Terms of Use

1. Acceptance of Terms

By accessing or using the website located at bluefinresearch.com (the "Site"), you agree to be bound by these Terms of Use ("Terms"). If you do not agree to these Terms, please do not use the Site. BlueFin Research Partners, Inc. ("BlueFin," "we," or "us") reserves the right to modify these Terms at any time.

2. For Institutional Use Only

The research, analysis, commentary, and other materials on this Site (collectively, "Content") are intended solely for use by institutional investors as defined under applicable securities laws. The Content does not constitute investment advice and is not directed at retail or individual investors. Nothing herein should be construed as a solicitation, recommendation, or offer to buy or sell any security.

3. No Investment Advice

BlueFin Research Partners is a registered broker-dealer. All research published by BlueFin is subject to applicable FINRA rules and SEC regulations. Past performance referenced in any research is not indicative of future results. The Content reflects the opinions of BlueFin analysts as of the date of publication and is subject to change without notice.

4. Intellectual Property

All Content on this Site — including research reports, data, graphics, logos, and text — is the exclusive property of BlueFin Research Partners, Inc. and is protected by applicable copyright, trademark, and other intellectual property laws. You may not reproduce, distribute, transmit, modify, or create derivative works from any Content without the prior written consent of BlueFin.

5. Client Research Library

This website does not provide user accounts and does not store login credentials. Access to BlueFin’s published research for institutional clients is provided through a separate client research library operated for BlueFin by a third-party platform, which is governed by its own terms of use and is restricted to authorised clients. Requests for research made through this website are reviewed by BlueFin before any material is provided.

6. Prohibited Conduct

You agree not to:

• Redistribute, resell, or sublicense any BlueFin research without express written permission
• Use automated systems (bots, scrapers) to access or extract Content from the Site
• Attempt to gain unauthorised access to any part of the Site or its underlying infrastructure
• Use the Content in any manner that violates applicable securities laws or regulations
• Impersonate BlueFin or any BlueFin employee in any communications

7. Disclaimer of Warranties

THE SITE AND ALL CONTENT ARE PROVIDED "AS IS" AND "AS AVAILABLE" WITHOUT WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT. BLUEFIN DOES NOT WARRANT THAT THE SITE WILL BE UNINTERRUPTED, ERROR-FREE, OR FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS.

8. Limitation of Liability

TO THE FULLEST EXTENT PERMITTED BY LAW, BLUEFIN RESEARCH PARTNERS, INC. SHALL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES ARISING FROM YOUR USE OF OR INABILITY TO USE THE SITE OR ANY CONTENT, EVEN IF BLUEFIN HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

9. Indemnification

As a condition of your use of the Site, you agree to indemnify and hold BlueFin and its third-party providers harmless from and against any and all claims, losses, liability, costs and expenses (including, but not limited to, reasonable attorneys’ fees) arising from your use of the Site or from your violation of these Terms.

10. Potential Conflicts of Interest

Because BlueFin offers broker-dealer and related services to its clients, we may act as principal for our own account or as agent for our customers in connection with the purchase or sale of securities that are the subject of BlueFin’s research and analysis. Any profit or compensation to which BlueFin would be entitled in connection with such a transaction could create a conflict of interest. You acknowledge this potential conflict and understand that you may choose other broker-dealers for such securities transactions.

11. Order Routing and Execution Disclosure

BlueFin does not operate a trading desk, but if the firm does engage in this practice it will follow all rules and regulations as follows. In compliance with SEC Rules 11Ac1-3 (607) and 11Ac1-6 (606), we are required to disclose the following information regarding Payment for Order Flow, Order Routing Decisions, and Execution Practices.

BlueFin receives no remuneration for directing orders in Over-the-Counter (“OTC”) securities to particular OTC market makers for execution. All OTC orders taken by the Firm and executed through OTC market makers are held to “best price” practices and are exposed to price improvement opportunities.

BlueFin is required to make publicly available electronic reports that include uniform statistical measures of execution quality, payment for order flow data and the venues to which customer orders are routed to all Market Centers. “Market Centers” are defined as “any exchange market maker, alternative trading system, national securities exchange, or national securities association.” This information is available from our website, www.bluefinresearch.com, or in writing upon request. These execution reports will become available thirty (30) calendar days after the end of each fiscal quarter. Upon a customer request, we will also disclose where an individual order was routed.

12. Governing Law

These Terms shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts, without regard to its conflict of law provisions. Any dispute arising under these Terms shall be subject to the exclusive jurisdiction of the state and federal courts located in Suffolk County, Massachusetts.

13. Contact

Questions regarding these Terms should be addressed to: