Terms and Conditions

Navigation and public searching of this website are subject to the Terms and Conditions below:

Guarantees, Responsibilities and Damages

We do not guarantee that the contents, instruments and materials contained, utilized and offered in this website are exactly up-to-date or complete and do not accept responsibility for damages caused by eventual errors of content or shortcomings of equipment.

We do not accept express or tacit responsibility for the improper use of the information, instruments or materials made available and/or of the equipment used for this website, for whatever purpose made by any user, who has entire responsibility for eventual harm done to their own rights or of third parties, whether or not caused by this improper use.

Under no circumstances, will , its directors, executive officers or employees be held responsible for any direct or indirect, special, incidental or consequential losses or expenses arising out of the connection with this website or use on its part or incapacity of use by anyone, or with regard to any shortcoming in performance, error, omission, interruption, defect or delay in operation or transmission, computer virus or breakdown of line or of the system, even if the Company or its representatives have been advised of the possibility of such damages, losses or expenses.

The adequate provisioning of all the resources of the Internet, without exception, is the entire responsibility of the user of this website.

We do not accept responsibility for the contents of other websites (a) whose addresses are available on the pages of this website or (b) the address of whose website is available to them. We do not guarantee the compensation of any damage caused by the websites mentioned in this item.

With regard to the exchange of messages between the user and through the Internet, please consult its Privacy Policy.

An investment in securities involves a high degree of risk. Please review the Company’s Risk Factors.

Confidential Nature of the User‘s Information

We reserve the right to improve the functioning of this website because of the analysis and consolidating of the information and suggestions collected and of the opportunities of these for all of the users of the website. For further advice on the use of information collected at this website, please consult its Privacy Policy.

Author‘s Copyrights and Intellectual Property

Unless there is any regulation to the contrary, all the contents of the pages of this website, such as information, materials, tools, paging, graphs and drawings belong to us or to third parties, who have legally ceded their rights of usage.

Comments on EBITDA

From time to time, discloses so-called non-GAAP financial measures, primarily EBITDA. EBITDA means income before net financial expenses, income and social contribution taxes, depreciation and amortization. EBITDA is not Brazilian or the U.S. GAAP measurement, does not represent cash flows for the periods presented and should not be considered alternatives to net income as an indicator of our operating performance or as an alternative to cash flows as an indicator of liquidity. EBITDA does not have a standardized meaning and our definition of EBITDA may not be comparable to EBITDA as used by other companies.

Although the EBITDA does not provide, according to the Brazilian Accounting Principles (BR GAAP) or the U.S. Accounting Principles (US GAAP), measures of the operational cash flows, our management uses EBITDA to measure our operating performance. Additionally, our management believes that disclosure of EBITDA can provide useful information to investors, financial analysts and the public in their review of our operating performance and its comparison to the operating performance of other companies in the same industry and other industries.

Note: Having accessed this website and some of its pages, the user will have automatically accepted all the Terms and Conditions here laid down. Therefore, please cease the navigation and public searching of the pages of this website in the event of your not agreeing with all of the above Terms and Conditions.

Stock Quotes

END-USER hereby declares that it understands and agrees to the following terms of use and conditions:

(i) MARKET DATA FEED is generated in TRADING SYSTEMS using technology, methods, and labor provided solely by BM&FBOVESPA at its expense. BM&FBOVESPA is the sole owner of all rights, including intellectual property rights, pertaining to MARKET DATA FEED, and any changes or enhancements made thereto, except any third-party data which BM&FBOVESPA is authorized to distribute. END-USER undertakes to respect such rights and to refrain from removing or altering any copyright symbols, warnings or notices, and/or service marks or trademarks contained or mentioned in MARKET DATA FEED;

(ii) This limited license does not give END-USER any ownership, title, intellectual property, participation or any other interest in MARKET DATA FEED, which remains the sole property of BM&FBOVESPA and/or its partners, and may be used by END-USER only for internal purposes, as specified below;

(iii) END-USER is authorized to use MARKET DATA FEED solely for the purposes of investment decision support and may not use it in any way that infringes upon BM&FBOVESPA’s rights or violates the terms of this Agreement or the Agreement entered into by and between the provider of MARKET DATA FEED (“MARKET DATA DISTRIBUTOR”) and BM&FBOVESPA and the terms of use posted on the provider’s website or otherwise made available to END-USER. BM&FBOVESPA shall have the right to change the terms of use for MARKET DATA FEED from time to time in its own discretion;

(iv) All BM&FBOVESPA’s and/or its partners’ rights of ownership in and to MARKET DATA FEED shall be protected, during the term of this license agreement and afterward, with the same care as MARKET DATA DISTRIBUTOR and END-USER take to protect their own property, and END-USER undertakes to comply with all BM&FBOVESPA terms of use for MARKET DATA FEED as amended from time to time;

(v) END-USER agrees to be bound by all applicable obligations contained in these terms of use. These terms of use may be amended from time to time by BM&FBOVESPA;

(vi) Except with the prior written consent of BM&FBOVESPA expressed in a separate agreement and pursuant to the guidelines of the then applicable BM&FBOVESPA’s policy, MARKET DATA FEED may not be used for the purposes of producing, creating, calculating or generating indexes of any kind, financial instruments or securities (such as options and derivatives) for the benefit of END-USER or third parties. If an END-USER fails to comply with this prohibition on use of MARKET DATA FEED, BM&FBOVESPA may direct MARKET DATA DISTRIBUTOR to discontinue such END-USER’s access to MARKET DATA FEED and impose the penalties provided in the Agreement entered into by and between the MARKET DATA DISTRIBUTOR and BM&FBOVESPA, as well as resort to all the remedies available at law and in equity to terminate any infringement of BM&FBOVESPA’s rights in MARKET DATA FEED or any breach of this agreement or any agreement entered into between MARKET DATA DISTRIBUTOR and an END-USER. END-USER agrees that BM&FBOVESPA will suffer irreparable harm if the END-USER makes unauthorized use of MARKET DATA FEED to produce, create, circulate or generate indexes. The END-USER further acknowledges and agrees that (i) BM&FBOVESPA is an intended beneficiary of any agreement between the END-USER and its supplier of MARKET DATA FEED and BM&FBOVESPA shall have the right to enforce the provisions thereof, considering the irreparable harm it will suffer in case the license terms are violated, and (ii) the BM&FBOVESPA terms of use, as amended from time to time, shall be deemed to be incorporated by reference in such agreement. BM&FBOVESPA may take any action to enforce its rights and remedies without having to elect among them and without prejudice to its right to recover damages for losses incurred by BM&FBOVESPA or third parties as a result of any such infringement or breach;

(vii) END-USER is prohibited from distributing, redistributing, transferring, transmitting, disclosing, reselling, licensing, sublicensing, recirculating, reformatting, publishing, providing third parties with independent MARKET DATA FEEDs or services involving the evaluation or supply of databases and products through the use of, or passing on MARKET DATA FEED, wholly or partially, in any way without the prior written consent of BM&FBOVESPA;

(viii) END-USER understands and agrees that BM&FBOVESPA or any representative appointed by BM&FBOVESPA may upon request, at any time, provided the END-USER is notified at least thirty (30) days in advance, inspect END-USER’s books, records and systems relating to the reception of MARKET DATA FEED and license agreements signed with the MARKET DATA DISTRIBUTOR in order to verify the veracity and accuracy of the information contained therein, and to make sure END-USER is in compliance with its agreement with its MARKET DATA DISTRIBUTOR, with the Agreement entered into by and between the MARKET DATA DISTRIBUTOR and BM&FBOVESPA, and with the terms of use;

(ix) END-USER shall indemnify and hold harmless BM&FBOVESPA and MARKET DATA DISTRIBUTOR any damages or claims for damages caused to BM&FBOVESPA, MARKET DATA DISTRIBUTOR or third parties by unauthorized use of MARKET DATA FEED, including reasonable attorneys’ fees, expert fees, and costs of litigation;

(x) BM&FBOVESPA does not warrant or guarantee the sequence, timeliness, accuracy or completeness of MARKET DATA FEED and shall not be liable to MARKET DATA DISTRIBUTOR, its END-USERS, REDISTRIBUTORS or third parties for any delays, inaccuracies, errors or omissions in MARKET DATA FEED supplied hereunder or for any damages deriving therefrom or caused thereby. BM&FBOVESPA further assumes no responsibility and disclaims all liability for any damages caused by disruptions of the distribution of MARKET DATA FEED, including without limitation, disruptions due to an act of God or force majeure;

(xi) The terms and conditions contained herein shall prevail over any other inconsistent or incompatible agreements or provisions thereof by and between END-USER and MARKET DATA DISTRIBUTOR, and may be altered only by written agreement signed by BM&FBOVESPA;

(xii) END-USERS may not use any trademarks, service marks, symbols, distinctive signs or elements identifying BM&FBOVESPA, its products or services, or engage in any advertising, publicity or marketing activities that associate its activities with those of BM&FBOVESPA, without the latter’s prior written consent, and any such authorized use shall be in strict compliance with the terms and conditions imposed by BM&FBOVESPA on such use.”

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