SOFTWARE LICENCE AGREEMENT — CARRY Version 2.1 IMPORTANT — READ BEFORE USE. This is a legal agreement between you ("Licensee") and Apexstoa, a sole trader ("Licensor"), covering CARRY: the software, data and documents supplied under that name (together, the "Software"). By installing, copying or using any part of the Software you accept this Agreement. If you do not accept it, do not use the Software. WHICH PRODUCT THIS LICENCE COVERS. This Agreement covers CARRY alone. Its particulars — what it is, what is supplied, and the documented figures — are set out in the PRODUCT SCHEDULE at the end of this document. A Licensee who also holds a licence to another product supplied by the Licensor receives that product under the agreement delivered with it, and this Agreement grants nothing in relation to it. Nothing in this Agreement grants a licence to software that was not paid for. WHAT THIS IS. The Software is the output of a private quantitative research programme, supplied as research software together with the research record behind it. It is not a financial product, not an investment scheme, not a managed service, and not a promise that the method works. It is a tool, supplied with the tools to check it, so that the Licensee can inspect it, reproduce its figures, and decide for themselves whether to use it. THE SOFTWARE IS USED TO TRADE LEVERAGED DERIVATIVES AND CAN LOSE MONEY, INCLUDING MORE THAN YOU DEPOSIT. LOSSES ARE A NORMAL AND EXPECTED OUTCOME OF USING IT. SECTIONS 7, 8, 9 AND 10 PLACE THE ENTIRE RISK OF TRADING ON YOU AND LIMIT THE LICENSOR'S LIABILITY. READ THEM, AND THE PRODUCT SCHEDULE, BEFORE YOU USE THE SOFTWARE. 1. DEFINITIONS 1.1 "Software" means the software, configuration, documentation, test suite, tools, research write-ups and market data supplied as CARRY and described in the Product Schedule, together with any Updates. 1.2 "Source" means the human-readable source code supplied with the Software. 1.3 "Updates" means corrections, revisions or new versions of the Software that the Licensor makes generally available to licensees of CARRY at no additional charge. 1.4 "Licence Key" means the key issued to the Licensee on delivery. It identifies the order it was issued for. It is not a technical restriction and does not enforce anything; it is a statement of what was licensed, not a mechanism that prevents anything else. 2. GRANT OF LICENCE 2.1 Subject to this Agreement and to payment in full, the Licensor grants the Licensee a perpetual, worldwide, non-exclusive, non-transferable, non-sublicensable licence to: (a) install and run the Software for the Licensee's own account and own benefit; (b) read, study and modify the Source for that purpose; and (c) make backup and archival copies. 2.2 This is a licence, not a sale of the Software. The Licensor retains all ownership and intellectual property rights in the Software. 2.3 One licence covers one natural person or one legal entity. Where the Licensee is an entity, use is limited to that entity's own trading accounts. 2.4 Where CARRY was purchased as part of a bundle, this Agreement is the licence to CARRY only, and 10.1 applies to the fee. 3. RESTRICTIONS The Licensee shall not: 3.1 distribute, publish, resell, lease, lend, sublicense or otherwise make the Software or the Source available to any third party, in whole or in part, whether modified or not; 3.2 operate the Software as a service, or use it to manage assets belonging to any third party, or to generate signals supplied to any third party, without the Licensor's prior written agreement; 3.3 remove or alter any notice of ownership, authorship or licensing; or 3.4 use the Software in any manner prohibited by applicable law or by the rules of any exchange or venue the Licensee connects it to. WHY 3.1 IS IN THE LICENSEE'S OWN INTEREST 3.5 The restriction in 3.1 is not only a protection of the Licensor's property. CARRY collects a funding spread paid by the wider market rather than competing for a position in an order queue, so additional participants on the same side of that market compress the yield gradually rather than displacing one another. The research supplied with the Software does not measure that effect, and this clause does not claim that it does: it describes a mechanism, not a measured quantity. It does not limit, qualify or replace 3.1, and nothing in it is a representation that any level of return or capacity will be available to the Licensee. Clause S.5 records that the Licensor does not limit the number of CARRY licences. 4. SOURCE CODE, AND WHAT IT IS NOT 4.1 The Source is supplied so that the Licensee can inspect, verify and adapt what they run. Its supply does not make the Software open-source software and grants no rights beyond Section 2. 4.2 Modifications made by the Licensee are the Licensee's responsibility. The Licensor has no obligation to support, and gives no assurance whatsoever about, modified Software. 5. MARKET DATA AND THIRD-PARTY MATERIAL 5.1 The Software includes historical market data: Binance BTCUSDT and ETHUSDT perpetual and spot eight-hour candles, and BTCUSDT, ETHUSDT and SOLUSDT funding settlements, from 2024-06-14 to 2026-06-13, 2,190 records per file, from which the figures checked by `python3 -m carry.cli verify` are derived. The data was obtained from Binance's public interfaces and remains subject to Binance's terms. Figures that rest on price data not supplied are identified in the documentation (DISCLOSURE.md §5); the leverage study behind them can be re-run from Binance's public interfaces as analysis/README.md describes. Third-party academic material referred to in the documentation is not supplied and is not licensed under this Agreement. 5.2 The data originates with a third party. The Licensee is responsible for ensuring that their own use of it complies with the terms of the originating venue. 5.3 The Software requires third-party open-source libraries which are not supplied with it and which are governed by their own licences. 6. UPDATES AND AVAILABILITY 6.1 Updates issued during the Software's commercial availability are provided at no further charge. Nothing obliges the Licensor to produce any Update. 6.2 The Licensor may withdraw the Software from sale at any time. Withdrawal does not affect a licence already granted, and does not revoke access to what the Licensee has already received. 7. NO ADVICE, AND ASSUMPTION OF TRADING RISK 7.1 The Software is a tool. It is not investment advice, financial advice, a recommendation to trade, or a solicitation, and the Licensor is not the Licensee's broker, adviser, fiduciary or agent. 7.2 All trading decisions, configuration values, risk settings, venue selection and API credentials are the Licensee's own. The Licensee retains custody of all funds at all times; the Licensor never takes custody, never trades on the Licensee's behalf, and takes no share of profits. 7.3 ALL PERFORMANCE FIGURES SUPPLIED WITH OR ADVERTISED FOR THE SOFTWARE ARE DERIVED FROM HISTORICAL SIMULATION, NOT LIVE TRADING. CARRY has no live-capital track record. Simulated results carry known biases and do not indicate future results. The specific documented figures the Licensee acknowledges having been shown are set out in the Product Schedule. 7.4 The Licensee is responsible for determining whether use of the Software is lawful in their jurisdiction and for all tax and regulatory consequences of their trading. 7.5 TEST IT SMALL FIRST. The Licensee shall run the Software on a test or minimally funded account until satisfied that it behaves as they expect on their own venue, with their own credentials and their own settings, before committing capital they are unwilling to lose. The Software places real orders on a real account from the moment it is armed, and no amount of historical simulation establishes how a particular venue, fee tier or configuration will behave in the Licensee's hands. 7.6 RESEARCH SOFTWARE, SUPPLIED AS-IS. The Software is supplied as the output of a research programme and not as a finished commercial financial service. Parts of the method it implements remain expressly unverified, and the accompanying documentation identifies which parts and why. The Licensee acknowledges having had the opportunity to read that documentation, and the whole of the Source, before use. 7.7 ALL TRADING OUTCOMES ARE THE LICENSEE'S OWN. The Licensee alone decides whether to trade, on what venue, with what capital, at what risk setting, and for how long. The Licensee alone bears every resulting gain and every resulting loss. The Licensor is not responsible for, and accepts no liability for, any loss of capital, margin, or opportunity arising from use of the Software, whether the loss follows from market movement, from the method performing differently than in simulation, from exchange behaviour, from the Licensee's configuration, or from a defect in the Software itself. 7.8 NO RELIANCE. The Licensee confirms that they are not relying on any statement, figure, projection or opinion of the Licensor in deciding to trade, other than as expressly set out in this Agreement, and that they have formed their own view of the method on the evidence supplied. Nothing in this clause limits liability for fraud or fraudulent misrepresentation. 8. NO WARRANTY 8.1 THE SOFTWARE IS PROVIDED "AS IS" AND "AS AVAILABLE", WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION ANY IMPLIED WARRANTY OF MERCHANTABILITY, SATISFACTORY QUALITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT, OR ARISING FROM COURSE OF DEALING OR USAGE OF TRADE. 8.2 The Licensor does not warrant that the Software will be uninterrupted or error-free, that it will be profitable, that it will operate correctly against any exchange, or that any exchange will behave as documented. 8.3 The Software depends on third-party exchanges, networks and data feeds outside the Licensor's control. Interruption, error, outage or change in any of them is not a defect in the Software. 9. LIMITATION OF LIABILITY 9.1 TO THE MAXIMUM EXTENT PERMITTED BY LAW, THE LICENSOR SHALL NOT BE LIABLE FOR ANY TRADING LOSSES, LOST PROFITS, LOST OPPORTUNITY, LOSS OF DATA, BUSINESS INTERRUPTION, OR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR PUNITIVE DAMAGES, ARISING OUT OF OR RELATED TO THE SOFTWARE, HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. 9.2 TO THE MAXIMUM EXTENT PERMITTED BY LAW, THE LICENSOR'S TOTAL AGGREGATE LIABILITY ARISING OUT OF OR RELATED TO THIS AGREEMENT SHALL NOT EXCEED THE AMOUNT ACTUALLY PAID BY THE LICENSEE FOR THE SOFTWARE. 9.3 Nothing in this Agreement excludes or limits liability for fraud, fraudulent misrepresentation, death or personal injury caused by negligence, or any other liability that cannot lawfully be excluded or limited. 9.4 The allocation of risk in Sections 7, 8 and 9 is a fundamental basis of the bargain and is reflected in the price. The Licensee acknowledges that they would not have been granted the licence at this price without it. 10. PAYMENT AND REFUNDS 10.1 The licence fee is payable in full before delivery. Where the Licensee purchases a bundle of products, the fee is a single fee for the bundle and is not apportioned between the products in it. 10.2 The Software and its complete Source and research record are delivered in full on purchase and cannot be returned. Subject to 10.3, 10.6 and 10.7, and except as set out in 10.4 and 10.8, all sales are final. 10.3 Where mandatory consumer law grants the Licensee a right of withdrawal from a contract for digital content, that right applies according to its terms, and nothing in this Agreement purports to remove it. 10.4 SUPPORT FIRST, AND A REMEDY WHERE THE FAULT IS THE LICENSOR'S. If the Software does not work as documented, the Licensee should contact apexstoa@proton.me. The Licensor will attempt to resolve the problem, which may include issuing an update. Where a defect in the Software cannot be resolved by any update or assistance the Licensor can provide, the Licensor may at its discretion refund the fee paid, in whole or in part. That discretion is exercised in good faith and is not a guarantee. 10.5 WHAT 10.4 DOES NOT COVER. A refund is not available where the Software performs as documented and the difficulty lies in the Licensee's own configuration, credentials, venue selection, hardware or operating environment; nor for trading losses, which Section 7 places entirely on the Licensee; nor because the Licensee changed their mind about the method, its figures or its risk. Assistance with setup is offered as a courtesy and its availability is not a term of this Agreement. 10.6 EXPRESS REQUEST FOR IMMEDIATE SUPPLY. Before payment, the Licensee is asked to request expressly that supply of the Software and the research record begin immediately, before any withdrawal period has expired, and to acknowledge that the right of withdrawal is lost once supply begins. That request and acknowledgement are recorded against the order and repeated to the Licensee in the order confirmation. Where the Licensee has not given them, the right of withdrawal in 10.3 is unaffected and supply does not begin until it has expired or the Licensee gives them. 10.7 CANCELLING BEFORE SUPPLY BEGINS. Until supply begins the Licensee may withdraw by any clear statement to the address in 12.6; a model form is published with the pre-sale agreement and its use is optional. The Licensor shall reimburse all payments received without undue delay and no later than 14 days after being informed, by the same means of payment. 10.8 REPRODUCTION GUARANTEE (CARRY). If a figure marked [verify] in the Product Schedule, or a published CARRY figure that `python3 -m carry.cli verify` checks, does not reproduce on the Licensee's own machine when that command is run as documented against the market data supplied under 5.1, unmodified, the Licensor will refund the fee in full on request. The request should include that command's output. This remedy is not discretionary. It does not extend to the figures the documentation lists as not checked by that command (DISCLOSURE.md §5). 11. TERM AND TERMINATION 11.1 This Agreement takes effect on delivery and continues perpetually unless terminated. 11.2 The Licensor may terminate this Agreement on written notice if the Licensee materially breaches Section 3 and does not remedy the breach within 30 days of notice. 11.3 On termination the Licensee shall cease all use of the Software and destroy all copies. Sections 1, 4.2, 5, 7, 8, 9, 10 and 12 survive termination. 12. GENERAL 12.1 Governing law. This Agreement is governed by the laws of Armenia, and the courts of Yerevan, Armenia have exclusive jurisdiction, without regard to conflict-of-laws rules. Mandatory consumer-protection rights of the Licensee's country of residence are unaffected. 12.2 Entire agreement. This Agreement, together with the product listing in force at the time of purchase, is the entire agreement between the parties on this subject and supersedes all prior representations, except that nothing excludes liability for fraudulent misrepresentation. 12.3 Severability. If any provision is held unenforceable, it shall be modified to the minimum extent necessary to make it enforceable, or severed, and the remainder continues in force. 12.4 No waiver. A failure to enforce any provision is not a waiver of it. 12.5 Assignment. The Licensee may not assign or transfer this Agreement. The Licensor may assign it in connection with a transfer of the business. 12.6 Notices. Notices to the Licensor shall be given by email to apexstoa@proton.me, which is the Licensor's address for service under this Agreement, and are deemed received on the next business day after sending. The Licensor may change that address by notice on the product listing or by email to the Licensee. Notices to the Licensee are given to the email address supplied on purchase, which the Licensee is responsible for keeping current. Copyright (c) 2026 Apexstoa. All rights reserved. ================================================================================ PRODUCT SCHEDULE — CARRY ================================================================================ This Schedule forms part of the Agreement. The figures in it are the documented figures referred to in clause 7.3. Those marked [verify] are regenerated by the Licensee on their own machine with `python3 -m carry.cli verify` from the data supplied. The others rest in part on price data not supplied, and the documentation says which and why. S.1 What it is. A delta-neutral funding-carry bot for BTC and ETH perpetuals, supplied with the research record behind it. It holds a short perpetual against an equal long spot position on the Licensee's own exchange account, under the Licensee's own API credentials, and collects the funding paid between them. It opens a position when the Licensee instructs it to; after that it keeps the hedge, refuses new exposure when the account's margin runs thin, and unwinds on a circuit breaker or on the Licensee's instruction. It does not decide when to enter or leave on market conditions. Once armed and run with --confirm it places market orders. The exchange adapter supplied is for Bybit. S.2 What is supplied. The bot — decision engine, runner, toll ledger and Bybit adapter — and its capability probe; the reproducibility command and its manifests; the sizing and preflight tools; the documentation set and the generated manual; the test suite; the replay engine, risk engine and venue contract as source; the research write-ups and scripts; and the market data described in 5.1. Not supplied: third-party academic papers; the Licensor's packaging tools; and the third-party library and fonts that rebuilding the manual requires, the manual itself being supplied already built. S.3 Documented figures, all from historical simulation over 2024-06-14 to 2026-06-13: (a) net APR, unlevered and after all modelled costs, of +4.88% (BTC) and +4.91% (ETH) [verify]; (b) funding alone over 2026 to June, annualised and before basis and costs, of approximately +1.00% (BTC) and +0.35% (ETH), funding being regime-dependent and this regime decaying [verify]; (c) safe leverage of approximately 3.4x on an eight-hour rebalance, being the leverage at which the binding asset's liquidation distance clears twice its worst eight-hour move in the sample [verify]; (d) over a longer price history, 2021-01 to 2026-07, a probability of surviving one year without liquidation of approximately 83% at 3.4x and approximately 0.4% at ten times leverage; and, in a model with no margin top-ups in which the stake is lost on liquidation, an expected one-year result that is negative at 3.4x and at every higher leverage in the documented table. S.4 Product-specific acknowledgements. The Licensee acknowledges that CARRY has no live trading track record; that the yield is regime-dependent and is not fixed, guaranteed or predicted; that leverage raises both the yield and the probability of liquidation; that a venue providing unified (portfolio) margin is a requirement of the method and not a preference; that every venue configuration supplied is an unverified placeholder, and that the Licensee must supply their own venue parameters, read from their own funded account; and that at small account sizes the yield may be less than the licence fee. S.5 No capacity limitation. The Licensor makes no representation that CARRY is limited in capacity, and no number of licences is withheld.