Legal notice

1. Who publishes this site

The site opulion.com is published by:

Alfin Vestors SRL A limited liability company (société à responsabilité limitée) under Belgian law Registered office: Avenue Louis Lepoutre 48, box 4, 1050 Ixelles, Belgium Company number: 0772.847.696 Register of Legal Entities (RPM): Brussels VAT: BE 0772.847.696 E-mail: contact@opulion.com Site: opulion.com

Director of publication: Quentin de Viron, manager of Alfin Vestors SRL.

Analyst responsible for publications: Quentin de Viron. Every Opulion publication is signed with a name, never with a brand alone.

Opulion is an editorial activity of Alfin Vestors SRL. "Opulion" is not a separate legal entity.

2. Who hosts this site

Site host: Vercel Inc., 440 N Barranca Avenue #4133, Covina, CA 91723, United States (vercel.com).

Database of accounts and subscriptions: Supabase, hosted in the European Union, eu-central-1 region (Frankfurt, Germany).

E-mail delivery: Microsoft 365.

What we do with your data is described in our privacy policy.

3. What Opulion is, and what it is not

This is the most important section on this page. We would rather it were read before the others.

Opulion publishes educational analysis on listed investment companies: holding companies, trusts, conglomerates. This analysis rests exclusively on public information: annual accounts, reports, press releases, general-meeting documents, share prices. It recommends nothing.

Concretely, Opulion:

• makes no buy, sell or hold recommendation;
• publishes no price target, no return forecast, no investment horizon;
• gives no personal investment advice. European law defines investment advice as the provision of personal recommendations to a client (Article 4(1)(4) of Directive 2014/65/EU, known as MiFID II). What you read here is addressed to any reader alike, and is tailored to no one in particular;
• manages no assets, receives no mandate, executes no order, acts for no client;
• receives no remuneration from the companies it analyses, nor from anyone acting on their behalf.

It follows that Opulion provides no regulated investment service and carries out no activity subject to authorisation. Alfin Vestors SRL is neither authorised, nor registered, nor supervised by the Financial Services and Markets Authority (FSMA) in respect of an investment service, for the simple reason that it provides none.

The FSMA (Rue du Congrès 12-14, 1000 Brussels, www.fsma.be) is the Belgian authority competent for market abuse. Opulion complies voluntarily, and in writing, with the standards of transparency and of disclosure of conflicts of interest expected of investment research. These commitments are set out on our page Independence and holdings, which forms an integral part of every publication.

No content on this site constitutes an inducement to invest. All investment carries risks, including that of losing the capital committed. Past performance is no guarantee of future performance.

4. Jurisdiction and distribution

Opulion is published from Belgium by Alfin Vestors SRL, under Belgian law and the law of the European Union.

Its publications appear on a regular schedule. They are available to everyone, with no selection of recipients, and with no adaptation to any individual situation. These three characteristics are not decorative: they are what distinguishes a publication from advice, here as elsewhere.

They are not intended for persons located in territories where their distribution would be restricted, or subject to a local authorisation, registration or certification. It is for you to check that reading this site is lawful where you are.

5. Sources, accuracy and reporting an error

Our analyses rest on public sources, identified in each publication. We distinguish facts from interpretations. We state the date on which each figure is fixed.

We make every effort to ensure that the information published is accurate and up to date. We guarantee neither completeness, nor the absence of error, nor the continuous availability of the site. A figure resulting from a restatement may be revised.

If you notice an error, write to us: contact@opulion.com. We correct it, and we never correct in silence: a significant correction is flagged as such.

6. Images

Some illustrations on this site are synthetic images. No real person appears in them. This mention accompanies each image concerned, where it is served.

7. Intellectual property

All content published on opulion.com (texts, analyses, methods, reading grids, restatements, charts, visuals, layout, code) is protected by copyright and remains the exclusive property of Alfin Vestors SRL, unless stated otherwise.

The name "Opulion", the logo and the visual identity of the site are distinctive signs whose use without prior written authorisation is prohibited.

Any reproduction, representation, adaptation, translation or distribution, in whole or in part, on any medium whatsoever, for commercial purposes or not, is prohibited without our prior written authorisation, subject to the following reservation:

You may quote a short extract from our publications, provided you clearly indicate Opulion as the source, mention the date of the publication quoted, and insert a link to the original page. We ask for no prior authorisation for this. We ask only that the meaning not be altered, and that an extract never be presented as a recommendation.

The names, trademarks and logos of the companies analysed belong to their respective owners. They are mentioned solely for identification and reference, for information and analysis. Their citation implies no link, no partnership, no sponsorship and no approval on their part.

8. Links

The site links to third-party sites, in particular to the documents published by the companies analysed. These links are provided as sources. We exercise no control over these sites and assume no responsibility for their content.

9. Liability

The site is provided as is. To the extent permitted by applicable law, Alfin Vestors SRL cannot be held liable for decisions taken on the basis of its publications, nor for indirect damage resulting from access to the site or from its unavailability.

This limitation does not apply in the event of fraud (dol), gross negligence, nor in cases where Belgian law prohibits it, in particular with regard to consumers.

10. Applicable law and courts

This site and this legal notice are governed by Belgian law.

Any dispute falls within the jurisdiction of the courts of the judicial district of Brussels, without prejudice to the mandatory rules protecting consumers, who retain the right to bring proceedings before the court of their place of domicile where the law so provides.

11. Writing to us

For any question, remark, correction or request relating to your data: contact@opulion.com.