Hedera is committed to providing industry leading transparency and reporting to developers and users of the Hedera network. In December 2022, we released an updated Hedera Treasury Management Report, which provided a more simplified view of estimated distributions and updated historical reporting based on estimated accruals. At that time, we noted that starting in 2023, Hedera would provide preliminary, audit-ready actuals for prior quarters. The report has now been updated to reflect the following:

• Updated reporting of historical data, from accruals to actuals, to include ongoing monthly actual reporting.

• A change in format in 2023 and going forward, to include monthly actuals. So as of March 20, 2023, the format reflects January and February 2023 actuals, and a March 2023 disclosure.

• An additional change in format to include a line item on illiquid supply, which consists of the portion of Released Supply that is controlled by a member of the public but is known by Hedera to have contractual or self-imposed limitations on ownership transfer. Hedera cannot guarantee an external party's compliance with self-imposed restrictions and only includes material and known amounts of Illiquid Supply in this report. This line item includes contractual prepayments to Swirlds Labs and other parties, and coins purchased via TPAs (Token Purchase Agreements) that include a lockup period. The current API used by CoinMarketCap and other reporting entities does not provide a mechanism for abstracting illiquid supply from released supply, and therefore includes illiquid supply.

• The future disclosure horizon has been changed from twelve months to one quarter, which provides for greater accuracy, given the ongoing fluctuations in HBAR price.

Hedera is committed to setting the industry standard for transparency, reporting, and business process maturity. We operate in a dynamic environment and fast-changing landscape, and the Council will be reviewing and evolving our reporting methodology over time.

Statements in this report relating to Hedera's future plans, expectations, beliefs, intentions and prospects, including statements regarding its current and future operating expenses and any financial projections, are "forward-looking statements" and are subject to material risks and uncertainties. While they are all made in good faith, no assurance can be made that any or all of the events in such forward-looking statements will occur, and you should not place undue reliance upon them. Hedera makes no representation or warranty, express or implied, with respect to any financial projection or forecast relating to Hedera, the Hedera network, hbars, or with respect to the accuracy of any underlying assumption. Any external party is fully responsible for making its own evaluation of the adequacy, reliability, and accuracy of any projections or forecasts furnished to it. All data contained herein is presented on a good faith basis and is subject to further audits, updates, and corrections if required.