Terms and Conditions of Use:

“Electronic Mail” refers to any electronic communication sent and/or received by employees of Kepler Cheuvreux. Electronic Mail includes, but is not limited to, email messages to and from Kepler Cheuvreux systems, email attachments, Bloomberg messages, Instant Messages, Chat messages, and correspondence to and from Kepler Cheuvreux via facsimile.

Electronic Mail is subject to the following Terms and Conditions of Use (“Terms and Conditions of Use”). Please read the following Terms and Conditions of Use carefully. Each time you communicate with Kepler Cheuvreux via Electronic Mail, your use indicates your full acceptance of and agreement to abide by these Terms and Conditions of Use in its then current form.

Confidentiality Notice to Recipients:

Electronic Mail is confidential and exclusively for the use of the intended recipient(s). If you are not the intended recipient of Electronic Mail, you must delete and destroy all copies in your possession and immediately notify the sender that you have received Electronic Mail in error. Any review and/or dissemination of Electronic Mail if you are not the intended recipients(s) is expressly prohibited.

Pricing Disclosure:

To the extent Electronic Mail contains pricing information prepared by Kepler Cheuvreux and/or its employees (“Pricing Information”), such Pricing Information is proprietary and/or confidential and is provided solely for the internal use of the intended recipient(s). You are hereby notified that any unauthorized use, dissemination, distribution or copying of Pricing Information, in whole or in part, is strictly prohibited. Further, unless prohibited by local law, any use, review or acceptance of Pricing Information is subject to and manifests your agreement to use such information only in accordance with the Terms and Conditions of Use set forth herein. Kepler Cheuvreux has caused its proprietary information to be delivered to you in reliance upon such agreement. You are hereby notified that any unauthorized use, dissemination or distribution of Electronic Mail, including Pricing Information, in whole or in part, is strictly prohibited.

Electronic Distribution of Research Reports:

Research reports are exclusively prepared by and published by Kepler Cheuvreux.

Kepler Cheuvreux has entered into arrangements with Crédit Agricole Cheuvreux North America, Inc. (“CA Cheuvreux North America”) and Kepler Capital Markets, Inc. (“Kepler Inc.”) (collectively “US Broker-Dealers”), which enables research to be furnished to certain U.S. recipients in reliance on Rule 15a-6 through US Broker-Dealers registered under the U.S. Securities Exchange Act of 1934, as amended.
See Notice to U.S. Investors above for additional information.

Non-Reliance and Risk Disclosure:

Electronic Mail contains information that we consider reliable, but we do not represent that it is accurate, complete and/or up to date, and it should not be relied on as such. Opinions expressed are opinions as of the date of the Electronic Mail and the date appearing on accompanying material only. Opinions only represent the views of the author and do not represent the views of Kepler Cheuvreux, unless otherwise expressly noted.

No part of Electronic Mail should be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. Kepler Cheuvreux is not soliciting any action based on Electronic Mail. All information contained in Electronic Mail is for informational purposes only and does not constitute a recommendation or take into account the particular investment objectives, financial conditions, or needs of individual clients. Before acting on Electronic Mail, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional tax and/or legal advice. The price and value of the investments referred to in Electronic Mail and the income from them, if any, may go down as well as up, and investors may realize losses on any investments.

Past performance is not a guide to future performance. Future returns are not guaranteed, and the loss of original investments and/or capital may occur. Kepler Cheuvreux does not provide tax, accounting, or legal advice to clients, and all investors are advised to consult with their tax, accounting, or legal advisers regarding any potential investment. Certain transactions, including those involving options, futures, derivatives, swaps, and other non-investment-grade securities give rise to substantial risk and are not available to nor suitable for all investors. Foreign currency denominated securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or price of, or income derived from, the investment. Securities such as American Depository Receipts (ADRs), effectively assume currency risk as the values of ADRs are influenced by foreign currencies.

If you have any questions about whether you are eligible to enter into transactions with Kepler Cheuvreux, please contact your account representative at the appropriate office of Kepler Cheuvreux. See Legal Entities section above for locations and contact information.

Third Party Links and Sites:

Electronic Mail may provide links to third party sites that provide products, services, information and/or financial advice. If you access any third party web site, you do so at your own risk. Kepler Cheuvreux is not responsible for any products, services, information, content or advice appearing on or available through any third party site. Hyperlinks, references, and mention of any company, product, service, organization, or concept does not constitute an endorsement, sponsorship, or affiliation with Kepler Cheuvreux.

Notice of Content Filtering and Monitoring:

Kepler Capital Markets reserves the right to intercept, monitor, and retain Electronic Mail as permitted by applicable law and to forward such Electronic Mail to someone other than the recipient.

Notice of Content Filtering and Monitoring:

Electronic Mail may contain computer viruses and errors that can be intercepted, deleted or interfered without the knowledge of the sender or the intended recipient. Kepler Cheuvreux makes no warranties in relation to these matters. If you are not comfortable with the risks associated with Electronic Mail, you may decide not to use Electronic Mail to communicate with Kepler Cheuvreux and its employees.

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