<p><strong><span lang="EN-US">Dear client,</span></strong><span lang="EN-US"></span></p>
<p><span lang="EN-US">Following our last communication in December in which we mentioned that CBC managed to conclude a partnership with a crypto friendly bank and resume the payments, we would like to give you and update of the situation.</span></p>
<p><span lang="EN-US">Taking into consideration the geopolitical context and the global economic changes that we&rsquo;ve encountered since beginning of this year, this partnership was not viable anymore and CBC was forced to find a different solution.</span></p>
<p><span lang="EN-US">Although we have not communicated every step of the way, we would like to reassure you that our team is working for the past 6 months to secure two exchange solutions.</span></p>
<p><span lang="EN-US">As a quick overview, the onboarding process with these two entities was long and the requirements thorough:</span><span lang="EN-US"></span></p>
<ul type="disc">
<li><span lang="EN-US">Submitting company application</span></li>
<li><span lang="EN-US">Submitting company documents, source of funds, audit reports, financial statements, trades</span></li>
<li><span lang="EN-US">Submitting client&rsquo;s KYC&rsquo;s, source of funds/source of wealth, contracts</span></li>
<li><span lang="EN-US">Submitting banks AML questionnaires</span></li>
<li><span lang="EN-US">Submitting company&rsquo;s AML policies</span><span lang="EN-US"> <br /></span></li>
</ul>
<p><span lang="EN-US">Both entities took their time in verifying every document we&rsquo;ve sent, constantly returning for explanations as this business is not a conventional one and the initial presented timeframe was long exceeded, this being the reason we&rsquo;ve not presented you a specific timeframe so far.</span><span lang="EN-US">&nbsp;</span></p>
<p><span lang="EN-US">Currently, the solutions we have worked on have the following status:</span></p>
<ol type="1" start="1">
<li><span lang="EN-US">First solution: Awaiting CCO and CEO final approval for our accounts (no given timeframe), after which we can proceed with testing payments and exchange crypto to FIAT.</span><span lang="EN-US"></span></li>
<li><span lang="EN-US">Second solution: Awaiting Bank Login Details through post, after which we can start testing the flow with some small transactions to make sure they clear, then we can proceed with larger transactions. This particular solution is a little bit more complex in terms of the flow, due to the fact that it has to go through 4 stages of clearance until we are able to make the payments to the ultimate beneficial owners.</span></li>
</ol>
<p><span lang="EN-US">We would also like to remind you that considering our legal obligations and bylaws, we will resume payments FIFO Method (first in first out), regardless of the FIAT / Crypto Method, in order to avoid any irregularities.</span></p>
<p><span lang="EN-US">Last but not least we would like to note the fact that as per the signed NDA&rsquo;s and for not being an interference in the process, we are not able to provide you with the names of the entities we are onboarding with or more detailed information until we have all their approvals.</span></p>
<p><span lang="EN-US">Thank you for your patience and understanding and we will return with an update as soon as possible.</span><span lang="EN-US"></span></p>
<p><span lang="EN-US">Best regards,<br /></span><span lang="EN-US">CBC FINANCE Team</span></p>