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This site and the information contained in it shall not be considered as an offer or publication to sell investments in any jurisdiction in which said offer or publication is not allowed by law, in which the person who makes said offer or publication is not qualified to do it or to any person to which it is not allowed by law to make said offer or publication.
This Internet site has solely an informational purpose. No part of this page shall be reproduced in any manner without the previous and written authorization of BCT Securities, S.A. The information herein contained is based on reliable sources; however, there is not representation or guarantee that the information is precise, complete or updated or that it reflects the current opinion or all the information known by BCT Securities, S.A. or its affiliate companies. BCT Securities, S.A. will not notify regarding changes or information. BCT Securities, S.A. can, as allowed by law, act upon and use the information or opinion hereby presented, or the investigation and the analysis in which it was based, before the material is published. BCT Securities, S.A. or its affiliates might have issued other reports that are consistent with, or have reached to different conclusions than the information issued in this page. These reports reflect the different positions, points of view and analysis methods used by the analysts which prepare them.
This is not a sale or purchase offer or publication of any type, it does not seek to subscribe titles or any other financial instrument and it is not a recommendation to execute transactions mentioned in this report. BCT Securities, S.A., its affiliate companies, its shareholders, its directors, officers and/or employees can instead of having long or short term positions in said titles, or in options, futures or in other instruments derived with base to said reference. One or more directors, officers and/or employees of BCT Securities, S.A. and/or its affiliate companies have been able to manage, individually or jointly, a public offer that, having acted as a main buyer or placement agent for a private title placement or of any issuer mentioned in this document; or once in a while will also execute investment banking operations or other services to, or request investment banking or other businesses of any of the companies mentioned in this document. The products mentioned in this document might be not subject for sale in some countries, or can be non appropriate for every type of investor; the value and the income that they generate can vary and/or be adversely affected by the changes in the rates, interests or other factors. All the amounts are in American dollars unless specified otherwise. The independent opinion cannot be replaced by the content of this document.
The points of view expressed herein cannot be confused with the opinions of BCT Securities, S.A., its agents, officials, directors or shareholders or any of its affiliate offices. BCT Securities, S.A. is not liable for the veracity or currency of the information which has not been prepared by BCT Securities, S.A., or for the validity of the sources of the authors that have been used. A written opinion herein does not necessarily reflect the opinions and the investment strategy of BCT Securities, S.A. There is no guarantee that any position, investment or strategy established from hereon, will be kept the same after the date of this publication. The past yields cannot be taken as an indicator or guarantee of a future yield, and no representation or guarantee, express or implicit, has been made regarding the future yield.
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