Terms and Conditions

The user is authorized to use the Economatica system only within the internal scope of his/her company. It is expressly forbidden to extract data from the system for redistribution purposes. The only exception applies to the sporadic use of small parts of the database to supplement analysis reports and, in these cases, it is mandatory to cite Economatica as the source of the data.

The content of this system remains the exclusive property of Economatica. This program and database are protected by copyright and international treaties. Unauthorized reproduction or distribution of any portion of this system may result in severe civil and criminal penalties.

Although Economatica makes its best efforts to offer a good service to the user, Economatica does not guarantee the accuracy of the data, the punctuality of its availability or the absence of errors in the treatment that the software gives to the data. Economatica cannot therefore, under any circumstances, be held responsible for any damage or loss caused to the user as a result of errors, delays or any other imperfections in the system.

The Economatica system is a tool to assist the work of the analyst and does not contain anything that should be interpreted as an investment recommendation. Economatica cannot, therefore, under any circumstances, be held responsible for losses caused by unsuccessful investments made or recommended by the user as a result of using the Economatica system.

The ORIGINAL SOURCES of the data (stock exchanges, banking associations, etc.) may in the future implement a policy of charging Economatica for each Economatica user who receives their data. In this case, Economatica will pass on to the CONTRACTING PARTY its share of this charge, including any expenses caused by cascading taxes that are impossible to avoid. In this event, the CONTRACTING PARTY will be informed of the new conditions and will be able to decide whether or not to continue receiving data from this ORIGINAL SOURCE through the Economatica system.

The ORIGINAL SOURCES establish conditions for the use of their data which must be complied with by the CONTRACTING PARTY. These conditions include, among others, the need for the CONTRACTING PARTY to obtain authorization from the ORIGINAL SOURCE if it intends to redistribute its data, if it intends to create indexes from its data and others.

It is up to the CONTRACTING PARTY to contact the respective ORIGINAL SOURCE to clarify any doubts and, if necessary, regularize their situation.

The following conditions are determined by BM&FBovespa and apply to all users who receive data generated by BM&FBovespa through the Economatica system.

The END USER hereby declares that he/she is aware of and agrees to the following terms and conditions:

• (0) The data generated by BM&FBovespa available in the Economatica system are CLOSING PRICES;
• (i) MARKET DATA DIFFUSION originates from the TRADING SYSTEMS by means of technology, methods, expenses and efforts provided solely by BM&FBOVESPA, the sole owner of all rights related to MARKET DATA DIFFUSION, including intellectual property rights, including any modifications made, with the exception of third-party information that BM&FBOVESPA is authorized to distribute. END USERS undertake to respect such rights and not to remove or alter any signs, warnings and copyright notices and/or product or service brands contained or mentioned in the MARKET DATA DIFFUSION;
• (ii) This limited use authorization does not grant the END USER any right, title, property, including intellectual property, participation or any other prerogative over the MARKET DATA DIFFUSION, which remains the exclusive property of BM&FBOVESPA and the MARKET DATA DIFFUSION may only be used by the END USER for internal purposes, as provided below;
• (iii) END USERS are authorized to use the MARKET DATA DIFFUSION for the sole and exclusive purpose of assisting them in investment decisions, and are not permitted to use it in a manner contrary to current legislation or in disagreement with the purposes set forth herein and in the Agreement signed between the provider of the MARKET DATA DIFFUSION (“MARKET DATA DISTRIBUTOR”) and BM&FBOVESPA, in addition to the terms of use set forth on the provider's website or otherwise made available to END USERS. BM&FBOVESPA shall have the right to change the terms of use of MARKET DATA DIFFUSION from time to time at its sole discretion;
• (iv) All of BM&FBOVESPA's proprietary rights in the MARKET DATA DIFFUSION shall be protected during and after the termination of this instrument with the same zeal expended by the MARKET DATA DISTRIBUTOR and the END USER to protect its proprietary assets, and the END USER undertakes to abide by all terms of use of the MARKET DATA DIFFUSION provided and amended from time to time by BM&FBOVESPA;
• (v) The END USER is aware of and agrees to be bound by all obligations applicable and set forth in the Agreement entered into between its MARKET DATA DISTRIBUTOR and BM&FBOVESPA, as well as the terms of use of MARKET DATA DIFFUSION provided and amended from time to time by BM&FBOVESPA;
• (vi) Except with the prior express written consent of BM&FBOVESPA, in a specific contractual instrument and under the terms of the guidelines of the policy in force at the time, disclosed by BM&FBOVESPA, the use of MARKET DATA DIFFUSION for the purpose of preparing, creating, calculating or generating any type of index, as well as financial instruments, securities (e.g. options and derivatives) for its own benefit or for the benefit of third parties, is not permitted. In the event that the END USER violates this prohibition, BM&FBOVESPA may order the MARKET DATA DISTRIBUTOR to immediately cancel the END USER's access to MARKET DATA DIFFUSION and apply the penalties provided for in the Agreement signed between the MARKET DATA DISTRIBUTOR and BM&FBOVESPA, as well as recourse to all mechanisms provided for by law to cease said infringement or violation of this instrument or of any contract signed between the MARKET DATA DISTRIBUTOR and an END USER. The END USER acknowledges and agrees that (i) BM&FBOVESPA is a beneficiary party to any contract between the END USER and its MARKET DATA DISTRIBUTOR and BM&FBOVESPA shall have the right to claim in court the exercise and defense of its rights under the aforementioned instruments, considering the irreparable damage it will experience if said terms are violated; and (ii) BM&FBOVESPA's terms of use (as amended from time to time) shall be deemed to be incorporated by reference into this Agreement. BM&FBOVESPA may take any measure or remedy for the exercise and defense of its rights, without mutual exclusion among them and without prejudice to the right to be compensated for losses and damages suffered by it or by third parties as a result of the breach or violation;
• (vii) The END USER is not permitted to distribute, redistribute, transfer, transmit, retransmit, license, sublicense, lease, loan, sell, resell, recirculate, reformat, publish, provide autonomous data dissemination and evaluation services or supply databases and products to third parties through the use of, or make available all or part of the MARKET DATA DIFFUSION, except with the prior express consent of BM&FBOVESPA;
• (viii) The END USER is aware and agrees that BM&FBOVESPA or any representative appointed by BM&FBOVESPA may, at any time and when deemed necessary, request permission to audit the books, records and reception systems of the END USER related to MARKET DATA DIFFUSION and the contracts entered into with the MARKET DATA DISTRIBUTOR, in order to verify the veracity and accuracy of the information contained therein, as well as whether the END USER is acting in accordance with the provisions of this instrument, the Agreement signed between the MARKET DATA DISTRIBUTOR and BM&FBOVESPA and the terms of use;
• (ix) The END USER shall indemnify and hold harmless BM&FBOVESPA and the MARKET DATA DISTRIBUTOR from all losses caused to BM&FBOVESPA, the MARKET DATA DISTRIBUTOR and third parties arising from the improper use of the MARKET DATA DIFFUSION, such as legal costs, appeal deposits, hiring of experts, among others;
• (x) BM&FBOVESPA does not guarantee the sequence, punctuality, accuracy or completeness of the MARKET DATA DIFFUSION, nor is it liable to the MARKET DATA DISTRIBUTOR, its END USERS, MARKET DATA REDISTRIBUTORS or third parties for any delays, inaccuracies, errors or omissions in the MARKET DATA DIFFUSION provided for in this Agreement or for damages arising from or caused by such events. BM&FBOVESPA shall also not be held liable for any fact arising from the impediment to the distribution of MARKET DATA DIFFUSION, including in the event of unforeseeable circumstances or force majeure;
• (xi) The terms and conditions set forth herein shall prevail over any other terms agreed between the END USER and the MARKET DATA DISTRIBUTOR that are inconsistent or incompatible with them and may not be altered, unless agreed in writing with BM&FBOVESPA;
• (xii) END USERS may not use any trademarks, symbols, distinctive signs or elements identifying BM&FBOVESPA or its products and services, nor may they carry out advertising and marketing associating their activities with those of BM&FBOVESPA, without the prior written consent of BM&FBOVESPA and any authorized use of the Trademarks must be in accordance with the terms and conditions established by BM&FBOVESPA for said use.

The data referred to in the conditions of use below is the property of Anbima (Brazilian Association of Financial and Capital Market Entities). Users of the Economatica system who have access to this data declare that they agree with the conditions below:

• 1) These data are quotes for certain Brazilian government bonds, certain Brazilian debentures and certain indices. These items can be identified in the Economatica system by having the “Exchange / Pricing Agency” field filled in with the expression “Anbima”. This set of data will henceforth be referred to as the DATABASE;
• 2) The DATABASE will be made available within the Economatica system;
• 3) Economatica will not charge its users any additional amount for the DATABASE publication service. ANBIMA, as owner of the DATABASE, will initially make the DATABASE available free of charge to users of the Economatica system. However, ANBIMA may, at any time, alter this policy and establish monthly charges for each user of the Economatica system who has access to the data. Economatica will not absorb these costs and will pass them on to the user. In this event, the user will be consulted as to whether or not they wish to maintain access to the DATABASE under the new conditions;
• 4) ANBIMA, as owner of the DATABASE, may, with 7 days' notice, revoke the authorization for the DATABASE to be made available in the Economatica system. In this event, the DATABASE will be deleted from the Economatica system. Users will receive prior notice by means of a message broadcast through the Economatica system;
• 5) ANBIMA determines that the use of the DATABASE is subject to the conditions listed below. Economatica is responsible to ANBIMA for compliance with these conditions by users of the Economatica system. Failure by users to comply with any of these conditions will allow ANBIMA to claim damages from Economatica. In the event that the user infringes these conditions, the user undertakes to defend Economatica against all ANBIMA's claims pertinent to the case, being responsible for the payment of all costs, damages and legal fees resulting therefrom;
• 6) All unofficial indices, figures, indications and estimated calculations, determined by ANBIMA itself, should only be used as a mere market reference, and do not have the accuracy, precision or legal value of official information, published by a government regulatory body or entity competent to do so;
• 7) The DATABASE is intended exclusively for internal use by the user of the Economatica system, and it is forbidden to promote any type of distribution of the DATABASE;
• 8) The user may not create predefined products in aggregate form derived from the primary information that can be configured as synthetic assets; only information in the form of performance indicators may be made available individually;
• 9) The user will not be able to extract (by copy/paste, file export, etc.) the primary data from the DATABASE made available in the Economatica system. “Primary data“ are the values provided by Anbima such as Unit Price, Yield, etc (”Quotes"). However, the user can copy the “derived data” (volatility, monthly variation, etc.) that the Economatica system calculates from the primary data (“Technical Indicators”);
• 10) The use of unofficial indices, figures, indications and estimated calculations presented by ANBIMA, within the scope of this instrument, shall be at the user's own risk, and ANBIMA shall not be held liable in the event of any divergence or incidence of losses incurred as a result of the inaccuracy of this information for making decisions, whatever they may be;
• 11) ANBIMA makes every effort to publish indices, figures, indications and estimated calculations that are as precise as those of the official bodies that deal with these matters; however, it disclaims any difference between the results obtained as a result of comparing them;
• 12) The user of the Economatica system, when using any ANBIMA product or service, is aware of the efforts made to produce calculations, indices, indications or figures as close as possible to those of the official market bodies and acknowledges the possibility of any discrepancies or differences in the results, which does not entitle them to compensation in any form whatsoever;
• 13) ANBIMA does not guarantee the availability and continuity of the DATABASE. In this sense, ANBIMA disclaims any liability for damages of any kind that may arise from the interruption or suspension of the operation of the services;
• 14) The user of the Economatica system expressly agrees that ANBIMA may unilaterally modify, at any time and without prior notice, the presentation and configuration of the DATABASE;
• 15) The name and brand of ANBIMA, as well as the name and brand of its registered products, is its exclusive property. The user of the Economatica system agrees not to reproduce or use, under any title whatsoever, the name and trademarks owned by ANBIMA without express prior authorization;
• 16) The user of the Economatica system is fully aware and agrees, without any restriction whatsoever, that free access is provided merely at ANBIMA's discretion and does not generate any right for the Contractor or any obligation for ANBIMA, which may revoke the authorization at any time, including charging for access;
• 17) ANBIMA reserves the right to unilaterally alter any of the conditions of this instrument at any time.