TERMS OF USE

Your access to and use of the products and services of Visible Alpha, LLC (“Visible Alpha”)
available through Visible Alpha’s password protected website www.visiblealpha.com as well as
other internet-based services (the “Services”), shall be governed by the following terms and
conditions of use (“Terms of Use”). These Terms of Use apply to all versions of the Services,
including test, alpha, beta, trial or free versions.

Other terms and conditions may apply when you use or access or visit third party websites that
may be linked via the Services. You should read those other terms and conditions carefully. By
accessing such other websites, or by purchasing, subscribing or participating in, Visible Alpha’s
products or services, you agree to be bound by those terms and conditions of other third party
websites. In the event of any conflict or inconsistency, those other terms and conditions will
prevail to the extent of that conflict or inconsistency in relation to your use of or access to the
other websites or services, or your purchase, subscription or participation in the relevant products
or services, as applicable.

The Services, and the information contained on or through the Services, may be accessed only by
(i) persons who have been authorized by their employer to use the Services pursuant to these
Terms of Use, or (ii) persons who have the authority to bind their employer to the use of the
Services pursuant to these Terms of Use (in each case, an “Authorized User”). By clicking the
ACCEPT button at the end of these Terms of Use, you represent that you are an Authorized User
and that you accept these Terms of Use and agree to be bound by them.

If you, or your employer, do not wish to be bound by these Terms of Use, you must not use the
Services. PLEASE READ THESE TERMS OF USE CAREFULLY BEFORE USING THE
SERVICES.

Section 1 – SCOPE AND SERVICES STRUCTURE

1.1 Content Providers. As used herein, the term “Content Provider” refers to each third party provider of content
provided through the Services and their respective affiliates.

1.2 Structure & Links. The Services are a financial information portal provided by Visible Alpha. Through the Services,
you can access and view various categories of commingled financial information, in each case,
as provided by the Content Providers to the Services (each, “Provider Content”). The Services
also contain hyper-links, which allow authorized customers of a Content Provider to clickthrough to the applicable pages on such Content Provider’s websites on which additional content may be accessed and viewed. In addition, through the Services, you will have access to financial
information provided by Visible Alpha. Finally, your use of the Services may lead you, via a
hyper-link or otherwise, to use websites independently owned and operated by other third parties
(“Third-Party Sites”). If you click-through to any Content Provider’s website or any Third-Party
Sites, either directly or indirectly through the Services (collectively, the “Linked Sites”), you
acknowledge and agree that you shall be subject to the terms and conditions of usage applicable
to such Linked Sites.

If you use certain portions of the Services, you may be permitted to provide feedback on certain
events, phone calls, and other interactions with third parties (“Interactions Data”). If you choose
to provide Interactions Data in certain portions of the Services, Visible Alpha may collect the
Interactions Data and further publish and incorporate it into the Services. The Interactions Data
that you provide may be associated with other information provided to Visible Alpha in
connection with the Services.

By providing the Interactions Data, you hereby irrevocably assign to Visible Alpha, free and
clear of any restriction or encumbrances, all of your rights, title and interest in and to the
Interactions Data you provide in and to the Interactions Data. You agree that you will not
provide false, misleading, or inaccurate Interactions Data, or provide Interactions Data in a
manner not otherwise contemplated by the Services or permitted by your employer.

1.3 Disclaimer. Visible Alpha provides links to the Linked Sites and access to Provider Content only as a
convenience and without (i) any obligation on the part of Visible Alpha or the Content Providers
(which term for purposes of this Section 1.3 shall not include a particular Content Provider when
the Linked Sites is that Content Provider’s own website) to review such Linked Sites or Provider
Content or (ii) any liability or responsibility arising out of your use thereof. The fact that you
may click-through to Linked Sites or be provided with access to does not mean that Visible
Alpha endorses or guarantees such Linked Sites, the Linked Sites’ sponsors or the Linked Sites’
content. Linked Sites’ content to which you link or are provided access, either directly or
indirectly, from or on the Services will not have been developed, reviewed or monitored by
Visible Alpha or the other Content Providers, and Visible Alpha and the Content Providers
cannot and do not guarantee or make any representation or warranty, either express or implied,
as to the accuracy, validity, sequence, timeliness, completeness or continued availability of any
such content. In addition, the Provider Content provided on the Services speaks only as of the
date issued. You should not rely on the Provider Content as expressing a Content Provider’s
current opinion or as representing current information. Neither Visible Alpha nor the Content
Providers have undertaken, and do not undertake any duty to update the Provider Content on the
Services or otherwise advise you of changes in their opinion or in the information. The Provider
Content is provided for your convenience only, and is not a republication or reconfirmation of
the opinion or information contained therein.

None of the information contained in the Services constitutes a recommendation, solicitation or
offer by and person to buy or sell any securities, futures, options or other financial instruments or
provide any investment advice or service. The information contained in the Services have been
prepared without reference to any particular user’s investment requirements or financial
situation. Certain transactions give rise to substantial risk and are not suitable for all investors.
Prior to the execution of any transaction by you involving information you received from the
Services, you should consult your business advisor, attorney and tax and accounting advisors
with respect to the price, suitability, value, risk or other aspects of any stock, mutual fund,
security or other investment. Pricing and other information generated through the use of data or
services made available herein may not reflect actual prices or values that would be available in
the market at the time provided or at the time that the user may want to purchase or sell a
particular security or other instrument. The information and services provided on the Services are
not provided to and may not be used by any person or entity in any jurisdiction where the
provision or use thereof would be contrary to applicable laws, rules or regulations of any
governmental authority or regulatory or self-regulatory organization or clearing organization.
Visible Alpha or a Content Provider is not authorized to provide such information or services.
Some products and services described in this website may not be available in all jurisdictions or
to all users.

1.4 Posted Guidelines. In addition to these Terms of Use, when using the Services, you shall be subject to and agree to
follow any posted guidelines or rules, which may be posted from time to time. Nothing on the
Services shall be considered a solicitation to buy or an offer to sell a security to any person in
any jurisdiction.

1.5 Registration Data. In order to access the Services, during the registration process, either you or your employer will
be required to provide Visible Alpha with certain information; including your name, employer,
title, business address, business telephone number and business e-mail address (“Registration
Data”). In consideration of your use of the Services, you and/or your employer agree to: (a)
provide true, accurate, current and complete Registration Data to Visible Alpha and to the
Content Providers either as provided directly to Visible Alpha or the Content Providers by your
employer or as prompted by the Services’ registration form and (b) maintain and promptly
update the Registration Data, or similar information provided directly to the Content Providers,
and to keep the same true, accurate, current and complete.

1.6 Passwords. Provided that your Registration Data is approved and certified by Visible Alpha, a password will
be provided to you to permit you to use the Services and, where authorized, to provide
convenient and seamless access to certain Third-Party Sites and Linked Sites. The password
assigned to or by you is for your use only and you are solely responsible for the safekeeping of
your password. You are responsible if your password is lost, stolen or misused and you must
notify us immediately if any of these events happen. You will be responsible for all activity
attributable to your password.

1.7 Authorized Users Only. Only Authorized Users may use the Services. You shall notify Visible Alpha immediately if they
become aware of any unauthorized use of the Services. If a user is no longer an Authorized User,
such as if the user is no longer an employee of your company, you shall notify Visible Alpha
immediately and without delay.

1.8 Changes to Services. Visible Alpha reserves the right, in its sole discretion, without any obligation and without any
notice requirement, to change, improve or correct the information, materials and descriptions on
the Services and to suspend and/or deny access to the Services for scheduled or unscheduled
maintenance, upgrades, improvements or corrections. The information and materials on the
Services may contain typographical errors or inaccuracies. Any dated information is published as
of its date only, and Visible Alpha does not undertake any obligation or responsibility to update
or amend any such information. Visible Alpha may discontinue or change any product or service
described in or offered on the Services at any time.

1.9 Right to Terminate User Access. Visible Alpha reserves the right to limit, restrict and terminate your access to and use of the
Services at any time, in whole or in part, in its sole discretion and without notice.

Section 2 TRIAL SERVICES

2.1 License. If you are accessing and using the Services on a trial basis this Section 2 TRIAL
SERVICES shall govern your use of the services hereinafter the “Trial Services” in addition to
the Terms of Use. In the event of a conflict between this Section 2 TRIAL SERVICES and the
Terms of Use, this Section 2 TRIAL SERVICES shall control. Your use of the Trial Services is
intended for evaluation purposes of the Trial Services ONLY. Visible Alpha grants to you a
nonexclusive, nontransferable, with no right to sublicense license to access and use the
information and related services distributed by contributors to Visible Alpha which comprise the
Trial Services via the Visible Alpha’s web site, www.visiblealpha.com (the “Site”) solely for your
internal use.

2.2 Term and Termination. The term of trial shall be thirty (30) days from when Visible Alpha
first granted access to the Trial Services unless otherwise agreed to by Visible Alpha at its sole
discretion (“Trial Period”). At the end of the Trial Period, all rights to access or use the Trial
Services shall immediately terminate. You may discontinue your use of the Trial Services at any
time. Visible Alpha may terminate your password, account, and access to or use of the Trial
Services at any time for any reason. You acknowledge and agree that Visible Alpha has no
obligation to retain your content and that your content will be irretrievably deleted, following the
termination of the Trial Services. Provisions that survive termination or expiration of this
agreement are those which by their nature are intended to survive.

2.3 Restrictions. You shall not (a) directly or indirectly reverse engineer or reproduce all or any
portion of the Trial Services, whether electronically, mechanically or otherwise, in any form
including, but not limited to, the copying of presentation, style or organization (b) modify,
translate, scrape any data, transmit, display, perform, reproduce, publish, license or derivative
works based upon the Trial Services; (c) store any data made available by Visible Alpha in a way
which is capable of being scraped or otherwise use in any other way for commercial or public
purposes in whole or in part any information, software, products or services obtained from the
Site, except for the purposes expressly provided herein, (d) use the Trial Services in any manner
that could damage, disable, overburden, impair or otherwise interfere with Visible Alpha’s
provision of the Services; (e) permit anyone other than the authorized User to access and use the
Services, including but not limited to sharing of logon information of the User. You shall not
introduce into the Site any viruses, Trojan horses, worms, time bombs, cancel bots or other
computer programming routines that are intended to damage, detrimentally interfere with,
surreptitiously intercept or expropriate any system, data or personal information or use the Site in
violation of the Terms of Use and Privacy Policy You agree that the Trial Services are provided
as a convenience and you agree that Visible Alpha is not obligated to provide any technical
support, phone support, or updates for the Trial Services but may elect to provide such support at
its sole discretion.

2.4 Confidentiality. By virtue of this agreement, you may have access to information that is
confidential to Visible Alpha, including but not limited to the Services and content, and any
information related to the Services and content (“Visible Alpha Confidential Information”).
Visible Alpha Confidential Information shall not include information which: (a) is or becomes a
part of the public domain through no act or omission of the other party; or (b) was in the other
party’s lawful possession prior to the disclosure and had not been obtained by the other party
either directly or indirectly from the disclosing party; or (c) is lawfully disclosed to the other
party by a third party without restriction on disclosure; or (d) is independently developed by the
other party. You agree not to make Visible Alpha’s Confidential Information available in any
form to any unauthorized third parties. You agree to take all reasonable steps to ensure that
Visible Alpha’s Confidential Information is not disclosed or distributed by its employees or
agents in violation of the provisions of this agreement.

2.5 Disclaimer. THE SERVICES ARE PROVIDED TO YOU ON AN “AS IS” AND “AS
AVAILABLE” BASIS, AND VISIBLE ALPHA HEREBY DISCLAIMS ALL EXPRESS OR
IMPLIED REPRESENTATIONS, WARRANTIES, GUARANTEES, AND CONDITIONS
WITH REGARD TO (A) THE SERVICES, INCLUDING BUT NOT LIMITED TO
SOFTWARE, HARDWARE, SYSTEMS, NETWORKS OR ENVIRONMENTS AND (B)
MERCHANTABILITY, SATISFACTORY QUALITY, NONINFRINGEMENT, AND
FITNESS FOR A PARTICULAR PURPOSE. VISIBLE ALPHA DOES NOT GUARANTEE
THAT (A) THE TRIAL SERVICES WILL BE PERFORMED ERROR-FREE OR
UNINTERRUPTED, OR THAT VISIBLE WILL CORRECT ANY ERRORS IN THE
SERVICES; (B) OR YOUR CONTENT AND YOUR APPLICATIONS WILL BE SECURE
OR NOT OTHERWISE LOST OR DAMAGED. YOU ARE SOLELY RESPONSIBLE FOR
ANY CONTENT, THAT YOU LOAD INTO OR CREATE WITHIN THE TRIAL
ENVIRONMENT, AND AGREE, AT YOUR SOLE COST AND EXPENSE, TO DEFEND
VISIBLE ALPHA AGAINST ANY CLAIM AND INDEMNIFY VISIBLE ALPHA FROM
ANY DAMAGES, LIABILITIES, COSTS AND EXPENSES OR THE SETTLEMENT
AGREED TO BY YOU, ARISING OUT OF OR IN ANY WAY CONNECTED WITH ANY
SUCH CONTENT. YOU AGREE THAT VISIBLE ALPHA IS NOT RESPONSIBLE FOR
THE SECURITY OF ANY CONTENT THAT YOU LOAD INTO OR CREATE WITHIN THE
TRIAL ENVIRONMENT. VISIBLE ALPHA RESERVES THE RIGHT TO MAKE CHANGES
OR UPDATES TO THE TRIAL SERVICES AND TRIAL AT ANY TIME WITHOUT
NOTICE.

2.6 Limitation of Liability. VISIBLE ALPHA SHALL NOT BE RESPONSIBLE OR LIABLE,
DIRECTLY OR INDIRECTLY, FOR ANY DAMAGES OR LOSS (INCLUDING DIRECT,
INDIRECT, INCIDENTAL, CONSEQUENTIAL AND ANY AND ALL OTHER FORMS OF
DAMAGES OR LOSSES REGARDLESS OF THE FORM OF THE ACTION OR THE BASIS
OF THE CLAIM) CAUSED OR ALLEGED TO BE CAUSED IN CONNECTION WITH
YOUR USE OF THE TRIAL SERVICES WHETHER OR NOT FORESEEABLE, EVEN IF
VISIBLE ALPHA OR ANY CONTENT PROVIDER, SUPPLIERS OF THIRD-PARTY
CONTENT OR OTHER THIRD PARTIES WORKING WITH VISIBLE ALPHA IN
CONNECTION WITH THE TRIAL SERVICES HAVE BEEN ADVISED OF THE
POSSIBILITY OR LIKELIHOOD OF SUCH DAMAGES. IN NO EVENT SHALL VISIBLE
ALPHA’S TOTAL LIABILITY TO YOU FOR THE FREE SERVICES FOR ANY AND ALL
DAMAGES EXCEED THE AMOUNT OF ONE THOUSAND UNITED STATES DOLLARS
($1,000.00).

Section 3 FREE SERVICES

3.1 License. If you are accessing and using the Services on a trial basis this Section 3 FREE
SERVICES shall govern your use of the Services hereinafter the “Free Services” in addition to
the Terms of Use. In the event of a conflict between this Section 3 FREE SERVICES and the
Terms of Use, this Section 3 FREE SERVICES shall control. Visible Alpha grants to you a
nonexclusive, nontransferable, with no right to sublicense license to access and use the
information and related services distributed by contributors to Visible Alpha which comprise the
Free Services via the Visible Alpha’s web site, www.visiblealpha.com (the “Site”) solely for your
internal use.

3.2 Term and Termination. The term of trial shall be one year days from when Visible Alpha
first granted access to the Free Services unless otherwise agreed to by Visible Alpha at its sole
discretion (“Free Period”). Visible Alpha reserves the right to discontinue the Free Services at
any time make and/or such services available only of a fee basis at its sole and exclusive
discretion. At the end of the Free Period, all rights to access or use the Free Services shall
immediately terminate. You may discontinue your use of the Free Services at any time. Visible
Alpha may terminate your password, account, and access to or use of the Free Services at any
time for any reason. You acknowledge and agree that Visible Alpha has no obligation to retain
your content and that your content will be irretrievably deleted, following the termination of the
Free Services. Provisions that survive termination or expiration of this agreement are those
which by their nature are intended to survive.

3.3 Restrictions. You shall not (a) directly or indirectly reverse engineer or reproduce all or any
portion of the Free Services, whether electronically, mechanically or otherwise, in any form
including, but not limited to, the copying of presentation, style or organization (b) modify,
translate, scrape any data, transmit, display, perform, reproduce, publish, license or derivative
works based upon the Free Services; (c) store any data made available by Visible Alpha in a way
which is capable of being scraped or otherwise use in any other way for commercial or public
purposes in whole or in part any information, software, products or services obtained from the
Site, except for the purposes expressly provided herein, (d) use the Free Services in any manner
that could damage, disable, overburden, impair or otherwise interfere with Visible Alpha’s
provision of the Services; (e) permit anyone other than the authorized User to access and use the
Services, including but not limited to sharing of logon information of the User. You shall not
introduce into the Site any viruses, Trojan horses, worms, time bombs, cancel bots or other
computer programming routines that are intended to damage, detrimentally interfere with,
surreptitiously intercept or expropriate any system, data or personal information or use the Site in
violation of the Terms of Use and Privacy Policy You agree that the Free Services are provided
as a convenience and you agree that Visible Alpha is not obligated to provide any technical
support, phone support, or updates for the Free Services but may elect to provide such support at
its sole discretion.

3.4 Confidentiality. By virtue of this agreement, you may have access to information that is
confidential to Visible Alpha, including but not limited to the Services and content, and any
information related to the Services and content (“Visible Alpha Confidential Information”).
Visible Alpha Confidential Information shall not include information which: (a) is or becomes a
part of the public domain through no act or omission of the other party; or (b) was in the other
party’s lawful possession prior to the disclosure and had not been obtained by the other party
either directly or indirectly from the disclosing party; or (c) is lawfully disclosed to the other
party by a third party without restriction on disclosure; or (d) is independently developed by the
other party. You agree not to make Visible Alpha’s Confidential Information available in any
form to any unauthorized third parties. You agree to take all reasonable steps to ensure that
Visible Alpha’s Confidential Information is not disclosed or distributed by its employees or
agents in violation of the provisions of this agreement.

3.5 Disclaimer. THE SERVICES ARE PROVIDED TO YOU ON AN “AS IS” AND “AS
AVAILABLE” BASIS, AND VISBLE HEREBY DISCLAIMS ALL EXPRESS OR IMPLIED
REPRESENTATIONS, WARRANTIES, GUARANTEES, AND CONDITIONS WITH
REGARD TO (A) THE SERVICES, INCLUDING BUT NOT LIMITED TO SOFTWARE,
HARDWARE, SYSTEMS, NETWORKS OR ENVIRONMENTS AND (B)
MERCHANTABILITY, SATISFACTORY QUALITY, NONINFRINGEMENT, AND
FITNESS FOR A PARTICULAR PURPOSE. VISIBLE ALPHA DOES NOT GUARANTEE
THAT (A) THE TRIAL SERVICES WILL BE PERFORMED ERROR-FREE OR
UNINTERRUPTED, OR THAT VISIBLE WILL CORRECT ANY ERRORS IN THE
SERVICES; (B) OR YOUR CONTENT AND YOUR APPLICATIONS WILL BE SECURE
OR NOT OTHERWISE LOST OR DAMAGED. YOU ARE SOLELY RESPONSIBLE FOR
ANY CONTENT, THAT YOU LOAD INTO OR CREATE WITHIN THE ENVIRONMENT,
AND AGREE, AT YOUR SOLE COST AND EXPENSE, TO DEFEND VISIBLE ALPHA
AGAINST ANY CLAIM AND INDEMNIFY VISIBLE ALPHA FROM ANY DAMAGES,
LIABILITIES, COSTS AND EXPENSES OR THE SETTLEMENT AGREED TO BY YOU,
ARISING OUT OF OR IN ANY WAY CONNECTED WITH ANY SUCH CONTENT. YOU
AGREE THAT VISIBLE ALPHA IS NOT RESPONSIBLE FOR THE SECURITY OF ANY
CONTENT THAT YOU LOAD INTO OR CREATE WITHIN THE ENVIRONMENT.
VISIBLE ALPHA RESERVES THE RIGHT TO MAKE CHANGES OR UPDATES TO THE
FREE SERVICES AT ANY TIME WITHOUT NOTICE.
3.6 Limitation of Liability. VISIBLE ALPHA SHALL NOT BE RESPONSIBLE OR LIABLE,
DIRECTLY OR INDIRECTLY, FOR ANY DAMAGES OR LOSS (INCLUDING DIRECT,
INDIRECT, INCIDENTAL, CONSEQUENTIAL AND ANY AND ALL OTHER FORMS OF
DAMAGES OR LOSSES REGARDLESS OF THE FORM OF THE ACTION OR THE BASIS
OF THE CLAIM) CAUSED OR ALLEGED TO BE CAUSED IN CONNECTION WITH
YOUR USE OF THE FREE SERVICES WHETHER OR NOT FORESEEABLE, EVEN IF
VISIBLE ALPHA OR ANY CONTENT PROVIDER, SUPPLIERS OF THIRD-PARTY
CONTENT OR OTHER THIRD PARTIES WORKING WITH VISIBLE ALPHA IN
CONNECTION WITH THE FREE SERVICES HAVE BEEN ADVISED OF THE
POSSIBILITY OR LIKELIHOOD OF SUCH DAMAGES.. IN NO EVENT SHALL VISIBLE
ALPHA’S TOTAL LIABILITY TO YOU FOR THE FREE SERVICES FOR ANY AND ALL
DAMAGES EXCEED THE AMOUNT OF ONE THOUSAND UNITED STATES DOLLARS
($1,000.00).

Section 4 – DISCLAIMER OF WARRANTY AND LIMITATION OF LIABILITY

4.1 Information “As Is” and “As Available”. THE INFORMATION PROVIDED ON OR THROUGH THE SERVICES ARE PROVIDED
“AS IS” AND “AS AVAILABLE” WITHOUT WARRANTY OF ANY KIND. YOUR USE OF
THE SERVICES OR ANY LINKED SITES IS AT YOUR OWN RISK. ALTHOUGH THE
INFORMATION ON THE SERVICES ARE OBTAINED OR COMPILED FROM SOURCES
VISIBLE ALPHA AND CONTENT PROVIDERS BELIEVE TO BE RELIABLE, NEITHER
VISIBLE ALPHA NOR ANY CONTENT PROVIDER CAN NOR DOES GUARANTEE OR
MAKE ANY REPRESENTATION OR WARRANTY, EITHER EXPRESS OR IMPLIED, AS
TO THE ACCURACY, VALIDITY, SEQUENCE, TIMELINESS, COMPLETENESS OR
CONTINUED AVAILABILITY OF ANY INFORMATION OR DATA, INCLUDING THIRDPARTY CONTENT, MADE AVAILABLE ON THE SERVICES OR ON ANY LINKED
SITES. IN NO EVENT SHALL VISIBLE ALPHA OR ANY CONTENT PROVIDER BE
LIABLE FOR ANY DECISION MADE OR ACTION OR INACTION TAKEN BY YOU IN
RELIANCE ON ANY INFORMATION OR DATA, INCLUDING THIRD-PARTY
CONTENT, ON THE SERVICES OR ON ANY LINKED SITES. VISIBLE ALPHA AND
EACH CONTENT PROVIDER FURTHER EXPLICITLY DISCLAIMS, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY WARRANTY OF ANY KIND,
WHETHER EXPRESS OR IMPLIED, INCLUDING WARRANTIES OF
MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. VISIBLE ALPHA, CONTENT PROVIDERS, AND SUPPLIERS OF ALL
OTHER THIRD-PARTY CONTENT AND ANY OTHER THIRD PARTY WORKING WITH
VISIBLE ALPHA SHALL NOT BE RESPONSIBLE OR LIABLE, DIRECTLY OR
INDIRECTLY, FOR ANY DAMAGES OR LOSS (INCLUDING DIRECT, INDIRECT,
INCIDENTAL, CONSEQUENTIAL AND ANY AND ALL OTHER FORMS OF DAMAGES
OR LOSSES REGARDLESS OF THE FORM OF THE ACTION OR THE BASIS OF THE
CLAIM) CAUSED OR ALLEGED TO BE CAUSED IN CONNECTION WITH YOUR USE
OF THE SERVICES WHETHER OR NOT FORESEEABLE, EVEN IF VISIBLE ALPHA OR
ANY CONTENT PROVIDER, SUPPLIERS OF THIRD-PARTY CONTENT OR OTHER
THIRD PARTIES WORKING WITH VISIBLE ALPHA IN CONNECTION WITH THE
SERVICES HAVE BEEN ADVISED OF THE POSSIBILITY OR LIKELIHOOD OF SUCH
DAMAGES.

Section 4 – Proprietary rights

4.1 Proprietary Rights. All right, title and interest in the Services and any content contained herein is the exclusive
property of Visible Alpha or the applicable third party data or Content Provider, except as
otherwise stated. Unless otherwise specified, the Services are for your personal and internalbusiness use only and you may print, copy and download any information or portion of the
Services for your personal use only.

4.2 Restrictions. You may not modify, copy, reproduce, distribute, transmit, display, perform, reproduce, publish,
license, frame, create derivative works from, transfer, scrape any data from the Services, store
any data made available by Visible Alpha in a way which is capable of being scraped or
otherwise use in any other way for commercial or public purposes in whole or in part any
information, software, products or services obtained from the Services, except for the purposes
expressly provided herein, without Visible Alpha’s prior written approval. If you copy or
download any information or software from the Services, you agree that you will not remove or
obscure any copyright or other notices or legends contained in any such information.

4.3 Trademarks. Visible Alpha, the Visible Alpha logo and other Visible Alpha trademarks and service marks
referenced herein are trademarks and service marks of Visible Alpha. The names of other
companies and third-party products or services mentioned herein may be the trademarks or
service marks of their respective owners. You are prohibited from using any marks for any
purpose including, but not limited to use as metatags on other pages or sites on the World Wide
Web without the written permission of Visible Alpha or such third party, which may own the
marks.

4.4 Copyright Agent. Pursuant to Section 512(c)(2) of the Copyright Act, Visible Alpha designates the following agent
to receive notifications of claimed infringement: [copyrights@visiblealpha.com].

4.5 Feedback. You may from time-to-time submit feedback, comments, suggestions, questions, ideas, or other
information to Visible Alpha concerning the Services or Visible Alpha’s products, services,
technology, techniques, processes or materials (“Feedback”). Visible Alpha may in connection
with any of the Services and its products and services freely use, copy, disclose, license,
distribute and otherwise exploit such Feedback in any manner without any obligation, payment,
royalty or restriction whether based on intellectual property rights or otherwise.

Section 5 – MISCELLANEOUS

4.1 Entire Agreement. These Terms of Use constitute the entire agreement of the parties hereto with respect to the
subject matter hereof and supersede all prior agreements and undertakings, both written and oral,
between the parties with respect to the subject matter hereof.

5.2 Severability. If any term or other provision of these Terms of Use is invalid, illegal or incapable of being
enforced by any law or public policy, all other terms and provisions of these Terms of Use shall
nevertheless remain in full force and effect so long as the economic or legal substance of the
transactions contemplated hereby is not affected in any manner materially adverse to any party.

5.3 Governing Law; Forum. These Terms of Use shall be governed in all respects by the laws of the State of New York, and
any litigation arising out of or connected in any way with these Terms of Use shall take place in
a State or Federal court of competent jurisdiction in New York County, State of New York.
Visible Alpha and you acknowledge and agree that unless expressly included in any other
agreement between Visible Alpha and you the requirements of the E-Commerce Directive
(00/31/EC) as implemented are excluded to the fullest extent permissible by law. A printed
version of these Terms of Use shall be admissible in judicial or administrative proceedings.

5.4 Causes of Action. Any cause of action you may have with respect to your use of the Services must be commenced
within one (1) year after the claim or cause of action arises.

5.5 Waiver of Jury Trial. YOU WAIVE TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY
RIGHT YOU MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY ACTIONS OR
PROCEEDINGS DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN
CONNECTION WITH THESE TERMS OF USE.

5.6 Contact Information. In the event you have any questions regarding these Terms of Use or your information that is
held by us you may contact us via email at info@visiblealpha.com, or by mailing
correspondence to Visible Alpha, 8 East 40th Street, 6th Floor, New York, NY 10016.