The Platform is a proprietary quantitative research and analytics tool. It is, in all respects, a research instrument — it is not a brokerage, an exchange, an investment adviser, a financial planner, a trading system, an execution venue, or a regulated financial service of any kind. The Platform ingests and processes financial market data and generates probabilistic analytical outputs intended to assist sophisticated Users in conducting their own independent market research.

The Platform operates through proprietary statistical and machine learning methodologies developed by Narion to analyze market microstructure data, order book dynamics, trade flow information, and related quantitative signals. The outputs produced by these methodologies are analytical estimates grounded in statistical inference, not declarations of fact, investment recommendations, or guarantees of any financial outcome.

The Platform is designed to be one input among many in a sophisticated User's independent research process. It is emphatically not designed to be, and must not be used as, the sole or primary basis for any financial decision. The Platform does not know the User's financial circumstances, investment objectives, risk tolerance, liquidity requirements, tax position, regulatory status, or any other personal or institutional factor that would be essential to sound financial decision-making. Narion has no knowledge of and assumes no responsibility for the consequences of any financial decision made by any User in reliance on Platform outputs, in whole or in part.

Every output produced by the Platform — including but not limited to market state classifications, propagation metrics, liquidity indicators, probability estimates, distributional forecasts, and scenario analyses — is probabilistic and statistical in nature and does not represent certainties, guarantees, or commitments regarding future market conditions or outcomes.

The Platform's analytical capabilities are derived from and constrained by: (a) the historical market data on which Narion's models have been trained and calibrated; (b) the statistical assumptions and distributional hypotheses embedded in those models; (c) the computational and methodological limitations inherent in any finite analytical system; and (d) the inherent inability of any model to fully account for structural breaks, regime changes, black swan events, or other discontinuous market phenomena that deviate materially from historical patterns. Users should not assume that past analytical accuracy is predictive of future performance.

Narion Research Technologies is not registered, licensed, authorized, or regulated as an investment adviser, investment manager, portfolio manager, financial planner, financial consultant, stockbroker, commodity broker, or any other species of financial services professional under the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013, the SEBI (Portfolio Managers) Regulations, 2020, or any analogous legislation in any jurisdiction globally. Narion does not and is not permitted to provide investment advice.

Nothing contained in, generated by, or accessible through the Platform constitutes, or should under any circumstances be construed as constituting, investment advice within the meaning of any applicable law or regulation. The outputs of the Platform are analytical data products, not personalized investment guidance. They are not tailored to any User's specific financial circumstances and cannot be treated as such.

No output of the Platform — regardless of its format, label, magnitude, directionality, or apparent precision — constitutes a recommendation, suggestion, signal, instruction, or solicitation to buy, sell, hold, short, hedge, or otherwise transact in any financial instrument, digital asset, commodity, foreign exchange position, derivative, or any other investment product. Any interpretation of Platform outputs as trading recommendations is entirely the User's own construction and is expressly disclaimed by Narion.

No fiduciary relationship, advisory relationship, agency relationship, or any other relationship giving rise to duties of care, loyalty, or professional obligation is created by the User's access to or use of the Platform. Narion is a data and analytics provider, not a financial adviser, and the provision of analytical data does not transform that relationship into an advisory one, regardless of the degree to which the User relies on Platform outputs.

Nothing accessible through the Platform constitutes legal advice, tax advice, regulatory compliance advice, or advice of any other professional character. The User must obtain independent advice from qualified legal counsel, tax advisers, compliance professionals, and other relevant experts before making any decision that involves legal, tax, or regulatory considerations. Narion's publications, documentation, and communications do not constitute legal or professional opinions on any matter.

The User is strongly and expressly advised to seek independent, qualified professional financial advice appropriate to their specific circumstances, financial objectives, regulatory obligations, and jurisdiction before making any financial investment, trading, or risk management decision. The Platform is not a substitute for such advice, and Narion strongly discourages reliance on Platform outputs as the basis for any significant financial decision without the benefit of independent professional guidance.

Financial markets — including equity markets, fixed income markets, derivatives markets, foreign exchange markets, commodity markets, and cryptocurrency markets — are fundamentally complex, adaptive, and in many respects unpredictable systems. They are subject to the influence of an effectively infinite array of variables, including macroeconomic conditions, monetary policy decisions, geopolitical events, regulatory changes, technological disruptions, institutional flows, retail sentiment, and countless other factors, many of which are non-linear, discontinuous, and not susceptible to reliable quantitative modeling. No analytical system, regardless of its sophistication, can reliably predict financial market outcomes with certainty.

Where the Platform's analytical capabilities are applied to cryptocurrency or digital asset markets, the following additional risk factors apply with particular force:

• Extreme price volatility: cryptocurrency markets are characterized by price movements of a magnitude that would be considered extreme in traditional financial markets, occurring on very short timescales;
• Regulatory uncertainty: the regulatory status of cryptocurrencies and digital assets is subject to rapid and material change in many jurisdictions, and regulatory developments can have sudden and severe impacts on asset prices and market access;
• Liquidity risk: cryptocurrency market liquidity can be highly variable and can deteriorate very rapidly in adverse conditions, rendering exit from positions difficult or impossible at acceptable prices;
• Counterparty and custodial risk: participants in cryptocurrency markets are exposed to risks associated with the failure, insolvency, or fraud of exchanges, custodians, wallets, and other intermediaries that are not present to the same degree in regulated traditional financial markets;
• Market manipulation: cryptocurrency markets are, in many jurisdictions, subject to less stringent market surveillance and manipulation prohibition than traditional regulated markets, and manipulation activities may occur with greater frequency.

Narion makes no representation that the Platform's outputs are suitable for use in connection with cryptocurrency trading or investment activities, and the User assumes all additional risks associated with the application of the Platform's analytical tools to digital asset markets.

Any historical performance data, back-tested accuracy statistics, or prior analytical performance metrics associated with the Platform or any of its models are provided for informational purposes only and are not indicative of future performance. All models degrade over time as market conditions evolve, and no model that has performed well historically is guaranteed to continue to perform well in the future. The User must not place undue reliance on any historical performance data in evaluating the Platform's likely future utility.

The Platform's outputs are dependent upon the quality, completeness, and timeliness of the underlying market data it processes. Market data is subject to the following risks that are beyond Narion's control:

• Data errors, corrections, and revisions introduced by data providers after initial publication;
• Transmission latency causing delays between market events and their reflection in the Platform's data feeds;
• Data gaps, outages, or interruptions in data provider feeds caused by technical failures, network disruptions, or provider-side issues;
• Differences in data quality, coverage, and completeness across different market venues, instruments, and time periods.

Narion does not guarantee the accuracy, completeness, timeliness, or freedom from error of any data processed by the Platform, and Narion expressly disclaims all liability for any loss or decision made in reliance on inaccurate or incomplete data.

Narion does not represent or warrant that the Platform will be available continuously, without interruption, or free from technical errors, bugs, or defects. The Platform is provided on an "as is" and "as available" basis. Access to the Platform may be interrupted or unavailable due to:

• Scheduled maintenance, system upgrades, or infrastructure migrations carried out by Narion or its cloud service providers;
• Unscheduled technical failures, server outages, network disruptions, or software defects;
• Third-party service provider failures, including failures of cloud infrastructure providers, data providers, payment processors, or other external dependencies;
• Cyberattacks, distributed denial-of-service events, or other malicious interference with Narion's infrastructure;
• Force majeure events, including natural disasters, pandemics, governmental actions, and other events beyond Narion's reasonable control.

Narion shall endeavor to maintain reasonable Platform availability and to provide advance notice of scheduled maintenance where practicable. Narion does not, however, accept liability for any loss, damage, or harm arising from Platform unavailability, regardless of its cause.

The Platform may integrate with, link to, or rely upon third-party services, data providers, cloud platforms, and external websites. Narion makes no warranty, representation, or guarantee regarding the accuracy, availability, security, or fitness for purpose of any third-party service or website, and expressly disclaims all liability for any harm arising from the User's reliance on or interaction with third-party services or content.

From time to time, Narion may make available certain features, analytical models, or data products in a beta, experimental, or preview state. Such features are provided without any warranty of stability, accuracy, or fitness for purpose, and may be modified, suspended, or discontinued at any time without notice. The User assumes all risk in connection with the use of beta or experimental features.

Narion Research Technologies is not, and does not represent itself to be, registered, licensed, authorized, or regulated as a financial services provider, investment adviser, securities dealer, commodity broker, financial planner, or any other regulated entity under the laws of India or any other jurisdiction. Narion operates exclusively as a research data and analytics service provider. The Platform and its outputs do not constitute regulated financial services and are not subject to financial services regulation in India or, to Narion's knowledge, in any other jurisdiction.

The User is solely and exclusively responsible for determining whether their access to and use of the Platform, and any financial decisions or activities informed by or arising from Platform outputs, are lawful and compliant with all regulatory requirements applicable in their jurisdiction. Narion makes no representation that the Platform is suitable for use, or legally permissible for use, in any particular jurisdiction, and the User must conduct their own regulatory due diligence before using the Platform in connection with any regulated activity.

Nothing contained in the Platform, in Narion's website, in Narion's marketing or promotional materials, or in any communication from Narion constitutes an offer, solicitation, or invitation to engage in any investment or trading activity in any jurisdiction. The availability of the Platform in any jurisdiction does not constitute Narion's representation that such availability is lawful or appropriate for all Users in that jurisdiction.

The Platform is not directed to, and should not be accessed by, persons in jurisdictions where access to financial data services, analytics platforms, or subscription-based research tools is prohibited or requires regulatory authorization that Narion does not hold. The User is solely responsible for ensuring that their access complies with the laws and regulatory requirements of their jurisdiction.

• Financial losses, trading losses, investment losses, or loss of profits of any kind, whether arising from decisions informed by Platform outputs, errors in those outputs, or Platform unavailability;
• Loss of business, loss of goodwill, loss of contracts, loss of anticipated savings, or any other indirect or consequential loss;
• Loss, corruption, or unauthorized access to data, including the User's own data or third-party data;
• Losses arising from the User's reliance on inaccurate, incomplete, outdated, or delayed data processed by the Platform;
• Losses arising from the User's failure to comply with applicable law, regulatory requirements, or professional obligations in connection with their use of Platform outputs;
• Any loss arising from Narion's exercise of its rights under the Terms of Service or this Disclaimer, including suspension or termination of access.

The User expressly acknowledges that: (a) the use of quantitative analytical tools in connection with financial market activities involves inherent and unavoidable risks; (b) those risks include the risk of complete loss of any funds invested or traded; (c) the Platform does not eliminate or materially reduce those risks; and (d) the User assumes full responsibility for all financial risks associated with any activities undertaken in connection with or informed by Platform outputs.

The User agrees to indemnify, defend, and hold harmless Narion and its proprietor from and against all claims, losses, liabilities, damages, costs, and expenses (including reasonable legal fees) arising from: (a) the User's use of the Platform in violation of the Terms of Service, this Disclaimer, or applicable law; (b) any financial transaction, investment decision, or advisory service provided by the User to any third party based on or informed by Platform outputs; (c) any false or misleading representation made by the User to any third party regarding the nature, capabilities, or endorsements of the Platform.

The Platform, including all of its constituent elements, algorithms, models, data structures, methodologies, visualizations, analytical outputs, documentation, software code, and all other intellectual and creative works accessible through or forming part of the Platform, is the exclusive proprietary property of Narion Research Technologies. All intellectual property rights in and to the Platform — including patents, copyrights, trademarks, trade secrets, database rights, and all other forms of proprietary right — are reserved by Narion.

The User's access to and use of the Platform confers no intellectual property rights of any kind on the User. The limited access license granted under the Terms of Service is a contractual permission to use the Platform within defined parameters and does not constitute a transfer, assignment, or sublicense of any intellectual property right. Any unauthorized reproduction, copying, adaptation, distribution, or commercial exploitation of the Platform's intellectual property constitutes a violation of the Terms of Service, this Disclaimer, and applicable intellectual property law and may expose the User to civil and criminal liability.

The Platform may incorporate, process, or display data, content, or materials owned by third parties, including market data providers, exchange operators, and other data vendors. All third-party intellectual property rights in such data and content are reserved by their respective owners. The User's access to such data through the Platform is subject to the terms of the relevant data licenses and does not grant the User any rights beyond what is expressly permitted under those licenses.

The Platform may, from time to time, generate or display output that could be characterized as forward-looking information, including probability distributions, scenario analyses, projected market states, or distributional forecasts of future market conditions. All such information is generated through statistical modeling and is inherently subject to uncertainty. Forward-looking information reflects Narion's computational models' assessments of probable outcomes based on historical data and current market conditions, and should not be interpreted as predictions, forecasts, or guarantees of any future market outcome.

Any forward-looking information or projection provided through the Platform is made subject to the following express qualifications:

• It is based on assumptions that may prove incorrect;
• It is subject to risks and uncertainties that could cause actual outcomes to differ materially from projected outcomes;
• It reflects conditions prevailing at the time of generation and may become outdated very rapidly;
• Narion undertakes no obligation to update or revise any forward-looking information following its initial generation.

Users should not make financial decisions primarily on the basis of forward-looking information generated by the Platform.

Any market commentary, research notes, analytical blogs, educational content, or similar publications produced by Narion in connection with the Platform represent Narion's views and analyses as of the date of publication, based on information available at that time. Such publications are provided for educational and informational purposes only, are not investment advice, are not updated to reflect subsequent developments, and should not be relied upon for any purpose beyond general informational interest.

Nothing in this Disclaimer is intended to, or shall operate to, exclude, restrict, limit, or waive any right or remedy to which the User is entitled as a consumer under the Consumer Protection Act, 2019 (India) or any other applicable consumer protection legislation in the User's jurisdiction of residence that cannot lawfully be excluded by contract. To the extent that any provision of this Disclaimer is found to be inconsistent with any non-waivable statutory right of the User, such provision shall be read down, modified, or severed to the minimum extent necessary to preserve the User's statutory entitlements, and the remainder of this Disclaimer shall continue in full force and effect.

This Disclaimer shall be governed by and construed in accordance with the laws of the Republic of India. All disputes arising out of or relating to this Disclaimer shall be subject to the exclusive jurisdiction of the courts located in New Delhi, India, in accordance with the dispute resolution provisions of the Terms of Service.

For questions, concerns, or communications relating to this Disclaimer: