TERMS OF SERVICE

Your use and access to https://praa.ms and https://praams.ad including any of subdomains and linked and mirrored websites and webpages as well as mobile applications and associated social media platforms, branded or non-branded (“Website”), which are owned and maintained by PRAAMS SL and PRAAMS EUROPE SL, its employees, officers, directors, shareholders, affiliates, subsidiaries, successors and assigns and other affiliated and related entities and individuals and their agents (“PRAAMS”, “we”, “our”, “us”) as well as contractors, subcontractors, suppliers and other legal and individual persons arising in connection with provision and sale of the Information and their agents (“Counterparties”, including CBND Global Data BV and Global Bond Data FZE and their affiliated and subsidiaries) are governed by these Terms of service (“Terms”) and other policies and terms of PRAAMS. PRAAMS offers access and use of the Website and Information as defined below, to you conditioned upon your acceptance of the Terms and other policies and terms of PRAAMS and the Counterparties as published on the Website and resources owned and managed by the Counterparties.PLEASE READ CAREFULLY AND UNDERSTAND THE TERMS BEFORE ACCESSING AND USING ANY INFORMATION (AS DEFINED BELOW) FROM THE WEBSITE OR BEFORE PLACING AN ORDER. THESE TERMS CONTAIN IMPORTANT LIMITATIONS OF LIABILITIES. YOUR ACCESS AND USE OF THE INFORMATION AND THE WEBSITE CONSTITUTES A LEGALLY BINDING ACCEPTANCE OF THESE TERMS AND ANY CHANGES HERETO. IF YOU DO NOT AGREE WITH THESE TERMS IN THEIR ENTIRETY, YOU ARE NOT AUTHORISED TO ACCESS OR USE THE WEBSITE AND INFORMATION IN ANY MANNER OR FORM WHATSOEVER. YOU EXPRESSLY AGREE AND ACKNOWLEDGE THAT YOUR ACCESS AND USE OF ALL SERVICES, WEBSITES AND ANY INFORMATION PROVIDED BY PRAAMS IS AT YOUR OWN RISK AND THAT YOU CAN LOSE MONEY RELYING ON THE INFORMATION. NOTWITHSTANDING ANY OTHER AGREEMENT OR COMMUNICATIONS, RECEIPT, ACCESS OR USE OF THE WEBSITE AND THE INFORMATION, AS DEFINED BELOW, AT ANY TIME AND THROUGH ANY MEANS, WHETHER DIRECTLY OR INDIRECTLY, REPRESENTS ACKNOWLEDGEMENT BY SUCH PERSON OF THESE TERMS IN THEIR ENTIRETY. THE INFORMATION IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT FOR MAKING A DECISION TO CARRY OUT A TRANSACTION OR TRADE OR MAKE ANY OTHER INVESTMENT DECISION, OR THEIR ABSENCE THEREOF. NONE OF PRAAMS, ITS EMPLOYEES, OFFICERS, DIRECTORS, SHAREHOLDERS, AFFILIATES, SUBSIDIARIES, SUCCESSORS AND ASSIGNS AND OTHER AFFILIATED AND RELATED ENTITIES IS PROVIDING ANY ADVICE OR MAKING ANY RECOMMENDATION OR REPRESENTATION REGARDING ANY FINANCIAL INSTRUMENT, ASSET, INVESTMENT OR PRODUCT, REGULATED OR UNREGULATED. PAST PERFORMANCE AND ANY HISTORICAL RISK AND RETURN ANALYSIS ARE NOT A GUARANTEE OF FUTURE RESULTS. UNDER NO CIRCUMSTANCES SHOULD THE WEBSITE, THE INFORMATION OR ANY OTHER CONTENT PRODUCED BY PRAAMS BE CONSIDERED AS AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY SECURITIES, ASSETS, INVESTMENTS OR PRODUCTS, REGULATED OR UNREGULATED. THE WEBSITE AND INFORMATION ARE OFFERED AND AVAILABLE TO USERS WHO ARE EIGHTEEN (18) YEARS OF AGE OR OLDER, AND BY USING THE WEBSITE AND THE INFORMATION, YOU REPRESENT AND WARRANT THAT YOU ARE OF LEGAL AGE TO FORM A BINDING CONTRACT WITH PRAAMS AND MEET ALL OF THE ELIGIBILITY REQUIREMENTS HEREIN.SPECIAL NOTE TO THE USERS FROM THE UNITED STATES: WE ARE NOT REGULATED OR SUPERVISED BY THE SECURITIES AND EXCHANGE COMMISSION, AND WE ARE NOT REGISTERED AS AN INVESTMENT ADVISOR UNDER THE INVESTMENT ADVISORS ACT IN ANY STATE OR AT THE FEDERAL LEVEL. THUS, ANY SERVICE OR INFORMATION PROVIDED BY PRAAMS IS NOT INTENDED FOR THE U.S. USERS.

PRAAMS

PRAAMS is an information technology company providing factual financial information. We do not provide individual or customised or general investment or financial advice or issue recommendations, money or asset management, brokerage/dealership, or credit rating services of any kind to our clients under any regulation or law. PRAAMS is not a registered or authorised or qualified or eligible investment or financial adviser or planner, money or asset manager, securities broker/dealer, credit rating agency, or any other financial institution. None of PRAAMS is providing advice or making any recommendation or representation regarding any financial instrument, asset, investment, or product, regulated or unregulated. Under no circumstances should the Website or the Information or any other content produced by PRAAMS be considered an offer to buy, sell, hold, exchange, redeem, underwrite, exercise right or transact or a solicitation of an offer to buy, sell, hold, exchange, redeem, underwrite, exercise right or transact in any securities, assets, investments or products, regulated or unregulated.The information, analytics, views, opinions, research, data, ratings, projections, forecasts, estimates, code, compilations, images, video, audio, text, multimedia, software, programs, algorithms, methodologies, know-how, and content in all forms, formats and media, as produced on the Website and outside of it, including components and divisible parts and derivative work and their copies, as well as trademarks, trade names, logos, titles and other intangible assets of PRAAMS (“Information”) is based on publicly available information, which is general in nature and commonly known to most investors, from the sources we deem reliable. PRAAMS may use its own in-house and external software, hardware, statistical, analytical and financial data to produce Information. The original sources for the Information are collected by PRAAMS and provided by the Counterparties that collect it from their sources, including official government resources and companies with traded securities. The list of the Counterparties and their sources may change from time to time without notice, and the list and its changes may not be disclosed to PRAAMS. We have no control whatsoever over the Counterparties and their sources. We take steps to ensure the accuracy, timeliness and completeness of the original sources and other sources for the Information. Still, we cannot thoroughly verify them and cannot control or guarantee in any form the quality of verification of our Counterparties and their sources. We do not guarantee that the Website and the Information are accurate, up-to-date or complete, and we do not guarantee success in any form and to any extent of investment decisions made by any user based on the Information or content of the Website. We are under no obligation to correct, verify, validate, update or make complete the Website or the Information, in part or entirety. You agree and acknowledge that we may terminate without prior notice business relationships with any Counterparty, whether by our will or that of the Counterparty or any third party or authority, or that any Counterparty or any other third party or authority may limit, inhibit, prohibit, condition or terminate the provision of their services and goods, and Information will no longer be available to one or all users.The information does not take into consideration and was not intended and designed to take into consideration all your personal investment goals, preferences, constraints, financial and tax situation, and other factors, whether past, current or future, direct or indirect, that are or may be deemed relevant in making investment decisions or all other factors required to be considered by laws and regulations in your country when making investment decisions. Information is not intended to be used and does not constitute a personalised or customised recommendation or advice to buy, hold, sell, exchange, redeem, underwrite, exercise right or transact in securities, engage in any trading activity or follow any investment strategy, whether on regulated or unregulated markets or exchanges, for any person, individual or legal. In case and to the extent our Information may be considered investment advice or recommendation regarding a particular security or asset, we warn and draw your attention that the Information is not and was not intended to be tailored to match partially or fully the investment needs, financial situation or risk profile of any person, individual or legal. The users and clients shall not consider any of the Information as personalised legal or investment counselling, advice or recommendation. The Information does not take into account and was not intended to take into account all risks that are, shall or could be pertinent to the investment situation of any person, individual or legal.The Information belongs to PRAAMS and is protected by copyrights, trademarks, and other forms of intellectual property rights. You agree and acknowledge that you will take all reasonable steps to protect and respect these rights.You acquire absolutely no rights or licenses, neither temporary nor permanent, in connection to Information and any of its components other than the limited right to use information as described in the Use of Information section below. You agree and acknowledge that downloading or any other use of the Information, allowed or not allowed, even if Information was marked as designated to you personally or provided to you on a confidential basis, does not transfer any rights or licenses, neither temporary nor permanent. Any other use of information shall be in the form of written consent granted by the designated and authorised officers of PRAAMS, except for the sole use of the Information, as described below.The Information and the Website representation may differ from user to user.

Use of the Information

The sole permitted and intended use of the Information (“Use”) is obtaining an additional general non-competing, and non-exhaustive source of information, i.e. for ‘information purposes only’, for your own limited, personal, non-commercial, non-exclusive, non-assignable, non-transferable and revocable use to do individual research subject to these Terms and other policies and terms of PRAAMS and the Counterparties and all applicable laws and regulations. The Information does not constitute investment or financial advice and shall not be treated as such. You or any third party, knowingly or unknowingly, whether or not for your monetary or non-monetary benefit or that of any agent or a third party, may not in any form and to any extent, including but not limited to using the Website or any other internet resource, including any social media platforms, using manual or any automated or programmatic means, whether in hard copy or in electronic format, distribute, reproduce, disseminate, broadcast, publicly perform, publish, post, restrict, inhibit, deface, adapt, associate, co-brand, encode, decode, cash, censor, frame, mask, extract, compile, decompile, attempt to discover or modify in any form source code or algorhythms, translate, redact, control, advertise, promote, host, upload, record, copy, index, store, archive, modify, disassemble, reverse assemble, manipulate, insert code, reverse engineer, display, transmit, create any derivative work, provide access to third parties, sell, lease, rent, license, commercially exploit or exchange or otherwise use Information in any other way as explicitly permitted by these Terms without prior written consent granted by designated and authorised officers of PRAAMS and subject to intellectual property rights. You agree and acknowledge that you will not use the Website or the Information to verify, confirm, fact-check, validate, audit or base second opinion for your own information, data or research or third-party information, data or research which is then licensed, transferred, sold, made available or otherwise distributed by you or your agents, whether for monetary benefit or not.Use of the information provided by the Counterparties may be subject to additional rules and limitations imposed by the Counterparties and their providers and owners of such information, which are usually available on the respective websites of the Counterparties, providers and owners. By using the Website and the Information, you acknowledge that you have read carefully and understood these rules and limitations and unconditionally agree to be bound by them.PRAAMS and the Counterparties are not liable for any claims, damages, losses, or liabilities arising from the use of the Information, allowed or not allowed, and you agree to indemnify and hold harmless PRAAMS and the Counterparties.

User conduct

You agree that at all times, you will comply with all applicable laws, rules, regulations and compliance standards as well as business, societal and ethical norms, codified or uncodified, in connection with the use of the Information and the Website and any trading activity made with the use of it in any form and manner. Failure to fully comply with the above and the Terms, as interpreted by us and based on the evidence we deem sufficient in our sole discretion, may result in us taking all necessary measures to limit and even terminate your access to Information without notice. You agree and acknowledge that violation of the above and Terms and other policies and terms of PRAAMS and the Counterparties can subject you to legal liability. PRAAMS will cooperate fully with investigations of the related breaches and violations, and we reserve the right to report suspected criminal activity to law enforcement authorities and courts if required by law or our internal policies. You agree to waive any and all rights against PRAAMS and the Counterparties and hold PRAAMS and Counterparties harmless in connection with any claims relating to any action taken by PRAAMS associated with the above.You may not transfer, lease, sell or resell your right to access and use of the Website and the Information to any third party. You are fully responsible for all activities and validity and accuracy of personal data in the designated Website’s client area. You are fully responsible for maintaining the confidentiality of your access and use rights and credentials for the Website and the Information. You agree to notify us immediately if you become aware or shall be aware of any possible unauthorised use or uses of your access and use rights and credentials or any other possible and potential breach of security, including but not limited to loss, theft, comprometation or unauthorised disclosure.You shall not take any steps to impersonate or attempt to impersonate PRAAMS or any of its associated individuals or legal persons, another user, or any other person or entity, including but not limited to using email addresses associated with any of the foregoing. You shall not engage in any conduct that limits, restricts, inhibits, overburdens, introduces malware of any kind, damages or otherwise impairs or diminishes consumer value, objective or perceived, of access and use of Information and the Website by other users. You shall not engage in any conduct that, as determined by us in our sole discretion, may harm PRAAMS or the Counterparties or other users or expose them to liability of any kind and in any form.

Limitation of liability

You agree and acknowledge that your use, allowed or not allowed, of the Information is at your sole risk and that the Information is provided on an "as is" and “as available” basis with no assurance or guarantee of accuracy, completeness, reliability, security, quality, availability or timeliness or other of any kind and without warranties of any kind, express or implied. PRAAMS does not warrant that the Information or the Website are compatible with your equipment or other software or that the Information or the Website is free of errors, viruses, or malware. PRAAMS is not liable for any damage you may suffer as a result of the Information’s and the Website’s destructive features. You agree and acknowledge that PRAAMS and the Counterparties shall have no responsibility or liability for any injury or damages arising for any reasons, including but not limited to negligence, and shall not be liable for any lost profits, losses, punitive, incidental or consequential damages or any claim against the parties named above by any other party or any fault, inaccuracy, omission, availability, delay or any other failure in Information or the Website caused by your computer equipment or arising from your use of the Information and the Website in any manner.The content of other websites and webpages, services, tools, software, resources, goods or advertisements (including those for which PRAAMS may receive compensation) that may be linked to or from the Information or the Website is not maintained or controlled by PRAAMS. PRAAMS is not responsible for the availability, content or accuracy of other websites and webpages, services, tools, software, resources, goods or advertisements, whether linked or not.PRAAMS does not guarantee the accuracy, completeness or timeliness of the Information, and the provision of the Information is subject to the terms and conditions of other agreements to which PRAAMS is a party. Notwithstanding anything to the contrary contained herein, PRAAMS and the Counterparties shall not, directly or indirectly, be liable, in any way, to you or any other person for any inaccuracies or errors in or omissions in the Information or the Website, including but not limited to, quote and financial data, abstracts, delays, errors, miscalculations, or interruptions in the transmission or delivery of Information or any loss or damage arising therefrom or occasioned thereby, or by any reason of non-performance. Under no circumstances, including but not limited to negligence, shall PRAAMS and the Counterparties be liable to you for direct, indirect, incidental, consequential, special, punitive or exemplary damages even if PRAAMS authorised representative advised explicitly of the possibility of such damages arising from the use of or inability to use the Information or any provision of the Terms and other terms and conditions of PRAAMS and the Counterparties, such as but not limited to, loss of revenue or anticipated or realised profits or lost business or opportunities.You expressly agree and acknowledge that your access and use of all services, the Website and the Information provided by PRAAMS is at your own risk. Although applicable laws and regulations may not allow the limitation or exclusion of liability or incidental or consequential damages, you agree and acknowledge that in no event shall PRAAMS or the Counterparties total liability to you for all damages, losses, lost business, and other causes and action or inaction (whether in contract or tort, including but not limited to negligence) exceed the amount paid by you, if any, for accessing and using the Information and the Website.To the fullest extent provided by laws and regulations, PRAAMS and the Counterparties hereby disclaim all warranties of any kind, whether express or implied, statutory, or otherwise, including but not limited to any warranties of merchantability, non-infringement, and fitness for any particular purpose.Neither PRAAMS nor its Counterparties shall be liable or be deemed to be in default hereunder or under any agreement by reason or account of any delay or omission caused by pandemic, epidemic, virus, disease, quarantine, travel restriction, state of emergency, fire, power outages, the action of the elements, strikes, lockouts, sabotage, labour disputes, governmental law, regulations, ordinances, order of a court of competent jurisdiction, executive decree or order, an act of God or public enemy, war, riot, civil commotion, earthquake, flood, explosion, casualty, embargo or any other act beyond their control (“Force Majeure”). The time of performance of PRAAMS or the Counterparties under these Terms and other policies and terms of PRAAMS or under any other agreement shall be extended for so long as such Force Majeure continues; provided, however, that in the event Force Majeure period exceeds 30 (thirty) days, then PRAAMS may terminate these Terms and other policies and terms or any other agreement to which it is a party upon notice thereof to the other party, including but not limited to the use of the Website and the Information. Without limiting the generality of the foregoing, you agree and acknowledge that the functioning of the Internet or telephone networks or other means of communication are beyond such reasonable control of any party to the agreement.You shall not assign or transfer any of the rights and obligations herein without the prior written consent of PRAAMS, which PRAAMS may withhold at its sole discretion. PRAAMS may assign or transfer all or part of the rights and obligations herein, with or without notice.

Indemnification

You agree, at your own expense, to indemnify, defend, and hold harmless PRAAMS and the Counterparties against any claim, suit, action, liability, damage, award, fine, loss, cost, expense, fee, penalty, judgement, or other proceeding or obligation to pay or remedy brought against PRAAMS and the Counterparties by a third party, to the extent that such claim, suit, action or other proceeding brought against PRAAMS and the Counterparties is based on or arises in connection with the Information or the Website, including but not limited to you accessing and using the Information and the Website or someone else using your credentials or computer or right of access, whether knowingly or not (“Unauthorised user”) to access and use the Information and the Website; a violation of the Terms or other policies and terms of PRAAMS and the Counterparties by you or the Unauthorised user; a claim that use of the Information and the Website by you or the Unauthorised user infringes any intellectual property right of PRAAMS or any the Counterparty or any other third party, personality or publicity, is libellous or defamatory, or otherwise results in injury or damage to any third party; any use, allowed or not allowed by the Terms, of the Information and the Website by you or the Unauthorised user; any misrepresentation or breach of representation or warranty made by you or the Unauthorised user contained herein; or any breach of any covenant or agreement to be performed by you or the Unauthorised user hereunder. You agree and acknowledge to pay any and all costs, expenses, and damages, including, but not limited to reasonable attorneys' fees and costs awarded against or otherwise incurred by or in connection with or arising from any such claim, suit, action or proceeding attributable to any such claim.

Termination of Terms

You or PRAAMS may terminate the Terms at any time and effective immediately. You may terminate the Terms by discontinuing access and use of the Information and the Website and destroying all materials and copies thereof obtained from PRAAMS, directly or indirectly, including but not limited to current and historical Information and any copies thereof. The Terms may be terminated immediately without any prior notice from PRAAMS if you, as interpreted by us and based on the evidence we deem sufficient in our sole discretion, fail to comply with any provision of these Terms or other policies and terms of PRAAMS or the Counterparties. Upon termination of the Terms by you or upon notice of termination by PRAAMS, you must promptly destroy all current and historical Information obtained from PRAAMS and any copies thereof.

Governing law

These Terms shall be governed by and construed in accordance with the laws of Andorra. You agree to submit to the personal jurisdiction of Andorra with respect to any legal proceedings that may arise in connection with these Terms, access and use of the Information or the Website or other policies and terms of PRAAMS or from a dispute as to the interpretation or breach of these Terms and other policies and terms of PRAAMS.

Changes to the Terms

We reserve the right at any time and without prior notice and in our sole discretion to change, update, withdraw, amend, or replace the Terms, in parts or entirety, including but not limited to changing all or any portion of the Terms, the Website or the Information; eliminating or discontinuing any component or feature of Website or the Information (including but not limited to changing, adding or removing Counterparties or particular data sources or markets or asset classes, modifying as we deem reasonable and in our sole discretion our methodologies, algorithms, software and any other element of the Information); or with reasonable notice in our sole discretion change prices of access and use of the Information and associated services, fees, charges, discounts, payment options, for the next periods' fees, charges or other conditions for access and use of Information.Updated Terms will be posted on the Website. We reserve the right not to notify you about changes, updates, withdrawals, amendments, replacements or any other modification of the Terms by email. It is your responsibility to check the Website periodically for changes, updates, amendments, replacements or any other modification of the Terms. You agree and acknowledge that your continued access and use of the Website and the Information constitutes legally binding acceptance of these changes, updates, amendments, replacement or any other modification of the Terms.

Entirety and severability

The Terms are the entire agreement between you and PRAAMS. Section headings in these Terms are included only for convenience and do not form part of its essential content.No action or inaction by PRAAMS may be construed as a waiver of these Terms or any part thereof. If any of the provisions of these Terms or other policies and terms of PRAAMS are held to be invalid, unenforceable or illegal for any reason, the validity, enforceability and legality of the remaining provisions of these Terms shall not be affected thereby and shall continue in full force and effect. No failure of PRAAMS to fully enforce its rights under these Terms or other policies and terms of PRAMS, nor any failure to enforce its rights at a particular time, shall be construed as an abandonment of those rights, nor limit PRAAMS’s ability to enforce those rights at a time of its choosing, to the extent PRAAMS may choose in its sole discretion. The appearance of forbearance with one or more users or a particular type of prohibited usage shall not be construed as an abandonment of any rights by PRAAMS with respect to a user.