Disclaimer

1. Not Financial or Investment Advice

Content and analysis generated by the Reef Intelligence platform, including outputs from the AI Research Agent and all data visualizations, are not intended to be and do not constitute financial advice, investment advice, trading advice, or any other form of professional financial recommendation. Nothing on the Platform should be construed as a recommendation to buy, sell, or hold any security, real estate asset, or investment instrument. Reef Insights LLC is not a registered investment advisor, broker, or dealer. Nothing we publish, display, or generate should be taken as financial or investment advice.

2. AI-Generated Content Limitations

The Platform's Research Agent uses artificial intelligence to generate analysis and summaries based on economic and real estate data. AI-generated outputs:

• May contain errors, hallucinations, or information that is outdated, incomplete, or factually incorrect
• Do not represent verified, peer-reviewed, or professionally certified analysis
• Should be independently verified before being relied upon for any business, financial, or legal purpose
• Are limited by the capabilities, training data, and context window of the underlying AI models
• May reflect biases or limitations inherent in third-party AI model providers

Reef Insights is not responsible for the accuracy of AI-generated content and strongly recommends independent verification of all Research Agent outputs before acting on them.

3. Third-Party Data Accuracy

The Platform displays data sourced from third-party providers including the Federal Reserve (FRED®), U.S. Census Bureau, Realtor.com®, and Zillow®. Reef Insights:

• Does not control the accuracy, completeness, methodology, or timeliness of third-party datasets
• Is not responsible for errors, omissions, or revisions in data published by these providers
• Cannot guarantee that data displayed reflects current real-time market conditions
• Passes through third-party data subject to caching, processing delays, and the update schedules of upstream providers
• Makes no representation that any data series is complete, continuous, or free from gaps or anomalies

Users should consult original data sources directly when precision is required for research or professional purposes.

Third-party trademark notices: FRED® is a registered trademark of the Federal Reserve Bank of St. Louis. This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis. This product uses the Census Bureau Data API but is not endorsed or certified by the Census Bureau. Realtor.com® is a registered trademark of Move, Inc. Zillow® is a registered trademark of Zillow, Inc. Data attributed to Zillow® is provided by Zillow; results and analysis do not reflect the position of Zillow Group. Reef Insights LLC is not affiliated with or endorsed by the Federal Reserve Bank of St. Louis, the U.S. Census Bureau, Move, Inc., Zillow, Inc., or the National Association of REALTORS®.

4. Forward-Looking Statements

Projections, forecasts, trend analyses, or other forward-looking statements presented on the Platform are predictions only and not guarantees of future results. Actual events or market outcomes may differ materially from projections. Forward-looking statements are subject to numerous risks and uncertainties, including economic conditions, policy changes, market disruptions, and other factors beyond our control and beyond the scope of any model or analysis.

5. Real Estate Market Risks

Real estate markets are influenced by economic conditions, local market dynamics, regulatory changes, interest rate movements, and broad market trends. Past performance of any market, geographic area, or investment type does not guarantee future results. All real estate-related decisions should be made in consultation with licensed real estate professionals, certified financial advisors, and other qualified experts.

6. No Professional Relationship

Your use of the Platform does not create a client, advisory, fiduciary, or professional relationship of any kind between you and Reef Insights LLC. We provide data tools and informational analysis only.

7. Early Access Notice

The Platform is currently in early access. Features, data availability, API behavior, and overall performance may change without notice during the early access period. Early access users acknowledge that the Platform may contain bugs, incomplete functionality, or data gaps consistent with software under active development. Service disruptions, downtime, and data inconsistencies may occur more frequently than in a production-grade release. Reef Insights makes no uptime guarantees during the early access period.

8. Platform Availability

We do not guarantee uninterrupted or error-free Platform availability. We may modify, suspend, or discontinue the Platform or any feature at any time without prior notice, and we shall not be liable to you or any third party for any such modification, suspension, or discontinuation. Scheduled and unscheduled maintenance may affect availability.

9. Responsibility for Decisions

Any use or reliance on Platform content, data, analysis, or AI-generated outputs is solely at your own risk and discretion. You should conduct your own research, due diligence, analysis, and verification before relying on any information from the Platform. Making financial, investment, business, or professional decisions based solely on Platform outputs is not advisable and is done entirely at your own risk.

10. Limitation of Liability

In no event shall Reef Insights LLC, nor its directors, employees, partners, agents, suppliers, or affiliates, be liable for any indirect, incidental, special, consequential, or punitive damages, including without limitation, loss of profits, data, use, goodwill, or other intangible losses, resulting from:

• Your access to, use of, or inability to access or use the Platform
• AI-generated content produced by the Research Agent or any platform feature
• Any data obtained from the Platform or its third-party data sources
• Decisions made in reliance on Platform analysis, outputs, or visualizations
• Unauthorized access, use, or alteration of your data or transmissions
• Any errors, inaccuracies, or omissions in third-party data displayed on the Platform

This limitation applies whether based on warranty, contract, tort (including negligence), or any other legal theory, whether or not we have been informed of the possibility of such damage.

11. Territorial Limitations

The Platform is intended primarily for use within the United States. Data, analysis, and research tools are designed around U.S. economic and real estate markets. Users accessing the Platform from other jurisdictions do so at their own risk and are responsible for compliance with applicable local laws and regulations.

12. Severability

If any provision of this Disclaimer is found to be unenforceable or invalid under any applicable law, such unenforceability shall not render the Disclaimer as a whole unenforceable or invalid. The affected provision shall be modified to the minimum extent necessary to make it enforceable, and the remaining provisions shall remain in full force and effect.

13. Changes to This Disclaimer

We reserve the right to update or change this Disclaimer at any time. Changes are effective upon posting. Your continued use of the Platform after changes constitutes acknowledgment and acceptance of the modified Disclaimer.

14. Governing Law

This Disclaimer shall be governed by and construed in accordance with the laws of the State of Minnesota, without regard to its conflict of law provisions.

15. Contact Us

If you have questions about this Disclaimer, please contact us at legal@reefinsights.com.