Terms and Conditions of Use

DISCLAIMER

IMPORTANT WARNING: As indicated by the authorship in each case, the articles, videos, documents, and other content of this website (the "Content") may have been prepared (or provide access to documentation prepared) by Asesores y Gestores Financieros, S.A., or other entities of its group (the "A&G Group") or by third parties (the "Third Parties").

In the case of Third-Party Content, the A&G Group merely provides access to documents or information of Third Parties that may be of interest, but such documents or information contain opinions and data of Third Parties that are not attributable to or the responsibility of the A&G Group.

In the case of A&G Group's Content, all the information contained has been compiled and prepared in good faith and from sources we consider reliable, but the A&G Group makes no representation or warranty as to its completeness, truthfulness and/or accuracy, and therefore accepts no responsibility for it.

The Content is for illustrative and informational purposes only and does not constitute (is not intended to constitute, should not be construed as, and does not replace, in any event, at any time or under any circumstances) an offer to buy or sell or a recommendation to invest in or contract for any securities, financial instruments or services (the "Financial Products"), investment advice, general advice or a legal opinion.

Opinions on forecasts and/or estimates that may be reflected in the Content (the "Estimates") may include financial statements on market trends, investment techniques and strategies, and commentary on market developments, various Financial Products, performance and/or similar or equivalent matters or issues. Such Estimates represent the author's judgement as of the date of publication of the Content, but:

• (a) as stated above, are for illustrative purposes only and should not be considered as an offer or advice;
• (b) are subject to change without notice and there is no obligation to update, amend or correct them; and
• (c) may not necessarily be complete. In addition, the recipient of the Content must be aware that:

• (a) there are certain risks (including market, interest rate or currency, counterparty and concentration risks) uncertainties and factors (market conditions, macroeconomic factors, national, European or international regulations, guidelines, directives, administrative or legal guidance or doctrine, movements in national and international markets, changes in interest or exchange rates, and many others) which may cause results to differ materially from those anticipated;
• (b) past performance is not a guarantee of, and in no way indicative of, future results; and
• (c) the value of investments, and the income or return thereon, may go down as well as up with market conditions and is not guaranteed, and you may not get back the amount originally invested. Therefore, the A&G Group does not guarantee the accuracy of the Estimates and is not responsible for them.

The terms, conditions, prices or similar or equivalent aspects (the "Terms") that may be set out in the Content are merely indicative and constitute only preliminary Terms that are subject to discussion and negotiation and may change due to, among other reasons, variations in market circumstances and/or changes in legislation, jurisprudence or administrative doctrine.

Therefore, the A&G Group will not be bound by such Terms until such time as the parties involved decide to enter into a particular transaction and set out the specific terms and conditions of that transaction in the relevant legal documentation.

The A&G Group may have an economic, financial or other interest in the companies or Financial Products referred to in the Content, and such interest may arise from any circumstance and, in particular, from:

• (a) being a market maker;
• (b) buying or selling such Financial Products (or derivative instruments linked to them) for its own account or for the account of a third party;
• (c) being a shareholder of such companies; or
• (d) having entered into any type of agreement with such companies or with the issuers or marketers of such Financial Products.

Recipients of the Content who may be interested in the Financial Products referred to should be aware that, in addition to the rest of this warning:

• (a) the Content is not a substitute for the exercise of your own judgement;
• (b) such Financial Products may not be suitable for your particular circumstances and, in particular, for your investment objectives, financial or asset position, risk profile and/or investor classification (retail, professional or eligible counterparty);
• (c) the tax treatment depends on the individual circumstances of each investor and it (or the legal, accounting or regulatory treatment) may change in the future;
• (d) your decisions must be based on the applicable legal documentation in each case (prospectuses, offering memoranda, management regulations, periodic reports or similar or equivalent documents) and not on the Content; and
• (e) there may be legal restrictions or considerations arising from, among other things, the nationality or residence of the recipient and the non-registration of the Products with certain bodies or regulatory authorities.

Accordingly, the recipient of the Content must make his or her own decisions in light of his or her particular circumstances and obtain specialist investment, tax, legal, regulatory, accounting or other professional advice as necessary.

Any Content, as well as any Estimates that such Content may contain, may be changed at any time and in any respect without notice or notification to you. Without prejudice to the foregoing, the A&G Group or any third-party who has prepared the Content are under no obligation to periodically update, modify or correct the Content.

The A&G Group makes no express or implied warranties in relation to the Content and accepts no liability whatsoever in relation to the Content and, in particular, no liability for any costs or losses, direct or indirect, which may arise from the use of the Content.

No part of the Content may be copied, photocopied, duplicated or reproduced in any form or by any means, and no part of the Content may be cited or transmitted or redistributed to any third party without the written consent of the A&G Group.