Ratings Badge Disclaimers

Disclaimer to be shown in close proximity to any MSCI ESG Rating/Badge or MSCI ESG Fund Rating/Badge:

The use by [insert Licensee name] of any MSCI Solutions LLC and related entities (“MSCI”) data, and the use of MSCI logos, trademarks, service marks or product names, do not constitute a sponsorship, endorsement, recommendation, or promotion of [insert Licensee name] by MSCI. The Ratings are solely the opinion of MSCI Solutions and do not constitute an offer, promotion, or recommendation of any security or trading strategy, and may not be used to determine which securities to buy or sell or when, nor is it an indication or guarantee of future performance. MSCI services and data are the property of MSCI or its information providers, are provided ‘as-is’ and without warranty, and MSCI disclaims all liability, including for any damages. All uses of any Rating are also subject to the disclaimer and: https://www.msci.com/legal/notice-and-disclaimer and disclosures at: https://www.msci.com/legal/sustainability-and-climate-resources-and-disclosures, each of which may be updated by MSCI from time to time.

Disclaimer to be shown in close proximity to any MSCI Carbon Projects Rating/Badge:

The Carbon Project Rating: (a) was sourced by Trove Research Limited, its affiliates, or their information providers (“MSCI Parties”) and, if a solicited rating, prepared for compensation; (b) reflects only an analysis of carbon characteristics and is not designed for a particular investment use; (c) is not a credit rating, securities research report, or assessment of creditworthiness, credit risk, liquidity, market value, or price volatility; (d) does not endorse the accuracy of data or conclusions, or assess the financial condition of any project or entity; (e) should not be relied on as a guarantee of future performance, analysis, forecast, or prediction; (f) does not consider individual or institutional objectives, financial situations, or needs; (g) is provided solely for informational purposes without warranty as to accuracy, quality, completeness, or usefulness; (h) is current only as of its rating assessment date and may be modified or withdrawn without notice; (i) is not an investment promotion, expert opinion, assurance, offering document, or recommendation to buy or sell securities, credit commitments, or other assets; (j) is based partly on information provided by the rated project, which the MSCI Parties do not verify; (k) may include non-public information and differ from later Carbon Project Ratings; (l) may not reflect actual environmental, social, or governance risks; (m) has not been approved by any regulatory authority; and (n) may not be altered, copied, redistributed, or used to create derivative works, indexes, models, analytics, software, or to train any large language model or other artificial intelligence system without Trove Research Limited’s prior written consent. The Carbon Project Rating is provided “as is,” and users assume all risk of use. THE MSCI PARTIES MAKE NO WARRANTIES, EXPRESS OR IMPLIED (INCLUDING MERCHANTABILITY OR FITNESS FOR PURPOSE), REGARDING THE RATING OR RELATED INFORMATION, AND DISCLAIM ALL LIABILITY FOR ERRORS, OMISSIONS, OR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF ADVISED OF SUCH POSSIBILITY. All uses of any Rating are also subject to the disclaimer and: https://www.msci.com/legal/notice-and-disclaimer and disclosures at: https://www.msci.com/legal/sustainability-and-climate-resources-and-disclosures, each of which may be updated by MSCI from time to time.