1.1 Access to and/or use of the Privalto internet website (the "Site") by you is granted by BNP Paribas on the conditions set out below which are in addition to any terms of business or other contractual agreements from time to time concluded with you. In the event of any conflict then, in relation to the access to and/or use of the Site, the conditions set out below shall prevail.
1.2 References to "you", "your" and "yours" or "financial intermediary" are references to the person(s) accessing the Site.
1.3 References to "financial intermediary" or "financial intermediaries" means authorised financial institutions (including but not limited to independent investment professionals, chartered banks and investment dealers) which intermediate between investors and firms raising funds.
1.4 References to "FSA" are references to the United Kingdom Financial Services Authority or any replacement body.
1.5 References to the "FSA Handbook" means the handbook of rules and guidance published by the FSA as amended from time to time.
1.6 References to "Fund" or "Funds" are references to 'recognised schemes' as defined in the FSA Handbook.
1.7 You must read carefully and understand these Terms of Use, and by accessing the Site, you agree to be bound by these Terms of Use.

2.1 The Site is intended for those who access it from within the United Kingdom.
2.2 Access to this Site is available only to persons who are financial intermediaries authorised to conduct investment business in the UK. Other persons are not permitted to access this Site.
2.3 Access to the Site is prohibited to any person who is an employee of any competitor of the Equities and Derivatives division of BNP Paribas. BNP Paribas may record user access to this service and use such records for statistical analysis and marketing purposes.
2.4 These Terms of Use shall apply on each visit made by you to the Site, subject to such additional terms and conditions agreed between you and BNP Paribas. We may modify, supplement or amend these Terms of Use at any time without notice. You agree to review these Terms of Use regularly and your continued access to or use of the Site will mean that you agree to any changes.
2.5 We do not represent or warrant that the Site will be available and meet your requirements, that access will be uninterrupted, that there will be no delays, failures, errors or omissions or loss of transmitted information, that no viruses or other contaminating or destructive properties will be transmitted or that no damage will occur to your computer system. In particular, although we seek to ensure that any information specifically relating to you which may be accessed by you is incapable of being accessed by any third party, we cannot be held responsible if third parties hack into such information or it otherwise becomes available to third parties. Consequently, we are not liable for any loss caused to you by any of the foregoing events. You have sole responsibility for adequate protection and back up of data and/or equipment and for undertaking reasonable and appropriate precautions to scan for computer viruses or other destructive properties.

3.1 The content of the Site is subject to copyright and all rights are reserved. You may download or print copies of information contained within the Site for your own private use only. However, all other copying, reproducing, transmitting, distributing or displaying of material on the Site (by any means and in whole or in part) is prohibited without the prior written permission of BNP Paribas.
3.2 The "BNP Paribas" trademark is owned by BNP Paribas and nothing contained on the Site shall constitute the grant of a licence to use such a trademark, and you agree that you will not seek to make any use such trademark whatsoever.

4.1 The information and materials provided in this Site are for information purposes only, and nothing contained therein constitutes a recommendation to buy or sell. BNP Paribas has used its reasonable efforts to ensure that the information contained on the Site is compiled from sources that BNP Paribas believes to be reliable and accurate. However, BNP Paribas does not represent or warrant the accuracy or timeliness of such information which may be incomplete or condensed, and consequently no reliance should be placed solely on such information in deciding whether or not to invest in a Fund.
4.2 Further, BNP Paribas undertakes no obligation and assumes no liability or responsibility (whether express or implied) to any person concerning the information or materials contained on the Site except as required by mandatory provision of law which may not be excluded and hereby excludes all liability for loss or damage (including direct, indirect, foreseeable, special or consequential loss or damage and including loss of profit) even if advised of the possibility of such damages incurred or sustained by any person in connection with the information or its use including (without limitation) for the consequences of reliance upon any opinion or statement contained therein or any error or omission whether negligent or not, except to the extent such liability may not be excluded or limited by law or by the rules of FSA.
4.3 Information on the Site is of a general nature and cannot take into account your individual financial circumstances or investment objectives. Accordingly, nothing on the Site may be construed as a personal recommendation or investment advice. In particular but without limitation, unless we expressly agree in writing, we do not hold ourselves out as providing advice on the suitability of the product for you.
4.4 All estimates and opinions included in any documents or other materials contained on the Site constitute BNP Paribas' judgement as at the date they were originally published (which may be before the date on which they first appeared on the Site) and may be subject to change without notice.
4.5 The information contained on the Site is for your general information only and is not intended to provide the sole basis for any evaluation of any investment in the Funds discussed therein. Independent advice should be obtained before making a decision on the suitability of investing in any Funds for your own investment strategy and objectives. In assessing the merits and suitability of any Funds you should give consideration to the legal, tax, accounting, regulatory, financial and other related aspects thereof. In particular you should give consideration to the fact that the products referred to on the Site can constitute high-risk investments, and should carefully review any and all disclosures, disclaimers and risk warnings included in, attached or linked to pages contained within the Site. You should not invest in any Funds unless you understand their nature and the extent of their exposure to risk.
4.6 BNP Paribas' proprietary models which may have been used to produce information available within the Site or contained within any application or tool accessed through the Site are believed to be based on recognised financial principles and current market parameters however BNP Paribas does not represent or warrant the accuracy of such principles or parameters or any result generated by such a tool or application. Unless specifically stated otherwise, graphs and figures used are for illustrative and information purposes only and are not based on past or projected performance. They do not take into account fees, commissions, or taxation, and do not reflect actual trading, liquidity constraints, fees and other cost; as such, the actual performance of any investment might be more or less than is stated in any graph or other illustration. They in no way represent projections of the anticipated or expected performance of relevant products. They should not be taken as a forecast or estimate of likely future returns.
4.7 The past is not necessarily a guide to the future performance of an investment. The value of investments may fall as well as rise and investors may not get back the amount invested. If you invest in a Fund that holds investments denominated in a currency which is not the holder’s base currency, currency rate fluctuations may cause the value (in such base currency) of such an investment to go up or down.
4.8 The Site may, from time to time, contain pre-launch information on Funds for which FSA recognition has been applied for but not yet received. Where this applies it will be clearly marked on the relevant communication. Until recognition is achieved, such Funds are not regulated collective investment schemes under UK financial services legislation and, as such, may only be promoted, by authorized persons, to a restricted group as set out in the FSA Conduct of Business Sourcebook, Chapter 3, annex 5 and the Financial Services and Markets Act (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 as amended.
4.9 Fund platforms offer a very wide range of investments which means Fund KFDs tend to adopt a generic approach. It is important to read IFSL literature in conjunction with the specific platform product key features documents to understand any implications of investing in the PSP via that platform. For example, the deduction of product and adviser fees, the process of portfolio rebalancing and product taxation can cause the number of shares held in the Fund to fluctuate, and not all product specific features may be available with the Fund.

5.1 At any time, BNP Paribas may be long or short of or may have a financial interest in transactions involving any Funds described on the Site.
5.2 BNP Paribas may have acted as advisor and/or underwriter to any companies or entities discussed on the Site.

6.1 The Site may contain links to other websites, which in turn may contain material that has been produced by issuers or independent providers not affiliated with BNP Paribas. BNP Paribas accepts no responsibility or liability for information provided on any website that may be accessed through links on the Site. Any opinions or recommendations expressed on such other websites are solely those of the relevant provider and are not the opinions or recommendations of BNP Paribas. The existence of a link from the Site to any other such website does not constitute a recommendation or other approval by BNP Paribas of such website or any provider thereof and, in particular (but without prejudice to the foregoing), no approval is given by BNP Paribas to any such other website or its content.
6.2 You agree to indemnify, defend and protect BNP Paribas as well as its directors, managers, employees, representatives, licence holders or any other persons involved in the creation, production and distribution of the Site against all claims, liability, and the related costs and expenses arising as a result of any violation on your part of the terms set forth in these Terms of Use or in relation to your use of the Site.

7.1 BNP Paribas is authorised by the Autorité de Contrôle Prudentiel et de Résolution and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority.
7.2 To the extent that material on the Site is issued in the UK it is issued for the purposes of s.21 of the Financial Services and Markets Act 2000 by BNP Paribas, which has been approved by the FSA to issue such material pursuant to s.21(2)(a) of the Financial Services and Markets Act 2000.
7.3 The materials contained on the Site may not be suitable for persons who are retail clients for the purposes of the rules of the FSA , or private investors or those who would be retail clients were they to act on any information contained within the Site, and should not be passed on to any such person.
7.4 Nothing contained on the Site is intended as, or constitutes, an offer to buy or sell or any solicitation of any offer to buy or sell any Security or to enter into any transaction.
8.1 Access by you to this Site will give rise to a legally binding contract on the above terms between you (or where you access this Site as an employee, your employer) and BNP Paribas. Where you act as employee, you must ensure that you are authorised to do so and agree to these conditions on behalf of your employer. Access by you to this Site constitutes your personal representation and warranty that you are so authorised.

9.1 These Terms of Use are governed by, and shall be construed in accordance with, English law
9.2 You hereby agree (a) that the courts of England are to have jurisdiction to settle any disputes in connection with these Terms of Use and submit to the non-exclusive jurisdiction of the English courts in connection with these Terms of Use, (b) to waive any objection that such proceedings have been brought in an inconvenient forum and (c) not to claim, with respect to such proceedings, that such court does not have jurisdiction over such party.

BNP Paribas London Branch (registered office: 10 Harewood Avenue, London NW1 6AA; tel: [44 20] 7595 2000; fax: [44 20] 7595 2555 – is authorised by the Autorité de Contrôle Prudentiel et de Résolution and the Prudential Regulation Authority and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our authorisation and regulation by the Prudential Regulation Authority, and regulation by the Financial Conduct Authority are available from us on request. BNP Paribas London Branch is registered in England and Wales under number FC13447 and registered as a branch in England and Wales under number BR00170. BNP Paribas SA is incorporated in France with Limited Liability and is authorised by the Autorité de Contrôle Prudentiel et de Résolution and regulated by the Autorité des Marchés Financiers in France. Registered office : 16 boulevard des Italiens, 75009 Paris, France 662 042 449 RCS Paris