Last updated: 6 October 2026

These Terms and Conditions ("Terms") govern access to and use of the website, member areas, dashboards, applications, research, data, charts, reports and other services provided under the AJ Investment Research brand ("AJIR", "we", "us", or "our").

By creating an account, purchasing or renewing a subscription, accessing subscriber-only content, or otherwise using the Services, you agree to these Terms.

If you do not agree to these Terms, you must not access or use the Services.

1. The Services

AJIR provides investment research, analytical tools, dashboards, written research, financial data presentations, charts, calculations, forecasts, commentary and related digital content.

The Services may include, among other things:

• investment research articles;
• company and industry analysis;
• interactive dashboards;
• historical and forecast financial data;
• valuation and financial models;
• charts and visualisations;
• calculated metrics;
• datasets and data presentations;
• member applications;
• subscriber-only posts;
• notifications and research updates; and
• other proprietary analytical material.

The precise content available depends on the subscriber's plan.

2. Personal and Limited Licence

Unless we expressly agree otherwise in writing, a subscription provides the registered subscriber with a limited, personal, non-exclusive, non-transferable and revocable right to access and use the Services for the subscriber's own legitimate informational purposes.

A subscription does not constitute a sale or transfer of ownership of our content, data compilations, software, databases or intellectual property.

For an individual subscription, access is licensed to one natural person only.

An organisation, business, investment fund, advisory firm, research firm or other group may not use an individual subscription to provide access to multiple people.

A separate team, commercial or enterprise arrangement must be agreed with AJIR where applicable.

3. Strict Prohibition on Automated Access and Data Extraction

AJIR's Services are intended primarily for normal human use through interfaces made available by AJIR.

Except where AJIR has expressly authorised it in writing, you must not use any automated or semi-automated method to access, collect, monitor, copy, extract, reconstruct or download information from the Services.

This prohibition includes, without limitation:

• bots;
• crawlers;
• spiders;
• scrapers;
• scripts;
• browser automation;
• headless browsers;
• automated agents;
• automated API clients;
• data-mining tools;
• automated downloading software;
• screen-scraping software;
• automated screenshot capture;
• OCR or image-to-data extraction systems;
• automated chart or table extraction;
• automated monitoring tools; and
• any comparable technology intended to collect information at a scale or frequency beyond ordinary individual use.

This prohibition applies whether the information is collected directly from visible pages or indirectly from technical components supporting those pages.

4. Prohibition on Direct or Hidden Data Access

A subscriber receives permission to use the interfaces we intentionally provide to subscribers.

A subscription does not provide permission to directly access, interrogate or systematically retrieve information from underlying technical systems merely because a browser or application is technically capable of communicating with those systems.

Without our prior written permission, you must not attempt to obtain data directly or systematically through:

• private or undocumented APIs;
• application endpoints;
• internal data endpoints;
• backend services;
• network requests used internally by a dashboard;
• database interfaces;
• application data feeds;
• WebSocket or similar connections;
• authentication endpoints;
• storage systems;
• internal JSON or structured responses;
• developer interfaces not expressly offered to subscribers; or
• any other non-public technical interface supporting the Services.

The fact that an endpoint, URL, request, response or technical resource can be discovered using browser developer tools, network inspection, source code, application traffic or similar means does not constitute authorisation to use it independently.

5. No Circumvention of Access Controls

You must not circumvent, defeat, avoid, interfere with or attempt to bypass any technological or contractual measure used by AJIR to protect the Services.

Prohibited conduct includes deliberately:

• bypassing authentication;
• bypassing subscription verification;
• circumventing rate limits;
• avoiding usage controls;
• avoiding request attribution;
• circumventing access tokens or session controls;
• altering, suppressing, fabricating or manipulating request information for the purpose of avoiding security or usage controls;
• distributing requests among different accounts, devices, networks, addresses or identities to evade restrictions;
• rotating identities or technical infrastructure to disguise automated extraction;
• replaying, fabricating or reusing authentication credentials or request signatures outside their intended use;
• exploiting an error, vulnerability or configuration mistake to gain access beyond the subscriber's authorised access;
• accessing content following expiry, suspension or termination of the relevant subscription; or
• using any technical method intended to conceal the identity, origin, scale or automated nature of extraction activity.

An accidental technical omission or ordinary privacy technology is not by itself a breach of this provision.

This provision targets deliberate or systematic conduct whose purpose or effect is to evade our security, attribution, access or usage controls.

6. No Systematic Collection or Reconstruction of Our Research Database

You may not create, reconstruct or maintain a substitute or derivative database based on AJIR's Services.

In particular, you may not systematically collect or combine:

• company financial figures;
• historical figures;
• forecasts;
• consensus figures;
• valuation data;
• earnings estimates;
• charts;
• chart coordinates;
• time series;
• company metrics;
• research conclusions;
• analyst commentary;
• dashboard outputs;
• calculated values;
• research metadata; or
• other material obtained through the Services

for the purpose of reproducing, reconstructing, competing with, redistributing or commercially exploiting a material part of the AJIR research offering.

This restriction applies whether extraction occurs:

• in a single operation;
• gradually over time;
• company by company;
• page by page;
• through repeated small requests;
• manually in a systematic manner;
• automatically; or
• through a combination of methods.

AJIR reserves all applicable database, copyright, contractual and other intellectual-property rights.

Repeated or systematic extraction of portions of our databases may constitute a breach of these Terms even where individual extraction events appear small.

7. Normal Subscriber Use Remains Permitted

These Terms are not intended to prevent legitimate normal use of an AJIR subscription.

Unless otherwise stated, a subscriber may:

• read research;
• interact normally with dashboards;
• use available filters and controls;
• zoom, pan and inspect charts;
• make occasional screenshots for personal reference;
• print limited material for personal reference; and
• take personal notes based on research.

Such use must remain reasonable, individual and consistent with the purpose of the subscription.

Systematic copying, extraction, archiving or reproduction remains prohibited.

8. Account Security and Credential Sharing

Your account is personal to you unless AJIR has expressly provided a multi-user or enterprise subscription.

You must not:

• share your password;
• share authentication links;
• share access tokens;
• provide another person with persistent access to your account;
• sell, rent, sublicense or transfer your account;
• permit another business or organisation to use your account;
• operate a shared account for multiple users; or
• allow another person or system to use your credentials for automated retrieval.

You are responsible for taking reasonable steps to keep your credentials secure.

You must notify AJIR through any reporting or support mechanism made available through the Services if you believe that your account or credentials have been compromised.

We may require re-authentication or additional verification when reasonably necessary to protect the account or the Services.

9. Prohibition on Redistribution and Commercial Reuse

Unless AJIR has given prior written permission, you must not reproduce, republish, redistribute, resell, sublicense, broadcast, transmit or commercially exploit subscriber-only AJIR content.

In particular, you must not:

• republish AJIR research on another website or platform;
• operate a competing research product using AJIR material;
• resell AJIR data;
• distribute subscriber-only charts or datasets to customers;
• create a data feed derived substantially from AJIR;
• provide AJIR content as part of another paid product;
• upload substantial amounts of AJIR content to a shared corporate repository;
• distribute AJIR subscriber content through social media, messaging groups or mailing lists; or
• make subscriber content available to persons who do not hold the required subscription.

Brief quotations may be used where permitted by applicable law.

10. Artificial Intelligence, Machine Learning and Automated Analysis

Unless AJIR has given prior written permission, subscriber-only AJIR content may not be systematically used to create, train, improve, evaluate or operate an artificial-intelligence or machine-learning system.

You must not systematically provide AJIR content to:

• large language models;
• machine-learning models;
• model-training systems;
• fine-tuning systems;
• retrieval-augmented generation systems;
• vector databases;
• embedding systems;
• autonomous agents;
• synthetic-data generators; or
• comparable automated knowledge systems.

You may not use AJIR content to construct a model, database or automated service that reproduces, substitutes for or enables systematic retrieval of AJIR's research or datasets.

Use of ordinary software tools for personal analysis does not automatically violate this section.

The restriction concerns systematic ingestion, storage, model development, redistribution or automated exploitation of AJIR content.

11. Security Testing and Vulnerability Exploitation

You must not conduct penetration testing, vulnerability scanning, security testing, load testing, automated probing or similar testing against AJIR systems without prior written authorisation.

If you inadvertently discover a potential security vulnerability, you must not exploit it to obtain additional data or access.

Where AJIR makes a security-reporting mechanism available through the Services, good-faith vulnerability reports may be submitted through that mechanism.

12. Intellectual Property

Except for material belonging to identified third parties, the Services and their original elements are owned by or licensed to AJIR and may be protected by copyright, database rights, contractual rights, trademark law and other intellectual-property rights.

This includes, where applicable:

• research;
• text;
• analysis;
• proprietary calculations;
• software;
• application design;
• dashboard design;
• graphics;
• charts;
• data organisation;
• databases;
• database structures;
• proprietary compilations;
• forecasts;
• models; and
• presentation of analytical information.

Nothing in these Terms transfers ownership of these rights to the subscriber.

Third-party market data or other licensed information remains subject to the rights of its respective owner.

13. Detection and Prevention of Abuse

Subject to applicable privacy and data-protection requirements, AJIR may operate reasonable technical and organisational measures to protect its Services against unauthorised access, automated extraction, account sharing, security attacks and other abuse.

For security and fraud-prevention purposes, we may process information such as:

• account identifiers;
• authentication activity;
• request timestamps;
• request volumes;
• network and security logs;
• access patterns;
• device or session information where lawfully collected;
• application events; and
• other technical security information.

Unusually high usage alone does not necessarily establish abuse.

We may assess surrounding technical and account activity before taking permanent enforcement action.

14. Protective Suspension

AJIR may temporarily restrict or suspend access where there is a reasonable basis to believe that:

• an account has been compromised;
• credentials are being shared;
• automated extraction is occurring;
• access controls are being circumvented;
• the account presents a material security risk;
• the Services are being used in material violation of these Terms; or
• immediate action is reasonably necessary to protect AJIR, its subscribers, its systems or its intellectual property.

Where circumstances permit, we may seek further information from the subscriber.

Where immediate protection of the Services is reasonably necessary, suspension may occur without advance notice.

A temporary security suspension does not by itself constitute a final determination that the subscriber has breached these Terms.

15. Termination for Material Breach

AJIR may terminate a subscription or account for material breach of these Terms, subject to applicable mandatory requirements.

Conduct that may constitute a material breach includes, in particular:

• systematic scraping;
• automated extraction;
• large-scale copying;
• intentional circumvention of access controls;
• unauthorised direct access to protected backend systems;
• deliberate credential sharing;
• resale or redistribution of subscriber content;
• use of multiple accounts to circumvent restrictions;
• exploitation of security vulnerabilities;
• creation of a competing or substitute database through AJIR data; or
• repeated prohibited conduct following a warning.

Nothing in this section limits termination rights that may otherwise exist.

16. Investigation and Preservation of Evidence

Where AJIR reasonably suspects material abuse, AJIR may, subject to applicable requirements:

• investigate relevant activity;
• preserve relevant security and access records;
• preserve evidence reasonably required to establish what occurred;
• correlate activity associated with the suspected abuse;
• request an explanation from the subscriber;
• require compromised credentials to be replaced; and
• take proportionate technical measures to prevent continued unauthorised access.

AJIR may retain evidence for as long as reasonably necessary to establish, exercise or defend legal claims, subject to applicable data-protection requirements.

17. Remedies for Unauthorised Extraction or Misuse

Unauthorised extraction or redistribution can cause substantial harm that may be difficult to reverse.

Where permitted, AJIR reserves the right to:

• require prohibited activity to stop;
• revoke or restrict access;
• terminate the relevant subscription for cause;
• seek deletion or return of unlawfully obtained AJIR material;
• seek injunctive relief;
• enforce copyright or database rights;
• claim compensation for proven losses;
• seek recovery of other amounts legally available; and
• pursue other contractual or statutory remedies.

These Terms do not impose an automatic fixed contractual penalty for suspected scraping.

Any claim for damages, costs or other monetary relief will be determined according to the circumstances and any applicable requirements.

18. Third-Party Misuse

You must not knowingly assist another person in violating these Terms.

For example, you must not knowingly:

• provide credentials to an extractor;
• provide authentication material to a scraping service;
• operate an account on behalf of an unauthorised data collector;
• forward protected technical access information for the purpose of circumventing AJIR controls; or
• purchase a subscription primarily for collecting AJIR data on behalf of another person or organisation.

19. Subscription and Payment

Subscription prices, billing periods and applicable taxes are displayed during the purchasing process.

Unless stated otherwise at purchase, subscriptions may renew automatically according to the billing period selected.

Applicable mandatory consumer rights remain unaffected.

Where withdrawal, cancellation or similar statutory rights apply, information concerning those rights may be provided separately during the purchasing process.

20. Research Is Not Personal Investment Advice

AJIR provides research and information for informational and educational purposes.

Unless expressly stated otherwise, AJIR does not provide personalised investment advice, tax advice, legal advice or individual portfolio management through the general Services.

Research may contain opinions, assumptions, estimates, projections and forward-looking statements.

Financial markets involve risk.

Investments may lose value and past performance is not a guarantee of future results.

Users remain responsible for their own investment decisions and should consider obtaining appropriate professional advice where necessary.

21. Accuracy and Availability

AJIR seeks to provide high-quality research, but financial data and research necessarily may depend on:

• third-party information;
• estimates;
• assumptions;
• reporting delays;
• revisions;
• incomplete information; and
• changing market circumstances.

AJIR does not guarantee that every item of information will always be complete, current or error-free.

We may correct, update or revise research or data where appropriate.

We may temporarily interrupt or restrict portions of the Services for maintenance, security, infrastructure changes or circumstances beyond our reasonable control.

Mandatory rights remain unaffected.

22. Liability

Nothing in these Terms excludes or limits liability where such exclusion or limitation is prohibited.

Where limitation of liability is legally permitted, AJIR's liability may be limited to losses that were reasonably foreseeable and directly connected to the relevant breach.

Nothing in these Terms is intended to exclude liability for conduct for which exclusion is not legally permitted.

Mandatory rights remain unaffected.

23. Third-Party Services and Data

Parts of the Services may rely upon information, software, infrastructure or data supplied by third parties.

Third-party information remains subject to the rights and conditions applicable to that information.

A subscription to AJIR does not grant rights to independently obtain or redistribute third-party datasets beyond the rights AJIR is able to provide.

24. Changes to the Services

AJIR may develop, improve, modify or discontinue individual features where reasonably necessary, including for:

• security;
• regulatory compliance;
• third-party data availability;
• technical development;
• maintenance; or
• improvement of the Services.

Material contractual obligations and mandatory subscriber rights remain unaffected.

25. Changes to These Terms

We may update these Terms where reasonably necessary, including because of changes in security requirements, technology, applicable requirements or the Services.

Material changes will be communicated where required.

Where subscriber consent to a change is required, AJIR will seek that consent.

26. Severability

If an individual provision of these Terms is invalid or unenforceable, the remaining provisions remain unaffected to the extent permitted.

Any resulting gap will be addressed in accordance with applicable mandatory requirements.

27. No Waiver

Failure by AJIR to immediately enforce a contractual right in an individual case does not constitute a permanent waiver of that right.

IMPORTANT NOTICE REGARDING AUTOMATED EXTRACTION

A paid subscription grants access to AJ Investment Research for legitimate subscriber use. It does not grant permission to scrape, crawl, bulk-download, reconstruct or systematically extract our research or databases.

Bots, scripts, automated agents, undocumented API access, systematic data collection, deliberate circumvention of access controls, credential sharing and creation of substitute datasets are prohibited unless AJ Investment Research has expressly authorised the activity in writing.

Attempting to hide automated activity, bypass attribution or security controls, distribute extraction across multiple accounts or identities, or access underlying data directly rather than through the subscriber interfaces provided by AJIR is also prohibited.

Material violations may result in immediate protective suspension, termination for cause and enforcement of available contractual, copyright, database and other intellectual-property rights.