Voyager Digital Investor Presentation Deck

Company Overview Industry Headwinds Proactive Steps A stablecoin is a type of cryptocurrency that is tied (or "pegged") to another currency, commodity, or financial instrument. TerraUSD ("UST") was a stablecoin that was "pegged" to Terra Luna ("Luna") via an arbitrage mechanism. VOYAGER In May 2022, UST "de-pegged" and the arbitrage mechanism was unable to "re-peg" UST. The ensuing "death spiral" led to the collapse of Luna and UST. ◆ $18 billion of Luna was wiped out in a matter of weeks. The collapse of Terra (Luna) $120 $100 $80 $60 $40 $20 $0 Restructuring Process سلام 9 May 1 Mar 15 Mar 1 Apr 15 Apr 1 May 15 May Daily closing price in USD, last three months (22 February - 22 May 2022) Source: CoinMarketCap BBC 12

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