Risk DISCLOSURE

Investing involves risk. Before investing through EGLE Invest, make sure you understand how Egle Assets work and the risks associated with them.

Key risks at a glance

Your capital is at risk.
The value of your investment may rise or fall and you may lose part or, in extreme circumstances, all of the amount invested.

You do not directly own the underlying shares.
Your Egle Asset represents contractual rights against Mabrour Invest whose economic value is linked to an underlying listed share.

Selling may not be immediate.
Some Casablanca Stock Exchange securities have limited liquidity or trade through fixing sessions. Your sale may therefore be delayed or executed at a different price from the one initially displayed.

EGLE Invest carries counterparty risk.
Because your rights are contractual rights against Mabrour Invest, difficulties affecting Mabrour Invest could affect its ability to meet its obligations.

Returns are never guaranteed.
Past performance, charts and educational content are not predictions of future performance.

Fees affect your returns.
Transaction, payment, tax and execution costs can reduce your investment performance

1.Understanding Egle Assets

An Egle Asset gives you contractual rights against Mabrour Invest whose economic value is calculated by reference to a share listed on the Casablanca Stock Exchange. You do not directly own the underlying share in your own name. As a result, holding an Egle Asset does not give you shareholder rights such as: • Voting rights • The right to attend or vote at shareholders' meetings • Pre-emptive subscription rights • Direct rights over the net assets of the listed company Egle Assets are personal to the Client and cannot be transferred or traded between EGLE Invest users.

Where Mabrour Invest actually receives a cash dividend in respect of the underlying shares used to cover Client positions, the relevant Egle Asset may give rise to a corresponding economic equivalent, subject to applicable deductions, taxes and fees. This does not mean that the Client receives the dividend as a direct shareholder. Other corporate actions — such as capital increases, mergers, public offers or reorganisations — may result in an objective economic adjustment to the Egle Asset in accordance with the applicable Terms and Conditions.

02 — Market & Capital Risks

The value of an Egle Asset may rise or fall. You may lose part of the amount invested and, in extreme circumstances, all of the amount committed. EGLE Invest does not provide any guarantee of: • Capital • Minimum return • Minimum income • Future performance • Exit value You should only invest money whose loss would not prevent you from meeting essential expenses, debt repayments, tax obligations or unexpected financial needs.

The value of your investment may be affected by factors including: • The financial performance and outlook of the underlying company • Industry developments • Interest rates • Inflation • Moroccan and international economic conditions • Political or economic events • Market liquidity • Investor sentiment Market prices can fall rapidly and significantly. Past performance, rankings, charts, simulations or educational content are not reliable indicators of future performance.

03 — Liquidity, Pricing & Execution Risks

Some securities listed on the Casablanca Stock Exchange may have limited trading volumes, a restricted free float or infrequent transactions. As a result, an order may not always be executed immediately at the price displayed. A request may therefore be: • Executed at a different price • Partially executed • Delayed • Temporarily postponed until an executable market price is available Being able to submit a request at any time does not mean that it can always be executed immediately.

Trading in an underlying security may be suspended by the Casablanca Stock Exchange or a competent authority. During a suspension, EGLE Invest cannot execute an acquisition or sale based simply on the last price previously displayed. In the event of a delisting, compulsory withdrawal, public offer, merger, liquidation or prolonged absence of a market price, the value used to settle the corresponding Egle Asset may be based on the official transaction price, the net amount actually realised by Mabrour Invest or another objective and documented value. This amount may be lower than the last market price displayed.

04 — EGLE & Counterparty Risks

Your rights in relation to an Egle Asset are contractual rights against Mabrour Invest. You do not hold a direct property right over the underlying shares used by Mabrour Invest to economically cover Client positions. This means that you are exposed to the risk that Mabrour Invest may be unable to fulfil all or part of its obligations in the event of significant financial, operational or legal difficulties.

Mabrour Invest intends to economically match Client positions with corresponding exposure to the relevant underlying shares. However, temporary differences may arise between aggregated Client positions and the underlying coverage because of: • Execution delays • Settlement periods • Fractional amounts • Rounding • Market availability • Incidents affecting a service provider Mabrour Invest implements reconciliation and control procedures intended to manage these differences. However, no coverage mechanism can completely eliminate counterparty, execution or operational risk.

05 — Operational, Technology & Information Risks

The availability of EGLE Invest may be affected by events such as: • System failures • Network interruptions • Cyberattacks • Software or data errors • Problems affecting a Client's device • Incidents affecting a third-party provider These events may temporarily prevent access to the application, delay an operation or cause information to be displayed incorrectly. You are responsible for protecting your login credentials, using a reasonably secure device and promptly reporting any transaction you do not recognise.

EGLE Invest relies on third parties for certain parts of its service, including: • Banking and payment services • Identity verification • Hosting and technical infrastructure • Market data • Communication services • Execution and coverage-related services A failure or interruption affecting one of these providers may delay or prevent certain operations, even where Mabrour Invest cannot immediately resolve the issue itself.

06 — Compliance, Tax & Legal Risks

The tax treatment of an investment depends on factors including the Client's circumstances, tax residence and the nature of the relevant transaction. Tax rules may change, and their application may sometimes be uncertain. Unless Mabrour Invest is legally required to make a deduction, declaration or withholding, Clients remain responsible for understanding and complying with their own tax obligations.

The EGLE Invest model is based on contractual relationships and operates within an evolving legal and regulatory environment. Changes in legislation, regulation, the position of a competent authority or a court decision could: • Require changes to the service • Restrict certain operations • Modify how Egle • Assets operate • Impose additional requirements In exceptional circumstances, result in the suspension or discontinuation of part or all of the service

07 — Making Informed Investment Decisions

•Favourable scenario The underlying share price increases sufficiently to offset applicable costs, resulting in a gain when the position is sold. • Intermediate scenario The price changes only slightly. Fees and other costs may result in a small net loss even where the underlying share has not fallen significantly. • Unfavourable scenario The underlying share price falls significantly or liquidity becomes limited. You may suffer a substantial loss and may not be able to exit immediately. • Extreme scenario A major event affects the underlying company or Mabrour Invest's ability to meet its contractual obligations. You may lose part or all of the amount invested. These scenarios are illustrations only. They are not forecasts and do not represent guaranteed probabilities or outcomes.

Before making an investment, consider whether you: • Understand that an Egle Asset is not a share held directly in your name • Understand how its value is linked to the underlying listed share • Are prepared for the possibility of losing the amount invested • Have sufficient savings for unexpected expenses • Do not need the invested amount in the short term • Understand the applicable fees • Understand that selling may sometimes take time If you do not understand how an Egle Asset works or the risks involved, you should not proceed with the investment until you have obtained the information you need.

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Last updated 17 August 2026

This Risk Disclosure may be updated from time to time to reflect changes to the EGLE Invest service, market conditions, applicable fees or legal and regulatory requirements.

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© 2026 MABROUR INVEST SARL. All rights reserved. EGLE Invest is a brand of MABROUR INVEST SARL – 46 Boulevard Zerktouni, 5e étage, Appartement 17, C/O DOWORK, Casablanca, Maroc – RC 589091 – ICE 003291142000090 – Tél. +212 6 99 91 55 42 – contact@egle-invest.com