Disclaimer

Copyright Corvid Partners Limited 2026

This document has been prepared by Corvid Partners Limited ("Corvid") for information and educational reference purposes only. Nothing contained herein constitutes investment advice, financial advice, tax advice, legal advice, or any recommendation to buy, sell, or hold any security, financial instrument, or asset class, nor does it constitute an offer or solicitation to buy or sell any security or to participate in any investment strategy.

The information contained herein has been compiled from a combination of direct market experience, professional knowledge, publicly available sources, academic research, regulatory filings, and third-party publications. While every reasonable effort has been made to ensure accuracy, Corvid makes no warranty, express or implied, as to the completeness, accuracy, or timeliness of any information contained herein. Certain transaction details, market data, spread levels, recovery figures, and historical facts may contain inaccuracies, may be incomplete, or may have changed materially since the time of writing. Where specific figures or transaction details are cited, readers should independently verify those details before relying on them for any purpose. Any data on past performance, modelling or back-testing contained herein is no indication of future performance, and no representation is made as to the reasonableness of assumptions made or the accuracy of any such modelling.

The markets, instruments, and regulatory frameworks described herein are subject to continuous change. Legal frameworks, market conventions, regulatory requirements, and market pricing reflect conditions as understood at the time of writing and may no longer be current. All opinions and estimates are given as of the date hereof and are subject to change. The value of any investment may fluctuate as a result of market changes, and the information herein is not intended to predict actual results.

The information contained herein is not intended for general circulation. Any investments discussed may not be suitable for all investors. Any products mentioned may not be eligible for sale in some states or countries, nor suitable for all types of investors. This document is not directed to, nor intended for distribution or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation, including, for the avoidance of doubt, the United States of America. You should not take notice of this document if you know that your access would contravene applicable local, national, or international laws.

Readers are strongly encouraged to conduct their own independent research and analysis and to consult qualified legal, financial, and regulatory advisors before making any investment, structuring, or advisory decision. Neither Corvid nor any of its respective officers, directors, partners, or employees accepts any liability whatsoever for any direct, indirect, or consequential loss or damage of any kind arising from any use of or reliance upon this publication or its contents, or any omission therefrom.

This document may not be reproduced or disclosed (in part or whole) to any other person without prior written permission from Corvid. The contents of this publication have not been reviewed or approved by any regulatory authority. Please address all queries to your contact or relationship partner within the firm.