Disclaimer about using our Discount Curves

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1. No Investment or Financial Advice

The Data provided on this website is for informational and reference purposes only. Nothing on this website constitutes, and should not be construed as:

• Investment advice or a recommendation to buy, sell, or hold any security
• Financial advice or financial planning guidance
• Trading advice or signals
• Tax, legal, or accounting advice
• An offer or solicitation to invest in any financial product

The Data should not be used as the sole basis for any investment decision. You should consult with qualified financial professionals, tax advisors, and legal experts before making any investment or financial decisions.

2. No Warranties or Representations

2.1 Data Accuracy

While Numerica Consulting (“we”, “us”, “our”) takes reasonable measures to ensure the accuracy of the Data, we make no representations, warranties, or guarantees (express or implied) regarding:

• The accuracy, completeness, or reliability of the Data
• The timeliness or currency of the Data
• The suitability of the Data for any particular purpose
• The absence of errors, omissions, or interruptions in the Data

2.2 AS-IS Provision

THE DATA IS PROVIDED “AS IS” AND “AS AVAILABLE” WITHOUT WARRANTY OF ANY KIND, INCLUDING BUT NOT LIMITED TO IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT.

2.3 Market Conditions

Yield curves are fitted models based on observed market data. In markets with thin trading volumes (such as Saudi Arabia), fitted curves may not perfectly reflect current market conditions. The Data may be delayed, subject to revision, or contain errors.

3. Professional Judgment Required

Users of this Data must exercise their own independent professional judgment when applying this Data for any purpose, including but not limited to:

• Actuarial Valuations: Actuaries must determine whether these discount rates are appropriate for their specific valuation, consider alternative sources, and document their rationale
• Financial Reporting: Entities must consult with their auditors before using this Data in financial statements
• Regulatory Compliance: Users must verify that this Data source meets their regulatory requirements

We strongly recommend independent verification of all Data before use.

4. IAS 19 and Accounting Standards

4.1 Not Audit Approval

While the Data is designed to support IAS 19 discount rate determination for employee benefit obligations, provision of this Data does not constitute:

• A representation that auditors will accept these rates
• An endorsement by any regulatory authority
• Compliance with specific accounting standards without further analysis

4.2 Reporting Entity Responsibility

Ultimate responsibility for selecting appropriate discount rates and ensuring compliance with IAS 19 (or other applicable accounting standards) rests with the reporting entity and their auditors. This Data should be used as one input among several in the discount rate determination process.

5. Intended Users and Limited Purpose

5.1 Intended Users

This Data is provided exclusively for:

• Numerica Consulting clients
• Professional advisors (actuaries, auditors, finance professionals)
• Entities working on IFRS/IAS 19 compliance matters

It is not intended for public distribution or general investment purposes.

5.2 Limited Purpose

This information is provided solely for IFRS and IAS 19 employee benefit valuation compliance purposes. It is NOT intended for:

• Trading or investment decisions
• Creating derivative financial products
• Redistribution to third parties
• Any other commercial purpose beyond regulatory compliance

6. Limitation of Liability

6.1 No Liability for Losses

TO THE MAXIMUM EXTENT PERMITTED BY LAW, NUMERICA CONSULTING AND ITS DIRECTORS, OFFICERS, EMPLOYEES, AFFILIATES, AND AGENTS SHALL NOT BE LIABLE FOR ANY:

• Direct, indirect, incidental, consequential, or punitive damages
• Loss of profits, revenue, data, or business opportunities
• Investment losses or financial damages
• Errors in financial reporting or audit adjustments
• Costs of procurement of substitute services or data

ARISING FROM OR RELATED TO:

• Your use of or reliance on the Data
• Any errors, omissions, or inaccuracies in the Data
• Any interruption, delay, or unavailability of the Data
• Any decisions made based on the Data

6.2 Cap on Liability

In jurisdictions where limitation of liability is not permitted, our liability shall be limited to the maximum extent permitted by law. In no event shall our total aggregate liability exceed the amount you paid for access to the Data (which for free users is zero).

7. Data Sources and Third-Party Content

7.1 Saudi Exchange Data

Data is sourced from the Saudi Exchange (Tadawul) Sukuk Market Watch for the limited purpose of regulatory compliance support. The Saudi Exchange’s terms state that prices “shall not be distributed, transferred, sub-licensed, transmitted, sold, re-circulated, repackaged, assigned, or used to create and innovate any financial instruments or products.”

We use this data for the limited purpose of providing reference yield curves for actuarial and accounting compliance purposes. Users acknowledge these source restrictions.

7.2 No Responsibility for Third-Party Data

We are not responsible for the accuracy, completeness, or reliability of data provided by third parties, including the Saudi Exchange or SAMA (Saudi Central Bank).

8. Methodology Limitations

Users should understand the following limitations of our methodology:

8.1 Thin Trading

The Saudi government bond market experiences thin trading (many bonds do not trade daily). To construct curves, we aggregate historical trades from up to 7 days prior. This introduces staleness but improves curve stability.

8.2 Model Risk

The Nelson-Siegel parametric model makes simplifying assumptions and may not capture all market dynamics. Alternative models could produce different results.

8.3 Temporal Smoothing

We apply temporal smoothing (blending today’s curve with yesterday’s) to reduce volatility. This may lag sudden market movements.

For full methodology details, see our technical methodology page.

9. No Guarantee of Availability

We reserve the right to modify, suspend, or discontinue the Data or this website at any time, with or without notice, for any reason. We make no guarantee regarding:

• Ongoing availability of the Data
• Frequency or timing of updates
• Maintenance of historical data archives
• Compatibility with your systems or software

10. Intellectual Property

10.1 Our Rights

The methodology, software, website design, and presentation of the Data are proprietary to Numerica Consulting and protected by intellectual property laws.

10.2 Permitted Use

You may:

• View the Data for your internal use
• Use the Data as an input to your own analysis and calculations
• Reference the Data in reports or presentations with proper attribution

10.3 Prohibited Use

You may not:

• Redistribute, resell, or sublicense the Data
• Create derivative financial products or indices based on the Data
• Scrape, systematically download, or mirror the website
• Remove or obscure any copyright or attribution notices

11. Regional and Regulatory Restrictions

11.1 Intended Use

This Data is provided primarily for use in connection with Saudi Arabian accounting, actuarial, and regulatory compliance. Users outside Saudi Arabia should:

• Consult their own regulatory requirements
• Verify applicability to their jurisdiction
• Consider alternative data sources appropriate to their market

11.2 Regulatory Compliance

We are not registered as an investment advisor, broker-dealer, or financial institution in any jurisdiction. This Data does not constitute regulated financial services.

12. Indemnification

You agree to indemnify, defend, and hold harmless Numerica Consulting and its affiliates from any claims, damages, losses, liabilities, and expenses (including legal fees) arising from:

• Your use or misuse of the Data
• Your violation of these disclaimers or terms
• Your violation of any third-party rights

13. Governing Law and Jurisdiction

These disclaimers and terms shall be governed by and construed in accordance with the laws of England and Wales. Any disputes shall be subject to the exclusive jurisdiction of the courts of England and Wales.

14. Severability

If any provision of these disclaimers or terms is found to be invalid or unenforceable, the remaining provisions shall remain in full force and effect.

15. Changes to Disclaimers

We reserve the right to modify these disclaimers and terms at any time. Material changes will be noted with a new “Last Updated” date. Your continued use of the Data after changes constitutes acceptance of the modified terms.

16. Contact Information

If you have questions about these disclaimers or terms, please contact us at:

Numerica Group
Email: [email protected]
Website: www.numericaconsulting.com

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Acknowledgment

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