Verra Research

Verra Research Investment Disclaimer

Version 1.0 Effective Date: June 30, 2026 Last Updated: June 30, 2026

This Investment Disclaimer ("Disclaimer") is incorporated by reference into the Verra Research Terms of Service. Capitalized terms not defined here have the meanings given in the Terms.

READ THIS DISCLAIMER CAREFULLY. IT DESCRIBES IMPORTANT LIMITATIONS ON THE USE OF THE SERVICE AND THE NATURE OF THE CONTENT IT PROVIDES.

1. Not Investment Advice

Verra Research is a software platform that aggregates publicly available data and produces general-purpose research notes, screeners, dashboards, and analytical outputs. Nothing in the Service constitutes, nor should be construed as:

Verra does not know your investment objectives, financial situation, tax position, risk tolerance, time horizon, liquidity needs, or other personal circumstances. No content on the Service is tailored to your individual situation.

All content on the Service is general in nature, impersonal, and produced without reference to any specific user's facts and circumstances. It is provided for general informational and educational purposes only.

2. Non-Personalized Research and the Investment Advisers Act of 1940

Verra Research is not registered as an investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act"), or under any state securities law. Verra relies on the publisher's exclusion under Section 202(a)(11)(D) of the Advisers Act and analogous state exemptions where applicable.

Consistent with that exclusion, all content produced by the Service is:

a. Of general and regular circulation — published broadly to all subscribers without customization for individuals.

b. Non-personalized — not tailored to any specific user's individual financial situation, objectives, or needs.

c. Bona fide publishing activity — produced as part of a software publishing business, not as advice incidental to a personal advisory relationship.

If you require personalized investment advice, you should consult a registered investment adviser, broker-dealer, or other licensed professional. No use of the Service creates an adviser-client, broker-customer, fiduciary, or other professional relationship between you and Verra.

3. No Adviser-Client or Fiduciary Relationship

By using the Service, you acknowledge and agree that:

a. No fiduciary, advisory, professional, or special relationship is created between you and Verra.

b. Verra does not owe you any duty of care, duty of loyalty, or duty to act in your best interest beyond those duties expressly stated in the Terms of Service.

c. Verra has no obligation to update content, correct errors, or notify you of changes in circumstances that may affect any prior content.

d. You are not entitled to rely on Verra for any decision with financial, legal, or material consequences without independent verification.

4. You Are Responsible for Your Own Decisions

You alone are responsible for evaluating any investment, trade, or other financial decision you make. Before acting on any content from the Service:

a. Consult a qualified, licensed financial professional appropriate to your jurisdiction and situation.

b. Conduct your own independent research, including review of primary source documents such as filings with the U.S. Securities and Exchange Commission ("SEC"), audited financial statements, and prospectuses.

c. Consider your personal financial situation, investment objectives, tax position, and risk tolerance.

d. Verify any factual claim independently. Verra cannot and does not guarantee the accuracy or timeliness of any data or analytical output.

By accepting this Disclaimer, you acknowledge that any decision you make in reliance on the Service is made solely by you, in your sole discretion, and at your sole risk.

5. Risk Disclosure

All investing involves risk, including the risk of total loss of principal. You should be aware of the following risks, which are not exhaustive:

Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed.

6. AI-Generated and Automated Content Disclosure

The Service relies extensively on large language models ("LLMs"), agentic AI systems, retrieval-augmented generation, and rule-based engines (collectively, "AI Outputs"). You acknowledge and agree:

a. AI Outputs are probabilistic. They are produced by statistical models trained on large corpora of public text and data. They are not deterministic and may produce different answers to the same prompt.

b. AI Outputs may be factually wrong. LLMs are known to fabricate information ("hallucinate"), misattribute sources, conflate companies or securities, and produce out-of-date information.

c. AI Outputs may be biased. Training data biases, retrieval biases, and prompt construction may produce systematically skewed analyses.

d. AI Outputs are not reviewed for accuracy on a per-item basis. Where Verra applies automated quality gates, scoring rubrics, retry logic, or human-in-the-loop review, those processes are best-effort and are not guaranteed to catch every error.

e. AI Outputs are not investment advice. They are produced by software, not by a licensed analyst, and they do not consider your individual circumstances. They are no more reliable than any other automated tool.

f. You must independently verify any factual claim in an AI Output before relying on it.

To the maximum extent permitted by law, Verra disclaims any liability arising from any reliance on AI Outputs. If you cannot accept the risks of AI-generated content, do not use the Service.

7. Conflicts of Interest

Verra and its principals, employees, and affiliates may, from time to time, hold long or short positions in securities discussed on the Service, including the securities of issuers covered in research notes, screeners, dashboards, or AI Outputs. Verra is not obligated to disclose specific positions and does not provide trade-by-trade disclosure.

Verra may also have commercial relationships with third-party data providers, infrastructure vendors, or others whose products or services are referenced in the content. Such relationships are disclosed where required by law but are not generally disclosed at the per-item level.

You should assume that any content on the Service may be affected by these or similar conflicts.

8. Third-Party Data and Sources

The Service incorporates data from third-party providers, including but not limited to:

Verra does not independently verify all third-party data and is not liable for any errors, omissions, delays, or inaccuracies in such data. Third-party data is subject to its own terms, redistribution restrictions, and quality limitations. Where data is delayed, end-of-day, or sourced from public filings, the time lag is material to its usefulness.

Citations and source links provided in the Service are intended to direct you to primary sources for independent verification. Inclusion of a source does not constitute endorsement.

9. No Guarantee of Performance or Accuracy

Verra makes no representation, warranty, or guarantee, express or implied, regarding:

a. The accuracy, completeness, currency, or reliability of any content on the Service.

b. The performance, profitability, or outcome of any investment, trade, or other financial decision.

c. The suitability of any content or output for any particular purpose or person.

d. The availability or uptime of the Service.

Past performance is not indicative of future results. Hypothetical or backtested results do not reflect actual trading and may not account for transaction costs, taxes, slippage, market impact, or other real-world frictions.

10. Regulatory Notice: U.S. Persons

The Service is operated from the United States and is intended primarily for use by U.S. persons. Securities, derivatives, and other financial instruments referenced on the Service may not be registered for offer or sale in your jurisdiction, and certain functionality may be restricted by your local law.

Users outside the United States are responsible for compliance with their local laws. Verra makes no representation that the Service is appropriate or available for use in any particular jurisdiction.

If you are subject to the rules of the Financial Industry Regulatory Authority ("FINRA"), your firm's compliance department, or any other regulator, you are responsible for ensuring your use of the Service complies with those rules, including FINRA Rule 2210 (Communications with the Public), Rule 3210 (Outside Accounts), and any pre-clearance, archiving, or supervision policy applicable to your firm.

Verra is not a member of FINRA, the Securities Investor Protection Corporation ("SIPC"), or any other self-regulatory organization. Use of the Service does not entitle you to SIPC protection.

11. Voluntary Adherence to Industry Standards

Although Verra is not a member of FINRA and is not subject to FINRA Rule 2210, Verra endeavors in good faith to make its public communications fair and balanced, to avoid promissory or exaggerated claims, and to clearly distinguish opinion from fact. Verra's voluntary adherence to these standards does not create any legal obligation enforceable by users, regulators, or third parties.

12. Forward-Looking Statements

The Service may contain forward-looking statements, projections, estimates, opinions, or scenarios. These are based on assumptions that may prove incorrect. Actual results may differ materially. Verra undertakes no obligation to update any forward-looking statement.

Words such as "may," "could," "should," "expects," "projects," "estimates," "intends," "plans," or similar expressions are intended to identify forward-looking statements but their absence does not mean a statement is not forward-looking.

13. Acceptance

By clicking "I agree," creating an account, or using the Service, you acknowledge that you have read, understood, and agreed to this Disclaimer.

If you do not agree, do not use the Service.

14. Contact

Verra Research Email: legal@verraresearch.com

This document was last updated on June 30, 2026. Prior versions are archived and available on request.