Disclosures

Last updated: May 10, 2026

Nature of Engagement

Stock & Milster is a strategic advisory and intelligence firm focused on energy infrastructure, power markets, incentive architecture, and capital deployment. The Firm provides analytical, diligence, and advisory services. The Firm is not a registered investment adviser, broker-dealer, placement agent, real estate broker, law firm, or accounting firm, and does not hold itself out as such.

No Investment Advice

Materials produced by the Firm — including dashboards, briefs, memoranda, and verbal counsel — are intended to inform institutional decision-making. They do not constitute personalized investment advice, recommendations to buy or sell securities, or fairness opinions. Clients are responsible for their own investment, legal, tax, and operational decisions and should consult licensed professionals as appropriate.

No Solicitation

Nothing on this Site or in Firm materials is an offer to sell, or a solicitation of an offer to buy, any security or interest in any fund or vehicle.

Forward-Looking Statements

Analyses involving incentives, power markets, infrastructure timelines, or capital flows are inherently forward-looking and depend on assumptions that may change. Actual outcomes may differ materially. Past performance of comparable projects is not indicative of future results.

Confidentiality

All client engagements are conducted under a duty of confidentiality. Sensitive transactions are handled under written non-disclosure agreement upon request. Information disclosed to the Firm during scoping is not used outside that purpose without written consent.

Conflicts of Interest

The Firm advises a limited roster of institutional clients across overlapping markets. Before accepting a new engagement, the Firm screens for potential conflicts and will decline, disclose, or implement an information barrier as appropriate. Clients are encouraged to flag perceived conflicts at any time.

Independence

The Firm’s analysis is independent. The Firm does not accept undisclosed compensation, referral fees, or commissions from third parties whose products or services are evaluated in client work. Any such arrangement, if entered into, will be disclosed in writing in advance.

Data & Sources

Materials may incorporate public filings, regulatory dockets, third-party datasets, and proprietary analysis. While the Firm uses reasonable care, it does not warrant the accuracy, completeness, or timeliness of third-party data and disclaims liability for errors arising from such sources.

Engagement Letter Controls

The scope, deliverables, fees, and limitations of any engagement are governed exclusively by a written engagement letter executed by Stock & Milster. In the event of inconsistency with statements on this Site, the engagement letter controls.

Contact

Questions about these Disclosures may be directed to info@stockmilster.com.