Research & Communications Disclosures

These Research & Communications Disclosures apply to all investment research, market commentary, publications, presentations, interviews, speeches, podcasts, videos, newsletters, social media, correspondence, and other communications issued by or attributed to Mebanewood or its personnel, unless expressly stated otherwise.

These disclosures should be read together with the Legal & Regulatory, Investment Adviser Disclosures, and Terms of Use.

1. General Information Only

Research, commentary, publications, presentations, and other communications are provided solely for informational and educational purposes.

Unless expressly stated otherwise in writing, no communication constitutes:

• investment advice;
• legal, tax, accounting, or other professional advice;
• an offer to sell or a solicitation of an offer to purchase any security or investment product;
• a recommendation regarding any security, issuer, portfolio, investment strategy, or transaction; or
• a representation that any investment or strategy is suitable for any particular person.

Communications are intended for a broad audience and are not tailored to the investment objectives, financial circumstances, tax considerations, or particular needs of any individual.

2. Opinions

Statements of opinion reflect the judgment of the author as of the date expressed.

Opinions may change at any time without notice.

Mebanewood undertakes no obligation to update previously published materials, even if subsequent events, market developments, or additional information would affect earlier views.

Different personnel of Mebanewood may hold different opinions or reach different conclusions.

3. Forward-Looking Statements

Certain communications may include expectations, forecasts, projections, estimates, assumptions, beliefs, or other forward-looking statements.

Forward-looking statements are inherently uncertain and depend on numerous assumptions, risks, and circumstances beyond Mebanewood’s control.

Actual events, market conditions, investment results, and economic developments may differ materially from those expressed or implied.

Forward-looking statements should not be relied upon as guarantees of future events or outcomes.

4. Investment Risk

All investments involve risk, including the possible loss of principal.

No investment strategy, research process, analytical framework, portfolio construction methodology, or risk-management technique can guarantee investment success, prevent losses, or achieve any particular investment objective.

Discussions of risk management describe objectives rather than guarantees.

5. Past Performance

Past performance is not indicative of future results.

Historical returns, examples, case studies, investment experience, or other performance-related information should not be interpreted as an indication of future performance or expected returns.

References to successful investments should not be assumed to represent all investments made or recommended.

6. Examples and Illustrations

Communications may include examples, illustrations, hypothetical scenarios, diagrams, or simplified descriptions to explain investment concepts or market observations.

These examples are illustrative only.

They should not be interpreted as:

• actual portfolio holdings;
• actual client accounts;
• investment recommendations;
• investment advice;
• predictions of future events; or
• guarantees of future outcomes.

7. Market and Economic Commentary

Market observations, macroeconomic discussions, geopolitical commentary, industry analysis, valuation observations, and similar content represent general commentary.

Such discussions should not be interpreted as forecasts or predictions regarding future market performance.

Financial markets frequently behave differently than expected, and reasonable professionals may disagree regarding economic or investment conclusions.

8. Securities Discussed

A communication may refer to one or more securities, industries, issuers, investment themes, or sectors.

Any such discussion is intended solely to explain an investment concept, analytical framework, historical event, or market observation unless expressly identified as a recommendation.

No recipient should assume that any security discussed:

• has been or will be profitable;
• was or will be held in any portfolio;
• is appropriate for any investor; or
• reflects the composition of any current or future portfolio.

9. Portfolio Holdings

Unless expressly identified as current holdings, references to investments should not be interpreted as reflecting current portfolio positions.

Portfolio holdings change over time without notice.

Mebanewood has no obligation to disclose current or future holdings, transaction activity, investment intentions, or portfolio composition.

10. Third-Party Information

Communications may reference data, research, market statistics, indices, quotations, reports, ratings, or other information obtained from third-party sources believed to be reliable.

Mebanewood does not independently verify all third-party information and makes no representation regarding its completeness, accuracy, or timeliness.

11. Links to Third-Party Content

Communications may reference or link to third-party publications, articles, interviews, podcasts, videos, websites, databases, or other resources.

Such references are provided solely for convenience or informational purposes.

They do not imply endorsement, sponsorship, approval, or adoption of any third-party opinions, products, services, or conclusions.

12. Media Appearances

Statements made during interviews, conferences, panel discussions, podcasts, webinars, videos, public presentations, or media appearances should be understood in the context in which they were made.

Responses may be abbreviated, edited, summarized, or presented without the surrounding discussion.

Comments should not be interpreted as comprehensive investment advice or as expressing every consideration relevant to an investment decision.

13. Social Media

Content published through social media platforms may be limited by formatting, character limits, timing, or other platform constraints.

Social media posts are not intended to provide complete investment analysis and should be considered together with other publicly available information provided by Mebanewood.

Following, sharing, reposting, “liking,” commenting upon, or linking to third-party content does not constitute an endorsement of that content or the person or organization responsible for it.

14. No Client Relationship

Receiving research, subscribing to communications, attending an event, viewing a presentation, downloading publications, or interacting with Mebanewood’s content does not establish:

• an investment advisory relationship;
• a fiduciary relationship;
• a client relationship; or
• any contractual obligation.

An advisory relationship exists only after Mebanewood Management LLC has accepted the engagement and entered into a written agreement with the client.

15. Intellectual Property

Unless otherwise indicated, research, commentary, publications, presentations, graphics, diagrams, written materials, videos, audio recordings, and other original content produced by Mebanewood are protected by applicable intellectual property laws.

They may not be copied, reproduced, distributed, modified, republished, displayed, transmitted, or used for commercial purposes without prior written permission, except as permitted by applicable law.

Brief quotations accompanied by appropriate attribution may be permitted where authorized by law.

16. No Duty to Update

Mebanewood may modify, suspend, discontinue, replace, or remove any research publication, commentary, presentation, or communication at any time.

Unless required by applicable law or contract, Mebanewood assumes no obligation to update previously published materials.

17. Governing Documents

If an individual becomes a client of Mebanewood Management LLC, the applicable investment advisory agreement, Form ADV, offering documents, and other governing documents control the advisory relationship.

To the extent any communication is inconsistent with those documents, the governing documents control.

18. Contact

Questions regarding Mebanewood research or communications may be directed to:

+1 (615) 854-8585
contact@mebanewood.com