Eligibility & Access

Stove tokens are offered and sold only outside the United States to non-U.S. persons in reliance on Regulation S under the U.S. Securities Act of 1933, as amended. Access is further restricted by jurisdiction and by eligibility criteria, as set out below.

This page describes the types of persons that are prohibited or restricted from subscribing for, acquiring, or redeeming Stove tokens. It is provided for informational purposes only and is subject to the disclaimers set out in Disclaimers.

Jurisdiction-Based Prohibitions

Stove prohibits business activities from certain jurisdictions in accordance with its compliance policies. By entering into a business relationship with Stove, any partner agrees not to offer Stove-related products or services in connection with any of the prohibited jurisdictions below.

Individuals located or residing in, and entities organized under the laws of or with a principal place of business in, any jurisdiction listed below ("Prohibited Persons") are prohibited from subscribing for, acquiring, or redeeming Stove tokens:

• Afghanistan
• Belarus
• Canada
• Mainland China
• Crimea, Donetsk People's Republic (DNR), Luhansk People's Republic (LNR), Kherson and Zaporizhzhia regions (Ukraine), the city of Sevastopol
• Cuba
• Democratic Republic of Korea
• Iran
• Libya
• Myanmar
• Russia
• Somalia
• South Sudan
• Sudan
• Syria
• United States, or any of its states, possessions, territories or federal districts*

* Persons who place buy orders from within the United States, or any of its states, possessions, territories or federal districts, and persons who are "U.S. persons" or acting for the account or benefit of any "U.S. persons" within the meaning of Rule 902 of Regulation S under the U.S. Securities Act of 1933, as amended, are also prohibited from subscribing for, acquiring, or redeeming Stove tokens.

The Issuer also prohibits persons from subscribing for, acquiring, or redeeming its tokens if it determines, in its sole discretion, that such activity may constitute a violation of (i) applicable laws, rules or regulations, including but not limited to sanctions restrictions; (ii) the terms of the tokens' governing documents; or (iii) the Issuer's governing documents and policies. In addition, if Prohibited Persons, directly or indirectly, hold in the aggregate 50% or more beneficial ownership or control of any entity, such entity may also be (or will be, if Prohibited Persons are prohibited as a result of applicable sanctions regulations) prohibited from subscribing for, acquiring, or redeeming Stove tokens.

Jurisdiction-Based Restrictions

Individuals residing in or, in certain cases, citizens of, and entities organized under the laws of or with a principal place of business in, any jurisdiction in the table below must satisfy one or more of the eligibility requirements set opposite that jurisdiction in order to be issued Stove tokens.

For convenience only, the table below also lists key financial thresholds generally sufficient to satisfy the applicable requirements. This information is provided only as a guide and does not amend, replace, or supersede the requirements set out under applicable law. Please refer to the applicable jurisdiction's laws, rules, and regulations for definitions of the defined terms used below. To onboard, Restricted Persons generally must produce evidence that they satisfy the applicable eligibility requirements and certify or declare their eligible status.

Jurisdiction	Eligibility Requirements	Key Financial Thresholds (Individuals)	Key Financial Thresholds (Entities)
Brazil	"Qualified Investor" under CVM Resolution No. 30 of May 11, 2021 (Article 12)	R$1 million in financial investments; or approved technical qualification/certification	Professional investors; investment funds; or investment clubs (managed by Qualified Investors)
	"Professional Investor" under CVM Resolution No. 30 of May 11, 2021 (Article 11)	R$10 million in financial investments; non-resident investor; or professionals holding certain CVM accreditation	Financial institutions; insurance/capitalization companies; pension entities; investment funds; or investment clubs (managed by CVM-authorized managers)
Any Member State of the European Economic Area	"Professional Client" under MiFID II, Annex II, Section I; or "Qualified Investor" under Article 2(1)(e) of Prospectus Regulation (EU) 2017/1129	At least 2 of: EUR 500,000 financial portfolio; 10 significant transactions/quarter over the previous 4 quarters; or 1 year of financial sector experience	Certain regulated financial institutions, or large undertakings meeting two of three: balance sheet total ≥ EUR 20 million; net turnover ≥ EUR 40 million; or own funds ≥ EUR 2 million
Hong Kong	"Professional Investor" (Individual) under the Securities and Futures (Professional Investor) Rules	HK$8 million portfolio value (alone or with associates)	Not applicable
	"Professional Investor" (Corporate/Trust) under the Securities and Futures (Professional Investor) Rules	Not applicable	Trust corporations with HK$40 million total assets; corporations or partnerships with HK$8 million portfolio or HK$40 million total assets; or investment holding corporations wholly owned by Professional Investors
	"Professional Investor" (Institutional) under the Securities and Futures Ordinance, Schedule 1, Part 1	Not applicable	Recognized exchange companies; intermediaries; financial institutions; insurers; collective investment schemes; governments; or central banks
Malaysia	"Sophisticated Investor" (High Net Worth Individual) under the Capital Markets and Services Act 2007	RM 3 million net personal/joint assets (excluding primary residence); or RM 300,000 annual income (individual) / RM 400,000 (joint)	Not applicable
	"Sophisticated Investor" (High Net Worth Entity) under the Capital Markets and Services Act 2007	Not applicable	Trust companies or public company trustees with RM 10 million AUM; corporations or partnerships with RM 10 million total net assets; statutory bodies; or pension funds
	"Sophisticated Investor" (Accredited Investor) under the Capital Markets and Services Act 2007	Not applicable	Unit trust schemes; CMSL holders; licensed banks; closed-end funds; or similar regulated entities
Singapore	"Accredited Investor" under the Securities and Futures Act (Section 4A(1))	S$2 million net personal assets (max S$1 million from primary residence); S$1 million financial assets (net of liabilities); or S$300,000 annual income	S$10 million net assets
	"Institutional Investor" under the Securities and Futures Act (Section 4A(1)(c))	Not applicable	Governments; central banks; regulated financial institutions; pension funds; collective investment schemes; or other similarly regulated financial institutions
Switzerland	FinSA "Professional Client" or "Institutional Client" under Article 4, paragraphs 3 and 4 of the Swiss Financial Services Act	Not applicable	Regulated financial intermediary; insurance company; foreign client subject to prudential supervision; central bank; certain public entities; pension fund; company with professional treasury operations; or a large company meeting two of three: CHF 20 million balance, CHF 40 million turnover, CHF 2 million equity; private investment structures with professional treasury operations established for HNWIs
United Kingdom	"Professional Client" under MiFID II, Annex II, Section I; or "Qualified Investor" under Article 2(1)(e) of Prospectus Regulation (EU) 2017/1129	EUR 500,000 financial portfolio; 10 significant transactions/quarter over the previous 4 quarters; or 1 year of financial sector experience	Certain regulated financial institutions, or large undertakings meeting two of three: balance sheet total ≥ EUR 20 million; net turnover ≥ EUR 40 million; or own funds ≥ EUR 2 million

The Issuer also imposes non-jurisdiction-related eligibility criteria in accordance with its know-your-customer policies, procedures, and practices, and its contractual arrangements.

Stove tokens are issued only to qualified investors — both institutions and eligible individuals — who complete onboarding. See Partner Onboarding.