USDR redemptions are now live. You can now access the USDR redemption portal here: usdr-redemption.tangible.sto… For holders with USDR stuck on re.al, please complete the Google Form below with the details needed to arrange your transfer: docs.google.com/forms/d/1Wp0… If you’ve previously completed the form, you don’t need to fill it out again. Transfers will be processed in weekly batches for holders who have completed the form. TNFTs and UK real estate (UKRE) will have a separate process. These will be addressed once USDR has been fully redeemed, with further details shared at that stage. Thank you for your continued patience as we work through redemptions.

USDR Redemption Update Since our last update, our focus has remained on resolving the remaining legal and security issues preventing USDR redemptions from commencing. As a reminder the underlying property auctions have already taken place, it is unclear what the delay is in regards to removing the charges, whether it is simply bureaucratic process with the lender and their legal team or if some of the sales have only exchanged and not yet completed. We are now progressing this on three fronts: 1. We are actively monitoring the outstanding charges so that each release or satisfaction can be reflected immediately. 2. While at the same time working with legal counsel to determine whether the redemption structure can be adjusted to allow payments to begin sooner without waiting for every remaining charge to be removed. 3. As a final last resort potentially commencing legal action against the lender if we do not receive a satisfactory timely response as to why the charges are not being removed, and we are not receiving notice of full and final settlement. The reason this requires careful legal consideration is not simply to protect us — it is also to protect USDR holders. If redemption funds were distributed in respect of assets or entities over which a lender still has registered security, and that lender subsequently sought to enforce or assert rights over those funds, this could create legal complications around payments that had already been made. All holders participating in the redemption process were originally KYC'd. As a result, in a scenario where a lender successfully pursued a claim relating to funds that had already been distributed, there is also a potential risk that information relating to the recipients of those funds could become relevant to that process and, where legally required, become part of disclosure in said legal dispute. Depending on the circumstances and the nature of any subsequent claim, recipients could also potentially become involved in attempts to recover funds that had already been distributed. We therefore do not want to solve one problem by creating another for USDR holders receiving redemptions. Our legal team is currently working through ways in which this exposure can be reduced or appropriately ring-fenced so that redemptions can potentially begin earlier while still protecting everyone involved. re.al USDR and pDAI Recovery Separately, we are putting in place a process for holders whose USDR or pDAI remains stuck on re.al. There is currently a total of 4,563,237 USDR stuck on re.al. Rather than undertaking an upgrade of the existing bridge solely to recover this remaining balance, we will mint the corresponding amount of USDR on Polygon and distribute it directly to the affected holders. At this stage, this is a significantly simpler and more proportionate solution. Upgrading the bridge would introduce additional technical complexity and would require further development, security review and potentially another audit, which we believe is unnecessary given that the objective is simply to recover the remaining balances already accounted for on re.al. The 4,563,237 USDR will be minted to the following multisig address, from which verified distributions will be made: 0xAF8A1548Fd69a59Ce6A2a5f308bCC4698E1Db2E5 Affected holders will need to submit a request using the form below: docs.google.com/forms/d/1Wp0… Every request will be checked against the snapshot of re.al balances before any distribution is made. USDR distributions will then be processed manually as verified requests are received. For security and verification purposes, distributions will only be made to the same corresponding wallet address that held the USDR on re.al at the time of the snapshot. Requests to redirect a distribution to a different wallet will not be accepted. The only exception to this is USDR that was in the redemption contract on re.al at the time of the snapshot, in this case the wallet that deposited into the redemption contract will be eligible to claim their USDR stuck on re.al chain. Any core team and treasury wallets will be excluded from this process and this is already factored into the projected $0.54 redemption rate. The same process will apply to pDAI holders, with 8,475 pDAI currently on re.al. Each claim will be checked against the relevant snapshot, and any distribution will only be made to the corresponding wallet that held the pDAI on re.al. This process will take place progressively as requests are submitted and verified. There will also be a separate form for holders of TNFTs, fractional TNFTs and Baskets, which will be handled separately from the USDR and pDAI recovery process outlined above. For Basket holders, each token will be valued at $100, with the prevailing USDR redemption rate applied — for example, a $0.54 rate = $54 per Basket token. Redemption Contract Audit The redemption contract has been audited by Hacken. The latest audit can be viewed directly on this G Drive here: drive.google.com/drive/folde… Redemption Interface Design Preview Alongside this, development work is underway on the new redemption interface. We have prepared a work-in-progress design preview showing the proposed redemption flow and interface states. All balances shown in the preview are illustrative and the design remains subject to change: drive.google.com/drive/folde… The funds and the redemption process remain our priority. We understand that holders want this completed as quickly as possible, and our objective is the same — but it is important that we do it in a way that does not unnecessarily expose either the redemption structure or individual holders to additional legal risk. We will continue to update the community as the remaining charges are removed, the legal position develops, and the re.al recovery distributions progress. The distribution process will remain the same as previously announced with all holders being treated equally and not on a first come first serve basis. The final redemption rate will be set using the prevailing GBP/USD exchange rate at the time the redemption contract is deployed. As a reminder the full portfolio, charges and receiver removals all can be tracked live on Companies House on this sheet: docs.google.com/spreadsheets…

**USDR / UKRE Redemption Update** We know how frustrating this process has become. The properties have been sold, the sale proceeds have been received by the lenders and receivers, and the redemption contract has been completed and audited. It is therefore entirely reasonable for holders to ask why redemptions have still not begun. The remaining obstacle is not the property sales. It is the lender security that remains registered over the property-owning SPVs and the parent company. The loan-principal capital intended to fund USDR redemptions remains held within the structure. However, although the properties have been sold and the lenders have received the sale proceeds, a number of their charges have not yet been formally satisfied or released. This does not necessarily mean that TAB or another lender is economically entitled to further money. It means that, while the security remains unresolved, the lender is still recorded as a secured creditor and could seek to assert rights against the relevant company or its funds. Our legal advisers have been clear that we cannot safely distribute the loan capital connected with an SPV while that security remains outstanding. If we paid that capital into the redemption contract first, the same pool of money could potentially face two competing claims: it would already have been distributed for USDR redemptions while the lender could still seek to rely on its unreleased security. That could expose the relevant companies to double liability, challenges to the payments or attempts to recover funds already distributed. We cannot responsibly take that risk. There are two separate Companies House steps to watch: 1. An RM02 records that a receiver has ceased to act. 2. An MR04 records that a registered charge has been satisfied in full or in part. An RM02 is meaningful progress, but it does not itself satisfy the lender’s charge. The public sheet shows that many receiver appointments are now being brought to an end through RM02 filings, while the corresponding charge satisfactions are following more slowly. At present, TNFT PROP 205 LTD is the only property SPV shown on the sheet as having both its receiver removed and its charge satisfied. Some holders have already been redeemed OTC, and the total paid is broadly in line with the value associated with TNFT PROP 205. Those payments therefore do not represent the use of capital connected with SPVs whose charges remain outstanding. We will not identify the holders concerned or publish their wallet addresses for their privacy. Although as we understand this is widely known to be true. Beyond TNFT PROP 205, no additional SPV capital is currently legally clear for distribution. We are not going to wait for every remaining SPV to be resolved before starting contract-based redemptions. As soon as any individual SPV is legally clear—including the necessary receiver cessation, charge satisfaction the corresponding capital will be added to the redemption contract. One SPV may clear tomorrow and another the following day. Every available amount will be added as soon as it can safely and legally be released. The existing redemption contract was designed around a single, fully funded redemption pool. Its external security audit has been completed and the reported findings were resolved. The audit materials are available here: drive.google.com/drive/folde… We are now making a focused change so that funds can be added repeatedly and every addition is allocated proportionately across the full eligible USDR redemption supply. This process will not be first come, first served. Participation in the rolling redemption process will be entirely optional. Holders who prefer to wait until more, or all, of the redemption funding has been added may simply continue holding their USDR and redeem later during the redemption period. Holders who want to start receiving funds earlier will submit their USDR to the contract and receive the amount then available. The amount of USDR submitted will be permanently recorded on-chain as their continuing redemption entitlement, allowing them to claim their proportionate share of every subsequent addition without needing to retain or submit those USDR again. Submitting USDR will be irreversible: the on-chain redemption entitlement will replace those USDR for the purpose of all future payments. Entering earlier will only provide earlier access to money already available. It will not increase anyone’s overall recovery. Waiting will not reduce anyone’s entitlement. Amounts attributable to holders who have not yet entered will remain accounted for and reserved rather than being taken by earlier participants. Eligible USDR balances captured in the previously announced Re.al snapshot will be included in this accounting. We will provide clear migration instructions and direct assistance before claims open. Once the final funding has been added, the redemption period will remain open for at least 180 days. We are making this contract change as quickly as possible and will publish the updated mechanics, code and activation details once finalised. Because the change introduces new accounting, the updated implementation will receive the appropriate testing and security review before funds are activated. There also remains a separate disputed balance of approximately $500,000. Although the gross property-sale proceeds exceeded the underlying loan principal, TAB has applied administration, receivership and liquidation costs, auction-house fees and other associated expenses. After applying those costs, TAB says that approximately $500,000 remains due. We dispute that position. TAB indicated verbally that the amount would be waived, but we have not received that confirmation in writing. We will not allow this dispute to hold up the wider redemption process. The disputed amount will initially be excluded while legally cleared capital is distributed. If TAB confirms the waiver, the corresponding amount will be added to the redemption contract. If TAB maintains that it is payable, the final redemption pool will be approximately $500,000 lower, and we will publish TAB’s final settlement statement so holders can see precisely how that figure was calculated. The Companies House status of every entity can be followed through the public tracking sheet: docs.google.com/spreadsheets… The Companies House tab links directly to the public records, allowing holders to monitor the remaining RM02 and MR04 filings independently rather than waiting for separate announcements from us. This is the fastest responsible route available. We will not distribute capital while it remains exposed to an unresolved secured claim, but neither will we allow slower SPVs or the disputed $500,000 to hold back capital that becomes legally free sooner. There will also be a separate more manual redemption process for UKRE and the handful of individual TNFTs or fractional TNFTs. We appreciate that holders have already waited far longer than expected. This revised structure allows redemptions to begin at the earliest legally safe opportunity while preserving equal treatment for every eligible holder. Thank you for your continued patience. The Tangible / USDR / Re.al Team

USDR update: Property auctions are near completion and we have a clear path to redemption established. For more detailed info 👉 medium.com/tangible/usdr-upd…

USDR liquidation status: Over the past several months the Tangible team has pursued several paths to liquidating the $USDR treasury. First was to liquidate on chain in the form of UKRE; this was unsuccessful. An attempt was then made to sell the portfolio off chain. It was presented to funds with the goal of receiving final offers to be received in December, closing the exchange in January. Status on off-chain sales: Several offers on the portfolio were received and of which the best credible offer was accepted. This offer was financing contingent and as a consequence of buyer delays, the financing fell through. As a follow-up, a around of all-cash offers were pursued to speed up the process, however none came in at a reasonable price. Proposed next steps: A group of large and influential USDR holders has requested that Tangible discontinue attempts to liquidate the assets, proposing the following the solution instead: 1⃣ The redemption contract would be modified to redeem USDR for UKRE instead of USDC. 2⃣ Users would receive .87 UKRE per 100 USDR, meaning ~$87 of tokenized real estate value per 100 USDR (this is the coverage ratio after buyback costs, a breakdown will be provided at a later date). 3⃣ The Tangible marketplace would be modified so the base currency is UKRE. All TNFTs of properties backing USDR are listed on the Tangible marketplace and sold in UKRE. The UKRE received for these properties once sold on the marketplace is then burnt. The benefit to this process is that large holders or people familiar with the UK real estate market can redeem the individual property deeds from the purchased TNFTs and sell them in the real world. All properties and SPVs will be provided unencumbered and without charges or mortgages when redeemed. Outstanding maintenance and vacancy reserves will be smoothed out across the portfolio (detailed breakdown will be provided at a later date) and the balances provided proportionally upon redemption to individual SPV redeemers. USDR tokenholder vote: A vote is live on the Tangible site giving holders the opportunity to accept or reject the redemption process proposed above. 1 USDR = 1 vote The vote will be live for a week. tangible.store/voteusdr