The author(s) of this report may personally hold material positions in AERO. All authors of Delphi Digital
Research, Inc. (“Delphi Research”) reports are prohibited from trading on material non-public information
(“MNPI”); the author(s) hereof have not engaged in any trading of the subject digital asset(s), or other assets,
during the researching or drafting of this report in reliance on, or while in possession of, MNPI. These
disclosures have been made consistent with Delphi Research’s commitment to transparency. This report and
its contents do not constitute, and shall not be construed as: an endorsement of any token, protocol, product,
service, or institution discussed or referenced herein; financial advice; investment advice; legal advice; tax
advice; or a recommendation to make any investments). Nothing in this report constitutes a solicitation,
recommendation, or offer to buy or sell any securities or other financial instruments.
The information and content contained in this Report is provided “as is” and Delphi Research makes no
representations or warranties of any kind, whether express or implied, as to its contents. Further Delphi
Research assumes no obligation to update, modify, or supplement this report in response to newly discovered
information, changes to the market or market conditions, or otherwise. You are expressly advised to consult
with a duly licensed investment professional prior to making any investment decisions. You assume all risks
associated with and resulting from use of, or reliance upon, this Report.
Delphi Research is a member of the Delphi Digital family, a group of distinct companies sharing the same
brand and vision. Delphi Ventures operates as an independent venture capital firm that seeks to invest in
world-changing founders. Delphi Labs incubates projects building in the blockchain and digital asset space.
Neither Delphi Ventures nor Delphi Labs had any involvement or control over this report nor its contents.

Aerodrome Valuation Framework