Risk Disclosure

Version 1.0 — Last updated: February 2026

1. General Investment Risk

All investments carry risk. The value of your investment can go down as well as up. There is no guarantee that you will get back the amount you invested. Past performance of projects on this platform is not a reliable indicator of future results.

2. Property Market Risk

Property values can fall as well as rise. Factors that can affect property returns include:

• Changes in the UK property market
• Local market conditions in the area of the property
• Changes in interest rates
• Changes in government policy, taxation, or regulation (including Stamp Duty)
• Economic recession or downturn
• Changes in supply and demand for housing

3. Project-Specific Risks

Individual property projects carry specific risks including:

• Construction risk — Projects may encounter unexpected costs, delays, or structural issues. While TBEX absorbs cost overruns beyond the contingency budget, significant issues could affect the overall return.
• Planning risk — Planning permissions may be delayed, modified, or refused.
• Contractor risk — Contractors may underperform, become insolvent, or fail to complete work to standard.
• Valuation risk — The final sale price may be lower than projected.
• Sale risk — Properties may take longer to sell than projected, delaying returns.

4. Illiquidity Risk

Once your funds are allocated to a project, they are committed for the duration of that project. You cannot withdraw allocated funds. Property development projects typically last several months. There is no secondary market for selling your position in a project.

5. Platform Risk

• Operator risk — TBEX manages all projects. If TBEX were to cease operating, there would be implications for active investments. Client money is held separately from company funds to mitigate this risk.
• Concentration risk — Your investments are concentrated in UK residential property development. You should consider diversification across other asset classes.

6. No FSCS Protection

Investments made through TBEX are not covered by the Financial Services Compensation Scheme (FSCS). If TBEX or the investment entity were to fail, you may lose your investment and would not be eligible for FSCS compensation.

7. Tax Risk

Returns on investments may be subject to tax. Tax treatment depends on your individual circumstances and may change in the future. TBEX does not provide tax advice. You should consult an independent tax adviser regarding your investments.

8. How TBEX Mitigates Risk

While risk cannot be eliminated, TBEX takes the following steps to manage it:

• Co-investment — TBEX invests 25% of its own capital in every project, aligning our interests with yours
• Contingency budgets — Every project includes a contingency allocation for unexpected costs
• Overage coverage — TBEX absorbs cost overruns beyond contingency, protecting investor capital
• Diversified allocation — The scatter-gun allocation system distributes your investment across available projects
• Client money segregation — Investor funds are held in a separate legal entity (TBEX Investments Ltd) with segregated accounts
• Financial integrity checks — Automated reconciliation and integrity monitoring
• Full audit trail — Every transaction and action is immutably logged

9. Who Should Not Invest

You should not invest through TBEX if:

• You cannot afford to lose the money you invest
• You need guaranteed returns
• You may need access to your funds at short notice
• You do not understand the risks described on this page
• You have not sought independent financial advice where appropriate

10. Seek Independent Advice

If you are unsure whether investing through TBEX is appropriate for you, please seek independent financial advice from an FCA-authorised adviser before proceeding.