These Terms of Use ("Terms") govern the use of the website sovereignpath.one (the "Website") operated by: ausblick capital GmbH Stralauer Allee 2a 10245 Berlin Germany (hereinafter referred to as "AC," "we," "us," or "our") The Website provides information about ausblick capital GmbH's SovereignPath Tool ("Tool"), a data and methodology product for institutional investors to align sovereign bond portfolios with net-zero investment frameworks.

By accessing or using this Website, you acknowledge that you have read, understood, and agree to be bound by these Terms and our Privacy Policy. If you do not agree to these Terms, you must immediately cease using the Website.

This Website and the Tool are intended exclusively for institutional investors, asset managers, banks, pension funds, and other professional users (collectively "Business Users") acting in a commercial or professional capacity. These Terms are designed for business-to-business (B2B) relationships and do not apply to consumers within the meaning of consumer protection laws.

These Terms govern only the use of the Website (information access, contact form). The commercial use of the Tool itself (data access, licensing, subscriptions) is subject to separate, individual license agreements to be concluded between ausblick capital GmbH and the respective Business User. Those license agreements will take precedence over these Terms with respect to tool usage.

The Website provides: - Information about the Tool, its methodology, data sources, and use cases - Access to a contact form for inquiries regarding the Tool - General information about ausblick capital GmbH's solutions and services - Links to relevant publications, partner organizations, and resources

Important notice: The content provided on this Website and through the Tool constitutes information only and does not constitute investment advice, financial analysis, or a recommendation to buy, sell, or hold any securities or financial instruments. The Tool is a data and methodology product that provides climate-related metrics and portfolio alignment analysis. It is not a regulated financial product and does not fall under financial services supervision. You are solely responsible for your investment decisions. All investment decisions should be made based on your own independent analysis and with the involvement of qualified professional advisors.

While we strive to provide accurate and up-to-date information, we make no representations or warranties regarding the accuracy, completeness, timeliness, or reliability of any information, data, or content on the Website. Information may change without notice.

You may use the Website solely for: - Obtaining information about the Tool - Submitting inquiries through the contact form - Evaluating potential business relationships with ausblick capital GmbH

You expressly agree not to: - Use the Website for any unlawful purpose or in violation of these Terms - Attempt to gain unauthorized access to any part of the Website, related systems, or networks - Interfere with or disrupt the integrity or performance of the Website - Use any automated systems (e.g. robots, scrapers) to access or extract content from the Website without our prior written consent - Reproduce, duplicate, copy, sell, resell, or exploit any portion of the Website for commercial purposes without our express written permission - Remove, alter, or obscure any copyright, trademark, or other proprietary rights notices on the Website - Transmit any viruses, malware, or other harmful code - Impersonate any person or entity or falsely state or misrepresent your affiliation with any person or entity - Collect or harvest any personally identifiable information from the Website without consent

When using the contact form, you agree to: - Provide accurate and complete information - Use a valid business email address - Submit inquiries only for legitimate business purposes - Not submit spam, marketing materials, or unsolicited commercial communications

All content on this Website, including but not limited to text, graphics, logos, images, software, data compilations, and the overall design and structure (collectively, "Content"), is owned by ausblick capital GmbH or its licensors and is protected by German and international copyright, trademark, and other intellectual property laws.

The Tool (including its database, algorithms, methodologies, and software) is the exclusive intellectual property of ausblick capital GmbH.

The Tool incorporates data and methodologies from third-party sources that may be subject to separate intellectual property rights and terms of use. These include, but are not limited to: - Climate data indices (e.g. Climate Change Performance Index, CCPI) - Scientific research and datasets from recognized institutions - Publicly available government and regulatory data ausblick capital GmbH has obtained appropriate licenses or permissions for the use of such third-party data within the Tool. However, you acknowledge that certain data sources may be subject to additional restrictions on use, reproduction, or distribution as specified by the respective data providers.

We grant you a limited, non-exclusive, non-transferable, revocable license to access and use the Website strictly in accordance with these Terms. This license does not include any right to: - Download, copy, or reproduce substantial portions of the Website content (except as necessary for normal browser caching) - Modify, adapt, translate, or create derivative works based on the Website - Reverse engineer, decompile, or disassemble any software or technology underlying the Website

Any license to use the Tool for commercial purposes will be granted solely through separate, written license agreements. Such agreements will specify: - Scope of permitted use - Data access rights - Permitted outputs and their use - Restrictions on redistribution or sublicensing - Pricing and payment terms - Term and termination conditions

All trademarks, service marks, logos, and trade names displayed on the Website are the property of ausblick capital GmbH or their respective owners. Nothing in these Terms grants you any right to use any trademark, service mark, logo, or trade name without our prior written permission.

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE WEBSITE AND ALL CONTENT, INFORMATION, AND MATERIALS PROVIDED THEREIN ARE PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED. AC DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO: - Implied warranties of merchantability, fitness for a particular purpose, and non-infringement - Warranties regarding accuracy, reliability, completeness, or timeliness of content - Warranties that the Website will be uninterrupted, secure, or error-free - Warranties that defects will be corrected

AUSBLICK CAPITAL GMBH MAKES NO REPRESENTATIONS OR WARRANTIES REGARDING: - The accuracy, completeness, or reliability of any data, metrics, or analyses provided through the Website or the Tool - The suitability of the Tool or its outputs for any particular investment strategy or portfolio management purpose - The performance, results, or outcomes that may be achieved through the use of the Tool You acknowledge that climate data, sovereign risk assessments, and portfolio alignment metrics are inherently subject to uncertainty, changes in methodology, data availability, and interpretation.

TO THE MAXIMUM EXTENT PERMITTED BY GERMAN LAW IN B2B RELATIONSHIPS, AUSBLICK CAPITAL GMBH, ITS AFFILIATES, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, AND LICENSORS SHALL NOT BE LIABLE FOR: a) Indirect, incidental, consequential, or special damages Including but not limited to loss of profits, revenue, data, business opportunities, reputation, or any other indirect or consequential losses, regardless of the cause of action (contract, tort, negligence, strict liability, or otherwise), even if advised of the possibility of such damages. b) Investment losses Any financial losses, investment losses, or damages arising from investment decisions made based on information, data, or analyses obtained through the Website or the Tool. c) Third-party content and data Any losses or damages arising from inaccuracies, errors, or omissions in third-party data sources integrated into the Tool. d) Force majeure Any losses or damages arising from circumstances beyond our reasonable control, including but not limited to natural disasters, wars, pandemics, government actions, telecommunications failures, cyber-attacks, or disruptions to third-party data providers.

a) Mandatory liability Nothing in these Terms excludes or limits our liability for: - Death or personal injury caused by our negligence - Fraud or fraudulent misrepresentation - Any other liability that cannot be excluded or limited under applicable German law b) Liability for negligence Our liability for simple negligence (einfache Fahrlässigkeit) is excluded except where the breach concerns a fundamental contractual obligation (cardinal duty / Kardinalpflicht) essential to the proper performance of the contract. Where liability for simple negligence cannot be excluded, our total aggregate liability for all claims arising out of or related to your use of the Website shall be limited to €1,000 (one thousand euros) or the amount of fees actually paid by you to ausblick capital GmbH in the twelve (12) months preceding the claim, whichever is higher. c) Liability for gross negligence and intent Our liability for gross negligence (grobe Fahrlässigkeit) and intentional misconduct (Vorsatz) remains unaffected by the above limitations.

You acknowledge and agree that: - You use the Website and any information obtained therefrom at your own risk - You are solely responsible for evaluating the accuracy, completeness, and usefulness of any information, data, or content - You will not rely solely on the Tool or its outputs for making investment or business decisions without independent verification and professional advice - You will implement appropriate due diligence, risk management, and compliance procedures in connection with your use of any information obtained through the Website

To improve the quality, performance, and functionality of the Tool and our services, we may collect, analyze, and use anonymized and aggregated usage data derived from your interactions with the Website and (where applicable) the Tool. Such data may include, but is not limited to: - Technical information (browser type, device type, operating system) - Usage patterns (pages visited, time spent, navigation paths) - Aggregated statistical information about tool usage and feature adoption Important: We will not use any data in a manner that personally identifies you or your organization without your separate consent. All usage data will be anonymized and aggregated in accordance with our Privacy Policy.

You acknowledge and agree that ausblick capital GmbH may use anonymized usage data to: - Enhance the accuracy and functionality of the Tool - Develop new features, methodologies, or data products - Conduct research and publish aggregated, non-identifiable insights or statistics

The Website may contain links to third-party websites, resources, or services that are not owned or controlled by ausblick capital GmbH (including websites of our methodological partners such as RCLM GmbH and Climate Change Performance Index, CCPI, operated by Germanwatch e.V.). We have no control over and assume no responsibility for the content, privacy policies, terms of use, or practices of any third-party websites or services. You acknowledge and agree that: - We do not endorse or make any representations about third-party websites - We shall not be liable, directly or indirectly, for any damage or loss caused by or in connection with your use of any third-party websites - You access third-party websites at your own risk - You should review the terms and privacy policies of any third-party websites you visit

ausblick capital GmbH reserves the right to modify, amend, or update these Terms at any time at its sole discretion. Changes may be made to: - Reflect changes in our services or business practices - Comply with legal or regulatory requirements - Improve clarity or address user feedback

We will indicate the date of the most recent update at the top of these Terms. Material changes will be clearly marked or highlighted on the Website. We may (but are not obligated to) notify you of significant changes via: - A notice on the Website - Email notification (if you have provided contact information)

Your continued use of the Website after changes have been posted constitutes your acceptance of the revised Terms. If you do not agree to the modified Terms, you must immediately cease using the Website. We recommend that you review these Terms periodically to stay informed of any updates.

You may cease using the Website at any time without notice.

We reserve the right, at our sole discretion, to: - Suspend or terminate your access to the Website immediately and without prior notice - Remove or disable any content or materials you have submitted - Take any other action we deem necessary to protect the integrity of the Website or our business Grounds for termination or suspension include, but are not limited to: - Violation of these Terms - Suspected fraudulent, abusive, or illegal activity - Requests by law enforcement or government authorities - Technical or security issues - Discontinuation or material modification of the Website or our services

Upon termination: - Your right to access and use the Website immediately ceases - All provisions of these Terms that by their nature should survive termination shall remain in effect, including but not limited to: intellectual property rights, disclaimers, limitations of liability, indemnification, and governing law provisions

You agree to indemnify, defend, and hold harmless ausblick capital GmbH, its affiliates, subsidiaries, officers, directors, employees, agents, partners, and licensors from and against any and all claims, liabilities, damages, losses, costs, expenses, or fees (including reasonable attorneys' fees) arising out of or related to: - Your use or misuse of the Website - Your violation of these Terms - Your violation of any applicable laws, regulations, or third-party rights - Any content, information, or materials you submit through the Website - Your investment or business decisions based on information obtained from the Website This indemnification obligation shall survive the termination of these Terms and your use of the Website.

These Terms and any dispute or claim arising out of or in connection with them or their subject matter shall be governed by and construed in accordance with the laws of the Federal Republic of Germany, excluding its conflict of law principles. The United Nations Convention on Contracts for the International Sale of Goods (CISG) is expressly excluded and shall not apply to these Terms or any agreements between you and ausblick capital GmbH.

For Business Users located within Germany, the exclusive place of jurisdiction for all disputes arising out of or in connection with these Terms shall be Berlin, Germany.

For Business Users located outside Germany, any dispute, controversy, or claim arising out of or relating to these Terms, or the breach, termination, or invalidity thereof, shall be finally resolved by arbitration in accordance with the Arbitration Rules of the German Institution of Arbitration (DIS) then in force. Arbitration terms: - Number of arbitrators: One (1) or three (3), as determined by the DIS rules based on the amount in dispute - Seat of arbitration: Berlin, Germany - Language of arbitration: English - Governing law: German law (as specified in Section 11.1) The arbitral award shall be final and binding on the parties and may be enforced in any court of competent jurisdiction.

Notwithstanding the above arbitration provisions, ausblick capital GmbH may seek injunctive or other equitable relief in any court of competent jurisdiction to protect its intellectual property rights or confidential information.

These Terms, together with our Privacy Policy and any separate license agreements for the Tool, constitute the entire agreement between you and ausblick capital GmbH regarding your use of the Website and supersede all prior or contemporaneous understandings, agreements, representations, or warranties.

If any provision of these Terms is held to be invalid, illegal, or unenforceable by a court of competent jurisdiction, such provision shall be modified to the minimum extent necessary to make it valid and enforceable, or if such modification is not possible, the provision shall be severed from these Terms. The invalidity or unenforceability of any provision shall not affect the validity or enforceability of the remaining provisions, which shall remain in full force and effect.

Our failure to enforce any right or provision of these Terms shall not constitute a waiver of such right or provision unless acknowledged and agreed to by us in writing. No waiver of any term shall be deemed a further or continuing waiver of such term or any other term.

You may not assign, transfer, or delegate your rights or obligations under these Terms without our prior written consent. ausblick capital GmbH may freely assign or transfer these Terms and any rights hereunder without restriction. Any attempted assignment in violation of this provision shall be null and void.

Nothing in these Terms shall be construed to create a partnership, joint venture, agency, employment, or fiduciary relationship between you and ausblick capital GmbH. You have no authority to bind ausblick capital GmbH or to make any representations or commitments on our behalf.

ausblick capital GmbH shall not be liable for any failure or delay in performance of its obligations under these Terms due to causes beyond its reasonable control, including but not limited to acts of war, terrorism, pandemic, government restrictions, labor disputes, power failures, telecommunications failures, or disruptions to third-party services.

These Terms are drafted in English. In the event of any conflict between the English version and any translation, the English version shall prevail.

The headings and section titles in these Terms are for convenience only and have no legal or contractual effect.

If you have any questions, concerns, or requests regarding these Terms, please contact us at hello [at] ausblick.capital

ausblick capital GmbH

Stand / Last updated: 25.11.2025