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User Agreement

Effective March 2026

Terrace Research provides a knowledge graph construction and maintenance platform for hedge fund research. Our Services are designed to help allocators and investment professionals structure, reconcile, and query the information they already have. When you use our Services, you agree to all of these terms.

1. Introduction

1.1 Contract

By creating a Terrace Research account or accessing or using our Services, you are agreeing to enter into a legally binding contract with Terrace Research (even if you are using our Services on behalf of an organisation). If you do not agree to this contract ("Contract" or "User Agreement"), do not create an account or access or otherwise use any of our Services. If you wish to terminate this Contract at any time, you can do so by closing your account and no longer accessing or using our Services.

1.2 Services

This Contract applies to app.terraceresearch.com, the Terrace API, MCP server, agent sandbox, and any other Terrace-related services, tools, or integrations that state they are offered under this Contract ("Services"). The Services include the knowledge graph platform, document ingestion and extraction pipelines, entity resolution, search functionality, data quality audit tools, and programmatic access interfaces.

1.3 Key Terms

You are entering into this Contract with Terrace Research (also referred to as "we" and "us").

Content includes, for example, uploaded documents (PDFs, factsheets, investor letters, DDQs, pitchbooks), transcripts, email bodies, data files, notes, and any other information or materials you provide to the Services.

Structured Data means the entities, relationships, time series, and other data extracted or derived from your Content by the Services, stored within your organisation's knowledge graph.

Organisation means the entity (company, fund, team, or individual) on whose behalf you use the Services, as identified by your account's organisation identifier.

1.4 Changes

We may modify this Contract from time to time. If we materially change these terms, we will provide you notice through our Services or by other means to provide you the opportunity to review the changes before they become effective. We agree that changes cannot be retroactive. If you object to any changes, you may close your account. Your continued use of our Services after we publish or send a notice about changes to these terms means that you are consenting to the updated terms as of their effective date.

2. Obligations

2.1 Service Eligibility

To use the Services, you agree that: (1) you are at least 18 years old; (2) you will only have accounts associated with your real identity or your organisation's identity; and (3) you are not already restricted by Terrace Research from using the Services.

2.2 Your Account

You agree to: (1) protect against unauthorised access to your account (e.g., use a strong password and keep it confidential); (2) not share or transfer your account or any part of it; and (3) follow the law and this Contract. You are responsible for anything that happens through your account unless you close it or report misuse.

As between you and others (including your employer), if the Services were purchased by another party for you to use in connection with your work for them, the party paying for such Service has the right to control access to and receive reports on your use of such paid Service; however, they do not have rights to your personal account credentials.

2.3 Payment

If you purchase any of our paid Services, you agree to pay us the applicable fees and taxes. Failure to pay these fees will result in the termination of your paid Services. You agree that:

• If you purchase a subscription, your payment method will automatically be charged at the start of each subscription period for the fees and taxes applicable to that period. To avoid future charges, cancel before the renewal date.
• We may modify our prices effective prospectively upon reasonable notice to the extent allowed under the law.
• Agent sandbox compute costs are billed at the underlying model cost with no markup, charged separately from subscription fees.

2.4 Notices and Messages

You agree that we will provide notices and messages to you in the following ways: (1) within the Services, or (2) sent to the contact information you provided us (e.g., email). You agree to keep your contact information up to date.

3. Rights and Limits

3.1 Your License to Terrace Research

You own all of the Content that you provide to the Services. As between you and Terrace Research, you own your Content and the Structured Data derived from it.

You grant Terrace Research and its affiliates the following non-exclusive license to the Content and other information you provide (e.g., upload, submit, and/or otherwise make available) to our Services:

A worldwide, transferable and sublicensable right to use, copy, modify, distribute, host, store, and process your Content and other information without any further consent, notice and/or compensation to you or others. These rights are limited in the following ways:

• Purpose. This license is granted for the purpose of operating, developing, providing, and improving the Services, and researching and developing new ones. This includes, without limitation, using your Content and Structured Data to train, fine-tune, evaluate, and improve machine learning models and analytical tools, whether developed internally or in collaboration with third parties, for any purpose related to the Services or the development of new products and capabilities.
• Tenant isolation. Your Content and Structured Data are stored in an isolated, organisation-scoped tenant with row-level security enforcement. Other organisations cannot access your data through the Services. However, aggregated, de-identified, or model-derived insights may be used across the platform.
• Termination of license. You can end this license for specific Content by deleting such Content from the Services, or generally by closing your account, except (a) to the extent we had already used the Content to train or improve models prior to deletion, (b) to the extent we had already sublicensed others prior to your Content removal or closing of your account, or (c) for the reasonable time it takes to remove the Content from backup and other systems.
• Processing modifications. We may process and transform your Content in any manner necessary to operate and improve the Services, including extracting structured data, resolving entities, computing time series, generating embeddings, chunking text, and deriving analytical outputs. We will preserve source Content in its original form alongside any derived Structured Data within the Services.

By submitting suggestions or other feedback regarding our Services to Terrace Research, you agree that Terrace Research can use and share (but does not have to) such feedback for any purpose without compensation to you.

You promise to only provide Content that you have the right to share and that does not violate the law or anyone's rights (including intellectual property rights and confidentiality obligations).

3.2 Service Availability

We may change, suspend, or discontinue any of our Services. We may also modify or limit the availability of features.

Terrace Research is not a storage service. While we maintain your knowledge graph and source materials as part of the Services, you agree that we have no obligation to store, maintain, or provide you a copy of any Content beyond the term of your subscription, except to the extent required by applicable law.

3.3 Export

During your subscription, you may export your Structured Data and Content at any time through the API or by requesting an export from us. Upon termination, we will make your data available for export for a reasonable period before deletion.

3.4 Intellectual Property Rights

Terrace Research reserves all of its intellectual property rights in the Services. The Service, including its design, code, extraction pipelines, entity resolution algorithms, user interface, and documentation, is the intellectual property of Terrace Research.

3.5 Limits

Terrace Research reserves the right to limit your use of the Services, including API rate limits and ingestion volume. Terrace Research reserves the right to restrict, suspend, or terminate your account if you breach this Contract or the law or are misusing the Services.

4. Data Processing

4.1 Third-Party LLM Processing

The Services rely extensively on large language models (LLMs) and other AI technologies for core functionality. Content you upload to Terrace will be sent to third-party LLM and AI service providers for processing. This is fundamental to how the Services operate. Content is transmitted to third-party AI services (which may include Google Gemini and other providers) for the purpose of structured data extraction, entity resolution, quality audit, transcript generation, embedding generation, analytical processing, and other operations. If you are not comfortable with your Content being processed by third-party AI services, you should not use the Services.

4.2 Storage

Source documents are stored encrypted at rest in cloud storage (currently AWS S3). Structured Data is stored in PostgreSQL databases with row-level security. Access is authenticated via industry-standard identity providers.

4.3 Agent Access

The Services provide API endpoints and agent interfaces (including MCP server and CLI) for programmatic access to your knowledge graph. You are responsible for securing any API credentials and access tokens issued to your organisation. The agent sandbox uses LLM inference to answer queries against your graph; compute costs for the agent sandbox are billed at the underlying model cost.

5. Disclaimer and Limit of Liability

5.1 No Warranty

TERRACE RESEARCH AND ITS AFFILIATES MAKE NO REPRESENTATION OR WARRANTY ABOUT THE SERVICES, INCLUDING ANY REPRESENTATION THAT THE SERVICES WILL BE UNINTERRUPTED OR ERROR-FREE, AND PROVIDE THE SERVICES (INCLUDING CONTENT, OUTPUT AND INFORMATION) ON AN "AS IS" AND "AS AVAILABLE" BASIS. TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW, TERRACE RESEARCH AND ITS AFFILIATES DISCLAIM ANY IMPLIED OR STATUTORY WARRANTY, INCLUDING ANY IMPLIED WARRANTY OF TITLE, ACCURACY, NON-INFRINGEMENT, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

AI-extracted data may be inaccurate, incomplete, or misleading. It is your responsibility to verify the accuracy and fitness of any Structured Data for your purposes. Terrace Research does not guarantee the correctness of any extraction, entity resolution, or derived data.

5.2 Exclusion of Liability

TO THE FULLEST EXTENT PERMITTED BY LAW, TERRACE RESEARCH AND ITS AFFILIATES WILL NOT BE LIABLE IN CONNECTION WITH THIS CONTRACT FOR LOST PROFITS OR LOST BUSINESS OPPORTUNITIES, LOSS OF DATA (E.G., DOWN TIME OR LOSS, USE OF, OR CHANGES TO, YOUR INFORMATION OR CONTENT), OR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL OR PUNITIVE DAMAGES.

TERRACE RESEARCH AND ITS AFFILIATES WILL NOT BE LIABLE TO YOU IN CONNECTION WITH THIS CONTRACT FOR ANY AMOUNT THAT EXCEEDS (A) THE TOTAL FEES PAID OR PAYABLE BY YOU TO TERRACE RESEARCH FOR THE SERVICES DURING THE TWELVE (12) MONTHS IMMEDIATELY PRECEDING THE EVENT GIVING RISE TO THE CLAIM, IF ANY, OR (B) US $1,000, WHICHEVER IS GREATER.

5.3 Basis of the Bargain

The limitations of liability in this Section 5 are part of the basis of the bargain between you and Terrace Research and shall apply to all claims of liability (e.g., warranty, tort, negligence, contract and law) even if Terrace Research or its affiliates has been told of the possibility of any such damage, and even if these remedies fail their essential purpose.

6. Termination

Both you and Terrace Research may terminate this Contract at any time with notice to the other. On termination, you lose the right to access or use the Services. The following shall survive termination:

• Our rights to use and disclose your feedback;
• Section 3 (subject to 3.1 license termination provisions);
• Sections 5, 7, and 8; and
• Any amounts owed by either party prior to termination remain owed after termination.

Upon termination, we will make your Content and Structured Data available for export for a period of 30 days, after which it will be deleted from our systems, subject to reasonable backup retention.

7. Governing Law and Dispute Resolution

You and Terrace Research agree that the laws of the State of New South Wales, Australia, excluding its conflict of laws rules, shall exclusively govern any dispute relating to this Contract and/or the Services. You and Terrace Research both agree that all claims and disputes can be litigated only in the courts of New South Wales, Australia, and you and Terrace Research each agree to personal jurisdiction in those courts.

8. General Terms

If a court with authority over this Contract finds any part of it unenforceable, you and we agree that the court should modify the terms to make that part enforceable while still achieving its intent. If the court cannot do that, you and we agree to ask the court to remove that unenforceable part and still enforce the rest of this Contract.

This Contract is the only agreement between us regarding the Services and supersedes all prior agreements for the Services.

If we don't act to enforce a breach of this Contract, that does not mean that Terrace Research has waived its right to enforce this Contract. You may not assign or transfer this Contract (or your account or use of Services) to anyone without our consent. However, you agree that Terrace Research may assign this Contract to its affiliates or a party that acquires it without your consent. There are no third-party beneficiaries to this Contract.

9. Acceptable Use

You agree that you will:

• Comply with all applicable laws, including privacy laws, intellectual property laws, export control laws, and financial regulations;
• Provide accurate account and organisation information and keep it updated;
• Only upload Content that you have the right to share and process;
• Respect confidentiality obligations to third parties when uploading Content.

You agree that you will not:

• Develop, support, or use software, devices, scripts, robots, or any other means to scrape, copy, or systematically access the Services beyond what is provided by the API;
• Override any security feature or bypass or circumvent any access controls or use limits of the Services;
• Attempt to access Content or Structured Data belonging to other organisations;
• Share or redistribute Structured Data derived from the Services in a manner that competes with the Services;
• Reverse engineer, decompile, disassemble, or otherwise attempt to derive the source code for the Services;
• Rent, lease, loan, trade, sell, or re-sell access to the Services or API without Terrace Research's consent;
• Use the Services to store or process Content that is unlawful;
• Interfere with the operation of, or place an unreasonable load on, the Services;
• Upload Content containing malware, viruses, or other harmful code;
• Misuse the agent sandbox or API in a manner that incurs disproportionate compute costs without authorisation.

10. How to Contact Us

For general enquiries or legal notices, please use the contact form available through the Services.

© 2026 Terrace Research