Index

General Information
Part A: Information about the offeror or the person seeking admission to trading
Part B: Information about the issuer, if different from the offeror or person seeking admission to trading
Part C: Information about the operator of the trading platform in cases where it draws up the crypto-asset white paper and information about other persons drawing the crypto-asset white paper pursuant to Article 6(1), second subparagraph, of Regulation (EU) 2023/1114
Part D: Information about the crypto-asset project
Part E: Information about the offer to the public of crypto-assets or their admission to trading
Part F: Information about the crypto-assets
Part G: Information on the rights and obligations attached to the crypto-assets
Part H: Information on the underlying technology Part I: Information on the risks
Part J: Information on the sustainability indicators in relation to adverse impact on the climate and other environment-related adverse impacts

2026-05-12

This crypto-asset white paper has not been approved by any competent authority in any Member State of the European Union. The person seeking admission to trading of the crypto-asset is solely responsible for the content of this crypto-asset white paper.

This crypto-asset white paper complies with Title II of Regulation (EU) 2023/1114 of the European Parliament and of the Council and, to the best of the knowledge of the management body of the person seeking admission to trading, the information presented in the crypto-asset white paper is fair, clear and not misleading and the crypto-asset white paper makes no omission likely to affect its import.

The crypto-asset referred to in this crypto-asset white paper may lose its value in part or in full, may not always be transferable and may not be liquid.

The utility token referred to in this white paper may not be exchangeable against the good or service promised in this white paper, especially in the case of a failure or discontinuation of the crypto-asset project.

The crypto-asset referred to in this white paper is not covered by the investor compensation schemes under Directive 97/9/EC of the European Parliament and of the Council or the deposit guarantee schemes under Directive 2014/49/EU of the European Parliament and of the Council.

Warning
This summary should be read as an introduction to the crypto-asset white paper. The prospective holder should base any decision to purchase this crypto-asset on the content of the crypto-asset white paper as a whole and not on the summary alone. The offer to the public of this crypto-asset does not constitute an offer or solicitation to purchase financial instruments and any such offer or solicitation can be made only by means of a prospectus or other documents pursuant to the applicable national law.
This crypto-asset white paper does not constitute a prospectus as referred to in Regulation (EU) 2017/1129 of the European Parliament and of the Council or any other offer document pursuant to Union or national law.

WH2C is a fungible crypto-asset implemented as an ERC-20 compatible token on the Avalanche C-Chain, a public blockchain that supports the Ethereum Virtual Machine (EVM).

The total maximum supply of WH2C is fixed at 89,200,000 tokens. No additional issuance beyond this cap is possible under the parameters of the smart contract.

WH2C is designed as a utility token within the White Hydrogen ecosystem and does not constitute an asset-referenced token or an e-money token within the meaning of Regulation (EU) 2023/1114. The token does not confer ownership rights, profit rights, governance rights, or any claim against the issuer.

Transfers of WH2C are recorded on the underlying distributed ledger in accordance with the technical standards of the Avalanche network.

Not applicable at the date of this Whitepaper.

At the current stage of development, the goods and services to which WH2C tokens are intended to provide access are not yet available, as production will commence only after the installation and commissioning of the first waste-to-energy and hydrogen-conversion facilities.

The quality and quantity of electricity, hydrogen, or other outputs will depend on operational capacity, applicable regulatory standards, grid requirements, and market conditions at the time such goods or services become available. Accordingly, no fixed or guaranteed quality or quantity can be specified at this stage.

The WH2C token is a utility crypto-asset issued within the White Hydrogen ecosystem.

WH2C does not represent equity or any other form of ownership interest in WHITE HYDROGEN Ltd (or any of its affiliates) and does not confer governance rights, profit-sharing rights, or any financial claim against the issuer or any third party.

The maximum total supply of WH2C is fixed at 89,200,000 tokens. No additional issuance beyond this cap is envisaged.

The issuer seeks admission to trading of up to 3,500,000 WH2C tokens.

The total supply of WH2C is allocated as follows:

• non-circulating long-term reserve held by the issuer – 17,160,000 tokens (19.24%);
• ecosystem business development – 13,000,000 tokens (14.57%);
• management, founders, partners and operations – 28,080,000 tokens (31.48%);
• admission to trading liquidity – 3,500,000 tokens (3.92%);
• strategic distribution – 27,455,760 tokens (30.78%).

Percentages are approximate and may not sum to exactly 100% due to rounding.

Admission to trading may be sought on a third-party crypto-asset trading platform. As of the date of this Whitepaper, no formal application for admission to trading has been submitted.

Any price references mentioned in this Whitepaper are purely indicative, non-binding, and provided solely for informational purposes in the context of the planned admission to trading. Such references do not constitute an offer price, a public offering, or a recommendation to acquire the crypto-asset.

WHITE HYDROGEN d.o.o.

2022-12-19

485100NR2GRPX7PLCD93

Company registration number (MBS): 081483874

+386 68 625 460

robert@whiteh2coin.com

N/A as LEI is provided in A.6.

WHITE HYDROGEN Ltd is a project company focused on the development of integrated waste-to-energy and hydrogen solutions, combining industrial clean-energy technologies with digital infrastructure.

The company’s business activity is centered on the design, development, deployment, and operation of facilities for the conversion of plastic and other waste materials into electricity and green hydrogen, as well as the development of supporting digital systems enabling traceability, operational coordination, and ecosystem participation.

In parallel, WHITE HYDROGEN Ltd develops and maintains a digital platform and related technological infrastructure to support transparency, data verification, and access to services within the White hydrogen ecosystem, including the use of the WH2C utility token as an access.

The company does not operate as a crypto-asset service provider and does not provide trading, custody, or exchange services for crypto assets. Any regulated energy, waste-management, or digital activities are conducted, or will be conducted, in accordance with applicable laws and subject to the necessary permits and authorisations.

Not applicable as LEI is provided in A.6

FALSE

WHITE HYDROGEN Ltd was registered on 19 December 2022 and has not been established for the past three financial years. Accordingly, this section is not applicable in full. Financial information is provided for the period since registration in Section A.17 below.

WHITE HYDROGEN Ltd was incorporated on 19 December 2022. Since its registration, the company has operated as a project and development-stage entity focused on the preparation of waste-to-energy and hydrogen production projects and the associated digital infrastructure.

The company has a registered share capital of EUR 2,654.00.

During the initial period following incorporation, the company’s activities primarily related to project development, permitting preparation, professional services, and operational setup. No material changes to the company’s capital structure occurred during this period.

As of the date of this Whitepaper, the company continues to operate as a development-stage entity. Its financial condition is dependent on the successful execution of planned project milestones and the availability of external financing, partnerships, and other funding sources. There can be no assurance that such financing or project implementation will be achieved.

FALSE

The White Hydrogen Coalition

The White Hydrogen Coalition Coin

Not applicable since DTI is provided in field F.13

At the core of the project is the WH2C utility token, which functions as a digital access and interaction mechanism within the White Hydrogen ecosystem. The token is designed to enable users to access digital platform functionalities related to data handling, coordination, verification, and ecosystem participation in connection with waste-to-energy and hydrogen-related activities, in accordance with the terms set out in this Whitepaper. WH2C does not represent ownership, governance rights, or financial claims, and does not entitle holders to a fixed or guaranteed quantity of any goods, services, energy outputs, or production capacity.

TRUE

WH2C is the native utility token of the White Hydrogen ecosystem. It is designed to function as a digital access token enabling participation in the digital services and functionalities offered within the White Hydrogen platform, as described in this Whitepaper. The token supports transparency, traceability, and operational coordination at the digital platform level across the waste-to-energy and hydrogen value chain.

WH2C enables users to access digital platform functionalities related to coordination, data handling, verification, and ecosystem participation in connection with waste-to-energy and hydrogen-related activities. The token does not represent equity, ownership, governance rights, profit-sharing rights, or any financial claim against WHITE HYDROGEN Ltd or any third party. WH2C does not entitle holders to a fixed or guaranteed quantity of any goods or services.

Within the White Hydrogen ecosystem, WH2C is intended to be used as a utility-based mechanism for accessing digital platform services and functionalities that support the coordination and monitoring of waste-to-energy and hydrogen-related activities. The token does not constitute a right to participate directly in, finance, or receive the outputs of waste-to-energy operations or hydrogen production. Access to platform functionalities is subject to platform availability and applicable regulatory requirements.

The digital infrastructure supporting WH2C is based on blockchain technology and is designed to provide:

• Transparency – platform-related digital records concerning waste inputs, process data, and reported production outputs may be recorded in an immutable and auditable manner;
• Traceability – verification and traceability of reported waste-input data and production-related information within the digital ecosystem;
• Operational efficiency – internal digital accounting and process coordination associated with platform usage;
• Controlled access – participation in digital platform functionalities and services in accordance with applicable terms and conditions.

WH2C may support incentive and participation mechanisms within the digital ecosystem, where applicable, including mechanisms related to data contribution, ecosystem engagement, or usage-based participation. Such mechanisms are designed to support operational objectives of the platform and do not constitute financial returns, investment incentives, or consideration for goods or services.

The WH2C token functions exclusively within the scope of the White Hydrogen digital platform and related infrastructure. It is not intended to operate as a means of payment outside the platform, nor does the platform operate a trading venue or facilitate user-to-user trading of crypto-assets. Any acquisition or disposal of WH2C outside the platform occurs independently of the platform and is not part of the services described in this Whitepaper.

Through the use of WH2C as a utility token, the White Hydrogen project seeks to support the development of a scalable, transparent, and digitally enabled framework for coordination and data-driven participation in waste-to-energy and hydrogen-related activities, subject to the successful implementation of the underlying digital infrastructure and ongoing regulatory compliance.

Past milestones

WHITE HYDROGEN Ltd has defined a phased development plan for the WH2C utility token, aligned with the progressive development of the underlying waste-to-energy and hydrogen infrastructure and the associated digital platform. The planned evolution of the WH2C token relates solely to its digital utility within the platform environment and does not involve the creation of additional rights, entitlements, or claims for physical goods, energy outputs, or production capacity.

Phase 1 – Foundation and infrastructure development

During the initial phase, the project has focused on establishing the technological and organisational foundations required for the implementation of waste-to-energy and hydrogen-related activities and the supporting digital infrastructure. Key activities in this phase include:

• definition of the technological model for the conversion of plastic waste into electricity and green hydrogen;
• technical validation activities and engagement with relevant suppliers and partners;
• design of the WH2C token architecture and related smart-contract functionality;
• establishment of the White Hydrogen Coalition as a coordination framework for ecosystem participants.

During this phase, WH2C is intended to function in a limited, internal context for testing, validation, and development purposes only. No public utility is available at this stage.

Future milestones

Phase 2 – Preparation for broader access and operational readiness (indicative: 2026–2027)

In the next phase, WHITE HYDROGEN Ltd intends to prepare the project for broader operational readiness, including preparatory steps related to the potential admission of WH2C to trading. As of the date of this Whitepaper, no assurance can be given that such admission will occur.

In parallel, the company plans to commence the installation of the first waste-to-energy production unit. This phase is intended to establish an initial operational interface between physical production processes and the digital platform for data reporting, monitoring, and coordination purposes only.

Phase 3 – Digital utility activation and ecosystem participation (indicative: 2027–2028)

Following the successful installation and commissioning of the initial production unit, WH2C is intended to be used as a digital utility token within the White Hydrogen platform. Planned activities in this phase include:

• enabling access to digital platform functionalities supporting data visibility, coordination, and ecosystem participation in connection with waste-to-energy and hydrogen-related activities;
• integration of WH2C into internal digital workflows related to waste supply coordination and platform participation;
• implementation of incentive and participation mechanisms supporting ecosystem engagement;
• expansion of platform functionalities supporting data verification, traceability, and coordination.

The platform will not operate a trading venue or facilitate user-to-user trading of crypto-assets. WH2C will function exclusively as a digital utility instrument within the scope of the platform.

Phase 4 – Scaling and further development (indicative: 2028 onward)

In later stages, subject to the successful execution of earlier phases, WHITE HYDROGEN Ltd aims to scale its waste-to-energy and hydrogen production activities and further develop the supporting digital infrastructure. This may include:

• deployment of additional waste-conversion units in Croatia and other jurisdictions;
• expansion of digital platform functionalities supporting ecosystem coordination;
• exploration of interoperability with other digital systems relevant to clean-energy initiatives.

This phase is focused on operational scaling and digital ecosystem development. The future role and functionality of WH2C will remain limited to digital platform utility and will continue to depend on regulatory requirements, technical feasibility, and market conditions.

As of the date of this Whitepaper, the project is at a development stage. The issuer has allocated internal organisational and financial resources to project preparation activities, including technical studies, project documentation, regulatory preparation, and ecosystem development.

No material physical assets or production facilities have been acquired or commissioned as of the date of this Whitepaper. Any future acquisitions or financing arrangements are described, where relevant, in Section D.10 (Planned use of funds).

The issuer does not collect funds from the public through the issuance of WH2C or in connection with its admission to trading.

Any references to funds or crypto-assets referred to in this section relate exclusively to proceeds derived from the issuer’s independent commercial activities or, where applicable, from secondary market transactions conducted by the issuer following admission to trading.

Any such secondary market transactions, if any, would be conducted exclusively through independent third-party platforms and do not involve the provision of crypto-asset services by the issuer.

The admission to trading of the WH2C utility token is sought in order to facilitate broader accessibility of the token for users who wish to participate in the White Hydrogen ecosystem and to support the operational use of WH2C in connection with the project’s digital infrastructure, as described in this Whitepaper.

Admission to trading is intended to provide an additional, independent channel through which interested users may acquire WH2C, thereby supporting the usability of the token as an access within the White Hydrogen platform. The admission to trading is not intended to create an investment opportunity, nor does it imply any expectation of price appreciation, liquidity, or financial return.

From an operational perspective, admission to trading is sought to support the scalability and accessibility of the project as it progresses from a development stage towards operational deployment. Broader availability of WH2C is expected to facilitate digital platform-level participation by ecosystem participants, including waste suppliers, industrial stakeholders, and other participants, once platform functionalities become available.

The admission to trading of WH2C does not alter the utility nature of the token. WH2C remains a utility token granting access to platform functionalities in accordance with this Whitepaper and does not confer ownership, governance, profit-sharing, or financial claims against the issuer or any third party.

Not applicable.

There are no restrictions on the categories of persons who may hold WH2C. Access to trading and holding of the crypto-asset is subject to the rules and eligibility criteria applied by the independent trading platform and applicable laws.

Purchasers participating in the offer to the public of crypto-asset will be able to be reimbursed if the minimum target subscription goal is not reached at the end of the offer to the public, if they exercise the right to withdrawal provided for in Article 13 of Regulation (EU) 2023/1114 of the European Parliament and of the Council or if the offer is cancelled.

To acquire, hold, and use WH2C, purchasers must have access to a compatible blockchain wallet supporting the relevant distributed ledger technology on which WH2C is issued. Purchasers must also have reliable internet access and basic technical knowledge sufficient to interact with blockchain-based tokens and digital platforms.

Purchasers are responsible for maintaining control over their private keys and for ensuring the security of their wallets. The issuer does not provide custody services, wallet services, or technical support for third-party wallets.

No specialised hardware or software is required beyond standard devices capable of accessing blockchain wallets and web-based platforms.

Not applicable, as the issuer does not provide crypto-asset services and does not operate the trading platform.

MEXC

Not applicable, as the trading platform does not have an ISO 10383 Market Identifier Code.

Access to the trading platform is provided directly by the platform operator. The issuer does not control access conditions, onboarding requirements, or eligibility criteria.

Not applicable.

Not applicable.

No material conflicts of interest have been identified as of today in relation to the admission to trading of WH2C Coins.

Law of the Republic of Croatia.

Subject to applicable law, any dispute arising out of or in connection with this Whitepaper and all claims in connection with WH2C shall be settled before the competent courts of the Republic of Croatia, without prejudice to the application of mandatory provisions of applicable law and the jurisdiction of competent authorities in other Member States.

Crypto-assets other than asset-referenced tokens or e-money tokens, as defined in Title II of the Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (hereinafter: “MiCA Regulation”).

The token does not aim to maintain a stable value by referencing other assets (as in ARTs), nor is it issued for the purpose of serving as a means of payment equivalent to electronic money (as in EMTs).

WH2C is a utility token designed to enable access to specific digital platform functionalities within the White Hydrogen ecosystem. The token operates as a technical and operational instrument supporting interaction between users and the White Hydrogen digital platform.

Within the platform, WH2C may be used to access digital platform functionalities supporting coordination, data handling, verification, and traceability in connection with waste-to-energy and hydrogen-related activities, subject to the availability of such functionalities and the operational status of the underlying digital infrastructure. The token enables authenticated access to platform features, participation in ecosystem workflows, and interaction with digital systems supporting data recording and transparency.

WH2C may be used as an internal digital accounting unit within the platform environment for platform-level functionalities and participation mechanisms, where applicable. The use of WH2C does not constitute a means of payment outside the platform and does not give rise to any obligation on the issuer or any third party to provide goods, energy outputs, or physical services in exchange for the token.

The token does not provide holders with any entitlement to profit participation, revenue sharing, or asset ownership. WH2C does not include buy-back, or profit-linked mechanisms.

In addition, WH2C includes a voluntary platform-level token locking mechanism. Holders may lock tokens for a fixed, predetermined period in exchange for a fixed WH2C reward calculated according to predefined parameters. Any such reward is denominated in WH2C and funded exclusively from a pre-allocated token pool, and is not linked to platform revenues, issuer profits, or the commercial performance of any person. Locked tokens remain unavailable until expiry of the applicable lock period. This mechanism is intended solely as a platform feature and does not constitute profit participation, revenue sharing, or a claim against the issuer or any third party.

WH2C does not confer governance rights and does not grant holders decision-making authority over the issuer, the platform, or any related entities. Any future changes to the functionality of WH2C will remain limited to digital platform utility and would be subject to applicable legal and regulatory requirements and, where required, appropriate updates to this Whitepaper.

The functionalities of WH2C are planned to be applied progressively in line with the development and commissioning of the White Hydrogen project’s underlying infrastructure.

Initial utility-related functionalities are expected to become available following the installation and commissioning of the first waste-to-energy production unit, which is currently planned for H1 2027, subject to technical, regulatory, and operational conditions.

At this stage, WH2C is expected to be usable as a utility-based access and within the White Hydrogen platform, enabling interaction with platform services and digital functionalities as they become operational.

The availability and scope of WH2C functionalities may evolve over time as additional infrastructure is deployed and platform features are developed. There can be no assurance that all planned functionalities will be implemented according to the anticipated timeline.

WH2C qualifies as a crypto-asset other than an asset-referenced token or an e-money token within the meaning of Title II of Regulation (EU) 2023/1114 (MiCA).

WH2C is not designed to maintain a stable value by reference to any assets, currencies, or other values and does not fall within the definition of an asset-referenced token. It is also not issued for the purpose of serving as a digital equivalent of fiat currency, nor is it intended to be accepted at par value or used as a general means of payment and therefore does not qualify as an e-money token.

WH2C is a utility token issued by WHITE HYDROGEN Ltd and is designed to function as a technical digital access and interaction token within the White Hydrogen ecosystem. The token is intended to facilitate access to certain digital functionalities of the White Hydrogen platform, where such functionalities are made available, and does not in itself represent a right to participate in, finance, or receive the outputs of any waste-to-energy or hydrogen-related activities.

Within the White Hydrogen platform, WH2C may be used for authenticated access to platform features, interaction with digital infrastructure, and internal technical accounting mechanisms associated with platform usage. Such internal accounting functions are technical in nature and do not constitute a payment instrument, consideration for goods or services, or a claim for delivery of physical products or energy outputs. The platform does not operate a trading venue, does not provide custody or exchange services, and does not facilitate user-to-user trading of crypto-assets.

In addition, WH2C may include a voluntary platform-level token locking mechanism under which holders may lock tokens for a fixed, predetermined period in exchange for a fixed WH2C reward calculated according to predefined parameters. Any such reward is denominated in WH2C and funded exclusively from a pre-allocated token pool, and does not constitute profit participation, revenue sharing, or a claim against the issuer or any third party.

WH2C does not confer ownership, governance rights, profit-sharing rights, or financial claims against the issuer or any third party and does not entitle holders to a fixed or guaranteed quantity of any goods or services.

WH2C

https://www.whiteh2coin.com

2026-12-15

2026-08-07

None.

English

T86P5K813

Not applicable

FALSE

TRUE

TRUE

Purchasers of WH2C acquire a utility token designed to enable access to specific digital platform functionalities within the White Hydrogen ecosystem, as described in this Whitepaper.

Holders of WH2C are entitled to use the token solely within the scope of its intended utility, including access to platform features and interaction with digital infrastructure supporting the coordination of waste-to-energy and hydrogen-related activities, subject to the availability of such functionalities and compliance with applicable terms and conditions.

WH2C does not confer any ownership rights, governance rights, voting rights, profit-sharing rights, revenue entitlements, or any form of financial claim against the issuer or any third party. The token does not provide any guarantee of value, return, or performance.

Purchasers and holders of WH2C are solely responsible for:

• ensuring compliance with applicable laws and regulations in their respective jurisdictions;
• maintaining control and security of their private keys and wallets;
• understanding the technical characteristics and risks associated with blockchain-based crypto-assets.

The issuer does not provide custody services, investment advice, or financial guarantees in relation to WH2C. The token is not classified as a financial instrument, asset-referenced token, or e-money token within the meaning of Regulation (EU) 2023/1114 (MiCA).

Holders of WH2C may exercise the rights associated with the token exclusively within the scope of its intended utility, as described in this Whitepaper, and in accordance with the applicable law and the relevant terms and conditions governing use of the White Hydrogen platform.

WH2C grants access to specific digital platform functionalities within the White Hydrogen ecosystem. The token does not confer ownership, governance, profit-sharing, or any form of financial or investment rights.

1. Exercise of rights

a) Platform access
Accessing digital interfaces made available by the issuer to enable interaction with platform functionalities, data displays, and operational features related to the White Hydrogen ecosystem.

b) Smart-contract interaction
Interacting directly with blockchain-based smart contracts associated with WH2C, subject to technical compatibility and user competence.

c) Use of compatible wallets
Holding, transferring, and managing WH2C through compatible third-party blockchain wallets, in accordance with applicable technical standards and network rules.

2. Obligations of holders

• complying with applicable laws and regulations in their jurisdiction;
• complying with the operational rules and terms applicable to use of the White Hydrogen platform;
• ensuring the security of their wallets and private keys;
• using WH2C solely within its intended scope and functionality.

The issuer may restrict or suspend access to platform functionalities in the event of misuse, breach of applicable terms, or unlawful conduct, without prejudice to any rights or remedies available under applicable law.

The crypto-asset does not grant holders ownership rights, profit rights, governance rights, or any entitlement to future revenues.

For the avoidance of doubt, WH2C may include a voluntary platform-level token locking mechanism as described in this Whitepaper. Any fixed WH2C reward associated with such mechanism is funded from a pre-allocated token pool and does not constitute profit participation, revenue sharing, or a claim against the issuer or any third party.

Modifications to the rights and obligations associated with WH2C may be made only to the extent necessary to:

a) ensure compliance with applicable law or regulatory requirements;
b) address security vulnerabilities or technical issues; or
c) reflect changes to the operation of the White Hydrogen platform that do not alter the economic characteristics of WH2C.

Any such modifications shall not grant additional rights to token holders, shall not introduce profit, governance, or ownership rights, and shall not adversely affect existing token holders.

Further details are set out in the issuer’s Terms and Conditions, which are applied in a manner consistent with the above principles – WH2C Terms & Conditions (https://www.whiteh2coin.com/pdfs/Terms-and-conditions.pdf)

As of the date of publication of this Whitepaper, no public offer of WH2C is being conducted.

This Whitepaper is published exclusively in connection with the intended admission to trading of WH2C and does not constitute, and shall not be construed as, an offer to the public of crypto-assets within the meaning of Regulation (EU) 2023/1114 (MiCA).

Should the issuer decide to conduct a public offer of WH2C in the future, such offer would be subject to the applicable requirements of MiCA, including the preparation, notification, and publication of a separate crypto-asset whitepaper, where required. No assurance is given that any such public offer will occur.

TRUE

For the avoidance of doubt, the following description relates to the underlying project activities and associated physical outputs and does not describe rights, entitlements, or claims conferred by holding WH2C.

At the current stage of development, the goods and services to which WH2C may provide access are not yet available, as production is expected to commence only after the installation and commissioning of the first waste-to-energy and hydrogen-conversion unit.

Once operational, electricity generated from the conversion of plastic waste is expected to be supplied into the national electricity grid, while green hydrogen is expected to be injected into the national gas network or made available through certified storage and distribution solutions for industrial use, in accordance with applicable technical and regulatory requirements.

The quality characteristics of electricity, hydrogen, and any associated industrial gases will be determined by applicable national and EU standards, grid specifications, and regulatory requirements, and not by the issuer. The issuer does not guarantee the availability, continuity, quality, or quantity of any goods or services that may be associated with the use of WH2C.

WH2C does not entitle holders to a fixed or guaranteed quantity of goods or services. The token functions solely as a utility instrument enabling access to certain platform-related functionalities and services once the underlying production infrastructure becomes operational, subject to technical, regulatory, and operational conditions.

As the issuer is seeking admission to trading of WH2C and is not conducting a public offer of crypto-assets, no redemption or repurchase mechanism is provided by the issuer.

WH2C does not entitle holders to any reimbursement, repayment, refund, or financial consideration from the issuer, nor does it give rise to any claim for the redemption of the token in fiat currency or other assets.

WH2C is designed solely as a utility token intended to enable access to specific digital functionalities and services within the White Hydrogen ecosystem, as described in this Whitepaper. Redemption of WH2C in the sense applicable to financial instruments, asset-referenced tokens, or e-money tokens is not applicable.

TRUE

This Whitepaper is published exclusively in connection with the intended admission to trading of WH2C and does not constitute an offer to the public of crypto-assets.

The issuer does not sell, purchase, distribute, or place WH2C with purchasers, and does not operate or provide access to any trading venue, exchange, or marketplace for crypto-assets.

Following admission to trading, WH2C may be acquired or disposed of on crypto-asset trading platforms operated by third parties acting independently of the issuer, in accordance with their own terms and applicable regulatory requirements. The issuer does not control, endorse, or intermediate any such transactions.

The White Hydrogen platform is not used for the purchase or sale of WH2C and does not facilitate trading, exchange, or settlement of crypto-assets between users.

Not applicable.

FALSE

Not applicable.

FALSE

Not applicable.

No token value protection, stabilisation, buy-back, burn, reserve, or similar mechanisms are implemented in relation to WH2C. The issuer does not engage in any activities intended to support, influence, or guarantee the value of the token.

FALSE

Not applicable.

Law of the Republic of Croatia.

This choice of law and jurisdiction does not affect the application of mandatory local laws or the powers of competent authorities in other Member States.

Subject to applicable law, any dispute arising out of or in connection with this Whitepaper and all claims in connection with WH2C shall be settled before the competent courts of the Republic of Croatia, without prejudice to the application of mandatory provisions of applicable law and the jurisdiction of competent authorities in other Member States.

WH2C is issued using distributed ledger technology (DLT), which enables the recording and verification of transactions across a decentralised network of nodes without reliance on a central administrator. In such systems, transaction records are maintained collectively by network participants, ensuring data integrity, resilience, and transparency.

The WH2C token is deployed on the Avalanche C-Chain, a public, permissionless blockchain that supports smart contracts and is compatible with the Ethereum Virtual Machine (EVM). This compatibility allows tokens issued on the Avalanche C-Chain to follow established Ethereum token standards and interact with widely used blockchain tooling.

Avalanche utilises a consensus mechanism designed to provide rapid transaction finality and high throughput while maintaining decentralisation and security. The consensus protocol relies on repeated random sampling among network participants to validate transactions efficiently.

WH2C is implemented as an ERC-20 compatible utility token on the Avalanche C-Chain. As such, WH2C transactions are executed and recorded on the underlying blockchain in accordance with the network’s technical rules and standards. The issuer does not control the operation of the underlying distributed ledger or the validation of transactions on the network.

WH2C is implemented using the ERC-20 token standard and deployed on the Avalanche C-Chain, which is compatible with the Ethereum Virtual Machine (EVM). The ERC-20 standard defines a widely adopted interface for fungible tokens and enables consistent interaction with blockchain software that supports this standard.

The smart contracts associated with WH2C are developed in accordance with established technical standards and best practices commonly used within the EVM ecosystem. These standards define how tokens are issued, transferred, and recorded on the underlying distributed ledger.

All smart contract operations are executed and validated on-chain in accordance with the rules of the Avalanche network, ensuring transparency, traceability, and immutability of transactions. The issuer does not control the validation of transactions or the operation of the underlying blockchain network.

The use of established and widely supported technical standards facilitates compatibility with common blockchain tools and supports auditability and operational reliability of the WH2C token.

WH2C is implemented on the Avalanche C-Chain, a public, permissionless blockchain that is compatible with the Ethereum Virtual Machine (EVM). This allows WH2C smart contracts to be developed and executed using widely adopted Ethereum-based tooling and technical standards while benefiting from the transaction efficiency and finality characteristics of the Avalanche network.

WH2C smart contracts are written in Solidity and follow the ERC-20 token standard for fungible tokens.

All WH2C token functions are executed and verified on the Avalanche C-Chain in accordance with the rules of the underlying blockchain network, supporting transparency, decentralisation, and verifiability.

WH2C is issued and transacted on the Avalanche C-Chain, a public, permissionless blockchain that relies on a proof-of-stake-based consensus mechanism to validate and confirm transactions.

The Avalanche consensus protocol operates through a decentralised network of validators that participate in transaction validation and block confirmation in accordance with the network’s technical rules. The consensus mechanism is designed to provide rapid transaction finality, resilience, and security without reliance on a central authority.

Transactions involving WH2C are validated by the Avalanche network independently of the issuer. The issuer does not control, influence, or participate in the consensus process, the selection of validators, or the validation of transactions.

Network-level transaction fees (such as gas fees paid in AVAX) may apply to transactions involving WH2C and are determined solely by the underlying blockchain network. Such fees are outside the control of the issuer.

WH2C includes a voluntary platform-level token locking mechanism under which holders may lock tokens for a fixed, predetermined period in exchange for a fixed WH2C reward calculated according to predefined parameters. Any such reward is denominated in WH2C and funded exclusively from a pre-allocated token pool. It is not linked to platform revenues, issuer profits, or the commercial performance of any person, and does not constitute profit participation, revenue sharing, or a claim against the issuer or any third party.

Apart from the token locking mechanism described above, WH2C does not incorporate any other reward schemes, yield mechanisms, buy-back arrangements, burn mechanisms, or any other issuer-operated features intended to support or guarantee the value of the token.

Transactions involving WH2C on the underlying distributed ledger are subject solely to standard blockchain network fees (such as gas fees on the Avalanche network, paid in AVAX). These fees are determined by the underlying blockchain network and are outside the control of the issuer.

The issuer does not charge any additional fees for the holding, transfer, or use of WH2C.

TRUE

The distributed ledger technology underlying WH2C is used to record, validate, and maintain an immutable record of token-related transactions on a public blockchain.

Specifically, the DLT performs the following core functions in relation to WH2C:

• Token issuance and supply management, ensuring that the creation of WH2C is executed in accordance with the predefined smart contract parameters;
• Recording of token transfers, including the movement of WH2C between blockchain addresses, with all transactions permanently recorded on the distributed ledger;
• Balance tracking, enabling holders and third parties to verify token ownership and transaction history through the public blockchain;
• Transaction validation whereby transfers of WH2C are verified and confirmed by the decentralised network of validators operating the underlying blockchain;
• Transparency and auditability, allowing any participant to independently verify transactions and token balances without reliance on a central authority.

The distributed ledger does not determine the economic value of WH2C, does not provide redemption or settlement in fiat currency, and does not guarantee access to any goods or services. The issuer does not control the operation of the distributed ledger or the validation of transactions.

TRUE

Smart contracts were audited by Veritas Protocol (17 February 2026). The assessment identified 0 high-risk findings, 0 medium-risk findings, 10 low-risk findings, and 6 informational findings. The report states that the smart contracts were well designed, with defensive-in-depth measures and extensive unit and integration test suites. Various findings were fixed or partially fixed during the review process.

This Whitepaper has been prepared solely for the purpose of seeking admission to trading of WH2C and does not constitute an offer to the public of crypto-assets.

As no public offer, subscription process, or primary distribution of WH2C is being conducted by the issuer in connection with this Whitepaper, risks typically associated with an offer to the public, such as subscription mechanics, allocation procedures, pricing determination, or refund limitations, are not applicable.

The issuer, WHITE HYDROGEN Ltd, is an early-stage company whose activities are focused on the development of clean energy infrastructure and associated digital solutions. As such, the issuer is subject to risks typically associated with companies in the development and scale-up phase, including operational, financial, and organisational risks.

The issuer’s ability to implement its business plans depends on, among other factors, the successful securing of permits, financing, strategic partnerships, and the timely execution of planned infrastructure projects. Delays or failures in any of these areas could adversely affect the issuer’s operations and the development of the White Hydrogen ecosystem.

The issuer may also be exposed to regulatory and legal risks arising from changes in applicable laws, energy regulations, environmental requirements, or digital-asset regulation, which could impose additional compliance obligations or restrict certain activities.

Furthermore, the issuer’s operations rely on a limited number of key personnel and external service providers. The loss of key individuals or the failure of third-party providers to perform as expected could negatively affect the issuer’s business and operational continuity.

There is an inherent risk of loss of access to the digital wallet used to hold WH2C tokens. Token holders are solely responsible for maintaining secure access to their wallets, including the protection of private keys, seed phrases, and access credentials. The issuer cannot restore access to tokens in the event that wallet credentials are lost, compromised, or destroyed.

WH2C relies on the underlying distributed ledger infrastructure of the Avalanche network. As a result, token holders may be exposed to risks associated with the operation of the blockchain, including fluctuating transaction fees, network congestion, temporary service disruptions, or technical limitations of the network.

Additional risks may arise from vulnerabilities in smart contracts, software bugs, or security incidents affecting blockchain infrastructure or third-party tools used to interact with the network. Token holders may also be exposed to external threats such as phishing attacks, malware, or unauthorised access attempts targeting digital wallets or blockchain interfaces.

Any indicative price references included in this Whitepaper do not reflect an offer price or a guaranteed valuation of the crypto-asset.

There is a risk that market participants may interpret such indicative references as an expectation of future price performance. The issuer expressly disclaims any such interpretation.

Following admission to trading, the crypto-asset may trade at a price significantly lower or higher than any indicative reference or may experience limited liquidity or high volatility. Holders may incur a partial or total loss of the value attributed to the crypto-asset.

The successful implementation of the White Hydrogen project depends on a range of external, operational, and regulatory factors. The development of waste-to-energy and hydrogen-conversion infrastructure involves technical complexity and is subject to risks related to engineering performance, construction timelines, and commissioning of industrial facilities.

The project is also dependent on the timely receipt of permits, approvals, and regulatory authorisations under applicable energy, environmental, construction, and safety legislation. Delays, changes in regulatory requirements, or the inability to obtain or maintain necessary permits could adversely affect project timelines or feasibility.

Operational risks may arise in connection with the sourcing and handling of feedstock materials, the logistics and storage of produced energy or hydrogen, and the integration with national energy or gas infrastructure or certified transport solutions.

In addition, the project may be affected by broader market factors, including fluctuations in demand for hydrogen and related energy products, pricing dynamics, competition from alternative energy technologies, and changes in economic or industry conditions. Any of these factors could impact the pace, scale, or commercial viability of the project.

WH2C relies on blockchain-based distributed ledger technology, which involves inherent technological risks. The token is implemented through smart contracts deployed on a public, permissionless blockchain, and vulnerabilities in smart contract code, such as software bugs, logic errors, or unforeseen interactions, could adversely affect token functionality or transaction execution.

Although the smart contracts associated with WH2C are developed using established technical standards and commonly used programming frameworks, no blockchain-based system can be considered entirely free from security risks. External attacks, protocol-level weaknesses, or failures in supporting software or infrastructure could result in disruptions, delays, or unintended outcomes.

The operation of WH2C is dependent on the continued availability and proper functioning of the underlying blockchain network. Network congestion, changes to technical parameters, upgrades to consensus mechanisms, or increases in transaction fees could negatively affect transaction speed, cost, or usability. The issuer does not control the underlying distributed ledger infrastructure and cannot guarantee uninterrupted operation, transaction finality, or long-term technical stability.

In addition, future technological developments or changes in regulatory or technical standards may require modifications to the technical implementation of WH2C, which could involve additional costs, delays, or limitations on functionality.

The issuer seeks to manage the risks associated with the White Hydrogen project through a combination of technical planning, organisational controls, and ongoing monitoring of regulatory and operational developments.

In relation to project implementation, the issuer applies structured project management practices, phased development planning, and internal technical review processes to support the design, construction, and operation of waste-to-energy and hydrogen-conversion facilities. The issuer aims to align its activities with applicable environmental, safety, and industrial standards and to engage qualified external contractors and service providers where appropriate.

With respect to digital and technological risks, WH2C is implemented using established blockchain standards and deployed on a public distributed ledger that provides transparency and verifiability of transactions. The issuer seeks to follow recognised development best practices when designing and maintaining smart contracts, while acknowledging that no technological system can be entirely free from vulnerabilities.

The issuer also monitors relevant legal, regulatory, and market developments in order to adapt its activities and compliance framework as necessary. These measures are intended to reduce, but not eliminate, the risks described in this Whitepaper. No assurance can be given that all risks will be fully mitigated or that adverse events will not occur.

WHITE HYDROGEN Ltd

485100NR2GRPX7PLCD93

The White Hydrogen Coalition Coin - WH2C

Token / No Consensus Mechanism

Tokens do not have an own consensus mechanism, but rely on the consensus mechanism of one or multiple underlying crypto-asset networks. Depending on the token design, incentive mechanisms arise from the utility, scarcity, or governance rights.

2026-02-03

2026-02-16

Data provided by CCRI; all indicators are based on a set of assumptions and thus represent estimates; methodology description and overview of input data, external datasets and underlying assumptions available at: https://carbon-ratings.com/dl/whitepaper-mica-methods-2024 and https://docs.mica.api.carbon-ratings.com. We do not account for any offsetting of energy consumption or other market-based mechanism as of today.