2025 Year End Chairman Letter

Chairman’s Letter 2025 Year-End Reflection Chairman’s Letter 2025 Year-End Reflection Year-End Reflection In 2025, private markets remained resilient but increasingly selective. Global private equity and venture capital deal value reached roughly $829 billion through the first 11 months, representing a 31% YoY increase, even as deal count declined to about 11,625 from 13,825 a year earlier. Dry powder (uncommitted capital) stood at approximately $2.18 trillion, only slightly below its record peak, highlighting abundant but cautious capital. Meanwhile, global fundraising lagged, with private equity fundraises totaling around $314 billion through Q3, well below 2024’s pace. – S&P Global Market Intelligence data. In this environment, visibility stopped being an advantage. Judgment became one. We operated accordingly. At the beginning of the year, our objectives were clear and disciplined: I) Expand our international network and partnerships II) Complete ongoing mandates III) Refine QLA’s role — from transaction-heavy execution toward higher-leverage advisory. IV) Relocate HQ and lay foundation for our family office. Silent Leverage Over the course of 2025, we shifted decisively toward silent leverage. We focused on enhanced due diligence, strategic structuring, and capital stack design for family offices, private equity platforms, and institutional partners operating in complex environments. Key outcomes: Expanded and institutionalised relationships with family offices, private equity firms, and Tier-1 and private banking partners. Completed select transaction advisory and secondary mandates with trusted counterparties. Introduced enhanced due diligence and forensic structuring as core advisory offerings. Launched proprietary decision-support frameworks, including the Cognitive Scorecard and DILI: Digital Investment Literacy Index, to support institutional-grade risk assessment and governance. Reduced capital raising activity in favour of advisory, structuring, and deal validation mandates. Began structuring private equity vehicle under Veritas Civitas: House of Voolaid. While our engagements became quieter, impact increased. The Logic of Silent Leverage Silent leverage is not inactivity. It is deliberate positioning where outcomes compound without announcements. At scale, capital rarely fails due to lack of access. It fails due to weak structure, misaligned incentives, and insufficient diligence. We operate where those risks are addressed first. Veritas Civitas Veritas Civitas reflects how we think about intelligent capital. Three principles govern the structure: Veritas — clarity of information and truth in diligence. Virtus — structural, operational, and financial strength. Civitas — long-duration assets that support real economic systems. QLA serves as the advisory arm within this structure — supporting investors, and institutions operating across infrastructure, energy, and other real-asset sectors where time, scale, and discipline matter. Nexus, the PE arm, focuses on capitalising on opportunities while creating durable value. We do not chase trends. Priorities for 2026 I) Deepen select family office, institutional, and private banking relationships. II) Selective advisory, structuring, and diligence mandates. Work only with trusted family offices and PE firms. III) Through the Nexus fund, deploy into infrastructure and sports using a data-driven, quantitative approach, leveraging our insights and curated pipeline to deliver measurable financial outcomes (MOIC / IRR / CoC returns) while generating economic, societal, and environmental impact. Anticipated outcomes include 10k+ direct and indirect jobs, durable stakeholder value, and contributions to long-term community and system resilience. IV) Host select private gatherings, forums and dinners to enhance trusted relationships, grant network access, support partners in building influence and unlocking strategic insights. Silent leverage remains the strategy. We would like to extend our courtesy and gratitude to our partners and collaborators for their continued trust and engagement throughout the year. Your insights and support remain central to our ability to execute with precision and foresight. – Christopher & Attila Cautionary Note Regarding Forward-Looking Statements This letter contains forward-looking statements. Forward-looking statements may be identified by terminology such as “may,” “might,” “will,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “target,” “goal,” “pipeline,” “continue,” or similar expressions. These statements reflect QLA’s current expectations and projections about future events and activities, including our advisory, investment, and fund strategies, as well as anticipated trends in infrastructure, sports, energy, and other real-asset sectors. They are subject to known and unknown risks, uncertainties, and assumptions, and actual results may differ materially from those expressed or implied. Factors that could affect outcomes include, but are not limited to General economic or market conditions, including volatility in global or regional financial markets; changes in regulatory, tax, or trade policies affecting QLA, its partners, or its investments; performance of third parties, counterparties, or portfolio companies; liquidity constraints, access to capital, or operational challenges; competitive pressures affecting our advisory and investment activities; and risks associated with implementing new frameworks, technologies, or quantitative approaches. These lists are not exhaustive. New risks and uncertainties may emerge, and QLA undertakes no obligation to update any forward-looking statements after the date of this letter. Forward-looking statements should not be relied upon as predictions of future performance, and QLA does not guarantee outcomes or results. Investing involves risk, including the potential loss of principal. Past performance does not guarantee or indicate future results. Any historical returns, projected returns, or probability forecasts may not reflect actual future performance. Although the data we use from third parties is considered reliable, we cannot guarantee its accuracy or completeness. Neither Christopher Voolaid, QLA nor any of its affiliates provide tax advice and do not represent in any manner that the outcomes described herein will result in any particular tax consequence. Offers to sell, or solicitations of offers to buy, any security can only be made through official offering documents that contain important information about investment objectives, risks, fees and expenses. Prospective investors should consult with a tax, legal and/or financial adviser before making any investment decision. Christopher Voolaid and at QLA, we believe success relies on work ethic, knowledge, and consistency. By using the information on this website, you agree to assume full responsibility for your results. For additional important risks, disclosures, and information, please visit https://qla.ee/disclosures Info About Us FAQs Privacy Policy Terms & Conditions Disclosures News & Announcements QLA Podcast Transactions Careers What We Do Family Office / Private Equity Wealth & Fund Structuring 360° Due Diligence Mergers & Acquisitions Capital Stacking / Engineering Pre-IPO /

QLA x Cognitive Creators DILI Announcement

QLA x Cognitive Creators Announcement QLA x Cognitive Creators Announcement Digital Investment Literacy Index — DILI 28. November 2025 Veritas Civitas | House of Voolaid and QLA, in partnership with Attila Tóth and László Alpár Lukács from Cognitive Creators, today announced the launch of the Digital Investment Literacy Index (DILI), the first benchmarking tool to measure digital-risk literacy for investors. DILI allows family offices, private equity firms, institutional LPs and M&A advisors to assess their digital-risk literacy against top-performing professionals — all within minutes. By highlighting digital blind spots that can quietly erode value at scale, DILI empowers investors to make informed decisions with speed and precision. “Digital blind spots are no longer minor oversights — they carry significant financial consequences,” said Christopher Voolaid, founder of Veritas Civitas | House of Voolaid. “DILI is designed to give investors a clear, actionable view of their digital-risk literacy, helping them stay ahead in a fast-moving, data-driven world” said Attila Tóth. For more information and to explore the Digital Investment Literacy Index, visit: https://iq.cognitivecreators.com/ Contact: QLA | info@qla.ee Cognitive Creators | hello@cognitivecreators.com Investing involves risk, including the potential loss of principal. Past performance does not guarantee or indicate future results. Any historical returns, projected returns, or probability forecasts may not reflect actual future performance. Although the data we use from third parties is considered reliable, we cannot guarantee its accuracy or completeness. Neither Christopher Voolaid, QLA nor any of its affiliates provide tax advice and do not represent in any manner that the outcomes described herein will result in any particular tax consequence. Offers to sell, or solicitations of offers to buy, any security can only be made through official offering documents that contain important information about investment objectives, risks, fees and expenses. Prospective investors should consult with a tax, legal and/or financial adviser before making any investment decision. Christopher Voolaid and at QLA, we believe success relies on work ethic, knowledge, and consistency. By using the information on this website, you agree to assume full responsibility for your results. For additional important risks, disclosures, and information, please visit https://qla.ee/disclosures Info About Us FAQs Privacy Policy Terms & Conditions Disclosures News & Announcements QLA Podcast Transactions Careers What We Do Family Office / Private Equity Wealth & Fund Structuring 360° Due Diligence Mergers & Acquisitions Capital Stacking / Engineering Pre-IPO / Pre-Listing Wealth Infrastructure DILI: Digital Investment Literacy Index Cognitive Digital Scorecard™ Talk to Us Contact Form IR (Investor Relations): investors@qla.ee General Info: info@qla.ee Fax: +372 669 2202 Leadership Relocating: Tallinn → ZugMon-Fri 9:00AM – 6:00PM (CET) ICC Estonia is a national committee of the world’s most significant business organization ICC WBO. According to the constitution of ICC Estonia QLA is a member of International Chamber of Commerce – ICC WBO. Linkedin X-twitter Youtube

QLA x Cognitive Creators Press Release

QLA x Cognitive Creators Press Release QLA x Cognitive Creators Press Release QLA and Cognitive Creators form strategic partnership We are pleased to announce that Cognitive Creators and QLA form strategic partnership to elevate high-stakes private investments and 360° due diligence services. Cognitive Creators, is a leading digital strategy and due diligence firm, led by co-founders Attila Tóth, László Alpár Lukács, Zsolt Balint and Árpád Halmágyi, with multiple offices in London, UK; Hungary and Romania. This collaboration will expand Cognitive Creators’ and QLA’s footprint across the Baltics, Nordics, DACH, UK, and U.S. regions.  “We’re building something that’s more than just a partnership — it’s a platform to redefine what great due diligence and strategic growth can look like in today’s competitive markets. Together, we will help our clients make sharper decisions, spot opportunities faster, and build legacies that last.” said Christopher Voolaid, founding partner of QLA.  Attila Tóth added “Cognitive Creators x QLA = millions saved for investors.” The first initiative under this partnership is the launch of the Cognitive Digital Scorecard, a diagnostic tool for early-stage startups to identify blind spots in marketing, branding, and digital strategy — helping them build investor-ready businesses from day one. More announcements will follow in the coming weeks. Contact: QLA | info@qla.ee Cognitive Creators | hello@cognitivecreators.com We are pleased to announce that Cognitive Creators and QLA form strategic partnership to elevate high-stakes private investments and 360° due diligence services. Cognitive Creators, is a leading digital strategy and due diligence firm, led by co-founders Attila Tóth, László Alpár Lukács, Zsolt Balint and Árpád Halmágyi, with multiple offices in London, UK; Hungary and Romania. This collaboration will expand Cognitive Creators’ and QLA’s footprint across the Baltics, Nordics, DACH, UK, and U.S. regions.  “We’re building something that’s more than just a partnership — it’s a platform to redefine what great due diligence and strategic growth can look like in today’s competitive markets. Together, we will help our clients make sharper decisions, spot opportunities faster, and build legacies that last.” said Christopher Voolaid, founding partner of QLA.  Attila Tóth added “Cognitive Creators x QLA = millions saved for investors.” The first initiative under this partnership is the launch of the Cognitive Digital Scorecard, a diagnostic tool for early-stage startups to identify blind spots in marketing, branding, and digital strategy — helping them build investor-ready businesses from day one. More announcements will follow in the coming weeks. Contact: QLA | info@qla.ee Cognitive Creators | hello@cognitivecreators.com Investing involves risk, including the potential loss of principal. Past performance does not guarantee or indicate future results. Any historical returns, projected returns, or probability forecasts may not reflect actual future performance. Although the data we use from third parties is considered reliable, we cannot guarantee its accuracy or completeness. Neither Christopher Voolaid, QLA nor any of its affiliates provide tax advice and do not represent in any manner that the outcomes described herein will result in any particular tax consequence. Offers to sell, or solicitations of offers to buy, any security can only be made through official offering documents that contain important information about investment objectives, risks, fees and expenses. Prospective investors should consult with a tax, legal and/or financial adviser before making any investment decision. Christopher Voolaid and at QLA, we believe success relies on work ethic, knowledge, and consistency. By using the information on this website, you agree to assume full responsibility for your results. For additional important risks, disclosures, and information, please visit https://qla.ee/disclosures Info About Us FAQs Privacy Policy Terms & Conditions Disclosures News & Announcements QLA Podcast Transactions Careers What We Do Family Office / Private Equity Wealth & Fund Structuring 360° Due Diligence Mergers & Acquisitions Capital Stacking / Engineering Pre-IPO / Pre-Listing Wealth Infrastructure DILI: Digital Investment Literacy Index Cognitive Digital Scorecard Talk to Us Contact Form IR (Investor Relations): investors@qla.ee General Info: info@qla.ee Fax: +372 669 2202 Leadership Relocating: Tallinn → ZugMon-Fri 9:00AM – 6:00PM (CET) ICC Estonia is a national committee of the world’s most significant business organization ICC WBO. According to the constitution of ICC Estonia QLA is a member of International Chamber of Commerce – ICC WBO. Linkedin X-twitter Youtube