presents

Manny Pacquiao’s PAC Tokens

White Paper

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Content Page
Table of Contents
page
03 About PAC Tokens and Global Crypto Offering Exchange (GCOX)

04 About Manny Pacquiao

05 Value Proposition

06 PAC Token Ecosystem

GCOX Exchange
Celeb-Pay

10 Pacpay
Celebreneur
Celeb-Auction
Celeb-Connect
Fan-Connect
Celeb-Crowdsource
Celeb-Charity
15 PAC Token Information
Token Burning Merchanism

17 Past Achievements

18 Roadmap

19 Disclaimers

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About PAC Tokens and Global Crypto Offering Exchange (GCOX)
Preface

The nature of fame has transformed dramatically in the age of technology. The emergence and development of mobile
technology and smartphones in the last two decades have had a significant impact on communication and the media across
the globe. The Internet has put connectivity and social media interaction in the palms of both the users and market makers,
creating new ways in which brands and celebrities engage with their fans and the public.

As the number of social media followers of celebrities grow, so do their fan bases and popularity. In fact, social media
followership on channels such as Facebook, Instagram, and Twitter have become somewhat of a popularity indicator.
Through greater engagement that is more intimate and personal via these various social media channels, celebrities have
now begun to capitalise on their huge fan bases and public followings.

In partnership with GCOX, international boxing superstar Manny Pacquiao presents to his fans and followers an opportunity
to interact with him and participate in unique celebrity programmes through his own personal tokens called the PAC Token.

GCOX is the world’s first platform of its kind where celebrities and brands are able to capitalise on blockchain technology, a
highly secure and dependable distributed protocol, to truly revolutionise and redefine popularity and celebrity culture like
never before. This platform also allows celebrities, at the different stages of their celebrity life cycle, to develop, monetise
and revitalise their popularity.

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About Manny Pacquiao
Emmanuel "Manny" Dapidran Pacquiao (born 17 December 1978) is a Filipino professional boxer and politician,
serving as a Senator of the Philippines. He currently ranks number 4 in BoxRec's ranking of the greatest pound for
pound boxers of all time. In 2016, Pacquiao was ranked number 2 on ESPN's list of top pound-for-pound boxers of
the past 25 years. He is the only eight-division world champion in the history of boxing, having won eleven major
world titles, as well as being the first boxer to win the lineal championship in five different weight classes. Pacquiao
is also the first boxer in history to win major world titles in four of the original eight weight classes of boxing:
flyweight, featherweight, lightweight, and welterweight.

He was named "Fighter of the Decade" for the 2000s by the Boxing Writers Association of America (BWAA, WBC,
and WBO. He is also a three-time Ring magazine and BWAA Fighter of the Year, winning the award in 2006, 2008,
and 2009; and the Best Fighter ESPY Award in 2009 and 20116. Pacquiao has generated approximately 19.2 million
in pay-per-view buys and $1.2 billion in revenue from his 24 PPV bouts. According to Forbes, he was the second highest
paid athlete in the world as of 2015.

Beyond boxing, Pacquiao has participated in basketball, business, TV hosting, acting, music recording, and
politics. In May 2010, Pacquiao was elected to the House of Representatives in the 15th Congress of the
Philippines, representing the province of Sarangani. He was re-elected in 2013 to the 16th Congress of the
Philippines. In June 2016, Pacquiao was elected as a Senator and will serve a six-year term until 2022.

Manny Pacquiao is GCOX's celebrity as well as investor. He announced his involvement with GCOX and the
development of his PAC Token during his press conference prior to his fight with Lucas Matthysse in July 2018.

On 1 September 2019, GCOX produced the first major concert of Manny Pacquiao - “A Concert For Champions”
held at the prestigious Smart Araneta Coliseum in Manila, Philippines. During the highly-anticipated concert, which
was attended by thousands of fans, PAC Token was officially launched by the boxing legend himself. The
electrifying event made international headline news the following day, paving the way for a successful listing on the
GCOX Exchange weeks later.

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Value Proposition
The rapid rise of blockchain technology has enabled us to conceive new ways of allowing celebrities to interact with their fans.
Utility tokens will allow fans to gain access to unique celebrity programmes, merchandise and services that are available on
the various GCOX platforms. Via GCOX, Manny Pacquiao will create his personalized crypto token called the “PAC Token” (PAC ).

PAC Tokens (PAC) ride on the advantage of blockchain by transforming the popularity and brand of Manny Pacquiao into
crypto tokens which are quantifiable and exchangeable. Millions of fans will now be able to get closer to their idol Manny
Pacquiao by having access to his bespoke fan-celebrity programmes powered by GCOX via a suite of GCOX platforms as
shown in the figure below (See figure 1 below).

CELEB-PAY CELEBRENEUR CELEB-AUCTION

PacPay is a global digital payment solution that
aims to help the fans of Manny Pacquiao save more,
earn more as they spend. The PacPay card is a
prepaid card that allows cardholders to spend
cryptocurrency in over 100 countries, wherever
UnionPay debit cards are accepted.
Celebreneur is an empowerment platform for fans Exclusive autographed merchandises of Manny Pacquiao,
of Manny Pacquiao to embark on an entrepreneurial including highly sought-after VIP tickets will be made
journey with other fans. Via Celebreneur, fans will available for bidding or purchasing using PAC Tokens.
be mentored by successful entrepreneurs to
promote celebrity tokens and exclusive
merchandises, with rewards and incentives given to
encourage active participation.

FAN-CONNECT CELEB-CROWDSOURCE CELEB-CHARITY

CELEB-CONNECT
Fans of Manny Pacquiao will have the
opportunity to be invited to exclusive private
events, attend meet-and-greet sessions, enjoy
money-cannot-buy VIP privileges and connect
with their favourite idol via live-streaming.
A unique and bespoke talent discovery platform
to allow fans to have greater engagement with
their favourite celebrities and to be discovered
by movers and shakers of the global
entertainment industry.
We provide a convenient and accessible
Fans can now earn rewards by connecting to global
platform for celebrities and fans to participate in
merchants via a proprietary mobile application called
selected charitable projects around the world.
WhaleBay, to participate in crowdsourcing tasks and
challenges. The more you do, the more you earn!

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PAC Token Ecosystem
PAC Token will latch onto and utilise the existing GCOX ecosystem, which comprises the GCOX Exchange
and the various celebrity programmes including Celeb-Pay, Celebreneur, Celeb-Auction, Celeb-Connect,
Fan-Connect, Celeb-Crowdsource and Celeb-Charity.

In summary, the PAC Token ecosystem considers all the enablers that will make the system sustainable.
The GCOX Exchange will facilitate the purchase of the tokens by the fans. Here, users can buy PAC
Tokens from the exchange market.

The utility of the PAC Tokens will take place in the various celebrity platforms in the PAC Token
ecosystem, where fans, merchants and supporters of the PAC Tokens transact and interact.

Buy / Sell

GCOX Exchange PAC Token

PAC Token
Ecosystem

CELEB-PAY CELEBRENEUR CELEB-AUCTION CELEB-CONNECT

FAN-CONNECT CELEB-CROWDSOURCE CELEB-CHARITY

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GCOX Exchange
GCOX Exchange (Figure 2) is a platform that uses blockchain technooogy to create and list PAC Tokens as well as other
Celebrity Tokens. Here, fans are able to purchase Celebrity Tokens of their idols and start utilising them on various celebrity
platforms such as Celeb-Pay, Celebreneur, Celeb-Auction, Celeb-Connect, Fan-Connect, Celeb-Crowdsource and Celeb-
Charity.

The utilisation of these Celebrity Tokens depends on the potential and dedication of the celebrities concerned, the size of the
community on the platform, the degree of user activity and market acceptance, as well as the participant's choice of potential
projects. Hence, the more programmes, products and services the celebrity is willing to offer, the higher the likelihood of
utilisation of the Celebrity Tokens.

Figure 2. Snaphop of GCOX Exchange Interface

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 make payments

Celeb-Pay

Introducing Pacpay
The outlook of digital payment holds a lot of promise globally and in particular, the Asia Pacific region. In a study conducted
by McKinsey1 , the global revenue generated by payment industries has topped US$1.9 trillion, the largest annual increase
over the past five years. It is expected that the revenue will exceed US$3 trillion in the next five years. The world is moving
towards being a cashless society. In a Capgemini and BNP Paribas World Payment Report 2018, it was reported that non-cash
transaction volumes grew at an average of 10.1% in 2016 and are estimated to continue growing at an average of 21.6% from
2016 to 2021. Global electronic wallet (e-wallet transactions make up 8.6% of all non-cash transactions.

This highlights the potential for growth in new payment methods such as e-wallets and contactless payment via mobile
phones and cards as they continue to gain popularity among the masses, especially in developing and mature economies.

Global payments revenues grew 11 percent in 2017, the highest rate in the last 5 years.

Source: McKinsey Global Payments Report 2018. Source: Capgemini & BNP Paribas World Payment Report 2018.

The opportunities for digital payment are amplified with increased digital connectivity and e-commerce growth. In a study
conducted in Asia Pacific by Paypal, 92% of the consumers surveyed had access to the internet while 88% owned a
smartphone. The high internet penetration rate coupled with a high smartphone ownership present an opportunity for digital
payment to be pervasive in the years to come.

1 McKinsey Global Payments Report 2018.

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 make payments

More and more players from different countries are starting to compete in this US$2.7 trillion industry.
According to Worldpay data, Global digital payment services dominate 59% of the global supermarket transactions.
Global Digital Payment Service Outlook Map

Source: World payment report, 2019 by European Payment Council

Alipay and Wechat Pay are the leading digital payment service providers across Asia, amplified by early fast-growing
e-commerce and social media embedded e-wallets.

Paytm, GoPay and GrabPay are also expanding fast due to rapid-growing e-commerce markets, which were estimated to be
worth US$3.5 trillion in 2019, an increase of 20.7% from 2018. (https://sg.oberlo.com/statistics)

Asia’s Key Players Expanding in Digital Payment Service Industry

Recorded
Logo Company Country Transaction in 2018 Launch Year
(Billion)

WeChat Pay China 460 2010

Alipay China 197.5 2004

Samsung Pay South Korea 33.65 2015

KakaoPay South Korea 17.7 2014

Gopay Indonesia 6.3 2016

Paytm India 5.5 2010

Dana Indonesia 1.5 2018

GrabPay Malaysia / 2018 9

 make payments

PacPay - A Digital Payment Solution

PacPay is an e-wallet and e-payment mobile application that allow users to buy, sell and pay with digital assets.
Merchants get fiat. Accepted in countries all around the world, covering millions of merchants and ATMs, users are
envisaged to be able to pay for their groceries, purchase movie tickets, book flights and more, with the usage of
PacPay. Leveraging on the massive global fanbase of our key investor Senator Manny Pacquiao, PacPay aims to bring
about mass adoption of cryptocurrencies globally.

Initiated by boxing superstar Manny Pacquiao himself, the PacPay reward program will provide opportunities for users
to redeem exclusive celebrity merchandises or VIP tickets to private events, enabling fans to get closer to their idol.
Attractive incentives such as rebates of up to 5% will be given to users who stake PAC Tokens.

Some features of PacPay mobile application include:

DIGITAL SPEND DIGITAL SAVE

• Buy, sell and pay with digital assets, at over a million
merchant outlets in countries all around the world
• Access to existing global merchant base through an
established payment merchant network
• Cash out your digital assets
• Seamless contactless payment technology
DIGITAL SEND
• Send digital assets across the globe using just the
recipient’s mobile number
• Stake and earn rebates on all spending
• The more you shop, the more you save
DIGITAL SHARE
• Refer and get paid
• Stake for additional airdrop perks
• Accumulate loyalty points and redeem attractive
rewards including exclusive autographed celebrity
merchandises
• Be invited to exclusive celebrity programs with
‘money-cannot-buy’ experiences

DIGITAL SWAP
• Swap to mainstream cryptocurrencies within one app
• Wallet allows deposits and withdrawals of digital assets
including BTC, ETH, USDT and PAC

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make payments

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Celebreneur
The word ‘Celebreneur’ is an amalgamation of two words; (i) celebrity, and (ii) entrepreneur. The Celebreneur platform aims
to be the springboard for global fans to enhance their entrepreneurial spirit and become successful entrepreneurs.
The Celebreneur system (Figure 3) provides an empowerment platform for aspiring individuals to enhance their existing
businesses or product lines by leveraging on the powerful influence of global celebrities, while encouraging fans to venture
into entrepreneurship.

Figure 3. Celebreneur's Celeb-Auction Feature

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 Celeb-Auction
Celeb-Auction is a platform where fans of Manny Pacquiao
will be able to auction or make purchases of limited-edition
autographed merchandises, including signed gloves or
highly sought-after VIP tickets. PAC Tokens will be used for
the bidding and purchases.

Celeb-Connect
Celeb-Connect will allow celebrities and fans to reach out
and engage with one another, fostering a closer and more
intimate relationship between them and their fans,
promoting engagement and interaction. Fans of Manny
Pacquiao will have the opportunity to be invited to
exclusive private events, attend meet-and greet sessions,
enjoy money-cannot- buy VIP privileges and connect with
their favourite idol via live-streaming.

Fan-Connect
A unique and bespoke talent discovery platform to allow
fans to have greater engagement with their favourite
celebrities and to be discovered by movers and shakers of
the global entertainment industry.

Celeb-Crowdsource
Leveraging on the massive global fanbase of Manny
Pacquiao, merchants all around the live-stream videos.
world will be offering these fans attractive rewards and
incentives for completing crowdsourcing tasks and
challenges via a proprietary mobile application. This app
helps drive organic traffic to merchants, while fans are
given the amazing opportunity to participate in fun
challenges and earn attractive rewards.

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Celeb-Charity
The purpose of charity is to, amongst others, allow
action for a good deed, crowdfund for community
social media and connectivity, celebrities are now
cheques, and gravitate towards building a sense of
celebrities to increase awareness for a particular cause, inspire
projects or even promote philanthropic work. With the rise of
able to engage the community and their fans beyond writing
purpose and conviction to the cause they are pursuing.

Through the Celeb-Charity platform, Manny Pacquiao will be able to make connections with his fans and share how
his chosen charitable or philanthropic causes will impact others. This will allow his fans and others to understand
better the charities that the celebrity is partaking in and work together towards achieving a more meaningful and
sustainable outcome.

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PAC Token Information

PAC Token Allocation

Token Name PAC Token
Token Type ERC20

Total Available Supply 1,000,000,000 PAC (1 Billion)

Token Contract Address:
0xC86bbEc35B581F76BfD90D2026bCB1ddeA13623c

Team Allocation 100,000,000 PAC (10%)

Smart Contract Address:
0xFDFb5E97d0779B93e078FBda18B79c23223f441c

Team’s Wallet Address:

0x90Ce130a2Fc63182199E76c2F43B0C0eAAFDB78e

IEO 100,000,000 PAC (10%)

Wallet Address:
0xF6441C4135B3D14ef229c809BDc83e7ce54fF3a1

Celebreneur 400,000,000 PAC (40%)

Wallet Address:
0x025366E1CFAd6232b1813aec79e977634B1A8Cb7

Rewards 400,000,000 PAC (40%)

Wallet Address:
0x4516080ec00ee16FdcACaf6917205Fb044D20877

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Token Burning Mechanism
In order to maintain a healthy PAC tokenomics, different methods of burning PAC Tokens will be introduced via
different channels, keeping the token supply low while enhancing the value of the remaining tokens. This will also
enhance the utility of PAC Tokens in circulation.

Possible methods of token burning may include but are not limited to:

1. Daily trading fees generated from trading of PAC on GCOX exchange will be burned;

2. Limited-edition autographed merchandises by Manny Pacquaio or exclusive VIP tickets to private events will soon be up
for auction at Celeb-Auction. All PAC Tokens collected from the auction will be burned;

3. All PAC Tokens collected from Celeb-Connect and Fan-Connect platforms will be burned.

All to be burned tokens will be sent to wallet address "0xde9462B4e8B1a4872169C94255D92d14303F3A63" before

burning. This will ensure a transparent token burning mechanism and also represents GCOX’s commitment to our highly
valued investors to promote a sense of stability and reliability for the PAC Token project development.

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Extensive global media coverage, featured in over 1,000 news reports
by international news agencies in over 40 countries

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 Roadmap
Continuous
development of
Celebrity Programmes

Q1-Q4 2021 Launch of Celeb-Pay,

Celeb-Connect, Fan-Connect,
Celeb-Crowdsource
and Celeb-Charity

Q4 2020 - Q1 2021
Launch of Celebreneur
and Celeb-Auction

Q2-Q3 2020

PAC Token IEO on

GCOX Exchange
Start of PAC Token
Private Placement Sale Q4 2019
Manny Pacquiao’s Major Concert
“A Concert For Champions” and
PAC Token Launch at Smart
Araneta Coliseum in Manila,
Philippines Q3 2019

Launch of GCOX
Exchange

Q2 2019

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Disclaimers
The sale of PAC Tokens is only intended for, made to or directed at, only persons outside the United States of America, and
may be acted upon only by persons outside the United States of America. Moreover, this White Paper is not a prospectus
or offer document of any sort and is not intended to be an offer, invitation or solicitation to buy or sell currencies, securities
of any form, units in a business trust, units in a collective investment scheme, commodities, swaps or derivatives in respect
of any of the foregoing, or any other form of investment or financial asset, product or instrument in any jurisdiction. No
regulatory authority has examined or approved of any of the information set out in this White Paper. This White Paper has
not been registered with any regulatory authority in any jurisdiction.

By accessing and/or accepting possession of any information in this White Paper or such part thereof (as the case may be),
you represent and warrant to GCOX PHILS INC. (a company incorporated in Philippines) (the “Issuer”) that:

• you are not an Excluded Person (as defined herein), or a citizen or resident of a country the laws of which prohibit or
conflict with the Token Sales or your participation in the Token Sales (as referred hereto in the White Paper);
• you agree to be bound by the limitations and restrictions described herein; and
• you acknowledge that this White Paper has been prepared for delivery to you so as to assist you in making a decision
as to whether to purchase Tokens.

IMPORTANT INFORMATION

PLEASE READ THIS DISCLAIMER SECTION CAREFULLY. IF YOU ARE IN ANY DOUBT AS TO THE ACTION YOU SHOULD
TAKE, YOU SHOULD CONSULT YOUR LEGAL, FINANCIAL, TAX OR OTHER PROFESSIONAL ADVISOR(S)

This White Paper in its current form is circulated by the Issuer for general information and to invite participant feedback only
on the PAC Tokens and its associated platform(s) ("PAC Token Platforms") as presently conceived, and is subject to review
and revision by the directors of the Issuer, the board of advisors and/or legal advisors of the Issuer. Please do not replicate
or distribute any part of this White Paper without this section in accompaniment. The information set forth below may not
be exhaustive and no part of this White Paper is intended to create legal relations between a recipient of this White
Paper or to be legally binding or enforceable by such recipient against the Issuer. An updated version of this White Paper
may be published at a later date and to be announced by the Issuer in due course.

PLEASE READ THIS SECTION AN D THE FOLLOWIN G SECTION S EN TITLED “DISCLAIMER OF LIABILITY”, “NO
REPRESENTATIONS AND WARRANTIES”, “REPRESENTATIONS AND WARRANTIES BY YOU”, “CAUTIONARY NOTE ON
FORWARD-LOOKIN G STATEMEN TS”, “THIRD PARTY INFORMATION AN D N O CON SEN T OF OTHER PERSONS”,
“TERMS USED”, “NO ADVICE”, “NO FURTHER INFORMATION OR UPDATE”, “RESTRICTIONS ON DISTRIBUTION AND
DISSEMINATION”, “NO OFFER OF INVESTMENT OR REGISTRATION” AND “RISKS AND UNCERTAINTIES” CAREFULLY.
IF YOU ARE IN ANY DOUBT AS TO THE ACTION YOU SHOULD TAKE, YOU SHOULD CONSULT YOUR LEGAL, FINANCIAL,
TAX OR OTHER PROFESSIONAL ADVISOR(S).
19
While we make every effort to ensure that any material in this White Paper is accurate and up to date, such material in no way
constitutes the provision of professional advice. The Issuer does not guarantee, and accepts no legal liability whatsoever
arising from or connected to, the accuracy, reliability, currency, or completeness of any material contained in this White
Paper. Participants and potential PAC Token holders should seek appropriate independent professional advice prior to
relying on, or entering into any commitment or transaction based on, material published in this White Paper, which
material is purely published for reference purposes alone.

The PAC Tokens are proprietary cryptographic tokens issued by the Issuer and function as the native utility token used in the
PAC Token Platforms as the means of value exchange and to power the PAC Token Platforms.

The PAC Tokens are not intended to constitute currencies, securities of any form, units in a business trust, units in a
collective investment scheme, commodities, swaps or derivatives in respect of any of the foregoing, or any other form of
investment or financial asset, product or instrument in any jurisdiction. This White Paper does not constitute a prospectus or
offer document of any sort and is not intended to constitute an offer, invitation or solicitation to buy or sell currencies,
securities of any form, units in a business trust, units in a collective investment scheme, commodities, swaps or derivatives in
respect of any of the foregoing, or any other form of investment or financial asset, product or instrument in any jurisdiction.

No regulatory authority has examined, approved or registered this White Paper. No action has been or will be taken by the
Issuer to obtain such examination, approval or registration under the laws, regulatory requirements or rules of any jurisdiction.
The provision of this White Paper to you does not imply that the applicable laws, regulatory requirements or rules have been
complied with.

The Issuer or this White Paper does not constitute or form part of any opinion on any advice to purchase, sell or otherwise
transact with PAC Tokens and the fact of presentation of this White Paper shall not form the basis of, or be relied
upon in connection with, any contract of investment decision.

THE TOKEN SALES (AS REFERRED TO IN THIS WHITE PAPER) ARE INTENDED FOR, MADE TO OR DIRECTED AT
ONLY, AND MAY BE ACTED UPON ONLY BY, PERSONS OUTSIDE THE UNITED STATES OF AMERICA AND RESIDING
OUTSIDE A COUNTRY WHERE UNITED NATIONS SANCTIONS ARE IN FORCE. ACCORDINGLY, YOU ARE NOT
ELIGIBLE AND YOU ARE NOT TO PURCHASE ANY PAC TOKENS IN THE TOKEN SALES (A) IF YOU ARE
LOCATED IN THE UNITED STATES OF AMERICA OR A COUNTRY WHERE UNITED NATIONS SANCTIONS ARE IN
FORCE AT THE TIME OF YOUR INTENDED PURCHASE OR PURCHASE OF PAC TOKENS IN THE TOKEN SALES;
OR (B) IF YOU ARE A CITIZEN, DOMICILED IN, OR RESIDENT OF THE UNITED STATES OF AMERICA OR A
COUNTRY WHERE UNITED NATIONS SANCTIONS ARE IN FORCE (“EXCLUDED PERSONS”).

No PAC Token should be construed, interpreted, classified or treated as enabling, or according any opportunity to,
purchasers to participate in or receive profits, income, or other payments or returns arising from or in connection with the
PAC Token Platforms or the PAC Tokens or the proceeds of the Token Sales, or to receive sums paid out of such profits,
income, or other payments or returns. No person is bound to enter into any contract or binding legal commitment in
relation to the sale and purchase of the PAC Tokens, and no cryptocurrency or other form of payment is to be accepted on
the basis of this White Paper.
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Any agreement as between the Issuer and you as a purchaser, and in relation to any sale and purchase, of PAC Tokens is to
be governed by only a separate document setting out the terms and conditions (the “T&Cs”) of such agreement. In the
event of any inconsistencies between the T&Cs and this White Paper, the former shall prevail.

There are risks and uncertainties associated with the Issuer and its business and operations, the PAC Tokens, the PAC
Token Platforms or protocol and the Token Sales. Please refer to the section entitled “Risks and Disclosures” set out at the
end of this White Paper.

This White Paper, any part thereof and any copy thereof must not be taken or transmitted to any country where distribution
or dissemination of this White Paper is prohibited or restricted. No part of this White Paper is to be reproduced, distributed
or disseminated without including this section and the following sections entitled “Disclaimer of Liability”, “No
Representations and Warranties”, “Representations and Warranties By You”, “Cautionary Note On Forward-
Looking Statements”, “Third Party Information and No Consent of Other Persons”, “Terms Used”, “No Advice”,
“No Further Information or Update”, “Restrictions On Distribution and Dissemination” and “Risks and Uncertainties”.

DISCLAIMER OF LIABILITY

To the maximum extent permitted by the applicable laws, regulations and rules, the Issuer shall not be liable for any
indirect, special, incidental, consequential or other losses of any kind, in tort, contract or otherwise (including but not
limited to loss of revenue, income or profits, and loss of use or data), arising out of or in connection with any acceptance of
or reliance on this White Paper or any part thereof by you.

NO REPRESENTATIONS OR WARRANTIES

The Issuer does not make or purport to make, and hereby disclaims, any representation, warranty or undertaking in any
form whatsoever to any entity or person, including any representation, warranty or undertaking in relation to the truth,
accuracy and completeness of any of the information set out in this White Paper.
REPRESENTATIONS AND WARRANTIES BY YOU

By accessing and/or accepting possession of any information in this White Paper or such part thereof (as the case may be),
you represent and warrant to the Issuer as follows:

(a) you agree and acknowledge that the PAC Tokens do not constitute currencies, securities of any form, units in a business
trust, units in a collective investment scheme, commodities, swaps or derivatives in respect of any of the foregoing, or
any other form of investment or financial asset, product or instrument in any jurisdiction;

(b) you are not an Excluded Person, or a citizen or resident of a country the laws of which prohibit or conflict with the Token
Sales or your participation in the Token Sales;

(c) you agree and acknowledge that this White Paper does not constitute a prospectus or offer document of any sort and
is not intended to constitute an offer, invitation or solicitation to buy or sell currencies, securities of any form, units in a

21
business trust, units in a collective investment scheme, commodities, swaps or derivatives in respect of any of the foregoing,
or any other form of investment or financial asset, product or instrument in any jurisdiction, and you are not bound to enter
into any contract or binding legal commitment and no cryptocurrency or other form of payment is to be accepted on the
basis of this White Paper;

(d) you acknowledge and understand that no PAC Token should be construed, interpreted, classified or treated as
enabling, or according any opportunity to, PAC Token holders to participate in or receive profits, income, or other
payments or returns arising from or in connection with the PAC Tokens or the proceeds of the Token Sales, or to receive
sums paid out of such profits, income, or other payments or returns;

(e) you agree and acknowledge that no regulatory authority has examined, approved or registered this White Paper,
no action has been or will be taken by the Issuer to obtain such examination, approval or registration under the
laws, regulatory requirements or rules of any jurisdiction and the publication, distribution or dissemination of this White
Paper to you does not imply that the applicable laws, regulatory requirements or rules have been complied with;

(f) you agree and acknowledge that this White Paper, the undertaking and/or the completion of the Token Sales, or
future trading of PAC Tokens on any cryptocurrency exchange, shall not be construed, interpreted or deemed by you
as an indication of the merits of the Issuer, the PAC Tokens, the Token Sales, and the PAC Token Platforms or protocol;

(g) the distribution or dissemination of this White Paper, any part thereof or any copy thereof, or acceptance of the same
by you, is not prohibited or restricted by the applicable laws, regulations or rules in your jurisdiction, and where
any restrictions in relation to possession are applicable, you have observed and complied with all such restrictions at
your own expense and without liability to the Issuer;

(h) you agree and acknowledge that in the case where you wish to purchase any PAC Tokens, PAC Tokens are not to
be construed, interpreted, classified or treated as:

(i) any kind of currency other than cryptocurrency;

(ii) debentures, stocks or shares issued by any person or entity;
(iii) rights, options or derivatives in respect of such debentures, stocks or shares;
(iv) rights under a contract for differences or under any other contract the purpose or pretended purpose of which is
to secure a profit or avoid a loss;
(v) securities;
(vi) units or derivatives of units in a business trust;
(vii) units in a collective investment scheme; or
(viii) any form of regulated investment or investment product;

(i) you are fully aware of and understand that you are not eligible and you are not to purchase any PAC Tokens if you
are an Excluded Person;

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(j) you are legally permitted to participate in the Token Sales and all actions contemplated or associated with such
purchase, including the holding and use of PAC Tokens;

(k) the amounts that you use to purchase PAC Tokens were not and are not directly or indirectly derived from any
activities that contravene the laws and regulations of any jurisdiction, including anti-money laundering laws and
regulations;

(l) if you are a natural person, you are of sufficient age and capacity under the applicable laws of the jurisdiction in which
you reside and the jurisdiction of which you are a citizen to participate in the Token Sales;

(m) you are not obtaining or using PAC Tokens for any illegal purpose;

(n) none of:

(i) you;
(ii) any person controlling or controlled by you;
(iii) if you are a privately-held entity, any person having a beneficial interest in you; or
(iv) any person for whom you are acting as agent or nominee in connection with this Token Sales,
is a senior foreign political figure, or any immediate family member or close associate of a senior foreign political
figure.

A “senior foreign political figure” is defined as a senior official in the executive, legislative, administrative, military or
judicial branch of a government (whether elected or not), a senior official of a major political party, or a senior executive
of a foreign government-owned corporation, and includes any corporation, business or other entity that has been
formed by, or for the benefit of, a senior foreign political figure.
“Immediate family” of a senior foreign political figure typically includes such figure’s parents, siblings, spouse, children
and in-laws.

A “close associate” of a senior foreign political figure is a person who is widely and publicly known to maintain an
unusually close relationship with such senior foreign political figure, and includes a person who is in a position to
conduct substantial domestic and international financial transactions on behalf of such senior foreign political figure;

(i) if you are affiliated with a non-U.S. banking institution (“Foreign Bank”), or if you receive deposits from, make
payments on behalf of, or handle other financial transactions related to a Foreign Bank, you represent and warrant to the
Issuer that:

(ii) the Foreign Bank has a fixed address, and not solely an electronic address, in a country in which the Foreign Bank is
authorised to conduct banking activities;

(iii) the Foreign Bank maintains operating records related to its banking activities;

(iv) the Foreign Bank is subject to inspection by the banking authority that licensed the Foreign Bank to conduct its
banking activities; and
23
 (v) the Foreign Bank does not provide banking services to any other Foreign Bank that does not have a physical
presence in any country and that is not a regulated affiliate;

(p) you have a basic degree of understanding of the operation, functionality, usage, storage, transmission mechanisms and
other material characteristics of cryptocurrencies, blockchain-based software systems, cryptocurrency wallets or other
related token storage mechanisms, blockchain technology and smart contract technology;

(q) you are fully aware and understand that in the case where you wish to purchase any PAC Tokens, there are risks
associated with the Issuer and its businesses and operations, PAC Tokens, the PAC Token Platforms or protocol and the
Token Sales;

(r) you bear the sole responsibility to determine what tax implications purchasing PAC Tokens may have for you and agree
not to hold the Issuer or any other person involved in the Token Sales liable for any tax liability associated with or
arising therefrom;

(s) you agree and acknowledge that the Issuer is not liable for any direct, indirect, special, incidental, consequential or other
losses of any kind, in tort, contract or otherwise (including but not limited to loss of revenue, income or profits, and loss
of use or data), arising out of or in connection with any acceptance of or reliance on this White Paper or any part thereof by you;

(t) you waive the right to participate in a class action lawsuit or a class wide arbitration against the Issuer and/or any person
involved in the Token Sales and/or with the creation and distribution of PAC Tokens or the PAC Token Platforms; and

(u) all of the above representations and warranties are true, complete, accurate and non-misleading from the time of your
access to and/or acceptance of possession this White Paper or such part thereof (as the case may be).

CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS

All statements contained in this White Paper, statements made in press releases or in any place accessible by the public and
oral statements that may be made by the Issuer or its directors, executive officers or employees acting on behalf of the
Issuer (as the case may be), that are not statements of historical fact, constitute “forward-looking statements”. Some of
these statements can be identified by forward-looking terms such as “aim”, “target”, “anticipate”, “believe”, “could”,
“estimate”, “expect”, “if”, “intend”, “may”, “plan”, “possible”, “probable”, “project”, “should”, “would”, “will” or other
similar terms. However, these terms are not the exclusive means of identifying forward-looking statements. All statements
regarding the Issuer’s business strategies, plans and prospects and the future prospects of the industry which the
Issuer is in are forward-looking statements. These forward-looking statements, including but not limited to statements
as to the Issuer’s prospects, future plans, other expected industry trends and other matters discussed in this White Paper
regarding the Issuer are matters that are not historic facts, but only predictions.

These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the
actual future results, performance or achievements of the Issuer to be materially different from any future results,
performance or
23 24
achievements expected, expressed or implied by such forward-looking statements. These factors include, amongst others:

changes in political, social, economic and stock or cryptocurrency market conditions, and the regulatory environment in
the countries in which the Issuer conducts its business and operations;
the risk that the Issuer may be unable to execute or implement its business strategies and future plans;

a) changes in interest rates and exchange rates of fiat currencies and cryptocurrencies;

b) changes in the anticipated growth strategies and expected internal growth of the Issuer and the PAC Token Platforms;

c) changes in the availability and fees payable to the Issuer in connection with its businesses and operations or on the PAC
Token Platforms;

d) changes in the availability and salaries of employees who are required by the Issuer to operate their respective businesses
and operations;

e) changes in preferences of users of the PAC Token Platforms;

f) changes in competitive conditions under which the Issuer operates, and the ability of the Issuer to compete under such conditions;

g) changes in the future capital needs of the Issuer and the availability of financing and capital to fund such needs;

h) war or acts of international or domestic terrorism;

i) occurrences of catastrophic events, natural disasters and acts of God that affect the businesses and/or operations of
the Issuer;

j) other factors beyond the control of the Issuer; and

k) any risk and uncertainties associated with the Issuer and its business and operations, the PAC Tokens, the PAC Token
Platforms or protocol and the Token Sales.

All forward-looking statements made by or attributable to the Issuer or persons acting on behalf of the Issuer are expressly
qualified in their entirety by such factors. Given that risks and uncertainties that may cause the actual future results,
performance or achievements of the Issuer to be materially different from that expected, expressed or implied by the
forward-looking statements in this White Paper, undue reliance must not be placed on these statements. These
forward-looking statements are applicable only as of the date of this White Paper.

Neither the Issuer nor any other person represents, warrants, and/or undertakes that the actual future results, performance or
25
achievements of the Issuer will be as discussed in those forward-looking statements. The actual results, performance or
achievements of the Issuer may differ materially from those anticipated in these forward-looking statements.

Nothing contained in this White Paper is or may be relied upon as a promise, representation or undertaking as to the future
performance or policies of the Issuer.

Further, the Issuer disclaims any responsibility to update any of those forward-looking statements or publicly announce any
revisions to those forward-looking statements to reflect future developments, events or circumstances, even if new
information becomes available or other events occur in the future.

THIRD PARTY INFORMATION AND NO CONSENT OF OTHER PERSONS

This White Paper includes information obtained from various third party sources (“Third Party Information”). None of the
publishers of the Third Party Information has consented to the inclusion of the Third Party Information in this White Paper and
is therefore not liable for the Third Party Information. While the Issuer has taken reasonable action to ensure that the Third
Party Information have been included in their proper form and context, neither the Issuer, nor its directors, executive officers
and employees acting on its behalf, has independently verified the accuracy, reliability, completeness of the contents, or
ascertained any applicable underlying assumption, of the relevant Third Party Information. Consequently, neither the Issuer
nor its directors, executive officers and employees acting on their behalf makes any representation or warranty as to the
accuracy, reliability or completeness of such information and shall not be obliged to provide any updates on the same.

TERMS USED

To facilitate a better understanding of the PAC Tokens being offered for purchase by the Issuer, and the businesses and
operations of the Issuer, certain technical terms and abbreviations, as well as, in certain instances, their descriptions, have
been used in this White Paper. These descriptions and assigned meanings should not be treated as being definitive of
their meanings and may not correspond to standard industry meanings or usage.
Words importing the singular shall, where applicable, include the plural and vice versa and words importing the
masculine gender shall, where applicable, include the feminine and neuter genders and vice versa. References to persons
shall include corporations.

NO ADVICE

No information in this White Paper should be considered to be business, legal, financial or tax advice regarding the Issuer,
the PAC Tokens, the PAC Token Platforms or protocol, or the Token Sales. You should consult your own legal,
financial, tax or other professional advisor regarding the Issuer and its business and operations, the PAC Tokens, the PAC
Token Platforms or protocol, and the Token Sales. You should be aware that you may be required to bear the financial
risk of any exchange of PAC Tokens for an indefinite period of time.

None of the advisors engaged by us has made or purports to make any statement in this White Paper or any statement
upon which a statement in this White Paper is based and each of
26
them makes no representation regarding any statement in this White Paper and to the maximum extent permitted by law,
expressly disclaims and takes no responsibility for any liability to any person which is based on, or arises out of, any statement,
information or opinions in, or omission from, this White Paper.

NO FURTHER INFORMATION OR UPDATE

No person has been or is authorised to give any information or representation not contained in this White Paper
in connection with the Issuer and its business and operations, the PAC Tokens, the PAC Token Platforms or protocol, or the
Token Sales and, if given, such information or representation must not be relied upon as having been authorised by
or on behalf of the Issuer. The Token Sales shall not, under any circumstances, constitute a continuing
representation or create any suggestion or implication that there has been no change, or development reasonably
likely to involve a material change in the affairs, conditions and prospects of the Issuer or in any statement of fact or
information contained in this White Paper since the date hereof.

RESTRICTIONS ON DISTRIBUTION AND DISSEMINATION

The distribution or dissemination of this White Paper or any part thereof may be prohibited or restricted by the laws,
regulatory requirements and rules of any jurisdiction. In the case where any restriction applies, you are to inform yourself
about, and to observe, any restrictions which are applicable to your possession of this White Paper or such part thereof (as
the case may be) at your own expense and without liability to the Issuer.

Persons to whom a copy of this White Paper has been distributed or disseminated, provided access to or who otherwise have
the White Paper in their possession shall not circulate it to any other persons, reproduce or otherwise distribute this White
Paper or any information contained herein for any purpose whatsoever nor permit or cause the same to occur.

RISKS AND UNCERTAINTIES

Prospective purchasers of PAC Tokens should carefully consider and evaluate all risks and uncertainties associated with the
Issuer and its business and operations, the PAC Tokens, the PAC Token Platforms or protocol, and the Token Sales, and all
information set out in this White Paper and the T&Cs prior to any purchase of the PAC Tokens. If any such risks and
uncertainties develop into actual events, the business, financial condition, results of operations and prospects of the Issuer
could be materially and adversely affected. In such cases, you may lose all or part of the value of the PAC Tokens.

Please read the following risks and warnings before deciding to purchase PAC Tokens. It should be noted that the
following list of risks and warnings is not exhaustive. Accordingly, prospective purchasers should not place undue
reliance on these statements.

27
1. RISKS RELATING TO PARTICIPATION IN THE TOKEN SALES

The TOKEN SALES is not an offering of investment, securities, commodities or swaps

(a) The sale of the PAC Tokens and the PAC Tokens themselves are not currencies, securities of any form, units in a business
trust, units in a collective investment scheme, commodities, swaps or derivatives in respect of any of the foregoing, or
any other form of investment or financial asset, product or instrument;

(b) purchases and sales of the PAC Tokens are not subject to the protections of any laws governing those types of
financial instruments; and

(c) this White Paper does not constitute a prospectus or offering document, and is not an offer, invitation or solicitation to
buy or sell currencies, securities of any form, units in a business trust, units in a collective investment scheme, commodities,
swaps or derivatives in respect of any of the foregoing, or any other form of investment or financial asset, product or instrument.

The PAC Tokens have no rights, uses or attributes

The PAC Tokens are only intended to be used for the PAC Token Platforms (if successfully completed and deployed) as
detailed in this White Paper. Unless otherwise specifically stated in this White Paper, the PAC Tokens do not have any
rights, uses, purpose, attributes, functionalities or features. In particular, the PAC Tokens will not be entitled or linked to
any income stream, share of profits, dividends, debt or loans, or ownership of or rights to any underlying assets or
properties. Also, the PAC Tokens will not be linked or otherwise be related to any rights, options or interests in any shares,
stock, debentures, loan stocks, funds, bonds or notes. The PAC Token holders are not entitled to the shares of Issuer, and
proceeds from the Token Sales would not be accounted as debt, liability or equity capital items on the balance sheet of the
Issuer. The Issuer does not guarantee and is not representing in any way that the PAC Tokens have any particular or
minimum value. Any potential future token utilities indicated under this White Paper only represent PAC Group's
strategic intention in the future development of the project and there is no guarantee or representation that such
intention will be achieved in part or in full. In particular, the potential future token utilities may be subject to a fully
compliant regulatory infrastructure being set up and there is no guarantee that such infrastructure will be set up.
There is no prior market for the PAC Tokens and the Token Sales may not result in an active or liquid market for the PAC
Tokens.
Prior to the Token Sales, there has been no public market for the P A C Tokens. The Issuer will not support or
otherwise facilitate any secondary trading or external valuation of the PAC Tokens. This may restrict the possible avenues
for using the PAC Tokens, and could therefore limit any potential liquidity of the P A C Tokens. Even in the event
that the P A C Tokens are traded on a cryptocurrency exchange or on the DEX, there is no assurance that an
active or liquid trading market for the P A C Tokens will develop or if developed, be sustained after the PAC Tokens
have been made available for trading on such cryptocurrency exchange. There is also no assurance that the market price
of the PAC Tokens will not decline below the purchase price of the PAC Tokens (the “Purchase Price”). The Purchase Price
may not be indicative of the market price of the PAC Tokens after they have been made available for trading on a
cryptocurrency exchange. The market price of the PAC Tokens may be extremely volatile and may diminish to zero. The
cryptocurrency exchanges may also be relatively new and subject to little or no regulatory oversight, making them
more susceptible to market-related risks and market abuse activities. 28
There may be no inherent value of the PAC Tokens and the PAC Tokens are not a currency issued by any central bank
or national, supra-national or quasi-national organisation, nor are they backed by any hard assets or other credit. Unlike fiat
currency, the PAC Tokens may have no use or recognition outside the PAC Token Platforms. The Issuer is not responsible
for nor does it pursue the circulation and trading of PAC Tokens on the market. Trading of PAC Tokens merely depends on
the consensus on its value between the relevant market participants (if any), and no one is or will be obliged to purchase
any PAC Token from any holder of the PAC Token, including the purchasers, nor does or will anyone guarantee the liquidity
or market price of PAC Tokens to any extent at any time. Accordingly, the Issuer cannot ensure that there will be any
demand or market for P A C Tokens, or that the Purchase Price is indicative of the market price of P A C Tokens after
they have been made available for trading on a cryptocurrency exchange. Representatives of various central banks and
regulatory authorities, as well as senior market participants and academics, have warned of serious risks in relation to (i)
token sales, (ii) cryptocurrency and digital tokens trading, including the extreme volatility, the lack of underlying economic
value, the lack of regulation, and (iii) the use of cryptocurrencies or digital tokens for money laundering or money transfers.
There is a real possibility that some or a conjunction of these factors will lead to government or regulatory intervention or
market action which could severely affect the price and liquidity of the PAC Tokens.

Unlike currency in bank accounts or accounts at other financial institutions, which may be subject to deposit protection
schemes, the PAC Tokens are uninsured unless a holder specifically obtains private insurance to insure them. Thus, in the
event of loss or loss of utility value, there is no public insurer or private insurance arranged by the Issuer, to offer recourse
to a PAC Token holder.

Future sales of the PAC Tokens could materially and adversely affect the market price of PAC Tokens

Any future sale of the PAC Tokens would increase the supply of PAC Tokens and this may result in a downward price
pressure on the PAC Tokens. The sale or distribution of a significant number of PAC Tokens outside of the Token Sales, or
the perception that such further sales or issuance may occur, could adversely affect the trading price of the PAC Tokens.
The Issuer reserves the right to change the duration of any timeframe for the distribution of the PAC Tokens, including,
without limitation, the unavailability or non-functionality of the website or other unforeseen procedural or security issues.

Negative publicity may materially and adversely affect the price of the PAC Tokens

Negative publicity involving the Issuer, the PAC Token Platforms, the P A C Tokens or any of the key personnel of
the Issuer may materially and adversely affect the market perception or market price of the PAC Tokens, whether or not
such negative publicity is justified.

The PAC Tokens may not end up being popular, prevalent or widely distributed. The PAC Tokens may remain of marginal
interest in the long run, appealing to only a minimal fraction of holders. An absence of active holders or low level of
utilization may negatively affect the long-term development and future of the PAC Tokens and reduce or adversely affect
the utility of the PAC Tokens.

There is no assurance of any success of the PAC Token Platforms

The value of, and demand for, the PAC Tokens depends on the performance of the PAC Token Platforms. There is no
assurance that the PAC Token Platforms will gain traction after its launch and achieve any commercial success. 29
As with any project, the development of the PAC Token Platforms, and the execution of the project more broadly, carries
with it the risk of delay and even failure. The core team has a relevant track record of development and business
management experience, but this is not a guarantee of success. The team will endeavour to achieve the milestones
outlined in this White Paper; however, it is under no obligation to do so.

The PAC Token Platforms may be subject to further changes, updates and adjustments. Such changes may result in
unexpected and unforeseen effects on its projected appeal to users, and hence impact its success.

Further, while the Issuer will make every reasonable effort to complete the PAC Token Platforms, due to the technically
complex nature of the PAC Token Platforms, the Issuer could face difficulties from time to time that may be unforeseeable or
unresolvable. Accordingly, it is possible that the development of the PAC Token Platforms could fail, terminate or be
delayed at any time for any reason, and an official completed version of the PAC Token Platforms may not be released and
there may never be an operational PAC Token Platforms. Development failure or termination may render the P A C
Tokens un-transferable, of reduced or no utility, or obsolete.

PAC Tokens’ governance structure, fees, purpose, consensus mechanism, algorithm, code, infrastructure design and other
technical specifications and parameters may be updated and changed frequently without notice. While this White Paper
contains the key information currently available in relation to the project, it is subject to adjustments and updates from
time to time. The PAC Token Platforms may also be subject to regulatory supervision in a relevant jurisdiction and
distribution of information relating to the PAC Token Platforms may be restricted to qualified persons pursuant to
applicable laws and regulations. The PAC Token holders may not have full or timely access to all the information
relevant to the project (including the PAC Token Platforms or the PAC Tokens).

Although we intend for the PAC Tokens and the PAC Token Platforms to follow the specifications set forth in this White
Paper, and we will take commercially reasonable steps toward those ends, we may have to make changes to the
specifications of the PAC Tokens or the PAC Token Platforms for any number of reasons. This could create the risk that the
PAC Tokens or the PAC Token Platforms, as further developed and maintained, may not meet participants' expectations.
Furthermore, despite the Issuer's good faith efforts to develop and maintain the PAC Token Platforms, it is possible that the
PAC Token Platforms will experience malfunctions or otherwise fail to be adequately developed or maintained, which may
negatively impact the PAC Token Platforms and the PAC Tokens.

30
If and when the PAC Token Platforms are fully developed, there is no assurance they will be widely adopted or utilised by its
target users.

The trading price of the PAC Tokens may fluctuate following the Token Sales

The prices of cryptographic tokens in general are highly volatile when compared to other assets such as stocks, bonds, and
other alternative investment instruments, and accordingly the prices of cryptographic tokens can fluctuate significantly over
short periods of time. The demand for, and correspondingly the market price of, the PAC Tokens may fluctuate significantly
and rapidly in response to, among others, the following factors, some of which are beyond the control of the Issuer:
a) new technical innovations;

b) analysts’ speculations, recommendations, perceptions or estimates of the PAC Token’s market price or the Issuer’s
financial and business performance;

c) changes in market valuations and token prices of entities with operations similar to that of the Issuer, whether or not they
are made available for sale and purchase on the same cryptocurrency exchanges as the PAC Tokens;

d) announcements by the Issuer of significant events, for example partnerships, sponsorships, new product
developments;

e) fluctuations in market prices and trading volume of cryptocurrencies on cryptocurrency exchanges;

f) additions or departures of key personnel of the Issuer;

g) success or failure of the Issuer’s management in implementing business and growth strategies; and

h) changes in conditions affecting the blockchain or financial technology industry, the general economic conditions or
market sentiments, or other events or factors.
It is also possible that alternative platforms could be established that utilize the same source code and protocol underlying
the PAC Token Platforms and the PAC Tokens. These may attempt to facilitate services that are materially similar to those
provided by the Issuer through the PAC Token Platforms. Such alternative platforms may compete with the PAC Token
Platforms, which could negatively impact the usage of the PAC Token Platforms and the value of the PAC Tokens.

The funds raised in the Token Sales are exposed to risks of theft

The Issuer will make every effort to ensure that the funds received from the Token Sales will be securely held at such
address as directed by the Issuer (“Receiving Address”). Further, upon receipt of the funds, the Issuer will make every
effort to ensure

31
that the funds received will be securely held by implementing security measures. Notwithstanding such security measures,
there is no assurance that there will be no theft of any amount paid (in cryptocurrency or otherwise) as a result of hacks, mining
attacks (including but not limited to double-spend attacks, majority mining power attacks and “selfish-mining” attacks),
sophisticated cyber-attacks, malware attacks, coordinated attacks, Sybil attacks, smurfing and spoofing, distributed denials
of service or errors, vulnerabilities or defects on the Receiving Address, the ACCLAIM Blockchain, or any other blockchain, or
otherwise. Such events may include, for example, flaws in programming or source code leading to exploitation or
abuse thereof. In such event, even if the Token Sales is completed, the Issuer may not be able to receive any amounts of
cryptocurrency raised and the Issuer may not be able to utilise such funds for the development of the PAC Token Platforms,
and the launch of the PAC Token Platforms might be temporarily or permanently curtailed. As such, the issued PAC
Tokens may hold little value, and this would impact its trading price. The PAC Tokens are uninsured, unless you
specifically obtain private insurance to insure them. In the event of any loss or loss of value, you may have no
recourse. To account for these risks, the Issuer will continue to implement appropriate and proportionate
security measures to safeguard the cryptocurrency obtained from the Token Sales. However, such risks cannot be
fully eliminated.

There may be tax implications

The tax characterization of the PAC Tokens may not be certain in your jurisdiction. Participants must seek their own tax
advice in connection with purchasing the PAC Tokens or otherwise engaging in transactions in connection with the
PAC Tokens, which may result in adverse tax consequences to participants, including withholding taxes, income
taxes, and tax reporting requirements.

There may be issues in relation to privacy and leak of personal data

As part of the Token Sales and the subsequent verification processes, the Issuer may collect personal information from
participants. The collection of such information is subject to applicable laws and regulations (and where applicable, the
Issuer's privacy policy from time to time). All information collected will be used for purposes of the Token Sales and
management of the PAC Token Platforms (or the project more generally) and may be transferred to contractors,
service providers and consultants worldwide as appointed by the Issuer. Apart from breaches by external third parties,
the Issuer and its appointed entities may also suffer from internal security breach whereby their employees may
misappropriate, misplace or lose personal information of the PAC Token holders.
2. RISKS RELATING TO THE RECEIVING ADDRESS AND WALLETS

The Receiving Address may be compromised and the cryptocurrencies may not be able to be disbursed

The Receiving Address is designed to be secure. However, in the event that the Receiving Address is, for any reason
compromised (including but not limited to scenarios of the loss of keys to such Receiving Address), the funds held by the
Receiving Address may not be able to be retrieved and disbursed, and may be permanently unrecoverable. In such event,
even if the Token Sales is successful, the Issuer will not be able to receive the funds raised and the Issuer will not be able to
utilise such funds for the development of the PAC Token Platforms, and the implementation of the PAC Token Platforms
might be temporarily or permanently curtailed. As such, distributed PAC Tokens may hold little value, and this may
impact its trading price.
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The loss or compromise of information relating to your wallet may affect your access and possession of the PAC Tokens

Your access to the PAC Tokens in a cryptocurrency wallet (“Wallet”) depends on, among other things, the safeguards
to your information relating to such Wallet, including but not limited to your user account information, address, private
key, and password. In the event that any of the foregoing is lost or compromised, your access to the Wallet may be
curtailed and thereby adversely affect your access and possession to the PAC Tokens, including such PAC Tokens
being unrecoverable and permanently lost.

The Wallet or Wallet service provider may not be technically compatible with the PAC Tokens

The Wallet or Wallet service provider may not be technically compatible with the PAC Tokens, which may result in the delivery of
PAC Tokens being unsuccessful or affect your access to such PAC Tokens. You are responsible for your own selection of an
appropriate Wallet. There are risks associated with the underlying blockchain. Since the PAC Tokens are based on
blockchain technology, any malfunction, breakdown or abandonment of the relevant blockchain may have a material
adverse effect on the PAC Tokens or the PAC Token Platforms. Moreover, advances in cryptography, or technical advances
such as the development of quantum computing, could present risks to the PAC Tokens by rendering ineffective
any applicable cryptographic consensus mechanism that underpins the blockchain.

Loss of private key

In general, blockchain assets are controllable only by those who know the unique private cryptographic key relating to the
network address at which the blockchain assets are held. To the extent a private key is lost, destroyed or otherwise
compromised and no backup of the private key is accessible, you may not be able to access the blockchain asset associated
with the corresponding address and the private key will not be capable of being restored by the network. Any loss of private
keys relating to digital wallets used to store blockchain assets could have a material adverse effect on our business or you.

The loss or destruction of a private key will also permanently and irreversibly deny the holder access to their PAC Tokens.
The PAC Tokens are controlled only by the validation of both the relevant unique public and private keys through the local
or online Wallet. While it is recommended that all the PAC Token holders protect and securely store their private keys,
each holder is responsible for safeguarding the private keys applicable to their own Wallets.

There may be verification failure

Participants in the Token Sales are required to complete know-your-customer and anti-money laundering
("AML") and counter-terrorist financing ("CFT") checks. The delivery of the P A C Tokens to an entity or individual is
contingent upon the completion of such checks. If the entity or individual is unable to complete all required verifications,
they may not receive the PAC Tokens or participate on the PAC Token Platforms. There is no guarantee that you will
receive compensation or refunds of any purchase proceeds.

33
There may be risk during the transaction interval

There may be a time interval between the receipt of payments from the participant by the Issuer and the release of
the Tokens and/or reflection of the corresponding balance in the relevant participant's digital Wallet. During this time, the
Issuer may have possession of participants' digital currency and it may itself be susceptible to various risks, including
credit risk and cybersecurity risk. The Issuer may lose participants' digital currency entirely due to unforeseen
circumstances. In any such scenario, the Issuer will not be obliged to compensate participants.

3. RISKS RELATING TO THE ISSUER

The PAC Token Platforms are operated and maintained by the Issuer. Any events or circumstances which adversely affect the
Issuer may have a corresponding adverse effect on the PAC Token Platforms if such events or circumstances affect the
Issuer’s ability to maintain the PAC Token Platforms. This would have an impact on the trading price of the PAC Tokens.

The Issuer may be materially and adversely affected if it fails to effectively manage its operations as its business develops
and evolves, which would have a direct impact on its ability to maintain the PAC Token Platforms and consequently the
trading price of the PAC Tokens.

The financial technology and cryptocurrency industries and the markets in which the Issuer competes have grown rapidly and
continue to grow rapidly and evolve in response to new technological advances, changing business models and other factors.
As a result of this constantly changing environment, the Issuer may face operational difficulties in adjusting to the changes,
and the longer term viability of the Issuer will depend on its ability to manage its operations, adapt to technological advances
and market trends and ensure that it hires qualified and competent employees, and provide proper training for its personnel.

As its business evolves, the Issuer must also expand and adapt its operational infrastructure. The Issuer’s business relies on
its blockchain-based software systems, cryptocurrency wallets or other related token storage mechanisms, blockchain
technology and smart contract technology, and to manage technical support infrastructure for the PAC Token Platforms
effectively, the Issuer will need to continue to upgrade and improve its data systems and other operational systems,
procedures and controls. These upgrades and improvements will require a dedication of resources, are likely to be complex
and increasingly rely on hosted computer services from third parties that the Issuer does not control. If the Issuer is unable to
adapt its systems and organisation in a timely, efficient and cost-effective manner to accommodate changing
circumstances, its business, financial condition and results of operations may be adversely affected. If the third parties on
whom the Issuer relies are subject to a security breach or otherwise suffer disruptions that impact the services the Issuer
utilises, the integrity and availability of its internal information could be compromised, which may consequently cause
the loss of confidential or proprietary information, and economic loss.

The loss of financial, labour or other resources, and any other adverse effect on the Issuer’s business, financial condition and
operations, would have a direct adverse effect on the Issuer’s ability to maintain the PAC Token Platforms. As the PAC Token
Platforms is the main product to which the PAC Tokens relate, this may adversely impact the trading price of the PAC
Tokens.
34
There may be weaknesses, vulnerabilities or bugs in the PAC Token smart contract

The Issuer will make reasonable efforts to ensure that the smart contracts underlying the PAC Tokens are audited,
tested and approved by technical experts. However, as smart contract technology is still in its early stage of
development and its application of experimental nature carries significant operational, technological, financial, regulatory
and reputational risks, there are inherent risks that such smart contracts could contain weaknesses, vulnerabilities or
bugs. There is the risk that smart contracts may contain bugs or weaknesses which may negatively affect the PAC
Tokens or result in the loss of the PAC Tokens, as well as the loss of ability to access or control the PAC Tokens. In such
events, there may be no remedy and holders of the PAC Tokens are not guaranteed any remedy, refund or compensation.

Purchasers of PAC Tokens should understand and accept that there are no warranties that PAC Tokens are fit for a
particular purpose or do not contain any weaknesses, vulnerabilities or bugs which would cause loss in their value. In the
event that any of the aforementioned risks materialises, the Issuer’s business strategies, results of operations and prospects
may also be adversely affected.

The Issuer may experience system failures, unplanned interruptions in its network or services, hardware or software
defects, security breaches or other causes that could adversely affect the Issuer’s infrastructure network, or the PAC Token
Platforms.

The Issuer is unable to anticipate when there would be occurrences of hacks, cyber-attacks, mining attacks (including but
not limited to double-spend attacks, majority mining power attacks and “selfish-mining” attacks), malware attacks,
coordinated attacks, Sybil attacks, smurfing and spoofing, distributed denials of service or errors, vulnerabilities or defects
in the PAC Token Platforms, the P A C Tokens, the Receiving Address, the Wallet or any technology (including but not
limited to smart contract technology) on which the Issuer, the PAC Token Platforms, the PAC Tokens, the Receiving
Address, and the Wallet rely or in the ACCLAIM Blockchain or any other blockchain. Such events may include, for
example, flaws in programming or source code leading to exploitation or abuse thereof. The Issuer may not be able to
detect such hacks, mining attacks (including but not limited to double-spend attacks, majority mining power attacks and
“selfish-mining” attacks), cyber-attacks, malware attacks, coordinated attacks, Sybil attacks, smurfing and spoofing,
distributed denials of service errors vulnerabilities or defects in a timely manner, and may not have sufficient resources to
efficiently cope with any such attack, including, without limitation, where multiple service incidents happen simultaneously
or in rapid succession. While the Issuer adopts quality assurance procedures to help ensure the source code as accurately
as possible reflect their intended operation, the source code cannot be guaranteed to be flawless. They may contain
bugs, defects, inconsistencies, flaws or errors, which may disable some functionality, create vulnerabilities or cause
instability. Such flaws may compromise the predictability, usability, stability, and/or security of the PAC Tokens and
the PAC Token Platforms. Furthermore, where the PAC Token Platforms may be based on open-source software,
there is a risk that a third party or a member of the Issuer's team may intentionally or unintentionally introduce weaknesses
into the core infrastructure of the PAC Token Platforms, which could negatively affect the PAC Token Platforms and the
utility of the PAC Tokens. The Issuer’s network or services, which would include the PAC Token Platforms, could be
disrupted by various events, including natural disasters, equipment breakdown, network connectivity downtime, power
losses, or even intentional disruptions of its services, such as disruptions caused by software viruses or attacks by
unauthorised users, some of which are beyond the Issuer’s control. Although the Issuer has taken steps against malicious
attacks on its appliances or its infrastructure, which are
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critical for the maintenance of the PAC Token Platforms and its other services, there can be no assurance that cyber-attacks,
such as distributed denials of service, will not be attempted in the future, and that any of the Issuer’s enhanced security
measures will be effective. The Issuer may be prone to attacks on its infrastructure intended to steal information about its
technology, financial data or user information or take other actions that would be damaging to the Issuer and users of the
PAC Token Platforms. Any significant breach of the Issuer’s security measures or other disruptions resulting in a
compromise of the usability, stability and security of the Issuer’s network or services (including the PAC Token Platforms)
may adversely affect the trading price of the PAC Tokens.

If the demand for processing power outgrows that forecasted, the network of the PAC Token Platforms could be
destabilized and/or stagnated. This may create opportunities for fraudulent activities to arise, including but not
limited to false or unauthorized transactions. All of these may adversely impact the usability, stability and security of the
PAC Token Platforms and affect the utility and value of the PAC Tokens.

We are dependent in part on the location and data centre facilities of third parties

The Issuer’s infrastructure network is in part established through servers which it owns and are located on premises owned
and operated by third parties, and servers that the Issuer rents at data centre facilities of third parties. If the Issuer is unable
to renew its data facility lease on commercially reasonable terms or at all, the Issuer may be required to transfer its servers to
a new data centre facility, and may incur significant costs and possible service interruption in connection with the relocation.

These facilities are also vulnerable to damage or interruption from, among others, natural disasters, arson, terrorist attacks,
power losses, and telecommunication failures. Additionally, the third party providers of such facilities may suffer breaches of
security as a result of third party action, employee error, malfeasance or otherwise, and a third party may obtain unauthorised
access to the data on such servers. As techniques used to obtain unauthorised access to, or to sabotage systems change
frequently and typically are not recognised until launched against a target, the Issuer and the providers of such facilities may
be unable to anticipate these techniques or to implement adequate preventive measures. Any such security breaches or
damages which occur and which impact upon the Issuer’s infrastructure network and/or the PAC Token Platforms may
adversely impact the utility and value of the PAC Tokens.

General global market and economic conditions may have an adverse impact on the Issuer’s operating performance, results
of operations and cash flows

The Issuer has been and will continue to be affected by general global economic and market conditions. Challenging
economic conditions worldwide have from time to time, contributed, and may continue to contribute, to slowdowns in the
information technology industry at large. Weakness in the economy could have a negative effect on the Issuer’s business,
operations and financial condition, including decreases in revenue and operating cash flows. Additionally, in a down-cycle
economic environment, the Issuer may experience the negative effects of increased competitive pricing pressure and
a slowdown in commerce and usage of the PAC Token Platforms and may delay or suspend the structuring, licensing, and
launch of the anticipated future business lines.

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Suppliers on which the Issuer relies for servers, bandwidth, location and other services could also be negatively impacted by
economic conditions that, in turn, could have a negative impact on the Issuer’s operations or expenses. There can be no
assurance, therefore, that current economic conditions or worsening economic conditions or a prolonged or recurring
recession will not have a significant adverse impact on the Issuer’s business, financial condition and results of operations
and hence the PAC Token Platforms, which would correspondingly impact the trading price of the PAC Tokens. In
addition, even if the PAC Token Platforms is launched, the ongoing success of the PAC Token Platforms relies on the
interest and participation of third parties. There can be no assurance or guarantee that there will be sufficient interest or
participation in the PAC Token Platforms.

The Issuer or the PAC Tokens may be affected by regulations

The regulatory environment relating to blockchain and cryptocurrencies is still developing. Cryptocurrencies have been the
subject of regulatory scrutiny by various regulatory bodies around the world. Regulatory initiatives by governments
and uniform law proposals by academics and participants in the cryptocurrency economy may impact the use of
cryptocurrency and digital tokens in a manner that adversely affects the PAC Token Platforms or the Issuer. The global
regulatory landscape for digital assets has been inconsistent and continues to evolve. There are various approaches a
government may take. Some governments have taken an accommodating approach to the regulation of digital assets
while others have banned their use. Different jurisdictions may apply different legal categorization of digital assets,
characterising them as, for example, currencies, commodities, virtual currencies, virtual commodities, or other
property or instruments. Some jurisdictions may restrict or ban cryptocurrency- or digital token-related activities. Some
countries have taken, and one or more countries may in the future take, regulatory actions that severely restrict the right to
acquire, own, hold, sell or use cryptocurrencies or digital tokens or to exchange them for traditional currency.

Furthermore, many aspects of the PAC Tokens and PAC Token Platforms also involve untested areas of law and
regulation. The PAC Tokens could be deemed from time to time a virtual commodity, a digital asset or even money,
securities or currency in various jurisdictions and therefore could be prohibited from being sold, purchased,
traded, distributed or held in certain jurisdictions. There is no guarantee that the PAC Tokens and the Issuer can
maintain any particular legal or regulatory status in any particular jurisdiction at any time. The Issuer may have to
disallow people based on their citizenship or location from accessing the PAC Token Platforms or engaging in any
transactions that involve the PAC Tokens if doing so becomes legally or commercially unsustainable.

There can be no guarantee that new laws, regulations and practices specifically relating to blockchain and
cryptocurrencies, digital tokens and transactions in relation to Token Sales will not be promulgated in the
future. The promulgation of such new laws, regulations and practices may operate to the advantage or disadvantage
of the PAC Tokens, the PAC Token Platforms or the Issuer. The Issuer or the PAC Tokens may be affected by newly
implemented regulations relating to cryptocurrencies or cryptocurrency markets, including having to take measures to
comply with such regulations and be subject to regulatory licensing or registration requirements in certain
jurisdictions, or having to deal with queries, notices, requests or enforcement actions by regulatory authorities,
which may come at a substantial cost. The PAC Token Platforms could be impacted by one or more regulatory
actions that could impede or limit the ability of the Issuer to continue with the development of the PAC Token
Platforms,
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and may also require substantial modifications to the PAC Token Platforms. This may impact the appeal of the PAC Token
Platforms for users and result in decreased usage of the PAC Token Platforms. The Issuer cannot foresee how
regulations may impact the project and the PAC Token Platforms development.

Further, should the costs (financial or otherwise) of complying with such newly implemented regulations exceed a certain
threshold, maintaining the PAC Token Platforms may no longer be commercially viable and the Issuer may opt to discontinue
the PAC Token Platforms and/or the PAC Tokens. Further, it is difficult to predict how or whether governments or regulatory
authorities may implement any changes to laws and regulations affecting distributed ledger technology and its applications,
including the PAC Token Platforms and the PAC Tokens. The Issuer may also have to cease operations in a jurisdiction that
makes it illegal to operate in such jurisdiction, or make it commercially unviable or undesirable to obtain the necessary regulatory
approval(s) to operate in such jurisdiction. In scenarios such as the foregoing, the trading price of PAC Tokens may be adversely
affected or PAC Tokens may cease to be traded. Even where the Issuer core team seeks to obtain the relevant licenses and
registrations in the relevant jurisdictions as necessary for the operations of the PAC Token Platforms, there is no guarantee that
such licenses and registration will be approved by the relevant regulatory authorities or the licenses and registrations can be
maintained. Where applicable regulatory licenses or registrations are not, or cannot be, obtained or maintained, this may
significantly affect the operations of the PAC Token Platforms and the Issuer.

Certain characteristics of cryptocurrencies and digital tokens may present higher AML / CTF risks, such as (without limitation):
• the anonymity provided by transacting in virtual currencies;
• the limited identification and verification of participants;
• the lack of clarity regarding the responsibility for AML/CTF compliance, supervision and enforcement for these
transactions that are segmented across several countries; and
• the lack of a central oversight body.
and more stringent AML/CTF requirements may be applicable to the operations relating to the PAC Tokens going forward.
There is also little precedent regarding how existing laws and regulations might treat the issue, fungibility, settlement
finality, transfer, or other disposition of the PAC Tokens. There is also little precedent on how existing laws and regulations
might treat the rights and obligations between and among the PAC Token holders, the PAC Token Platforms and the
Issuer. The occurrence of any related issue or dispute could have a material adverse effect on the PAC Tokens, the PAC
Token Platforms or the Issuer.

There may be risks relating to acts of God, natural disasters, wars, terrorist attacks, riots, civil commotions
widespread communicable diseases and other force majeure events beyond the control of the Issuer

The Token Sales and the performance of the Issuer’s activities may be interrupted, suspended or delayed due to acts of
God, natural disasters, wars, terrorist attacks, riots, civil commotions, widespread communicable diseases and other force
majeure events beyond the control of the Issuer. Such events could also lead to uncertainty in the economic outlook of
global markets and there is no assurance that such markets will not be affected, or that recovery from the global financial
crisis would continue. In such events, the Issuer’s business strategies, results of operations and prospects may be materially
and adversely affected. Further, if an outbreak of such infectious or communicable diseases occurs in any of the countries
in which the Issuer, the developers, data providers or data consumers have operations in the future, market
sentiment could be adversely affected and this may have a negative impact on the PAC Token Platforms and community.
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There may be manipulation of the PAC Token Platforms

A number of individuals may directly or indirectly hold significant portions of the total available PAC Tokens. These PAC
Token holders may have significant influence through the use of their PAC Tokens. These significant PAC Token
holders may, acting alone or in concert, not necessarily make decisions that are in the best interests of the other PAC
Token holders or of the PAC Token Platforms as a whole.

Governance Risks

The PAC Tokens confer no governance or voting rights of any kind with respect to the PAC Token Platforms or the Issuer.
All decisions involving the PAC Token Platforms or the Issuer will be made by executives, directors or members of the
Issuer, including, but not limited to, decisions to discontinue the PAC Token Platforms, to sell more PAC Tokens for use
on the PAC Token Platforms, or to sell or liquidate the Issuer. Conflicts of interest with the PAC Token holders may arise.
These decisions could adversely affect the PAC Token Platforms and the utility of the PAC Tokens in circulation.

Intellectual Property and Information Access

The Issuer shall retain all right, title and interest in all of the Issuer's intellectual property, including, without limitation,
inventions, ideas, concepts, code, discoveries, processes, marks, methods, software, compositions, formulae, techniques,
information and data, whether or not patentable, copyrightable or protectable in trademark, and any trademarks, copyright
or patents based thereon ("Intellectual Property Rights"). The Issuer shall exclusively own all Intellectual Property Rights in
any change or improvement to any part of the project or the Issuer's technology made or created in the course of the
performance of the project, save only to the extent such Intellectual Property Rights are used under third party license,
including any open source licence. The PAC Token holders shall not be entitled to any right, claim or warranty in respect of
any content generated or hosted by or on behalf of the Issuer, or access to any information held by the Issuer, as part of the
project.

There may be unanticipated risks arising from the PAC Tokens

Cryptographic tokens such as the PAC Tokens are a relatively new and dynamic technology. In addition to the risks
included in this White Paper, there are other risks associated with your purchase, holding and use of the PAC Tokens,
including those that the Issuer cannot anticipate. Such risks may further materialise as unanticipated variations or
combinations of the risks discussed hereto.

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