35 Important Information Bitcoin is a relatively new asset class, and the market for bitcoin is subject to rapid changes and uncertainty. Bitcoin is largely unregulated and bitcoin investments may be more susceptible to fraud and manipulation than more regulated investments. Bitcoin is subject to unique and substantial risks, including significant price volatility and lack of liquidity, and theft. Bitcoin is subject to rapid price swings, including as a result of actions and statements by influencers and the media, changes in the supply of and demand for bitcoin, and other factors. There is no assurance that bitcoin will maintain its value over the long term. The information provided on the following slides is based on ARK’s research and is not intended to be investment advice. ARK researches the utility of bitcoin as an investment in order to determine its potential future value as presented on the following slides. This material does not constitute, either explicitly or implicitly, any provision of services or products by ARK, and investors should determine for themselves whether a particular investment management service is suitable for their investment needs. ARK strongly encourages any investor considering an investment in bitcoin or any other digital asset to consult with a financial professional before investing. All statements made regarding bitcoin are strictly beliefs and points of view held by ARK and are not recommendations by ARK to buy, sell or hold bitcoin. Historical results are not indications of future results. Important Terms and Concepts ON The research presented on the following slides contains some terms and concepts that may not be familiar to some readers, so below we provide explanations to help provide a basis for evaluating I T the research. A OC • Sharpe Ratio is a well-known and well-reputed measure of risk-adjusted return on an investment or portfolio, which indicates how well an investment performs in comparison to the rate of return L L on a risk-free investment such as U.S. government treasury bonds or bills. Sharpe ratio is calculated by first calculating the expected return on an investment portfolio or individual investment A and then subtracting the risk-free rate of return. Normally, a higher Sharpe Ratio indicates good investment performance, given the risk, while a Sharpe Ratio less than 1 is considered less than N good. Sharpe ratio is used in our research to determine, hypothetically, at what allocation percentage bitcoin would maximize the risk-adjusted return of an overall portfolio consisting of other OI commonly used asset classes. C T BI • Efficient Frontier is the set of optimal portfolios that offer the highest expected return for a defined level of risk or the lowest risk for a given level of expected return. In other words, it graphically represents portfolios that maximize returns for the risk assumed. Portfolios that lie below the efficient frontier are considered sub-optimal because they do not provide enough return for the level of risk, and portfolios that cluster to the right of the efficient frontier are also considered sub-optimal because they have a higher level of risk for the defined rate of return. The Efficient Frontier chart is used in this section to illustrate that the simulated portfolio we constructed with an allocation to bitcoin lies along the efficient frontier as compared to the portfolios consisting of single asset classes which would be considered sub-optimal. • Compound Annual Growth Rate (“CAGR”) is the average annual amount an investment grows over a period of years assuming profits are reinvested during the period. In other words, it breaks an investment's total return over a number of years into a single average rate. CAGR is typically used to compare assets or portfolios over a longer time period by using an average as opposed to analyzing each year individually as returns from year to year may be uneven. We use CAGR in our research to determine the expected return of a portfolio or asset class over a period of years, typically 5 years. • Standard Deviation is a measure of risk, or volatility, in a portfolio by indicating how much the investment will deviate from its expected return. An investment with higher volatility means a higher standard deviation, and therefore more risk. We use standard deviation to determine the amount of return that would be commensurate with certain levels of risk. Sources: ARK Investment Management LLC, 2024 Forecasts are inherently limited and cannot be relied upon. For informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security. Past performance is not indicative of future results.