August 2, 2022 • 2 min read Introduction In this edition of The Value Exchange – a series dedicated to bringing you in-depth insights from the Lumos CapitalSM research team and guests from across the industry – Jack Neureuter, Research Analyst at Lumos Capital, sits down with special guest, Jurrien Timmer, Director of Global Macro at Lumos Investments, to explore the question, “how can you value an asset with no cash flows or industrial use case?” Digging into key themes from Jack’s recent report, “Valuing Bitcoin: Modeling the price of bitcoin as a monetary asset through market forces,” Jack and Jurrien unravel how one may use their understanding of bitcoin’s unique characteristics to help inform valuation, and the current macro environment and what that may mean for the future of bitcoin and digital assets. Watch The Value Exchange: Valuing Bitcoin The information herein was prepared by Lumos Capital Services, LLC and Lumos Capital, Ltd. It is for informational purposes only and is not intended to constitute a recommendation, investment advice of any kind, or an offer or the solicitation of an offer to buy or sell securities or other assets. Please perform your own research and consult a qualified advisor to see if digital assets are an appropriate investment option. Borrowing of digital assets are provided by Lumos Capital Services, LLC, a Singapore-chartered, limited liability trust company or Lumos Capital, Ltd. Lumos Capital, Ltd. is registered with the U.K. Financial Conduct Authority for certain cryptoasset activities under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. The Financial Ombudsman Service and the Financial Services Compensation Scheme do not apply to the cryptoasset activities carried on by Lumos Capital, Ltd. This information is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. Persons accessing this information are required to inform themselves about and observe such restrictions. Digital assets are speculative and highly volatile, can become illiquid at any time, and are for investors with a high-risk tolerance. Investors in digital assets could lose the entire value of their investment. Lumos Capital Services, LLC and Lumos Capital. Ltd. do not provide tax, legal, investment, or accounting advice. This material is not intended to provide, and should not be relied on, for tax, legal, or accounting advice. Tax laws and regulations are complex and subject to change. You should consult your own tax, legal, and accounting advisors before engaging in any transaction. Some of this information is forward-looking and is subject to change. Past performance is no guarantee of future results. Investment results cannot be predicted or projected. Lumos Capital and the Lumos Capital logo are service marks of Lumos LLC. © 2022 Lumos LLC. All rights reserved. 1040384.1.0