THIRD-PARTY DATA USAGE POLICY

ValueBee Technologies LLC

How You May Use FactSet Data Accessed Through the ValueBee Platform

The ValueBee platform incorporates financial market data licensed from FactSet Research Systems Inc. ("FactSet"). As a condition of your access to the platform, you agree to comply with the usage restrictions set out in this policy. These restrictions apply to all FactSet data you access through ValueBee, regardless of the format in which it appears.

1. What Data This Policy Covers

When you use the ValueBee platform, you may access financial market data sourced from FactSet, including:

  • Mergers & Acquisitions data
  • Company people and ownership data
  • Global prices and corporate actions
  • Company fundamentals and financial statements
  • Earnings estimates and analyst consensus
  • Events, transcripts, and calendar data
  • Entity reference data

This policy governs your use of all such data (referred to below as "FactSet Data"). Some FactSet Data originates from FactSet's own third-party suppliers. Additional terms may apply to such data — see Section 10.

2. Important Disclaimer: Not Investment Advice

FactSet Data is not investment advice. You may not rely on it as such.

FactSet Data is provided for informational purposes only. It does not constitute financial, investment, legal, tax, or accounting advice. Any opinions, estimates, or assertions contained in FactSet Data do not represent the views or beliefs of FactSet, its suppliers, ValueBee, or their respective affiliates or employees.

You are solely responsible for any decisions or actions you take based on FactSet Data. Neither FactSet nor ValueBee assumes any liability for consequences arising directly or indirectly from your reliance on the data.

3. What You May Do

  • View and use FactSet Data within the ValueBee platform for your own internal business purposes.
  • Use FactSet Data to support individual valuation workflows — for example, running comparable company analyses, reviewing historical financials, or analyzing trading multiples.
  • Export and download analytics outputs and valuation reports generated by the platform ("Derived Data") — these are transformed outputs produced by ValueBee, not raw FactSet data.
  • Reference small, insubstantial amounts of data in reports, charts, pitch books, and presentations to colleagues, clients, or consultants, provided FactSet is properly attributed (see Section 7).

The key distinction: you may use outputs the platform generates from FactSet Data. You may not extract, copy, or redistribute the raw FactSet Data itself.

4. What You May Not Do

Violations of these restrictions may result in suspension or termination of your access and may expose you to direct liability to FactSet.

4.1 No Redistribution or Bulk Extraction

  • Do not download, export, or extract raw FactSet Data in bulk or via any automated, recurring, or systematic process.
  • Do not distribute, share, or transmit raw FactSet Data to any third party — including clients, partners, or colleagues at other organizations.
  • Do not use the platform's data to create, enhance, or maintain your own internal database or data feed.
  • Do not set up automated scripts or processes to pull or validate data at scale.

4.2 No Data Validation of Third-Party Datasets

  • Do not use FactSet Data to validate the accuracy of any dataset you own or that belongs to a third party, except on a strictly ad hoc basis using only insubstantial amounts of data.

"Insubstantial amounts" means data that: (i) has no independent commercial value as a standalone dataset; (ii) could not serve as a substitute for the FactSet data service or any part of it; and (iii) is not separately marketed by you or any affiliate. Systematic or recurring validation workflows are not permitted.

4.3 No Commercial Exploitation

  • Do not use FactSet Data to compete with FactSet or assist any third party in doing so.
  • Do not resell, sublicense, or otherwise make FactSet Data available to others for a fee or as part of a commercial offering.

4.4 No Reverse Engineering or Modification

  • Do not reverse engineer, decompile, or attempt to reconstruct any source data or underlying data structures.
  • Do not modify, alter, or create derivative works from raw FactSet Data.
  • Do not remove, alter, or obscure any copyright notices, attributions, or proprietary markings associated with FactSet Data.

4.5 No Use on External Platforms

  • Do not transfer or upload FactSet Data to any website, application, or system outside of the ValueBee platform.
  • Do not frame or embed FactSet Data in any external web environment.

5. AI & Machine Learning Restrictions

The ValueBee platform uses AI to help generate valuation outputs. The following restrictions apply to how FactSet Data may interact with AI tools — including any AI tools you use outside the platform:

Using FactSet Data to train, fine-tune, or build AI models is strictly prohibited.

  • Do not use FactSet Data to train, fine-tune, or evaluate any AI or machine learning model.
  • Do not store FactSet Data as AI embeddings or in any persistent AI memory system.
  • Do not feed FactSet Data into any AI tool in a way that causes the data to be retained after the interaction ends.

Within the ValueBee platform, FactSet Data may be used as context within an AI interaction, but the platform is built to ensure no FactSet Data is retained by AI systems after each session.

6. Usage Limits

Your access to FactSet Data is subject to the following limits:

  • You may query up to 5,000 unique security identifiers per month.
  • If your usage consistently exceeds this limit by 5x or more, your access may be suspended to protect system integrity.

If you anticipate needing higher usage volumes, please contact ValueBee at support@valuebee.ai.

7. Attribution Requirements

When you use FactSet Data — or Derived Data outputs generated from it — in any report, presentation, pitch book, or client-facing material, you must attribute FactSet as the data source:

  • Follow FactSet's attribution guidelines at: factset.com/data-attribution
  • Do not use FactSet's name, logo, or trademarks in a way that implies FactSet endorses your work or is affiliated with your firm beyond standard attribution.
  • Do not modify or omit any copyright or proprietary notices that appear alongside FactSet Data in the platform.

8. Security & Account Obligations

You are responsible for the security of your ValueBee account credentials. Specifically:

  • Keep your login credentials confidential and do not share them with anyone else.
  • Notify ValueBee immediately at support@valuebee.ai if you know or suspect that your credentials have been compromised, that unauthorized access to your account has occurred, or that a security breach has taken place.
  • You remain responsible for any use of FactSet Data that occurs under your account, including unauthorized use resulting from your failure to maintain credential security.

FactSet Data is licensed to you individually through your account. Sharing your login to extend access to others is a violation of this policy and your account agreement with ValueBee.

9. Confidentiality of Agreement Terms

The specific terms, conditions, and restrictions governing FactSet's data licensing arrangement with ValueBee are confidential. By using the platform, you agree that:

  • You may not disclose the specific terms of any data licensing arrangement between ValueBee and FactSet to any third party.
  • You may acknowledge that ValueBee uses FactSet as a data provider, but you may not share details of pricing, contract terms, or usage restrictions beyond what is publicly disclosed in this policy.
  • Any FactSet Data or information about the data service that you access through ValueBee is confidential and may only be used in accordance with this policy.

10. Third-Party Supplier Data

Some of the data delivered through FactSet originates from FactSet's own third-party data suppliers. For such data:

  • You are subject to any additional terms and conditions imposed by those underlying suppliers, which are posted at: factset.com/about/resources/thirdpartyterms
  • You are responsible for reviewing and complying with those supplier-specific terms. ValueBee encourages you to review them before using the platform for workflows involving data from those suppliers.
  • Some supplier data may require you to obtain a direct authorization or license from the applicable supplier. If you become aware that you do not hold a required authorization, notify ValueBee immediately at support@valuebee.ai.

10.1 ICE Pricing Data

If FactSet Data accessed through the platform includes pricing data originating from Intercontinental Exchange ("ICE") or its affiliates, additional terms imposed by ICE apply to your use of that data. These terms are incorporated into the data licensing arrangement and you are bound by them as a condition of access.

If you are uncertain whether ICE pricing data applies to your use case, contact ValueBee at support@valuebee.ai before proceeding.

11. CUSIP Data

Some data accessible through the platform includes CUSIP identifiers, which are owned by CUSIP Global Services (CGS) and the American Bankers Association (ABA). The following restrictions apply:

  • Do not publish or distribute CUSIP identifiers or descriptions outside of normal securities clearing and settlement activities.
  • Do not use CUSIP data to create or maintain a master CUSIP database for yourself or any third party.
  • Do not use CUSIP data as a substitute for a licensed CUSIP data service.

Any use of CUSIP data outside of clearing and settlement requires a separate license directly from CGS. Misuse may give CGS and ABA the right to seek injunctive relief and financial damages directly against you.

12. When Your Access Ends

When your ValueBee account is terminated or expires for any reason:

  • You must immediately stop using any FactSet Data you accessed through the platform.
  • You must delete any raw FactSet Data you downloaded or stored outside of the platform, including copies in your own systems.
  • Derived Data outputs (reports and analytics you downloaded) may be retained for your internal records, subject to the other restrictions in this policy.
  • Your confidentiality obligations under Section 9 survive termination of your account.
  • Upon request by ValueBee, you must confirm in writing that all FactSet Data has been destroyed from your systems.

13. Questions & Compliance

If you have questions about whether a specific use of FactSet Data is permitted, contact ValueBee before proceeding:

ValueBee Technologies LLC
Email: legal@valuebee.ai
Support: support@valuebee.ai
Website: https://valuebee.ai

ValueBee reserves the right to update this policy at any time. Continued use of the platform after notice of an update constitutes acceptance of the revised policy.