Communications Disclaimer

Introduction

This Communications Disclaimer applies to all communications made by glasshaus Technology, LLC (“glasshaus”), glasshaus Foundation, and their respective affiliates through any medium, including but not limited to:

• Website content (glasshaus.app)
• Social media posts (Twitter, LinkedIn, Discord, etc.)
• Email communications and newsletters
• Marketing materials and advertisements
• Press releases and public statements
• Video content and presentations
• Any other public or private communications

No Current Property Token Offerings

IMPORTANT: Property tokens (securities) are NOT currently offered or sold by glasshaus.

glasshaus Technology, LLC is currently in pre-launch development phase. No property tokens (securities representing fractional ownership in real estate) are being offered or sold at this time. Any references to future property token offerings are forward-looking statements and do not constitute offers to sell securities.

Future Property Token Offerings:

• Will be offered pursuant to Regulation A under the Securities Act of 1933, as amended
• Will be made only through offering circulars qualified by the U.S. Securities and Exchange Commission (SEC)
• Will be conducted through a registered broker-dealer partner (partnership pending, expected Q1 2026)
• Are expected to launch Q1-Q2 2026, subject to SEC qualification and broker-dealer partnership completion
• No money or other consideration is being solicited for property tokens at this time

No offer to buy property tokens can be accepted, and no part of the purchase price can be received, until an offering circular has been qualified by the SEC.

GLSH Governance Tokens vs. Property Tokens

It is critically important to understand the distinction between two types of tokens in the glasshaus ecosystem:

GLSH Governance Tokens

• Status: Utility and governance tokens, NOT securities, NOT investments
• Issuer: glasshaus Foundation (Cayman Islands foundation company)
• Purpose: Enable decentralized governance of the glasshaus DAO and platform decisions
• Rights: Voting rights on DAO proposals, platform governance, early access to property offerings
• No Economic Rights: GLSH tokens do NOT represent ownership, equity, profit sharing, dividends, or any right to distributions
• Availability: GLSH presale currently available (or launching soon)
• See: GLSH Token Terms & Conditions for complete details

Property Tokens (Future)

• Status: Securities subject to SEC regulation
• Issuer: Property-specific Special Purpose Vehicles (Delaware LLCs)
• Purpose: Fractional ownership in specific real estate properties
• Rights: Proportional share of rental income, proceeds from property sale, governance rights per SPV operating agreement
• Regulation: Offered pursuant to Regulation A, pending SEC qualification
• Availability: NOT currently available; expected Q1-Q2 2026
• Distribution: Through registered broker-dealer partner (pending)
• See: Terms of Service for property token details

No Confusion Intended: Purchasing GLSH tokens does NOT provide any ownership in real estate properties. GLSH tokens and property tokens are separate and subject to different legal frameworks.

No Investment Advice

glasshaus Technology, LLC is a technology service provider and is NOT an investment advisor, broker-dealer, or financial advisor.

Nothing contained in any Communication, including without limitation any content, data, information, projections, or statements, constitutes investment, financial, accounting, tax, or legal advice or should be considered an offer, solicitation of an offer, or advice to buy or sell any tokens or securities.

glasshaus does not make any recommendations or provide advice about investments. No Communication through the glasshaus.app website, social media, email, or any other medium should be construed as a recommendation for any token or security offered on or off the platform.

You should speak with your own financial advisor, accountant, and attorney before making any investment decisions or participating in any token offerings.

Content Disclaimer

The content contained in any Communication is for informational or advertising purposes only and is not a substitute for individualized professional advice.

• Currency: Data, facts, and figures presented were current at the time of publication. Information may become outdated.
• Third-Party Content: glasshaus is not responsible for the content of third-party websites. Links to third-party sites should not be viewed as endorsements.
• Third-Party Data: Certain information, including statistical data and market information, may be obtained from third-party sources. We do not guarantee the accuracy of such information.
• No Affiliation: glasshaus is not affiliated with or making representations about third-party companies, services, or products referenced in Communications unless explicitly stated.

Forward-Looking Statements

Communications may contain forward-looking statements that are subject to significant risks and uncertainties.

Forward-looking statements may include, but are not limited to, statements regarding:

• Platform launch dates and timelines (Q1-Q2 2026)
• Property token offerings and Regulation A qualification
• Broker-dealer partnership establishment
• DAO activation and governance implementation
• Property acquisition plans and portfolio expansion
• Expected rental yields, returns, or property performance
• Technology development and feature rollouts
• GLSH token exchange listings or trading
• Market growth and user adoption
• Partnerships and integrations

These forward-looking statements are based on current expectations and beliefs. Words like “anticipates,” “believes,” “expects,” “intends,” “may,” “plans,” “potential,” “projects,” “will,” “would,” and similar expressions typically identify forward-looking statements.

Risks and Uncertainties

Actual results may differ materially from forward-looking statements due to various risks, including:

• Regulatory Risks: We may not successfully complete Regulation A qualification with the SEC, or regulations may change unfavorably
• Broker-Dealer Partnership: We may not secure a broker-dealer partnership on favorable terms or at all
• Launch Delays: Property token launch may be delayed beyond Q1-Q2 2026 or may not occur
• Platform Development: Technology development may encounter unexpected challenges or delays
• Market Conditions: Real estate market conditions may deteriorate, affecting property values and rental income
• Competition: Other platforms may offer superior products or gain market share
• Blockchain Risks: Cardano network issues, smart contract vulnerabilities, or regulatory changes affecting blockchain technology
• Funding: We may not raise sufficient capital to execute our plans
• Team Execution: Team may not successfully execute on roadmap or key members may leave
• Legal Challenges: We may face legal or regulatory challenges to our business model or token structures

You should not place undue reliance on forward-looking statements. All forward-looking statements are qualified in their entirety by these risks and uncertainties.

glasshaus undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by law.

Blockchain & Technology Risks

Both GLSH tokens and future property tokens will be issued on the Cardano blockchain. Blockchain technology involves significant risks:

Smart Contract Risks

• Smart contracts may contain bugs, vulnerabilities, or exploits
• Despite testing and audits, smart contracts may fail or be hacked
• Smart contract failures could result in permanent loss of tokens or funds
• There may be no legal recourse for smart contract failures

Cardano Network Risks

• Network congestion, downtime, or performance issues
• Blockchain forks or protocol changes affecting token functionality
• Cardano network may become obsolete or lose market share
• Transaction fees (gas fees) may increase, making transactions expensive

Wallet & Custody Risks

• Loss of Private Keys: If you lose your wallet's private keys or seed phrase, your tokens are permanently lost
• Wallet Hacks: Your wallet may be compromised, resulting in theft of tokens
• No Recovery: glasshaus cannot recover lost, stolen, or hacked tokens
• User Error: Sending tokens to wrong addresses or incorrect transactions are irreversible
• Wallet Compatibility: Not all wallets support all token standards (CIP-68 required)

Irreversibility

• All blockchain transactions are permanent and cannot be undone
• Errors in addresses, amounts, or transactions result in permanent loss
• There is no “undo” button or customer service to reverse transactions

Regulatory Uncertainty

• Cryptocurrency and blockchain regulations are evolving rapidly
• Future regulations may restrict or prohibit token ownership, trading, or usage
• Different jurisdictions may have conflicting regulations
• Regulators may disagree with our classification of GLSH as utility tokens

Comprehensive Risk Factors

Participating in the glasshaus ecosystem involves substantial risks. You may lose your entire investment or contribution.

Property Token Risks (Future Offerings)

When property tokens become available, they will be speculative investments involving high risk:

• Loss of Principal: You may lose some or all of your invested capital
• Illiquidity: Property tokens may be difficult or impossible to sell; no trading market may develop
• No Guaranteed Returns: Rental income and property appreciation are not guaranteed
• Market Risk: Real estate values fluctuate based on economic conditions, location, and market dynamics
• Property-Specific Risks: Vacancy, damage, depreciation, natural disasters, or other adverse events
• Management Risk: Poor property management or operational decisions may harm returns
• Concentration Risk: Each token represents a single property (no diversification within token)
• Regulatory Changes: Real estate or securities regulations may change unfavorably
• Transfer Restrictions: Holding periods and transfer restrictions may limit your ability to sell
• Tax Complexity: Partnership taxation (K-1 forms) is complex and may result in unexpected tax liabilities

GLSH Token Risks

GLSH tokens are utility tokens, NOT investments. There is no expectation of profit:

• No Investment Value: GLSH tokens are for governance only and may have no market value
• Not Tradable: GLSH may never be listed on exchanges; may be impossible to sell
• Utility Before Value: GLSH is sold before DAO utility exists (DAO activates Q2 2026)
• No Profit Rights: GLSH does not entitle holders to profits, dividends, or distributions
• Governance Only: Primary purpose is voting; any economic benefit is incidental
• DAO May Not Launch: DAO governance may not activate as planned or at all
• Regulatory Risk: SEC or other regulators may disagree that GLSH is a utility token
• Blockchain Risks: All blockchain risks described above apply to GLSH
• Total Loss: You may lose your entire contribution; GLSH may become worthless

Platform & Business Risks

• Pre-Launch Status: Platform is in development; property tokens not yet offered
• Execution Risk: Team may not successfully execute on business plan or roadmap
• Technology Failures: Platform may experience bugs, downtime, or security breaches
• Competition: Other platforms may offer superior products or gain market dominance
• Funding Risk: Platform may not raise sufficient capital to operate
• Key Person Risk: Loss of key team members may harm the business
• Market Adoption: Platform may not achieve user adoption or transaction volume
• Business Model: Real estate tokenization model may not prove viable or profitable

Regulatory & Legal Risks

• SEC Qualification: We may not obtain Regulation A qualification from the SEC
• Broker-Dealer: We may not secure broker-dealer partnership on acceptable terms or at all
• Securities Law Compliance: We may face enforcement actions from SEC, state regulators, or other agencies
• Token Classification: Regulators may disagree with our classification of GLSH as utility tokens vs. securities
• Regulatory Changes: Laws affecting real estate, securities, cryptocurrency, or tokenization may change unfavorably
• International Regulations: Your jurisdiction may prohibit or restrict token ownership
• Legal Challenges: We may face lawsuits from users, regulators, or competitors

Tax Considerations

Tax treatment of both GLSH tokens and property tokens is complex and uncertain. You are solely responsible for your tax obligations.

Property Tokens (Future)

• Property tokens represent membership interests in pass-through entities (partnerships for tax purposes)
• You will receive Schedule K-1 forms annually reporting proportional share of income, expenses, and capital gains/losses
• Partnership taxation is complex and may result in unexpected tax liabilities even without cash distributions
• Depreciation deductions may create tax benefits, but also depreciation recapture on sale
• State tax filing requirements may apply in multiple states

GLSH Tokens

• Tax treatment of utility tokens is uncertain and evolving
• May be taxed as income upon receipt, property, or other classification
• Token sales or transfers may trigger capital gains or losses
• IRS guidance on cryptocurrency taxation is limited and changing

glasshaus does not provide tax advice. Consult a qualified tax advisor regarding your specific tax situation before participating in any token offerings.

Geographic Restrictions

Tokens and securities may not be available to residents of all jurisdictions:

• Property Tokens: When available, will be offered only in jurisdictions where our broker-dealer partner is registered
• OFAC Sanctions: Offerings not available to residents or citizens of OFAC-sanctioned countries (Iran, North Korea, Syria, Cuba, Crimea, etc.)
• Prohibited Persons: Offerings not available to individuals on OFAC SDN list, EU sanctions lists, or other prohibited persons lists
• Local Laws: You are responsible for complying with all applicable laws in your jurisdiction
• Representations: By participating, you represent that you are legally permitted to do so in your jurisdiction

Regulation A Offerings (Future)

Property tokens will be offered pursuant to Regulation A, Tier 2, when qualified by the SEC. Regulation A offerings have specific requirements and limitations:

SEC Qualification

• Each property token offering must be qualified by the SEC through Form 1-A filing
• SEC reviews offering materials and may issue comments requiring revisions
• No offers can be accepted until offering circular is qualified
• Qualification typically takes 6-12 months from initial filing

Offering Circulars

• Each offering will have a detailed offering circular containing property information, financial statements, risk factors, and terms
• Offering circulars will be available on glasshaus.app and via SEC EDGAR
• Read offering circulars carefully before investing

Investment Limits

• Non-Accredited Investors: Limited to investing no more than 10% of the greater of annual income or net worth per 12-month period across all Regulation A Tier 2 issuers
• Accredited Investors: No investment limits
• Investors must self-certify compliance with investment limits

“Testing the Waters”

• We may conduct “testing the waters” campaigns to gauge interest before SEC qualification
• Such campaigns do not constitute offers to sell securities
• No money will be solicited or accepted during testing the waters
• Indications of interest are non-binding and involve no commitment

Ongoing Reporting

• Issuers must file semi-annual reports, annual reports, and current reports with the SEC
• Reports will be available via SEC EDGAR and glasshaus.app
• This provides ongoing transparency but is not as extensive as public company reporting

Neither the SEC nor any state securities commission has approved or disapproved any tokens or securities, nor have they passed upon the accuracy or adequacy of any offering materials. Any representation to the contrary is a criminal offense.

No Trading Market

There is currently no trading market for GLSH tokens or property tokens, and there is no guarantee that any market will develop.

GLSH Tokens

• No guarantee GLSH will be listed on any centralized or decentralized exchange
• Even if listed, trading volume may be low and GLSH may be difficult to sell
• GLSH price may be extremely volatile or may drop to zero
• glasshaus Foundation is not obligated to provide liquidity or support GLSH price

Property Tokens

• Property tokens are securities with transfer restrictions
• May be subject to holding periods before resale
• glasshaus may facilitate secondary trading but does not guarantee liquidity
• You may be unable to sell property tokens at any price or at all
• Investors must be prepared to hold tokens for an indefinite period

Past Performance & Projections

• Past Performance: Past performance of any assets, properties, or investments is not indicative of future results
• Projections: All projections, estimates, and pro forma financial information are hypothetical and not guaranteed
• Actual Results: Actual results may differ materially from projections due to market conditions, property performance, expenses, and other factors
• Third-Party Data: Third-party data and comparable property information may not be accurate, current, or applicable to specific properties
• No Warranties: We make no representations or warranties regarding the accuracy of any data, projections, or forward-looking statements

Obtain Your Own Advice

Prospective participants should not rely solely on Communications from glasshaus. You must conduct your own due diligence and consult your own advisors.

Before participating in any token offering or investment:

• Financial Advisor: Consult with a qualified financial advisor to assess whether the investment is appropriate for your financial situation, risk tolerance, and investment objectives
• Attorney: Consult with a securities attorney to understand the legal terms, risks, and your rights
• Tax Advisor: Consult with a CPA or tax attorney to understand tax implications and reporting requirements
• Technical Advisor: If unfamiliar with blockchain technology, consult with someone knowledgeable about cryptocurrency wallets, smart contracts, and security best practices

Do not make investment decisions based solely on Communications, social media posts, or marketing materials. Always read complete offering documents and legal terms.

Complete Legal Documents & Disclosures

This Communications Disclaimer is a summary and does not contain all information you need to make informed decisions. For complete legal terms, risk factors, and disclosures, please review:

• Terms of Service - Platform terms, property token structure (future), disclaimers
• GLSH Token Terms & Conditions - Complete terms for GLSH governance token presale
• Privacy Policy - How we collect, use, and protect your information
• Offering Circulars (Future): When property tokens become available, detailed offering circulars will be provided via glasshaus.app and SEC EDGAR

Contact Information

If you have questions about this Communications Disclaimer or any Communications from glasshaus, please contact us:

glasshaus Technology, LLC
Email: support@glasshaus.app
Website: glasshaus.app
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