Important Information

IQ Score provides independent investment research and general educational information about income-producing investment assets.

IQ Score does not provide personalized investment advice, investment management, brokerage services, tax advice, legal advice, accounting advice, or financial planning.

Nothing published or made available through IQ Score should be interpreted as a personal recommendation, an offer, a solicitation, or an instruction to buy, hold, sell, or otherwise transact in any security or financial instrument.

Investing involves risk. You may lose part or all of the money you invest.

IQ Score is operated by R-Ventures B.V., a private limited company incorporated under the laws of the Netherlands.

1. General Research, Not Personal Advice

All research, scores, classifications, rankings, tables, articles, newsletters, tools, alerts, and other information provided through IQ Score are intended for a general audience.

We do not assess whether an investment is appropriate or suitable for you personally.

We do not take into account your:

• financial position;
• investment objectives;
• investment experience;
• age;
• income requirements;
• risk tolerance;
• time horizon;
• tax position;
• currency exposure;
• liquidity requirements;
• existing portfolio;
• legal restrictions; or
• personal circumstances.

Information that may be relevant to one investor may be inappropriate for another.

You remain solely responsible for determining whether an investment, strategy, or portfolio decision is appropriate for you.

2. No Advisory, Brokerage, or Fiduciary Relationship

R-Ventures B.V. is not acting as your:

• investment adviser;
• financial adviser;
• broker or dealer;
• portfolio manager;
• fiduciary;
• tax adviser;
• legal adviser; or
• accountant.

Accessing IQ Score, creating an account, purchasing a subscription, entering portfolio information, reading research, or communicating with us does not create an advisory, brokerage, fiduciary, or client relationship.

No duty to monitor your portfolio, financial position, or investments arises from your use of IQ Score.

3. Individual Questions and Communications

We may answer general questions about:

• the IQ Score methodology;
• published research;
• investment structures;
• financial concepts;
• data sources;
• classifications; and
• platform functionality.

Any answer is general information and should not be interpreted as a personal recommendation.

We do not provide recommendations based on a user’s individual financial situation or determine whether a particular investment is suitable for that user.

Where a question requires personalized advice, we may decline to answer it and recommend that the user consult an appropriately authorized professional.

A disclaimer cannot change the nature of a service. For that reason, we aim to ensure that our actual communications and services remain general research rather than personalized investment advice.

4. IQ Scores and Classifications

IQ Score may evaluate investment assets using proprietary scores, labels, classifications, indicators, gates, confidence levels, and analytical models.

These may include terms such as:

• Friend;
• Question Mark;
• Foe;
• IQ Score;
• confidence;
• trajectory;
• upgrade;
• downgrade; and
• similar research terminology.

These terms are proprietary analytical labels created by IQ Score.

They are not:

• regulated credit ratings;
• official fund ratings;
• guarantees of financial strength;
• predictions of future performance;
• assessments of personal suitability;
• recommendations to buy, hold, or sell;
• promises that distributions will be maintained; or
• statements that an investment is safe.

A high score or Friend classification does not mean an asset cannot decline in value, reduce its distribution, underperform, become illiquid, or suffer permanent capital loss.

A low score or Foe classification does not mean an asset must decline in value or cannot produce positive returns.

Classifications express the output of the IQ Score methodology at a particular point in time based on the information then available.

Depending on their wording, presentation, timing, and surrounding circumstances, research concerning individual financial instruments may be subject to legal requirements governing investment recommendations or information suggesting an investment strategy.

Where applicable, IQ Score intends to comply with applicable requirements concerning objective presentation, source transparency, timing, and disclosure of relevant interests.

5. Scores Are Not Trading Signals

IQ Score measures investment-asset characteristics.

It does not determine:

• the right entry price;
• the right exit price;
• the appropriate transaction size;
• the appropriate holding period; or
• the appropriate trading strategy for an individual investor.

A classification should never be treated as:

• a buy signal;
• a sell signal;
• a market-timing signal;
• a price target;
• an instruction to trade;
• a recommendation to allocate capital; or
• a guarantee of future performance.

An asset may be classified as a Friend while being expensive, technically overbought, unsuitable for a particular portfolio, or exposed to short-term market risk.

Likewise, an asset classified as a Foe may experience strong positive price performance.

Quality analysis and transaction timing are separate questions.

6. Portfolio and Watchlist Features

IQ Score may allow users to enter portfolio holdings, create watchlists, view classifications for owned assets, or access other personalized displays.

These features organize and apply general IQ Score research to information selected or entered by the user.

They do not constitute:

• personalized investment advice;
• portfolio management;
• suitability analysis; or
• a recommendation to change a portfolio.

IQ Score does not evaluate your complete financial circumstances and does not determine:

• whether your portfolio is adequately diversified;
• whether your position sizes are appropriate;
• whether an investment matches your objectives;
• whether you should buy or sell an asset;
• whether you can afford a loss; or
• whether a transaction has tax, legal, or regulatory consequences.

You remain responsible for ensuring that any portfolio information entered into IQ Score is accurate and complete.

7. Early Access and Fast Lane

Certain membership levels may provide earlier access to research, frozen monthly score snapshots, classification changes, upgrades, downgrades, or other publications.

Early access means earlier access to general research.

It does not turn that research into personalized advice, a trading instruction, a recommendation tailored to an individual, or a guarantee of an investment opportunity.

IQ Score research is based on information that is publicly available, lawfully obtained, or generated through our own analysis and methodology.

Fast Lane members do not receive material non-public information through IQ Score.

Earlier publication of our own analysis should not be interpreted as access to inside information.

Markets may already reflect relevant public information before our research is released, and prices may move before or after publication for reasons unrelated to IQ Score.

Users should not assume that acting on research earlier will produce better investment results.

Nothing in this section removes any disclosure, market-abuse, conflict-of-interest, or other legal obligations that may apply to the production or phased publication of investment research.

8. Investment Risks

All investments involve risk.

Relevant risks include, but are not limited to:

• loss of capital;
• market-price volatility;
• distribution reductions or suspensions;
• dividend cuts;
• interest-rate risk;
• credit risk;
• leverage risk;
• liquidity risk;
• currency risk;
• tax risk;
• regulatory risk;
• counterparty risk;
• concentration risk;
• issuer-specific risk;
• fund-management risk;
• valuation risk;
• geopolitical risk; and
• operational or data risk.

Some income-producing assets may use leverage, derivatives, return of capital, managed distribution policies, illiquid securities, or complex investment structures that increase investment risk.

A high distribution rate should never be interpreted as a guarantee of future income.

Distributions may originate from income, realized gains, return of capital, borrowing, or other sources and may not be sustainable.

9. Closed-End Fund Risks

Closed-End Funds may trade at prices above or below their Net Asset Value (NAV).

Discounts may widen and premiums may disappear regardless of the performance of the underlying portfolio.

Closed-End Funds may also be affected by:

• leverage;
• distribution policy changes;
• limited liquidity;
• activist investors;
• rights offerings;
• tender offers;
• fund reorganizations;
• management fees;
• interest-rate movements; and
• market-price volatility that differs from changes in Net Asset Value.

A discount to NAV should never, by itself, be interpreted as evidence that a fund is undervalued.

10. Risks of BDCs, REITs, ETFs, Preferred Securities, and Other Income Assets

Each category of income-producing investment carries its own characteristics and risks.

Business Development Companies (BDCs) may be exposed to:

• private credit risk;
• borrower defaults;
• non-accrual loans;
• leverage;
• dilution;
• refinancing risk; and
• changes in economic conditions.

Real Estate Investment Trusts (REITs) may be affected by:

• property market conditions;
• tenant concentration;
• occupancy levels;
• refinancing costs;
• leverage;
• interest-rate movements; and
• changes in rental income.

Exchange-Traded Funds (ETFs) may experience:

• tracking differences;
• concentration risk;
• liquidity constraints;
• derivative exposure;
• index methodology changes; and
• market-price deviations from underlying value.

Preferred securities may be:

• callable;
• perpetual;
• subordinated;
• sensitive to interest rates;
• exposed to issuer credit risk; or
• subject to dividend suspension.

These examples are not exhaustive.

Every individual security has its own characteristics, and investors should review the issuer's current prospectus, regulatory filings, financial statements, and official disclosures before investing.

11. No Guarantee of Income or Return

References to income, yield, distributions, dividends, total return, or historical performance do not constitute a promise or guarantee.

Distributions may be:

• reduced;
• suspended;
• cancelled;
• deferred;
• reclassified;
• funded from capital; or
• affected by taxation, exchange rates, or other external factors.

Yield figures presented by IQ Score may be historical, trailing, indicated, forward-looking, estimated, annualized, or calculated using different methodologies.

Different yield calculations may therefore not be directly comparable.

Investment return and principal value fluctuate over time.

An investment may be worth substantially more—or substantially less—than its original purchase price when sold.

Past performance does not guarantee future results.

12. Historical Performance, Backtests, and Model Results

IQ Score may publish historical analyses, model outputs, simulations, backtests, survivability research, hypothetical portfolios, or comparisons with benchmarks.

Hypothetical and backtested results have important limitations.

They may:

• be designed or evaluated with the benefit of hindsight;
• depend on assumptions and data-cleaning decisions;
• exclude assets for which reliable historical information is unavailable;
• be affected by survivorship bias;
• produce materially different results depending on whether delisted, liquidated, merged, failed, or otherwise discontinued securities are included;
• omit transaction costs, taxes, spreads, slippage, liquidity constraints, and market impact;
• use information that was later corrected, restated, or reclassified;
• differ from results achievable in actual trading; and
• be sensitive to methodology, eligibility, or classification changes.

Where reasonably practical, IQ Score aims to include discontinued and delisted assets when reliable historical data is available.

Even so, no historical model can eliminate every form of survivorship bias, selection bias, or data limitation.

No analytical model can reproduce every real-world condition.

Historical relationships may weaken, reverse, or disappear entirely.

Actual investor results may differ materially from any historical example, model, simulation, hypothetical portfolio, or backtest published by IQ Score.

13. Data Accuracy and Timeliness

IQ Score relies on information that may originate from:

• issuers;
• regulatory filings;
• stock exchanges;
• fund administrators;
• public databases;
• market-data providers;
• third-party vendors; and
• internally developed calculations.

Although we seek reliable information and apply reasonable quality controls, we cannot guarantee that information is:

• complete;
• accurate;
• current;
• continuously available; or
• free from error.

Data may be delayed, corrected, restated, reclassified, unavailable, or inconsistent across different sources.

Unless expressly stated otherwise:

• information should not be assumed to be real-time;
• displayed prices should not be used for trade execution;
• scores should not be assumed to update continuously;
• classifications may represent a frozen monthly snapshot; and
• recently published issuer information may not yet be reflected.

Users should independently verify material information before making investment decisions.

14. Methodology Changes

The IQ Score methodology is continually refined as additional research, data, and experience become available.

We may change:

• data sources;
• scoring factors;
• eligibility requirements;
• thresholds;
• classifications;
• exclusions;
• confidence calculations;
• weighting models;
• quality controls; and
• presentation methods.

Changes to the methodology may alter historical or current scores without any change in the underlying investment asset.

Where reasonably practical, significant methodology changes will be documented in our Methodology & Limitations publication.

The Methodology & Limitations documentation forms an important part of understanding IQ Score and should always be read together with this Investment Disclaimer.

Historical methodology versions should not be assumed to remain current or appropriate.

15. Forward-Looking Information

IQ Score research may contain expectations, projections, estimates, scenarios, opinions, or other forward-looking information.

Forward-looking information is inherently uncertain.

Statements containing words such as:

• may;
• could;
• expect;
• estimate;
• believe;
• likely;
• potential;
• project; or
• anticipate

identify forward-looking views, although their absence does not necessarily mean that a statement is not forward-looking.

Actual outcomes may differ materially because of:

• market developments;
• issuer-specific events;
• regulatory changes;
• economic conditions;
• geopolitical developments;
• operational issues; or
• other unforeseen circumstances.

Forward-looking information should never be interpreted as a guarantee of future results.

16. Conflicts of Interest and Associated Persons

R-Ventures B.V. and persons associated with it—including its directors, officers, employees, contractors, authors, and contributors—may own, buy, sell, or otherwise have an economic interest in securities discussed, scored, or classified by IQ Score.

Their interests may differ from those of users.

A person associated with IQ Score may transact in a security before or after research concerning that security is published, subject to applicable law and our internal policies.

The existence of a position does not necessarily mean that a transaction occurred because of planned or published IQ Score research.

Where appropriate or legally required, IQ Score will disclose relevant interests and conflicts in accordance with its Conflict of Interest Policy and applicable law.

Users should not assume that an associated person:

• continues to hold a previously disclosed position;
• shares the same investment objectives;
• will provide advance notice of future transactions; or
• will take actions consistent with an IQ Score classification.

Nothing in this section limits any additional disclosure obligations that may apply under applicable securities or market abuse legislation.

17. No Offer or Solicitation

Nothing published through IQ Score constitutes:

• an offer to sell a financial instrument;
• a solicitation of an offer to buy a financial instrument;
• an invitation to enter into a transaction;
• a brokerage activity;
• portfolio management;
• investment management; or
• an offering document or prospectus.

IQ Score does not execute trades, accept client money, hold securities in custody, or arrange transactions on behalf of users.

Any investment transaction you undertake is solely between you and your chosen broker, bank, issuer, exchange, or other financial institution.

18. Independent Verification and Professional Advice

Before making any investment decision, you should conduct your own independent research.

Where appropriate, you should consult qualified professionals, including:

• licensed investment advisers;
• financial planners;
• tax advisers;
• accountants;
• legal advisers; or
• other appropriately qualified professionals.

Official issuer documents—including prospectuses, annual reports, financial statements, regulatory filings, and distribution notices—should always be considered alongside IQ Score research.

No single source of information, including IQ Score, should be relied upon in isolation when making investment decisions.

19. Tax, Legal, and Regulatory Matters

IQ Score does not provide tax, legal, accounting, pension, estate-planning, or regulatory advice.

The tax and legal consequences of an investment may depend on many individual factors, including:

• your country of residence;
• citizenship;
• legal status;
• account type;
• holding structure;
• investment size;
• transaction history;
• currency exposure; and
• other personal circumstances.

Tax laws, regulations, and reporting obligations differ between jurisdictions and may change over time.

Before making investment decisions that may have tax or legal consequences, you should consult appropriately qualified professionals.

20. Jurisdiction and Availability

IQ Score serves an international audience.

However, we do not represent that every publication, feature, or service is appropriate, available, or lawful in every jurisdiction.

You are responsible for ensuring that your use of IQ Score complies with the laws and regulations applicable to you.

Access to IQ Score from a particular country does not mean that R-Ventures B.V. is licensed, registered, or authorized in that jurisdiction to provide regulated investment services.

Nothing published through IQ Score is intended to replace, circumvent, or reduce any mandatory investor protections that apply under local law.

21. United States Users

IQ Score is operated from the Netherlands.

R-Ventures B.V. is not presented as a United States-registered investment adviser, broker-dealer, commodity trading adviser, or financial planner.

Research made available through IQ Score is intended to be general, impersonal, and distributed to subscribers or readers without being adapted to an individual user's specific investment needs.

IQ Score does not claim through this disclaimer that any particular statutory exclusion, exemption, registration status, or regulatory classification necessarily applies to all current or future services.

The regulatory treatment of a service depends on its actual design and operation, not merely on how it is described.

Features that display general IQ Score research alongside holdings selected or entered by a user are intended as organizational and informational tools. They are not intended to generate recommendations adapted to that user's personal financial circumstances.

Nevertheless, portfolio-related displays, position-specific notifications, alerts, interactive tools, communications, and future personalization features may require separate regulatory assessment before introduction or material expansion.

R-Ventures B.V. intends to obtain appropriate specialist advice regarding the application of United States securities laws to the actual service, including whether and to what extent the publisher's exclusion or another regulatory framework may apply.

Nothing in this section should be understood as a definitive legal conclusion regarding the application of United States federal or state securities laws.

22. Third-Party Websites and Services

IQ Score may reference or link to third-party websites, issuers, brokers, exchanges, data providers, or other external services.

A link or reference does not necessarily mean that IQ Score:

• endorses the third party;
• guarantees the accuracy of its information;
• recommends its products or services;
• accepts responsibility for its content; or
• has a commercial relationship with it.

Third-party services operate under their own terms, privacy policies, and regulatory responsibilities.

We encourage users to review those terms before relying on or interacting with third-party services.

23. Availability of Services

Research, databases, scores, classifications, tools, and member features may be modified, delayed, corrected, suspended, or discontinued at any time.

We do not guarantee that:

• every security will be covered;
• every score will remain available;
• every data source will continue to operate;
• research will be published according to a fixed schedule;
• alerts will always be delivered;
• errors will always be detected immediately; or
• services will always be available without interruption.

IQ Score should not be relied upon as the sole means of monitoring investments or managing investment risk.

24. Limitation of Reliance

You accept full responsibility for evaluating and using information provided by IQ Score.

To the fullest extent permitted by applicable law, R-Ventures B.V. is not responsible for investment decisions, transactions, gains, losses, missed opportunities, tax consequences, or other outcomes resulting from reliance on IQ Score research or related publications.

Any limitation of liability is further governed by the IQ Score Terms of Use.

Nothing in this Investment Disclaimer excludes or limits rights or liabilities that cannot legally be excluded or limited.

25. Updates to this Investment Disclaimer

We may update this Investment Disclaimer from time to time to reflect changes in:

• our services;
• research methodology;
• legal or regulatory developments;
• industry standards;
• business practices; or
• technological developments.

The Last Updated date at the beginning of this document will always indicate the current version.

Where material changes affect existing members or materially change the interpretation of this disclaimer, we will provide reasonable notice through our website or by email where appropriate.

26. Contact

Questions regarding this Investment Disclaimer may be directed to:

R-Ventures B.V.

Registered Address: Lytse Sudein 19, Uitwellingerga

Chamber of Commerce Number: 01090347

The Netherlands

Email: [email protected]

Final Reminder

IQ Score is a research platform.

It is designed to help investors better understand the quality characteristics of income-producing investments through independent, data-driven analysis.

It is not a substitute for your own judgment.

Scores can be wrong.

Data can be incomplete.

Methodologies evolve.

Markets change.

Even financially strong investments can decline in value, reduce their distributions, or perform differently than expected.

Likewise, investments that receive a lower classification may outperform expectations.

Use IQ Score as one input within a broader investment decision-making process—not as the sole basis for any investment decision.

Every investment decision, and every investment risk, ultimately remains your own responsibility.