Risk Disclaimer

1. How to read this page

Ardent Africa Technologies Ltd. operates a regulated crowdfunding intermediary / platform environment in Ghana. Securities offered on the Platform are not guaranteed by Ardent, the Commission, or any bank. You may lose the whole of your investment. This page is designed to be read alongside each Campaign’s Offering Document (per Schedule IV of the Guidelines) and any on-screen acknowledgements in the investment flow.

2. Schedule III, required warnings (substance)

The Securities Industry (Crowdfunding) Guidelines, 2024 require specific risk language for display on the Platform and in Offer Documents. The quotations below follow the Schedule III wording in the Guidelines. Minor formatting changes may apply for web display.

2.1 Platform-level (to be on the home page)

“Investing in early-stage and small businesses is risky. You should only invest money that you can afford to lose. You are responsible for conducting your own due diligence on the companies, for diversifying your overall investment portfolio and for seeking out advice from qualified financial advisors.”

2.2 Debt and debt-like Offer Documents

“Investing in debt securities of small businesses and early-stage businesses is risky. Issuers may default and you may lose some or all your money. Make sure that you diversify your investments and only invest money that you can afford to lose.”

2.3 Equity and equity-like Offer Documents

The purchase of shares in small businesses involves the following risks. The Guidelines list (in summary):

• Loss of capital: The initial amount of capital invested is not guaranteed. If the business does not meet growth targets or is forced to liquidate, your shares can lose some or all of their value.
• Liquidity risk: Shares in small businesses are not immediately liquid. They may not be resold or transferred to another investor readily and may be immobilised for several years.
• Valuation risk: The valuation of shares in small businesses is an estimation based on several factors and is never a precise valuation.
• Risk of dilution of shares: Small businesses are often in a phase of rapid expansion that may be financed by several rounds of capital raising. Your initial share in the company might be diluted in subsequent rounds as more shares are issued.

The Guidelines also state that the investor is responsible for diversifying across several asset classes and that you should consult a financial planner where appropriate, before you invest in equity and equity-like securities.

2.4 Additional model-specific risks

Under the Guidelines, the Commission may require an intermediary to provide additionalrisk warnings for the specific crowdfunding model and for underlying physical assets and agricultural commodities, and to indicate where they are shown to investors. Where a Campaign has such features, the Offer Document and Product pages will contain further disclosures. See also the Regulatory Disclosures page.

3. Retail and qualified investors (Guideline 24)

Retail investors may only invest subject to the limits in the Guidelines. In particular, a retail investor is generally expected not to invest more than 10% of gross annual income across all crowdfunding offerings in a twelve (12) month period, unless the position is otherwise adjusted by the Commission. Qualified investors (as defined in the Guidelines) are not subject to that investment cap, but remain subject to KYC and other rules.

The Crowdfunding Intermediary is required to be satisfied that you have correctly categorised yourself, that you have acknowledged the risks, and in the case of retail investors that you have the necessaryunderstanding of those risks, before you subscribe. A Crowdfunding Intermediary must not accept investments from retail investors domiciled in jurisdictions where regulations prohibit participation in offshore crowdfunding offerings.

The Platform will implement categorisation, acknowledgements, and limits as described in the Terms of Use and in-product flows. None of the above is tax or personal financial advice to you.

4. Not financial advice

Ardent provides technology and services as an intermediary / platform in the meaning of the Guidelines. We do not provide personalised investment, tax, or legal advice. We do notrecommend specific Campaigns, and the Guidelines prohibit a Crowdfunding Intermediary and its managers from soliciting investments or making investment recommendations in a way that is inconsistent with those rules. Information on the Website or App is for information only and may change.

5. Loss of capital

Issuers may fail, default, restructure, or become insolvent. Equity can become worthless. Debt may not be repaid in full or on time. There is no deposit insurance or government guarantee of principal or return unless a separate regulated product and disclosure expressly say so. Your entire subscription may be lost.

6. Illiquidity

Crowdfunding investments are often illiquid for a long time. The Guidelines require Offer Documents to address exit and transfer modalities as applicable. There may be no secondary market on the Platform, and a Crowdfunding Intermediary is prohibited from acting as a facilitator ofsecondary trades of securities offered under the Guidelines. You should assume you cannot exit until an event foreseen in the Offer Document (e.g. buy-back, listing, or repayment).

7. Issuer, sector & business risk

Small and medium businesses face operating, market, credit, and strategic risks. Financial projections are uncertain. Key-person, supplier, customer, and sector concentration risks are common. Issuers in agriculture or physical-asset projects face additional commodity, weather, insurance, and enforcement risks as described in Offer Documents. Business failure is more frequent among early-stage companies than for large, listed issuers.

8. Dilution & valuation

Valuation of private companies is not an exact science. New funding rounds, options, and convertible instruments may dilute your economic and voting interest. The Offer Document and corporate documentation should be read for pre- and post-money tables, options, and anti-dilution (if any).

9. Debt & credit risk

Where a Campaign is debt or debt-like (e.g. bonds, loan-style instruments), the issuer or guarantors may be unable to pay interest or principal. Covenants may be breached. Security may be insufficient or unenforceable. Recovery in an insolvency may be subordinated or delayed. You may rank behind employees, tax, and senior lenders depending on the structure.

10. Agriculture, physical assets & other structures

Where a Campaign concerns agricultural commodities, physical assets, or investment vehicles, the Guidelines require additional or bespoke disclosures, including in some cases project-level information, offtake, and asset-specific risk factors. The Offer Document and any supplements will govern. Do not invest unless you understand how your rights attach to the underlying assets or project.

11. Regulatory & tax risk

Laws, tax treatment, and Commission practice may change. Cross-border or dual-residence investors may have reporting, exchange-control, or withholding obligations. Regulatory or Commission approval of a process, filing, or disclosure does not mean the Commission has approved the merits of any particular investment for you.

12. Platform & technology risk

Online platforms depend on networks, third-party payment and custodian partners, and software. Outages, errors, or cyber events could delay or affect order handling. Ardent uses controls consistent with the Guidelines, but cannot eliminate all operational or fraud risk. See also our Privacy Policy and AML & KYC Notice.

13. Past performance

Past or projected performance of an issuer, a sector, or the Platform is not a reliable guide to the future. Marketing of offerings must, under the Guidelines, use balanced and factual wording.

14. Suitability, cooling off, and other protections

Crowdfunding is not suitable for everyone. The Guidelines and our processes may provide for a cooling-off period or withdrawal before the end of the offer period in the manner described in the terms of the Offer Document and the Terms of Use. The existence of a cooling-off mechanism does not remove the risk of loss if you hold securities after allotment.

15. SEC Ghana

The Securities and Exchange Commission, Ghana supervises capital market activity in Ghana, including crowdfunding intermediaries and platforms in accordance with the Securities Industry Act, 2016 (Act 929) (as amended) and the Guidelines referenced on this page. Public information: sec.gov.gh. Nothing in this page limits or waives any statutory or regulatory protection available to you.

16. Related legal pages

Regulatory Disclosures — framework, caps, and role of the Platform. AML & KYC Notice — identity, screening, and reporting. Complaints & Dispute Resolution — how to raise issues. Privacy Policy and Cookie Policy.

17. Your acknowledgement

By using the Platform and, where applicable, by ticking acceptance boxes in the investment journey, you acknowledge that you have read and understood this Risk Disclaimer, the Terms of Use, the applicable Offering Document for each Campaign, and that you accept the risks described.