Investor Presentaiton

Cathedra Offers Exposure to Promising Off-Grid Mining Trend Off-Grid Mining Going directly to the energy source; no transmission & distribution costs ✓ Resilient; insulated from increasingly regular grid disruptions ✓ Faster time to deployment; no slow-moving utilities, less electrical infrastructure required ✓ Generally lower hash rate concentration; diversification. of hash rate reduces idiosyncratic risk ✓ Few regulatory headwinds; private agreement between energy producer and miner ✓ Requires unique operational expertise, offering a defensible moat to skilled, experienced operators ✗ 費 On-Grid Mining Pay transmission & distribution costs or build an expensive substation U.S. grids increasingly fragile due to greater renewables penetration and market structure × Long lead-times for grid interconnects and electrical infrastructure (substations, transformers, etc.) × Generally greater hash rate concentration, exposing miners to idiosyncratic risk × Increasing regulatory scrutiny toward miners' role on grids Lack of differentiation among on-grid operators and hosting providers invites greater competition 19

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