L I B E R T Y R A C I N G THE COSTS Depending on the syndicate, the cost per share varies. In LIBERTY RACING 2025 PLATINUM, each share is priced at €27,500. Should LIBERTY RACING 2025 GOLD be launched, the cost per share will be €13,500.All syndicates will concluded and fully settled as of 31 December 2027. Each shareholder will receive their proportional share of the available funds (net prize mo- ney and net proceeds from any horse sales), after deduction of all costs, including purchase price, training fees, veterinary expenses, and so on. It is possible to acquire multiple shares. LIBERTY RACING Management UG receives a 5 percent management fee per syndicate sha- re upon purchase, 5 percent of all prize money earned by any horse within the syndicate, and 5 percent of the sale price from each horse sale when a syndicate is dissolved. Should LIBERTY RACING Management UG generate a profit after deduction of all costs, the- se funds will be reinvested into the promotion of future syndicates and the broader popu- larisation of thoroughbred racing. All additional costs, such as the purchase price of horses, auction fees, veterinary expenses, agent commissions, training fees, transport, racing colours, and other associated costs, are covered by the respective LIBERTY RACING 2025 syndicates using the capital contributed by their shareholders. Once a share has been paid for, all costs are fully covered through to the conclusion of the syndicate. Payment is due within 14 days of confirmation and must be made to the desig- nated account of the respective LIBERTY RACING 2025 syndicate. There is no obligation for additional payments beyond the original investment for syndicate shareholders. 18