About this Summary

Ndax Canada Inc. (“Ndax”, “we” and “our”) believes that our users should understand the crypto assets that they are able to trade and stake using our crypto trading platform (the “Platform”). One of the crypto assets we offer on the Platform is FET. We created this summary to help you understand the basics of FET as well as some of the risks involved in trading in FET. While we tried to describe the key features of FET, this summary isn’t meant to tell you everything you’d want to know before investing in FET. You should also do your own research on FET to make sure you are comfortable investing in it.

Description of FET

History of FET

Fetch.ai was launched in 2017 to create a decentralized digital economy by enabling autonomous agents to perform useful economic work on behalf of individuals, businesses, and organizations. The Fetch.ai mainnet was launched in 2019, allowing these autonomous agents to interact and transact in a secure and efficient manner.

What is FET used for

FET is the native token of the Fetch.ai network. It is used to power the autonomous economic agents that perform tasks such as data exchange, real-time optimization, and predictive maintenance. FET tokens are used to pay for network services, incentivize participants, and facilitate transactions within the Fetch.ai ecosystem.

How FET works

Fetch.ai combines blockchain technology with artificial intelligence to create a decentralized platform where autonomous agents can operate. These agents represent entities such as individuals, businesses, or devices and can negotiate, transact, and collaborate with each other. The Fetch.ai network uses a unique consensus mechanism to ensure that transactions are secure and efficient. The FET token is used to reward agents for their contributions to the network and to pay for services.

Risks

Before entering into an agreement (a “Crypto Contract”) with Ndax to buy or sell any crypto assets through the Platform, it is important to understand the risks. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.

Like other crypto assets, there are some general risks associated with investing in FET. Each of these risks are described in more detail in the Risk Statement provided to you at the time that you open your account with us and is also available online on the Ndax website and app. You should review the Risk Statement.

In addition to the general risks set out in the Risk Statement, we also point out other specific risks to FET below:

• Market Dependency: The value of FET is heavily dependent on the adoption and success of the Fetch.ai network. Any decline in the use of the network could adversely affect the value of FET..

• Data Accuracy: As Fetch.ai combines blockchain with artificial intelligence, it faces technological risks associated with both fields. Any technical failures or vulnerabilities could impact the network and the value of FET.

• Regulatory Risks: As with all blockchain-based projects, regulatory changes can impact the operation and value of the FET Network and its token.

While we have tried to describe the key risks associated with FET here and in our Risk Statement, we emphasize that this Crypto Asset Statement is not exhaustive of all of the risks associated with trading in FET. You should also do your own research on FET to make sure you are comfortable investing in such a crypto asset.

Regulatory Information

Ndax is a registered investment dealer under securities legislation in all provinces and territories of Canada, and is a member of the Canadian Investment Regulatory Organization (CIRO) and of the Canadian Investor Protection Fund (CIPF). Ndax is offering Crypto Contracts in accordance with the terms of the Decision Document dated December 19, 2024 that we entered into with the Canadian securities regulators. Any fiat currency held in user's accounts are protected by the CIPF's Investment Dealer Fund in accordance with its Coverage Policy. However, CIPF coverage does not extend to any virtual assets held in user's accounts. These assets are not eligible for deposit insurance or any protection from the Canada Deposit Insurance Corporation (CDIC) or CIPF.

The statutory rights of action for damages and the right of rescission in the securities legislation of each province and territory of Canada would not apply in respect of a misrepresentation in this Crypto Asset Statement.

Prior to offering a Crypto Contract on FET, Ndax assesses whether FET is a security and/or a derivative under the securities and derivatives laws of Canada. Ndax’s assessment includes a review of the history of the FET (such as how it was created and its governance structure), its characteristics, its market capitalization and any regulatory concern regarding FET. Based on its assessment, Ndax concluded that FET is not a security or a derivative. However, there is a risk that this conclusion could change in the future. In that case, Ndax may be required to halt or withdraw FET from trading on the Platform and stop any future trading of Crypto Contracts based on FET, and users holding FET may be required to liquidate their positions, potentially at a significant loss. In this event, users holding positions in FET will be notified via the Platform or other electronic means and advised of the options available to them and any applicable period to sell or withdraw their positions in FET.

No Canadian securities regulatory authority has expressed an opinion about FET, including an opinion that FET is not itself a security and/or derivative.

Last Updated: May 22 , 2024