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ALPS Advisors, Inc. provides the following major services:

• Exchange Traded Funds (ETFs): ALPS develops and manages a diverse range of ETFs that allow investors to gain exposure to various asset classes and investment strategies.
• Mutual Funds: The company offers and administers traditional mutual funds, providing investors with actively and passively managed investment portfolios.
• Fund Servicing and Administration: ALPS provides comprehensive services to investment managers, including fund accounting, administration, and compliance support for their investment products.

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The company ALPS (symbol: ALPS) refers to the **ALPS Equal Sector Weight ETF**. As an Exchange Traded Fund (ETF), it does not have traditional "customers" in the way a manufacturing or service company would. Instead, its "customers" are the investors who purchase shares of the fund. These investors typically fall into the following categories:

• Retail Investors: These are individual investors who purchase shares of the ETF for their personal investment portfolios, often through brokerage accounts, retirement accounts (like IRAs or 401(k)s), or taxable investment accounts.
• Institutional Investors: This category includes large organizations such as pension funds, mutual funds, hedge funds, endowments, insurance companies, and corporate treasuries. These institutions invest in ETFs as part of their broader asset allocation strategies or to replicate specific market exposures.
• Financial Advisors and Wealth Managers: While not direct end-users of the product, financial advisors and wealth management firms are crucial "customers" in that they select and purchase shares of the ALPS ETF on behalf of their individual and institutional clients. They play a significant role in allocating client assets into such investment vehicles.

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U.S. Bank (USB)

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Tham Seng Kong Chief Executive Officer and Chairman of the Board of Directors

Dr. Tham Seng Kong is the founder of ALPS Global Holding Bhd., which was established in 2008. He is a veteran in cellular therapy and life sciences, and has been actively involved in anti-aging cellular therapy research since 2006. Dr. Tham also participates in cancer research and made a scientific breakthrough with the discovery of a penetrating tyrosinase inhibitor. He graduated with a medical degree from Xiamen University in 1993 and specialized in oncology after pursuing integrated Chinese medicine and Western clinical medicine at The First Affiliated Hospital of Guangzhou University of Traditional Chinese Medicine. He leads Malaysia's first unicorn biotech firm.

Cheing Lye-Ping Chief Financial Officer

Cheing Lye-Ping, also known as Penny, was appointed Chief Financial Officer of Alps Group Inc. effective January 5, 2026. She brings over 30 years of experience in finance and accounting, having held senior leadership roles in both public and private companies across various industries. Prior to joining Alps Group, Ms. Cheing served as the CFO of a property development company from 2014 to 2025. Her previous roles include Chief Executive Officer at Premier Asia Capital Sdn. Bhd. from 2009 to 2013, and head of corporate affairs at Equine Capital Berhad from 2003 to 2008. She began her career at Arthur Andersen & Co from 1995 to 2002. Ms. Cheing holds a Bachelor of Business in Accountancy from RMIT University and an MBA from Deakin University. She is a Chartered Accountant with the Malaysian Institute of Accountants and a Fellow of CPA Australia.

Low Wei Sim Chief Operating Officer

Low Wei Sim, also known as Amanda, serves as the Chief Operating Officer of Alps Group Inc. She was appointed Deputy Chief Operating Officer from April 1, 2024, after having held a senior executive position within the same company. Since December 1, 2018, Ms. Amanda has served as a director at Aiiot Technologies Sdn. Bhd., a company focused on information system development and supporting services for the Internet of Things (IoT). Additionally, she is an executive director in Alps Globemedic Sdn. Bhd. since November 2018, a company dedicated to healthcare business developments. She holds an undergraduate degree from Sunway University College.

Professor Manickam Ravichandran Chief Scientific Officer

Professor Manickam Ravichandran has been Alps' Chief Scientific Officer since December 1, 2022, overseeing the company's scientific and research-related activities. He also serves as the Dean of the Faculty of Applied Sciences at AIMST University, Malaysia, and previously held the position of Vice-Chancellor at the same university. Professor Ravichandran earned his Bachelor of Science in Botany from Madurai Kamaraj University in 1988, an M.Sc. in Medical Microbiology from Christian Medical College, Vellore in 1991, and a Ph.D. in Biotechnology from Anna University, Chennai, India in 1977.

Professor Poh Chit Laa Chief Vaccine Development Officer

Professor Poh Chit Laa has served as Alps' Chief Vaccine Development Officer since 2024. She has a distinguished career in higher education, with a focus on medical microbiology, bacteriology, and biotechnology. Prior to her current role, Professor Poh was a distinguished professor and Head of the Centre for Virus and Vaccine Research at Sunway University from 2011 to 2024.

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Here are the key risks to ALPS's business:

1. Product Development, Clinical Trials, and Regulatory Approval: As a biotechnology company focused on advanced therapies like cellular therapy, ALPS faces significant challenges in the research and development of new medical and wellness products. The process is characterized by substantial development costs, high attrition rates for potential therapies, and the need to successfully navigate stringent regulatory approval processes, which can take many years and significant investment. Failure to achieve regulatory approval or demonstrate efficacy in clinical trials could lead to considerable financial losses and hinder market entry for its products and services.
2. Access to Capital and Funding: The biotechnology sector, with its extensive and costly research, development, and clinical trial phases, inherently requires substantial capital. ALPS's ability to secure adequate and ongoing financing is a critical risk, as the industry often faces difficulties in raising capital. Insufficient funding could impede its strategic and operational plans, including the advancement of its research initiatives and the scaling of its medical and wellness services.
3. Intellectual Property Protection and Competition: In the highly innovative and competitive biotechnology landscape, safeguarding proprietary research, technologies, and therapeutic approaches is paramount for ALPS. The company's competitive advantage and revenue generation are directly tied to its ability to protect its intellectual property. Furthermore, increasing competition within the maturing biotechnology and healthcare services sector poses a risk to ALPS's market share and profitability.

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ALPS, trading under the symbol ALPS, refers to SS&C ALPS Advisors and ALPS ETF Trust, a financial services company specializing in investment management. Their main products and services include Exchange-Traded Funds (ETFs), Mutual Funds, and broader Investment Advisory services.

Addressable Markets for Main Products and Services:

Exchange-Traded Funds (ETFs)

• Global Market: The global ETF market reached approximately US$19.8 trillion at the end of 2025.
• U.S. Market: The U.S. ETF industry surpassed US$13 trillion in assets during 2025, reaching US$13.08 trillion by the end of October 2025.

Mutual Funds

• Global Market: Worldwide, open-end mutual fund assets were approximately $69.0 trillion at the end of 2023. The global mutual fund assets market size was valued at around USD 67.48 trillion in 2022 and is projected to grow to approximately USD 145.23 trillion by 2030.
• U.S. Market: The U.S. mutual funds market was valued at USD 34.58 trillion in 2024 and is expected to reach USD 43.25 trillion by 2030. The total net assets of mutual funds in the U.S. were reported at $29.11 trillion in January 2025.

Investment Advisory Services (Assets Under Management)

• U.S. Market: The total assets under management by investment advisers in the U.S. reached $144.6 trillion in 2024. This represents the overall market for assets managed by investment advisers, encompassing various investment vehicles, including ETFs and mutual funds.

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Here are 3-5 expected drivers of future revenue growth for ALPS Group Inc. (symbol: ALPS) over the next 2-3 years:

1. Advancement and Commercialization of Biotechnology Research and Advanced Therapies: ALPS Group Inc. operates as a fully integrated biotechnology research platform, specializing in predictive, precision, and preventive health management. A core focus is on DNA and mRNA sequencing, as well as cellular therapy, supported by a cGMP-certified facility for cell and gene therapy research. Future revenue growth is anticipated from the successful development, regulatory approvals, and commercialization of new and advanced therapeutic products and services in these cutting-edge biotechnology fields.
2. Expansion of Medical and Wellness Services: The company provides a range of medical and wellness services, including anti-aging products and services. Growth in revenue is expected to be driven by increasing demand and broader adoption of its specialized medical treatments, diagnostic services, and wellness programs, particularly within personalized medicine.
3. Strategic Investments and Partnerships Facilitated by Increased Capital: Following its business combination with Globalink Investment Inc. and listing on Nasdaq in October 2025, ALPS Group Inc. raised capital to support growth and working capital. This increased financial capacity is expected to enable strategic investments, such as potential acquisitions, accelerated research and development initiatives, and new collaborations, all of which can expand its market reach and service portfolio.
4. Geographic Market Expansion: Positioned as a "Global Biotechnology Platform," ALPS Group Inc. has the inherent potential to expand its operations and offerings into new international markets. Entering new geographies for its biotechnology research, medical services, and wellness solutions would contribute to future revenue growth.

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