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409A Valuation Report — 01 January 2025

409A Valuation Report — 01 January 2025

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Picap Inc.

Picap Inc.

US

Valuation report

Aug 21, 2026

409A Valuation Report — 01 January 2025

Concluded fair market value $3.0200 per common share. Prepared by Carta Valuations. Rendered August 21, 2026.