This analysis was prepared by Cercle Finance and published by BOURSORAMA on 03/04/2022 at 12:02:00.

Acting exclusively as a distribution channel, BOURSORAMA did not in any way participate in its development or exercise any discretionary power over its selection. The information contained in this analysis is transcribed “as is”, without any kind of representation or guarantee. These are the opinions or estimates expressed in the authors and do not reflect the views of BOURSORAMA. Subject to the applicable laws, the information contained therein and the analyzes expressed therein shall not render the liability of BOURSORAMA. The content of the analysis provided by BOURSORAMA is provided for information purposes only and has no contractual value. So it is a simple decision making aid that the user has complete control over.

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In accordance with applicable regulations, BOURSORAMA establishes and maintains a policy for managing conflicts of interest and implements administrative and organizational measures to prevent, identify and manage conflict of interest cases in relation to broadcast investment proposals. These rules in particular contain provisions relating to personal financial transactions to ensure that BOURSORAMA employees are not in a conflict of interest when Boursorama disseminates investment recommendations.

The reader is informed that BOURSORAMA has no conflict of interest that could compromise the objectivity of the analyzes circulated. The reader is therefore informed that there is no direct link between the spread analyzes and the variable compensation of BOURSORAMA employees. Similarly, there are no financial or capital links between BOURSORAMA and the issuers concerned, other than the contractual commitments which may govern the provision of the distribution service.

It is recalled that Societe Generale group entities, to which BOURSORAMA applies, may transact on the financial instruments mentioned in this analysis, have commitments in the companies issuing such financial instruments, act as a market maker, advise, broker, or banker of these instruments, or be represented on the board of directors of such companies. These circumstances cannot in any way affect the objectivity of the analyzes disseminated by BOURSORAMA.

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