$MORE – A GENERATION-BY-GENERATION LOOK AT INVESTING Day 2: Generation Y – Millennials (Born 1981–1996, aged 30–45) Yesterday I looked at Generation Z and how time can be their biggest advantage when investing. Today I'm looking at Millennials, and I actually think this is one of the most interesting generations when considering an investment such as $MORE. Why? Because Millennials are at a stage of life where their financial priorities are changing. Many are now established in their careers, earning more than they did in their twenties, but they're also dealing with mortgages, childcare, rising household expenses and the growing realisation that retirement might not be as financially comfortable as they once imagined. They're earning money, but a surprising amount of it is already spoken for. And I think this is where investing for income starts becoming particularly interesting. Research from interactive investor's 2026 Great British Retirement Survey found that Millennials have a typical pension pot of approximately £25,000, despite expecting to retire with around £450,000. That's quite a gap to bridge, even allowing for another 20 or 30 years of working. What's interesting is that Millennials are already investing outside their pensions. The same research suggests they're investing around £400 a month on average outside pension arrangements. So the appetite to invest is clearly there. But I wonder how many have seriously considered building an additional source of income rather than focusing entirely on capital appreciation? This is why I believe $MORE deserves their attention. $MORE is a perpetual preferred equity issued by The Smarter Web Company, currently carrying a 12% annual dividend rate, calculated against a £100 reference amount per share, with dividends scheduled weekly. It's a different proposition from buying ordinary shares in the hope that the price appreciates. With $MORE, the primary attraction is the potential income. Let's look at the numbers. At the current dividend rate: 100 shares = £1,200 annually. 250 shares = £3,000 annually. 500 shares = £6,000 annually. That's approximately £23, £58 and £115 a week respectively, before tax. These figures assume the current dividend rate continues and the shares are held for a full year. The actual investment cost depends on the market price, and the dividend rate can change. Now imagine being 35 or 40 years old and beginning to build an investment portfolio that generates an additional income stream. You don't necessarily need that income today. Perhaps you reinvest it, buying additional shares and potentially increasing the dividends received in the future. Perhaps you use part of it to help with household expenses while reinvesting the remainder. Or perhaps you simply want to build investments that could eventually supplement your earnings and give you greater financial flexibility. For Millennials, I think flexibility is enormously valuable. There's another reason I believe income-producing investments deserve consideration: inflation. Millennials have experienced some significant financial shocks during their adult lives, including the 2008 financial crisis, the pandemic and the subsequent surge in inflation and interest rates. They understand what happens when household expenditure increases faster than wages. An additional investment income stream could help offset some of those rising costs, although $MORE isn't inflation-linked and its dividend isn't guaranteed to maintain purchasing power. I also think there's an interesting psychological difference between owning an investment purely for price appreciation and owning one that aims to distribute income regularly. With a growth share, you might spend years waiting for the market to recognise its value. With an income-focused preferred share, you're investing primarily for distributions rather than relying entirely on a higher future selling price. That doesn't make it risk-free. $MORE is an equity investment, not a savings account. Dividends can be suspended, its rate can change, its market value can fall, and The Smarter Web Company's Bitcoin treasury strategy introduces additional risks. The preferred shares do, however, rank ahead of ordinary shareholders and carry cumulative dividend rights. What excites me about $MORE is the opportunity to make the money you've already earned start working for you, potentially generating income every single week, and then having the choice of spending that income or reinvesting it to build something substantially bigger over the years ahead. I think Millennials are reaching the age where building wealth becomes just as much about generating income as accumulating assets. And with another 20 to 30 years potentially ahead before retirement, the ability to reinvest that income could be particularly valuable. That's why I believe $MORE could appeal to this generation. Not because they're looking to get rich overnight, but because many are now thinking seriously about making the money they've already earned work harder for them. Tomorrow: Generation X. A generation approaching retirement, where protecting wealth, generating income and reducing dependence on employment become increasingly important. $MORE $SWC #Millennials #Investing #Dividends

Could $MORE become a serious alternative for UK businesses holding large amounts of surplus cash in their bank accounts? I've been thinking about this quite a bit, and I don't think the potential corporate market for MORE is getting nearly enough attention. There are thousands of profitable UK businesses holding anything from £100,000 to several million pounds in cash reserves. Some of that money is needed for running the business, paying staff, VAT, corporation tax and other commitments. That money obviously needs to remain accessible and secure. But what about the surplus cash that businesses have no immediate plans to spend? Money that might sit in a business savings account for years, earning interest which is then subject to corporation tax. This is where I think $MORE becomes particularly interesting. Let's look at a business holding £500,000 in surplus cash. Imagine that business earns 3% interest annually from its bank. That's an illustrative rate rather than a specific bank offer. £500,000 at 3% generates £15,000 in interest each year. For a company paying corporation tax at the 25% main rate, that £15,000 becomes £11,250 after tax. The business has earned an effective 2.25% return on its money. Now compare that with MORE, the new sterling-denominated preferred share issued by The Smarter Web Company and listed on the London Stock Exchange. MORE launched with an initial annual dividend rate of 12%, calculated against a £100 reference amount per preferred share, with dividends scheduled to be paid weekly. For illustration, assume that same business could purchase 5,000 MORE shares at £100 each, investing £500,000. At the initial dividend rate, those shares would generate: £60,000 annually. Approximately £1,150 per week. But there's something potentially even more interesting than the dividend itself. The corporation tax treatment. Under Part 9A of the Corporation Tax Act 2009, most qualifying dividends received by UK limited companies are exempt from corporation tax. And this isn't simply an assumption I've made about MORE. Page 125 of MORE's own FCA-approved prospectus specifically addresses corporate shareholders, stating that those subject to UK corporation tax should generally be able to claim an exemption on dividends received, subject to the relevant anti-avoidance provisions. That is an important distinction. The interest earned in a business bank account is normally included in the company's taxable profits. Qualifying dividend income received from MORE would generally not be. So, using our £500,000 example: Bank account at 3%: £15,000 gross annual interest. £3,750 corporation tax at 25%. £11,250 retained by the company. MORE, purchased at £100 per share, with its initial 12% dividend maintained: £60,000 annual dividend income. Generally exempt from corporation tax if the relevant conditions are satisfied. Potentially £60,000 retained within the company. That's a difference of £48,750 a year on the same £500,000 of capital. And here's another way of looking at it. For a business paying 25% corporation tax, a bank savings account would need to pay 16% gross interest for the company to retain the equivalent of a 12% tax-exempt dividend yield. Sixteen per cent. Of course, that doesn't make MORE equivalent to a bank account, and that distinction matters enormously. MORE is an investment in a perpetual preferred share, not a deposit. Its market price can fall, its initial dividend rate can change, payments can be deferred and the capital isn't protected in the way eligible bank deposits are. You are accepting substantially more risk in exchange for the possibility of a substantially higher return. But I think it's worth understanding what MORE actually offers. It's a UK-listed security. It's denominated in sterling, so UK businesses don't need to exchange pounds into dollars to invest. It offers scheduled weekly dividends rather than waiting for monthly, quarterly or annual interest payments. The dividends are cumulative, meaning unpaid amounts accumulate, although that doesn't guarantee when or whether they will ultimately be paid. And behind MORE is The Smarter Web Company, with its Bitcoin treasury, operating businesses and capital-raising strategy. That's a very different proposition from leaving money in the bank, but also a very different risk profile. Bitcoin doesn't generate income itself, and the issuer needs sufficient cash and distributable profits to sustain the dividends. The point isn't that businesses should empty their bank accounts and buy MORE. That would be ridiculous. Companies need liquidity, security and certainty for their day-to-day obligations. Those funds belong in suitable bank accounts or other appropriate cash-management products. The question is what companies should consider doing with genuinely surplus capital that isn't needed for years. Could a business sensibly allocate a modest percentage of its longer-term surplus reserves to an income investment like MORE? Could the weekly dividends provide additional cash flow for the business? Could those receipts then be reinvested, used to fund expansion, purchase assets or simply accumulate within the company? And could the potentially favourable corporation tax treatment make MORE particularly attractive to UK corporate investors compared with conventional taxable savings income? I think these are questions worth asking. There's another important distinction, too. The tax treatment we're discussing applies to qualifying dividends received within the company. It doesn't mean profits from selling the shares are tax-free, or that directors can withdraw the dividends personally without tax consequences. A substantial investment portfolio can also affect certain reliefs available to trading businesses, so professional tax advice matters. But the underlying opportunity is still fascinating. MORE only began trading on 14 October. It's very early days, and the product needs to establish a track record, build trading liquidity and demonstrate that its dividend policy is sustainable. Nevertheless, I think people may be underestimating the market that could eventually develop around it. We talk about individuals wanting weekly income. We talk about pension funds, income investors and institutions. But what about the enormous amount of surplus capital held inside UK limited companies? Company directors already understand the difference between earning interest before corporation tax and receiving qualifying dividend income that may be exempt. If MORE can prove itself over time, I can see why that market might start paying attention. For me, this is one of the most interesting potential sources of demand for $MORE that hasn't been explored nearly enough. And I'd be interested to know how many business owners have actually considered it. #UKDividends #DividendInvesting #PassiveIncome #FTSE