Company Update Spring 2022

Dear Salus Stakeholders,

Thank you for your continued support. During the first quarter of 2022, there were several items of note that moved Salus forward on the path to expanded financial inclusion. I would like to highlight a few of those items below.

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Building The Small Dollar Loan Dataset for Model 1.0

In early 2022, I engaged with a national peer-to-peer lending platform that offers loans to borrowers across the country. Based on recent discussions, we are finalizing a partnership to make small dollar loans via their platform. As those loans are made, we will acquire unique deidentified information on small dollar loans and borrowers, pairing traditional data with nontraditional data. This partnership will allow us to build a truly unique test data set, with critical features that are not readily available in the current ecosystem:

• visibility into traditional applicant data (credit score, DTI, etc.)
• additional access to non-traditional data (transaction data, etc.)
• national data for small dollar loans made outside a primary financial institution

Subsequent to the end of the quarter, the first test loans were made in April, with targeted scaling towards $100,000 in small dollar loans made by fall 2022. This dataset can validate the power of non-traditional automated underwriting and the impact of serving these borrowers.

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Welcome Scott Strong to the Salus Advisory Board

I’m excited to announce that Scott Strong is the first official member of the Salus Advisory Board. Scott is the Head of Data and Research at Pad Split, an Atlanta-based startup that recently raised a $21 million Series B. In addition to his expertise in data science, Scott brings a wealth of knowledge from previous early startup experience. He will bring valued insights to Salus as we build our platform infrastructure and models.

As the business progresses, I anticipate further additions to the Advisory Board in 2022.

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New Office and Address

In spring 2022, Salus began operations out of a new location and office, located just outside of Uptown Charlotte in South End. As the world continues to move beyond the work environment of 2020/2021, this is a natural next step to match the ramp up in in-person collaboration.

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Thank you for your support

As Salus continues to work towards its small dollar lending platform, I want to again acknowledge and thank you for your support and insights through these early days. The early startup path is made far easier with your contributions, and while there are certainly challenges ahead, I remain excited about what we can achieve.

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Sincerely,

James Chemplavil

Founder, Salus

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