CEDAR DAO OFFICIAL UPDATE Following developments over the 18 months since the launch of Cedar DAO, the project has now entered a period of trusteeship. As we move into this next stage, this provides an appropriate opportunity to explain what the trusteeship means, set out the immediate path forward and place on record a number of longstanding matters that have now been subject to extensive disclosure and independent third-party review. The Trusteeship The trusteeship was established during the transition from the former management structure to the community-elected interim committee. Its purpose was simple: to act as an emergency safeguard while the interim committee created the permanent legal and governance structure required to place the project and its assets into genuine community ownership. It was always intended as a backstop, with the expectation that it would never need to be used. The trust provides no individual with ownership of, or beneficial entitlement to, project assets. Its powers exist solely to protect the project on behalf of the community and, wherever practically possible, complete the original objective of transferring those assets into an appropriate legal entity representing token holders. For approximately 18 months, those powers were never exercised. On 30 September 2026, after it became clear that the original mandate could no longer practically be completed through the interim structure, the trustee activated the trusteeship for the first time and dissolved the interim committee. The trusteeship is not intended to become a permanent management structure. Its role is to protect and stabilise the project while progressing the transition towards the decentralised community ownership originally intended. Closing the Historical Record This transition also provides an opportunity to place several longstanding historical matters clearly on the record. Over an extended period, substantial corporate documentation, financial and payment records, historical communications, agreements and other supporting evidence relating to different stages of the project were made available for independent third-party review, including to directors, legal advisers and other appropriate parties involved in reviewing the project’s historical record, with certified copies of relevant corporate documentation available upon request. This process allowed a number of longstanding matters to be independently reviewed and clarified by reference to the underlying documentary record. The conclusions arising from that process were communicated amongst the relevant parties and form the basis of the factual record set out below. The underlying documentation and supporting evidence will remain preserved and available upon appropriate request to future Cedar Foundation directors, supervisors, legal advisers and other appropriate parties, ensuring that the conclusions recorded here remain capable of being independently examined against the source material in the future. The principal matters confirmed through that process are set out chronologically below. 1. Founder and Founding Team Tokens At EverGrow’s launch, an allocation of tokens was made to the founder and his founding team and documented in the original EverGrow whitepaper. Those tokens were held without restrictions upon their subsequent transfer or distribution. The tokens were later formally transferred under a documented agreement, a copy of which was provided as part of the review. It has been confirmed that the transfers were made by the authorised parties and in full accordance with the agreements governing those tokens. Over approximately the following three years, the founder and founding team tokens were distributed amongst numerous parties, including team members, staff, contributors and others associated with the project. These distributions were made at the discretion of the respective token holders, who chose to use significant portions of their own allocations to recognise and reward those who contributed to the project. 2. EverGrow Marketing Ltd and Project Administration In September 2022, operational responsibility for the project was transferred into EverGrow Marketing Ltd, together with the operational and marketing assets and controls required to support the project. From that point, Sam Kelly served as Chairman of EverGrow, overseeing the project through EverGrow Marketing Ltd until the subsequent transition to the community-elected structure. The corporate documentation covering this period was made available for independent review and records the structures through which project assets, expenditure and operational responsibilities were administered. 3. Historical Project Expenses From shortly after launch until the project’s migration into Cedar DAO, significant project expenses were personally funded by Sam Kelly from his own bank account. In November 2023, it was publicly communicated that $20,000 per month would subsequently be paid from marketing funds to repay accrued project expenses and cover continuing expenditure being personally funded, with only any remaining balance constituting salary. As part of the subsequent disclosure and review, a complete accounting ledger and supporting proof of payment were provided documenting 510 individual project expenses totalling approximately $275,150, personally funded during this period. 4. Atlas Wallet Atlas Wallet Development and Community Entitlement Atlas Wallet was developed through Wallet Enterprises Ltd as an independently branded decentralised wallet, designed to appeal to the wider crypto market rather than being tied to a single token or community. When development of Atlas was publicly announced, extensive communications set out both the structure under which it would be developed and the rationale for establishing it as a separate, independently operated commercial product. A subsequent community poll supported the transfer of approximately $1.2 million equivalent in crypto assets to Wallet Enterprises Ltd for Atlas’s development. The proposal also provided for the company to raise further capital if required, with the potential for future dilution, while protecting the community’s entitlement to 50,000 non-voting shares, representing the company’s entire issued share capital at the time. The poll received more than 90% support both by participating individual wallets and participating token weight. Corporate records confirm the transfer of the funds and that Wallet Enterprises Ltd amended its Articles and filed a Resolution protecting the community’s entitlement to the 50,000 shares. That entitlement has no expiry or time limitation and remains in place until the shares can be transferred to an appropriate legal entity representing the community. The structure therefore allowed Atlas to develop independently and access future investment while preserving the community’s agreed ownership entitlement. 5. Project Liquidity Although project liquidity was not itself a matter under question, its security and accountability are fundamental to any cryptocurrency community. Independent blockchain analysis, together with the publicly available on-chain record, confirms that 100% of project liquidity can be accounted for from the original EverGrow launch in September 2021 through to the migration to Cedar DAO in May 2025. At migration, that liquidity was transferred in full into the new Cedar DAO liquidity pool, which launched with 24,992 SOL, valued at approximately $3.7 million at the time. Custody and operational control were subsequently transferred from the former management structure to a multisig controlled by members of the newly elected interim committee. May 2025 marks the end of the period covered by this historical review and should not be interpreted as implying any conclusion regarding the subsequent period. 6. Transition to Cedar DAO The transition to Cedar DAO in May 2025 formally ended the former management structure and transferred responsibility for the project to a community-elected interim committee. The former Management Team consisted of Sam Kelly, the CTO, Rocket and Cody. Neither Sam Kelly nor the CTO stood for election to the interim committee. Rocket and Cody did stand and were elected, alongside nine other community-elected members, forming an 11-member interim committee. From the launch of Cedar DAO, all committee servers, groups and operational discussions were accessible exclusively to elected committee members. No individual outside the committee had access to internal information or influence over project operations, liquidity management, expenditure, resources, governance or day-to-day decision-making. The handover therefore marked the end of the former management structure and placed full responsibility and operational controls for Cedar DAO with the newly elected interim committee. Historical Record and Closure This process has allowed longstanding questions relating to the former management period to be addressed through the underlying corporate, financial, documentary and blockchain record, providing greater clarity and closure as the project moves forward. While there were significant and acknowledged failures in delivering the project’s development objectives, the records covering September 2022 through to the May 2025 handover demonstrate that the material representations made to the community concerning these matters were consistently supported by the underlying corporate and financial record. This included commitments concerning project resources, community protections, ownership and the transition towards a genuinely decentralised, community-owned structure. Taken together, the documentary, financial and blockchain record demonstrates that project liquidity and financial resources were fully accounted for throughout the period covered by this review, and that community protections and ownership commitments were administered consistently with the structures and commitments communicated to the community. Looking Forward Having now extensively disclosed and independently reviewed the corporate, financial and documentary record of the former management period, it should equally be acknowledged that important questions remain regarding the subsequent 18 months. These include the depletion of project liquidity four months into the interim committee’s tenure, the subsequent breakdown of the committee and governance structure, the cessation of community voting, the deterioration of community social spaces and the circumstances that ultimately led to the activation of the trusteeship. The community is entitled to the same standard of transparency and independent scrutiny of these matters as has now been applied to the preceding period. For the immediate future, however, the priority is to look forward: to stabilise Cedar DAO, protect its remaining assets and resources, rebuild its community and establish a sustainable path towards the decentralised community ownership originally intended. The historical record will remain preserved, allowing outstanding matters to be revisited transparently if and when the community wishes to do so. For now, the focus is on rebuilding Cedar DAO and securing a positive, sustainable future. Work towards these objectives is already underway, and further communications will follow once the next steps have been finalised.