Legal Disclaimer

The views expressed on this website represent the opinions of Toby R. Neugebauer and two of his affiliated entities, Vicksburg Investments Management LLC and Melissa A. Neugebauer 2020 Trust (collectively with Mr. Neugebauer, the "Fermi Founder Parties"), which beneficially own shares of Fermi Inc. (the "Company"), together with David A. Daglio, Charles M. Elson, John T. Jimenez, Janet Yang, Sheila Hooda and Juan A. Pujadas (collectively, the "Participants"), and have been derived or obtained from publicly available information with respect to the Company and from third-party reports. The Participants recognize that there may be confidential information in the possession of the Company that could lead it or others to disagree with the Participants' conclusions. The Participants reserve the right to change any of their opinions expressed herein at any time. The information contained in the documents and filings posted to this website is current only as of the date of such document or filing. The Participants disclaim any obligation to update the information or opinions contained on this website.

Certain financial projections and statements made herein have been derived or obtained from filings made with the U.S. Securities and Exchange Commission (the "SEC") or other regulatory authorities and from other third-party reports. The Participants shall not be responsible nor have any liability for any misinformation contained in any SEC or other regulatory filing or third-party report. There is no assurance or guarantee with respect to the prices at which any securities of the Company will trade, and such securities may not trade at prices that may be implied herein. Any estimates, projections and potential impact of any opportunities identified by the Participants herein are based on assumptions that the Participants believe to be reasonable as of the date of the materials on this website, but there can be no assurance or guarantee that actual results or performance of the Company will not differ, and such differences may be material.

The materials on this website are provided merely as information and are not intended to be, nor should they be construed as, an offer to sell or a solicitation of an offer to buy any security. These materials do not recommend the purchase or sale of any security. The Fermi Founder Parties currently beneficially own shares of the Company. It is possible that there will be developments in the future that cause the Fermi Founder Parties from time to time to sell all or a portion of their holdings of the Company in open market transactions or otherwise (including via short sales), buy additional shares (in open market or privately negotiated transactions or otherwise), or trade in options, puts, calls or other derivative instruments relating to such shares, subject to applicable trading rules.

Although the Participants believe the statements made on this website are substantially accurate in all material respects and do not omit to state material facts necessary to make those statements not misleading, the Participants make no representation or warranty, express or implied, as to the accuracy or completeness of those statements or any other written or oral communication they make with respect to the Company and any other companies mentioned, and the Participants expressly disclaim any liability relating to those statements or communications (or any inaccuracies or omissions therein). Thus, shareholders and others should conduct their own independent investigation and analysis of those statements and communications and of the Company and any other companies to which those statements or communications may be relevant.

This website may contain links to articles and/or videos (collectively, "Media"). The views and opinions expressed in such Media are those of the author(s)/speaker(s) referenced or quoted in such Media, and, unless specifically noted otherwise, do not necessarily represent the opinion of the Participants.

Cautionary Statement Regarding Forward-Looking Statements

The materials on this website contain forward-looking statements made by the Participants in their independent capacity as shareholders of the Company. All statements contained on this website that are not clearly historical in nature or that necessarily depend on future events are forward-looking, and the words "anticipate," "believe," "expect," "intend," "project," "will," "may," "would," "potential," "opportunity," "estimate," "plan," and similar expressions are generally intended to identify forward-looking statements. These statements are based on the Participants' current views and expectations, speak only as of the date of these materials and are subject to inherent risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those expressed or implied by such projected results and statements. Assumptions relating to the foregoing involve risks and uncertainties with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the Participants. Although the Participants believe that the assumptions underlying the projected results or forward-looking statements are reasonable as of the date of these materials, any of the assumptions could be inaccurate and therefore, there can be no assurance that the projected results or forward-looking statements included herein will prove to be accurate. In light of the significant uncertainties inherent in the projected results and forward-looking statements included herein, the inclusion of such information should not be regarded as a representation as to future results or that the objectives and strategic initiatives expressed or implied by such projected results and forward-looking statements will be achieved. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results. Except to the extent required by applicable law, the Participants will not undertake and specifically decline any obligation to disclose the results of any revisions that may be made to any projected results or forward-looking statements herein to reflect events or circumstances after the date of such projected results or statements or to reflect the occurrence of anticipated or unanticipated events.

Certain Information Concerning the Participants

The Fermi Founder Parties, together with the other Participants, have filed a definitive proxy statement on Schedule 14A, accompanying GREEN agent designations card, and other relevant documents with the SEC in connection with the solicitation of agent designations for calling a special meeting of shareholders anticipated to be held on or around July 15, 2026 (the "Special Meeting").

THE PARTICIPANTS STRONGLY ADVISE ALL SHAREHOLDERS OF THE COMPANY TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING THE GREEN AGENT DESIGNATIONS CARD, THAT HAVE BEEN OR WILL BE FILED BY SUCH PARTICIPANTS BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS ARE OR WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, UPON REQUEST.

The Fermi Founder Parties filed a Schedule 13G with respect to the Company on November 14, 2025, which reported that Mr. Neugebauer beneficially owns 139,016,035 shares of the Company's common stock, $0.001 par value per share (the "Common Stock"), Vicksburg Investments Management LLC beneficially owns 44,656,376 shares of Common Stock, and Melissa A. Neugebauer 2020 Trust beneficially owns 94,359,659 shares of Common Stock. As of the date hereof, none of the other Participants beneficially own any shares of Common Stock.

1. Who We Are

This Privacy Policy describes how information is collected, used, and shared when you visit UnlockFermiValue.com (the "Site"). The Site is published by Toby R. Neugebauer, Vicksburg Investments Management LLC, and the Melissa A. Neugebauer 2020 Trust (collectively, "we," "us," or "our") for informational purposes regarding Fermi Inc. (d/b/a Fermi America) (Nasdaq: FRMI) and the Special Meeting of Shareholders anticipated on or around July 15, 2026.

2. Information We Collect

2.1 Information You Provide

When you submit our Sign Up for Updates form, we collect:

• Your full name (first and last)
• Your email address
• Your indication (via optional checkbox) of whether you are a Fermi America (FRMI) shareholder

When you email us through addresses listed on the Site (such as contact@unlockfermivalue.com), we receive your email address and the content of your message.

2.2 Information Collected Automatically

Like most websites, we automatically collect certain technical information when you visit the Site, including:

• IP address
• Browser type and version
• Operating system
• Pages visited and time spent on each page
• Referring URL
• Date and time of access

This information is collected through server logs maintained by our hosting provider, WP Engine, and may be used to monitor Site performance, detect security threats, and analyze usage patterns.

2.3 Cookies and Similar Technologies

The Site uses cookies to maintain session state, remember form-completion progress, and enable basic WordPress functionality. We do not use third-party advertising cookies or cross-site tracking technologies.

The Site uses Google Analytics 4 (measurement ID G-6MEPHTDS7D) to understand aggregate visitor behavior — pages visited, time on site, geographic region, device type, and referral source. Google Analytics sets first-party cookies and may transfer information to Google's servers in the United States. We do not use the data for advertising, retargeting, or to identify individual visitors. You can opt out of Google Analytics tracking site-wide by installing Google's Analytics Opt-out Browser Add-on, or by enabling "Do Not Track" or a privacy extension in your browser.

3. How We Use Information

We use the information we collect for the following purposes:

• To send you material updates regarding Fermi America (FRMI) and the Special Meeting, when you have signed up to receive them
• To respond to your inquiries sent via email
• To operate, maintain, and improve the Site
• To protect the security and integrity of the Site
• To comply with applicable legal obligations

We will not use the information for advertising, profiling, or sale to third parties.

4. Information Sharing

We do not sell, rent, or trade your personal information. We may share information only in these limited circumstances:

• Service providers — with vendors who help us operate the Site (e.g., WP Engine for hosting, Fluent Forms / WordPress plugin services for form processing). These providers are bound by their own privacy obligations.
• Legal compliance — when required by law, court order, or government request, or to protect our rights or the rights of others.
• Successors — in connection with a merger, acquisition, or sale of substantially all assets, subject to confidentiality protections.

5. Data Retention

We retain personal information for as long as necessary to fulfill the purposes outlined in this Policy, comply with our legal obligations, resolve disputes, and enforce our agreements. Sign-up form submissions are retained for the duration of the Special Meeting cycle and for twenty-four (24) months thereafter, unless a shorter period is requested under "Your Rights" below.

6. Your Rights

Subject to applicable law, you may have the right to:

• Request access to the personal information we hold about you
• Request correction or deletion of inaccurate or outdated information
• Opt out of future email communications (you can unsubscribe from any update email)
• Withdraw any consent you have provided

To exercise these rights, contact us at contact@unlockfermivalue.com. We will respond within the time period required by applicable law.

7. California Residents (CCPA / CPRA)

If you are a California resident, the California Consumer Privacy Act (CCPA), as amended by the California Privacy Rights Act (CPRA), provides you with additional rights, including the right to know what personal information we collect, the right to delete personal information, the right to opt out of the sale or sharing of personal information (we do not sell or share for advertising purposes), and the right to non-discrimination for exercising your rights. To exercise these rights, contact us at contact@unlockfermivalue.com.

8. International Users

The Site is operated from the United States and is directed to shareholders of Fermi Inc. located in the United States. If you access the Site from outside the United States, your information may be transferred to, stored, and processed in the United States, which may have different data-protection laws than your country of residence.

9. Children's Privacy

The Site is not directed at children under 13. We do not knowingly collect personal information from children under 13. If we learn that we have collected such information, we will delete it promptly.

10. Third-Party Links

The Site contains links to third-party websites, including SEC.gov, PR Newswire, LinkedIn, and X (formerly Twitter). We are not responsible for the privacy practices of those sites. Please review the privacy policies of any third-party sites you visit.

11. Security

We implement reasonable administrative, technical, and physical safeguards to protect your information. However, no internet transmission or electronic storage is completely secure. You acknowledge this inherent risk when using the Site.

12. Changes to This Policy

We may update this Privacy Policy from time to time. The "Last Updated" date at the top of this page reflects the most recent revision. Material changes will be communicated through the Site or via email to subscribers, as appropriate.

13. Contact Us

If you have questions about this Privacy Policy or how your information is handled, please contact us:

• Email: contact@unlockfermivalue.com
• Or via the Contact page

1. Acceptance of Terms

By accessing or using UnlockFermiValue.com (the "Site"), you agree to be bound by these Terms of Use (the "Terms") and our Privacy Policy. If you do not agree to these Terms, do not use the Site.

2. Purpose of the Site

The Site is published by Toby R. Neugebauer, Vicksburg Investments Management LLC, and the Melissa A. Neugebauer 2020 Trust for informational purposes only. It provides information related to Fermi Inc. (d/b/a Fermi America) (Nasdaq: FRMI), Project Matador, the Special Meeting of Shareholders anticipated on or around July 15, 2026, and the case for an independent competitive strategic alternatives process.

The Site is a supplement to the shareholder presentation deck and SEC filings, which contain the complete materials. In any conflict between content on this Site and the official filings, the official filings control.

3. Not Investment, Legal, or Financial Advice

Nothing on the Site constitutes investment, legal, tax, accounting, or financial advice. Nothing on the Site is an offer to sell or a solicitation of an offer to buy any security. Statements about valuations, projections, and strategic alternatives are illustrative and forward-looking — actual results may differ materially.

You should consult your own qualified advisors before making any investment decision regarding Fermi Inc. (FRMI) or any other security.

4. Forward-Looking Statements

The Site contains forward-looking statements, including projections, assumptions, and opinions about Fermi Inc., Project Matador, strategic alternatives, valuation, and the actions of Fermi's Board of Directors. Words such as "anticipate," "believe," "expect," "intend," "project," "will," "may," "would," "potential," "opportunity," "estimate," and "plan" identify forward-looking statements.

Forward-looking statements are based on current views and expectations and are subject to inherent risks, uncertainties, and other factors that may cause actual results to differ materially. The publishers of the Site disclaim any obligation to update forward-looking statements except as required by law.

5. Intellectual Property

All content on the Site — including text, graphics, layout, design, and the underlying code — is owned by Toby R. Neugebauer, Vicksburg Investments Management LLC, and the Melissa A. Neugebauer 2020 Trust or its licensors and is protected by United States and international copyright, trademark, and other intellectual property laws.

The shareholder presentation deck (PDF) made available on the Site is the proprietary work of the publishing entity. References to Fermi Inc., Fermi America, FRMI, Project Matador, and related marks are used for identification purposes only and do not imply endorsement by or affiliation with Fermi Inc.

6. Permitted Use

You may access and view the Site for personal, informational, non-commercial purposes. You may download and print copies of pages for personal reference, provided you do not modify the content or remove any copyright or attribution notices.

7. Prohibited Use

You agree not to:

• Use the Site for any unlawful purpose or in violation of these Terms
• Reproduce, republish, modify, or distribute Site content for commercial purposes without prior written consent
• Use automated systems (bots, scrapers, harvesters) to access the Site or extract data
• Attempt to gain unauthorized access to any portion of the Site or its infrastructure
• Interfere with the Site's operation or impose an unreasonable load on its infrastructure
• Use the Site to transmit malware, viruses, or other harmful code
• Misrepresent your identity, affiliation, or status as a shareholder

8. Third-Party Content and Links

The Site contains links to third-party websites (including SEC.gov, PR Newswire, LinkedIn, X, and the WP Engine hosting platform). We do not endorse, control, or assume responsibility for the content, accuracy, or practices of third-party sites. Use of third-party sites is at your own risk and subject to their terms.

9. No Warranty

The Site is provided "AS IS" and "AS AVAILABLE" without warranties of any kind, express or implied, including warranties of merchantability, fitness for a particular purpose, non-infringement, accuracy, completeness, or availability. We do not guarantee that the Site will be uninterrupted, error-free, or secure.

Information on the Site has been derived from publicly available sources and from third-party reports. While we believe the information is substantially accurate, we make no representation or warranty as to its accuracy or completeness.

10. Limitation of Liability

To the maximum extent permitted by law, in no event shall the publisher of the Site, its affiliates, officers, directors, employees, agents, or licensors be liable for any indirect, incidental, special, consequential, or punitive damages — including but not limited to loss of profits, data, use, goodwill, or other intangible losses — arising out of or related to your use of (or inability to use) the Site or any content thereon.

11. Indemnification

You agree to indemnify, defend, and hold harmless the publisher of the Site and its affiliates from any claims, damages, losses, liabilities, costs, or expenses (including reasonable attorneys' fees) arising out of your breach of these Terms or your misuse of the Site.

12. Governing Law and Jurisdiction

These Terms are governed by and construed in accordance with the laws of the State of Texas, without regard to its conflict-of-law principles. Any dispute arising out of or related to these Terms or your use of the Site shall be resolved exclusively in the state or federal courts located in the State of Texas, and you consent to the personal jurisdiction of those courts.

13. Changes to These Terms

We may revise these Terms from time to time. The "Last Updated" date at the top of this page reflects the most recent revision. Continued use of the Site after revisions constitutes acceptance of the updated Terms.

14. Severability

If any provision of these Terms is found to be invalid or unenforceable, the remaining provisions remain in full force and effect.

15. Contact

Questions about these Terms should be directed to contact@unlockfermivalue.com or via the Contact page.