Website

Disclaimer

  1. General information

This website provides information concerning the Think First Capital I investment platform, NOVARIS CAPITAL ASI S.A. w organizacji and investment opportunities originated or structured in connection with the platform.

“Think First Capital,” “Think First Capital I” and similar expressions are commercial names used to describe the investment platform and its activities. They do not, by themselves, identify a separate legal entity or a party to an investment.

For Portfolio I, the relevant Polish investment vehicle is NOVARIS CAPITAL Alternatywna Spółka Inwestycyjna spółka akcyjna w organizacji, abbreviated as NOVARIS CAPITAL ASI S.A. w organizacji, with its registered office in Warsaw and published contact address at ul. Grzybowska 62, 00-844 Warsaw, Poland.

Novaris ASI was incorporated by NOVARIS CAPITAL DOO, a North Macedonian company registered under company number 7934572, with its registered office at Makedonija no. 2-1/2, Skopje-Centar, North Macedonia.

General enquiries may be directed to contact@tfcapital.mk. The platform’s published operating addresses are ul. Grzybowska 62, 00-844 Warsaw, Poland, and ul. Vostanicka 2, 1000 Skopje, North Macedonia.

The relevant investment vehicle, manager, adviser, portfolio company and contractual counterparties for each transaction will be identified in the applicable definitive investment documentation.

  1. No offer or solicitation

The information on this website is provided solely for general informational and discussion purposes. It does not constitute:

  • an offer, invitation or solicitation to subscribe for or acquire securities, shares, participation rights or other financial instruments;
  • a prospectus, offering memorandum or other legally required offering document;
  • investment, legal, tax, accounting or financial advice;
  • a recommendation concerning any investment or investment strategy; or
  • a public offering or financial promotion in any jurisdiction.

No investment may be made solely on the basis of this website. Nothing on the website creates a binding obligation on Think First Capital I, Novaris ASI, NOVARIS CAPITAL DOO, any portfolio company or any of their respective affiliates or representatives.

  1. Professional investors only

Any investment opportunity involving participation rights in Novaris ASI is intended exclusively for persons who qualify as professional clients under applicable law and satisfy all applicable investor-eligibility, know-your-customer and anti-money-laundering requirements.

Nothing on this website is directed to retail investors or to any person in a jurisdiction in which its distribution, availability or use would be unlawful.

  1. Regulatory status

On 29 July 2026, Novaris ASI was entered in the register of managers of alternative investment companies maintained by the Polish Financial Supervision Authority as an internally managed ASI, under national ZASI register identifier PLZASI00467.

This registration is not a KNF licence or authorisation and does not constitute KNF approval or endorsement of the investment vehicle, platform, portfolio, strategy, valuations, projections or expected returns.

The scope of KNF supervision applicable to a registered ZASI is limited. In particular, the KNF does not receive or verify the financial statements of Novaris ASI, does not supervise or verify its portfolio composition, and does not approve or verify its investment policy or strategy. Further information is provided in the Regulatory Status section of this website.

  1. Information and sources

The information on this website reflects the platform’s understanding and assumptions as of the date stated, where applicable. Information concerning portfolio companies, revenues, valuations, commercial performance, market opportunities and projections may have been supplied by portfolio-company management, external advisers or other third-party sources.

Unless expressly stated otherwise, such information may not have been independently audited or verified. No representation or warranty, express or implied, is given as to its accuracy, completeness or continuing validity. Information may be corrected, updated, replaced or withdrawn without notice, subject to applicable law.

  1. Targets and forward-looking statements

This website may contain estimates, targets, projections, plans, ambitions and other forward-looking statements, including statements concerning:

  • intended capital deployment and fundraising;
  • portfolio-company growth and international expansion;
  • revenue, valuation and profitability;
  • target holding periods and exit opportunities;
  • target multiples of invested capital or other investment returns;
  • future assets under management; and
  • a possible future listing or other capital-markets transaction.

These statements are based on current assumptions and are inherently subject to commercial, financial, legal, regulatory and market risks. They are not forecasts, commitments or guarantees. Actual results may differ materially.

Any reference to a 3-4x gross portfolio MOIC or another target return is an investment objective only. It does not represent a promised, minimum or expected return for any investor and does not take account of all fees, carried interest, taxes, expenses or investor-specific circumstances unless expressly stated.

Past performance, historical results, selected examples and current portfolio information are not reliable indicators of future performance.

  1. Investment risks

Investment in private companies and participation rights in an ASI are speculative and involve substantial risk. Relevant risks may include:

  • loss of some or all invested capital;
  • limited liquidity and the absence of a public market;
  • an extended or uncertain holding period;
  • uncertainty in private-company valuations;
  • concentration and portfolio-company-specific risks;
  • operational, management and execution risks;
  • currency and cross-border risks;
  • political, legal, regulatory, tax and enforcement risks;
  • risks associated with North Macedonia, the Western Balkans, Poland and other relevant markets; and
  • the possibility that proposed investments, financing rounds, exits or listings may not be completed.

Prospective investors must be able to bear a total loss and should obtain independent legal, tax, financial and investment advice.

  1. Definitive documentation

Any investment will be made solely on the basis of the applicable definitive investment, subscription, corporate and disclosure documents and only after completion of the required eligibility, due-diligence, KYC and AML procedures.

If information on this website is inconsistent with definitive documentation, the definitive documentation will prevail.

  1. Limitation of liability

To the fullest extent permitted by applicable law, Novaris ASI, NOVARIS CAPITAL DOO, the persons involved in the Think First Capital I platform, their affiliates and their respective directors, officers, employees and advisers accept no liability arising from reliance on this website or from any error, omission, interruption or outdated information contained in it.

Nothing in this disclaimer excludes liability that cannot lawfully be excluded.

Last updated: 11 August 2026.