LockTrip Whitepaper

Sunday, July 15, 2018
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WHITEPAPER Ecosystem and marketplace for renting hotel rooms, properties, or accommodation Page 1

Contents 1. Project Essentials 3 1. Executive Summary 4 2. Introduction 6 3. The Decentralized LOC Ledger 8 4. LockTrip.com’s marketplace 14 5. Market Overview and Competition 20 6. The LOC Token 28 7. Strategy 31 8. Road Map 32 9. Token Sale 34 10. Our Team 39 11. Legal notice 44

Project Essentials Low Total Supply - only 18.5M LOC High Project Potential $500 Billion industry Raised 10,500 ETH+ from 4,000+ Backers High Token Liquidity and Fast Integration with at Least 2 Exchanges (by Dec 2017) Strong Team and the only Project Backed by a President of a Country Instant Purchase from Smart Contract Through your Personal Wallet Fast Growing Organic Community 20,000+ of Crypto & Travel Lovers 1 Year Vesting on Team & Reserves Digitally Limited Supply - Smart Contract Can Generate LOC Only as Result of ETH Healthy LOC Buyers Portfolio - 75%+ Retail Buyers & End Users Brilliant Reviews by the Media and Industry Experts Pure Utility Token with Direct Application on High Value Travel Booking Service Alpha Version of Hotel & Properties Marketplace Ready as Soon as Dec 2017 Signed Agreement with Fantasticstay.com for Adding 10,000 Properties Page 3

1. Executive Summary Abstract We design and build LockTrip, a decentralized open source bookings ecosystem for renting hotel rooms, private properties or accommodation (the decentralized LOC Ledger). LockTrip will be the first system which allows end customers and property owners to deal with each other on the platform without any fee or commission. In addition to that, we will build LockTrip.com - which will be the first marketplace/application that will connect with the decentralized engine (The LockTrip. com Marketplace). The decentralized system will hold the LOC booking ledger which will be the core of the engine. Existing platforms (e.g. Booking.com, Airbnb.com, Expedia.com) are currently centralized and take fees from the property owner and/or the end customer. Additional middlemen are the pay- ment processors. All listings and deal parameters on LockTrip will be decentralized on the Ethereum blockchain, eliminating all middlemen and guaranteeing transparent execution. For Property Owners LockTrip.com marketplace’s web and mobile clients will present an easy-to-use interface to add and edit their listings on the decentralized LOC Ledger. One-click solutions for transferring current listing from other platforms will be provided for maximum comfort. Traditional payment methods (e.g. credit cards, PayPal) will also be supported as an option because the LockTrip.com market- place will have a built-in algorithm that will execute automatic conversion of all external currencies into the LOC utility token. The synergy between the LockTrip.com marketplace and the decentral- ized LOC Ledger provides an ecosystem that is self-sufficient and powerful enough to compete with the best service providers in the $500 Billion accommodation sector. Page 4

Customers will be able to browse for the best property, using both web and mobile apps. We will focus the LockTrip.com marketplace to be as user-centric as possible, offering comfortable user interface and overall experience. The zero commission which by default is a feature of the decentralized LOC Ledger, will provide the lowest rates, possible only when end customer and property owner deal directly. Current market middlemen take 10-25% of the deal. Releasing the LOC Ledger as a decentralized solution will bring this value back to the end-customer, allowing cheaper travel. By integrating marketplaces such as LockTrip.com, The value of the LOC token will increase and could become a catalyst for change in the industry. For the world The entire decentralized LOC Ledger, built on the Ethereum VM, will be open source and free-to- use by anyone in the world. LockTrip’s site and app will be the first end-user applications on top of this blockchain platform. In the future other organizations may decide to build their apps and use the decentralized opensource PropertyOwner <-> Customer platform. Page 5

2. Introduction Crypto-currencies are still in childhood phase, and blockchain technology provides a world of possibilities for practical applications that extend far beyond the financial sector. LockTrip embraces this technology to open a decentralized marketplace in the travel and tourism sector. Harnessing existing technologies and concepts – hotel and accommodation listings, online book- ing and purchasing, and by building the first integrated marketplace that uses the decentralized LOC Ledger, LockTrip.com will challenge the market dominance of online travel agents, payment processors, and metasearch aggregators. LockTrip provides a platform that charges no commission to the accommodation and property rental sector. The market of crypto currencies has exceeded US$150 billion at the time of writing this whitepaper. For a rough comparison that may serve useful, total world hotel revenue is at around US$500 billion and climbing. $457B $494B 2015 2016 Thought leaders in the cryptocurrency field such as William Mougayar talk about “vanity metrics” – the breaking of records at each “Next Big” ICO launch that only seem important to those in the cryptocurrency industry. In this blockchain world, a big launch party is confused with as-yet-unprov- en success in the field. According to even those who embrace cryptocurrency culture, more than nine out of ten ICO- based start-ups are likely to go to the wall. Expectations of success from the experts are less opti- mistic than even for regular start-ups. Page 6

We believe that to a large extent, this is due to the disbalance between the complexity of the tech- nical aspects of the projects and the actual business use of the services that users are not able to validate within a reasonable amount of time after the token sale. Waiting 2 years for a technology to be developed and then to begin thinking on how other businesses can adopt that technology seems to be a challenging concept. This is why our goal is to launch a decentralized engine in combination with a user-friendly mar- ketplace which will be fully integrated to the engine as an immediate proof of concept. As of this moment we have reached a preliminary agreement with travel industry hosts, that supply more than 7,000 properties worldwide. Those properties are planned to be integrated into the decen- tralized LOC Ledger by the end of 2017. LockTrip’s goal is to deliver on its promise of providing accommodation deals, and travel and tourism related listings, at far less expense than the online travel agents who currently occupy the space. We at LockTrip plan to do that by eliminating the need for middlemen and their credit processing partners entirely, through the utilization of more advanced and affordable blockchain technology and by integrating that technology with an immediately accessible marketplace that will directly compete with the established market leaders. This can be achieved by creating a bridge between two already existing technologies in order to improve an already established business model which is in higher demand than ever. That does not necessarily mean cutting all other forms of payment out entirely, but instead eliminating the need for them and presenting as an alternative an up-to-date technology for both clients and hotel/property owners at no cost. Page 7

3. The Decentralized LOC Ledger The Decentralized LOC Ledger is the engine that regulates all transactions and relationships between the hotels/property providers and the clients. In its core, there are go- ing to be rules and operations governed by smart contracts which will be deployed in the Ethereum Virtual Machine. The LOC Ledger will keep record of all transactions and will regulate the transaction executions through client/host driven smart contract triggers. The LOC Ledger will run solely with the native LOC token and any application that wishes to connect to the engine will have the freedom to provide added value services such as support of additional payment methods which they can convert into LOC at the time of the booking. This can be done either through integration to external exchanges or by converting the currencies themselves with an internal algorithm. Some of the operations (but not limited to) the decentralized LOC Ledger will run: - booking placement - booking confirmation policy (instant/or after review) - deposit holding - deposit release/refunding upon check-out - check-in requirements & up-grade possibilities - dispute trigger & dispute terms - deposit withholding - optional history/reputation requirement for customer ..and more Page 8

The LOC Ledger will be open source and free to use. This way we plan to nurture the development of a new world standard for accommodation that will be based on the native LOC token. The more travel sites connect to the LOC engine, the higher the adoption of the LOC token and its value will be. Since the LOC Ledger will be an entirely new bookings backend, we find it of utmost importance to develop a fully integrated and operational marketplace application that will be connected with the LOC Ledger and act as a front-end (from the paying customer’s perspective). This way the decentralized LOC Ledger in combination to the user-friendly application/market- place will create an ecosystem that will be self sufficient. Not relying on any external factors is of utmost importance for the success of the project and the tokensale. For this purpose, we are planning to build the LOC Ledger together with the LockTrip.com web-based marketplace. Page 9

John John Books a hotel with Booking is executed with his credit card in EUR LOC at 0% commission A built in algorithm exchanges his EUR payment into LOC via API connectivity with exchanges After Check-out and in case no disputes have been initiated, the smart contract that manages Fiat payout is made at the booking releases the payment 0% commission to the hotel to the hotel. Hotel Liquidates LOC into Fiat Hotel/Host Page 10

The marketplace will serve as a proof of concept and a place where anyone who takes part of our token sale will be able to spend his LOC. It will also provide an interface to hotel and property owners to connect with the decentralized LOC Ledger and list their properties. WHY BLOCKCHAIN TECHNOLOGY IS NECESSARY FOR THIS PROJECT? We are witnessing a steady increase in the number of projects that try to launch their token sales without actually needing blockchain technololgy, which we believe is a major red flag. This is why we find it utterly important to explain why blockchain is absolutely necessary for our project and how its value depends on it. It can be stated, that the value of an online accommodation service provider can be divided into 4 main sub-categories: - The Price of the accommodation - The quality and the size of the database (hence the number of found properties with a single user search) - The speed, reliability and user-friendliness of the service - The customer support Thanks to the fact that that the decentralized LOC engine will be completely autonomous and once deployed will undoubtedly continue to exist, we assume that it will be accepted as a neutral environment by anyone who wishes to build an application and connect with it. The decentralized LOC Ledger will be the backend that will take care of: payment processing managing bookings database Page 11

This will be done through the utilization of smart contracts that can manage the customer/host re- lationship and will be programmed to handle scenarios with its native utility token (the LOC token) Through the LOC Ledger, applications will have an immediate and entirely functional backend for providing a competitive accommodation service without the necessity to invest in their own. They will only have to connect to the decentralized engine and adopt the content and the technology. Because of a unique feature that each marketplace would possess - the shared decentralized database, the value of the LOC Ledger would grow exponentially. When marketplaces add/list new properties to the database, these properties would be inserted into the blockchain engine. For example: Steve’s Marketplace adds 1000 properties in January Mike’s Marketplace adds 1000 properties in January John’s Marketplace adds 1000 properties in January The LOC Ledger would hold 3000 properties in the end of January making it much more attractive for any newcoming marketplace. For anyone who would connect to it, this would lead to a marginal increase of 3000 properties from day 0 with zero investment on integration. The result from the perspective of each marketplace owner is that they add 1000 properties (and spend the resource/invest into adding those 1000 properties), and they get 3000 in return. This is furthermore empowered by the fact that integration is done on regional level, and the three marketplaces can be operating in different countries. The cost e.g. for a German based market- place would be substantial if they are to integrate e.g. hotels in Singapore, because they would need to open a new branch in Singapore, just to build their supply. Whereas if a German market- place would work on integrating German hotels, and a Singapore marketplace on Singaporean hotels simultaneously, and they both share the same database, the synergy would be significant. Page 12

This would only be possible if the database is decentralized, autonomous, and not subjected to any kind of centralized, organizational and management risk and to be resistant to censorship. If it is centralized and open source for example, and assume that there is still 1% risk of the server to be taken down due to a number of reasons (e.g. a legal case against the owner, a technical malfunction of the server, financial problems, court rulings, death of owners/personnel etc), from this perspective 1% risk would become a 100% risk for anyone who would be taking into consid- eration the time factor, because he would multiply that 1% risk by the a long period of time, which would inevitably add up to a 100% at some point in the future. This is why the only possible way for one to invest in a shared accommodation database is by knowing, that the database does not belong to anyone, and that no one would have the authority to shut it down. Something which is the core feature of a decentralized autonomous organization (DAO). There is a certain analogy between the development of the internet and the above model. People and organizations add content and value to it and don’t think of its overall combined value, be- cause they know that it is unquestionable in terms of ownership, existence and is a neutral environ- ment which they can use to their benefit. This puts the focus on their individual value. Whereas if there was a centralized dependency (e.g. if the internet belonged to one country, its value would have never been what it is today, and the volume of its content, applications and services would have never expanded to this level because some of the organizations would see a certain risk). The biggest accommodation service provider has approximately 1.5 Million properties in its da- tabase. Competing with this number is a significant challenge and would be much more effective if a cluster of marketplaces work together towards achieving it. The LOC Ledger will be completely autonomous, and it will not charge any commissions, which will result in lower end prices. These two core features of the projects are only possible through the use of the decentralized LOC Ledger. It will not have a “shutdown” button and will be open source and free to access by the public. Page 13

The third essential element is the reliability and the speed of the transactions. Luckily these two have already been proven by existing decentralized networks. In comparison, when you book a hotel on one of the biggest booking websites (let’s call it “B”), you may or may not get an instant confirmation. Sometimes the booking could take up to 24 hours or more for it to be confirmed by the hotel owner. Same goes for payment. You might be charged on the next day after the booking and in some cases if a problem arises with the transaction, it is possible that you might already be en route to the hotel with limited ability to react to the situation when you are contacted with an urgent request to provide another payment mean. All these scenarios are impossible with block- chain technology. Even if there is some bottleneck in the processing of the payment, it is invariably going to go through. As a summary, the decentralized LOC Ledger and the fact that it will be completely autonomous provide unquestionable and unique competitive advantages that build the core value of LockTrip. Some might argue that a centralized market could still cut the commissions to near 0%, but that market will always be limited to the number of properties that it is able to integrate by itself. In contrast, when it is decentralized, it will be a combined effort between all marketplaces that are connected to it. 4. LockTrip.com’s marketplace LockTrip.com is a marketplace with direct connection to the decentralized LOC Ledger. Our Marketplace is an invariable part of the LockTrip ecosystem. It will be the first integrated ap- plication that will provide a user-friendly access to accommodation users. LockTrip will be the first system which allow end customers and property owners to deal with each other WITHOUT ANY FEE OR COMMISSION. Existing platforms (e.g. Booking.com, Airbnb.com, Expedia.com) are centralized and charge substantial fees from the property owner and/or the end customer. Additional middlemen are the payment processors. All listings and deal parameters on LockTrip will be decentralized on the Ethereum blockchain VM, eliminating all middlemen and guaranteeing transparent execution via smart contracts. Page 14

For Property Owners LockTrip.com marketplace’s web and mobile clients will pres- ent an easy-to-use interface to add and edit their listings on the blockchain. One-click solutions for transferring current listing for other platforms will be provided for maximum comfort. Traditional payment methods (e.g. credit cards, PayPal) will also be supported as an option. Customers will be able to browse for the best property, using both web and mobile apps. Once they decide to place a booking, they can use the marketplace’s interface to initiate the trans- action on the decentralized LOC Ledger. We will focus the LockTrip.com marketplace to be as user-centric as possible, offering comfortable user interface and overall experience. The zero commission will provide the lowest rates, possible only when end customer and property owner deal directly. To put it in other words, current market middlemen take 10-25% of the accommodation deal. Re- leasing LockTrip as a decentralized solution will bring this value back to the end-customer, allowing cheaper travel. Under the system, accommodation providers are not underselling their apartments, suites, houses, or rooms; through LockTrip, they instead eliminate a fifth of the costs that had been add- ed by those selling their services and accommodations on their behalf. LockTrip empowers the consumer by providing a direct link to their accommodation provider, and it empowers the hotel provider by eliminating excess costs of those who demand commission for driving business to their door. Page 15

A visual representation of how the industry works now and how LockTrip aims to revolutionize it, stepping on a decentralized foundation layer through user friendly Current Solutions Books hotel or other propery 15-25% booking fee Booking / Airbnb / Other Centralized platform Sometimes Platform Receives Payment and transfers to owner Customer Property Owner 2-3% fees Payment Processor LockTrip.com LockChain.co Easy to use interface Easy to use interface to list your property Customer friendly interface for data management on the blockchain Customer Property Owner Payment via Receives payment via LOC 0% fee LOC 0% fee Booking / Payment platform on Blockchain Page 16

4.1 BUSINESS MODEL BEHIND LOCKTRIP Due to the advanced capabilities of blockchain technology, property owners won’t pay any commissions for transactions. Our vision is to transform the current premium model of the OTA industry to freemium model and give back the value to travelers and hosts. This means that every- one will be able to use the decentralized ecosystem for free. However for additional payment, some extras and comfort features will be available on the LockTrip.com marketplace which will directly compete with established OTA. For the marketplace we are considering – pure freemium model of monetization Everyone will be able to use the platform for free (including listing and keeping properties). However for additional payment, some extras and comfort features will be available. For exam- ple if you are a property owner, you can list your property for free. Upon booking you will get 100% of the revenue, with no commission for LockTrip. To achieve better visibility you can pay a small amount of LOCs for highlighting your listing or bringing it on a higher position when a user performs search. Or you can upload more pictures to a listing. Additional statistics and dashboards for optimizing property utilization can also be provided to property owners as additional paid feature. Paid features will not affect ratings and reviews. LockTrip aims to optimize trade between property owners and end customers, but never on the cost of quality and fair trade. By offering these high value services for free, LockTrip stimulates the circulatory demand for the native LOC token. Both booking services and premium features to hosts and travelers will be payable in LOC with the possibility to purchase LOC through conventional payment methods. Page 17

4.2 SYSTEM ARCHITECTURE AND PRODUCT DESIGN Project Architecture Central Database CMS Point of Interaction End Customer Travel Log Centralized HTML5 Website Backend Social Platform - interaction with other users Management Property Owner Statistics and Analyse Listings Customer / Ratings Property Owner Reviews Social Platform - interaction with other users Point of Interaction Blockchain Mobile App Platform Records all listings Settlement of payment according to listing’s requirements Page 18

The system architecture of LockTrip consists of 3 layers 1) User Layer the user interface on different platforms, starting with responsive web and then mobile clients for Apple and Android smartphones and tablets) 2) Centralized Backend Layer The central backend will keep a mirror database of the decentralized LOC Ledger. As it is expensive to keep data on blockchain, LockTrip will keep the heavy data (pictures, videos or any other content) on its servers. All transactions will be executed on the block- chain through the utilization of an engine of smart contracts. 3) Decentralized Blockchain Layer Using the Ethereum VM, LockTrip will keep an address book of all listings on the block- chain. Settlement information will be recorded, secured and executed on blockchain (the payment rules for each property deal) This layer is open-source and will remain for universal free use by everyone. We will encourage more applications to use it in the future which on its end can widen the practical applications for the LOC token. Current market leaders have achieved a great customer experience, constantly optimizing their web and mobile platforms. The general user has already been “educated” what to expect from booking apps and how to use them. We aim to keep that for our marketplace and innovate on top of it. Our platform will launch with the HTML5 website, having fluent responsive design for easy use on mobile devices via native browser. Second step is to add native application for iOS and Android mobile phones and tablets. Both will serve as front end for the end user, communicating with the common centralized and decentralized backend of LockTrip. The following architecture will allow us to add new interfaces for emerging platforms (AR/VR/Information points etc), if we decide that users can really benefit from that. Our LockTrip.com’s centralized backend is based on Microsoft .NET technology, using C# and MSSQL server for its operations. Page 19

The decentralized LOC Ledger is based on utilizing the power of smart contracts on the Ethereum virtual machine. LockTrip platform will be a working masterpiece of synergy between traditional and emerging new technology, with 100% user-centric ideology and foundation design that will be open source and free to the public. 5. Market Overview and Competition 5.1 EVOLUTION OF THE TRAVEL INDUSTRY AND HOW IT LAGGED BEHIND While technology advanced into the internet age, online reservations have changed little through- out the last 15 years. Thanks to the internet, tech companies saw an opportunity to create us- er-friendly booking sites, which charged a flat commission to hotel and property owners. Hotel owners could more effectively market their hotels at these centralized booking sites. Today, the commissions that the booking and short term rental sites charge range from 15% to as high as 25%. Since the end user - the hotel guest or short term tenant - makes payments directly, a payment processor is also required to handle thetransaction, which, at the end of the booking process, charges an additional 3%. This model results in a client going to the website, connecting with the hotel through agents which are detrimental to its business in everything beyond bringing the guests to its doors, and total commissions-per-transaction typically reach 25%. We’re not suggesting that the vacationers and business people that make up a hotel’s clientele are not its primary raison d’etre. But if you call the hotel or book via the hotel’s website, rather than through a travel agent, the hotel does not pay out that commission. Meanwhile, the hotel itself often feels compelled to offer its rooms at the same inflated rates as those booking sites that insist – in agreements made with the hotel, which hoteliers themselves are often unhappy about – that they are offering the best advertised prices. Whenever you book a hotel through a “lowest price guarantee” web presence, you are actually giving away approximately 20% of your money to someone simply because he owns a web serv- er (from 2017’s perspective). Many of the dominating booking websites have a policy that forbids hotel and property owners from listing their properties at a lower price even at their own websites. This artificially creates a “lowest price” feeling. Page 20

For more than 15 years, the travel industry has not advanced significantly in terms of booking process and user behavior. Several companies have seized this as an opportunity to become multi-billion dollar monopolies. Their role as middlemen is to show you a hotel listing (which in most cases you can see from the own hotel’s website) and to forward your stay details to the hotel management. The biggest booking website today does not even handle the payments and asks the hotels and property owners to arrange these payments themselves. As a result, they further diminish their ex- pected added value to the whole process. All this was a revolutionary technology 15 years ago, but in 2017 it is not. Blockchain technology uses shared ledger information through a peer-to-peer network that vali- dates information almost instantly. The exchange of data is extremely affordable, the security un- paralleled. The validity of information is unquestionable due to the underlying technology, where the same piece of information is stored in millions of computers. This technology, unlike the server-client computing systems still used by the travel industry, was not available 15 years ago. The beauty of the cryptocurrency market is that competition does not necessarily come from its own market. LockTrip’s counterparties are those in the online travel space within a $500 billion hotel industry (and the associated accommodation and property rental sectors) that are not the primary service providers. This agent class eats into this revenue through heavy marketing and advertising campaigns. Their models have been criticized as “not reliable” in terms of pricing by consumer watchdogs such as the inter-country European Consumer Centres. Utilizing blockchain as founda- tion technology, LockTrip aims to catch up and eventually out run current market leaders – providing an unprecedented advantage for the end customers. A study conducted by that body in late 2015 found that prices presented by those in the online travel industry were often not those the consumer ended up paying. Often additional hidden charges were sneaked in by the online travel agent after the rigmarole of entering contact and credit details. The body also noted how promoted special offers were often not available at the time of purchase. What advantage does LockTrip have over such stealth commercialism? Page 21

The transparency offered by the blockchain environment allows any user to see what she’s being charged immediately. The process will look completely identical – with the same WYSIWYG func- tionality, one-click optimization, and other details, as would be expected in the more conventional virtual space. Via LockTrip, you choose from the list of properties, hotels and rooms, you pay for your booking, and all that’s left is to turn up and enjoy your stay. Any cynical expectations of unexpected charges are gone; the user won’t have any such sudden add-ons. The underlying technology simply does not make it possible. The networked, democratic, peer-to-peer-like nature of the cryptocurrency world can be fully exploited by LockTrip for the benefit of its users. 5.2 ONLINE TRAVEL AGENCIES (OTA) INDUSTRY REVIEW Online Travel Agencies (OTA) Sector Review The Online Travel Agency industry is composed of websites that allow consumers to search for and purchase airline tickets, car rentals, or hotel accommodations from providers of those services. The companies only serve as an intermediary in the transaction. The companies serve as a way for customers to shop around, customize packages, and find special rates. Advertising to website visitors forms a small part of revenues. Competition between companies tends to be based on ad- vertising expense, but concentration is very high with a few firms generating the bulk of revenues. The Online Travel Agency industry is made up of only a few firms of any size. The major compa- nies own many different branded websites, some of which offer different services such as Booking. com owned by Priceline that books accommodations primarily in hotels but also in apartments like Airbnb, though Booking.com is solely focused on listings from commercial businesses. OpenTable is also owned by Priceline and allows making reservations through the website or the mobile ap- plication. Most of the websites function like metasearchengines that pull prices and offerings from their net- work, and in some cases the websites of the providers themselves. The term metasearch is used since each provider’s website is a search engine that shows listings from only that company across times locations, or services. Page 22

Online advertising space specific to travel is Revenue Streams also sold. This creates two types of customers, travel consumers and travel providers. Revenue falls into one of three buckets. Key Industry Statistics (Cap-Weighted) P/E 28.9 The first is agency revenues where the web- P/S 7.19 site is simply an intermediary that connects ROE 24.65% a traveler with a provider of travel services, Est 3-5 Yr EPS Growth 21.16% but the website is not the merchant of record. Historic 3-yr EPS Growth 23.8% The costs of the transaction are not borne by Hist 3-yr Sales growth 23.1% the website owner. There would be no cost of Beta 1.43 revenue, cost of goods sold, associated with Top firms by Market Cap these transactions. Priceline 66.766M Expedia 16.162M CTrip 13.571M This is exactly what LockTrip TripAdvisor 9.374M focuses to eliminate, so its Custom Portfolio Weights Priceline 63.07% value can be transferred to Expedia 15.30% the end customer. CTrip 12.78% TripAdvisor 8.85% The second is merchant revenues where the website is the merchant of record, and costs OTA Industry Key Stats associated with the transaction are borne by the website owner. These costs include credit 28.9 card processing fees, costs associated with 24.7 securing a package or deal, and any other fees that might be associated with the transac- 7.2 tion. Priceline’s Name Your Price® feature falls in this category. P/E ROE P/S Source: Factset Utilizing blockchain and LOC Table: Revenue Sources in 2015 ($Millions) token, LockTrip will Company Agency Merchant Advertising Other eliminate this as well – secure, Expedia 1.882 4.204 566 20 trustless transactions over Priceline 6.528 2.083 613 - TripAdvisor - - 1.115 377 decentralized network with no Source: Expedia, Priceline, TripAdvisor 2015 Form 10-K commissioner. Page 23

The third bucket is the advertising bucket, traditional payment methods as well, as a sec- which is the smallest source of revenues. Ad- ondary to LOC option. vertising also does not have associated costs We will focus on the third bucket, transform- since unlike Google the ads are displayed on ing the OTA industry from premium to free- company-owned websites. Revenue growth in mium. Everyone is free to list and market his advertising has been strong year-over-year as property on LockTrip. Additional extras, aim- the providers compete amongst each other to ing to increase exposure, will be offered for a win market share. The industry is one of in- small fee (e.g. paying extra for highlighted or termediaries that is insulated from and tends recommended record) to benefit from the intense competition among travel service providers. General Investment Positives: Revenue Breakdown by Segment • Gross bookings have continued to grow. 100% Recent stumbles have been due to short- 75% term events such as terrorism or regional 50% instability. If gross bookings continue to 25% grow the recent fear of a slowdown for 0% Expedia Priceline TripAdvisor the OTAs will likely dissipate. Agency Merchant Advertising Other Source: Expedia, Priceline, TripAdvisor 2015 Form 10-K • Passenger demand growth is expected to remain strong, which could help OTAs. How will LockTrip • The Chinese market is strong, and each company is adding more properties to in- revolutionize OTA and still crease room nights booked earn revenue and grow? • Oil will stabilize at levels lower than it has LockTrip aimes to change the revenue mod- been at before 2014. This will support an el completely, by utilizing the power of new increase in travel volume, even if travel vol- blockchain technology. ume remains flat on an oil-adjusted basis. Oil remains one of the few macroeconom- We remove completely the first bucket – zero ic positives for the travel industry. commission as an agency. We remove partially the second bucket – as payment will go through LOC token it will be trustless and feeless. As crypto adoption is still in its infancy we will have to provide Page 24

Digital travel sales worldwide from 2014 to Distribution of digital travel sales worldwide 2019 (in billion U.S. dollars) from 2014 to 2019, by region 1000 125% 800 762.34 100% 649.85 704.77 593.18 600 533.52 75% 470.97 400 50% 200 25% 0 0% 2014 2015 2016* 2017* 2018* 2019* 2014 2015 2016* 2017* 2018* 2019* North America Western Europe Asia-Pasific Latin America Medal East and Africa Central and Eastern Europe 5.3 THE ONLINE TRAVEL INDUSTRY AND ITS MIDDLEMEN In May 2015, three of the biggest booking sites (for the sake of legality we will refer to those companies with nicknames, “B”, “E” and “A”) all raised their commission rates in Australia from 12 to 15% (yes at the same time!). Generally, across the globe, standard commission rates from travel agents is 15%. “E”’s cut can be as high as 25%. Commission from the online travel sector can reach 45% in worst cases. Evidence of these details can be found via posts and forum discussions among hoteliers and accommodation providers, many of them complaining about these excessive commissions. But the online travel agents (OTAs) do not want you to know this information. Note too, these commission rates are applied before the addition of online transaction charges by the credit or debit card companies. “B”’s rates are similar to “E”’s, and they too offer best-price guarantees. Hoteliers can take up the offer of a Preferred Hotels feature, according to “B”’s Partner Support domain. Participating hotels need to maintain other standards, such as positive online ratings from guests. The commission rate is believed to start at about 20% for this feature. The upshot of agreements like this appears to be “You run an excellent business, and we’ll promote you more. But you have to pay us more.” It appears that hard work is rewarded with a bigger cut to what is effectively your franchise owner. There are stealth charges. There is little or no transparency. If someone suggests a new technology or workaround, payment processors are usually still there to exploit the consumer. Page 25

There are different intermediaries involved – and the end user, the potential renter of a property, or the hotel guest – can neither see what these charges are, nor whom they are benefiting. Hotel management cannot accurately predict income because they may not know from which plat- form a guest booked a stay at their hotel, and therefore cannot determine how much commission they will pay out to travel agents and other operators. Why is this the case? Because under specific online models, for example, when a travel agent sells a room, they take the payment, and the accommodation provider subsequently invoices the agent – or the guest uses their credit card at the hotel upon arrival. But because the travel agent has the details, a hotelier’s information about the guest is often limited to their name. Travel agents may enter into a more permanent merchant agreement with the hotel, and subsequently choose to provide financial information and contact details along with the guest’s name. But it is not always the case. What of punitive charges for using the “wrong” payment method? Take two price comparison sites – one shows a hotel room for eight dollars cheaper than another. You go through the process, entering details, and you reach the checkout. You may be charged three dollars more than the better-advertised offer, because of reasons that are unknown to the client. 5.4 BACKLASH AND HOW LOCKTRIP WILL ADDRESS ANTI-COMPETITION PRICING AGREEMENTS The big booking websites “B” and “E” prevent the hotels and accommodation providers from offer- ing lower advertised prices than those featured on the booking websites, holding them to these re- strictions so that their presences across the globe can offer best price. But which would be better? Booking through the hotel for the same price as through the booking aggregator, or through ag- gregator itself, which takes its 20% cut? Under the canny and exclusive arrangements with hotels, the market-dominating giants also pre- vent other Online Travel Agents (OTAs) from providing better deals, which is in complete conflict with globally harmonized anti-monopoly legislation. Page 26

However, the hotels themselves are fighting back. Hilton launched a “Stop Clicking Around” pro- gram, while the Marriott now offers a loyalty program that excludes those who booked through an OTA. But spending on advertising to make potential guests aware of such offers carries a risk. Because of other costs – such as running an actual hotel – many accommodation providers are not resourced with the marketing spend (at about 6%) that OTAs have factored into their budgets (closer to 50%). The backlash against OTA culture can also be seen at government level. In January 2015, the German Competition Authority ruled that price clauses were anti-competitive, preventing the largest booking site from using its “best price guarantee”. In May of the same year, a Commercial Tribunal of Paris ruling went against another giant on the pricing competition issue. Are there any further challenges against the online travel agency sector? LockTrip will present 3 opportunities to hotel and property owners: • Direct - Property owner gets the exact price from customer on the moment of booking. No cancelation. No further guarantee prebooked. • Cancelation option - Property owner can allow cancelation of booking and return of funds. ○ Property owner can define percent of amount returned and a deadline date. ○ Conditions and LOC are hold on the blockchain, which gives 100% guarantee of execu- tion of rules for both property owner and customer • Deposit guarantee - in the event that the hotel owner is concerned about a breach of contract, he can request an additional amount of LOC to be withhold as deposit guarantee. The deposit will be automatically released if there is no problem. Again, all this will happen transparently on the blockchain. Through this win-win model, LockTrip will create a new kind of accommodation supply in the travel industry. By changing the standards and waiving commissions, consumers will be the ones who win the most because they will benefit from 20% lower rates, or 20% better paid accommodation provid- ers - most probably a combination of both. Either way, the value will be there and the generator for customer satisfaction will differentiate LockTrip from all conventional online travel agents. Page 27

6. The LOC Token 6.1 DESCRIPTION AND PLANNED USAGE OF THE LOC TOKEN On the 29th Oct 2017 at 16:00 GMT, we are launching the tokensale of our LOC digital token. The LOC token is an invariable part of our ecosystem and will be the utility token that gives access to both clients and hotel owners to the decentralized LOC Ledger. When you buy LOC, you unlock full service abilities of our decentralized booking marketplace. It will be the mean to book hotel and accommodation stays, property rentals, and associated services. The landlord or hotelier accepts this form of crypto-currency and can withdraw it from the LockTrip.com marketplace or any other marketplace which is integrated with the decentralized LOC Ledger. From a client’s perspective who browses the LockTrip.com marketplace, the use of LOC tokens will not be a requirement. But in reality, what will happen at the time of any purchase is that the marketplace will use its built-in algorithm to convert any external means of payment into LOC. Use of other fiat and crypto-currencies will be provided as a service, although charges of 1-3% may apply. Over time, more functionality will be released. By launching its own native token and decentralizing the ledger of hotels, LockTrip aims to solve a long-standing problem - how to make online bookings cheaper and transparent, while retaining the speed and safety of all the processes involved. LockTrip addresses a problem that has been present for many years. Perhaps it has been un- der-the-radar due to price-gouging, anti-competitive practices, and pernicious agreements that have been forced on hotels by those who dominate the Online Travel Agency market. The established online travel agents (OTA) enjoy practices that include instructions to hoteliers and accommodation providers not to share the details of their often substantial commission rates with guests and customers. Removal of these rates can only be of benefit to the property tenants and hotel guests who are the end users on the LockTrip platform. Page 28

So if you’re not yet fully aware of the agent charges in the accommodation industry, it’s because the agents don’t want you to know. Until now, no one has provided an entirely successful solution to this problem. LockTrip has the solution – to disrupt a closed loop. Online travel agents have more bargaining power over hotel owners due to their monopoly market shares and continuing flow of cash. LockTrip offers a single worldwide marketplace with substantially lower prices for this closed loop to be disrupted by the actual service providers - the hotels. People can buy LOC tokens at home, and they will appreciate their real-time application imme- diately, alongside the token’s potential to appreciate in value. The LOC tokensale is limited to the equivalent of 32,000 ETH. The Total Tokensal LOC Supply is 25 Million LOC. Additionally the Team Pool and Reserve will be generated in a 50% - 25% - 25% ratio. Any LOC which is unsold from the token sale will be destroyed. There’s no need to exit the LockTrip.com marketplace in order to do a currency conversion. After you have purchased the tokens, you can immediately take advantage of the savings. LOC tokens will be incentivized among paying members. Use LockTrip’s native token, and you pay no commission at all forever. Clients receive additional refunds and rewards on their transactions upon writing of a review. These karma-based rewards systems can be extended and expanded upon. We’re the first to agree that blockchain technology provides a perfect environment for affordable, instant, safe, non-disputable transmission of information. A trusted blockchain system aimed at hotel and accommodation booking offers transparency. Because it is a distributed ledger that constantly re-validates itself and is decentralized, once any info gets in, it is not subject to manipulation, eliminating the need for any external authority. However, many sectors of business have yet to embrace the advantages. The travel industry has been reluctant to incorporate cryptocurrencies directly into its online purchasing operations. Al- though one big name accepts Bitcoin for its bookings, booking aggregators and travel agents are broadly averse to accepting the currency until it’s been converted to fiat. The industry has not yet seized on the potential. Even if they adopt it, the underlying problem of unfair pricing and com- pletely centralized service providers that apply unfar practices still persists. Page 29

Our plan is to launch the LockTrip.com marketplace together with the decentralized booking LOC Ledger. The two elements provide a self-sufficient relationship and offer a 20% more competitive pricing that can easily outperform the established competitors. At this moment we have reached a preliminary agreement with more than 7,000 properties which we are planning to have integrated and available for LOC spending by the end of 2017. Potentially, many of the disadvantages of the blockchain economy (particularly in the context of user-friendliness and ease of usage of the decentralized LOC Ledger) are made up for with LockTrip’s marketplace which will be web-based and will support conventional payment methods, and vice versa. The marketplace will accept LOC Tokens, Bitcoins, Ether, Litecoin and fiat currencies via conven- tional payment methods. In addition to the proprietary marketplace, the LOC Ledger will be avail- able free of charge for anyone who wishes to plug into the global ecosystem. This will increase the value of the LOC token and empower travel industry websites entering into the market to provide extremely competitive rates without investing heavily into webhosting, design and server-end tech- nologies. Page 30

7. Strategy LockTrip has a simple, straightforward plan for which the team is fully resourced. As a result, the project development program is as follow: 1. Issue the LOC token and raise funds 2. Build the marketplace (both web based and mobile application) and launch the beta version of the decentralized LOC Ledger. 3. Integrate the marketplace to the decentralized engine to support bookings. 4. Add at least 7,000 properties by 2017’s year-end so that our users can spend their LOCs and test the platform 5. Attract more property owners to list their hotels and short term rentals as well as attract ac- commodation software integrators to list their whole portfolio of clients 6. Offer unmatched competitive prices to worldwide customers 7. Attract and reward loyalty of customers 8. Disrupt the monopolies and change the way we book our hotels 9. Embrace any startup or established travel applications which wish to connect to the decen- tralized LOC Ledger Key features of LockTrip’s strategy are to: • Introduce and incentivize a reluctant industry – hotels and property rentals – to the blockchain and digital space • Undercut the financial, booking aggregator, travel agency and software industries, which together can take as much as 25% in commission in each hotel booking transaction • Match customer service expectations in the travel and tourism sectors, providing transparent details related to booking availability and pricing, on a platform that rewards loyalty in ways that, until now, have not been prevalent in the industry • Provide seamless integration to property owners, who could sync their hotels with a single click or import of a csv file • Provide a free of charge availability management tool to property owners Page 31

8. Road Map 15th October 2017 17th October 2017 Unofficial Alpha Marketplace Launch during token- Channel management integration with sale with 600 properties bookable with LOC in UK FantasticStay.com 29 October 2017 (From this moment onward users had the possibility LOC Token Main Sale to book vacation rentals with LOC. Hotels not yet available.) 30 November 2017 LOC Tokensale Successful Completion (100% Targer Raise) 3rd October 2017 LOC Token Pre-Sale Started September 2017 15th December 2017 Tokensale Smart Contract Testnet Completed LOC listed on HitBTC and 2 additional April 2017 Exchanges Development Started on the centralized application 30th December 2017 & DAPP Engine Signed Agreements for Securing 100,000 hotels worldwide with average pricing of 15%-18% cheaper than current OTAs 18th January 2018 Official https://alpha.locktrip.com/ launch with possibility for hosts to list properties for free 30th January 2018 Design on the mobile app marketplace has been completed https://invis.io/6DV13269693R5M#/277284100_Screen-00-Welcome 28 February 2018 Launch of 100,000 hotels with global coverage 28 February 2018 Deployment of built-in private wallet management 28 February 2018 Launch of full check-out experience on the first application (From this moment onward users can book vacation rentals and hotels globally with LOC) Page 32

30th Mar 2018 1st stage DAPP/Centralized application integration (Payments, smart contracts for vacation rentals) 15 April 2018 Launch of fully functional Android & iOS mobile apps with global booking support for 100,000 hotels and 1,500 vacation rentals 30 April 2018 Official Beta Marketplace Launch 30 April 2018 Airdrop marketing campaign for marketplace popularization, user and token awareness 1st May 2018 Affiliate platform launch with multi-level incentives for referring travelers and hosts 1st July 2018 2nd Stage DAPP/Centralized integration - hotels smart contracts with rates and availability 30th July 2018 Integration of a middle layer app to act as a bridge between hotel channel managers and the DAPP. This is to save resources when updating rates in the DAPP engine 30th August 2018 Integration with at least 1 major hotel channel management provider and a 2nd channel manager for vacation rentals to the DAPP 30th August 2018 Integration of built-in fiat payments for bookings (converted into LOC as a background process through API connectivity with exchanges) (From this moment onward users can book vacation rentals and hotels globally with LOC and with credit cards) 30th Sep 2018 Official launch of the marketplace 1st Oct 2018 On-boarding second application to the engine 31st Nov 2018 Signing agreements with at least 2 major hotel chains for direct integration into the engine 31st Dec 2018 On-boarding third application to the engine Page 33

9. Token Sale Overall Campaign LockTrip is an ecosystem and marketplace for renting hotel rooms, private properties or accommodations, which allows end customers Project Description and property owners to deal with each other on a decentralized platform without any fee or commissions. Ticket Symbol LOC Token Background LOC is built as an ERC20 token on the Ethereum blockchain Target Raise 20,000 ETH HardCap 32,000 ETH Scheduled Start 16:00 GMT on 29th of October 2017 Planned End 16:00 GMT on 30th November 2017 LOC Token Sale Target 32,000 ETH HardCap 20,000 ETH Target Main Event Target Total Target Raise Page 34

Token Distribution 50% Sold to public during tokensale Retained for team, advisors, community and supporters (1 year vesting) • 25% Founders 25% • 25% Current Team and Future Hires • 25% Community, Bounties, Referals • 25% Advisors and Early-bird backers Reserve pool for future development. We intend to keep these tokens for future fund raising, business development, academic research, 25% education and other ways for market expansion. The reserve will have 1 year vesting as well. 25% 50% 25% Token Sale (50%) Retained for team (25%) Reserve (25%) Page 35

Funds Allocation 30% Complete Platform development, future R&D 20% Marketing and Business Development 45% Worldwide Integration and Properties Portfolio growth 5% Legal, Administration, Unforeseen 45% 30% 20% 5% Raised Amount Dev & Tech Marketing & Biz Dev integration of Hotel & Properties Legal Page 36

LOC TokenSale Target Raise 20,000 ETH Start 16:00 GMT on 29th of October 2017 Ends 16:00 GMT on 30th of November 2017 or if hardcap is reached Hard-cap In ETH 32,000 ETH in LOC - All unsold LOC will be destroyed Hard-cap in LOC 25,000,000 LOC - All unsold LOC will be destroyed Smart Contract Information How the LOC token smart contract and dashboard work Our smart contract (https://github.com/LockTripLtd/Smart-Contract) is inspired and based on the ar- chitecture of the BAT (Basic attention Token) which was launched by the creator of JavaScript and the co-founder of Mozilla and Firefox -Brendan Eich. The smart contract is characterized with complete pre-definition that ensures all possible scenarios are specifically programmed from the beginning until the end. This means: The Smart contract operator does not have the ability to generate any tokens without ETH coverage • The Smart contract operator can not modify the price at his own will • All exchange rates are pre-defined and can not be modified manually • The smart contract operator can initialize the contract, change its state and finalize it. This provides 100% predictability on the outcome of the smart contract with the only uncontrolled variable being the volume of LOC tokens sold. • This architecture provides full transparency, predictability and oversupply protection for all partici- pants. • The tokensale supply is capped at 25Million LOC. Anything that is unsold will be destroyed. After the tokensale is finalized, additionally to the sold LOC, will be generated the team pool and the reserve fund. The tokensale, eth fund and team pool will have ratios of 2:1:1. The smart contract will exchange ETH into LOC per the current exchange rate and will immediately transfer it back to the address from which the ETH was sent. The transfer will happen directly between the smart contract and the private/personal wallet of each participant. Page 37

We will launch our token sale on a 2 round The exchange rates are all pre-coded model and by following the best established practice in terms of security and transparency. The LockTrip Tokensale will not be done through any wallet creation. In order to ensure maximum Pre-sale will begin on 3rd October at 16:00. The security, our tokensale is aiming towards: Main Sale Event will begin on 29th October @ 16:00 GMT. LOC tokens will be created exclu- - Instant conversion of ETH into LOC and instant sively through a smart contract, and the token distribution back to the wallet from where the ETH sale itself has a total hardcap amount equivalent has been sent (upon processing of the transaction to 32,000 ETH / 25M LOC. The unsold tokens on the Ethereum Blockchain) will be destroyed in the end of the event. LOC - Participants will use their own wallets instead tokens will instantly be sent to buyers’ wallets at of creating a wallet on our website. We recom- the time of receiving of Ethereum, and they can mend using MyEtherWallet.com for the purchase use it on the LockTrip application platform to book process. accommodation after 1st Dec 2017. At the time of the main Token Sale, there will be approxi- These two features are to ensure users to have mately 200-300 test maximum security, instant exchange of the LOC properties that will be fully functional for booking and full control on their tokens during the ex- in few major cities around the world (Europe change process. and US). The alpha version of the market can be accessed on the following address: https://Lock- Trip.com/marketplace/ The Smart Contract can publicly be verified on the following address: https://etherscan.io/token/0x- 5e3346444010135322268a4630d2ed5f- 8d09446c The smart contract does not allow manual change of the price, or any other variables. The only controls that it has are: - Initiate (activate the smart contract) - Change state (change from pre-sale to main event) - Finalize (end the tokensale) Page 38

10. Our Team Our team has been operating in the digital space for more than a decade, with centuries of combined expertise in fields as diverse as travel, technical innovations, software engineering, politics, fintech, and crypto-currency. Nikola Alexandrov Hristo Tenchev Founder & CEO Founder & COO Co-founder of Bitcoin7 - among the first bitcoin Co-founder of Bitcoin7 - among the first exchanges way back in 2011, 3rd in volume bitcoin exchanges way back in 2011, 3rd in worldwide back then. volume worldwide back then. Founder of XS Software (www.xs-software. 4 Years of experience in the development of com), one of the most successful gaming com- travel industry meta-search aggregator (Booking- panies in Europe with more than 50 million Spot). registered players worldwide. Co-founder at Software University (Softuni. Founder of theSEO.com - digital marketing bg), innovative IT education center with more agency, winner of the Forbes E-volution award than 100,000 software engineering students 2015 for best SEO agency and founder of the for its 3 years history, also pioneering block- proprietary “E-Cron” online retailing brand with chain education in Bulgaria. more than 150,000 customers per year in 30+ Co-founder of 1Hub (www.1hub.io), co-work- countries and registered trademark in 28 coun- ing digital creative space, based in Sofia, tries. Bulgaria. Hristo has been featured on the cover of Strong expertise in the field of digital marketing, Forbes Bulgaria, as well as being listed in the e-commerce and fintech algorightms. European Forbes “30 under 30” for the most successful entrepreneurs in Europe under 30 years of age. Page 39

Rosen Plevneliev Svetlin Nakov Chief Advisor Tech Advisor President of Bulgaria from 2012 to 2017 and Co-founder of the “Software University” (softuni. one of the founders of the innovation org) - the leading institution for training software ecosystem of ICT in Bulgaria which has proven engineers in Bulgaria, attended by tens of to be among the best ecosystems in Eastern thousands of young developers. He is also a Europe. Chairman of the Bulgarian Association of Software Developers (BASD). Nikola Stojanow Ivan Yonkov Advisor CTO COO & Business Developer of Aeternity™. As Ivan is the Founder of Software Development a multi-national Business Development Executive company Codexio and is Training Director with with experience working in Germany, Eastern the Softuni Establishment. He has extensive Europe, MENA, Asia and Pacific, Nikola is the software engineering experience and is go-to person for Strategy and Business practically the person who trains software Development. program lecturers in the Softuni Academy. Page 40

Harold Kim Nevena Petrova Advisor Head of Business Development Harold is a financial expert who was also part IATA certified travel specialist with 10 years of NagaCoin and INS project. A crypto of experience in the travel industry. Founder of investor, and the founder & CEO of Kalford Lane (HK) Limited - 6 years experience cryptocurrency data analysis firm Joajoa Net- in Digital Marketing & Online Advertising - works based in Seoul, Korea. He has 8+ years AdWords & Display Ads. 15 years of practice of experience with Hyundai Capital and HSBC. as a team leader. Krassy Kalcheva Georgi Matev CFO Legal Advisor CFO & Board member of XS Software JSC Attorney at Law with substantial experience in CFO in Software University Former CFO at the field of civil law especially ICT and Bitcoin7 Co-founder at Shukar Handmade, corporate law. Extensive competence in VC e-commerce platform for handmade apparel. funding and transactions. Page 41

Eva Maydell Vince Meens Advisory board (pro-bono) Advisor Member of the European Parliament repre- An internationally experienced entrepreneur senting the European People’s Party Group with over 15 years of Experience. A (Christian Democrats). Maydell worked in the blockchain Expert with successfully developed International Development Law Association in decentralized platforms serving millions of Rome from 2008 to 2009 before becoming a people. political advisor to MEP Iliana Ivanova. Stoyan Angelov Georgi Spasov Community Manager BlockChain Architecture Passionate entrepreneur always ready for George is flying high blockchain developer, new challenges! Part of Start It Smart entrepre- founder and chief of delivery of LimeLabs. He neurial club (www.pre.startitsmart.com) and has vast experience in developing, leading Co-Founder of flyevents.bg and infozone.bg. and delivering successful software project for both startups (pCloud, Propy) and large corpo- rations (IBM, Deutche Telecom and more). Page 42

Falco Pangkey Ivan Nikolov Netherlands Operations Advisor Experienced marketer in the employment in- CEO of fantasticstay.com - a channel dustry. Together with Northern Europe’s largest management software with 10,000+ digital agency based in Amsterdam, he has properties worldwide and an Air BNB Host been building online with the employment with a private portfolio of 100+ Properties in agency at a top 5 position in the Netherlands. the UK. Jon Abrams Richard Gibney Canada Operations Copywriting & PR Founder of “First Directive” - Over 15 years of Editor / Sub Editor / Writer at Yeah! M&A experience with strong network of Ven- Magazine in Ireland and award-winning ture Capitalists in Canada and Israel. fiction writer. Page 43

11. Legal notice PLEASE READ THIS SECTION AND THE FOLLOWING SECTIONS ENTITLED “DISCLAIMER OF LIABILITY”, “NO REPRESENTATIONS AND WARRANTIES”, “REPRESENTATIONS AND WARRANTIES BY YOU”, “CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS”, “MARKET AND INDUSTRY INFORMATION AND NO CONSENT OF OTHER PERSONS”, “NO ADVICE”, “NO FURTHER INFORMATION OR UPDATE”, “RESTRICTIONS ON DISTRIBUTION AND DISSEMINATION”, “NO OFFER OF SECURITIES OR REGISTRATION” AND “RISKS AND UNCERTAINTIES” CAREFULLY. IF YOU ARE IN ANY DOUBT AS TO THE ACTION YOU SHOULD TAKE, YOU SHOULD CONSULT YOUR LEGAL, FINANCIAL, TAX OR OTHER PROFESSIONAL ADVISOR(S). The LOC tokens are not intended to constitute and purchase of the LOC tokens and no securities in any jurisdiction. This Whitepaper cryptocurrency or other form of payment is to be does not constitute a prospectus or offer accepted on the basis of this Whitepaper. document of any sort and is not intended to constitute an offer of securities or a solicitation for Any agreement as between the Distributor and investment in securities in any jurisdiction. you as a purchaser, and in relation to any sale and purchase, of LOC tokens (as referred to in This Whitepaper does not constitute or form part this Whitepaper) is to be governed by only a of any opinion on any advice to sell, or any separate document setting out the terms and solicitation of any offer by the distributor/vendor conditions (the “T&Cs”) of such agreement. In the of the LOC tokens (the “Distributor”) to purchase event of any inconsistencies between the T&Cs any LOC tokens nor shall it or any part of it nor and this Whitepaper, the former shall prevail. the fact of its presentation form the basis of, or be relied upon in connection with, any contract or investment decision. No person is bound to enter into any contract or binding legal commitment in relation to the sale Page 44

You are not eligible and you are not to purchase Statements”, “Market and Industry Information any LOC tokens in the Token Sale (as and No Consent of Other Persons”, “Terms referred to in this Whitepaper) if you are a Used”, “No Advice”, “No Further Information or citizen, resident (tax or otherwise) or green card Update”, “Restrictions On Distribution and holder of a jurisdiction, where the LOC token Dissemination”, “No Offer of Securities Or might be considered as a form of security. By Registration” and “Risks and Uncertainties”. purchasing LOC tokens, you confirm that you are aware that you are buying a digital ERC20 DISCLAIMER OF LIABILITY Software Token that has no expiration and which To the maximum extent permitted by the has the sole purpose of being a utility token for applicable laws, regulations and rules, LockTrip granting access to the accommodation service shall not be liable for any indirect, special, inci- which the Distributor is selling. dental, consequential or other losses of any kind, in tort, contract or No regulatory authority has examined or otherwise (including but not limited to loss of approved of any of the information set out in this revenue, income or profits, and loss of use or Whitepaper. No such action has been or will be data), arising out of or in connection with any taken under the laws, regulatory requirements or acceptance of or reliance on this Whitepaper or rules of any jurisdiction. The publication, any part thereof by you. distribution or dissemination of this Whitepaper does not imply that the applicable laws, regulatory requirements or rules have been NO REPRESENTATIONS AND WARRANTIES complied with. LockTrip does not make or purport to make, and hereby disclaims, any representation, warranty or There are risks and uncertainties associated with undertaking in any form whatsoever to any entity LockTrip and its respective businesses and oper- or person, including any representation, warranty ations, the LOC tokens, the LockTrip Token Sale or undertaking in relation to the truth, accuracy (each as referred to in this Whitepaper). and completeness of any of the information set out in this Whitepaper. This Whitepaper, any part thereof and any copy thereof must not be taken or transmitted to any country where distribution or dissemination of this Whitepaper is prohibited or restricted. No part of this Whitepaper is to be reproduced, distributed or disseminated without including this section and the following sections entitled “Disclaimer of Liability”, “No Representations and Warranties”, “Representations and Warranties By You”, “Cautionary Note On Forward-Looking Page 45

REPRESENTATIONS AND WARRANTIES BY or deemed by you as an indication of the YOU merits of the LockTrip, the LOC tokens, the By accessing and/or accepting possession of LockTrip Token Sale (each as referred to in this any information in this Whitepaper or such part Whitepaper); thereof (as the case may be), you represent and warrant to LockTrip as follows: • the distribution or dissemination of this White- paper, any part thereof or any copy thereof, • you agree and acknowledge that the LOC or acceptance of the same by you, is not pro- tokens do not constitute securities in any form hibited or restricted by the applicable laws, in any jurisdiction; regulations or rules in your jurisdiction, and where any restrictions in relation to posses- • you agree and acknowledge that this White- sion are applicable, you have observed and paper does not constitute a prospectus or complied with all such restrictions at your own offer document of any sort and is not intend- expense and without liability to LockTrip ; ed to constitute an offer of securities in any jurisdiction or a solicitation for investment in • you agree and acknowledge that in the case securities and you are not bound to enter into where you wish to purchase any LOC tokens, any contract or binding legal commitment and the LOC tokens are not to be construed, inter- no cryptocurrency or other form of payment is preted, classified or treated as: to be accepted on the basis of this Whitepa- per; ○ (i) any kind of currency other than crypto- currency; • you agree and acknowledge that no regula- ○ ii) debentures, stocks or shares issued by tory authority has examined or approved of any person or entity (LockTrip) the information set out in this Whitepaper, no ○ (i) rights, options or derivatives in respect action has been or will be taken under the of such debentures, stocks or shares; laws, regulatory requirements or rules of any ○ (ii) rights under a contract for differences jurisdiction and the publication, distribution or or under any other contract the purpose or dissemination of this Whitepaper to you does pretended purpose of which is to secure a not imply that the applicable laws, regulatory profit or avoid a loss; requirements or rules have been complied ○ (iii) units in a collective investment scheme; with; ○ (iv) units in a business trust; ○ (v) derivatives of units in a business trust; • you agree and acknowledge that this White- paper, the undertaking and/or the completion of the LockTrip Initial Token Sale, or future trad- ing of the LOC tokens on any cryptocurrency exchange, shall not be construed, interpreted Page 46

○ (vi) any other security or class of securities. ING STATEMENTS ○ (g) you are fully aware of and understand All statements contained in this Whitepaper, that you are not eligible to purchase any LOC statements made in press releases or in any place tokens if you are a citizen, resident (tax or accessible by the public and oral statements that otherwise) or green card holder of the United may be made by LockTrip or its respective direc- States of America or a citizen or resident of tors, executive officers or employees acting on the Republic of Singapore; behalf of ○ (h) you have a basic degree of under- LockTrip (as the case may be), that are not state- standing of the operation, functionality, ments of historical fact, constitute “forwardlooking usage, storage, transmission mechanisms and statements”. Some of these other material characteristics of cryptocur- statements can be identified by forward-look- rencies, blockchain-based software systems, ing terms such as “aim”, “target”, “anticipate”, cryptocurrency wallets or other related token “believe”, “could”, “estimate”, “expect”, “if”, storage mechanisms, blockchain technology “intend”, “may”, “plan”, “possible”, “probable”, and smart contract technology; “project”, “should”, “would”, “will” or other ○ (i) you are fully aware and understand that similar terms. However, these terms are not the in the case where you wish to purchase any exclusive means of identifying forward-looking LOC tokens, there are risks associated with statements. All statements regarding LockTrip’s LockTrip and its respective business and op- financial position, business strategies, plans and erations, the LOC tokens, the LockTrip Token prospects and the future prospects of the industry Sale (each as referred to in the Whitepaper); which LockTrip is in are forward-looking state- ○ (j) you agree and acknowledge that ments. These forward-looking statements, includ- LockTrip is not liable for any indirect, special, ing but not limited to statements as to LockTrip’s incidental, consequential or other losses of revenue and profitability, prospects, future plans, any kind, in tort, contract or otherwise (includ- other expected industry trends and other matters ing but not limited to loss of revenue, income discussed in this Whitepaper regarding or profits, and loss of use or data), arising out LockTrip are matters that are not historic facts, but of or in connection with any acceptance of only predictions. These forward-looking state- or reliance on this Whitepaper or any part ments involve known and unknown risks, uncer- thereof by you; and tainties and other factors that may cause the actu- al future results, performance or achievements of • (k) all of the above representations and war- LockTrip to be materially different from any future ranties are true, complete, accurate and results, performance or achievements expected, nonmisleading from the time of your access to expressed or implied by such and/or acceptance of possession this White- forward-looking statements. paper or such part thereof (as the case may be). CAUTIONARY NOTE ON FORWARD-LOOK- Page 47

These factors include, amongst others: terrorism; (a) changes in political, social, economic and (k) occurrences of catastrophic events, natural stock or cryptocurrency market conditions, and disasters and acts of God that affect the the regulatory environment in the countries in businesses and/or operations of LockTrip; which LockTrip conducts its respective businesses and operations; (l) other factors beyond the control of LockTrip ; and (b) the risk that LockTrip may be unable or execute or implement their respective business strategies (m) any risk and uncertainties associated with and future plans; LockTrip and their businesses and operations, the LOC tokens, the (c) changes in interest rates and exchange rates LockTrip Initial Token (each as referred to in the of fiat currencies and cryptocurrencies; Whitepaper). (d) changes in the anticipated growth strategies All forward-looking statements made by or and expected internal growth of LockTrip; attributable to LockTrip or persons acting on behalf of LockTrip are expressly qualified in their (e) changes in the availability and fees payable entirety by such factors. Given that risks and un- to LockTrip in connection with their respective certainties that may cause the actual future results, businesses and operations; performance or achievements of LockTrip to be materially different from that expected, expressed (f) changes in the availability and salaries of or implied by the forward-looking statements employees who are required by LockTrip to oper- in this Whitepaper, undue reliance must not be ate their respective businesses and operations; placed on these statements. These forward-look- ing statements are applicable only as of the date (g) changes in preferences of customers of of this Whitepaper. LockTrip ; (h) changes in competitive conditions under which LockTrip operate, and the ability of LockTrip to compete under such conditions; (i) changes in the future capital needs of LockTrip and the availability of financing and capital to fund such needs; (j) war or acts of international or domestic Page 48

Neither LockTrip, the Distributor nor any other per- consent to the inclusion of his or her name and/ son represents, warrants and/or undertakes that or other information attributed or perceived to be the actual future results, performance or achieve- attributed to such person in connection therewith ments of LockTrip will be as discussed in those in this Whitepaper and no representation, forward-looking statements. The actual results, warranty or undertaking is or purported to be performance or achievements of LockTrip may provided as to the accuracy or completeness of differ materially from those anticipated in these such information by such person and such forwardlooking statements. persons shall not be obliged to provide any updates on the same. Nothing contained in this Whitepaper is or may be relied upon as a promise, representation or While LockTrip have taken reasonable actions to undertaking as to the future performance or ensure that the information is extracted accurately policies of LockTrip . and in its proper context, LockTrip have not con- Further, LockTrip disclaim any responsibility to ducted any independent review of the information update any of those forwardlooking statements extracted from third party sources, verified the or publicly announce any revisions to those accuracy or completeness of such information or forward-looking statements to reflect future devel- ascertained the underlying economic assumptions opments, events or circumstances, even if new relied upon therein. information becomes available or other events Consequently, neither LockTrip, the Distributor, occur in the future. nor their respective directors, executive officers and employees acting on their behalf makes any MARKET AND INDUSTRY INFORMATION AND representation or warranty as to the accuracy or NO CONSENT OF OTHER PERSONS completeness of such information and shall not be This Whitepaper includes market and industry obliged to provide any updates on the same. information and forecasts that have been obtained from internal surveys, reports and studies, where appropriate, as well as market research, publicly available information and industry publications. Such surveys, reports, studies, market research, publicly available information and publications generally state that the information that they contain has been obtained from sources believed to be reliable, but there can be no assurance as to the accuracy or completeness of such included information. Save for LockTrip, the Distributor and their respective directors, executive officers and employees, no person has provided his or her Page 49

TERMS USED NO FURTHER INFORMATION OR UPDATE To facilitate a better understanding of the LOC No person has been or is authorised to give any tokens being offered for purchase by the information or representation not contained in this Distributor, and the businesses and operations Whitepaper in connection with LockTrip and its of LockTrip, certain technical terms and abbre- respective businesse and operations, the LOC to- viations, as well as, in certain instances, their kens, the LockTrip Initial Token t (each as referred descriptions, have been used in this Whitepaper. to in the Whitepaper) and, if given, such informa- These descriptions and assigned meanings should tion or representation must not be relied upon as not be treated as being having been definitive of their meanings and may not authorised by or on behalf of LockTrip. The correspond to standard industry meanings or LockTrip Initial Token Sale (as referred to in the usage. Whitepaper) shall not, under any circumstances, constitute a continuing Words importing the singular shall, where representation or create any suggestion or applicable, include the plural and vice versa implication that there has been no change, or and words importing the masculine gender shall, development reasonably likely to involve a where applicable, include the feminine and material change in the affairs, conditions and neuter genders and vice versa. References to prospects of LockTrip or in any statement of fact persons shall include corporations. or information contained in this Whitepaper since the date hereof. NO ADVICE No information in this Whitepaper should be RESTRICTIONS ON DISTRIBUTION AND considered to be business, legal, financial or DISSEMINATION tax advice regarding LockTrip, the Distributor, the The distribution or dissemination of this LOC tokens, the LockTrip Initial Token Sale Whitepaper or any part thereof may be (each as referred to in the Whitepaper). You prohibited or restricted by the laws, regulatory should consult your own legal, financial, tax or requirements and rules of any jurisdiction. In the other professional adviser regarding LockTrip case where any restriction applies, you are to and its respective businesse and operations, the inform yourself about, and to observe, any LOC tokens, the LockTrip Initial Token Sale (each restrictions which are applicable to your as referred to in the Whitepaper). You should possession of this Whitepaper or such part be aware that you may be required to bear the thereof (as the case may be) at your own financial risk of any purchase of LOC tokens for expense and without liability to LockTrip. an indefinite period of time. Persons to whom a copy of this Whitepaper has been distributed or disseminated, provided access to or who otherwise have the Whitepaper Page 50

in their possession shall not circulate it to any RISKS AND UNCERTAINTIES other persons, reproduce or otherwise distribute Prospective purchasers of LOC tokens (as referred this Whitepaper or any information contained to in this Whitepaper) should carefully consider herein for any purpose whatsoever nor permit or and evaluate all risks and uncertainties cause the same to occur. associated with LockTrip, the Distributor and their respective businesses and operations, the LOC NO OFFER OF SECURITIES OR REGISTRATION tokens, the LockTrip Initial Token Sale (each as This Whitepaper does not constitute a prospectus referred to in the Whitepaper), all or offer document of any sort and is not information set out in this Whitepaper and the intended to constitute an offer of securities or T&Cs prior to any purchase of LOC tokens. If any a solicitation for investment in securities in any of such risks and uncertainties develops into jurisdiction. No person is bound to enter into any actual events, the business, financial condition, contract or binding legal commitment and no results of operations and prospects of LockTrip cryptocurrency or other form of payment is to be could be materially and adversely affected. In accepted on the basis of this Whitepaper. Any such cases, you may lose all or part of the value agreement in relation to any sale and purchase of the LOC tokens. of LOC tokens (as referred to in this Whitepaper) is to be governed by only the T&Cs of such agreement and no other document. In the event of any inconsistencies between the T&Cs and this Whitepaper, the former shall prevail. You are not eligible to purchase any LOC tokens in the LockTrip Initial Token Sale (as referred to in this Whitepaper) if you are a citizen, resident (tax or otherwise) or green card holder of the United States of America or a citizen or resident of the Republic of Singapore. No regulatory authority has examined or approved of any of the information set out in this Whitepaper. No such action has been or will be taken under the laws, regulatory requirements or rules of any jurisdiction. The publication, distribution or dissemination of this Whitepaper does not imply that the applicable laws, regulatory requirements or rules have been complied with. Page 51

WHITEPAPER www.locktrip.com Page 52