The units are not liquid instruments. They are not listed and are transferable in very limited circumstances. There is no possibility for investors to sell the units. The exchange of the units for the underlying shares of choice coop cv and of choice nv may only take place if the investors withdraw from the capital of choice coop cv.

We also refer to the articles of association of choice coop cv, choice nv and choice trust priv st. and the administration conditions of the units, which can be found on the website www.choice.be.

Main risks inherent to the issuer and the investment instruments offered.

1. Risk of loss of investment

In case of bankruptcy of, or default by Choice Trust, Choice coop CV or Choice NV, the shareholders run the risk of losing all or part of the invested capital. In the event of disappointing commercial success, participation in the liquidation of the company may result in a total loss of the investment.

2. Risk of not developing the activity of Choice coop CV, Choice Trust PRIV ST. and of Choice NV or failure of one or more activities.

Choice coop CV, Choice PRIV ST. and Choice NV are still in the phase just after start-up: the first phase of the development of Choice's activities. The launch of the Choice platform is currently in full swing. On June 1, 2021, the next public release of Choice will take place. The risk remains that the activity of Choice and the underlying participations of Choice NV will not develop further or not favourably. There is a risk that an activity of Choice NV may not be exploited nationally or internationally as expected. This could lead to lower revenues.

3. Risks associated with the lack of transferability of the instruments offered.

The units certified by Choice Trust are not listed on any stock exchange and are not transferable except in very limited circumstances. The shares of Choice coop CV are also not listed on the stock exchange and can be transferred only to shareholders of Choice coop CV (except in the case of repurchase by Choice coop CV) and subject to compliance with the applicable common-law rules of the statutes of Choice coop CV and of the Companies and Associations Code. If the Board of Directors' approval is obtained, they are nevertheless transferable to third parties and may be transferred to persons who meet the conditions required by law and/or the articles of association to be partners. This can result in a great deal of illiquidity / non-transferability.

4. Risk related to insufficient demand for e-vouchers.

If there is insufficient demand for e-vouchers or coupons of the Choice coop CV share, which entitle you to discounts on Internet and TV, the expected cash proceeds of €2.5 per share of Choice coop CV, and therefore Unit, may not be achieved. This would result in not achieving the cash return and not achieving the DCF valuation of this cash return at €250 per Unit, at an IRR (Internal Rate of Return) of 1% on a monthly basis. There is also a risk that competitors of Choice or Choice partners would take actions that could undermine demand for e-vouchers. The market for e-vouchers will depend on the regions where Hermes provides internet services, the Antwerp, Leuven and Hasselt region and this market is still limited for the time being.

5. Risk relating to the tax treatment of the coupon of the Choice co-op.

The monthly coupon of the share of the Choice co-op represents an e-voucher or discount coupon entitling you to Internet or TV at half price and which is saleable on the Choice website. According to Choice, this does not constitute a dividend coupon and, in our opinion, is not subject to withholding tax. However, there is a risk that this coupon could be taxed in the future. In this respect, there is no legal opinion of a specialized tax lawyer that can be added to this note.