Exhibit 99.1

B ui l ding the s o ft w a r e i n f r astructu r e t o p o w er t omor r o w ’ s c ompu t e r s

 

H o r i z o n Q ua nt u m 2 D isclaimer This p r ese n t a tion ( t o g ether with o r al st a t eme n ts made in c onnection he r ewith, this “ P r ese n t a tio n ”) is f or i n f orm a tional purposes on l y . This P r ese n t a tion has been p r epa r ed t o assist i n t e r es t ed parties in making their o wn e v a l u a tion with r espect t o an i n v estme n t in c onnection with a p o t e n tial business c ombin a tion bet w een d MY Squa r ed T echno l ogy G r ou p , I nc ( “ d MY” ) , R ose H o l d c o P t e. L t d. (“ H o l d c o ” ) , and H oriz on Qua n tum Computing P t e. L t d (“ H oriz o n ”) ( the “ B usiness Combin atio n ”) and the r el a t ed tr ansactions, inc l uding a p o t e n tial i n v estme n t in the pos t - c l osing c ombined c ompa n y ( the “ P r oposed PIPE I n v estme n t ” and, t o g ether with the B usiness Combin a tion, the “ P r oposed T r ansaction s ” ) , and f or no o ther purpose. The p r oposed t erms o f the P r oposed PIPE I n v estme n t r e f l ec t ed in the P r ese n t a tion a r e indica ti v e, non - binding, and p r oposed b y d M Y , H oriz on and H o l d c o . A n y and all t erms r emain subject t o further discussion, neg o ti a tion, and chan g e. P ast per f orman c e b y d M Y , H oriz on or H o l d c o mana g eme n t t eams and their r especti v e affili a t es is n o t a gua r a n t ee o f futu r e per f orman c e. The r e f o r e, y ou shou l d n o t pla c e undue r elianc e on the his t orical r e c o r d o f the per f orman c e o f d M Y , H oriz on or H o l d c o mana g eme n t t eams or businesses associ a t ed with them as indica ti v e o f futu r e per f orman c e o f an i n v estme n t or the r eturns th a t d M Y , H oriz on or H o l d c o will, or a r e li k e l y t o , g ene r a t e g oing f or w a r d. N o Offer or Solicit a tion This P r ese n t a tion does n o t c onstitu t e a solicit a tion o f a p r o x y , c onse n t, or authoriz a tion with r espect t o an y securities or in r espect o f the P r oposed T r ansactions. This P r ese n t a tion also does n o t c onstitu t e an offer t o sell, or the solicit a tion o f an offer t o buy an y securities, nor will the r e be an y sa l e o f securities in an y st a t es or jurisdictions in which such offe r , solicit ation, or sa l e w ou l d be unlawful prior t o r egist r a tion or qualific a tion under the securities la w s o f an y such jurisdiction. N o offering o f securities will be made e x c e p t b y means o f a p r ospectus meeting the r equi r eme n ts o f Section 10 o f the Securities A ct o f 1933, as amended, or an e x em p tion the r e f r om. N either the U .S. Securities and E x chan g e Commission ( the “S E C”) nor an y securities c ommission o f an y o ther U .S. or non - U .S. jurisdiction has app r o v ed or disapp r o v ed o f the securities or o f the P r oposed T r ansactions c o n t empl a t ed he r e b y or de t ermined th a t this P r ese n t a tion is trut h ful or c omp l e t e. A n y r ep r ese n t a tion t o the c o n tr ary is a criminal offense. N o R ep r ese n t a tion or W ar r a n t y N o r ep r ese n t a tions or w ar r a n ties, e xp r ess or implied a r e gi v en in, or in r espect o f , this P r ese n t a tion or with r espect t o the a c cu r ac y , c omp l e t eness or r eliability o f the i n f orm a tion c o n tained in this P r ese n t a tion. A n y i n f orm a tion on past per f orman c e c o n tained in this P r ese n t a tion is n o t an indica tion as t o futu r e per f orman c e. T o the ful l est e x t e n t permit t ed b y law , in no ci r cumstan c es will d M Y , H oriz on, H o l d c o , the Pla c eme n t A g e n t ( as d e fined be l o w ) or an y o f their r especti v e subsidiaries, security ho l de r s, affili a t es, r ep r ese n t a ti v es, partne r s, di r ec t o r s, offic e r s, emp lo y ees, advise r s, or ag e n ts be r esponsib l e or liab l e f or an y di r ect, indi r ect, or c onsequen tial l oss or l oss o f p r o fit arising f r om the use o f this P r ese n t a tion, its c o n t e n ts, its omissions, r elianc e on the i n f orm a tion c o n tained within it, or on opinions c ommunic a t ed in r el a tion the r e t o or o therwise arising in c onnection the rewith. I n addition, this P r ese n t a tion does n o t purport t o be al l - inc l usi v e or t o c o n tain all o f the i n f orm a tion th a t m a y be r equi r ed t o ma k e a full ana l y sis o f d M Y , H oriz on, H o l d c o or the P r oposed T r ansactions. d MY has r etained N eedham & Compa n y , L L C as pla c eme n t ag e n t ( t o g ether with its r especti v e affili a t es, partne r s, di r ec t o r s, ag e n ts, emp lo y ees, r ep r ese n t a ti v es and c o n t r olling pe rsons, the “Pla c eme n t A g e n t ” ) . The Pla c eme n t A g e n t is acting so l e l y as pla c eme n t ag e n t ( and, f or the a v oidan c e o f dou b t, n o t as underwri t e r , initial pu r chase r , dea l er or an y o ther principal capacit y ) f or d MY in c onnection with the P r oposed PIPE I n v estme n t. The ana l y ses c o n tained he r ein h a v e been p r epa r ed or ado p t ed b y H oriz on, o b tained f r om public sou rc es or a r e based upon estim a t es, and i n v o l v e nume r ous and significa n t subjecti v e de t ermin a tions, and the r e is no assu r an c e th a t such estim a t es will be r eali z ed. The Pla c eme n t A g e n t has n o t independe n t l y v erified an y o f the i n f orm a tion or ana l y ses c o n tained he r ein or an y o ther i n f orm a tion th a t has been or will be p r o vided t o y ou, and does n o t ta k e r esponsibility f or the ana l y ses c o n tained he r ein, or the basis on which th e y w e r e p r epa r ed. The Pla c eme n t A g e n t does n o t ma k e an y r ep r ese n t a tion or w ar r a n t y , e xp r ess or implied, as t o the a c cu r acy or c omp l e t eness o f this P r ese n t a tion or an y o ther i n f orm a tion ( whether writ t en or o r a l ) th a t has been or will be p r o vided t o y ou. N o thing c o n tained he r ein or in an y o ther o r al or writ t en i n f orm a tion p r o vided t o y ou is, nor shall be r elied upon as, a p r omise or r ep r ese n t a tion o f an y kind b y the Pla c eme n t A g e n t, whether as t o the past, the p r ese n t or the futu r e. Without limit a tion o f the f o r e g oing, the Pla c eme n t A g e n t e xp r ess l y disclaims an y r ep r ese n t a tion r ega r ding futu r e ope r a ting r esu l ts or an y o ther f or w a r d - l ooking st a t eme n t c o n tained he r ein or th a t o therwise has been or will be p r o vided t o y ou. The Pla c eme n t A g e n t shall n o t be liab l e t o y ou or an y p r ospecti v e i n v es t or or an y o ther pe r son f or an y i n f orm a tion c o n tained he r ein th a t o therwise has been or will be p r o vided t o y ou, or an y action he r e t o f o r e or he r e a f t er ta k en or omit t ed t o be ta k en, in c onnection with the P r oposed T r ansactions. C au t i o na r y N o t e s

H o r i z o n Q u a n t u m 3 Vie w e r s o f this P r ese n t a tion shou l d each ma k e their o wn e v a l u a tion o f d M Y , H ori z on and H o l d c o and o f the r e l e v an c e and adequacy o f the i n f orm ation and shou l d ma k e such o ther i n v estig a tions as th e y deem ne c essar y . Cautionary N o t e R ega r ding F or w a r d - L ooking S t a t eme n ts This P r ese n t a tion inc l udes “ for w ar d - l ooking st at eme n t s ” with r espect t o d M Y , H ori z on and H o l d c o . The e xpect a tions, estim a t es, and p r ojections o f the businesses o f H ori z on and d MY m a y differ f r om their actual r esu l ts and c onseque n t l y , y ou shou l d n o t r e l y on these for w ar d - l ooking st at eme n ts as p r edictions o f futu r e e v e n ts. W o r ds such as “ e xpect , ” “ estim a t e , ” “ a n ticip a t e , ” “i n t end , ” “ m a y , ” “will , ” “ c ou l d , ” “ shou l d , ” “ p o t e n tial , ” and similar e xpr essions a r e i nt ended t o ide n tify such for w ar d - l ooking st at eme n ts. These for w ar d - l ooking st at eme n ts inc l ude, without limit a tion, e xpect a tions with r espect t o futu r e per f orman c e and a n ticip a t ed financial impacts o f the P r oposed T r ansactions, the s a tis f action o f the cl osing c onditions t o the P r oposed T r ansactions, and the timing o f the c omp l etion o f the P r oposed T r ansactions. These for w ar d - l ooking st at eme n ts i n v o l v e significa n t risks and un c ertai n ties th at c ou l d cause the actual r esu l ts t o differ m a t erial l y f r om the e xpec t ed r esu l ts and a r e subject t o , without limit a tion, ( i ) kn o wn and unkn o wn risks, inc l uding the risks and un c ertai n ties indic a t ed f r om time t o time in d MY ’ s Annual R eport on F orm 10 - K f or the fiscal y ear ended De c ember 31, 20 24 , fi l ed with the S E C on April 3, 2025 ( the “ d MY Annual R epor t ” ) , its Quar t erl y R eport on F orm 10 - Q f or the period ended J une 3 0 , 2025, fi l ed with the S E C on A ugust 2 7 , 2025 ( the “ d MY Quar t erl y R epor t ”) or its r egist r a tion st at eme n t on F orm F - 4 r el a ting t o the B usiness Combin a tion and c ertain o ther m a t te r s ( the “ R egist r a tion S t at eme n t ” ) , inc l uding those under “Risk F ac t o r s ” the r ein, and o ther docume n ts fi l ed or t o be fi l ed with the S E C b y d M Y , H o l d c o or H ori z on; ( i i ) un c ertai n ties; ( ii i ) assum p tions; and ( i v ) o ther f ac t o rs b e y ond d MY ’ s, H o l d c o ’ s, or H ori z o n ’ s c o n t r ol th at a r e difficu l t t o p r edict because th e y r el a t e t o e v e n ts and depend on ci r cumstan c es th at will o c cur in the futu r e. Th e y a r e neither st at eme n ts o f his t orical f act nor p r omises or gua r a n t ees o f futu r e per f orman c e. The r e f o r e, actual r esu l ts m a y differ m a t erial l y and ad v e r se l y f r om those e xpr essed or implied in a n y for w ar d - l ooking st at eme n ts and d M Y , H o l d c o , and H ori z on the r e f o r e caution against placing undue r elian c e on a n y o f these for w ar d - l ooking st at eme n ts. M a n y o f these f ac t o rs a r e outside o f the c o n t r ol o f d M Y , H ori z on and H o l d c o and a r e difficu l t t o p r edict. F ac t o rs th at m a y cause such diffe r en c es inc l ude, but a r e n o t limi t ed t o: ( 1 ) the o c cur r en c e o f a n y e v e n t, chan g e or o ther ci r cumstan c es th at c ou l d gi v e rise t o the t ermin a tion the B usiness Combin a tion Agr eeme n t, d a t ed as o f Se p t ember 9 , 2025; (2) the ou t c ome o f a n y l egal p r o c eedings th at m a y be institu t ed against the parties f ol l o wing the announ c eme n t o f the P r oposed T r ansactions; ( 3 ) the inability t o c omp le t e the P r oposed T r ansactions, inc l uding due t o the f ai l ur e t o o b tain app r o v al o f the sha r eho l de r s o f H ori z on and d MY or o ther c onditions t o cl osing the B usiness Combin a tion; ( 4 ) chan g es t o the structu r e o f the B usiness Combin a tion th at m a y be r equi r ed or app r opri a t e as a r esu l t o f applicab l e la w s or r egul a tions or as a c ondition t o o b taining r egul a t ory app r o v al o f the B usiness Combin a tion; ( 5 ) H ori z o n ’ s ability t o scal e and g r o w its business, and the ad v a n ta g es and e xpec t ed g r o wth o f H ori z on; ( 6 ) the cash position o f H ori z on f ol l o wing cl osing o f the P r oposed T r ansactions; (7) the inability t o o b tain or mai n tain the listing o f H o l d c o ’ s securities on a s t ock e x chan g e f ol l o wing the B usiness Combin a tion; ( 8 ) the risk th at the announ c eme n t and pendency o f the B usiness Combin a tion disru p ts H ori z o n ’ s cur r e n t plans and ope r a tions; ( 9 ) the ability t o r e c ogni z e the a n ticip a t ed ben e fits o f the P r oposed T r ansactions, which m a y be affec t ed b y , among o ther things, c ompetition, the ability o f H o l d c o t o g r o w and mana g e g r o wth p r o fitab l y and sou r c e and r etain its k e y emp l o y ees; ( 1 0 ) c osts r el a t ed t o the P r oposed T r ansactions; ( 1 1 ) chan g es in applicab l e la w s and r egul a tions or political and e c onomic d e v e l opme n ts; ( 12) the possibility th at H ori z on m a y be ad v e r se l y affec t ed b y o ther e c onomic, business and / or c ompetiti v e f ac t o r s; ( 1 3 ) H ori z o n ’ s estim a t es o f e xpenses and p r o fitability; ( 1 4 ) the amou n t o f r edem p tions b y d MY ’ s public sha r eho l de r s; and ( 1 5 ) o ther risks and un c ertai n ties inc l uded in the “Risk F ac t o r s ” sections o f the d MY Annual R eport, d MY Quar t erl y R eport, and the R egist r a tion S t at eme n t and o ther docume n ts fi l ed or t o be fi l ed with the S E C b y H ori z on, H o l d c o and d M Y . The f o r e g oing list o f f ac t o rs is n o t e x cl usi v e. Y ou shou l d n o t pla c e undue r elian c e upon a n y for w ar d - l ooking st at eme n ts, which speak on l y as o f the d a t e made. H ori z on, H o l d c o and d MY do n o t underta k e or a c c e p t a n y oblig a tion or undertaking t o r e l ease public l y a n y upd a t es or r e visions t o a n y for w ar d - l ooking st at eme n ts t o r e f l ect a n y chan g e in their e xpect a tions or a n y chan g e in e v e n ts, c onditions, or ci r cumstan c es on which a n y such st at eme n t is based, e x c e p t as r equi r ed b y la w . A dditional I n f orm a tion about the P r oposed T r ansactions and Whe r e t o Find it I n c onnection with the P r oposed T r ansactions, d M Y , H o l d c o and H ori z on will p r epa r e, and H o l d c o and H ori z on will fi l e the R egist r a tion S t at eme n t with the S E C, which will inc l ude a p r eliminary p r o xy st at eme n t o f d MY and a p r eliminary p r ospectus o f H o l d c o with r espect t o the securities t o be offe r ed in the P r oposed T r ansactions. A f t er the R egist r a tion S t at eme n t is decla r ed effecti v e, d MY will mail a d e finiti v e p r o xy st at eme n t / p r ospectus t o its sha r eho l de r s as o f a r e c o r d d a t e t o be established f or v o ting on the B usiness Combin a tion. The R egist r a tion S t at eme n t, inc l uding the p r o xy st at eme n t / p r ospectus c o n tained the r ein, will c o n tain importa n t i n f orm ation about the P r oposed T r ansactions and the o ther m a t te r s t o be v o t ed upon b y d MY ’ s sha r eho l de r s. This P r ese n t a tion does n o t c o n tain all the i n f orm ation th at shou l d be c onside r ed C a u t i o na r y N o t e s ( C o n t i n u e d )

H o r i z o n Q ua nt u m 4 c on c erning the P r oposed T r ansactions and o ther m a t t e r s and is n o t i n t ended t o p r o vide the basis f or an y i n v estme n t decision or an y o ther decision in r espect o f such m a t t e r s. d M Y , H oriz on and H o l d c o m a y also fi l e o ther docume n ts with the S E C r ega r ding the P r oposed T r ansactions. d MY ’ s sha r eho l de rs and o ther i n t e r es t ed pe r sons a r e advised t o r ead, when a v ailab l e, the R egist r a tion S t a t eme n t, inc l uding the p r eliminary p r o xy st a t eme n t / p r ospectus c o n tained the r ein, the amendme n ts the r e t o and the d e finiti v e p r o xy st a t eme n t/ p r ospectus and o ther docume n ts fi l ed in c onnection with the P r oposed T r ansactions, as these m a t erials will c o n tain importa n t i n f orm a tion about d M Y , H oriz on, H o l d c o , and the P r oposed T r ansactions. The docume n ts fi l ed b y d M Y , H oriz on, and H o l d c o with the S E C also m a y be o b tained f r ee o f cha r g e upon writ t en r equest t o d MY at d MY Squa r ed T echno l ogy G r ou p , I nc., 1180 N orth T o wn Ce n ter D riv e, S ui t e 10 0 , Las V egas, N e v ada 8914 4 . P articipa n ts in the Solicit a tion H oriz on, H o l d c o and d MY and their r especti v e di r ec t o r s, e x ecuti v e offic e r s and o ther membe r s o f their mana g eme n t and emp lo y ees, under S E C ru l es, m a y be deemed t o be participa n ts in the solicit a tion o f p r o xies o f d MY ’ s sha r eho l de rs in c onnection with the P r oposed T r ansactions. I n v es t o r s and security ho l de rs m a y o b tain mo r e detai l ed i n f orm a tion r ega r ding the names, affili a tions and i n t e r ests o f d MY ’ s di r ec t o r s and offic e r s in the d MY Annual R eport or the d MY Quar t er l y R eport. I n f orm a tion r ega r ding the pe r sons who m a y , under S E C ru l es, be deemed participa n ts in the solicit a tion o f p r o xies t o d MY ’ s sha r eho l de rs in c onnection with the B usiness Combin a tion will be set f orth in the p r o xy st a t eme n t / p r ospectus f or the B usiness Combin a tion when a v ailab l e. I n f orm a tion c on c erning the i n t e r ests o f H oriz o n ’ s, H o l d c o ’ s and d MY ’ s participa n ts in the solicit ation, which m a y , in some cases, be diffe r e n t than those o f their r especti v e equityho l de rs g ene r al l y , will be set f orth in the p r o xy st a t eme n t / p r ospectus r el a ting t o the B usiness Combin a tion when it be c omes a v ailab l e. Financial I n f orm a tion; N on - IFRS M easu r es T r ademarks This P r ese n t a tion c o n tains tr ademarks, servic e marks, tr ade names, and c o p yrig h ts o f d M Y , H oriz on, H o l d c o and o ther c ompanies, which a r e the p r operty o f their r especti v e o wne r s. The use or displa y o f thi r d partie s ’ tr ademarks, servic e marks, tr ade name or p r oducts in this P r ese n t a tion is n o t i n t ended t o , and does n o t imp l y , a r el a tionship with d M Y , H oriz on or H o l d c o , or an endo r seme n t or sponso r ship b y or o f d M Y , H oriz on or H o l d c o . So l e l y f or c o n v enien c e, the tr ademarks, servic e marks and tr ade names r e f er r ed t o in this P r ese n t a tion m a y appear with the TM or SM s ymbols, but such r e f e r en c es a r e n o t i n t ended t o indica t e, in an y w a y , th a t d M Y , H oriz on or H o l d c o will n o t assert, t o the ful l est e x t e n t permit t ed under applicab l e law , their rig h ts or the rig h t o f the applicab l e lic ensor t o these tr ademarks, servic e marks and tr ade names. I ndustry and M ark et D a ta This P r ese n t a tion has been p r epa r ed b y d M Y , H oriz on and H o l d c o and inc l udes mar k et d a ta and o ther st a tistical i n f orm a tion f r om thi r d - party industry public a tions and sou rc es as w ell as f r om r esea r ch r eports p r epa r ed f or o ther purposes. A l though d M Y , H oriz on and H o l d c o beli e v e these thi r d - party sou rc es a r e r eliab l e as o f their r especti v e d a t es, none o f d M Y , H oriz on, H o l d c o , or an y o f their r especti v e affili a t es has independe n t l y v erified the a c cu r acy or c omp l e t eness o f this i n f orm a tion and cann o t assu r e y ou o f ( and ma k e no r ep r ese n t a tion or w ar r a n t y , e xp r ess or implied with r espect t o ) the a c cu r acy or c omp l e t eness o f such d a ta or st a tistical i n f orm a tion. Some d a ta a r e also based on d MY ’ s g ood f aith estim a t es, which a r e deri v ed f r om b o th i n t ernal sou rc es and the thi r d - party sou rc es described he r ein. N one o f d M Y , H oriz on, H o l d c o , their r especti v e affili a t es, or their r especti v e di r ec t o r s, offic e r s, emp lo y ees, membe r s, partne r s, sha r eho l de rs or ag e n ts ma k e an y r ep r ese n t a tion or w ar r a n ty with r espect t o the a c cu r acy o f such i n f orm a tion. N o Financial, L egal, or T ax A dvi c e N o thing he r ein shou l d be c onstrued as l egal, financial, tax or o ther advi ce. Y ou shou l d c onsu l t y our o wn advise r s c on c erning an y l egal, financial, tax or o ther c onside r a tions c on c erning the opportunity described he r ein. The g ene r al e xplan a tions inc l uded in this P r ese n t a tion cann o t add r ess, and a r e n o t i n t ended t o add r ess, y our specific i n v estme n t objecti v es, financial situ a tions or financial needs. N o thing c o n tained he r ein shall be deemed a r e c ommend a tion t o an y party t o e n ter i n t o an y tr ansaction or ta k e an y c ou r se o f action. N either the independe n t audi t or o f d M Y , H oriz on or H o l d c o has e x amined or c ompi l ed the financial i n f orm a tion and d a ta c o n tained this P r ese n t a tion; a c c o r ding l y , no such independe n t audi t or p r o vides an y assu r an c e with r espect t o an y financial i n f orm a tion inc l uded he r ein. S uch i n f orm a tion and d a ta m a y n o t be inc l uded in, m a y be adjus t ed in, or m a y be p r ese n t ed diffe r e n t l y in, an y r egist r a tion st a t eme n t, p r ospectus, p r o xy st a t eme n t or o ther r eport or docume n t t o be fi l ed or furnished b y d M Y , H oriz on or H o l d c o , or an y o ther r eport or docume n t t o be fi l ed f ol l o wing c omp l etion o f the P r oposed T r ansactions, with the S E C. C au t i o na r y N o t e s ( C o n t i n u e d )

H o r i z o n Q ua nt u m 5 d MY M ana g eme n t T eam D E C A D E S O F E X P E R I E N C E C R E A T I N G S H A R E H O L D E R V A L U E H arry Y ou Chairman, d MY T echno l ogy G r oup
 M ember o f E x ecuti v e Commit t ee, B r oad c om Deep T r ansactional Experien c e S pearheaded nume r ous M & A t r ansactions as e x ecuti v e Pl a y ed a k e y r o l e in structuring Del l ’ s $ 6 7B bu y out o f EMC as EMC ’ s e x ecuti v e vi c e p r eside n t Significa n t sha r eho l der v a l ue c r e a tion a t EMC, O r ac l e, A cc e n tu r e, K orn F erry and B r oad c om B r oad c o m ’ s $92B a c quisition o f VM W a r e Experien c ed SP A C sponso r , h a ving launched nine S P A C s, inc l uding the su c c essful de - SP A C o f I o n Q R aised hund r eds o f billions in t o tal capital I nstitutional I n v es t o r , # 1 - r an k ed C F O in Compu t er S ervi c es & I T Consu l ting in 2004 F ormer M anaging D i r ec t o r , M o r gan S tan l e y I n v estmen t Ban k ing

T r ansaction o v erview H o r i z o n Q ua nt u m 6 P r o f orma v a l u a tion a t c l ose $ T rust v a l ue per sha r e 3 P r o f orma sha r es outstanding 4 5 6 11.53 52 . 0 P r o f orma mar k et capitalis a tion L ess: p r o f orma net cash 7 $ 59 9 .2 ( 58.2) P r o f orma e n t erprise v a l ue $ 5 4 1 . 0 Sou r c es DMYY cash in trust 3 5 Estim a t ed equity financing H ori z on Qua n tum e xisting cash 7 H ori z on Qua n tum r ol l o v er equity DMYY sponsor r ol l o v er equity $ 2 7 . 0 5 0 . 0 1.2 50 4 . 0 18.2 T o tal sou r c es $ 60 0 . 4 U ses C as h t o b alan c e s h eet Estim a t ed t r ansaction e x penses H ori z on Qua n tum r ol l o v er equity DMYY sponsor r ol l o v er equity $ 58.2 2 0 . 0 50 4 . 0 18.2 T o tal uses $ 60 0 . 4 H ori z on Q uan tum # S h a r es % Ow ned 43.7 8 4 . 1% DMYY S ponsor # S h a r es 1.6 % Ow ned 3 . 0% DMYY Public 5 # S h a r es 2.3 % Ow ned 4 .5% E s t . E q uit y F inancin g ⁶ # S h a r es 4 .3 % Ow ned 8.3% P r o f orma il l ust r a ti v e o w ne r s h ip b r ea k d o w n 4 8 3 T o tal cash in trust and per sha r e v a l ue as o f A ugust 3 1, 2025 . 4 E x c l udes public and pri v a t e pla c eme n t w ar r a n ts. 5 A ssumes 0 % r edem p tions . 6 A ll s h a r es issued and v a l ued at t h e trust v a l ue per s h a r e . 7 I nc l udes H oriz on Qua n tu m ’ s e xisting cash o f $ 1.2M and de b t o f $ 0 as o f A ugust 31, 2025. 8 Ow ne r s h ip i n t e r est ca l cul a t ed as a pe r c e n ta g e o f p r o f orma t o tal s h a r es outstanding. H o l d c o w ill h a v e a dual class s h a r e structu r e , w it h C lass A o r dinary s h a r es h a ving one v o t e per s h a r e and C lass B o r dinary s h a r es h a ving t h r ee v o t es per s h a r e. H oriz on f ounder w ill b e t h e so l e initial 
 h o l der o f C lass B o r dinary s h a r es. E x isting H oriz on Qua n tum s h a r e h o l de r s w ill r oll 100 % o f t h eir h o l dings and r etain ~ 84 % o w ne r s h ip a t c l ose ⁵ T a r g eting up t o $ 50M o f equity financing f r om st r a t egic and financial i n v es t o r s A ll H oriz on Qua n tum s h a r e h o l de r s and DMYY sponsor su b j ect t o t w o - y ear l oc k - u p M inimal di l ution f r om DMYY sponso r T r ansaction e x pec t ed t o c l ose b y Q1 2026 N o t e: $USD and s h a r es outstanding in millions, e x c e p t per sha r e pri c es. 1 $ 3 million c l osed and $ 1 million under b inding su b scri p tion ag r eeme n t as o f O c t o b er 13 , 2025 . 2 A v e r ag e mar k et capitaliz a tion o f ION Q , R G T I , Q B T S and QU B T as o f O c t o b er 13 , 2025. V a l u a tion H oriz on Qua n tum v a l ued a t mon e y equity v a l u e $ 500M p r e - V a l u a tion t o inc r ease dolla r - f o r - dollar b y t h e amou n t o f a n y financing r aised prior t o c l ose ( $ 4 M S AF E financing r aise d ) ¹ A v e r a g e pu r e - pl a y pu b lic qua n tum c omputing mar k et cap = ~$ 16 B 2 T r ansaction h i gh li g h ts

Our mission is t o un l ock b r oad qua n tum ad v a n ta g e b y bui l ding s o ft w a r e i n f r astructu r e th a t emp o w e r s d e v e l ope r s t o use qua n tum c omputing t o so l v e the w or l d ’ s t oughest c omput a tional p r ob l ems. H o r i z o n Q ua nt u m 7

Fi r s t - m o v er ad v a n ta g e
 in qua n tum s o ft w a r e
 i n f r astructu r e W e beli e v e th a t s o ft w a r e will dri v e c omme r cial adop tion o f qua n tum ha r d w a r e H a r d w a r e - agnostic app r oach a n ticip a t ed t o gi v e use r s the f l e xibility t o l e v e ra g e the best qua n tum s y s t ems f or their so l utions r ega r d l ess o f under l ying modality or v endor A n ticip a t ed t o be the on l y public s o ft w a r e i n f r astructu r e pu r e - pl a y in qua n tum c omputing with capital efficie n t model W or l d - class, deep - scien c e t eam f ocused on qua n tum s o ft w a r e P r oduct & G TM r oadmap designed t o deli v er c omme r cial demand Compelling mar k et opportunity t o deli v er the s o ft w a r e i n f r astructu r e f or qua n tum c ompu t e r s H o r i z o n Q ua nt u m 8

N o c ompu t er is effecti v e without s o ft w a r e... 
 ... and classical c ode does n ’ t run on qua n tum machines. H o r i z o n Q ua nt u m 9

The pl a t f orm l a y er un l ocks the v a l ue 
 o f e v ery new c omputing t echno l ogy H oriz on Qua n tum is bui l ding the s o ft w a r e i n f r astructu r e t o set the standa r d f or d e v e l oping, dep l o ying and e x ecuting qua n tum s o ft w a r e, r ega r d l ess o f which ha r d w a r e p r e v ail s 1 Applic a tion Pl a t f orm H a r d w a r e Wind o w s PC $23 B 2 20 2 4 r e v enue i OS / And r oid M obi l e $201 B 3 / $40 B 4 20 2 4 r e v enue A W S W eb $108 B 5 20 2 4 r e v enue Nvidia Cuda GPU / AI $116 B 6 20 2 4 r e v enue VM w a r e Virtualis a tion $21 B 7 20 2 4 r e v enue T rip l e Alpha Qua n tum H o r i z o n Q ua nt u m 1 0 1 R e v enues inc l uded f or il l ust r a ti v e purposes t o highlig h t the his t oric v a l ue o f pl a t f orm d e v e l opme n t . These v a l ues a r e n o t inc l uded f or c ompa r a ti v e purposes or sug g esti v e o f futu r e r e v enue s . 2 As r epor t ed on M ic r os o ft Corpo r a tio n ’ s Annual R eport on F orm 1 0 - K , fi l ed f or the F iscal Y ear ended J une 3 0 , 202 5. 3 As r epor t ed on App l e I nc . ’ s Annual R eport on F orm 1 0 - K , fi l ed f or the F iscal Y ear ended S e p t ember 2 8 , 20 24 . 4 As r epor t ed on Alphabet I nc . ’ s Annual R eport on F orm 1 0 - K , fi l ed f or the F iscal Y ear ended D e c ember 31 , 20 24 , and inc l uded within division Goog l e S ubscri p tions, Pl a t f orms and D e vi c es . 5 As r epor t ed on Ama z on . c om, I nc . ’ s Annual R eport on F orm 1 0 - K , fi l ed f or the F iscal Y ear ended D e c ember 31 , 20 24 . 6 As r epor t ed on N vidia Corpo r a tio n ’ s Annual R eport on F orm 1 0 - K , fi l ed f or the F iscal Y ear ended J anuary 2 6 , 202 5 , and inc l uded in the D a ta Ce n ter r e v enue segme n t . 7 As r epor t ed on B r oad c om I nc . ’ s Annual R eport on F orm 1 0 - K f or the F iscal Y ear ended N o v ember 3 , 20 24 , inc l uded within division I n f r astructu r e S o ft wa r e .

H o r i z o n Q ua nt u m 1 1 A t the heart 
 o f qua n tum c omputing W e s ee k t o B r i d g e t h e g a p b e t w ee n t o d a y ’ s h a r d w a r e an d t o m o r r o w ’ s a pp l i c a t i o n s By c onnecting d e v e l ope r s, end use r s, and ha r d w a r e p r o vide r s, w e beli e v e our qua n tum s o ft w a r e i n f r astructu r e is positioned t o un l ock the p o t e n tial o f qua n tum c omputing t o so l v e - r eal w or l d p r ob l ems.

01 C r e a ting qua n tum al g orithms is difficu l t, non - i n tuiti v e and ina c c essib l e t o all but a f ew hund r ed specialists 02 H a r d w a r e is di v e r se and imper f ect, r endering p r og r ams non - portab l e and un r eliab l e 03 P r og r amming langua g es lack abst r action, r equiring p r og r ams t o be writ t en l ogic g a t e b y l ogic g a t e H a r d w a r e is on l y ha l f the pictu r e − s o ft w a r e is needed t o dri v e qua n tum ad v a n ta g e. T od a y , d e v e l ope rs f a c e major barrie r s t o harness qua n tum c omputing just lik e in the ear l y d a y s o f classical c omputing H o r i z o n Q ua nt u m 1 2

Wh a t if p r og r amming 
 a qua n tum c ompu t e r 
 w as as simp l e as writing
 a Python scri p t? H o r i z o n Q ua nt u m 1 3

H igh - L e v el Qua n tum P r og r am Compil a tion t o IR with Co n tr ol F l o w P r og r am O p timiz a tion H a r d w a r e M apping P ac k aging f or E x ecution Dep l o yme n t as an API Cur r e n t l y a v ailab l e in T rip l e Alpha R oadmap with e xisting IP Classical P r og r am R estructuring & Classific a tion Al g orithm Construction W e a r e d e v e l oping t echno l ogy t o brid g e f r om
 classical t o qua n tum W e a r e e x ecuting an ambitious plan t o enab l e s o ft w a r e d e v e l ope rs t o a c c ess the p o w er o f qua n tum c omputing b y d e v e l oping t ools t o au t om a tical l y a c c e l e r at e classical s o ft w a r e using qua n tum p r o c essing. H o r i z o n Q ua nt u m 1 4

W e a r e al r eady enabling d e v e l ope rs t o c ode, c ompi l e and dep l o y 
 sophistic a t ed applic a tions with T rip l e Alpha T rip l e Alpha is cur r e n t l y in ear l y a c c ess with se l ect ha r d w a r e and s o ft w a r e partne r s Early access H o r i z o n Q ua nt u m 1 5

S y s t em specific S y s t em agnostic Gene r al Compu t e S pecific F unctions Co n t r ol 
 s y s t ems Pulse sequen c es P ortability G a t e l e v el c ode M ode l - based s y n thesis Lib r aries F l e xibility Co n t r ol s y s t ems Q U A ( Qua n tum M achine s ) , Lab O ne Q ( Z urich I nstrumen t s ) Pulse sequen c es O pe n Pulse ( IB M ) , Qui l - t ( Ri g ett i ) G a t e l e v el c ode Q iskit ( IB M ) , PyQuil ( Ri g ett i ) , 
 Ci r c ( Goog l e ) M ode l - based s y n thesis Qua n tum Al g orithm Design Pl atf orm ( Classi q ) Lib r aries O pe n F ermion, T ensorF l o w Qua n tum ( Goog l e ) , P en n yLane ( X anad u ) T rip l e A lp h a ma k es serious q ua n tum s o ft w a r e d e v e l opme n t possi b l e Ex isting app r oac h es t o p r og r amming q uan tum c ompu t e r s usual l y n a v ig a t e a t r a d e - o ff b et w een f l e x i b ility an d porta b ilit y . T rip l e A lp h a a v oi d s t h is t r a d e - o ff e n ti r e l y , o ff ering a h ig h l e v el o f c o n trol wh i l e r emaining h a r d w a r e agnostic . H o r i z o n Q ua nt u m 1 6 Sou r c e: F unctionality ana l y sis diag r am p r epa r ed b y H ori z on Qua n tum mana g eme n t f or il l ust r a ti v e purposes .

Our ru n time e n vi r onme n t is eme r ging as a true qua n tum ope r a ting s y s t em k ernel T rip l e Alpha o v e r c omes limit a tions o f ha r d w a r e bac k ends in s o ft w a r e, seam l ess l y sti t ching t o g ether mu l tip l e ha r d w a r e calls t o enab l e enhan c ed functionalit y , al l o wing d e v e l ope rs t o do much mo r e with e xisting ha r d w a r e s y s t ems. With capabilities li k e dynamic memory al l oc a tion and net w ork I / O , w e beli e v e T rip l e Alpha is l a ying the f ound a tion f or the fi r st true qua n tum OS k ernel. M id - ci r cuit measu r eme n t Co n t r ol f l o w ( i f / else, whi l e l oop s ) Concur r e n t classical functions Dynamic memory al l oc a tion N et w ork I / O mid c omput a tion Sou r c e: Cur r e n t capabilities tab l e p r epa r ed b y H ori z on Qua n tum mana g eme n t f or il l ust r a ti v e purposes. IBM Ri g etti I o n Q IQM OQC with T rip l e Alpha C u rr e n t c a p a b i l i t i e s H o r i z o n Q ua nt u m 1 7

Our t ools a r e designed t o set a new standa r d f or qua n tum s o ft w a r e i n f r astructu r e H o r i z o n Q ua nt u m 1 8 Co ntrol s y s t ems abst r action E x ecution I n f r astructu r e Our e x ecution stack enab l es p r og r ams t o be run on a wide v ariety o f qua n tum c ompu t e r s and simul a t o r s, using ad v an c ed t echniques t o e x t end s y s t em capabilities. F ull c o n trol f l o w support F ull mid - c omput a tion classical function support F ull mid - c omput a tion I / O support Co ntrol s y s t em l ogic Dynamic memory mana g eme n t R esou r c e planning / estim a tion E x ecution on ha r d w a r e s y s t ems F ull mid - c omput a tion measu r eme n t support Dep l o yme n t I n f r astructu r e Our dep lo yme n t i n f r astructu r e al l o w s p r og r ams t o be dep lo y ed as AP I s f or ea s y i n t eg r a tion bet w een qua n tum p r og r am and use r - f acing i n t er f a c e. Dep l o yme n t o f p r og r ams as AP I s Ea s y i n t eg r a tion with f r o n t - end t echno l ogies Session mana g eme n t f or dep lo y ed p r og r ams A uthe n tic a tion P r og r am e x ecution mana g eme n t S t a tus moni t oring U sa g e moni t oring d e v e l ope rs t o c r e a t e p r og r ams using high - l e v el p r og r amming langua g es and c ompi l e them t o o p timised s y s t em - specific c ode. p r og r amming langua g es and c ompi l e them t o o p timised s y s t em - specific c ode. D D e e v e v e l o l o p p m m e e n n t t I n I n f r f a r a s t s r t u r u c t c u t u r e r e Our d e v e l opme n t t ools al l o w T rip l e Alpha al l o w s d e v e l ope rs t o c r e a t e p r og r ams using high - l e v el H igh l e v el p r og r amming O p timising c omplier I nstruction set t r ansl a tion P r og r am o p timis a tion engine Scheduling o f pulse l e v el ope r a tions G ene r a tion o f s y s t em specific c ode P ortab l e l o w l e v el i n t ermedi a t e r ep r ese n t a tion ( I R)

H o r i z o n Q ua nt u m 1 9 W e ta k e ha r d w a r e i n t eg r a tion serious l y b y ope r a ting our o wn qua n tum c ompu t e r s H oriz on Qua n tum e xpects t o be c ome one o f the v ery fi r st s o ft w a r e c ompanies t o ope r at e its o wn qua n tum c ompu t e r s. W e h a v e established an on - si t e t estbed, with capacity f or mu l tip l e qua n tum c ompu t e r s and a r e in the p r o c ess o f assembling the fi r st s y s t em. W e view tig h t i n t eg r a tion bet w een ha r d w a r e and s o ft w a r e as critical t o r ealizing the full p o t e n tial o f qua n tum c omputing.

Our st r a t egy positions us t o g r o w as qua n tum c omputing sca l es H o r i z o n Q ua nt u m 2 0 I nbound a c c ess r equests r e c ei v ed f r om : 35+ M ajor Corpo r a tions 75+ / 8 U ni v e r sities / Times H igher E duc a tion T op 20 10+ N a tional labs, g o v ernme n t a g encies and r esea r ch institu t es. 10+ Qua n tum s o ft w a r e c ompanies S o ft w a r e P artne r s Qua n tum s o ft w a r e D e v e l ope rs A cademia and A l t erna ti v e P artne r s R esea r ch G r oups C l oud P r o vide r s H a r d w a r e P artne r s QPU Co n trol S y s t ems

H o r i z o n Q ua nt u m 2 1 Our app r oach with partne r s is designed t o enab l e our t ools t o be c ome the d e f au l t s o ft w a r e i n f r astructu r e f or ha r d w a r e v endo r s Our app r oach with partne r s p r o vides a p a t h w a y f or manu f actu r e r s t o inc r e asing l y i n t eg r a t e their ha r d w a r e with T rip l e A lpha. This enab l es us t o offer ha r d w a r e f r om a manu f actu r er t o our use r s a t an ear l y sta g e o f engag eme n t and p o t e n tial l y p r o vides a p ath f or T rip l e Alpha t o be c ome the d e f au l t s o f t w a r e s tack f or their cu s t ome r s. H a r d w a r e be c omes a v ailab l e t o H oriz on Qua n tum f or i n t ernal use within T rip l e Alpha H a r d w a r e be c omes a v ailab l e t o H oriz on Qua n tu m ’ s e x t ernal c ollabo r at o r s using T rip l e Alpha H oriz on Qua n tum w orks with ha r d w a r e v endor t o so l v e Q AI chal l en g es the manu f actu r er f a c es H a r d w a r e manu f actu r er ma k es T rip l e Alpha a v ailab l e t o its cus t ome rs T rip l e Alpha be c omes the d e f au l t s o ft w a r e l a y er on the ha r d w a r e pl a t f orm Increasin g soft w ar e / har d w ar e int e gr a tio n Mode l

Applic a tions run th r ough our i n f r astructu r e . This is e xpec t ed t o enab l e usa g e - based pricing th a t aligns with v a l ue c r e a tion f or d e v e l ope r s. H o r i z o n Q ua nt u m 2 2

W e ’ v e assemb l ed a w or l d - class, deep - scien c e t eam t o c l ose the gap bet w een qua n tum ha r d w a r e and p r actical applic a tion D r J oe Fitzsimons Chi e f E x ecuti v e Offi c er D r Si - H ui T an Chi e f Scien c e Offi c er H o r i z o n Q ua nt u m 2 3

G r eg Gou l d Chi e f Financial Offi c er Amanda Chew VP o f P r oduct E oin Scan l on VP o f O pe r a tions Philip T an VP o f Comme r cial O pe r a tions D r R a ymond L l o y d VP o f E ngineering S uma n th Puttur VP o f P eop l e A t eam with e xperien c e ac r oss t echno l ogy o r ganis a tions, b o th big and small H o r i z o n Q ua nt u m 2 4

2020 2021 2022 2023 20 2 4 2025 Compa n y his t ory & i n v estme n t W e h a v e su c c essful l y seeded and g r o wn mu l tip l e departme n ts 
 with i n t e n tional st r at egy o f hiring l eade r s and then bui l ding out their t eams. 60 H o r i z o n Q ua nt u m 2 5 Scien c e
 P r oduct
 Design
 M a r c omms
 H uman R esou r c es Finan c e
 B usiness O pe r a tions S o ft w a r e E ngineering
 Comme r cial O pe r a tions
 Co ntrol S y s t ems and H a r d w a r e
 I n f orm a tion T echno l ogy E ngineering 40 20 0 4 2 Se p t. 29th, 2025 F ounded in Singapo r e in 2018 T o tal i n v estmen t t o d a t e $25M

E r r or c or r ection is n o w a r eality Qua n tum er r or c or r ection has p r og r essed r apid ly in the last 
 18 mo n ths, with full qua n tum er r or c or r ection c o n vincing l y demonst r at ed f or the fi r st time in l a t e 20 24 . Qua n tum c ompu t e r s a r e n o w ha r d t o simul a t e Co n vincing demonst r a tions h a v e sh o wn th a t classical c ompu t e r s can no l on g er easi l y simul a t e qua n tum c ompu t e r s. O v erhead is tumbling N o t l ong a g o , it w as thoug h t th a t 1 , 000+ p h y sical qubits w ou l d 
 be r equi r ed t o p r odu c e an er r o r - f r ee l ogical qubit. R e c e n t p r og r ess in er r or c or r ection c odes has r edu c ed this b y o r de rs o f magnitude. N ew qubit pl a t f orms a r e eme r ging Qua n tum c ompu t e r s based on neut r al a t oms a r e scaling up r apid l y , and new qubit a r chi t ectu r es e xp l oiting biased noise a r e sh o wing p o t e n tial shor t cuts t o er r o r - f r ee qua n tum c omput a tion. Qua n tum c omputing 
 has r eached 
 an i n f l ection poi n t Pr a ctical q u antum a d v an t a ge is exp e cted in the c oming years H o r i z o n Q ua nt u m 2 6

H o r i z o n Q ua nt u m 2 7 I n past t echno l ogy c y c l es, s o ft w a r e has ca p tu r ed mo r e v a l ue than ha r d w a r e. Qua n tum c omputing m a y f ol l o w this t r end.

Comme r cial applic a tions a r e li k e l y t o eme r g e soon,
 the applic a tion i n f r astructu r e needs t o be r eady H o r i z o n Q ua nt u m 2 8 D e v e l ope rs and domain e xperts need the i n f r astructu r e t o e xperimen t, t est, and bui l d applica tions b e f o r e c omme r cial demand ta k es off. Sou r c e: G l obal Risk I nstitu t e — Qua n tum Th r e a t Timeline R eport 20 2 4 I n a 20 2 4 r eport on the st a t e o f qua n tum c omputing, most o f the qua n tum c omputing e xperts pol l ed a n ticip a t ed c omme r cial applica tions t o eme r g e within the n e xt 5 y ea r s. 2 1 2 3 9 2 7 7 4 3 4 5 6 1 1 6 2 2 1 1 3 3 2 7 7 6 6 5 2 15 y ea r s 10 y ea r s 3 y ea r s 1 y ear 5 y ea r s 0 4 8 12 number o f r esponde n ts 16 20 tim e f r ame lik elihood > 99% > 95% > 70% ~ 50% < 30% < 5% < 1% 20 2 4 EXPE R T S' E S TIM A TES OF LIKELIHOOD OF C OMME R CIAL APPLIC A TIONS F OR EAR L Y Q U ANTUM C OMPUTERS N umber o f e xperts who indica t ed a c ertain li k elihood in each indica t ed tim e f r ame

H is t orical Financials Consolid a t ed balan c e sheets 20 2 4 ( S$) 2023 ( S$) De c ember 31, 36 0 , 000 5 0 , 000 A ssets Consolid a t ed st a t eme n ts o f ope r a tions De c ember 31, 20 2 4 ( US$) R e v enue 263,505 H o r i z o n Q ua nt u m 2 9 O pe r a ting e xpenses R esea r ch and d e v e l opme n t Selling and mar keting Gene r al and administ r a ti v e Dep r ecia tion and amortis a tion T o tal ope r a ting e xpenses 2,531,268 722 , 1 2 4 2 , 13 0 , 999 626 , 006 6 , 01 0 ,397 3 , 458,218 986,566 2 , 911,370 855, 2 4 9 8,211 , 403 2,23 9 , 460 732,804 1,821 , 990 26 4 , 4 14 5 , 058,668 I n c ome ( l os s ) f r om ope r a tions ( 5, 7 46,892) ( 7 ,851 , 40 3 ) ( 5 , 008,66 8 ) Other inc ome and ( e xpens e ) I n t e r est e xpense Other inc ome F o r eign e x chan g e ( l os s ) gain I n c ome tax e xpense ( 36,20 0 ) 9 0 ,825 21 4 , 903 - ( 4 9 , 457) 1 2 4 , 085 293,601 - (2,33 9 ) 1,527 ( 166 , 037) - N et inc ome ( l os s ) ( 5 , 4 7 7 ,36 4 ) ( 7 , 483 , 1 7 4 ) ( 5 , 175,517) W t d . A v g . S ha r es O u tstanding ( O r d . + P r e f . ) Basic and di l u t ed 16 , 023,350 16 , 023,350 16 , 023,350 E P S – B asic & N et ( L os s ) / I n c ome, O r d . + P r e f Basic and di l u t ed ( 0 . 3 4 ) ( 0 . 4 7) ( 0 . 32) 20 2 4 ( US$) 20 2 4 ( S$) 2023 ( S$) C ash and cash e qu i v a l e n ts R e c ei v a b l es, net P r epaid and o ther c u r r e n t assets 4 ,848,855 10 9 ,7 9 4 90 9 , 189 6,62 4 ,506 15 0 , 000 1, 2 4 2 , 134 16,512 , 011 - 521 , 400 T o tal cur r e n t assets 5,8 6 7 ,838 8 , 016,640 1 7 , 033 , 4 11 P r opert y and e qu ipme n t, net C onstr u ction in p r o c ess I n tangi b l e assets, net Rig h t - o f - u se assets Sec u rit y deposits 2,21 0 , 034 - 25 , 145 538 , 038 6 9 ,606 3 , 01 9 ,348 - 3 4 ,353 735 , 0 6 7 95 , 0 9 6 56 0 ,254 25 4 , 6 72 3 9 ,504 23 , 4 99 4 4 , 186 T o tal assets 8,71 0 ,6 6 1 11 , 90 0 ,504 1 7 , 955,626 L iabilities and s t oc k ho l de r s ’ d e ficit Other p a y a b l es O pe r a ting l ease lia b ilities T o tal cur r e n t liabilities O pe r a ting l ease lia b ilities, non - c u r r e n t 51 4 ,280 2 6 1 , 0 2 4 775,304 33 0 ,855 702,609 356, 6 11 1 , 05 9 ,220 452 , 014 198 , 178 2 7 ,260 225 , 438 - T o tal liabilities 1 , 105 , 159 1,511,234 225 , 438 S t oc k ho l de r s ’ e q uit y T o tal S t oc k ho l de r s ’ E q uit y T o tal L iabilities and S t oc k ho l de r s ’ E q uit y 7 ,60 4,502 8,71 0 ,6 6 1 1 0 ,38 9 ,270 11 , 90 0 ,504 1 7 ,73 0 , 188 1 7 , 955,626

H o r i z o n Q ua nt u m 3 0 T r ansaction Designed t o F und Pl a t f orm Expansion Annuali z ed J une ‘25 - 20 Cash OPEX and CAPEX Public c ompa n y e xpenses Annuali z ed $12.6M c onsists o f annuali z ed app r o xim a t e l y US$ 9 . 1M in cash OPEX and CAPEX 
 as o f J une 2025, p l us estim a t ed inc r eme n tal public c ompa n y - r el a t ed e xpenses. ( US$ 7 . 4 M ) 20 2 4 0 I l l ust r a ti v e T r ansaction
 F unding 1 ( US$12.6M ) 40 US$58.2M 20 60 1 P l ease see slide 6 f or tr ansaction financing assum p tions.

Capita l - efficie n t s o ft w a r e & Sa a S model in qua n tum c omputing A l though w e depend on quan tum ad v a n ta g e being achi e v ed, w e enj o y a number o f st r engths: S t r ong t echnical t eam with p r o v en t r ack r e c o r d in qua n tum c omputing Compelling t echno l ogy t o p o w er quan tum c omputing applications S o ft wa r e business model with l o w er cap e x r equi r eme n ts than quan tum ha r d w a r e c ompanies H a r d w a r e agnostic app r oach designed t o ma k e su c c ess independe n t o f winning ha r d w a r e t echno l ogy A n ticip a t ed v a l ue - based pricing model B usiness mode l d esi g ne d t o b e stic ky H o r i z o n Q ua nt u m 3 1

Appendix A: G l ossary This G l ossary e xplains s e v e r al t erms used in the H oriz on Qua n tum I n v es t or P r ese n t a tion. The G l ossar y , as p r epa r ed b y H oriz on Qua n tum mana g eme n t, is n o t a c omp r ehensi v e e xplan a t ory docume n t. S ha r eho l de rs and i n v es t o r s shou l d n o t undu l y r e l y on it t o ma k e i n v estme n t decisions.

H o r i z o n Q ua nt u m 3 4 G l o s s a r y Al g orithm — An al g orithm is a fini t e set o f s t ep - b y - s t ep instructions f or so l ving a type o f p r ob l em or carrying out a c omput a tion. Al g orithms a r e a c orne r s t one o f c ompu t er scien c e and f orm the bui l ding b l ocks o f c ompu t er p r og r ams. Th e y a r e used f or ca l cula tion, d a ta p r o c essing, and au t om a tion, and th e y r ang e f r om simp l e p r o c edu r es ( such as sorting) t o ad v an c ed methods ( such as c ombin a t orial o p timiza tion ) . Al g orithm c onstruction — The p r o c ess o f designing and specifying al g orithms t o so l v e p r ob l ems or per f orm c omput a tions. F or c o n v e n tional c omputing, this i n v o l v es c r e a ting al g orithms th a t run on classical ha r d w a r e, f ol l o wing de t erministic, s t ep - b y - s t ep l ogic. F or qua n tum c omputing, al g orithm c onstruction r equi r es e xp l oiting qua n tum effects — such as i n t er f e r en c e, superposition, and e n tang l eme n t — t o design methods th a t can sometimes so l v e p r ob l ems mo r e efficie n t l y than classical al g orithms. API (Applic a tion p r og r amming i n t er f a c e ): An API is a standa r d w a y f or diffe r e n t s o ft w a r e s y s t ems t o talk t o each othe r . I t l ets one p r og r am use the functions or d a ta o f ano ther without needing t o kn ow h o w th a t o ther p r og r am is bui l t. AP I s ma k e it easier f or d e v e l ope rs t o c onnect t ools, bui l d new applica tions, and sha r e d a ta ac r oss s o ft w a r e s y s t ems. Compi l er — A c ompi l er is a s o ft w a r e t ool th a t t r ansl a t es c ode writ t en in a high - l e v el p r og r amming langua g e i n t o a f orm th a t c ompu t er ' s ha r d w a r e can e x ecu t e. A c ompi l er m a y t r ansl a t e s t ep b y s t ep f r om one abst r action l e v el t o the n e xt, or all the w a y d o wn t o n a ti v e instructions f or the ha r d w a r e. Compil a tion happens b e f o r e the p r og r am runs, al l o wing d e v e l ope rs t o c ode in langua g es th a t a r e easier t o r ead and wri t e whi l e still p r oducing instructions the machine can unde r stand. Ci r cuit ( qua n tum ci r cui t ) — I n qua n tum c omputing, a ci r cuit is a sequen c e o f ope r a tions, c onsisting o f qua n tum g a t es and measu r eme n ts, carried out on qubits within a qua n tum p r o c essing unit ( QP U ) . M uch li k e l ogic ci r cuits e xp r ess c omput a tions in classical c ompu t e r s, a qua n tum ci r cuit is the basic w a y o f e xp r essing a c omput a tion on a qua n tum c ompu t e r . By ar r anging ope r a tions in diffe r e n t sequen c es, qua n tum ci r cuits imp l eme n t al g orithms, and the i n t erpl a y o f g a t es within them gi v es rise t o qua n tum i n t er f e r en c e, enabling qua n tum c ompu t e r s t o per f orm c omput a tions th a t a classical c ompu t er canno t. Ci r cuits a r e limi t ed, h o w e v e r , in th a t th e y canno t imp l eme n t c o n trol f l o w or de t ermine which ope r a tion t o per f orm dynamical l y .

H o r i z o n Q ua nt u m 3 5 G l o s s a r y ( C o n t i n u e d ) Concur r e n t classical functions — I n qua n tum c omputing, c oncur r e n t classical functions a r e classical c omput a tions th a t run a t the same time as a qua n tum ci r cuit, r ather than on l y b e f o r e or a f t er it. T r aditional l y , qua n tum p r og r ams a r e structu r ed as st a tic ci r cuits: the ci r cuit is designed in ad v an c e, e x ecu t ed on the qua n tum p r o c esso r , and then the r esu l ts a r e p r o c essed classical l y . Concur r e n t classical functions al l o w classical and qua n tum s t eps t o be i n t er w o v en mo r e tig h t l y . F or e x amp l e, a classical function m a y p r o c ess a mid - ci r cuit measu r eme n t r esu l t and immedi a t e l y decide which g a t e t o app l y n e xt, or upd a t e pa r ame t e r s on the f l y t o s t eer the qua n tum c omput a tion dynamical l y . This c oncur r e n t e x ecution is p o w erful because it al l o w s f eedback l oops bet w een classical and qua n tum p r o cesses, making qua n tum al g orithms mo r e f l e xib l e and efficie n t. I t is also a ne c essary ing r edie n t f or importa n t functionality such as er r or c or r ection. Co n t r ol f l o w ( i f / else, whi l e l oop s ) — I n classical c omputing, c o n trol f l o w is the o r der in which individual instructions in a p r og r am a r e e x ecu t ed. I ns t ead o f a l w a y s running c ommands in a st r aig h t line f r om t op t o b o t t om, p r og r ams can ma k e decisions or r epe a t s t eps based on c onditions. F or e x amp l e, an i f / else st a t eme n t al l o w s a p r og r am t o ta k e diffe r e n t p a ths depending on whether a c ondition is true or f alse. A whi l e l oop ma k es the p r og r am r epe a t a b l ock o f instructions u n til a c ondition is no l on g er met. These c o n trol f l o w structu r es ma k e it possib l e t o wri t e p r og r ams th a t ada p t t o diffe r e n t inputs and situ a tions. I n qua n tum c omputing, c o n trol f l o w is much mo r e chal l enging. T r aditional qua n tum p r og r amming f r ame w orks h a v e typical ly been c o n fined t o st a tic ci r cuits, whe r e all the ope r a tions a r e fi x ed in ad v an c e. This limits the r ang e o f p r og r ams e xp r essib l e in those f r ame w orks. Co n t r ol s y s t ems — A qua n tum c o n trol s y s t em is the c ombin a tion o f ha r d w a r e and s o ft w a r e used t o manipul at e and measu r e qubits in a qua n tum c ompu t er or e xperimen t. I t r elies on classical e l ect r onics t o g ene r a t e high l y p r ecise signals th a t dri v e qubit ope r a tions and t o p r o c ess measu r eme n t f eedback in r eal time. These s y s t ems enab l e c omp l e x tasks such as cha r ac teriz a tion o f the p h y sical p r operties o f the under lying p r o c esso r s, calib r a tion o f specific g a t e ope r a tions, er r or c or r ection p r o t o c ols, and g a t e sequen c es, whi l e also supp r essing noise and mai n taining the stability o f sensiti v e qua n tum ha r d w a r e. Qua n tum c o n trol s y s t ems a r e typical ly tai l o r ed t o the under lying qubit t echno l og y — f or e x amp l e, supe r c onducting qubits, t r apped ions, or ph o t ons each r equi r e diffe r e n t types o f c o n trol signals and e l ect r onics.

H o r i z o n Q ua nt u m 3 6 G l o s s a r y ( C o n t i n u e d ) Dynamic memory al l oc a tion — I n classical c omputing, dynamic memory al l oc a tion is the p r o c ess o f assigning memory t o a p r og r am whi l e it is running, r ather than fixing the memory si z e in ad v an c e. I ns t ead o f the p r og r ammer deciding ahead o f time h o w much memory is needed, the p r og r am can r equest and r e l ease memory as it runs. F or e x amp l e, with st a tic al l oc a tion, if a p r og r ammer decla r es a d a ta structu r e with a fi x ed l ength in C, its si z e is set a t c ompi l e time. I f the p r og r ammer does n ’ t kn ow h o w big the d a ta structu r e needs t o be u n til the p r og r am is running, th e y can use dynamic al l oc a tion t o g et e x act l y as much memory as is needed. Dynamic memory al l oc a tion is importa n t because it ma k es p r og r ams mo r e f l e xib l e, efficie n t and scalab l e. I t al l o w s them t o hand l e d a ta whose si z e is n o t kn o wn u n til ru n time, r euse memory b y f r eeing it when it is no l on g er needed, and ada p t t o the amou n t o f memory a v ailab l e on a machine. Without it, p r og r amme r s w ou l d h a v e t o guess memory needs in ad v an c e, which c ou l d w as t e memory if th e y o v e r estim a t e or cause the p r og r am t o f ail if th e y unde r estim a t e. Whi l e this type o f memory mana g eme n t is standa r d in classical c omputing, it r emains r a r e in qua n tum s y s t ems . T r aditional qua n tum ci r cuits p r e - label and al l oc a t e qubits b e f o r e e x ecution begins, and most p r og r amming f r ame w orks a r e designed a r ound this st a tic model . H o w e v e r , p r og r ams th a t use c o n trol f l o w m a y r equi r e qubits t o be al l oc a t ed and r e l eased on the f l y . E r r o r s ( qua n tu m ) — E r r o r s in qua n tum c omputing arise f r om the inhe r e n t f r agility and sensitivity o f qua n tum st a t es t o e n vi r onme n tal noise, which can cause uni nt ended chan g es t o the st a t e o f qubits or the ou t c ome o f ope r a tions. E r r o r s inc l ude bi t - flip er r o r s ( whe r e a qubi t ’ s st a t e chan g es f r om 0 t o 1 or vi c e v e r s a ) and phase - flip er r o r s ( whe r e the r el a ti v e phase o f a superposition is a l t e r e d ) , as w ell as c ombin a tions o f b o th. E r r o r s can r esu l t f r om a v ariety o f sou r c es, inc l uding g a t e er r o r s ( inc or r ect ope r a tions applied t o qubit s ) , measu r eme n t er r o r s ( mista k es during the r eadout p r o c es s ) , c r osstalk ( u n w a n t ed i n t e r actions bet w een near b y qubit s ) , noise ( e x t ernal i n t er f e r en c e such as e l ect r omagnetic signal s ) , and de c ohe r en c e ( the l oss o f a qubi t ’ s qua n tum st a t e th r ough i n t e r actions with its e n vi r onme n t ) . Because qubits a r e so vulne r ab l e t o these effects, er r o r s o ccur mo r e f r equen t l y in qua n tum s y s t ems than in classical c ompu t e r s, making er r or c or r ection a c e n t r al chal l en g e f or p r actical qua n tum c omputing.

H o r i z o n Q ua nt u m 3 7 G l o s s a r y ( C o n t i n u e d ) E r r or c or r ection — Qua n tum er r or c or r ection is a method used t o p r o t ect qua n tum i n f orm a tion f r om er r o r s caused b y e n vi r onme n tal disturbanc es, ha r d w a r e imper f ections, or u n w a n t ed i n t e r actions th a t can cause qubits t o chan g e st a t e. U nli k e classical er r or c or r ection, which can r e l y on duplica ting i n f orm a tion, qua n tum er r or c or r ection must use mo r e sophistic a t ed t echniques because qua n tum i n f orm a tion canno t be c opied. I t is esse n tial f or bui l ding f au l t - t o l e r a n t qua n tum c ompu t e r s capab l e o f carrying out l ong and r eliab l e c omput a tions. E r r or c or r ection o v erhead — E r r or c or r ection o v erhead r e f e r s t o the additional r esou r c es r equi r ed t o p r o t ect i n f orm a tion f r om er r o r s and p r eser v e d a ta i n t egrit y . I n c o n v e n tional c omputing, this ta k es the f orm o f e xt r a bits added t o the original d a ta, which al l o w er r o r s t o be de t ec t ed and c or r ec t ed but r edu c e the efficiency o f s t o r a g e or t r ansmission. I n qua n tum c omputing, it appea r s as the la r g e number o f p h y sical qubits and ope r a tions needed t o en c ode and stabili z e a sing l e l ogical qubit, ensuring the qua n tum i n f orm a tion r emains i n tact in the f a c e o f noise or i n t er f e r en c e. I n b o th cases, st r on g er p r o t ection against er r o r s r equi r es g r e a t er o v erhead, whi l e l ess o v erhead means w ea k er p r o t ection. G a t e ( classical g a t e/ l ogic g a t e ) — A l ogic g a t e is a basic bui l ding b l ock o f classical ci r cuits. I t ta k es one or mo r e binary inputs ( 0 or 1 ) and p r odu c es a sing l e binary output a c c o r ding t o a l ogical ru l e. F or instanc e, an AND g a t e outputs 1 on l y if all inputs a r e 1. By c ombining ma n y l ogic g a t es, classical ci r cuits can per f orm c omp l e x c omput a tions. G a t e ( qua n tu m ) — A qua n tum g a t e is the basic bui l ding b l ock o f qua n tum ci r cuits. I t chan g es the st a t e o f one or mo r e qubits b y app lying a r e v e r sib l e m a them a tical t r ans f orm a tion cal l ed a unitary ope r a tion. Because th e y a r e r e v e r sib l e, unitary ope r a tions p r eser v e the t o tal p r obability o f all possib l e ou t c omes, ensuring th a t a qua n tum g a t e n e v er l oses i n f orm a tion — unli k e ma n y classical l ogic g a t es, which disca r d i n f orm a tion. F or e x amp l e, with an AND g a t e the inputs ( binary i n f orm a tion o f t w o bit s ) canno t a l w a y s be r e c o v e r ed f r om the output ( one bi t ) . The r e v e r sib l e aspect o f qua n tum g a t es means th a t when ope r a tions a r e per f ormed on qubits, whether in simp l e g a t es or full al g orithms, the p r o c ess can a l w a y s be r e v e r sed, al l o wing the s y s t em t o r eturn t o an earlier qubit st a t e. Because qua n tum g a t es e xp l oit qua n tum effects such as superposition and e n tang l eme n t, when c ombined in ci r cuits, th e y can per f orm c omp l e x c omput a tions b e y ond the limits o f c o n v e n tional c ompu t e r s.

H o r i z o n Q ua nt u m 3 8 G l o s s a r y ( C o n t i n u e d ) G a te - l e v el c ode — I n qua n tum c omputing, g a t e - l e v el c ode r e f e r s t o p r og r ams writ t en di r ect l y in t erms o f the qua n tum g a t es th a t act on qubits. A t this l e v el, the p r og r ammer specifies the e x act sequen c e o f g a t e ope r a tions — such as H adama r d or CN O T — th a t ma k e up a qua n tum ci r cuit. G a t e - l e v el c ode is ana l o g ous t o assemb l y langua g e in classical c omputing: it p r o vides fine - g r ained c o n trol o v er the ha r d w a r e but can be difficu l t t o wri t e and mai n tain f or la r g er al g orithms. I t r equi r es a specializ ed skillset in qua n tum c omputing, inc l uding unde r standing h o w g a t es manipul at e qubits and h o w ci r cuits a r e c onstruc t ed. H a r d w a r e M odality — A ha r d w a r e modality is the p h y sical app r oach used t o bui l d and ope r a t e qubits in a qua n tum c ompu t e r . Each modality has distinct ad v a n ta g es and chal l en g es. The choi c e o f modality affects f ac t o r s such as qubit stabilit y , er r or r a t es, scalabilit y , and ope r a ting c onditions, as w ell as the design and per f orman c e o f a qua n tum s y s t em. N o sing l e modality has y et p r o v en domina n t, and mu l tip l e app r oaches a r e being acti v e l y e xp l o r ed in r esea r ch and industr y . M a n y r esea r che r s beli e v e th a t diffe r e n t modalities m a y be bet t er sui t ed t o diffe r e n t types o f p r ob l ems. R esea r ch i n t o the most effecti v e ha r d w a r e modalities is c e n t r al t o scaling qua n tum c ompu t e r s and making them p r actical f or r ea l - w or l d applica tions. H a r d w a r e t estbed — I n qua n tum c omputing, a ha r d w a r e t estbed is an e xperimen tal setup whe r e new c omputing d e vi c es and c ompone n ts can be bui l t, t es t ed, and e v a l u a t ed under r eal ope r a ting c onditions. B e y ond t esting ha r d w a r e per f orman c e, a t estbed also p r o vides a pl a tf orm f or i n t eg r a ting ha r d w a r e with s o ft w a r e, al l o wing r esea r che r s t o d e v e l o p , r e fine, and v alid a t e s o ft w a r e in a r ealistic e n vi r onme n t. This tig h t c oupling o f ha r d w a r e and s o ft w a r e enab l es mo r e effecti v e t esting, f as t er i t e r a tion, and deeper insig h ts i n t o h o w the t w o i n t e r act. I n t eg r a t ed D e v e l opme n t E n vi r onme n t ( IDE) — An i n t eg r a t ed d e v e l opme n t e n vi r onme n t is a s o ft w a r e sui t e th a t p r o vides p r og r amme r s with the t ools th e y need t o wri t e and c ompi l e c ode efficie n t l y . An IDE typical ly c ombines f e a tu r es such as a c ode edi t o r , a c ompi l e r , a debug g er and p r oject mana g eme n t support i n t o a sing l e applica tion. By bringing these c ompone n ts t o g ethe r , IDEs a r e designed t o maximi z e d e v e l oper p r oductivity and st r eamline the s o ft w a r e d e v e l opme n t p r o c ess.

H o r i z o n Q ua nt u m 3 9 G l o s s a r y ( C o n t i n u e d ) Lib r aries — I n the c o n t e xt o f p r og r amming qua n tum c ompu t e r s, a lib r ary is a c ol l ection o f p r e - writ t en c ode th a t can be cal l ed f r om within a c o n v e n tional p r og r amming langua g e, such as Python. These lib r aries p r o vide r ead y - t o - use primiti v es, utilities, and sometimes full al g orithms th a t simplify bui l ding qua n tum w orkf l o w s. P r o viding r eusab l e bui l ding b l ocks and standa r diz ed i n t er f a c es s a v es use r s f r om h a ving t o bui l d e v erything f r om sc r a t ch. Whi l e lib r aries offer c o n v enien c e and c onsis t enc y , th e y can also i ntr odu c e limit a tions: th e y m a y r estrict use r s t o c ertain p r og r amming models, ha r d w a r e bac k ends, or al g orithmic app r oaches. This ma k es them easi l y a c c essib l e and w ell sui t ed f or add r essing the tasks f or which th e y w e r e designed, but means th e y a r e l ess f l e xib l e than cus t om c ode. L ogical qubit — A l ogical qubit is a qubit f ormed f r om a g r oup o f p h y sical qubits th a t s t o r e an en c oding o f the i n f orm a tion t o p r o t ect it against er r o r s and enab l e l on g e r , mo r e r eliab l e c omput a tion. U nli k e a p h y sical qubit, which r e f e r s t o the actual ha r d w a r e, a l ogical qubit is a highe r - l e v el abst r action used in f au l t - t o l e r a n t qua n tum c omputing. I n classical c ompu t e r s, r epetition c odes r epe a t i n f orm a tion mu l tip l e times t o de t ect and c or r ect er r o r s. Because qua n tum i n f orm a tion canno t be duplica t ed, a l ogical qubit distribu t es the i n f orm a tion o f a sing l e qubit ac r oss mu l tip l e p h y sical qubits, al l o wing er r o r s in individual qubits t o be de t ec t ed and c or r ec t ed without h a ving t o measu r e and disturb the original qubi t ’ s qua n tum st a t e. M easu r eme n t — I n qua n tum c omputing, all c omput a tions end with measu r eme n t, the p r o c ess o f e xt r acting classical i n f orm a tion f r om qubits. U nli k e classical bits, which a r e a l w a y s 0 or 1, qubits can e xist in a superposition — a st a t e whe r e th e y simu l taneous l y ho l d p r obabilities o f being b o th 0 and 1. M easu r eme n t c ollapses this superposition, f o r cing the qubit i n t o a d e fini t e st a t e o f either 0 or 1. M easuring one qubit in a s y s t em o f mu l tip l e qubits affects the e n ti r e qua n tum s y s t em. M easu r eme n t is critical because it r eturns outputs as usab l e classical i n f orm a tion, which is esse n tial f or so l ving p r ob l ems. H o w e v e r , the act o f measuring can also disturb qubits and i ntr odu c e er r o r s, making it an inhe r e n t l y imper f ect p r o c ess. Because measu r eme n t ou t c omes a r e p r obabilistic, e xperimen ts must o f t en be r epe a t ed ma n y times t o bui l d up r eliab l e st a tistics. M easu r eme n t is also ir r e v e r sib l e: on c e a qubit is measu r ed, its prior superposition is l ost.

H o r i z o n Q ua nt u m 4 0 G l o s s a r y ( C o n t i n u e d ) M ode l - based s y n thesis — I n qua n tum c omputing, mode l - based s y n thesis is a w a y t o g ene r a t e ci r cuits f r om a high - l e v el descri p tion o f an al g orithm and e xplicit design c onst r ai n ts. I ns t ead o f assembling fi x ed g a t e t empl a t es, a d e v e l oper specifies the al g orith m ’ s i n t e n t ( such as arithmetic or o r ac l e beh a vio r ) a l ongside r esou r c e or ha r d w a r e ta r g ets li k e qubit c ou n t, de p th limits, g a t e set, and bac k end. A s y n thesis engine then c ompi l es this model i n t o a g a t e - l e v el ci r cuit th a t s a tisfies the st a t ed c onst r ai n ts, p o t e n tial l y p r oducing diffe r e n t ci r cuit structu r es f r om the same model as the c onst r ai n ts chan g e. N oise — I n qua n tum c omputing, noise r e f e r s t o u n w a n t ed disturbanc es th a t affect qubits and the ope r a tions per f ormed on them. I t can arise f r om ma n y sou r c es, inc l uding e n vi r onme n tal f ac t o r s such as t empe r a tu r e f l uctu a tions or e l ect r omagnetic i n t er f e r en c e, imper f ections in the c o n trol s y s t ems used t o ope r a t e qua n tum g a t es, and uni nt ended i n t e r actions bet w een qubits. Because the qua n tum i n f orm a tion s t o r ed in qubits is f r agi l e, noise can disru p t their st a t e and c orru p t the i n f orm a tion. As noise bui l ds u p , the li k elihood o f an al g orithm p r oducing the c or r ect r esu l t dec r eases — and if the noise is t oo high, the qua n tum c ompu t er be c omes unusab l e. N eut r al a t oms — N eut r al a t oms a r e a t oms with no net e l ectric cha r g e, meaning th e y h a v e an equal number o f p r o t ons and e l ect r ons. I n qua n tum c omputing, scie n tists e xp l oit the i n t ernal ene r gy l e v els o f neut r al a t oms t o use them as qubits. Th e y t r ap individual a t oms in a v acuum chamber and c ool them with lase r s t o near abso l u t e z e r o ( - 273 . 15 ƒ C or 0 K e l vi n ) , r educing their m o tion. Other lase r s, kn o wn as o p tical t w ee z e r s, p r ecise l y ar r ang e the a t oms i n t o specific c o n figu r a tions and can r epla c e mispla c ed or missing a t oms. O p tical t w ee z e r s also al l o w scie n tists t o m o v e neut r a l - a t om qubits during c omput a tion without disturbing their qua n tum st a t es. T o carry out c omput a tion, lase r s manipul at e the a t om s ’ ene r gy l e v els in c o n tr ol l ed w a y s th a t c r e a t e i n t e r actions bet w een neighboring a t oms. Scie n tists then use imaging t echniques t o measu r e the neut r a l - a t om qubits. N eut r al a t oms offer ad v a n ta g es such as scalability t o la r g e numbe r s o f qubits, the ability t o ho l d their qua n tum st a t e f or r el a ti v e l y l ong periods, f l e xib l e qubit i n t e r actions, and high g a t e fidelit y . H o w e v e r , neut r al a t oms pose t echnical l y demanding chal l en g es such as r equiring high l y p r ecise laser c ooling, t r apping, and manipul a tion.

H o r i z o n Q ua nt u m 4 1 G l o s s a r y ( C o n t i n u e d ) P h y sical qubit — A p h y sical qubit is the ha r d w a r e - based imp l eme n t a tion o f a qubit in a qua n tum c ompu t e r . P h y sical qubits can be r eali z ed in ma n y diffe r e n t f orms, depending on the ha r d w a r e modalit y , such as t r apped ions, neut r al a t oms, or ph o t ons. Th e y a r e the r aw qubits bui l t di r ect l y f r om p h y sical s y s t ems in m a t erials in c o n t r ast t o l ogical qubits, which a r e er r o r - c or r ec t ed, c on c e p tual units bui l t f r om ma n y p h y sical qubits w orking t o g ethe r . Their st a t es a r e manipul at ed using laser pulses, mic r o w a v e pulses, or o ther c o n trol signals. Because p h y sical qubits a r e high l y sus c e p tib l e t o e n vi r onme n tal noise and p r one t o er r o r s, th e y a r e t oo f r agi l e t o per f orm l ong or c omp l e x c omput a tions on their o wn, which has r esu l t ed in significa n t r esea r ch i n t o qua n tum er r or c or r ection as w ell as the d e v e l opme n t o f l ogical qubits. Pulse c o n t r ol — I n qua n tum c omputing, pulse c o n trol r e f e r s t o the use o f p r ecise l y shaped e l ect r omagnetic signals — cal l ed pulses — t o manipul at e qubits. These pulses, o f t en in the mic r o w a v e or laser r ang e depending on the qubit t echno l og y , a r e ca r e ful l y timed and tuned t o imp l eme n t qua n tum g a t es b y changing the st a t e o f the qubits. Pulse c o n trol gi v es r esea r che r s fine - g r ained a c c ess t o the ha r d w a r e, al l o wing them t o o p timi z e per f orman c e, c or r ect f or imper f ections, and e xp l o r e new g a t e designs b e y ond the standa r d high - l e v el p r og r amming abst r actions. Pulse - l e v el p r og r amming — I n qua n tum c omputing, pulse - l e v el p r og r amming is the p r acti c e o f c o n tr olling qubits b y di r ect l y specifying the pulses th a t dri v e their ope r a tions. U nli k e g a t e - l e v el p r og r amming, whe r e p r og r amme r s w ork with abst r act qua n tum g a t es, pulse - l e v el p r og r amming e xposes the ha r d w a r e c o n tr ols themse l v es. This app r oach al l o w s r esea r che r s t o fine - tune qubit beh a vio r , o p timi z e g a t e per f orman c e, and e xperiment with cus t omi z ed c o n trol schemes, but it also r equi r es detai l ed kn o w l edg e o f the under lying ha r d w a r e. Pulse sequen c es — I n qua n tum c omputing, a pulse sequen c e is an o r de r ed set o f c o n trol pulses used t o manipul at e qubits and carry out qua n tum ope r a tions. I ns t ead o f describing c omput a tion on l y in t erms o f abst r act qua n tum g a t es, a pulse sequen c e specifies the timing, f r equenc y , and shape o f the pulses th a t di r ect l y dri v e the ha r d w a r e. This p r og r ammab l e app r oach gi v es d e v e l ope rs and r esea r che r s fine - g r ained c o n trol o v er the p h y sical beh a viour o f qubits and o ther qua n tum s y s t ems, making it possib l e t o design cus t om g a t es, c ompens a t e f or ha r d w a r e imper f ections, and o p timise per f orman c e f or specific al g orithms.

H o r i z o n Q ua nt u m 4 2 G l o s s a r y ( C o n t i n u e d ) Qua n tum adv a n ta g e — I n qua n tum c omputing, qua n tum ad v a n ta g e r e f e r s b r oad l y t o the poi nt a t which a qua n tum c ompu t er can so l v e a p r ob l em mo r e efficie n t l y than the best kn o wn classical methods running on the best classical ha r d w a r e. H o w e v e r , the t erm has no uni v e r sal d e finition, and it is n o t a l w a y s used c onsis t e n t l y . M ost o f t en, qua n tum ad v a n ta g e r e f e r s t o the e xperimen tal demonst r a tion o f a qua n tum al g orithm so l ving a r ea l - w or l d p r ob l em f as t er than a n y classical al g orithm c ou l d. I n this sense, it c o n t r asts with qua n tum sup r emac y , which is usual l y d e fined as a qua n tum c ompu t er so l ving a n y p r ob l em — e v en a c o n tri v ed one with no p r actical v a l ue — th a t no classical c ompu t er can so l v e in r easonab l e time. I n o ther w o r ds, sup r emacy is about demonst r a ting ha r dness o f simul a tion, whi l e ad v a n ta g e is about so l ving us e ful p r ob l ems. U nli k e sup r emac y , which can be achie v ed without er r or c or r ection, demonst r a tions o f qua n tum ad v a n ta g e a r e g ene r al l y e xpec t ed t o r e l y on qua n tum er r or c or r ection t o ensu r e the r esu l ts a r e r eliab l e and c omme r cial l y meaningful I n some c o n t e xts, the t erm c o v e r s theo r etical speedups n o t y et demonst r a t ed in p r acti c e. I n o the r s, it also c o v e r s ben e fits b e y ond speed a l one, such as enhan c ed p r ecision or mo r e efficie n t c omp r ession o f classical d a ta. F or industry and business, the most r e l e v a n t sense o f qua n tum ad v a n ta g e is p r agm a tic: when a qua n tum c ompu t er so l v es a p r ob l em in significa n t l y l ess time, ene r g y , or mon e y than classical methods, or enab l es so l utions th a t w ou l d o therwise be out o f r each. Qua n tum al g orithm — A qua n tum al g orithm is a set o f s t ep - b y - s t ep instructions designed t o run on a qua n tum c ompu t e r . U sing qua n tum effects such as superposition and e n tang l eme n t, th e y can per f orm c ertain c omput a tions mo r e efficie n t l y than c o n v e n tional c ompu t e r s, and in some cases so l v e p r ob l ems th a t a r e o therwise i nt r actab l e. Qua n tum al g orithms a r e e xp r essed as a c ombin a tion o f qua n tum g a t es, c o n trol f l o w and classical c omput a tion. Designing them r equi r es specializ ed kn o w l edg e o f b o th qua n tum mechanics and c ompu t er scien c e, and imp l eme n ting them on cur r e n t qua n tum ha r d w a r e is chal l enging due t o the p r esen c e o f er r o r s and the number o f qubits r equi r ed, which has l ed t o r esea r ch i n t o er r or c or r ection, f au l t t o l e r an c e, and ha r d w a r e o p timiza tion. Qua n tum al g orithms a r e c e n t r al t o the p r omise o f qua n tum c omputing, with p o t e n tial applications in a r eas such as cry p t og r ap h y , l ogistics, finan c e, and medicine. W el l - kn own e x amp l es inc l ude S hor ’ s al g orithm, which can f ac t or la r g e numbe r s efficie n t l y , and G r o v er ’ s al g orithm, which a c c e l e r a t es sea r ch.

H o r i z o n Q ua nt u m 4 3 G l o s s a r y ( C o n t i n u e d ) Qubit ( qua n tum bi t ) — A qubit is the basic unit o f i n f orm a tion in qua n tum c omputing, ana l o g ous t o the bit in classical c omputing. Whi l e a classical bit can on l y ta k e the v a l ue 0 or 1, a qubit can e xist in a superposition, meaning it has some chan c e o f being measu r ed as either 0 or 1. B e f o r e measu r eme n t, these p r obabilities a r e ca p tu r ed in a m a them a tical descri p tion cal l ed a w a v e function. When measu r ed, the w a v e function c ollapses and the qubit ta k es on a d e fini t e v a l ue o f 0 or 1, p r oducing classical i n f orm a tion th a t can be used in c omput a tion. Qubits a r e typical ly r eali z ed using p h y sical s y s t ems th a t e xhibit qua n tum beh a vio r , such as ph o t ons, e l ect r ons, t r apped ions, or supe r c onducting ci r cuits. The spa c e needed t o describe the st a t e o f qubits g r o w s e xpone n tial l y as th e y a r e c onnec t ed t o g ethe r . Qua n tum mechanics — Qua n tum mechanics is a fundame n tal b r anch o f p h y sics th a t describes the beh a vior o f m a t t er and ene r gy a t the a t omic and sub a t omic sca l e. I t e xplains h o w partic l es can e xist in mu l tip l e st a t es a t on c e ( superpositio n ) , displ a y b o th w a v e - li k e and partic l e - li k e p r operties, and sha r e st r on g er c or r el a tions than e xist in classical p h y sics ( e n tang l eme n t ) . These ru l es differ sharp l y f r om the la w s o f classical p h y sics and o f t en f eel c ou n t eri n tuiti v e c ompa r ed with e v er y d a y e xperien c e, which ma k es them chal l enging t o g r as p , but it is b y e xp l oiting these unique l y qua n tum effects th a t qua n tum c omputing be c omes possib l e. Qua n tum p r o c essing unit ( QP U ) — A qua n tum p r o c essing unit ( QP U ) is a c ommon industry t erm f or the c o r e o f a qua n tum c ompu t er: a s y s t em made up o f p h y sical qubits and the appa r atus used t o c o n trol them, such as lase r s, mic r o w a v e g ene r a t o r s, and o ther supporting e l ect r onics. A QPU is whe r e the qubits r eside and whe r e c omput a tion ta k es pla c e. I t is o f t en described as the “b r ai n ” o f a qua n tum c ompu t e r . Li k e the c e n t r al p r o c essing unit ( CP U ) in a classical c ompu t e r , a QPU r equi r es significa n t supporting i n f r astructu r e — and the n a tu r e o f th a t i n f r astructu r e can v ary wide l y depending on the under lying ha r d w a r e design. U nli k e CP U s, QP U s a r e n o t standa r diz ed in design. D iffe r e n t ha r d w a r e modalities each bring their o wn st r engths, w eaknesses, and engineering chal l en g es. QPU per f orman c e also lacks a sing l e standa r diz ed metric. The fi r st poi nt o f c omparison is usual l y the number o f qubits, but true capability is also shaped b y o ther f ac t o r s, inc l uding h o w r eliab l y qubits mai n tain their qua n tum st a t e o v er time, their c onnectivit y , g a t e speeds, and er r or r a t es.

H o r i z o n Q ua nt u m 4 4 G l o s s a r y ( C o n t i n u e d ) R u n time e n vi r onme n t — A ru n time e n vi r onme n t is the support s y s t em a p r og r am needs whi l e it is running. I t p r o vides the behind - the - s c enes servic es th a t al l o w c ode t o e x ecu t e smo o th l y , such as managing memor y , handling input and output, and giving the p r og r am a c c ess t o ha r d w a r e r esou r c es li k e s t o r a g e, net w orks, or displ a y s. The ru n time e n vi r onme n t does n o t t r ansl a t e high - l e v el c ode i n t o machine c ode — th a t ’ s the r o l e o f a c ompi l e r , but it p r o vides the setting ne c essary f or th a t p r og r am t o run on c e it has been t r ansl a t ed. I t supplies c ommon functionalit y , such as garba g e c ol l ection, s y s t em lib r aries, and er r or handling, so th a t p r og r ams do n ’ t need t o r e - imp l eme n t those tasks themse l v es. I n qua n tum c omputing, a qua n tum ru n time e n vi r onme n t pl a y s a similar r o l e b y p r o viding the i n f r astructu r e needed t o l et qua n tum p r og r ams run ac r oss diffe r e n t ha r d w a r e bac k ends. I t o f t en hand l es tasks such as scheduling, er r or mitig a tion, and i n t eg r a tion with classical c omputing r esou r c es. S uperposition — I n qua n tum mechanics, all qua n tum s y s t ems can be described as a c ombin a tion o f possib l e st a t es, kn o wn as basis st a t es. F or a qubit, the basis st a t es a r e z e r o and one. U nli k e a classical bit, which can on l y e xist as z e r o or one a t a time, a qubit can e xist in a superposition — a b l end, or linear c ombin a tion, o f b o th st a t es a t on c e. I n o ther w o r ds, the qubit is described b y c ertain w eig h ts a ttached t o z e r o and t o one, which de t ermine h o w li k e l y the c omput a tion is t o r esu l t in each ou t c ome. When qubits a r e measu r ed, th e y l ose their superposition and c ollapse i n t o either z e r o or one. Because measuring a qubit on l y gi v es one ou t c ome a t a time, qua n tum al g orithms must be run ma n y times t o bui l d up the full p r obability distribution if th a t is needed. S uperposition is a c e n t r al f e a tu r e o f qua n tum c omputing and a major sou r c e o f its p o t e n tial f or so l ving c omp l e x p r ob l ems mo r e efficie n t l y than classical ones. I t al l o w s a qua n tum c ompu t er t o p r o c ess ma n y possibilities a t on c e, c r e a ting a kind o f bui l t - in pa r al l elism th a t can yie l d e xpone n tial speedups f or c ertain types o f tasks. H o w e v e r , such i n f orm a tion can on l y be a c c essed indi r ect l y , th r ough qua n tum i n t er f e r en c e, making the task o f designing qua n tum al g orithms particular l y trick y . M ai n taining superposition is difficu l t: i n t e r action with the sur r ounding e n vi r onme n t can quick ly dest r o y it, l e a ving the qubit in a simp l e classical st a t e. This f r agility ma k es er r or c or r ection an esse n tial s t ep t o w a r d bui l ding p r actical qua n tum c ompu t e r s.

H o r i z o n Q ua nt u m 4 5 G l o s s a r y ( C o n t i n u e d ) S upe r c onducting qubits — A supe r c onducting qubit is imp l eme n t ed on specializ ed chip , typical ly made o f sili c on or sapphi r e, using mic r o f abric a tion t echniques similar t o those used in classical p r o c esso r s. S upe r c onducting qubits a r e ti n y e l ectrical ci r cuits made f r om supe r c onducting m a t erials, which e xhibit z e r o e l ectrical r esistan c e when c oo l ed t o milli k e l vin t empe r a tu r es. This is d r astical l y diffe r e n t f r om normal c onduc t o r s, whe r e e l ect r ons f l o w , c ollide with a t oms and d e f ects, and l ose ene r g y , c r e a ting e l ectrical r esistan c e These ti n y ci r cuits typical ly inc l ude c ompone n ts cal l ed J osephson junctions, which a r e made b y placing a v ery thin l a y er o f insul a ting m a t erial bet w een t w o supe r c onducting m a t erials. When e l ect r ons tunnel ac r oss this barrier a t l o w t empe r a tu r es, the ci r cuit ta k es on disc r e t e ene r gy l e v els, meaning it can on l y o c cu p y c ertain fi x ed - ene r gy st a t es, n o t a c o n tinuous r ang e. With ca r e ful ci r cuit design, the t w o l o w est o f these st a t es can be isol a t ed and used t o en c ode a qubi t ’ s 0 and 1 st a t es. Because th e y beh a v e li k e a t oms, supe r c onducting qubits a r e o f t en cal l ed artificial a t oms. S upe r c onducting qubits a r e among the most wide l y d e v e l oped ha r d w a r e modalities because th e y can be manu f actu r ed using e xisting chip - making methods and e x ecu t e ope r a tions quick l y . H o w e v e r , th e y a r e difficu l t t o sca l e due t o the short li f etimes o f their qua n tum st a t es, the need f or c ooling t o near abso l u t e z e r o , and their sensitivity t o f abric a tion er r o r s. These er r o r s, i ntr odu c ed during manu f acturing, can affect the e l ectrical ci r cuits f orming qubits, r educing their per f orman c e or r eliabilit y . T r apped ions — I n qua n tum c omputing, scie n tists use cha r g ed a t omic partic l es ( ion s ) as qubits b y “ t r apping” them in a v acuum with an ion t r a p , which c r e a t es e l ect r omagnetic fie l ds th a t c o n fine the ions. Each ion ser v es as a qubit, with diffe r e n t e l ect r onic st a t es c or r esponding t o the 0 and 1 st a t es. U sing lase r s, scie n tists c ool the ions t o near abso l u t e z e r o t o minimi z e their m o tion and p r ecise l y c o n trol their beh a vio r . With lase r s or mic r o w a v e pulses, th e y manipul at e the ion s ’ i n t ernal st a t es and i n t e r actions t o per f orm qua n tum ope r a tions. T r apped - ion s y s t ems h a v e pl a y ed a major r o l e in demonst r a ting fundame n tal qua n tum al g orithms and ad v ancing qua n tum c omputing f r om theory t o e xperimen t. Th e y offer ad v a n ta g es such as l ong qubit li f etimes ( the ability t o ho l d their qua n tum st a t e f or e x t ended period s ) and high - fidelity ope r a tions. H o w e v e r , scaling t o la r g e numbe r s o f ions and i n t eg r a ting the supporting t echno l ogy i n t o c ompact, p r actical s y s t ems r emain chal l enging.

H o r i z o n Q ua nt u m 4 6 G l o s s a r y ( C o n t i n u e d ) T urin g - c omp l e t e langua g e — A T urin g - c omp l e t e langua g e is a p r og r amming langua g e th a t can be used t o e xp r ess a n y c omput a tion th a t a n y c ompu t er can per f orm, gi v en enough time and memor y . T o be T uring c omp l e t e, a langua g e must support ( or al l o w the c onstruction o f) basic f e a tu r es such as c onditional b r anching ( e.g. i f / else st a t eme n t s ) , l oops, and r ecu r sion. M ost g ene r a l - purpose p r og r amming langua g es, inc l uding Python, J a v a, and C, a r e T urin g - c omp l e t e. Langua g es and f r ame w orks th a t on l y al l o w the e xp r ession o f st a tic ci r cuits a r e n o t T urin g - c omp l e t e.

Appendix B: W h y Qua n tum Computing?

H o r i z o n Q ua nt u m 4 8 Classical c omputing is app r oaching the limits o f M oo r e ’ s Law The imp r o v eme n t in classical mic r ochips has f ol l o w ed M oo r e ’ s Law f or decades 
 as the number o f t ransis t o r s on a chip doubling about e v ery 2 y ea r s, r esu l ting in e xpone n tial g r o wth . A l though the number o f t r ansis t o r s is still inc r easing, classical c omputing f a c es inc r easing p h y sical and t echno l ogical chal l eng es. The g r o wth o f some o ther per f orman c e metrics has al r eady s l o w ed or s t opped. Sou r c e: M odified f r om “50 Y ea rs o f M ic r op r o c essor T r end D a t a ” , K. R up p , 
 h ttps: / / githu b . c om/ k arlrup p / mic r op r o c esso r - tr end - d a ta 1 0 0 10 1 1 0 1 1 0 2 1 0 3 1 0 4 1 0 5 1 0 6 1 0 7 1 0 8 1980 1970 1990 2000 2010 2020 Sing l e Th r ead P er f orman c e 
 ( S pecINT 1000 s ) F r equenc y 
 ( MH z ) T r ansis t or
 ( 1000 s ) F r equency w all

2x e v ery 5 y ea r s 2x e v ery 8 - 9 mo n ths Sou r c e: N e v e n ’ s Law ana l y sis diag r am p r epa r ed b y H ori z on Qua n tum mana g eme n t f or il l ust r a ti v e purposes. Goog l e ’ s S y camo r e P r o c essor 10 0 1995 2000 2005 2010 2015 2020 2025 2030 10 1 10 2 10 3 10 4 10 5 10 6 10 0 10 3 10 30 10 300 10 3000 10 30000 10 300000 Simul a tion Th r esho l d ( assuming v ery l o w nois e ) A cademia Goog l e IBM Ri g etti A t om Q u E r a P s i Qua n tum R oadmap Qua n tum chang es the game, i t ’ s time f or N e v e n ’ s Law Whe r e M oo r e ’ s Law p r edicts e xpone n tial g r o wth in the capacity o f c o n v e n tional c ompu t e r s, N e v e n ’ s Law sugg ests doub l e - e xpone n tial g r o wth f or qua n tum c ompu t e r s due t o a c ombin a tion o f e xpone n tial qubit g r o wth o v er time and the inc r eased in the difficu l ty o f simul a ting qua n tum s y s t ems f or each inc r eme n tal qubit. H o r i z o n Q ua nt u m 4 9

H is t ory m a y be r h yming P r og r ess in qua n tum applica tions appea r s t o be mir r oring the his t ory o f ear l y classical c ompu t e r s Classical Qua n tum 1 9 9 6 G r o v er ’ s sea r ch al g orithm 2 0 1 7 Semi - d e fini t e 
 p r og r amming al g orithm 2 00 1 Qua n tum fin g erpri n ting 1 9 4 0 Cry p tana l y sis 
 o f E nigma 1 99 5 Phase estim a tion al g orithm 2 00 9 HHL linear s y s t ems al g orithm 2 00 0 o p timisa tion 1 9 9 4 S hor ’ s f ac t oris a tion al g orithm Qua n tum simul ation al g orithm 2 0 1 4 Q A O A Qua n tum S VM and PCA al g orithms 1 99 8 Qua n tum
 annealing 2 00 3 Qua n tum sorting 2 0 0 7 T riang l e finding 1 9 4 3 M cCul l och - Pitts artificial neu r on 1 9 4 7 Simp l e x al g orithm 1 9 4 2 F ast F ourier T r ans f orm 1 9 5 3 Simul a t ed annealing 1 9 4 0 1 9 4 5 1 9 5 0 1 9 5 5 1 9 6 0 1 99 5 2 0 0 0 2 00 5 2 0 1 0 2 0 1 5 1 9 5 2 H u ff man c oding 1 9 5 9 Q R F ac t oris a tion D i jk st r a ’ s al g orithm Al g orithm type: Cry p tana l y sis Simul a tion F ourier methods G r aph al g orithms Sort & sea r ch O p timisa tion Comp r ession M a trix M ethods M achine l earning 1 9 4 6 M o n t e Car l o simul ation 1 9 4 5 M e r g e sort H o r i z o n Q ua nt u m 5 0 Sou r c e: Timeline p r epa r ed b y H ori z on Qua n tum mana g eme n t f or il l ust r a ti v e purposes.

Appendix C: Risk F ac t o r s

H o r i z o n Q ua nt u m 5 2 C e r t a i n R i s k s R e l a t e d t o t h e C o m p an y an d i t s A n t i c i p a t e d B us i n e s s C o m b i n a t i o n All r e f e r en c es t o the “ Compa n y , ” “ H oriz on , ” “w e , ” “ u s ” or “ our” be l o w r e f er t o the business o f H oriz on Qua n tum Computing P t e. L t d. All r e f e r en c es t o “ H o l d c o ” in be l o w r e f er t o H oriz o n ’ s business f ol l o wing its a n ticip a t ed business c ombin a tion with d MY Squa r ed T echno l ogy G r ou p , I nc. ( “ d MY” ) . The risks p r ese n t ed be l o w a r e c ertain o f the g ene r al risks r el a t ed t o the Compa n y ’ s business, industry and o wne r ship structu r e and a r e n o t e xhausti v e. The list be l o w is qualified in its e n ti r ety b y disc l osu r es c o n tained in the futu r e filings b y the Compa n y , or b y thi r d parties ( inc l uding d MY) with r espect t o the Compa n y or H o l d c o , with the U ni t ed S t a t ed Securities and E x chan g e Commission (“S E C” ) . these risks speak on l y as o f the d a t e o f this p r ese n t a tion and w e ma k e no c ommitme n t t o upd a t e such disc l osu r e. The risks highlig h t ed in futu r e filings with the S E C m a y differ significa n t l y f r om and will be mo r e e x t ensi v e than those p r ese n t ed be l o w . W e will r equi r e a significa n t amou n t o f cash as w e i n v est in on g oing r esea r ch and d e v e l opme n t and business ope r a tions. A dditional l y , w e m a y need additional capital sooner than a n ticip a t ed t o pu r sue our business objecti v es. W e a r e in our v ery ear l y sta g es and h a v e a limi t ed ope r a ting his t or y , which ma k es it difficu l t t o f o r ecast the futu r e r esu l ts o f our ope r a tions. I t is also possib l e qua n tum c omputing mig h t n e v er be c ome c omme r cial l y viab l e or emb r a c ed. W e h a v e a his t ory o f ope r a ting l osses and e xpects t o incur significa n t e xpenses and c o n tinuing l osses f or the f o r eseeab l e futu r e. I f w e canno t e x ecu t e on our st r a t eg y , inc l uding due t o changing cus t ome r s, t echno l ogies and c ompeti t o r s our r esu l ts o f ope r a tions c ou l d be harmed. Our estim a t es o f mar k et opportunity and f o r ecasts o f mar k et g r o wth m a y p r o v e t o be ina c cu r a t e. E v en if the mar k et in which w e c ompe t e achie v es its a n ticip a t ed g r o wth l e v els, our business c ou l d f ail t o g r o w a t similar r a t es, if a t all. W e depend on ad v an c es in t echno l ogy b y o ther c ompanies and academic institutions, if those ad v an c es do n o t m a t eriali z e, some o f our p r oducts m a y n o t be su c c essful l y c omme r cializ ed. I f w e f ail t o effecti v e l y mana g e our g r o wth, our business and r esu l ts o f ope r a tions c ou l d be harmed.

H o r i z o n Q ua nt u m 5 3 C e r t a i n R i s k s R e l a t e d t o t h e C o m p an y an d i t s A n t i c i p a t e d B us i n e s s C o m b i n a t i o n ( C o n t i n u e d ) I f w e f ail t o a tt r act cus t ome r s, inc l uding g o v ernme n t e n tities and la r g e e n t erprises, and r etain and inc r ease the spending o f such cus t ome rs o v er time, our r e v enue, business, r esu l ts o f ope r a tions, financial c ondition and g r o wth p r ospects w ou l d be harmed. I f w e canno t mai n tain and enhan c e our b r and or adequ a t e l y c omme r cializ e our t ools, our business, r esu l ts o f ope r a tions and financial c ondition c ou l d be harmed. W e r e l y on thi r d - party qua n tum ha r d w a r e p r o vide r s t o deli v er the c ompu t e ne c essary f or our s o ft w a r e t o function. The pa c e o f ha r d w a r e d e v e l opme n t, inc l uding f ac t o r s li k e qubit c ou n ts, er r or r a t es and a v ailabilit y , is outside o f our c o n tr ol. W e i n v est significa n t l y in r esea r ch and d e v e l opme n t, and t o the e x t e n t our r esea r ch and d e v e l opme n t i n v estmen ts do n o t t r ansl a t e i n t o new capabilities or m a t erial enhan c eme n ts t o T rip l e Alpha, or a n y new pl a tf orm w e m a y c r e a t e, or if w e do n o t use those i n v estmen ts efficie n t l y , our business and r esu l ts o f ope r a tions w ou l d be harmed. I f w e canno t mai n tain and enhan c e our b r and or adequ a t e l y c omme r cializ e our t ools, our business, r esu l ts o f ope r a tions and financial c ondition c ou l d be harmed. Our business and g r o wth a r e depende n t on the su c c ess o f our st r a t egic r el a tionships with thi r d parties. W e r e l y on thi r d - party qua n tum ha r d w a r e p r o vide r s t o deli v er the c ompu t e ne c essary f or our s o ft w a r e t o function. The pa c e o f ha r d w a r e d e v e l opme n t, inc l uding f ac t o r s li k e qubit c ou n ts, er r or r a t es and a v ailabilit y , is outside o f our c o n tr ol. W e r e l y on a limi t ed number o f supplie r s f or the design and manu f acturing o f the qua n tum c omputing equipme n t th a t w e use t o p r o vide our servic es. S upp l y chain disru p tions or o ther r estrictions on our a c c ess t o our supplie r s c ou l d dela y our ability t o dep lo y such equipme n t and c ou l d h a v e a m a t erial ad v e r se effect on our business, financial position and r esu l ts o f ope r a tions. I f w e a r e unab l e t o install and mai n tain a functional qua n tum c ompu t e r , w e m a y incur substa n tial c osts and dama g e t o our r eput a tion.

H o r i z o n Q ua nt u m 5 4 C e r t a i n R i s k s R e l a t e d t o t h e C o m p an y an d i t s A n t i c i p a t e d B us i n e s s C o m b i n a t i o n ( C o n t i n u e d ) The qua n tum c omputing industry is in its ear l y sta g es and v ol a ti l e, and if it does n o t d e v e l o p , if it d e v e l ops s l o w er than w e e xpect, if it d e v e l ops in a manner th a t does n o t r equi r e use o f our qua n tum c omputing so l utions, or if it en c ou n t e r s neg a ti v e publicity or if our so l ution does n o t dri v e c omme r cial engag eme n t, the g r o wth o f our business will be harmed. I f qua n tum ha r d w a r e p r o vide r s p r e f er t o offer their o wn p r oprietary s o ft w a r e stacks, our ability t o c omme r cializ e our p r oducts will be limi t ed. W e a r e high l y depende n t on our ability t o a tt r act and r etain senior e x ecuti v e l eade r ship and k e y emp lo y ees, such as qua n tum p h y sicists, s o ft w a r e enginee r s and o ther k e y t echnical emp lo y ees, who a r e critical t o our su c c ess. The l oss o f J oseph Fitzsimons or Si - H ui T an c ou l d harm our business. W e m a y be ad v e r se l y affec t ed b y u n f a v o r ab l e e c onomic and mar k et c onditions, and g eopolitical v ol a tilit y . W e a r e depende n t on c l oud p r o vide r s. R eal or pe r c ei v ed er r o r s, f ai l u r es or bugs in our p r oducts and servic es c ou l d m a t erial l y and ad v e r se l y affect our ope r a ting r esu l ts, financial c ondition and g r o wth p r ospects. W e a r e r equi r ed t o c omp l y with strin g e n t, c omp l e x and e v o l ving la w s, ru l es, r egul a tions and standa r ds in ma n y jurisdictions, as w ell as c o n t r actual obliga tions, r el a ting t o d a ta pri v acy and securit y . W e m a y be c ome subject t o p r oduct liability claims, which c ou l d harm our financial c ondition and liquidity if w e a r e n o t ab l e t o su c c essful l y d e f end or insu r e against such claims. W e m a y be unab l e t o o b tain, mai n tain and p r o t ect our i n t el l ectual p r operty rig h ts and p r oprietary i n f orm a tion such as if the sc ope o f p a t e n t p r o t ection o b tained is n o t sufficie n t l y b r oad.

C e r t a i n R i s k s R e l a t e d t o t h e C o m p an y an d i t s A n t i c i p a t e d B us i n e s s C o m b i n a t i o n ( C o n t i n u e d ) W e m a y f a c e p a t e n t i n frin g eme n t and o ther i n t el l ectual p r operty claims th a t c ou l d be c ost l y t o d e f end, r esu l t in injunctions and significa n t dama g e a w a r ds or o ther c osts. Singapo r e ta k e - o v er la w s c o n tain p r o visions which m a y v ary f r om those in o ther jurisdictions. H o l d c o ’ s on l y significa n t asset will be its o wne r ship o f H oriz on. H o l d c o will incur higher c osts as a r esu l t o f inc r eased scruti n y associ a t ed with being a public c ompa n y , and H o l d c o ’ s mana g eme n t will be r equi r ed t o d e v o t e substa n tial time t o public c ompa n y r esponsibilities. H o l d c o ’ s mana g eme n t t eam has limi t ed e xperien c e managing and ope r a ting a U .S. public c ompa n y . An acti v e, liquid t r ading mar k et f or H o l d c o ’ s securities m a y n o t d e v e l o p . I n v es t o r s m a y f a c e difficu l ties e n f o r cing f o r eign c ourt judgme n ts against H o l d c o . H o l d c o will be an eme r ging g r o wth c ompa n y , a f o r eign pri v a t e issuer and a c o n tr ol l ed c ompa n y . H o l d c o ’ s dual class sha r e structu r e with diffe r e n t v o ting rig h ts will limit i n v es t o r s ’ ability t o i n f l uen c e c orpo r a t e m a t t e r s and c ou l d disc ou r a g e o the r s f r om pu r suing chan g e o f c o n trol t r ansactions. The r e can be no assu r an c e th a t H o l d c o ’ s o r dinary sha r es will be app r o v ed f or listing on N asdaq or th a t H o l d c o will be ab l e t o c omp l y with the c o n tinued listing ru l es o f Nasdaq. The p r o c ess o f taking a c ompa n y public b y means o f a business c ombin a tion with a special purpose a c quisition c ompa n y is diffe r e n t f r om taking a c ompa n y public th r ough an initial public offering and m a y c r e a t e risks f or H o l d c o ’ s unaffili a t ed i n v es t o r s. H o l d c o m a y issue additional sha r es in the futu r e r esu l ting in di l ution t o o ther sha r eho l de r s, and H o l d c o , d MY and H oriz on m a y r e l ease portions o f H o l d c o o r dinary sha r es issued t o H oriz on sha r eho l de r s f r om l oc k - up ag r eeme n ts. H o r i z o n Q ua nt u m 5 5

Risks R el a t ed t o d MY and the B usiness Combin a tion d MY ’ s securities w e r e delis t ed f r om t r ading on the N Y SE American e x chan g e and a r e t r aded on the O T C M ar k ets, which c ou l d limit i n v es t o r s ’ ability t o ma k e t r ansactions in d MY ’ s securities and subject d MY t o additional t r ading r estrictions. N either d MY ’ s boa r d o f di r ec t o r s nor a n y c ommit t ee the r e o f o b tained a thi r d - party v a l u a tion or f airness opinion ( or a n y similar r eport or app r aisa l ) in de t ermining whether or n o t t o pu r sue the B usiness Combin a tion. Conseque n t l y , y ou h a v e no assu r an c e f r om an independe n t sou r c e th a t the pri c e d MY is p a ying f or H oriz on is f air t o d MY — and, b y e x t ension, its securityho l de r s — f r om a financial poi nt o f vie w . d MY ’ s S ponsor and d MY ’ s di r ec t o r s and offi c e r s and their affili a t es h a v e i n t e r ests in the P r oposed T r ansactions th a t a r e diffe r e n t f r om, or in addition t o and / or in c o n flict with, those o f d MY ’ s sha r eho l de r s g ene r al l y . d MY ’ s public sha r eho l de r s will e xperien c e immedi a t e di l ution as a c onsequen c e o f the issuan c e o f H o l d c o securities as c onside r a tion in the B usiness Combin a tion, P r oposed PIPE I n v estmen t, and due t o futu r e issuan c es o f equity a w a r ds t o H oriz on emp lo y ees, di r ec t o r s, or c onsu l ta n ts. The ability o f d MY ’ s public sha r eho l de r s t o e x e r cise r edem p tion rig h ts with r espect t o a la r g e number o f d MY public sha r es c ou l d inc r ease the p r obability th a t the B usiness Combin a tion w ou l d be unsu c c essful. The r e is no assu r an c e th a t the P r oposed PIPE I n v estmen t or a n y o ther additional financing will be c omp l e t ed. d MY m a y be ta r g e t ed b y securities class action and deri v a ti v e la w suits th a t c ou l d r esu l t in substa n tial c osts and m a y dela y or p r e v e n t the B usiness Combin a tion f r om being c omp l e t ed. The c omp l etion o f the B usiness Combin a tion is subject t o c ertain c l osing c onditions under the B usiness Combin a tion Ag r eeme n t, d a t ed as o f Se p t ember 9 , 2025, and a n y such c onditions m a y n o t be s a tisfied on a time l y basis, if a t all. C e r t a i n R i s k s R e l a t e d t o t h e C o m p an y an d i t s A n t i c i p a t e d B us i n e s s C o m b i n a t i o n ( C o n t i n u e d ) H o r i z o n Q ua nt u m 5 6

C e r t a i n R i s k s R e l a t e d t o t h e C o m p an y an d i t s A n t i c i p a t e d B us i n e s s C o m b i n a t i o n ( C o n t i n u e d ) Risks R el a t ed t o the P r oposed PIPE I n v estme n t The r e can be no assu r an c e th a t d M Y , H oriz on and H o l d c o will be ab l e t o r aise sufficie n t capital in the P r oposed PIPE I n v estmen t t o s a tisfy the minimum cash c ondition in the t r ansaction. The P r oposed PIPE I n v estmen t will on l y be c onsumm a t ed if the B usiness Combin a tion c l oses, and the c l osing o f the B usiness Combin a tion is subject t o a number o f c l osing c onditions, some o f which will be outside o f d MY ’ s and H oriz o n ’ s c o n tr ol. The securities t o be issued in the P r oposed PIPE I n v estmen t will n o t be r egis t e r ed with the S E C and, prior t o such r egist r a tion canno t be t r ans f er r ed or r eso l d e x c e p t in a t r ansaction e x em p t f r om or n o t subject t o the r equi r eme n ts o f the Securities A ct and applicab l e st a t e securities la w s. H o r i z o n Q ua nt u m 5 7