Disclaimer

1. What this is. The Stablecoin Risk Report (the "Report") is a bona fide financial publication of general and regular circulation, published by Par & Reserve LLC (in formation), a wholly owned subsidiary of Block Bridge, Inc. ("we") on a regular schedule. Every subscriber receives the same content. The Report contains general research, opinions, and educational materials about stablecoins, their issuers, related service providers, and regulatory developments.

2. Opinions, not facts or ratings. Risk Assessment Scores (0–100) and Assessment Grades (A–F; NR = Not Assessed) are our opinions about relative risk, formed by applying our published methodology to the information available to us on the stated "as of" date. They are not statements of fact, predictions, or guarantees. They are not credit ratings. We are not a nationally recognized statistical rating organization (NRSRO) or a registered credit rating agency. A high score or grade does not mean an asset is free of risk, and a low one does not mean an issuer has done anything unlawful or cannot meet its obligations. Grade definitions and methodology: [URL].

3. No advice; not tailored. We are not an investment adviser, commodity trading advisor, broker-dealer, municipal advisor, fiduciary, attorney, or accountant to any reader, and we don't provide investment, legal, tax, accounting or regulatory advice. Nothing in the Report is a recommendation or solicitation to buy, sell, hold, issue, custody, accept, integrate or transact in any stablecoin, security, commodity, derivative or other asset, or to engage or avoid any vendor. The Report does not consider any reader's financial situation, holdings, goals, risk tolerance or tax position, or any organization's balance sheet, members, customers, policies or objectives. We do not answer questions about what any reader should do with their own holdings. Checklists, templates and example policy limits are generic illustrations; organizations must adapt and approve them through their own governance.

4. Your own research. Readers are responsible for their own decisions and should do their own research and consult their own advisers before acting. The Report is designed to be one input into that work. Financial institutions and other organizations remain responsible for their own due diligence, risk assessment, third-party risk management and regulatory obligations. References to regulatory guidance (for example, NCUA Letters to Credit Unions or interagency guidance) are for organizational convenience. They don't mean that using the Report satisfies any regulatory requirement or examiner expectation, and no regulator has reviewed or endorsed the Report.

5. Insurance and government backing. Stablecoins are not deposits or shares. They are not insured by the FDIC or NCUA and are not backed by the full faith and credit of, or guaranteed by, the United States government. We use the term "payment stablecoin" only for stablecoins issued by a permitted payment stablecoin issuer under the GENIUS Act, and we state their licensing status.

6. Sources and accuracy. We cite our sources and believe them to be reliable, but we don't independently audit issuers, reserves, smart contracts or service providers. Issuer disclosures, attestations, market data and on-chain data can be inaccurate, incomplete, delayed or revised. Information can change rapidly, including between our "as of" date and when you read it. Past peg stability doesn't predict future stability. We correct material errors under our Corrections and Right-of-Reply Policy: [URL].

7. Conflicts and independence. We do not accept compensation from issuers for assessments, scores or grades. Par & Reserve's parent company, Block Bridge, Inc., is developing stablecoin settlement infrastructure (Trust Bridge Network), which may in the future involve commercial relationships with issuers, blockchains or service providers covered in the Report. Bradley W. Smith, [title], serves on the Supervisory Committee of Awakon Federal Credit Union, and recuses himself from any matter involving Awakon. Specific relationships are flagged next to the affected assessment and listed on the Disclosures page: [URL]. See our Independence and Conflicts Policy: [URL].

8. Forward-looking statements and scenarios. Scenarios, stress tests and examples (including any deposit-flight illustrations) are hypothetical. They rely on stated assumptions and are not forecasts for any institution.

9. Third-party data and trademarks. Some content is derived from third-party data used under license, and is subject to those providers' terms. Third-party names and trademarks are used only to identify the assets and companies discussed and don't imply endorsement, affiliation or sponsorship. References to third-party assessments (such as S&P Global's Stablecoin Stability Assessments or Bluechip grades) are factual citations to public statements; those parties have not reviewed or endorsed the Report.

10. Use restrictions. The Report is licensed to subscribers for their own use under our Subscription Terms (personal use for individuals; internal use for organizations). Redistribution, and use in any offering document, prospectus, registration statement, advertisement or marketing material, is prohibited without our prior written consent. We have not consented to be named as an expert in any offering document.

11. Limitation of liability. To the maximum extent permitted by law, we are not liable for any loss arising from use of or reliance on the Report, except as stated in the Subscription Terms.

Questions: [research@DOMAIN] · Corrections: [corrections@DOMAIN]