2 Risks Of Investing In Innovation Please note: Companies that ARK believes are capitalizing on disruptive innovation and developing technologies to displace older technologies or create new markets may not in fact do so. ARK aims to educate investors and seeks to size the potential investment opportunity, noting that risks and uncertainties may impact our projections and research models. Investors should use the content presented for informational purposes only, and be aware of market risk, disruptive innovation risk, regulatory risk, and risks related E to certain innovation areas. R U Please read risk disclosure carefully. OS L C S RISK OF INVESTING IN INNOVATION DI : 4 2 0 RAPID PACE OF CHANGE REGULATORY HURDLES 2 S A DE I G DISRUPTIVE BI EXPOSURE ACROSS SECTORS AND MARKET CAP POLITICAL OR LEGAL PRESSURE INNOVATION UNCERTAINTY AND UNKNOWNS COMPETITIVE LANDSCAPE à Aim for a cross-sector understanding of technology à Aim to understand the regulatory, market, sector, and combine top-down and bottom-up research. and company risks. (See Disclosure Page) Sources: ARK Investment Management LLC, 2023.