FIRST STRIKE RESEARCH

TERMS OF SERVICE, LEGAL DISCLAIMERs

IMPORTANT — PLEASE READ THIS ENTIRE DOCUMENT CAREFULLY BEFORE ACCESSING, SUBSCRIBING TO, OR USING THIS PUBLICATION. THIS DOCUMENT IS A LEGALLY BINDING AGREEMENT BETWEEN YOU AND FIRST STRIKE RESEARCH. IT CONTAINS A BINDING ARBITRATION CLAUSE, CLASS ACTION WAIVER, AND LIMITATION OF LIABILITY THAT AFFECT YOUR LEGAL RIGHTS.

This document constitutes the complete Terms of Service, Legal Disclaimer, and Privacy Policy (collectively, this “Agreement”) governing your access to and use of the publication known as First Strike Research, including all articles, research reports, analysis, commentary, charts, data, and any other materials published through any medium, including but not limited to Substack, email, social media, websites, and any successor platforms (collectively, the “Content”). First Strike Research is also referred to herein as “we,” “our,” or the “Publisher.” You, the reader, subscriber, or user, are referred to as “you” or “Subscriber.”

By accessing, reading, subscribing to, sharing, or otherwise using this publication or any Content, you acknowledge that you have read, understood, and agree to be bound by every provision of this Agreement. If you do not agree to every provision of this Agreement, you must immediately cease all use of this publication and unsubscribe. Continued access after any modification to this Agreement constitutes acceptance of the modified terms.

1. Nature of Content; Opinion Statement

All Content published by First Strike Research represents the opinions, beliefs, interpretations, and analysis of the Publisher based on publicly available information. No Content should be construed as a statement of proven fact, a finding of liability, or a legal or regulatory conclusion. Where the Publisher draws inferences, identifies patterns, raises questions, or expresses conclusions about corporate practices, management conduct, financial reporting, governance, or operational matters, these represent the Publisher’s subjective interpretation and opinion regarding the significance of publicly available information, and not assertions of objectively established fact.

Readers are encouraged to independently verify all information cited herein by consulting the original public sources, including but not limited to SEC filings, court records, regulatory databases, corporate disclosures, and other publicly accessible documents. The Publisher endeavors to hyperlink or cite public sources supporting its analysis; however, no representation is made that such sources are complete, current, or free from error.

The Content constitutes protected speech and commentary on matters of public concern, including the financial condition, corporate governance, business practices, and securities of publicly traded companies. The Publisher exercises its rights under the First Amendment to the United States Constitution and analogous state constitutional provisions to publish commentary, criticism, and analysis concerning publicly traded entities and matters of public interest.

2. Regulatory Status

2.1 Securities Laws

First Strike Research is NOT a registered investment adviser, broker-dealer, financial planner, or securities analyst. The Publisher is not registered with the U.S. Securities and Exchange Commission (”SEC”), the Financial Industry Regulatory Authority (”FINRA”), or any state securities regulatory authority. The Publisher operates under the publisher’s exclusion from the definition of “investment adviser” set forth in Section 202(a)(11)(D) of the Investment Advisers Act of 1940, as interpreted in Lowe v. SEC, 472 U.S. 181 (1985), as a publisher of a bona fide financial publication of general and regular circulation. Nothing herein constitutes an offer to sell or a solicitation of an offer to buy any security.

2.2 Commodity and Derivatives Laws

First Strike Research is NOT registered with the Commodity Futures Trading Commission (”CFTC”) or the National Futures Association (”NFA”) as a Commodity Trading Advisor (”CTA”), Commodity Pool Operator (”CPO”), or Introducing Broker (”IB”). To the extent any Content references or discusses commodity interests, futures, options, swaps, event contracts, prediction market contracts (including those traded on CFTC-regulated exchanges such as Kalshi, Inc.), or other derivatives, such Content is provided solely as incidental commentary on economic, political, and market conditions. It is not based on, and is not tailored to, the commodity interest or cash market positions or other circumstances of any particular reader. The Publisher relies on the exemption from CTA registration set forth in CFTC Rule 4.14(a)(9) and the publisher’s exclusion recognized by the CFTC for publishers of general-circulation commentary.

2.3 No Fiduciary Duty

No fiduciary, advisory, agency, or other professional relationship exists between First Strike Research and any reader, subscriber, or third party. The Publisher does not owe and expressly disclaims any fiduciary duty to you. You should not construe any Content as the receipt of, or substitute for, personalized advice from a licensed financial advisor, broker-dealer, investment advisor, accountant, attorney, or other professional. The Publisher cannot and does not assess your personal financial circumstances, risk tolerance, investment objectives, tax situation, or suitability for any investment or trading strategy.

3. No Investment or Trading Advice

NOTHING CONTAINED IN THIS PUBLICATION CONSTITUTES FINANCIAL ADVICE, INVESTMENT ADVICE, TRADING ADVICE, LEGAL ADVICE, TAX ADVICE, OR A RECOMMENDATION OF ANY KIND. NO CONTENT SHOULD BE CONSTRUED AS A RECOMMENDATION TO BUY, SELL, SHORT, COVER, HOLD, OR TRADE ANY SECURITY, COMMODITY INTEREST, EVENT CONTRACT, FINANCIAL INSTRUMENT, OR INVESTMENT PRODUCT.

Any mention of specific companies, securities, financial instruments, event contracts, trading strategies, quantitative models, or investment approaches is made solely for analytical, investigative, educational, or illustrative purposes. Such mentions do not constitute an endorsement or recommendation. Past performance discussed in any Content is not indicative of future results.

4. Position Disclosure and Conflicts of Interest

You should assume that, as of the publication date of any Content, the Publisher, its principals, affiliates, employees, consultants, and members of their households (collectively, “Affiliated Persons”) may hold long or short positions, directly or through derivatives (including but not limited to put options, call options, swaps, event contracts, prediction market contracts, and other instruments), in the securities, commodity interests, or other instruments discussed in the Content. Affiliated Persons therefore stand to realize gains if the price of a discussed security moves in the direction favorable to their positions, including significant gains in the event of price declines for securities on which a short position is held.

Affiliated Persons may buy, sell, cover, or otherwise change the form or substance of any position at any time, including before, during, and after publication of Content, without any obligation to notify Subscribers or update any Content. Unless expressly stated otherwise in a specific report, the Publisher has not received compensation from any third party in connection with the publication of any Content.

Where specific position disclosures are made in a report (e.g., “First Strike Research holds a short position in [Ticker]”), such disclosures are accurate only as of the stated date and time and are subject to change without notice.

5. Forward-Looking Statements and Projections

Content may contain forward-looking statements, identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “believe,” “estimate,” “project,” “intend,” “forecast,” “could,” “should,” “seek,” “target,” and similar expressions. These statements are based on the Publisher’s current expectations and beliefs and are inherently uncertain. Actual results may differ materially from any projection, estimate, or forward-looking statement due to risks and uncertainties, including but not limited to changes in general economic conditions, industry dynamics, regulatory actions, competitive pressures, company-specific developments, market volatility, and other factors beyond the Publisher’s control or foresight.

Estimates, projections, scenarios, valuations, risk assessments, and other forward-looking statements (including those regarding rent/lease economics, net asset value implications, merger outcomes, portfolio performance, credit metrics, earnings, or probability estimates for event contracts) are provided for illustrative purposes only. Numerical figures may be rounded, derived, estimated, or modeled and could contain errors. Readers are strongly encouraged to verify all figures independently.

The Publisher undertakes no obligation to update, correct, or revise any forward-looking statement after publication, whether as a result of new information, subsequent events, or otherwise.

6. Rhetorical and Analytical Language

Any references within the Content to “fraud,” “scheme,” “predatory,” “coercive,” “usurious,” “improper,” “misconduct,” “incompetence,” “manipulation,” “conflict of interest,” “self-dealing,” “destruction of value,” or similar terms are used solely as: (a) shorthand for allegations described in specifically cited legal proceedings, regulatory actions, or public complaints; or (b) non-literal rhetorical, analytical, or hyperbolic commentary reflecting the Publisher’s opinion; and not as a statement of proven criminal or civil liability. No person or entity discussed in the Content should be considered guilty of any wrongdoing unless and until adjudicated as such by a court of competent jurisdiction.

Readers should not interpret any discussion of incentives, motive, intent, knowledge, control, causation, or state of mind as a factual assertion of any person’s subjective mental state. Such discussion reflects the Publisher’s opinion and inference based on the public record cited and the Publisher’s analysis of patterns, incentives, and publicly observable conduct.

7. Research Methodology and Investigative Practices

The Publisher’s research process may include, without limitation: analysis of public filings with the SEC, CFTC, state regulators, and foreign regulatory bodies; review of court records, liens, and judgments; review of corporate registration and entity records; field research and direct observation of publicly observable business operations; conversations and correspondence with industry participants, including current and former employees, customers, suppliers, competitors, and other market participants; Freedom of Information Act (”FOIA”) and state public-records requests; analysis of satellite imagery, web traffic data, patent filings, and other publicly available datasets; and other investigative techniques the Publisher deems appropriate.

Any outreach to companies, their employees, or other market participants is conducted solely to understand general processes, stated underwriting criteria, publicly observable business practices, customer-facing representations, and downstream risk indicators. Such outreach is not intended to obtain material non-public information (”MNPI”), to interfere with any business relationship, or to induce reliance by the contacted party. The Publisher has not knowingly received or relied upon MNPI in the preparation of any Content.

The Publisher may record conversations to the extent permitted by applicable law and may reference such conversations in published Content. Sources are not guaranteed to be reliable, and the Publisher makes no representation regarding the accuracy, completeness, or veracity of information obtained from third-party sources, interviews, or field research.

8. Acknowledgment of Risk of Loss

INVESTMENT AND TRADING ACTIVITIES, INCLUDING BUT NOT LIMITED TO SHORT SELLING, OPTIONS TRADING, FUTURES TRADING, EVENT CONTRACT TRADING, AND PREDICTION MARKET PARTICIPATION, CARRY A SUBSTANTIAL RISK OF LOSS. YOU MAY LOSE MORE THAN YOUR INITIAL INVESTMENT. SHORT SELLING INVOLVES THEORETICALLY UNLIMITED RISK OF LOSS.

You expressly acknowledge and agree that: (a) you are solely responsible for any and all investment, trading, or financial decisions you make; (b) such decisions are made at your sole risk and based on your own independent judgment and research; (c) you have not relied, and will not rely, on any Content as the basis for any investment or trading decision; and (d) you are financially able to bear the risk of loss associated with any investment or trading decision you make.

9. Commodity, Derivatives, and Event Contract Disclosures

This section applies to any Content discussing commodity interests, futures, options, swaps, event contracts, prediction market contracts, or other derivatives.

This material does not constitute an offer to sell, or a solicitation of an offer to buy, any commodity interest, futures, options, swaps, event contracts, or other derivatives. Nothing herein should be construed as trading advice or a recommendation to engage in any transaction or trading strategy. Any examples, scenarios, probabilities, or model outputs discussed are purely illustrative and do not reflect actual or implied guarantees of future performance.

Commodity interests and event contracts involve a high degree of risk and are not suitable for all investors. You should carefully consider whether such trading is appropriate for you in light of your financial condition, investment objectives, level of experience, and risk tolerance. Past performance is not necessarily indicative of future results, and you may lose more than your initial investment.

Event contracts traded on CFTC-regulated exchanges (including Kalshi, Inc.) are derivative products subject to federal regulation. Availability may vary by jurisdiction. The Publisher provides no personalized advice regarding event contract trading, position sizing, timing, or strategy selection.

HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

The foregoing hypothetical performance disclaimer is required by CFTC Rule 4.41 and is included whenever any simulated, backtested, or hypothetical results are presented.

10. Accuracy, Reliability, and Duty to Update

While the Publisher strives for accuracy, all Content is provided “AS IS” and “AS AVAILABLE” without warranty of any kind, whether express, implied, or statutory. The Publisher expressly disclaims all warranties, including but not limited to warranties of accuracy, completeness, timeliness, reliability, merchantability, fitness for a particular purpose, non-infringement, and title.

Content may contain errors, omissions, or outdated information. The Publisher has no obligation to update, correct, supplement, or revise any Content after publication. Information, opinions, and positions expressed are subject to change without notice. The absence of an update to any Content should not be interpreted as a reaffirmation of any prior analysis or opinion.

11. Intellectual Property

11.1 Copyright

All Content is the proprietary work of First Strike Research and is protected by United States and international copyright and intellectual property laws. © First Strike Research. All rights reserved. Subscribers may not reproduce, distribute, republish, transmit, display, create derivative works of, or commercially exploit any Content without the prior express written permission of the Publisher. Unauthorized reproduction or distribution may result in civil and criminal penalties.

Limited personal use is permitted: Subscribers may view, download, and print individual copies of Content solely for their own personal, non-commercial use, provided all copyright and proprietary notices are retained.

11.2 Fair Use Notice

Content may incorporate limited excerpts from copyrighted materials owned by third parties, used solely for purposes of criticism, comment, news reporting, and analysis, as protected under Section 107 of the U.S. Copyright Act (17 U.S.C. § 107). Such use is transformative in nature and directed at matters of significant public interest. We use only the minimum amount of third-party material necessary for analytical and critical purposes.

11.3 Trademark Notice

All company names, trade names, trademarks, service marks, logos, and ticker symbols mentioned in the Content are the property of their respective owners. Reference to any company, security, or trademark does not constitute or imply endorsement, sponsorship, affiliation with, or recommendation by the Publisher. The Publisher uses such marks solely under the doctrine of nominative fair use for purposes of identification, criticism, and commentary.

11.4 DMCA Notice and Takedown Procedures

First Strike Research respects the intellectual property rights of others and complies with the Digital Millennium Copyright Act (”DMCA”), 17 U.S.C. § 512. If you believe that Content infringes your copyright, you may submit a written notification to our designated Copyright Agent containing: (a) a physical or electronic signature of the copyright owner or authorized agent; (b) identification of the copyrighted work claimed to have been infringed; (c) identification of the material that is claimed to be infringing and its location; (d) your contact information; (e) a statement that you have a good faith belief that the disputed use is not authorized; and (f) a statement, made under penalty of perjury, that the information in your notification is accurate and that you are authorized to act on behalf of the copyright owner.

Designated Copyright Agent e-mail contact: outreach@firststrike.trading

Counter-notifications may be submitted in accordance with 17 U.S.C. § 512(g). The Publisher maintains a policy of terminating access for repeat infringers in appropriate circumstances.

12. Limitation of Liability

TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, FIRST STRIKE RESEARCH, ITS PRINCIPALS, AFFILIATES, EMPLOYEES, CONSULTANTS, AND AGENTS (COLLECTIVELY, THE “PUBLISHER PARTIES”) SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, EXEMPLARY, OR PUNITIVE DAMAGES ARISING FROM OR RELATED TO: (A) YOUR ACCESS TO OR USE OF (OR INABILITY TO ACCESS OR USE) THIS PUBLICATION OR ANY CONTENT; (B) ANY INVESTMENT, TRADING, OR FINANCIAL DECISION MADE BY YOU OR ANY THIRD PARTY BASED ON OR RELATED TO ANY CONTENT; (C) ANY LOSS OF PROFITS, REVENUE, DATA, GOODWILL, OR OTHER INTANGIBLE LOSSES; (D) ANY ERRORS, OMISSIONS, OR INACCURACIES IN ANY CONTENT; OR (E) ANY UNAUTHORIZED ACCESS TO OR ALTERATION OF YOUR DATA OR TRANSMISSIONS.

IN NO EVENT SHALL THE AGGREGATE LIABILITY OF THE PUBLISHER PARTIES FOR ALL CLAIMS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE CONTENT EXCEED THE TOTAL AMOUNT PAID BY YOU TO FIRST STRIKE RESEARCH DURING THE TWELVE (12) MONTHS IMMEDIATELY PRECEDING THE EVENT GIVING RISE TO THE CLAIM, OR ONE HUNDRED U.S. DOLLARS ($100.00), WHICHEVER IS GREATER.

Some jurisdictions do not allow the exclusion or limitation of incidental or consequential damages. In such jurisdictions, the Publisher’s liability shall be limited to the maximum extent permitted by law. The limitations in this section shall apply regardless of the form of action, whether in contract, tort (including negligence), strict liability, or otherwise, and even if the Publisher Parties have been advised of the possibility of such damages.

Indemnification

You agree to indemnify, defend, and hold harmless the Publisher Parties from and against any and all claims, demands, actions, causes of action, suits, proceedings, losses, damages, liabilities, penalties, fines, costs, and expenses (including reasonable attorneys’ fees, expert witness fees, and litigation costs) arising out of or relating to: (a) your use of this publication or any Content; (b) any investment, trading, or financial decision you make; (c) your violation of this Agreement; (d) your violation of any applicable law, regulation, or third-party right; or (e) any dispute between you and any third party relating to the Content. This indemnification obligation shall survive the termination of this Agreement and your cessation of use of the publication.

Termination

The Publisher may, in its sole discretion, suspend or terminate your access to the publication at any time, with or without cause, and with or without notice. Upon termination, your right to access Content ceases immediately. Provisions of this Agreement that by their nature should survive termination shall survive, including but not limited to Sections 3, 4, 5, 6, 8, 10, 11, 12, 13, 14, 15, and 17.

Severability

If any provision of this Agreement is held to be invalid, illegal, or unenforceable by a court of competent jurisdiction or an arbitrator, such provision shall be modified to the minimum extent necessary to make it valid and enforceable, or, if modification is not possible, severed from this Agreement. The invalidity or unenforceability of any provision shall not affect the validity or enforceability of any other provision, and the remaining provisions shall continue in full force and effect.

Entire Agreement; Waiver

This Agreement constitutes the entire agreement between you and First Strike Research with respect to the subject matter hereof and supersedes all prior or contemporaneous oral or written communications, proposals, representations, or agreements. No waiver of any provision of this Agreement shall be effective unless made in writing and signed by the Publisher. The failure of the Publisher to enforce any right or provision of this Agreement shall not constitute a waiver of such right or provision.

Assignment

You may not assign or transfer this Agreement or any rights or obligations hereunder without the prior written consent of the Publisher. The Publisher may freely assign this Agreement without restriction. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns.

Contact Information

For questions, concerns, or requests relating to this Agreement, including privacy rights requests, DMCA notices, or arbitration opt-out notices, please contact:

First Strike Research Email: outreach@firststrike.trading

By accessing or using First Strike Research, you acknowledge that you have read this Agreement in its entirety, that you understand its terms, and that you agree to be legally bound by every provision herein. This Agreement was last updated on 02/02/2026