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Last updated: 9 November 2026 This disclosure forms part of the Terms and Conditions. It describes the main risks, but it is not a complete list, and the risks that matter most will differ from vault to vault.

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1. HOW A JUPITER VAULT WORKS

1.1 The structure. You deposit a digital asset into a smart contract vault on Solana. An independent third party, the Curator, decides how the pooled assets in that vault are deployed — which protocols, markets and assets the vault is exposed to, in what proportions, and on what terms. Yield, if any, comes from that underlying activity. Losses in that underlying activity are borne by the depositors in the vault, in proportion to their share. 1.2 Who does what. We build and maintain the interface. We do not hold your assets, select the strategy, verify the Curator’s decisions, or monitor the vault on your behalf. The Curator is not our agent and does not act for you. There is no manager with a duty to protect your capital.

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2. CURATOR RISK

2.1 Discretion. The Curator has real discretion over where vault assets go. A poor decision, an inadequate diligence process, a mispriced risk, a slow reaction to a deteriorating position, or a simple operational error can cause a total loss in the vault, even if the Protocol works exactly as designed. 2.2 Concentration. A vault may be heavily exposed to a single protocol, asset or counterparty. Diversification at the vault level is not diversification at the Curator level: a Curator running several vaults may hold similar exposures across all of them. 2.3 Track record is not protection. Curators operating on other established protocols have incurred very large losses for their depositors. A Curator’s reputation, size, institutional backing or past performance does not prevent this, and past performance of a vault tells you little about its future performance. 2.4 Conflicts. A Curator may hold economic interests in, or receive incentives from, the protocols and assets to which it allocates. We require disclosure of those interests to us, but that does not eliminate the conflict. 2.5 Changes without notice. A Curator can change a vault’s parameters and allocations at any time, including in ways that materially increase risk, without notifying you. The vault you deposited into may not be the vault you are in next week. 2.6 Curator deposits are not protection. A Curator may hold its own deposit in a vault it curates. That deposit ranks alongside yours, is not first-loss capital, is not a guarantee or reserve, gives you no claim, and may be withdrawn. It does not reduce your risk of loss. 2.7 A Curator can be replaced, or removed and not replaced. A Curator’s permissions can be suspended or terminated at any time. A vault may then be left with no one managing it, placed into withdrawal-only mode, or wound down. No one is obliged to appoint a replacement.

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3. TECHNOLOGY RISK

3.1 Smart contract risk. The vault programs, and every protocol they interact with, are software. They may contain defects, logic errors or vulnerabilities. Audits reduce this risk but do not eliminate it — audited, long-established protocols have been exploited. A successful exploit can drain a vault entirely and is generally irreversible. 3.2 Upgrade and admin risk. Protocols to which a vault is exposed may be upgradeable, or may have administrative keys capable of changing their behaviour, pausing them, or freezing assets, sometimes without notice. 3.3 Oracle risk. Vaults depend on price oracles. A stale, incorrect or manipulated price feed can cause wrongful liquidation, mispriced deposits and withdrawals, or the acceptance of worthless collateral. 3.4 Network risk. A blockchain network on which a vault operates, or to which it is exposed, may experience congestion, degraded performance, outages, forks or reorganisations. During such periods transactions may fail, be delayed, or execute at prices very different from those displayed, and risk-management actions may be impossible to perform in time.

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4. FINANCIAL AND MARKET RISK

4.1 Market risk. Digital asset prices are volatile. The value of the vault’s assets, and of your position, can fall sharply and without warning. 4.2 Depeg and collateral risk. Vaults are frequently exposed to stablecoins, synthetic dollars, liquid staking tokens, receipt tokens and other assets that are designed to track a value but are not guaranteed to do so. These can and do depeg, lose their backing, suspend redemptions, be frozen or blacklisted by their issuer, or fail entirely. 4.3 Leverage and liquidation. A vault may use leverage or recursive looping, which magnifies both gains and losses. Positions may be liquidated at unfavourable prices during market stress, and a liquidation that fails to clear a position can leave the vault with bad debt that depositors bear. 4.4 Contagion. Protocols and assets in DeFi are highly interconnected. The failure of one asset or protocol can cascade through lending markets, collateral chains and other vaults, including vaults with no direct exposure to the original failure. 4.5 Counterparty risk. Vault assets may be lent to, deposited with, or deployed through third parties that can default, become insolvent, misappropriate assets, or stop functioning. We have no control over them and no ability to recover from them.

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5. LIQUIDITY AND WITHDRAWAL RISK

5.1 You may not be able to withdraw. Your withdrawal depends on the vault having liquid, withdrawable assets at that moment. If the underlying positions are illiquid, locked, queued, in default or impaired, your withdrawal may be delayed, filled only in part, or impossible for an extended period. There is no obligation on anyone to provide liquidity to the vault. 5.2 Withdrawal pressure. In stressed conditions many depositors withdraw at once. Early withdrawers may exit at or near full value while later ones bear the realised losses of a forced unwind. Being right about the risk does not guarantee you can act on it in time. 5.3 Slippage and unwind cost. Exiting positions in stressed markets can realise significant slippage and cost, which is borne by the vault. 6.1 Your own operational risk. If you lose your private key or seed phrase, approve a malicious transaction, use a compromised device, or interact with a fraudulent copy of the interface, you can lose everything in your wallet. We cannot recover it. 6.2 Curator key compromise. A Curator’s keys may be compromised, which may allow an attacker to reconfigure a vault into positions that lose money or can be drained. 6.3 Protective action may affect you. Deposits may be paused or capped, a Curator’s permissions suspended, or a vault placed into withdrawal-only mode or wind-down. These actions are taken to protect the Protocol, not to protect any individual position, and may affect the timing and value of your withdrawal. There is no obligation on anyone to take them, or to take them in time. 6.4 Displayed information may be wrong. Yields, balances, risk labels and valuations shown on the interface may be delayed, incomplete or incorrect, and are not a representation about any vault’s safety or suitability. 6.5 Valuations can be wrong and corrected afterwards. If a vault’s value or share price turns out to have been incorrect, it may be corrected later, and amounts calculated from the wrong figure — including fees and amounts you have already received on withdrawal — may be recalculated and recovered from you. 6.6 Fees can change. Protocol and Curator fees may be introduced, increased or changed at any time, which reduces your return. 6.7 Transferring your vault token transfers everything. Your position may be represented by a token in your wallet. If that token leaves your wallet, your whole position goes with it, immediately and irreversibly. Buying such a token from someone else means taking on that position exactly as it stands. 6.8 Regulatory risk. The legal treatment of digital assets, vaults and on-chain lending is unsettled and changing. Future law, regulation, guidance or enforcement may restrict or prohibit access to a vault, force a vault to be wound down, delay redemptions, or adversely affect the value of your position. 6.9 Tax risk. Deposits, withdrawals, rewards and changes in position value may have tax consequences for you, which may arise even where you have not received any cash. You are responsible for determining and meeting your own tax obligations. 6.10 No advice and no suitability assessment. Nothing we or any Curator publishes is financial, investment, legal or tax advice, and no one assesses whether a vault is suitable for you. You are responsible for that assessment and should obtain independent professional advice before depositing.