Notes

• The current approach to buybacks serves the original purpose outlined in AGP-1 (using surplus revenue for value accrual) while preserving optionality and capital flexibility. While AGP-1 referenced protocol-owned liquidity as a potential destination for surplus funds, initiating buybacks represents a preliminary step consistent with that direction. This approach was disclosed transparently and executed responsibly, leaving open the possibility of evolving into POL or other mechanisms (see Proposal point 4) as future AGPs determine the best course of action.

• Upon approval, the buyback program, paused since December 2024, will resume and continue under the terms defined in this proposal, unless the Treasury & Revenues Management Committee determines that market conditions are no longer favorable.