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General Terms of Service

Effective as of 29 September 2025

  1. SCOPE OF AGREEMENT

    1. These General Terms of Service (‘TOS’) set forth the terms under which Montel (‘we, us, our’) provides its energy market data, analyses, and news services (the ‘Services’) to the client (‘you, your’), as further described below and in any applicable order form. Together with the order form (including any appendices) and the Terms of Use applicable to each Service you subscribe to, these TOS form the entire agreement between you and us (the ‘Parties’) regarding the Services provided by Montel (the ‘Agreement’).

    2. Unless another Montel company is indicated in the order form, ‘Montel’ shall mean Montel AS, a limited liability company registered in Norway under company number 956 531 365, having its registered office at Holbergs gate 1, 0166, Oslo, Norway. If another Montel Group company is indicated in the order form, then this company will provide the Services to you and any reference to Montel in the Agreement shall mean a reference to that company.

  2. SCOPE OF SERVICE

    1. The Services provided by us to you consist of access to one or more online platforms on which you can access market data, analyses, and news related to the energy market (the ‘Data’). The individual Services and corresponding Data which you have access to will be indicated in your order form.

    2. While we continuously work to ensure the quality of the Data, the Data is provided ‘as is’ without any warranty of any kind, either expressed or implied. To the fullest extent permitted by law, we hereby disclaim any and all warranties related to the Data, including but not limited to any warranty of accuracy, completeness, or fitness for a particular purpose.

    3. While we always strive to make the Services continuously available to our clients, the Services are provided ‘as is’ and ‘as available’ without any guaranteed uptime or availability levels. For some of our services, we may against an added fee provide a separate Service Level Agreement (‘SLA’), in which case the SLA shall take precedence over this clause 2.3.

    4. We make every effort to check and test material for malicious code at all stages of production. It is always advisable to run an anti-virus programme on all material downloaded from the Internet. We cannot accept any responsibility for any loss, disruption or damage to your data or your computer system which may occur whilst using material derived from our Services.

    5. We may at any time modify or update the Services, including the Data, at our sole discretion. We will use reasonable efforts to notify you of any major changes that substantially affect your use of the Services. If a change has a material adverse effect on your use of any Service, you may terminate the affected Service within thirty (30) days of receiving such notice, in which case we will provide a pro-rata refund of any prepaid fees for that Service for the remainder of the subscription term.

  3. SUBSCRIPTION AND PAYMENT TERMS

    1. When you accept an offer for one or more of our Services, you agree to pay the applicable subscription fee as indicated in the order form, as adjusted from time to time in accordance with clause 3.4.

    2. Your subscription is valid and binding for the term described in the order form (the ‘Initial Term’). The subscription automatically renews for successive periods of the same duration as the Initial Term unless either Party provides at least ninety (90) days’ written notice of non-renewal before the end of the current subscription term. Upon giving or receiving such timely notice, we will cease providing the Services as of the renewal date.

    3. Unless otherwise agreed, access to the Services is granted only to named individual users within your organisation. Depending on the Service you subscribe to, the subscription fee is calculated for each individual user or for a specified number of simultaneous individual users (seats). This is specified for each Service in your order form.

    4. We may adjust subscription fees each year at the renewal date. We will give you notice of any price adjustment at least thirty (30) days before the renewal date. If you object to an increase, you may terminate your subscription by giving us notice no later than thirty (30) days after the date of the price adjustment notice. We will then cease providing the Services as of the renewal date.

    5. If our third-party data provider costs change during the subscription period, we may pass on such cost changes to you upon at least thirty (30) days’ written notice. If you object to the price adjustment you may within give us written notice within those 30 days that you want to terminate your subscription. In such event, we may elect to either i) accept your termination as of the date the changes become effective and refund any prepaid fees on a pro-rata basis for the remaining subscription term, or ii) reverse the price adjustment, in which case your notice to terminate shall be void.

    6. Unless otherwise specified in the order form, the subscription fee will be invoiced annually in advance, and you must pay the invoice within fourteen (14) days of the invoice date.

    7. We reserve the right to suspend access to the Services if payment is not received when due. Late payments shall accrue interest at a rate of (i) SONIA plus eight (8) percentage points if invoiced in GBP, or (ii) EURIBOR plus eight (8) percentage points for invoices in EUR or any other currency.

  4. INTELLECTUAL PROPERTY RIGHTS, LICENCE AND USE

    1. The content that is provided through the Services, including the Data, (such as text, graphics, logos, button icons, images, audio clips, digital downloads, data compilations and software) is our exclusive property or that of our content suppliers and is, unless specifically stated otherwise, protected by copyright, and other intellectual property rights. Except for the limited licence provided in clause 4.1, no rights to any intellectual property are transferred to you through this Agreement.

    2. Subject to your compliance with the Agreement, we grant you a limited, non-exclusive, non-transferable, revocable, worldwide licence to access and use the Data, solely for your personal (non-commercial) or internal business purposes. You may not use or reproduce the Data in any other way than as explicitly permitted by the Agreement.

    3. Unless otherwise agreed, only named users within your organisation who are provided with an individual user account (‘Authorised User’) may access the Services under the Agreement. Each user account is linked to the specified named user, and sharing of usernames and passwords is not permitted. You may only allow your own employees to register a user account and access the Services. Upon request we may, in our sole discretion, also allow your named in-house consultants or contractors to obtain a user account and access the Services under the Agreement, provided that they only use the Services for your internal purposes.

    4. Authorised Users may access the Services and view the Data on their personal computer device(s), and/or print a single hard copy for their personal or your internal business purposes. You may not otherwise reproduce or transmit it, make it available on a network or use it to create derivative works without our prior written consent.

    5. It is explicitly prohibited to

      1. input into or process, or cause or permit the input or processing of, any Data with artificial intelligence (AI) technologies, including (but not limited to) machine-learning models, generative models and embeddings, whether for the purposes of training, fine-tuning, evaluation or any other purpose, or

      2. export, extract, or otherwise scrape any content forming part of the Service, including Data, including, without limitation, indexing, storing, re-sharing, or rehosting any content or Data outside the services or bulk downloading any content or Data.

    6. The trademarks, logos and service marks shown on our web pages and platforms, unless otherwise specified, are our trademarks. No rights are granted to use any of them without our prior written consent.

    7. You are responsible for ensuring that all persons who access the Services within your organisation, through your internet connection or under this Agreement are aware of the terms of the Agreement, including these Terms of Service, and that they comply with them. You must also ensure that they read and comply with the Terms of Use applicable to each Service.

    8. Except for the licence expressly granted in clause 4.2 and our indemnity obligations in clause 5.6, we make no express or implied warranties of title, ownership or non‑infringement in the Services or the Data, and we make no representations regarding any third‑party websites or content referenced or linked through the Services.

  5. LIABILITY AND INDEMNITIES

    1. To the fullest extent permitted by law, we shall not be liable for any loss you may sustain due to your reliance on or use of the Data or the Services, including due to unavailability of the Services (except as set out in any SLA).

    2. We shall not be liable for any indirect loss, costs or expenses whatsoever arising out of your use of the Services or the Data. Indirect loss shall include, but is not limited to, loss of profit, data loss, loss of production, loss of business or business opportunities, and depletion of goodwill.

    3. Each Party’s total aggregate liability to the other under the Agreement shall in no event exceed 50 % of the total subscription fees paid by you in the twelve (12) months immediately preceding the event giving rise to such liability. This clause 5.3 shall not apply to any liability arising out of any Party’s breach of its obligations set out in clauses 5.4 through 5.6.

    4. Except for such claims as described in clause 5.5, you agree to defend, indemnify and hold Montel, its Affiliates and their Representatives harmless from and against any third-party claims arising from your use of the Services and the Data.

    5. You agree to defend, indemnify and hold Montel, its Affiliates and their Representatives harmless from and against any third party claim alleging that your use of the Services or the Data infringes upon any third party’s intellectual property rights, when your use giving rise to such claim is not permitted under this Agreement.

    6. We agree to defend, indemnify and hold you and your Affiliates and your and their Representatives harmless from and against any third party claim alleging that your use of the Services and the Data as permitted under the Agreement infringes upon any third party’s intellectual property rights.

    7. Each Party agrees that the rights conferred on Affiliates and Representatives in clauses 5.4 through 5.6 shall be independently enforceable by them.

    8. Nothing in this Agreement shall limit either Party’s liability for loss arising out of gross negligence or wilful misconduct.

  6. TERMINATION AND SUSPENSION

    1. Either Party may terminate the subscription if the other Party commits a material breach of this Agreement and fails to remedy such breach within a reasonable cure period after receiving written notice.

    2. We may suspend our provision of the Services if (i) you fail to pay outstanding fees when due, or (ii) you or anyone in your organisation misuses the Data in breach of this Agreement.

    3. We have the right to disable the access to the Services for any user account, if in our reasonable opinion the user has failed to comply with the Terms of Use or any provision of the Agreement.

  7. FORCE MAJEURE

    1. Neither Party shall be liable for any delay or failure in performing its obligations under this Agreement if such delay or failure is caused by events beyond the reasonable control of that Party. This includes, but is not limited to, natural disasters, war, acts of government, strikes, or similar events, provided always however that the general requirements set out in the preceding sentence are fulfilled. This provision shall not relieve you of your obligation to pay fees for Services already rendered, except in the event that banking or payment systems are themselves rendered inoperative due to a force majeure event.

  8. COMPLIANCE

    1. Sanctions: Both Parties shall comply with all applicable sanctions and export control laws (including those of the United Kingdom, European Union, United States of America, and United Nations) (‘Sanctions’). Neither Party shall be required to perform any obligation if such performance would breach applicable Sanctions. If either Party becomes subject to Sanctions which prohibit the continued provision of the Services, the other Party may terminate this Agreement immediately upon written notice, without any liability or penalty for either Party.

    2. Breach of sanctions laws: If either Party is in breach of any Sanctions, this shall be deemed a material breach of this Agreement, and the other Party shall be entitled to terminate in accordance with Clause 6.1.

    3. Anti-Corruption and Anti-Bribery: The Parties shall comply with all applicable anti-corruption and anti-bribery laws (including the UK Bribery Act and the US Foreign Corrupt Practices Act). Each Party may terminate this Agreement immediately upon written notice if there are reasonable grounds (supported by credible evidence) to believe the other Party has breached such laws.

    4. Code of Conduct: Montel commits to adhering to its internal code of conduct, which addresses ethical and responsible business practices. The code of conduct is available on Montel’s website, and may also be obtained upon request.

    5. Privacy: To the extent we receive and process any personal data in connection with the Agreement or the Services, we undertake to comply with applicable privacy laws, including the European General Data Protection Regulation and the UK General Data Protection Regulation.

  9. GOVERNING LAW AND DISPUTE RESOLUTION

    1. This Agreement shall be governed by and construed in accordance with the laws of Norway, without giving effect to any of its choice of law provisions which would render any other laws applicable.

    2. The Parties shall seek to settle any dispute amicably through good-faith negotiations. In case a dispute cannot be settled amicably, the Parties submit to the exclusive jurisdiction of the courts of Norway. The agreed venue shall be Oslo District Court (‘Oslo tingrett’).

  10. GENERAL

    1. Amendments: We reserve the right to unilaterally amend these TOS and the Terms of Use. We will notify you of any significant amendments at least thirty (30) days in advance. If you object to the amendment, you may give us written notice no later than the date when the changes become effective that you want to terminate your subscription. In such event, we may elect to either i) accept your termination as of the date the changes become effective and refund any prepaid fees on a pro-rata basis for the remaining subscription term, or ii) continue to provide the Services on the original terms, in which case your notice to terminate shall be void.

    2. Entire Agreement: This Agreement (as defined in clause 1.1) constitutes the entire agreement between you and us with respect to the subject matter hereof and supersedes all prior negotiations, understandings, or agreements relating to such subject matter. Nothing herein shall limit or supersede any separate written agreements the Parties may have in place concerning other, unrelated matters

    3. Assignment: Neither we nor you may assign or transfer its rights or obligations under this Agreement without the prior written consent of the other, except that we may assign or transfer our rights or obligations under this Agreement to any of our Affiliates without requiring your consent.

    4. Severability: If any provision of this Agreement is held invalid or unenforceable, the remaining provisions shall remain in full force and effect.

    5. No Waiver: Failure to enforce any right under this Agreement does not constitute a waiver of that right or any other right.

    6. Notices: All notices under this Agreement shall be in writing and delivered by email or other mutually agreed method. Notices to you shall be sent to the contact indicated in the order form. Notices to Montel shall be sent to notifications@montel.energy.

    7. Definitions:

      • ‘Affiliate’ means, with respect to a Party, any entity that directly or indirectly controls, is controlled by, or is under common control with, such Party, where ‘control’ means the direct or indirect ownership of more than fifty percent (50%) of the shares or other equity interest having the power to vote for directors (or the equivalent) or the ability to otherwise direct the management or policies of such entity.

      • ‘Representative’ means, with respect to a Party or an Affiliate, its directors, officers, employees, contractors, agents, professional advisers (including legal, accounting, financial and other consultants), and other persons acting on its behalf.

      • ‘SONIA’ means the Sterling Overnight Index Average, as administered and published by the Bank of England (or any successor).

      • ‘EURIBOR’ means the Euro Interbank Offered Rate, as administered and published by the European Money Markets Institute (or any successor).