Legal

Legal Disclaimer and Website Terms of Use

Effective date: 15 July 2026

1. Scope and Operator

This Legal Disclaimer and these Website Terms of Use apply to the website seat11a.com, its subpages and related digital services, including videos, audio content, podcasts, newsletters, downloadable materials, transcripts, social-media publications and other content distributed under the seat11a name.

The platform is operated by:

seat11a.com UG (haftungsbeschränkt)
Schweizer Strasse 112
60594 Frankfurt am Main
Germany

Represented by: Sanjay Oberoi

Further statutory company information can be found in the Imprint.

In this document, “seat11a”, “we”, “us” and “our” refer to seat11a.com UG (haftungsbeschränkt). “Platform” refers collectively to seat11a.com and the related services and distribution channels described above.

By accessing or using the Platform, you acknowledge this Legal Disclaimer and agree to comply with these Website Terms of Use. Where you do not agree, you should discontinue your use of the Platform.

2. Informational Purpose Only

The Platform provides access to management presentations, corporate communications, interviews, financial-results presentations, company presentations, elevator pitches, deep dives, ESG presentations, podcasts, summaries, articles and other information concerning publicly listed companies and capital-markets topics.

All content is provided solely for general informational and educational purposes.

Content published on the Platform does not take into account the individual investment objectives, financial circumstances, knowledge, experience, risk tolerance, tax position or particular needs of any person.

The Platform is not intended to provide a complete basis for any investment, legal, tax, accounting, financing, commercial or other decision.

3. No Investment Advice or Financial Service

Neither seat11a nor the Platform provides:

personal investment advice;
portfolio management;
investment brokerage;
investment recommendations tailored to an individual;
execution or transmission of securities orders;
financial planning;
legal, tax or accounting advice;
credit advice;
regulated investment services; or
any fiduciary, advisory or similar relationship.

No communication through the Platform creates an adviser-client, fiduciary, agency or other professional relationship between seat11a and a user.

Users should obtain independent professional advice where this is appropriate for their circumstances.

4. No Offer, Solicitation or Prospectus

Nothing on the Platform constitutes or forms part of:

an offer to sell, issue or subscribe for securities or other financial instruments;
a solicitation of an offer to purchase or subscribe for securities;
an invitation or inducement to engage in investment activity;
a securities prospectus;
an investment memorandum;
a key information document;
an admission document;
a financial promotion directed at a particular investor;
or any other legally binding offering document.

No securities or financial instruments are offered, sold or made available through seat11a unless explicitly stated under a separate legally compliant arrangement.

Any offer of securities may be made only through the legally required documentation and subject to the laws and selling restrictions applicable to that offer and jurisdiction.

5. Not Independent Equity Research

Unless explicitly identified otherwise, content published on seat11a is not independent equity research, financial analysis, a credit rating or an analyst recommendation.

Management presentations and interviews generally reflect the views, explanations, expectations and assessments of the featured company and its representatives.

The fact that a company, executive, board member, Investor Relations representative or other person appears on seat11a does not mean that seat11a independently endorses:

the company;
its securities;
its management;
its business model;
its strategy;
its financial targets;
its forecasts;
its ESG claims;
or any investment case presented.

Users should distinguish clearly between primary-source corporate communication and independent third-party analysis.

6. Company-Provided and Third-Party Content

A significant proportion of the information available through seat11a is supplied, prepared, approved or presented by publicly listed companies, their management teams, Investor Relations departments, advisers or other third parties.

The featured company or relevant third party remains responsible for the substance of its statements, figures, forecasts, opinions, representations and disclosures.

seat11a may provide production, filming, editing, design, formatting, moderation, hosting, publication, transcription, translation, distribution, promotional or related services. Unless expressly stated, these services do not mean that seat11a has independently audited, verified or endorsed the underlying information.

seat11a does not adopt third-party content as its own merely by recording, editing, hosting, embedding, categorising, promoting or distributing it.

Mandatory legal responsibility and liability arising after actual knowledge of unlawful content remain unaffected.

7. Commercial Relationships, Commissioned Content and Sponsorship

Featured companies or other third parties may pay seat11a for services including:

video or audio production;
presentation preparation;
filming and editing;
publication and hosting;
content distribution;
social-media promotion;
podcast production;
newsletter inclusion;
corporate-access services;
or related communication services.

Content produced under such an arrangement may therefore constitute commissioned, sponsored or paid corporate communication.

Where appropriate, content may be labelled using terms such as:

“Commissioned Content”;
“Sponsored Content”;
“Produced in Cooperation with the Company”;
“Issuer-Provided Content”;
or a comparable disclosure.

The payment of a fee does not convert the content into independent research and must not be interpreted as an endorsement by seat11a.

A commercial relationship may create an actual or perceived conflict of interest. Users should take such relationships into account when assessing the content.

8. Interests and Conflicts of Interest

seat11a, its founder, directors, employees, contractors, advisers, service providers or persons associated with them may, subject to applicable law and internal compliance requirements:

hold long or short positions in securities or financial instruments issued by companies featured on the Platform;
trade such securities or instruments;
have commercial relationships with featured companies;
receive fees from featured companies;
or provide other services to featured companies.

Where content constitutes an investment recommendation or other information recommending or suggesting an investment strategy within the meaning of applicable law, any legally required content-specific disclosures concerning interests, positions, commercial relationships or conflicts of interest shall apply in addition to this general notice.

The absence of a general recommendation or rating on seat11a should not be understood as confirmation that no conflict exists.

Users should review any content-specific disclosure accompanying the relevant presentation, article, podcast or publication.

9. No Warranty of Accuracy or Completeness

seat11a seeks to present information professionally and accurately. Nevertheless, neither seat11a nor any featured company or third-party contributor guarantees that content is:

correct;
complete;
current;
accurate;
free from error;
suitable for a particular purpose;
or consistent with later publications.

Information may be condensed, simplified or presented selectively. Video and audio formats may not contain all qualifications, assumptions, risk factors, definitions or reconciliations included in a company’s official reports.

Errors may occur during recording, editing, formatting, transcription, translation, publication, data transfer or technical processing.

Users should verify material information using the featured company’s official regulatory announcements, annual reports, interim reports, financial statements, prospectuses, voting-rights notifications, exchange releases and Investor Relations materials.

In the event of any inconsistency, the company’s official legally required publication should be treated as the authoritative source.

10. Publication Date and Historical Content

Content reflects information and circumstances as of the date indicated or, where no date is shown, as of the date on which it was originally recorded or published.

Businesses, financial results, forecasts, management teams, strategies, market conditions, capital structures, regulations and share prices may change materially after publication.

seat11a is under no general obligation to:

update historical content;
correct statements that were accurate when made;
revise forecasts;
remove outdated presentations;
or identify every subsequent event affecting a publication.

Historical presentations may remain available as part of a company’s communication history. Their continued availability does not mean that the information remains current.

Users should always check for newer company information before relying on older content.

11. Forward-Looking Statements

Content may contain forward-looking statements concerning, among other matters:

expected financial performance;
revenue or profit development;
margins;
cash flow;
market growth;
order intake;
strategic objectives;
acquisitions or disposals;
product launches;
regulatory developments;
financing;
capital allocation;
dividends;
ESG targets;
technological developments;
and future business conditions.

Forward-looking statements may be identified by words such as “aim”, “anticipate”, “assume”, “believe”, “could”, “estimate”, “expect”, “forecast”, “guidance”, “intend”, “may”, “plan”, “project”, “should”, “target”, “will” or similar expressions.

Such statements are based on assumptions, estimates and expectations available at the time they are made. They involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or events to differ materially.

Forward-looking statements are not guarantees of future performance.

Neither seat11a nor, unless legally required, the featured company undertakes any obligation to update a forward-looking statement following new information, future developments or changed circumstances.

12. Financial Information and Alternative Performance Measures

Financial information may be unaudited, preliminary, estimated, rounded, restated, adjusted or based on management reporting.

Content may contain alternative performance measures, non-GAAP measures or non-IFRS measures such as:

adjusted EBITDA;
adjusted EBIT;
recurring earnings;
organic growth;
free cash flow;
net debt;
order intake;
annual recurring revenue;
or other company-defined measures.

Such measures may not be defined or calculated consistently across companies and may not be directly comparable.

Users should review the relevant company’s definitions, reconciliations, accounting policies, auditor reports and official financial statements.

Currency conversions, percentage changes, market values, valuation multiples and other calculations may be affected by rounding, timing and data-source differences.

13. ESG and Sustainability Information

ESG, sustainability, climate and governance information may be based on:

company estimates;
internal methodologies;
evolving reporting standards;
external data providers;
assumptions;
targets;
scenario analyses;
or information that has not been independently assured.

Definitions and methodologies may vary significantly between companies, sectors, jurisdictions, rating providers and reporting periods.

ESG targets and statements may depend on future technological, regulatory, commercial and economic developments. They should not be interpreted as guarantees that a target will be achieved or that a company, activity, product or investment satisfies any particular sustainability standard, taxonomy or investor preference.

References to sustainability, climate alignment, responsible business practices or similar concepts do not constitute a legal, regulatory or investment assessment by seat11a.

14. Investment Risks

Investing in securities and other financial instruments involves risk.

The value of an investment and the income derived from it may rise or fall. Investors may lose some or all of the capital invested.

Risks may include, without limitation:

market risk;
company-specific risk;
liquidity risk;
currency risk;
interest-rate risk;
credit risk;
political risk;
regulatory risk;
operational risk;
technology risk;
cybersecurity risk;
sustainability risk;
and the risk of permanent capital loss.

Smaller companies, less liquid securities and securities traded on junior or growth markets may be subject to particularly high volatility, limited liquidity, wider bid-offer spreads and reduced analyst coverage.

Past performance is not a reliable indicator of future results. Historical share-price performance, financial results, market growth or management execution does not guarantee comparable future performance.

15. Prices, Market Data and Third-Party Data

Share prices, index values, market capitalisations, exchange rates, financial ratios, estimates, consensus figures and other market data may be obtained from companies, exchanges, data providers, public sources or automated systems.

Such information may be delayed, estimated, incomplete or inaccurate.

Market data displayed on seat11a is not intended for trading, order execution, valuation, compliance reporting or any other time-critical purpose.

Users should verify current market information through an authorised market-data provider, trading venue, broker or other appropriate source.

16. Editorial Summaries, Descriptions and Categorisation

seat11a may create titles, introductions, summaries, descriptions, chapter headings, tags, company profiles, sector classifications, search metadata and promotional excerpts.

These materials are intended to help users discover and navigate content. They may simplify complex information and should not be read independently of the complete presentation and the company’s official disclosures.

The inclusion of a company in a particular country, sector, index, category or presentation format does not constitute a legal or investment classification and may change over time.

Promotional wording used in titles, thumbnails or descriptions is not an investment recommendation or guarantee of performance.

17. Artificial Intelligence, Transcripts and Translations

seat11a may use automated tools or artificial-intelligence-assisted systems to support activities such as:

transcription;
subtitling;
translation;
summarisation;
chapter creation;
search;
categorisation;
image or graphic preparation;
metadata generation;
and technical content processing.

Automated outputs may contain omissions, mistranslations, transcription errors, incorrect names, numerical errors or misleading interpretations.

Unless expressly identified as an official company document, an automatically generated transcript, subtitle, translation or summary is provided for convenience only.

The original presentation and the featured company’s official disclosures should be consulted where accuracy is material.

No automated output should be relied upon as legal, financial, investment, accounting or tax advice.

18. Inside Information and Confidential Information

seat11a does not solicit or intend to publish unlawful disclosures of inside information, confidential information or market-sensitive information.

Companies and contributors are responsible for ensuring that information supplied for publication:

may lawfully be disclosed;
is not subject to an embargo that prevents publication;
does not breach confidentiality obligations;
complies with applicable market-abuse and securities laws;
and has received all necessary internal approvals.

Providing information to seat11a does not itself constitute publication through an officially prescribed regulatory information channel.

Companies should continue to use the legally required disclosure systems and procedures for regulated information.

seat11a may postpone, refuse, restrict or remove publication where it reasonably considers that legal, regulatory, confidentiality or market-integrity concerns may exist.

19. External Websites and Third-Party Services

The Platform may contain links to, or embedded content from, third-party websites and services, including company websites, stock exchanges, social networks, video platforms, podcast services and data providers.

Third-party services may include Vimeo, YouTube, LinkedIn, Spotify, Apple Podcasts, X, Instagram, WhatsApp and other providers.

seat11a does not control third-party websites or services and is not responsible for their:

content;
availability;
security;
accuracy;
data processing;
terms of use;
commercial practices;
or continued operation.

A link, embed, reference or social-media connection does not constitute endorsement.

Users access third-party services at their own discretion and subject to the relevant provider’s terms and privacy practices.

Where consent is required before third-party content is loaded, the applicable consent mechanism and Privacy and Cookie Policy apply.

20. Availability and Technical Operation

seat11a does not guarantee uninterrupted, secure or error-free availability of the Platform.

Access may be interrupted or restricted due to:

maintenance;
technical faults;
hosting failures;
cybersecurity events;
telecommunications problems;
third-party service failures;
legal requirements;
or other circumstances.

seat11a may modify, suspend, restrict or discontinue any feature, publication or part of the Platform at any time, subject to mandatory legal or contractual obligations.

Although reasonable security measures may be used, seat11a does not warrant that the Platform, downloads, links, emails or third-party integrations are free from viruses, malware or other harmful components.

Users are responsible for using suitable security measures and maintaining backups of their systems and data.

21. Intellectual Property

Unless otherwise stated, the Platform’s design, layout, texts, graphics, logos, databases, classifications, original videos, audio materials, edits, thumbnails, photographs and other original materials are protected by copyright, trademark, database and other intellectual-property rights.

Rights may belong to seat11a, featured companies, presenters, photographers, production partners, licensors or other third parties.

Users may access and view content for lawful personal or internal professional information purposes.

Ordinary sharing of a link to publicly accessible content is permitted.

Unless permitted by law or authorised in writing by the relevant rights holder, users may not:

reproduce or republish substantial content;
download and redistribute videos or audio files;
modify or create derivative works;
remove copyright, trademark or attribution notices;
sell, license or commercially exploit content;
systematically scrape or extract Platform data;
use content to create a competing database or service;
frame the Platform in a misleading manner;
or imply an association, approval or endorsement that does not exist.

Company names, logos and trademarks remain the property of their respective owners. Their appearance on the Platform does not imply that seat11a owns them.

22. Permitted and Prohibited Use

The Platform may be used only for lawful purposes.

Users must not use the Platform:

to infringe intellectual-property, privacy or other rights;
to distribute unlawful, defamatory, fraudulent or misleading content;
to manipulate financial markets;
to facilitate insider dealing or unlawful disclosure;
to impersonate seat11a, a featured company or another person;
to interfere with the security or operation of the Platform;
to introduce malicious software;
to bypass access restrictions or consent mechanisms;
or to use automated systems in a manner that places an unreasonable burden on the Platform.

seat11a may restrict access or take other appropriate action in response to suspected unlawful or abusive use.

23. Reporting Unlawful or Infringing Content

Anyone who believes that specific content on the Platform is unlawful, infringes rights or contains a material factual error may contact:

sanjay@seat11a.com

A notice should, where possible, include:

the exact URL or location of the content;
a clear description of the concern;
the legal or factual basis of the complaint;
supporting evidence;
the name and contact details of the reporting person;
and a statement confirming that the information submitted is accurate to the best of that person’s knowledge.

seat11a may request additional information before taking action.

Where appropriate, seat11a may remove, restrict, correct or refer content to the featured company or relevant rights holder. Submission of a notice does not guarantee removal.

24. Limitation of Liability

Nothing in this Legal Disclaimer excludes or limits liability where such exclusion or limitation is prohibited by law.

seat11a has unlimited liability:

for loss caused intentionally or through gross negligence;
for culpable injury to life, body or health;
for fraud or fraudulent concealment;
under an expressly assumed guarantee;
under the German Product Liability Act;
and in any other case in which liability cannot lawfully be excluded or limited.

In cases of slight negligence, seat11a is liable only for breach of a material obligation whose fulfilment is essential to the proper operation of the relevant contractual relationship and on whose fulfilment the user may normally rely.

In such cases, liability is limited to the loss that was foreseeable and typical at the time the relevant obligation arose.

Subject to the preceding provisions and to mandatory law, seat11a is not liable for loss arising from:

investment decisions;
trading losses;
reliance on company-provided or third-party information;
outdated or incomplete content;
forecasts that do not materialise;
technical interruptions;
third-party websites or services;
unauthorised access outside seat11a’s reasonable control;
or the deletion, alteration or unavailability of content.

The same limitations apply in favour of seat11a’s legal representatives, employees, contractors, agents and service providers where claims are asserted directly against them.

Featured companies, presenters and third-party contributors may have their own liability provisions. Nothing in this section creates rights against such parties.

25. Data Protection and Cookies

Information concerning the processing of personal data, cookies, analytics, embedded media, contact forms, newsletters and third-party services is contained in the separate Privacy and Cookie Policy.

The Privacy and Cookie Policy forms the authoritative notice for data-protection matters and should be read together with this Legal Disclaimer.

26. International Access

The Platform is operated from Germany and is primarily intended to provide information concerning publicly listed companies to an international audience.

seat11a does not represent that all content is lawful, appropriate or available in every jurisdiction.

Users accessing the Platform from outside Germany are responsible for complying with the laws and restrictions applicable in their location.

Nothing on the Platform is directed at any person where publication, access or use would be unlawful or would require seat11a to obtain a licence, registration or authorisation that it does not hold.

27. Governing Law and Jurisdiction

These Website Terms of Use are governed by the laws of the Federal Republic of Germany, excluding the United Nations Convention on Contracts for the International Sale of Goods.

Where the user is a consumer, this choice of law does not deprive the user of mandatory protections granted by the law of the country in which the user has their habitual residence.

Where legally permissible, the exclusive place of jurisdiction for disputes involving merchants, legal entities under public law or special funds under public law is Frankfurt am Main, Germany.

Mandatory statutory places of jurisdiction remain unaffected.

28. Consumer Dispute Resolution

seat11a is neither willing nor obliged to participate in dispute-resolution proceedings before a consumer arbitration board, unless a legal obligation to participate applies in a particular case.

29. Amendments

seat11a may amend this Legal Disclaimer and these Website Terms of Use to reflect changes to:

the Platform;
business activities;
publication formats;
technology;
legal requirements;
or regulatory guidance.

The version published on the Platform at the relevant time applies.

Material changes may be identified by an updated effective date.

30. Severability

If any provision of this Legal Disclaimer or these Website Terms of Use is or becomes invalid, unlawful or unenforceable, the remaining provisions remain unaffected to the extent permitted by law.

Any invalid provision shall be replaced by the applicable statutory provision. No reversal of the burden of proof is intended.

31. Contact

Questions concerning this Legal Disclaimer may be sent to: