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Disclaimer

Please read this disclaimer carefully. It sets out the basis on which all content published by Vessel Financial Analytics ApS is provided and the limitations of its use.

Important Notice: The content published on this website by Vessel Financial Analytics ApS is provided for informational and educational purposes only. It does not constitute investment advice, a financial promotion, or a recommendation to buy, sell or hold any financial instrument. Vessel is NOT a licensed investment adviser or regulated financial services provider.

1. No Investment Advice

All content, data, analysis, commentary, research reports, market data, and any other material published on this website or provided through our subscription services ("Content") is for general informational and educational purposes only. It is not intended to be, and shall not be construed as: — Investment advice or financial advice of any kind. — A recommendation, offer or solicitation to buy, sell, subscribe for, or otherwise deal in any financial instrument or investment product. — A financial promotion within the meaning of Danish financial regulation or EU Directive 2014/65/EU (MiFID II). — An offer or invitation to engage in any investment activity as defined under the Danish Capital Markets Act (Kapitalmarkedsloven). — Tax advice, legal advice, accounting advice or any other professional advisory service. You are solely responsible for any investment or financial decision you make. Before making any investment decision, you should consult a qualified independent financial adviser authorised by Finanstilsynet or another competent EU regulatory authority who is familiar with your individual financial circumstances, investment objectives, risk tolerance and time horizon.

2. No Regulatory Authorisation

Vessel Financial Analytics ApS is a private limited company registered in Denmark (CVR-nr. 42 81 66 37). We are NOT: — Authorised or regulated as a financial institution, investment firm, credit institution, insurance undertaking or collective investment scheme under the Danish Financial Business Act (Lov om finansiel virksomhed). — Licensed to provide portfolio management, investment advice, execution of orders, dealing on own account, or any other MiFID II investment service. — Registered as a credit rating agency under EU Regulation 1060/2009. — Authorised as an investment manager, AIFM, UCITS management company, or provider of alternative investment fund management services. Our research is produced by analysts with professional qualifications for informational purposes, not as licensed advisory activity.

3. No Guarantee of Accuracy or Completeness

While we take reasonable care to ensure the accuracy and reliability of the information we publish, Vessel Financial Analytics ApS makes no representation, warranty or guarantee — express or implied — regarding: — The accuracy, completeness, reliability or timeliness of any Content. — The fitness of any Content for any particular purpose. — That market data, reference rates or indicative prices reflect actual current market conditions. — That our analysis or research conclusions are correct or will prove accurate over time. Market data displayed on this website is indicative and may be delayed, manually updated or sourced from secondary sources. It is not real-time and should not be used as the sole basis for transactional decisions.

4. Past Performance

Past performance of any financial instrument, investment strategy, index, fund or asset class referred to in our Content does not guarantee, indicate or predict future results. The value of investments can go down as well as up. Investors may receive less than the amount originally invested. In some cases, losses may exceed the original investment. Returns on investments denominated in foreign currencies may be adversely affected by movements in exchange rates. Historical return data, simulated performance, back-tested results or model portfolio analyses included in our research are provided for illustrative purposes and do not represent actual past performance of any real investment.

5. Investment Risk

All investments carry risk. Different types of financial instruments carry different risk profiles. Risks include but are not limited to: — Market risk: the possibility that market prices will fall, reducing the value of your investment. — Credit risk: the possibility that an issuer will default on its payment obligations. — Liquidity risk: the possibility that an investment cannot be sold at a reasonable price in a timely manner. — Currency risk: adverse exchange rate movements affecting the value of foreign investments. — Inflation risk: investment returns failing to keep pace with inflation, reducing purchasing power. — Concentration risk: holding too large a proportion of a portfolio in a single asset, sector or geography. — Leverage risk: the use of borrowed money to invest amplifies both gains and losses. — Regulatory and political risk: changes in law, regulation or government policy affecting investment values. Digital assets carry additional risks including extreme price volatility, technological risk, regulatory uncertainty and lack of investor protection schemes.

6. Third-Party Information

Our Content may reference or include data, statistics, research, opinions or information from third-party sources including company financial statements, regulatory filings, central bank publications, statistical agencies and industry organisations. We do not verify the accuracy of third-party data and accept no liability for errors, omissions or inaccuracies in information sourced from third parties. References to third-party sources do not constitute endorsement.

7. Forward-Looking Statements

Some Content may contain forward-looking statements, forecasts, projections, estimates or opinions about future events, market conditions or company performance. These statements are based on assumptions and analytical frameworks current at the time of writing. Actual future outcomes may differ materially from any projections or views expressed. Vessel Financial Analytics ApS undertakes no obligation to update or revise forward-looking statements to reflect subsequent events or changed circumstances.

8. No Client Relationship

Use of the Site or purchase of a subscription does not create a client-adviser relationship, fiduciary duty, or any similar professional obligation between you and Vessel Financial Analytics ApS or any of our analysts. Our analysts are employed to produce independent research; they are not your personal financial advisers and their analysis does not constitute personalised advice for your specific circumstances.

9. Limitation of Liability

To the maximum extent permitted by applicable law, Vessel Financial Analytics ApS and its directors, officers, employees, contractors and agents shall not be liable for any loss, damage or expense of any kind arising directly or indirectly from: reliance on Content; any investment decision made in connection with our research; loss of profit, loss of revenue, or any consequential, indirect or incidental loss. This limitation applies regardless of whether such liability arises in contract, tort (including negligence), breach of statutory duty or otherwise. Nothing in this Disclaimer excludes liability for death or personal injury caused by our negligence, fraudulent misrepresentation, or any other liability that cannot be excluded under applicable Danish law.

10. Governing Law

This Disclaimer is governed by Danish law. Any disputes arising from or in connection with this Disclaimer shall be subject to the exclusive jurisdiction of the Danish courts, with Copenhagen City Court (Københavns Byret) as the court of first instance for non-consumer disputes.

Last updated: 14 March 2024 | Vessel Financial Analytics ApS, Østerbrogade 56, 2100 Copenhagen Ø, Denmark | legal@vessel-analytics.dk