Disclaimer

1. Not Investment Advice

Factor-Based ("Factor-Based," "we," "us," or "our") is not a registered investment advisor, broker-dealer, investment fund manager, or portfolio manager under the securities legislation of Canada or any province or territory thereof, nor under the laws of any other jurisdiction.

The information, research, data, model portfolios, stock rankings, and other content (collectively, "Content") available through our website at factorbased.com (the "Website") and subscription services (the "Services") are provided solely for informational and educational purposes. The Content does not constitute, and should not be construed as:

• Investment advice or financial advice of any kind
• A recommendation or solicitation to buy, sell, hold, or otherwise transact in any security, financial product, or investment
• An offer to provide investment management, portfolio management, or financial planning services
• A recommendation that any particular security, portfolio of securities, investment strategy, or transaction is suitable for any specific person
• Tax, legal, or accounting advice

2. No Personalized Recommendations

The Content is general in nature and is not tailored to the specific investment objectives, financial situation, risk tolerance, or particular needs of any individual user. Factor-Based does not consider your individual circumstances and does not make personalized recommendations.

You should always consult with a qualified, licensed financial advisor, investment counsel, or other professional registered with the appropriate securities regulatory authority in your jurisdiction before making any investment decisions. In Canada, you may verify the registration status of any individual or firm through the Canadian Securities Administrators' National Registration Search at aretheyregistered.ca.

3. Past Performance

Any historical performance data, back-tested results, or model portfolio returns presented on the Website or in our research documents:

• Are not guarantees or reliable indicators of future performance
• May not reflect the actual returns that any investor would have achieved, as they do not account for individual trading costs, taxes, slippage, or other factors that may reduce actual returns
• Back-tested or hypothetical performance results have inherent limitations. Unlike actual performance, they do not represent actual trading and may not accurately reflect the impact of material economic and market factors
• Model portfolio returns are calculated based on specific assumptions and methodologies that may not be replicable in practice

4. Investment Risks

Investing in securities involves substantial risk of loss. You should be aware of the following risks:

• Market risk: The value of investments can go down as well as up. You may lose some or all of your invested capital.
• Concentration risk: Our strategy focuses on Canadian equities, which may result in geographic and sector concentration.
• Factor risk: Factor-based investment strategies (quality, value, momentum) may underperform the broader market for extended periods.
• Liquidity risk: Some securities in our rankings or model portfolios may have limited liquidity, particularly small- and mid-cap stocks.
• Currency risk: For investors outside Canada, fluctuations in the Canadian dollar may affect investment returns.
• Model risk: Our quantitative models are based on historical data and assumptions that may not hold in the future.

5. Accuracy of Information

While we strive to provide accurate and up-to-date Content, Factor-Based makes no representations or warranties, express or implied, as to the accuracy, completeness, reliability, timeliness, or suitability of any Content provided through the Website or Services.

The Content may contain errors, omissions, or inaccuracies. We rely on data from third-party sources, including financial data providers and stock exchanges, which may themselves contain errors. We do not independently verify all data received from third parties.

We reserve the right to correct any errors, inaccuracies, or omissions and to update or modify Content at any time without prior notice.

6. Model Portfolio

The model portfolio presented on the Website is a hypothetical portfolio for informational and illustrative purposes only. It is not a real investment account and does not represent an actual trading portfolio. Specifically:

• The model portfolio is not an invitation to subscribe for, buy, or sell any security
• Actual results from following the model portfolio may differ materially due to trading costs, commissions, bid-ask spreads, taxes, timing differences, and other factors
• The rebalancing schedule is for informational purposes; you are not obligated to follow it and should consult your own advisor before making changes to your portfolio
• Holdings, weights, and positions shown may change without notice

7. Stock Rankings

The proprietary stock rankings provided through our Services are generated by quantitative models based on specific factors and methodologies developed by Factor-Based. These rankings:

• Are not recommendations to buy, sell, or hold any security
• Reflect our models' assessment at a specific point in time and may change significantly
• Should not be the sole basis for any investment decision
• May differ from the views of other analysts or investment professionals

8. Third-Party Content and Data

The Website and Services may reference, link to, or incorporate data from third-party sources. Factor-Based does not endorse, guarantee, or assume responsibility for the accuracy, completeness, or reliability of any third-party content or data. The inclusion of any third-party reference does not imply an endorsement by Factor-Based.

9. Forward-Looking Statements

The Content may contain forward-looking statements, opinions, projections, or forecasts. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results may differ materially from those expressed or implied in any forward-looking statements. We undertake no obligation to update or revise any forward-looking statements.

10. Canadian Securities Regulations

This Website and its Content are intended primarily for residents of Canada. The Content may not be appropriate for use in jurisdictions outside of Canada. If you access the Website from outside of Canada, you do so at your own risk and are responsible for compliance with the laws of your jurisdiction.

Nothing on this Website should be interpreted as an offering of securities in any jurisdiction where such offering would be unlawful. We do not make any representation that the strategies, securities, or other financial instruments discussed are available to, or appropriate for, residents of any particular jurisdiction.

11. Limitation of Liability

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, FACTOR-BASED, ITS DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, AND AFFILIATES SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR EXEMPLARY DAMAGES, INCLUDING BUT NOT LIMITED TO:

• Investment losses or diminution in value of any security or portfolio
• Lost profits, revenue, or anticipated savings
• Loss of data or business interruption
• Any damages arising from reliance on the Content provided through the Website or Services

This limitation applies regardless of the theory of liability (contract, tort, negligence, strict liability, or otherwise) and even if Factor-Based has been advised of the possibility of such damages. Your use of the Content and any investment decisions you make are entirely at your own risk.

12. No Warranty

THE WEBSITE, SERVICES, AND CONTENT ARE PROVIDED "AS IS" AND "AS AVAILABLE" WITHOUT WARRANTIES OF ANY KIND, WHETHER EXPRESS, IMPLIED, OR STATUTORY, INCLUDING BUT NOT LIMITED TO IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, ACCURACY, COMPLETENESS, AND NON-INFRINGEMENT.

13. Regulatory Compliance

Factor-Based is not subject to the oversight of any securities regulatory authority in its capacity as a research publisher. However, we are committed to operating transparently and in compliance with applicable Canadian laws. If you believe any of our content or practices raise regulatory concerns, please contact us at info@factorbased.com.

14. Acknowledgement

By using our Website and Services, you acknowledge and agree that:

• You have read and understood this Disclaimer in its entirety
• You understand that the Content is not investment advice and that you are solely responsible for your own investment decisions
• You will seek independent professional advice before making any investment decisions
• You accept the inherent risks associated with investing in securities
• You will not hold Factor-Based liable for any investment losses or damages arising from your use of the Content

15. Contact Information

If you have any questions about this Disclaimer, please contact us at: