Terms and conditions

This website, and all that is reported, is prepared and made available by Exane Derivatives SNC. ("Exane Derivatives"). Exane Solutions is a trademark of the Exane Group (« Exane Solutions »). Exane Derivatives is a member of the Exane Group (Exane SA and all its direct and indirect subsidiaries, “Exane”) and is an entity authorized by the Autorité de Contrôle Prudentiel et de Résolution as an investment firm, and regulated by the Autorité des Marchés Financiers and the Autorité de Contrôle Prudentiel et de Résolution. Exane Derivatives, Geneva Branch, is an entity authorized as a foreign securities dealer by the Swiss Financial Market Supervisory Authority (FINMA). The Milan Branch of Exane Derivatives is also authorized by the Autorité de Contrôle Prudentiel et de Résolution and by the Commissione Nazionale per le Società e la Borsa (Consob) to provide certain investment services in freedom of establishment. The London Branch of Exane Derivatives is authorized by the Autorité de Contrôle Prudentiel et de Résolution and deemed authorised and regulated by the Financial Conduct Authority. The nature and extent of consumer protections may differ from those for firms based in the UK. Details of the Financial Services Contracts Regime, which allows EEA-based firms to operate in the UK for a limited period to carry on activities which are necessary for the performance of pre-existing contracts, are available on the Financial Conduct Authority's website.

The information, announcements and/or detailed analyses included on this website as well as any searchable and/or downloadable file, note or document are provided for indicative purposes only. The contents of this information document should not be used for the purpose of any kind of valuation and does not constitute an offer, invitation or solicitation to buy or sell any of the financial instruments described herein and should not be considered as investment advice.

All information included on this website has been compiled from internal or external sources believed to be reliable although their accuracy cannot be guaranteed. This information does not in any way intend to provide a comprehensive analysis of the securities, markets and trends described. Opinions and other informations mentionned in this website may be subject to change without notice and Exane has no obligation to update them.

The content of this website does not constitute any form of evaluation and may not be considered as a recommendation to purchase the financial products mentioned on the site. The content of this website does not constitute an evaluation of financial products or any form or tool of recommendation, advice and/or regulatory, legal, fiscal and/or financial notice relating to these products. The financial products presented on this website may not be adapted to the financial profile, specific nature or particular requirements of investors and any associated transaction may present financial risks or particular features not reflected in the information, announcements and or/detailed analyses included on this website. Investors are invited to make their own independent decision as to whether a financial instrument or whether investing in the financial instruments described herein is proper, suitable or appropriate based on their own judgment and upon the advice of any relevant and independent advisors they have consulted. Exane accepts no liability whatsoever for any direct or consequential loss arising from any use of this report or its contents.

Figures included in this website may relate to past performances. Past performance is not a reliable indicator of future performance. Fluctuations in foreign exchange rates can have a negative impact on the value, price and returns of the products mentioned in this website.

Recipients should be aware that any entity of the Exane Group can hold, or have held, interests, or long or short positions in the financial instruments described in this document and, at any time, can buy and/or sell these instruments for its own account or for third parties, or can make, or have acted in a market with respect to the securities mentioned in the report. In addition, any entity of the Exane Group can have, or have had, a business relationship with the companies mentioned, or supply and have supplied services such as corporate financing, capital markets or other types of services.

We would like to inform you that a cookie containing your personal identification code and encrypted password may be stored on your computer to enable you to access our services without having to systematically re-enter them.

Exane also uses technologies that track your connections to the site in order to improve the service we offer our users. If you would like more information on the subject, please contact us. The sole purpose of processing your data is to provide you with customised services. Exane processes your data and is the sole recipient of your personal data. In accordance with the French Data Protection Act of 6 January 1978, you have the right to access and change any of your personal data.

Despite all the precautions taken at its installation and after its launch, Exane cannot guarantee the integrity of its website. As such, Exane cannot provide any assurance or guarantee and cannot in any way be held accountable for events beyond our control, namely any fraudulent additions, removals or modifications made to published information or analyses.

No partial or complete copies of these website may be made without the prior written consent of Exane.

Consequently, any investor consulting this website:

• declares that he or she has read and accepts all the above information;
• declares that he or she is a professional investor and disposes of the experience and financial knowledge required to evaluate the advantages, disadvantages and/or risks associated with financial products and understands that it is his or her responsibility to decide by his or herself the appropriateness of any transaction involving one or more financial products with Exane , any entity affiliated with it or any other market counterparty;
• declares, if applicable, to comply with the selling restrictions of the financial instruments and declares notably not to be a "US Persons";
• understands that the content of this website is for indicative purposes only;
• promises, if applicable, not to divulge the personal access tools to the Internet site that have been provided to him or her by Exane or any entity affiliated with it and promises not to communicate the information contained on this Internet site to third parties.