Disclaimer

Effective Date: September 16, 2026

The information and analyses relating to crypto values, crypto tokens, tokenized funds and other digital assets ("Digital Assets") made available by Particula GmbH ("Particula") on this website are provided exclusively to entrepreneurs within the meaning of § 14 BGB and are intended solely for informational purposes. This website is not directed at, and its content is not intended for, consumers or retail investors.

The information and analyses provided do not constitute a rating as defined in Art. 3 para. 1 lit. a) of Regulation EC/1060/2009 ("Rating Regulation"). A creditworthiness assessment as defined in Art. 3 para. 1 lit. a) of the Rating Regulation, evaluating the issuer's creditworthiness, is expressly not part of any analysis published or referred to here. Furthermore, the information and analyses are not to be considered personal recommendations, offers, or solicitations to buy or sell any Digital Asset or any interest in any fund.

1. Scope and Operator

This website (project-harmonia.com, including its subdomains other than the RFP portal referred to below) is operated by Particula GmbH, whose full corporate details are set out in the Legal Notice.

Project Harmonia (the "Programme") is a joint initiative of Allfunds Blockchain, the Solana Foundation, ioBuilders and Particula (together, the "Organizers"). The Programme is not a legal person, a partnership, a joint venture or a separate undertaking of any kind, and it has no legal personality. It does not itself enter into obligations, hold assets, or make representations. Each Organizer acts severally and not jointly, and no Organizer accepts responsibility for the acts, omissions or statements of any other Organizer.

Particula operates this website in its capacity as the Organizer responsible for structuring and administering the Programme and for communication with applicants. Content on this website describing the role, business or network of any other Organizer is provided by or with the approval of that Organizer, and Particula gives no representation or warranty in respect of it.

This Disclaimer governs the use of this website only. The Request for Proposal issued under the Programme, together with the Project Harmonia Disclaimers, the Proposal Terms and Conditions and any submission questionnaire or guidance note designated as forming part of it (the "RFP Documentation"), is a separate set of documents, is made available through the RFP portal at rfp.project-harmonia.com, and governs participation in the RFP. In the event of any inconsistency between this Disclaimer and the RFP Documentation in respect of the RFP or of any Proposal, the RFP Documentation prevails.

Particula reserves the right to amend this Disclaimer at any time. The version published on this website at the time of access applies.

2. Status of the Programme — No Offer or Solicitation

Nothing on this website constitutes, or is to be interpreted as constituting:

• an offer, invitation, inducement, solicitation, marketing communication or recommendation to invest in, subscribe for, acquire, hold or dispose of any financial instrument, fund, share class, token or other Digital Asset;
• an offer or invitation to participate in any collective investment scheme, investment contract or digital asset economic arrangement;
• a prospectus, offering document, listing particulars, key information document or admission document; or
• any guarantee, assurance or indication of admission to the Programme, of distribution, listing, allocation, evaluation, or of any commercial outcome whatsoever.

The description of the RFP on this website is provided for information only. The RFP is issued strictly as a preliminary enquiry and information-gathering mechanism.

No fee is payable to any Organizer in connection with registering an interest, submitting a Proposal, or admission under the Programme.

3. Regulatory Position

Nothing on this website constitutes, or is to be interpreted as constituting:

1. the carrying on of a regulated activity by way of business in the United Kingdom within the meaning of section 19 of the Financial Services and Markets Act 2000 ("FSMA") and the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;
2. a financial promotion, or a communication or approval of an invitation or inducement to engage in investment activity, within the meaning of section 21 FSMA;
3. investment advice, a personal recommendation, or the arranging of deals in investments;
4. the marketing or offering of units or shares in any fund, or any pre-marketing within the meaning of Directive 2011/61/EU or Directive 2009/65/EC or their national implementations;
5. the provision of any crypto-asset service, or any offer to the public or admission to trading of a crypto-asset, within the meaning of Regulation (EU) 2023/1114 ("MiCA") or any national implementing legislation; or
6. any other regulated, authorised or notifiable activity or service under the laws of the Federal Republic of Germany, the United Kingdom, or any other jurisdiction.

This website is not directed at any person in any jurisdiction in which its publication or availability would be unlawful, or would subject any Organizer to any registration, licensing or authorisation requirement. Visitors are responsible for satisfying themselves that their access to this website and their participation in the Programme are permitted under the laws and regulations applicable to them.

4. Responsibilities

The analyses referred to on this website are prepared by research analysts employed or commissioned by Particula. The analyses are created independently. It is possible that parts of an analysis were provided to the issuer for informational purposes before publication. However, this has no influence on the content of the analysis.

Within the Programme, Particula conducts the completeness review, issues information requests, applies the Particula Digital Asset Risk Framework ("PDARF") to shortlisted candidates and submits ratings and admission recommendations to the Project Harmonia Admission Committee. ioBuilders provides technical advisory input and Allfunds Blockchain participates as observer. Ultimate authority over admission, conditional admission, rejection and removal determinations rests exclusively with the Admission Committee, which is chaired by the Solana Foundation. A Particula rating is neither a determination nor a binding direction to admit, retain or remove any product.

5. Organizational Measures

Particula has made the necessary internal organizational and regulatory arrangements to avoid or disclose any possible conflicts of interest in relation to the creation and distribution of the analyses, including those prepared in connection with the Programme. All individuals involved in the creation of the analyses are subject to internal compliance rules. No part of a research analyst's compensation serves directly or indirectly as an incentive for the creation, content or outcome of an analysis. Where a research analyst or a closely related person encounters a conflict of interest, the research analyst is excluded from reporting on the issuer or the Digital Asset concerned.

The separation between the analytical function and the Programme administration function is described further in section 13.

6. Information Regarding Evaluation Methods/Updates

Assessments of Digital Assets are prepared under the Particula Digital Asset Risk Framework ("PDARF"), Particula's proprietary risk assessment methodology. The framework is rules-based: it applies a defined evaluation logic and assigns score values across economic, legal, operational and technical dimensions, resulting in a risk rating and an accompanying data confidence score.

Each assessment states the version of the PDARF applied and the date of issue. The description of the framework, its assessment dimensions and its scoring logic, as applicable to a given assessment, is published at [particula.io/methodology]. No description of the framework on this website limits, extends or varies the framework as actually applied.

The assessments are based on information provided by the respective issuer regarding the specific Digital Assets and on publicly available sources (such as registers, trading platforms, the relevant daily press) that are considered reliable. Particula checks the information for plausibility but not for accuracy and completeness, and is not responsible for the content of the information provided.

Outside the Programme, the decision on which Digital Assets to evaluate is made exclusively by Particula. Within the Programme, the population of Digital Assets assessed is determined by the Proposals received in response to the RFP and by the shortlisting stage of the evaluation process described in the RFP Documentation. The eligibility and evaluation criteria applicable to the RFP are those published as part of the RFP Documentation, which prevail over any summary description on this website.

Ratings, data confidence scores, assessments and analytical outputs prepared under the PDARF constitute independent professional opinions as at the date of issue. They are statements of opinion and not statements of fact. The opinions and assessments may be changed without prior notice, and may be revised, suspended or withdrawn at any time. It is at Particula's discretion whether and when an update of an assessment will be published. The methodology itself may be amended, and assessments issued under different versions of the framework are not necessarily comparable.

Analytical outputs prepared in connection with the Programme are prepared for the purposes of the Programme and for the use of the Admission Committee. No person other than the Admission Committee is entitled to rely on them, and no duty of care is assumed to any third party in respect of them. Where an admission determination is publicly announced, the associated rating and analytical summary may be published on this website with attribution; publication does not extend any right of reliance.

7. No Reliance and No Entitlement

Access to or use of this website does not create any partnership, joint venture, agency, contractual, fiduciary, advisory or other legally recognised relationship between any Organizer and any visitor, and no Organizer owes any visitor any duty of care or fiduciary duty in connection with it.

Information published on this website is indicative only and is provided on an "as is" basis. No representation, warranty or undertaking, express or implied, is given as to its accuracy, completeness, currency or fitness for any purpose. Indicative timelines, dates, volumes, market data, network statistics, assets under administration figures, participation figures and projected outcomes are subject to change without notice.

The Organizers may amend, suspend, extend, re-scope, cancel or withdraw the Programme or the RFP, in whole or in part, at any time, without liability and without the requirement to give reasons.

Registering an interest, accessing the RFP portal or submitting a Proposal confers no present or future entitlement, eligibility, priority or expectation of any kind, save as expressly set out in the RFP Documentation — and in particular no entitlement to admission, distribution, listing or onboarding, and no entitlement to or expectation of any grant, award, incentive, liquidity support, capital commitment, investment, co-marketing arrangement or other financial or commercial support from any Organizer.

To the fullest extent permitted by law, each Organizer disclaims all liability arising out of or in connection with the use of this website or reliance on its content. Nothing in this Disclaimer excludes or limits any liability that cannot lawfully be excluded or limited, including liability for injury to life, body or health, for intent or gross negligence, or for fraud or fraudulent misrepresentation. 

8. Risk Warnings

The following risks regarding Digital Assets are pointed out:

• Digital Assets are always speculative and involve the risk of total loss.
• This applies particularly to Digital Assets from issuers who are not established and/or are small and do not have an established business operation and company assets.
• Digital Assets are subject to significant price fluctuations. Compared to other financial instruments, this is especially true for Digital Assets, which often have low liquidity (market depth). Prices published on a marketplace regarding Digital Assets often do not reflect actual trading but are set by the broker. A sale at a reasonable price may be difficult or impossible to achieve. There is an increased risk of manipulation.
• The loss of Digital Assets is not protected by deposit insurance systems or investor protection mechanisms.
• Admission of a product under the Programme, and the publication of any associated rating or analytical summary, does not reduce, mitigate or insure against any of the above risks. Investment suitability is not a criterion in the admission process, and no admission determination, rating or other output of the Programme constitutes an assessment of the suitability, appropriateness or merit of any product for any investor or class of investor.

9. Website Content, Third-Party Content and External Links

This website contains names, marks, logos and descriptive content belonging to the other Organizers and to third parties, used with permission for the purposes of the Programme. All intellectual property rights in such material remain with their respective owners. PDARF and the associated methodology are proprietary to Particula.

This website links to resources operated by third parties, including the RFP portal at rfp.project-harmonia.com and the interest registration form hosted by a third-party form provider. Those resources are subject to their own terms and privacy notices. Particula is not responsible for the content, availability or data handling practices of any third-party resource, and links are provided for convenience only and do not constitute an endorsement.

The processing of personal data collected through this website, the interest registration form and the programme mailbox is described in the Privacy Policy. 

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10. Special Notes for Recipients Outside Germany

This Disclaimer and the analyses are subject to the laws of the Federal Republic of Germany. The dissemination of information to other states, especially the USA, Canada, Australia, and Japan, may be restricted or prohibited by laws in those countries.

Neither this website nor any information on it is directed at any person located in a jurisdiction where such publication or availability would be contrary to local law or regulation. In particular, nothing on this website is intended for distribution to, or use by, any "U.S. Person" as defined under Regulation S of the U.S. Securities Act of 1933, as amended. Recipients outside Germany are responsible for informing themselves about and observing any applicable restrictions.

The Programme does not accept Proposals from, and does not evaluate exposures linked to, persons subject to sanctions administered by the United Kingdom, the European Union, the United States or the United Nations, or jurisdictions identified by FATF as high-risk or subject to broad sanctions.

11. Additional Information

If additional information regarding the analyses is required according to Art. 4 para. 1 of the Delegated Regulation EU/958/2016, this information is indicated in the analyses themselves.

12. Conflicts of Interest

According to § 85 of the German Securities Trading Act (WpHG), an analysis must point out possible conflicts of interest in relation to the company being analysed. A conflict of interest is particularly suspected in the cases specified by Art. 6 para. 1 of the Delegated Regulation EU/958/2016 (e.g. significant ownership of the rated company/issuer, provision of securities services concerning the rated company/issuer, involvement in the issuance, agreement on the creation of the analysis).

Disclosure in relation to Project Harmonia. Particula discloses the following in connection with analyses prepared under the Programme:

1. Particula is one of the four Organizers of the Programme and is remunerated in connection with the structuring and administration of the Programme by the Solana Foundation. 
2. Particula performs two distinct functions within the Programme: administration of the RFP process and the preparation of independent risk assessments. These functions are subject to the organizational separation described in section 5.
3. Particula's remuneration in connection with the Programme is not contingent on the outcome of any individual assessment, on the content of any rating, or on any admission determination. 
4. Admission determinations are made by the Admission Committee and not by Particula. Particula has no vote on, and no power of determination over, admission outcomes.

Save as disclosed above, Particula does not have any conflicts of interest to report regarding the analysed issuers or Digital Assets. Where further conflicts of interest arise, Particula will disclose them, and issuer-specific disclosures will be made in the relevant analysis itself.

13. Governing Law

This Disclaimer and the use of this website are governed by the laws of the Federal Republic of Germany, excluding its conflict-of-law rules and excluding the UN Convention on Contracts for the International Sale of Goods. Where the visitor is a merchant (Kaufmann), a legal person under public law or a special fund under public law, the exclusive place of jurisdiction for all disputes arising out of or in connection with this Disclaimer and the use of this website is Munich, Germany.

The RFP Documentation, and any dispute or claim arising out of or in connection with it, is governed by the laws of England and Wales and subject to the exclusive jurisdiction of the courts of England and Wales, consistent with the Memorandum of Understanding governing the Programme. Nothing in this section alters that position.

Mandatory consumer protection provisions of the law of a visitor's habitual residence are unaffected, to the extent applicable notwithstanding the restriction of this website to entrepreneurs within the meaning of § 14 BGB.