Disclaimers

Analytical and research services provided by Thomas Murray Network Management Limited and its Affiliates (“Thomas Murray”) are the result of separate activities designed to preserve the independence and objectivity of these services. Thomas Murray’s analytical and research services are solely statements of Thomas Murray's opinion and are not statements of fact or recommendations to appoint or utilise any service provider. Accordingly, any user of Thomas Murray's analytical and research services should not rely on any such services in making any decision to appoint any service provider. Thomas Murray's analytical and research services are based on information received by it. Affiliated companies of Thomas Murray may have information that is not available to Thomas Murray.

Thomas Murray has established policies and procedures to maintain the confidentiality of non-public information received during the analytical and research process. Thomas Murray receives compensation for its analytical and research services, including for Risk Assessments. Such compensation is typically paid by the client of the service provider or via a subscription to Thomas Murray's analytical and research services.

Thomas Murray's analytical and research services and other information are based upon information that Thomas Murray considers to be reliable, but neither Thomas Murray nor its affiliated companies warrant the completeness, accuracy or adequacy of such analytical and research services, which should not be relied upon as such. Assumptions, opinions and estimates constitute Thomas Murray’s judgment as of the date of the material and are subject to change without notice. Neither Thomas Murray nor its affiliated companies are responsible for any errors or omissions or for results obtained from the use of this information. Past performance is not necessarily indicative of future results. This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument or to appoint any service provider. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue. As Thomas Murray's analytical and research services are general in nature, they cannot take into account your specific needs, investment objectives or financial situation. Accordingly, Thomas Murray's analytical and research services are intended to support you in your own research and analysis of post-trade counterparties and capital market infrastructures and not a substitute, Thomas Murray's analytical and research services are not intended as recommendations of particular markets, securities, financial instruments or service providers. Before acting on any information in this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice.

Thomas Murray’s analytical and research services are conducted by staff operating under the firm’s Analytical Code of Conduct