To our shareholders.

Twenty years ago, give or take, $DEEP opened at 100. I was less than a year old at the time — born in Mumbai in 2006 — so the IPO is a date on a chart, not a memory. The first real entries are roughly a decade later: a computer, a "Hello, World," a first ugly website. Today, at nineteen, $DEEP trades around 377, +276.86% since IPO, with 0 of you on the book. Thank you for the conviction.

This letter is shorter than it should be, because the chart is the report. It is event-sourced and deterministic — same inputs, same price, every time. What I owe you is not commentary on the price. What I owe you is the truth of the events. And in 2025–26, we logged 10 material events: 10 wins and 0 losses.

The state of the holdings.

Intrkt opened its beta and is now the largest single contributor to fundamental value. WebAgent shipped a recipes engine that became, quietly, a force multiplier across the portfolio. The outreach engine (formerly MSME Scraper) crossed four million leads and now sequences across email, WhatsApp and LinkedIn — the boring part of growth, automated. DealHunter is incubating: small, real, and slow. Brandayd began monitoring what LLMs say about brands — a bet on the AI-search era we'd rather be early to. Clone is the most speculative line: a digital clone that holds your voice, your context, your judgement, and proactively grows your network. The thesis is that decision-making becomes the next bottleneck once execution is solved. And Happy To Help, our non-profit, graduated its third cohort and began development on an income platform — where underprivileged people can earn from basic online tasks. Pay-it-forward, scaled into a payroll.

What we got wrong.

We lost an important Intrkt customer in September because we refused to build a feature we did not believe in. I still think this was the right call. The chart disagreed by about four percent at the time. I also under-priced the personal cost of running six ventures at eighteen. Took two weeks off in mid-2023 and logged it publicly — that policy stays. We don't hide drawdowns here.

What's next.

Three commitments. One: the cadence holds. Weekly shipping is the only governance constraint that has consistently created value. Two: Intrkt v1.0 in the next 90 days — this is the bet that justifies the whole portfolio. Three: we will not dilute by adding a seventh venture. Focus is the moat.

If you are reading this, you took a position when most people would not have. Thank you for it. The chart will continue to move. I will continue to log everything, win or lose. That is the contract.

With conviction,

Deep Soni

Founder & CEO, Deep Holdings