.
  • Covering ongoing operational and administrative expenses associated with running and expanding the project.

In addition, part of the funding is allocated to strategic partnerships and international expansion activities aimed at broadening the availability and utility of the Raise gift card offering.

Part E - Information about the offer to the public of crypto-assets or their admission to trading

E.1 Public offering or admission to trading

https://www.esma.europa.eu/taxonomy/2025-03-31/mica/#AdmissionToTrading
AdmissionToTrading

E.2 Reasons for public offer or admission to trading

The admission to trading of Raise (RAISE) on Bitvavo B.V. is intended to improve accessibility, liquidity, and application of the token across digital asset markets. There is no associated fundraising or primary issuance of tokens in connection with this listing. This disclosure is filed to enhance transparency, foster regulatory clarity, and support institutional confidence.

By aligning with the high disclosure standards of Regulation (EU) 2023/1114, Bitvavo B.V. reinforces its commitment to operating a secure, compliant, and transparent trading environment. This initiative facilitates broader market access, supports responsible token adoption, and strengthens integration of Raise (RAISE) within the regulated financial ecosystem.

E.3 Fundraising target

Target expressed in currency

N/A

Target expressed in units

N/A

Target expressed in digital token identifier

N/A

E.4 Minimum subscription goals

Goals expressed in currency

N/A

Goals expressed in units

N/A

Goals expressed in digital token identifier

N/A

E.5 Maximum subscription goals

Goals expressed in currency

N/A

Goals expressed in units

N/A

Goals expressed in digital token identifier

N/A

E.6 Oversubscription acceptance

N/A

E.7 Oversubscription allocation

Issue price details

N/A

E.8 Issue price

N/A

E.9 Official currency determining issue price or any other tokens determining issue price

N/A
N/A

E.10 Subscription fee

Fee expressed in currency

N/A

Fee expressed in units

N/A

Fee expressed in digital token identifier

N/A

E.11 Offer price determination method

N/A

E.12 Total number of offered or traded other tokens

1000000000

E.13 Targeted holders

https://www.esma.europa.eu/taxonomy/2025-03-31/mica/#AllTypesOfInvestors
AllTypesOfInvestors

E.14 Holder restrictions

E.15 Reimbursement notice

N/A

E.16 Refund mechanism

N/A

E.17 Refund timeline

N/A

E.18 Offer phases

N/A

E.19 Early purchase discount

N/A

E.20 Time-limited offer

N/A

E.21 Subscription period beginning

N/A

E.22 Subscription period end

N/A

E.23 Safeguarding arrangements for offered funds or other tokens

N/A

E.24 Payment methods for other token purchase

E.25 Value transfer methods for reimbursement

N/A

E.26 Right of withdrawal

N/A

E.27 Transfer of purchased other tokens

E.28 Transfer time schedule

N/A

E.29 Purchaser's technical requirements

Purchasers may choose to hold Raise (RAISE) within their trading account on Bitvavo B.V.. Alternatively, holders can withdraw the asset to a compatible external wallet that supports the Raise (RAISE).

Users are responsible for ensuring their chosen wallet supports the withdrawal network used by Bitvavo B.V., and for securely managing their private keys. Incompatible withdrawals may result in permanent loss of crypto-assets.

Other token services provider characteristics

N/A

E.30 Other token service provider (CASP) name

N/A

E.31 CASP identifier

N/A

E.32 Placement form

https://www.esma.europa.eu/taxonomy/2025-03-31/mica/#NotApplicablePlacementForm
NotApplicablePlacementForm

Trading platforms characteristics

N/A

E.33 Trading platforms name

Bitvavo B.V.

E.34 Trading platforms market identifier code (MIC)

VAVO

E.35 Trading platforms access

E.36 Involved costs

E.37 Offer expenses

E.38 Conflicts of interest

E.39 Applicable law

E.40 Competent court

Part F - Information about the crypto-assets

F.1 Other token type

Raise (RAISE) is classified as a crypto-asset other than an asset referenced token or e-money token under MiCA, (EU) 2023/1114.
Raise (RAISE) is classified as a crypto-asset other than an asset referenced token or
e-money token under MiCA, (EU) 2023/1114.

F.2 Other token functionality

Following issuance, the RAISE token is intended to be operational within the Raise mobile application and interoperable with other wallets and applications, enabling use and transfer outside the Raise mobile application. Its planned functionalities are focused on the purchase and redemption of app-exclusive gift cards and codes made available by participating merchants. By leveraging blockchain technology, it enhances user engagement by supporting a unique closed-loop payment mechanism with ease, efficiency, and security. It appeals to market needs by providing an effortless way for consumers to leverage digital solutions for their everyday purchases, thus modernising the way people interact with conventional payment systems. The token is intended to provide consumers with a simple way to access digital gift cards and related rewards, thereby modernising how users pay for everyday purchases and interact with loyalty and gift card products. RAISE is intended to be issued as a token on the Solana blockchain.

Prior to token launch, no on-chain or in-app functionalities are available to users.

F.3 Planned application of functionalities

A description of the characteristics of the other token, including the data necessary for classification of the crypto-asset white paper in the register referred to in Article 109 of Regulation (EU) 2023/1114, as specified in accordance with paragraph 8 of that Article

F.4 Type of crypto-asset white paper

https://www.esma.europa.eu/taxonomy/2025-03-31/mica/#OtherCryptoassetWhitePaper
OtherCryptoassetWhitePaper

F.5 Type of submission

https://www.esma.europa.eu/taxonomy/2025-03-31/mica/#NewTypeOfSubmission
NewTypeOfSubmission

F.6 Other token characteristics

RAISE is a fungible, transferable utility token intended to be issued on the Solana blockchain and used within the Raise mobile application, as well as other applications and wallets, to manage and purchase digital gift cards and related products. The token supports interaction with multiple payment methods, including cards, digital wallets and crypto-assets, in order to enhance the user experience within the Raise ecosystem. As of the date of this white paper, RAISE has not yet been issued or launched; the characteristics described apply to the token as intended following issuance.

RAISE does not qualify as an e-money token or an asset-referenced token under Regulation (EU) 2023/1114 and is therefore classified as an “other crypto-asset” for the purposes of MiCA.

F.7 Commercial name or trading name

N/A

F.8 Website of the issuer

https://www.raise.com/
https://www.raise.com/

F.9 Starting date of offer to the public or admission to trading

2026-04-02

F.10 Publication date

2026-04-02

F.11 Any other services provided by the issuer

F.12 Language or languages of white paper

English

F.13 Digital token identifier code used to uniquely identify the crypto-asset or each of the several crypto assets to which the white paper relates, where available

WWLF3ZN97

F.14 Functionally fungible group digital token identifier, where available

4BTDV4WLV

F.15 Voluntary data flag

false

F.16 Personal data flag

true

F.17 LEI eligibility

true

F.18 Home member state

https://www.esma.europa.eu/taxonomy/2025-03-31/mica/#NetherlandsMemberState
NetherlandsMemberState

F.19 Host member states

https://www.esma.europa.eu/taxonomy/2025-03-31/mica/#AustriaMemberState https://www.esma.europa.eu/taxonomy/2025-03-31/mica/#BelgiumMemberState https://www.esma.europa.eu/taxonomy/2025-03-31/mica/#BulgariaMemberState https://www.esma.europa.eu/taxonomy/2025-03-31/mica/#CroatiaMemberState https://www.esma.europa.eu/taxonomy/2025-03-31/mica/#CyprusMemberState https://www.esma.europa.eu/taxonomy/2025-03-31/mica/#CzechiaMemberState https://www.esma.europa.eu/taxonomy/2025-03-31/mica/#DenmarkMemberState https://www.esma.europa.eu/taxonomy/2025-03-31/mica/#EstoniaMemberState https://www.esma.europa.eu/taxonomy/2025-03-31/mica/#FinlandMemberState https://www.esma.europa.eu/taxonomy/2025-03-31/mica/#FranceMemberState https://www.esma.europa.eu/taxonomy/2025-03-31/mica/#GermanyMemberState https://www.esma.europa.eu/taxonomy/2025-03-31/mica/#GreeceMemberState https://www.esma.europa.eu/taxonomy/2025-03-31/mica/#HungaryMemberState https://www.esma.europa.eu/taxonomy/2025-03-31/mica/#IcelandMemberState https://www.esma.europa.eu/taxonomy/2025-03-31/mica/#IrelandMemberState https://www.esma.europa.eu/taxonomy/2025-03-31/mica/#ItalyMemberState https://www.esma.europa.eu/taxonomy/2025-03-31/mica/#LatviaMemberState https://www.esma.europa.eu/taxonomy/2025-03-31/mica/#LiechtensteinMemberState https://www.esma.europa.eu/taxonomy/2025-03-31/mica/#LithuaniaMemberState https://www.esma.europa.eu/taxonomy/2025-03-31/mica/#LuxembourgMemberState https://www.esma.europa.eu/taxonomy/2025-03-31/mica/#MaltaMemberState https://www.esma.europa.eu/taxonomy/2025-03-31/mica/#NorwayMemberState https://www.esma.europa.eu/taxonomy/2025-03-31/mica/#PolandMemberState https://www.esma.europa.eu/taxonomy/2025-03-31/mica/#PortugalMemberState https://www.esma.europa.eu/taxonomy/2025-03-31/mica/#RomaniaMemberState https://www.esma.europa.eu/taxonomy/2025-03-31/mica/#SlovakiaMemberState https://www.esma.europa.eu/taxonomy/2025-03-31/mica/#SloveniaMemberState https://www.esma.europa.eu/taxonomy/2025-03-31/mica/#SpainMemberState https://www.esma.europa.eu/taxonomy/2025-03-31/mica/#SwedenMemberState

Part G - Information on the rights and obligations attached to the crypto-assets

G.1 Purchaser rights and obligations

G.2 Exercise of rights and obligations

G.3 Conditions for modifications of rights and obligations

G.4 Future public offers

G.5 Issuer retained other token

400000000

G.6 Utility token classification

true

G.7 Key features of goods or services utility tokens

G.8 Utility tokens redemption

G.9 Non-trading request

true

G.10 Other tokens purchase or sale modalities

G.11 Other tokens transfer restrictions

There are no restrictions imposed on the transferability of the RAISE token at the protocol level. The token is already in public circulation and may be freely transferred between users in accordance with the consensus rules of the decentralised network. Transfer functionality is determined by the underlying protocol and may be subject to standard technical conditions such as wallet compatibility, network fees, and block confirmation times. Any limitations that arise are typically due to external factors such as third-party exchange policies, jurisdictional regulatory requirements, or user-specific constraints.

The use of services provided by Bitvavo B.V. may be governed by separate terms and conditions. These may include restrictions or obligations applicable to specific features, interfaces, or access points operated by Bitvavo B.V. in connection with RAISE. Such terms do not alter the native transferability of the token on the decentralised network but may affect how users interact with services linked to it. Users should consult and accept the applicable terms of service before engaging with these services.

This disclosure pertains solely to the transferability of the RAISE token as admitted to trading on Bitvavo B.V.. Vesting schedules, lock-up arrangements, or other contractual restrictions related to private sales or early-stage allocations are considered out of scope for this section, as they apply only to specific counterparties and do not affect the native transferability of the token at the network level.

G.12 Supply adjustment protocols

false

G.13 Supply adjustment mechanisms

Other token schemes details

G.14 Token value protection schemes

false

G.15 Token value protection schemes description

G.16 Compensation schemes

false

G.17 Compensation schemes description

G.18 Applicable law

G.19 Competent court

Part H - Information on the underlying technology

H.1 Distributed ledger technology (DTL)

H.2 Protocols and technical standards

The Raise platform is positioned at the intersection of blockchain and Smart Card technologies, leveraging the security benefits these technologies offer. The platform employs AES-256 encryption protocols to ensure robust protection against data breaches and unauthorised access, and processes transactions through secure, PCI-compliant systems to maintain high standards of security across all operations.

Raise utilises protocols associated with blockchain technology to modernise and enhance payment systems, benefiting from the transparency and immutability of distributed ledger technology. It adheres to established standards for smart contract deployment to ensure operational integrity and reliability. The RAISE token is intended to be issued on Solana and to follow Solana-compatible token and transaction standards (including Solana program execution and account-based token state), subject to the final deployment configuration at launch.

H.3 Technology used

The RAISE token is intended to be deployed on an existing public blockchain using standard smart contract infrastructure. Technology at Raise is designed to optimise user experience while maintaining rigorous security measures through real-time monitoring and adaptive protocols. Its operation relies on the functionality of the underlying distributed ledger technology, which enables the issuance, storage, and transfer of the token between compatible wallets. As of the date of this white paper, the token has not yet been issued or launched.

The technology used to support RAISE includes:
  • A smart contract implementing a standard token interface, enabling balances, transfers, and approvals;
  • The execution environment of the underlying blockchain, which processes transactions and maintains the state of token balances; and
  • The network’s node infrastructure, which validates transactions, propagates blocks, and ensures synchronisation across the ledger.

The RAISE token functions according to the consensus rules and technical parameters of the underlying blockchain network. Any interaction with the token is therefore subject to the technical performance, availability and security characteristics inherent to it's network.

H.4 Consensus mechanism

The RAISE token is intended to be issued on Solana and therefore relies on Solana’s consensus and network validation mechanisms to order, validate, and confirm transactions. As of the date of this white paper, the RAISE token has not yet been issued or launched.

Solana operates under a Proof of Stake (PoS) consensus model, in which network security and transaction processing are performed by independent validators that participate in block production and validation. Under this model:
  • Validators participate in consensus by staking SOL and operating network infrastructure.
  • Transactions are ordered, processed, and confirmed by the active validator set in accordance with Solana protocol rules.
  • Finality and confirmation assurances depend on validator participation, network conditions, and the confirmation thresholds applied by wallets or platforms.

Once issued and launched, RAISE token transactions are expected to be:
  • Submitted to the Solana network by users or integrated applications.
  • Validated and included in blocks by Solana validators.
  • Confirmed and finalised according to Solana’s consensus and confirmation mechanisms.

The issuer does not operate or control the Solana validator set and does not influence consensus outcomes. Any on-chain activity relating to RAISE will be subject to the performance, availability, and security characteristics of the Solana network.

H.5 Incentive mechanisms and applicable fees

The underlying blockchain network on which Raise operates applies transaction fees to process transfers and interactions with the token’s smart contract. These fees are set by the network itself and are paid in the native asset of that blockchain. As RAISE is intended to be issued on Solana, network fees (where applicable) are expected to be paid in SOL. The issuer does not control the level of these fees. Any fees incurred when transferring or interacting with the token arise solely from the normal operation of the underlying network and are independent of the issuer.

The RAISE token does not include protocol-level staking, validator rewards, block rewards, or other blockchain-native incentive mechanisms. There are no on-chain incentives tied to the creation, destruction, or automatic distribution of RAISE.

The app facilitates incentives by offering cashback rewards on gift card transactions and beyond. This encourages continued user engagement and loyalty to the platform by rewarding currency spent through the raise infrastructure.

H.6 Use of distributed ledger technology

false

H.7 DLT functionality description

Other token audit details

H.8 Audit

false

H.9 Audit outcome

Part I - Information on risks

I.1 Offer-related risks

Raise (RAISE) is already in public circulation and the current action relates to its admission to trading, rather than a new offer to the public. Nevertheless, risks associated with the admission process include:

Market Volatility: Crypto-assets, including Raise (RAISE), are subject to significant price fluctuations due to market speculation, regulatory developments, liquidity shifts, and macroeconomic factors.

Information Asymmetry: Due to the decentralised and open-source nature of Raise (RAISE), not all market participants may have access to the same level of technical understanding or information, potentially leading to imbalanced decision-making.

Listing Risk: Admission to trading on specific platforms does not guarantee long-term availability, and trading venues may delist the asset due to internal policy, regulatory enforcement, or liquidity thresholds.

Jurisdictional Restrictions: The regulatory treatment of crypto-assets varies between jurisdictions. Traders or investors in certain regions may face legal limitations on holding or transacting Raise (RAISE).

Exchange Risk: While exchanges may implement robust operational, cybersecurity, and compliance controls, no exchange is immune to operational disruptions, cyber threats, or evolving regulatory constraints. Users should be aware that exchange-level risks - such as service outages, wallet access delays, or changes in platform policy - may impact the ability to trade or withdraw Raise (RAISE). Legal and technical developments may affect the platform’s capacity to continue offering certain assets, including Raise (RAISE). Users should ensure they have read the terms of service before engaging with any service.

Market participants should conduct their own due diligence and consider their risk tolerance prior to engaging in the trading of Raise (RAISE).

I.2 Issuer-related risks

Information accuracy: Information published by the issuer, including on websites or technical materials, may be incomplete, inaccurate, or out of date. Misstatements or omissions can lead to incorrect assumptions about Raise (RAISE) and may expose holders to unexpected losses.

Governance and oversight: The issuer’s governance arrangements may be limited or highly centralised. Weak oversight or concentrated decision-making can lead to poor strategic choices or inconsistent project direction, and conflicts of interest may arise where insiders hold significant positions or influence outcomes.

Conduct and integrity: Individuals involved with the issuer may engage in misconduct, including mismanagement, diversion of funds, or false representations. Such behaviour may negatively affect the development, viability, or perception of Raise (RAISE) and may leave holders with limited recourse.

Technical and implementation risk: The issuer may be responsible for development, deployment, or maintenance of technology supporting RAISE. Errors in design, implementation, upgrades, or security practices may affect functionality or lead to loss of assets, and new or untested technology may not perform as intended under all conditions.

Operational resilience: The issuer may rely on internal systems and external providers for essential functions. Service disruptions, security incidents, or failures of operational processes may impair access to information or supporting services relevant to Raise (RAISE).

Regulatory exposure: The issuer is subject to changing legal and regulatory requirements across jurisdictions. Compliance failures or regulatory action may restrict the issuer’s activities or the availability of RAISE, and divergent regulatory interpretations may create uncertainty for users and market participants.

Financial viability: The issuer may experience financial difficulties, including reduced funding, liquidity constraints, or insolvency. Limited financial resources may affect the issuer’s capacity to support ongoing work or maintain operations relating to RAISE.

Dependence on individuals and third parties: The issuer may rely on a small number of key people or specialised service providers. Loss, withdrawal, or underperformance of such individuals or providers may disrupt project continuity and affect the development or maintenance of Raise (RAISE).

Investor protection limitations: Holding RAISE generally does not grant rights or protections associated with traditional financial instruments. Holders may have no claim over issuer assets and no access to compensation schemes in the event of losses or issuer failure.

Unforeseen risks: Additional risks may arise that cannot be identified in advance, including those stemming from technological developments, market conditions, regulatory changes, or internal circumstances. Such risks may affect the issuer’s operations or the use and perception of RAISE.

I.3 Other tokens-related risks

Volatility risk: Crypto-assets are subject to significant price volatility, which may result from market speculation, shifts in supply and demand, regulatory developments, or macroeconomic trends. This volatility can affect the asset’s value independently of the project’s fundamentals.

Liquidity risk: The ability to buy or sell the crypto-asset on trading platforms may be limited by market depth, exchange availability, or withdrawal restrictions, potentially impairing the ability of holders to exit positions efficiently or at desired prices.

Regulatory risk: The evolving global regulatory landscape may impose new restrictions, classifications, or disclosure requirements that could impact the legal treatment, availability, or use of the crypto-asset. Changes in regulation may also affect the token’s classification or trigger enforcement actions.

Exchange-related risk: The crypto-asset may rely on third-party trading platforms for liquidity and price discovery. These platforms are subject to operational, custodial, or legal risks, including suspension of trading, delistings, or platform failure, which may adversely affect access to the asset.

Custody and private key risk: Holders of crypto-assets are typically responsible for managing private keys or access credentials. Loss, theft, or compromise of these keys may result in irreversible loss of the associated assets without recourse or recovery.

Market manipulation risk: The crypto-asset may be susceptible to pump-and-dump schemes, wash trading, or other forms of market manipulation due to limited oversight or fragmented market infrastructure, which can distort price signals and mislead participants.

Perception and reputational risk: Public sentiment, media narratives, or association with controversial projects or exchanges may influence the perception of the crypto-asset, affecting its adoption, market value, and long-term viability.

Forking risk: Blockchain networks may undergo contentious upgrades or forks, potentially resulting in duplicate tokens, split communities, or compatibility challenges that affect the asset’s continuity or utility.

Legal ownership risk: Depending on jurisdiction and platform terms, holders may not acquire legal ownership or enforceable rights with respect to the crypto-asset, which could affect recourse options in the event of fraud, misrepresentation, or loss.

Network usage risk: A decline in activity or utility on the associated network may reduce the economic relevance of the crypto-asset, diminishing its value and undermining its role as a medium of exchange or utility token.

Compliance risk: Holders may be subject to local obligations related to tax reporting, anti-money laundering (AML), or sanctions compliance. Failure to meet these obligations could result in penalties or legal consequences.

Cross-border risk: Transactions involving the crypto-asset may span multiple jurisdictions, creating uncertainty around applicable laws, conflict-of-law issues, or barriers to enforcement and regulatory clarity.

Incentive misalignment risk: The crypto-asset’s economic model may depend on incentives for participants such as validators, developers, or users. If these incentives become insufficient or distorted, network participation and security may decline.

Token distribution concentration risk: A disproportionate concentration of token supply in the hands of a small number of holders may enable price manipulation, governance capture, or coordinated sell-offs that impact market stability and community trust.

Misuse risk: The crypto-asset may be used for illicit purposes (e.g., money laundering, ransomware payments), exposing the project to reputational harm or regulatory scrutiny, even if such activity is beyond the issuer’s control.

Utility risk: The expected utility of the token within its ecosystem may fail to materialize due to low adoption, under-delivery of promised features, or technical incompatibility, undermining its value proposition.

Inflation or deflation risk: The token’s supply mechanics (minting, burning, vesting, etc.) may introduce inflationary or deflationary dynamics that affect long-term holder value and purchasing power within the network.

Secondary market dependence risk: The ability of users to access, trade, or price the token may depend entirely on secondary markets. If such platforms restrict or delist the asset, liquidity and discoverability may be severely impacted.

Taxation risk: The treatment of crypto-assets for tax purposes may vary by jurisdiction and change over time. Holders may face unanticipated tax liabilities related to capital gains, income, or transaction activity.

Bridging risk: If the crypto-asset exists on multiple blockchains via bridging protocols, vulnerabilities in those bridges may lead to de-pegging, duplication, or irrecoverable losses affecting token integrity and user balances.

Incompatibility risk: The crypto-asset may become technically incompatible with evolving wallets, smart contracts, or infrastructure components, limiting its usability and support within the broader crypto ecosystem.

Network governance risk: If governance decisions (e.g., protocol upgrades, treasury usage) are controlled by a limited set of actors or are poorly defined, outcomes may not align with broader user interests, leading to fragmentation or disputes.

Economic abstraction risk: Users may be able to interact with the network or ecosystem without using the crypto-asset itself (e.g., via gas relayers, fee subsidies, or wrapped tokens), reducing demand for the token and weakening its economic role.

Dust and spam risk: The crypto-asset may be vulnerable to dust attacks or spam transactions, creating bloated ledgers, user confusion, or inadvertent privacy exposure through traceability.

Jurisdictional blocking risk: Exchanges, wallets, or interfaces may restrict access to the crypto-asset based on IP geolocation or jurisdictional policies, limiting user access even if the asset itself remains transferable on-chain.

Environmental or ESG risk: The association of the crypto-asset with energy-intensive consensus mechanisms or unsustainable tokenomics may conflict with emerging environmental, social, and governance (ESG) standards, affecting institutional adoption.

I.4 Project implementation-related risks

Development risk: The project may experience delays, underdelivery, or changes in scope due to unforeseen technical complexity, resource constraints, or coordination issues, impacting timelines and stakeholder expectations.

Funding risk: The continued implementation of the project may depend on future funding rounds, revenue generation, or grants. A shortfall in available capital may impair the project’s ability to execute its roadmap or retain key personnel.

Roadmap deviation risk: Strategic shifts, pivots, or reprioritization may result in deviations from the originally published roadmap, potentially leading to dissatisfaction among community members or early supporters.

Team dependency risk: The project’s success may be heavily dependent on a small number of core contributors or founders. The departure, unavailability, or misconduct of these individuals could significantly impair execution capacity.

Third-party dependency risk: Certain components of the project (e.g., infrastructure providers, integration partners, oracles) may rely on external entities whose performance or continuity cannot be guaranteed, introducing operational fragility.

Talent acquisition risk: The project may face challenges recruiting and retaining qualified professionals in highly competitive areas such as blockchain development, AI engineering, security, or compliance, slowing implementation or reducing quality.

Coordination risk: As decentralized or cross-functional teams grow, internal coordination and alignment across engineering, product, legal, and marketing domains may become difficult, leading to delays, errors, or strategic drift.

Security implementation risk: Insufficient diligence in implementing security protocols (e.g., audits, access controls, testing pipelines) during development may introduce critical vulnerabilities into the deployed system.

Scalability bottleneck risk: Architectural decisions made early in the project may limit performance or scalability as usage grows, requiring resource-intensive refactoring or redesign to support broader adoption.

Vendor lock-in risk: Reliance on specific middleware, cloud infrastructure, or proprietary tools may constrain the project’s flexibility and increase exposure to price shifts, service outages, or licensing changes.

Compliance misalignment risk: Product features or delivery mechanisms may inadvertently breach evolving regulatory requirements, particularly around consumer protection, token functionality, or data privacy, necessitating rework or geographic limitations.

Community support risk: The project’s success may rely on active developer or user participation. If the community fails to engage or contribute as anticipated, ecosystem momentum and resource leverage may decline.

Governance deadlock risk: If project governance (e.g., DAO structures or steering committees) lacks clear decision-making processes or becomes fragmented, the project may face delays or paralysis in critical strategic decisions.

Incentive misalignment risk: Implementation plans may fail to maintain consistent alignment between stakeholders such as developers, token holders, investors, and users, undermining cooperation or long-term sustainability.

Marketing and adoption risk: Even with timely technical delivery, the project may fail to gain market traction, user onboarding, or brand recognition, reducing the effectiveness of its deployment.

Testing and QA risk: Inadequate testing coverage, staging environments, or quality assurance processes may allow critical bugs or regressions to reach production, causing service degradation or user loss.

Scope creep risk: Expanding project objectives without adequate resource reallocation or stakeholder alignment may dilute focus and overextend the development team, compromising quality or deadlines.

Interoperability risk: Implementation plans involving cross-chain or cross-platform integration may encounter compatibility issues, protocol mismatches, or delays in third-party upgrades.

Legal execution risk: If foundational legal structures (e.g., entities, IP assignments, licensing) are not finalized or enforceable across key jurisdictions, the project may face friction during scaling, partnerships, or fundraising.

I.5 Technology-related risks

Smart contract risk: The crypto-asset may rely on smart contracts that, if improperly coded or inadequately audited, can contain vulnerabilities exploitable by malicious actors, potentially resulting in asset loss, unauthorized behavior, or permanent lock-up of funds.

Protocol risk: The underlying blockchain protocol may contain unknown bugs, suffer from unanticipated behavior, or experience edge-case failures in consensus, finality, or synchronization, leading to disruptions in network operation.

Bridge risk: If the crypto-asset is deployed across multiple chains via bridging infrastructure, the underlying bridge may be vulnerable to exploit, misconfiguration, or oracle manipulation, threatening asset integrity across networks.

Finality risk: Some blockchains may exhibit probabilistic or delayed finality, making transactions theoretically reversible within short windows. This can lead to issues in cross-chain settlements or operational reliability.

Node centralization risk: If the network depends on a small number of validators or infrastructure providers to maintain consensus or data availability, it may be susceptible to downtime, censorship, or coordinated manipulation.

Data integrity risk: In decentralized environments, reliance on off-chain data (e.g., oracles or external feeds) introduces the possibility of incorrect or manipulated information entering the system and triggering undesired outcomes.

Versioning and upgrade risk: Protocol upgrades, forks, or version mismatches between nodes and clients can introduce compatibility issues or destabilize service availability, particularly if coordination or governance processes are insufficient.

Storage and archival risk: The technical infrastructure supporting the crypto-asset may be vulnerable to data loss or corruption, particularly in cases involving third-party storage solutions, partial nodes, or decentralized file systems.

Interoperability risk: Integration with third-party tools, blockchains, or application layers may rely on APIs, SDKs, or interfaces that change without notice or suffer from inconsistencies, potentially breaking user functionality or asset movement.

Scalability risk: The underlying technology may not scale effectively under high usage conditions, leading to network congestion, transaction delays, fee spikes, or degraded user experience.

Cryptographic risk: The system relies on current cryptographic standards for key generation, digital signatures, and hashing. Advances in computing (e.g., quantum computing) or undiscovered flaws may undermine these protections in the future.

Permissioning or access control risk: If token behavior or network features are governed by privileged roles (e.g., admin keys, multisigs), improper key management, role abuse, or governance capture could impact fairness or security.

Decentralization illusion risk: Despite being labeled “decentralized,” critical components (e.g., governance, token distribution, node operation) may be technically or operationally centralized, concentrating risk and reducing resilience.

Latency and synchronization risk: Distributed networks may experience propagation delays, inconsistent state views, or latency in consensus confirmation, introducing unpredictability in transaction ordering and agent coordination.

Frontend dependency risk: End users may rely on centralized interfaces (e.g., websites, wallets, APIs) to interact with the asset, which if compromised or taken offline, can block access despite the network itself being operational.

Misconfiguration risk: Errors in smart contract deployment, token configuration, permission settings, or network parameters can result in unintended behavior, including frozen assets, incorrect balances, or bypassed restrictions.

Monitoring and observability risk: Insufficient logging, alerting, or metrics may prevent the timely detection of technical issues, exploits, or usage anomalies, limiting the project's ability to respond to emergent threats.

Software dependency risk: Core components may depend on open-source libraries or packages that are unmaintained, vulnerable, or deprecated, exposing the asset to cascading failures or inherited security flaws.

Time drift and clock sync risk: Distributed ledgers that rely on timestamping may face issues if nodes do not maintain consistent system time, impacting consensus, block ordering, or event sequencing.

Blockchain immutability risk: Once deployed, certain design flaws or oversights may be difficult or impossible to correct due to the immutable nature of smart contracts or protocol rules, necessitating workarounds or forks.

I.6 Mitigation measures

Part J - Information on the sustainability indicators in relation to adverse impact on the climate and other environment-related adverse impacts

J.1 Adverse impacts on climate and other environment-related adverse impacts

Mandatory information on principal adverse impacts on the climate and other environment-related adverse impacts of the consensus mechanism

General information about adverse impacts

S.1 Name

Raise Network Ltd.

S.2 Relevant legal entity identifier

ZHED

S.3 Name of the crypto-asset

RAISE

S.4 Consensus mechanism

S.5 Incentive mechanisms and applicable fees

S.6 Beginning of period to which disclosed information relates

2026-03-05

S.7 End of period to which disclosed information relates

2027-03-05

Mandatory key indicator

S.8 Energy consumption

201.55

Sources and methodologies

N/A

S.9 Energy consumption sources and methodologies

Supplementary information on principal adverse impacts on climate and other environment-related adverse impacts of the consensus mechanism

Supplementary key indicators

S.10 Renewable energy consumption

N/A

S.11 Energy intensity

N/A

S.12 Scope 1 DLT GHG emissions - controlled

N/A

S.13 Scope 2 DLT GHG emissions - purchased

N/A

S.14 GHG intensity

N/A

Sources and methodologies

N/A

S.15 Key energy sources and methodologies

N/A

S.16 Key GHG sources and methodologies

N/A

Optional information on principal adverse impacts on the climate and on other environment-related adverse impacts of the consensus mechanism

Optional indicators

S.17 Energy mix

N/A

S.18 Energy use reduction

Energy use reduction target (absolute value)

N/A

Energy use reduction target (percentage)

N/A

S.19 Carbon intensity

N/A

S.20 Scope 3 DLT GHG emissions - value chain

N/A

S.21 GHG emissions reduction targets or commitments

N/A

S.22 Generation of waste electrical and electronic equipment (WEEE)

N/A

S.23 Non-recycled WEEE ratio

N/A

S.24 Generation of hazardous waste

N/A

S.25 Generation of waste (all types)

N/A

S.26 Non-recycled waste ratio (all types)

N/A

S.27 Waste intensity (all types)

N/A

S.28 Waste reduction targets or commitments (all types)

N/A

S.29 Impact of the use of equipment on natural resources

N/A

S.30 Natural resources use reduction targets or commitments

N/A

S.31 Water use

N/A

S.32 Non recycled water ratio

N/A

Sources and methodologies

S.33 Other energy sources and methodologies

N/A

S.34 Other GHG sources and methodologies

N/A

S.35 Waste sources and methodologies

N/A

S.36 Natural resources sources and methodologies

N/A