Common use of Research Clause in Contracts

Research. 24.1. We, our Associates and/or member of our Group may provide you and other clients through our various communications channels, with investment research or other information recommending or suggesting an investment strategy, explicitly or implicitly, concerning one or several Financial Instruments or the issuers of Financial Instruments, including any opinion as to the present or future value or price of such instruments (“Research”) 24.2. You hereby acknowledge that any such Research is not prepared for any single client and is distributed widely to a number of persons. As such, it is not prepared taking into account your particular circumstances and does not constitute a personal recommendation presented as suitable for you based on a consideration of your circumstances, nor does it constitute investment, legal, tax or other advice. Where Research or trading recommendations are provided to you, these are provided solely in order to enable you to make your own investment decisions. 24.3. Further, nothing contained in any Research material shall be construed as an offer on our part to buy or sell or otherwise deal in any Financial Instrument or provide any particular service. 24.4. Research which is distributed may reach different clients of ours at different times and may not be correct or accurate at the time at which it is received. Neither we, nor any of our Associates or members of our Group are under any obligations to update any Research distributed. In general, whilst we comply with the requirements of the Applicable Laws and Regulations in producing and distributing Research, we do not guarantee the accuracy or correctness of the Research distributed. Whilst reasonable care is taken to ensure that all statements and opinions contained constitute reasonably founded assumptions and conclusions on the date on which they are made, they must not be construed as a representation that the matters referred to therein will occur. 24.5. Where any Research contains any restrictions as to who may receive it, you shall take all such measures as are reasonable in the circumstances in order to ensure that this requirement is met. 24.6. Our policy for the Management of Conflicts of Interest discloses the circumstances when we, our Associates, members of our Group may hold long or short positions in any Financial Instruments to which the Research refers and/or may hold positions which are opposite to those of the possible direction of any Research which is distributed. Other clients of ours may also engage in similar practices as the above. 24.7. Research contains a number of regulatory disclosure designed to meet the requirements of the Applicable Laws and Regulations. You should read and consider carefully any disclosures or disclaimers, which appear in published Research. 24.8. You shall refer to our Policy for the Management of Conflicts of Interest for further information on how we manage conflicts which would affect the impartiality of Research provided to you. You may request further details in relation to conflicts of interest which may arise in relations to Research provided to you.

Research. 24.135.1. We, our Associates and/or member members of our Group may provide you and other clients through our various communications communication channels, with investment research or other information recommending or suggesting an investment strategy, explicitly or implicitly, concerning one or several Financial Instruments or the issuers of Financial Instruments, including any opinion as to the present or future value or price of such instruments (“Research”). 24.235.2. You hereby acknowledge that any such Research is not prepared for any single client and is distributed widely to a number of persons. As such, it is not prepared taking into account your particular circumstances and does not constitute a personal recommendation presented as suitable for you based on a consideration of your circumstances, nor does it constitute investment, legal, tax or other advice. Where Research or trading recommendations are provided to you, these are provided solely in order to enable you to make your own investment decisions. 24.335.3. Further, nothing contained in any Research material shall be construed as an offer on our part to buy or sell or otherwise deal in any Financial Instrument or provide any particular service. 24.435.4. Research which is distributed may reach different clients of ours at different times and may not be correct or accurate at the time at which it is received. Neither we, nor any of our Associates or members of our Group are under any obligations obligation to update any Research distributed. In general, whilst we comply with the requirements of the Applicable Laws and Regulations in producing and distributing Research, we do not guarantee the accuracy or correctness of the Research distributed. Whilst reasonable care is taken to ensure that all statements and opinions contained constitute reasonably founded assumptions and conclusions on the date on which they are made, they must not be construed as a representation that the matters referred to therein will occur. 24.535.5. Where any Research contains any restrictions as to who may receive it, you shall take all such measures as are reasonable in the circumstances in order to ensure that this requirement is met. 24.635.6. Our policy Policy for the Management of Conflicts of Interest discloses the circumstances when we, our Associates, members of our Group may hold long or short positions in any Financial Instruments to which the Research refers and/or may hold positions which are opposite to those of the possible direction of any Research which is distributed. Other clients of ours may also engage in similar practices as the above. 24.735.7. Research contains a number of regulatory disclosure disclosures designed to meet the requirements of the Applicable Laws and Regulations. You should read and consider carefully any disclosures or disclaimers, which appear in published Research. 24.835.8. You shall refer to our Policy for the Management of Conflicts of Interest for further information on how we manage conflicts which would affect the impartiality of Research provided to you. You may request further details in relation to conflicts of interest which may arise in relations relation to Research provided to you.

Research. 24.123.1. We, our Associates and/or member of our Group may provide you and other clients through our various communications channels, with investment research or other information recommending that may recommend or suggesting suggest an investment strategy, explicitly or implicitly, concerning one or several Financial Instruments or the issuers of Financial Instruments, including any opinion as to the present or future value or price of such instruments (“Research”) 24.223.2. You hereby acknowledge that any such Research is not prepared for any single client Client and is distributed widely to a number of persons. As such, it is not prepared taking into account your particular circumstances and does not constitute a personal recommendation presented as suitable for you based on a consideration of your circumstances, nor does it constitute investmentNOR DOES IT CONSTITUTE INVESTMENT, legalLEGAL, tax or other adviceTAX OR OTHER ADVICE. Where Research or trading recommendations are provided to you, these are provided solely in order to enable you to make your own investment decisions.Where 24.323.3. FurtherFurthermore, nothing contained in any Research material shall be construed as an offer on our part to buy or sell or otherwise deal in any Financial Instrument or provide any particular service. 24.423.4. Research Research, which is distributed distributed, may reach different clients Clients of ours at different times and may not be correct or accurate at the time at which it is received. Neither we, nor any of our Associates or members of our Group are under any obligations to update any Research distributed. In general, whilst we comply with the requirements of the Applicable Laws and Regulations in producing and distributing Research, we do not guarantee the accuracy or correctness of the Research distributed. Whilst reasonable care is taken to ensure that all statements and opinions contained constitute reasonably founded assumptions and conclusions on the date on which they are made, they must not be construed as a representation that the matters referred to therein will occur. 24.523.5. Where any Research contains any restrictions as to who may receive it, you shall take all such measures as are reasonable in the circumstances in order to ensure that this requirement is met. 24.623.6. Our policy for the Management of Conflicts of Interest Policy discloses the circumstances when we, our Associates, members of our Group may hold long or short positions in any Financial Instruments to which the Research refers and/or may hold positions which are opposite to those of the possible direction of any Research which is distributed. Other clients of ours may also engage in similar practices as the above. 24.723.7. Research contains a number of regulatory disclosure designed to meet the requirements of the Applicable Laws and Regulations. You should read and consider carefully any disclosures or disclaimers, which appear in published Research. 24.823.8. You shall refer to our Policy for the Management of Conflicts of Interest Policy for further information on how we manage conflicts which would affect the impartiality of Research provided to you. You may request further details in relation to conflicts of interest which may arise in relations to Research provided to you.

Research. 24.136.1. We, our Associates and/or member members of our Group may provide you and other clients through our various communications communication channels, with investment research or other information recommending or suggesting an investment strategy, explicitly or implicitly, concerning one or several Financial Instruments or the issuers of Financial Instruments, including any opinion as to the present or future value or price of such instruments (“Research”). 24.236.2. You hereby acknowledge that any such Research is not prepared for any single client and is distributed widely to a number of persons. As such, it is not prepared taking into account your particular circumstances and does not constitute a personal recommendation presented as suitable for you based on a consideration of your circumstances, nor does it constitute investment, legal, tax or other advice. Where Research or trading recommendations are provided to you, these are provided solely in order to enable you to make your own investment decisions.As 24.336.3. Further, nothing contained in any Research material shall be construed as an offer on our part to buy or sell or otherwise deal in any Financial Instrument or provide any particular service. 24.436.4. Research which is distributed may reach different clients of ours at different times and may not be correct or accurate at the time at which it is received. Neither we, nor any of our Associates or members of our Group are under any obligations obligation to update any Research distributed. In general, whilst we comply with the requirements of the Applicable Laws and Regulations in producing and distributing Research, we do not guarantee the accuracy or correctness of the Research distributed. Whilst reasonable care is taken to ensure that all statements and opinions contained constitute reasonably founded assumptions and conclusions on the date on which they are made, they must not be construed as a representation that the matters referred to therein will occur. 24.536.5. Where any Research contains any restrictions as to who may receive it, you shall take all such measures as are reasonable in the circumstances in order to ensure that this requirement is met. 24.636.6. Our policy Policy for the Management of Conflicts of Interest discloses the circumstances when we, our Associates, members of our Group may hold long or short positions in any Financial Instruments to which the Research refers and/or may hold positions which are opposite to those of the possible direction of any Research which is distributed. Other clients of ours may also engage in similar practices as the above. 24.736.7. Research contains a number of regulatory disclosure disclosures designed to meet the requirements of the Applicable Laws and Regulations. You should read and consider carefully any disclosures or disclaimers, which appear in published Research. 24.836.8. You shall refer to our Policy for the Management of Conflicts of Interest for further information on how we manage conflicts which would affect the impartiality of Research provided to you. You may request further details in relation to conflicts of interest which may arise in relations relation to Research provided to you.

Research. 24.1‌ 35.1. We, our Associates and/or member members of our Group may provide you and other clients through our various communications communication channels, with investment research or other information recommending or suggesting an investment strategy, explicitly or implicitly, concerning one or several Financial Instruments or the issuers of Financial Instruments, including any opinion as to the present or future value or price of such instruments (“Research”). 24.235.2. You hereby acknowledge that any such Research is not prepared for any single client and is distributed widely to a number of persons. As such, it is not prepared taking into account your particular circumstances and does not constitute a personal recommendation presented as suitable for you based on a consideration of your circumstances, nor does it constitute investment, legal, tax or other advice. Where Research or trading recommendations are provided to you, these are provided solely in order to enable you to make your own investment decisionsensure that this requirement is met. 24.335.3. Further, nothing contained in any Research material shall be construed as an offer on our part to buy or sell or otherwise deal in any Financial Instrument or provide any particular service. 24.435.4. Research which is distributed may reach different clients of ours at different times and may not be correct or accurate at the time at which it is received. Neither we, nor any of our Associates or members of our Group are under any obligations obligation to update any Research distributed. In general, whilst we comply with the requirements of the Applicable Laws and Regulations in producing and distributing Research, we do not guarantee the accuracy or correctness of the Research distributed. Whilst reasonable care is taken to ensure that all statements and opinions contained constitute reasonably founded assumptions and conclusions on the date on which they are made, they must not be construed as a representation that the matters referred to therein will occur. 24.535.5. Where any Research contains any restrictions as to who may receive it, you shall take all such measures as are reasonable in the circumstances in order to ensure that this requirement is met. 24.635.6. Our policy Policy for the Management of Conflicts of Interest discloses the circumstances when we, our Associates, members of our Group may hold long or short positions in any Financial Instruments to which the Research refers and/or may hold positions which are opposite to those of the possible direction of any Research which is distributed. Other clients of ours may also engage in similar practices as the above. 24.735.7. Research contains a number of regulatory disclosure disclosures designed to meet the requirements of the Applicable Laws and Regulations. You should read and consider carefully any disclosures or disclaimers, which appear in published Research. 24.835.8. You shall refer to our Policy for the Management of Conflicts of Interest for further information on how we manage conflicts which would affect the impartiality of Research provided to you. You may request further details in relation to conflicts of interest which may arise in relations relation to Research provided to you.

Research. 24.1. We, our Associates and/or member of our Group may provide you and other clients through our various communications channels, with investment research or other information recommending or suggesting an investment strategy, explicitly or implicitly, concerning one or several Financial Instruments or the issuers of Financial Instruments, including any opinion as to the present or future value or price of such instruments (“Research”) 24.2. You hereby acknowledge that any such Research is not prepared for any single client Client and is distributed widely to a number of persons. As such, it is not prepared taking into account your particular circumstances and does not constitute a personal recommendation presented as suitable for you based on a consideration of your circumstances, nor does it constitute investment, legal, tax or other advice. Where Research or trading recommendations are provided to you, these are provided solely in order to enable you to make your own investment decisions. 24.3. Further, nothing contained in any Research material shall be construed as an offer on our part to buy or sell or otherwise deal in any Financial Instrument or provide any particular service. 24.4. Research which is distributed may reach different clients of ours at different times and may not be correct or accurate at the time at which it is received. Neither we, nor any of our Associates or members of our Group are under any obligations to update any Research distributed. In general, whilst we comply with the requirements of the Applicable Laws and Regulations in producing and distributing Research, we do not guarantee the accuracy or correctness of the Research distributed. Whilst reasonable care is taken to ensure that all statements and opinions contained constitute reasonably founded assumptions and conclusions on the date on which they are made, they must not be construed as a representation that the matters referred to therein will occur. 24.5. Where any Research contains any restrictions as to who may receive it, you shall take all such measures as are reasonable in the circumstances in order to ensure that this requirement is met. 24.6. Our policy for the Management of Conflicts of Interest discloses the circumstances when we, our Associates, members of our Group may hold long or short positions in any Financial Instruments to which the Research refers and/or may hold positions which are opposite to those of the possible direction of any Research which is distributed. Other clients of ours may also engage in similar practices as the above. 24.7. Research contains a number of regulatory disclosure designed to meet the requirements of the Applicable Laws and Regulations. You should read and consider carefully any disclosures or disclaimers, which appear in published Research. 24.8. You shall refer to our Policy for the Management of Conflicts of Interest for further information on how we manage conflicts which would affect the impartiality of Research provided to you. You may request further details in relation to conflicts of interest which may arise in relations to Research provided to you.

Research. 24.126.1. We, our Associates and/or member of our Group may provide you and other clients through our various communications channels, with investment research or other information recommending or suggesting an investment strategy, explicitly or implicitly, concerning one or several Financial Instruments or the issuers of Financial Instruments, including any opinion as to the present or future value or price of such instruments (“Research”) 24.226.2. You hereby acknowledge that any such Research is not prepared for any single client and is distributed widely to a number of persons. As such, it is not prepared taking into account your particular circumstances and does not constitute a personal recommendation presented as suitable for you based on a consideration of your circumstances, nor does it constitute investment, legal, tax or other advice. Where Research or trading recommendations are provided to you, these are provided solely in order to enable you to make your own investment decisions. 24.326.3. Further, nothing contained in any Research material shall be construed as an offer on our part to buy or sell or otherwise deal in any Financial Instrument or provide any particular service. 24.426.4. Research which is distributed may reach different clients of ours at different times and may not be correct or accurate at the time at which it is received. Neither we, nor any of our Associates or members of our Group are under any obligations to update any Research distributed. In general, whilst we comply with the requirements of the Applicable Laws and Regulations in producing and distributing Research, we do not guarantee the accuracy or correctness of the Research distributed. Whilst reasonable care is taken to ensure that all statements and opinions contained constitute reasonably founded assumptions and conclusions on the date on which they are made, they must not be construed as a representation that the matters referred to therein will occur. 24.526.5. Where any Research contains any restrictions as to who may receive it, you shall take all such measures as are reasonable in the circumstances in order to ensure that this requirement is met. 24.626.6. Our policy for the Management of Conflicts of Interest discloses the circumstances when we, our Associates, members of our Group may hold long or short positions in any Financial Instruments to which the Research refers and/or may hold positions which are opposite to those of the possible direction of any Research which is distributed. Other clients of ours may also engage in similar practices as the above. 24.726.7. Research contains a number of regulatory disclosure designed to meet the requirements of the Applicable Laws and Regulations. You should read and consider carefully any disclosures or disclaimers, which appear in published Research. 24.826.8. You shall refer to our Policy for the Management of Conflicts of Interest for further information on how we manage conflicts which would affect the impartiality of Research provided to you. You may request further details in relation to conflicts of interest which may arise in relations to Research provided to you.