Legal Risk Disclosure

Effective Date: May 15, 2023

IMPORTANT: Please read this legal risk disclosure carefully. By investing in or interacting with Gray Digital (the "Company") or its website (the "Website"), you acknowledge and accept the risks outlined below. If you have any questions or concerns, consult with a professional financial advisor before making any investment decisions.

1. Investment Risk: Investing in the Company involves risk, including the potential loss of the principal amount invested. The value of the investments held by the Company may fluctuate, and there is no guarantee that the Company will achieve its investment objectives. Past performance is not indicative of future results.

2. Market Risk: The value of the Company's investments may be adversely affected by changes in market conditions, such as economic, political, or other factors, which can lead to declines in the overall value of the investments.

3. Ecosystem Participation Risk: By participating in the Gray Digital ecosystem, whether by investing in the Company, using the Website, or otherwise interacting with the Company, you are exposed to various risks. These include the risks outlined in this disclosure, as well as other potential risks related to the functioning of the ecosystem, such as system failures, changes in the ecosystem's rules or operations, or negative actions by other participants in the ecosystem.

4. Website and Technology Risk: The Website and other technology used by the Company are subject to various risks, including cyberattacks, system failures, and data breaches. Such incidents could result in financial loss, disruptions to the Company's operations, or unauthorized access to sensitive information.

5. Liquidity Risk: The Company's investments may be subject to liquidity risk. This means that the Company may not be able to sell an investment at an advantageous time or price, potentially leading to losses.

6. Regulatory Risk: Changes in laws, regulations, or government policies may affect the Company's operations, investments, or performance. The Company cannot predict the impact of such changes, which may be adverse.

7. Operational Risk: The Company may be subject to operational risks, such as human error, system failures, or other disruptions, which could negatively affect the Company's performance.

Investors and other participants in the Gray Digital ecosystem should carefully consider their financial circumstances, risk tolerance, and investment objectives before deciding to invest in the Company or interact with the ecosystem in any way. The risks outlined above are not exhaustive, and potential investors and participants should review the Company's offering documents and terms of use for a more complete discussion of the risks associated with investing in the Company and participating in the Gray Digital ecosystem.

By investing in Gray Digital or participating in the Gray Digital ecosystem, you acknowledge that you have read, understood, and accepted the risks detailed in this legal risk disclosure.

Other Applicable Gray Digital Risk Policies and Disclosures

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