Update: 16: 11 GMT+8 Singapore time on July 20, 2018

Dear Pundians,

Within the past few weeks, we have visited merchants, banks, governmental and organizational partners and exchanges in the markets we are targeting to launch and activate our blockchain-based point of sale solutions.

We have discovered the demand for NPXS tokens is much higher than anticipated.

With plans to ship 4000 pre-ordered units in Q2 2018, a commitment of 20,000 devices from our partners at the NEM Foundation and recent sales and yet-to-be-announced deals we have already achieved nearly one-quarter of our low-end three-year target for global distribution just months after our initial public token sale.

We are also having some extremely productive discussions with potential partner organisations around-the-globe.

This is exciting. However, a question remains — how can we expand our network, cultivate and maintain the active rate at the same time as not using up our reserved tokens too quickly?

Our advisors, contributors, and supporters have suggested that Pundi X establish a dedicated Partnership Reserve Fund (PRF) to encourage and incentivize future business partnerships within the Pundi X ecosystem.

The purpose of the PRF is to encourage and develop partnerships within Pundi’s blockchain network such as strategic business relationships and new advisors, community members, merchants, exchanges, banks, and technical partners among others. The fund will be used to subsidize the roll-out of XPOS devices, cover transaction fees, marketing costs, listing costs, incentive bonuses and even airdrops to new users and merchants. The goal is to expand and expedite Pundi X’s network as quickly as possible.

The total buy back of NPXS will be equivalent to 2,000 Ethereum (ETH) and will be rolled out in stages. The first stage, to be completed in coming weeks, will have the company purchase NPXS to the equivalent of 200 ETH.

We will allocate buy-back funding to a specific address for transparency.

Update on April 17: We plan to execute the buyback price between $0.0030 to 0.0036 dollars.

Update on April 19: We have executed the first buy back of NPXS equivalent to 200 ETH at around $0.00361 dollars.

Update on April 23: We plan to execute the second NPXS buyback equivalent to 200 ETH. The execution price will be up to $0.0065 dollars per NPXS token.

Update on April 26: We have executed partial second buy back equivalent to 100 ETH at around US 0.00522 dollars per NPXS.

Update on May 1: We have executed the rest of second buy back equivalent to 100 ETH at around US 0.00445 dollars per NPXS.

Update on May 5: We plan to execute the third NPXS buyback equivalent to 200 ETH. With the collaboration established with NEM, Qtum, Zcash, GCOX and upcoming new partnerships in May, Pundi X will execute the buyback price between $0.0055 and $0.0065 dollars per NPXS token.

Update on May 11: We have executed the third buy back of NPXS equivalent to 200 ETH at around $0.00651 dollars.

Update on May 16: the 4th NPXS buyback of equivalent to 200 ETH will be executed at a price between $0.0125 to 0.02 dollars for upcoming partnerships with the government, merchants and the exchange.

Update on May 25: due to the ongoing Bit-z listing voting, we decided to have an additional NPXS buyback of equivalent to 100 ETH to the 4th buyback plan. It will be executed at a price between $0.0125 to 0.02 dollars.

Update on June 21: We have executed the 4th buy back equivalent to 300 ETH at around US 0.0149 dollars per NPXS.

Update on June 22: In preparation of XPOS shipment, we plan to execute the 5th NPXS buyback equivalent to 200 ETH. The execution price will be between $0.01 to 0.02 dollars per NPXS token.

Update on July 20, we are planning to execute an additional NPXS buyback equivalent to 200 ETH. With the recent XPOS partnerships, upcoming exchange listing and new token listings on XPOS, Pundi X will execute the buyback price between $0.0040 to $0.0055 dollars per NPXS token.

Here is the address for you to check, https://etherscan.io/address/0x10Ca70A39fb752c4FAd3Cf2AFa7f068DC4dfa868#tokentxns

We will keep you posted on the status.

Sincerely,

Zac Cheah

CEO and co-founder

Pundi X