SaxoSelect Disclaimer

Saxo Bank A/S (hereafter “Saxo Bank”) makes no representation or warranty as to the actual performance of the trades executed on behalf of the investor through SaxoSelect. Saxo Bank automatically executes trades on behalf of the investor which corresponds to the trades carried out in respect of a strategy. Some strategies operate with leverage due to the use of margin products and a high degree of discretion and exposures towards single securities and asset classes, and SaxoSelect may therefore entail significant risks. The in-built investment shield is designed to limit potential losses, but it is not a guarantee that the investor can only lose the pre-defined amount specified by the investor. The investment shield applies only for margin products and not cash products, such as stocks, bonds and ETFs.

All investments entail risks and may result in both profits and losses. In particular, investments in leveraged products, such as, but not limited to foreign exchange, derivatives and commodities can be very speculative and profits and losses may fluctuate both violently and rapidly. Speculative trading is not suitable for all investors and all recipients should carefully consider their financial situation and consult financial advisor(s) in order to understand the risks involved and ensure the suitability of their situation prior to making any investment, divestment or entering into any transaction.

Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting an Investment Portfolio or an ETF. The price of the investments may go up or down and the investor may not get back the amount invested. Your income is not fixed and may fluctuate. The value of investments involving exposure to foreign currencies can be affected by exchange rate movements. You are reminded that the levels and bases of, and reliefs from, taxation can change.

Saxo Bank shall not be liable for (i) any loss which the investor may suffer as a consequence of the trading and transactions undertaken by Saxo Bank in accordance with the power of attorney and terms and conditions of SaxoSelect (the "Terms"); (ii) any loss suffered or incurred by the investor as a result of or in connection with Saxo Bank's provision of SaxoSelect under the Terms, unless and to the extent that such loss is suffered or incurred as a result of Saxo Bank's gross negligence or wilful misconduct; (iii) any loss due to actions taken by Saxo Bank according to its rights under the Terms; (iv) any consequential or other indirect loss (including loss of profit and loss of goodwill) suffered or incurred by the investor whether arising from Saxo Bank's negligence or otherwise; or (v) any loss exceeding Saxo Bank's revenue on the investment account(s) of the investor for any 12 month period prior to the investor's raising of a claim against Saxo Bank.

*Morningstar’s Investment Management Group comprises Morningstar, Inc’s registered entities worldwide, including in France, where Morningstar Investment Consulting France (“Morningstar”) is authorised and regulated by the French Autorité de contrôle prudentiel et de résolution (ACPR) as a financial investment adviser to provide services to professional clients.

Morningstar Investment Consulting France is similarly not liable for the losses described above. Morningstar’s selection of stocks for the Saxo Morningstar Moat portfolio, which is managed by Saxo Bank, is provided under a contract to provide a model portfolio advisory service to Saxo Bank only and is based upon certain internal assumptions. Morningstar has not considered the suitability of the content of model against individual needs and risk tolerances for all investors. Discretionary execution of the model is the responsibility of Saxo Bank. As such, Morningstar’s model is for information purposes only and does not constitute investment advice or an offer to sell or a solicitation of an offer to buy the securities described within.

The Morningstar name and logo are registered trademarks of Morningstar, Inc. and its affiliates and are used under license. Morningstar is not affiliated with Saxo Bank. Morningstar makes no representations or warranties regarding the advisability of investing in any product, portfolio or service offered by Saxo Bank or any of its affiliates. Morningstar has no obligation or liability in connection with the operation, marketing, trading or sale of any product, portfolio or service offered by Saxo Bank or any of its affiliates nor does Morningstar have any obligation or liability to any client or customer of Saxo Bank.

Brown Advisory LLC (“Brown Advisory”) does not provide investment recommendations to clients of Saxo Bank and its affiliates. Brown Advisory, has not obligation or liability in connection with operation, marketing, trading or sale of any portfolio or service offered by Saxo Bank or any of its affiliates nor does Brown Advisory have any obligation or liability to any client or customer of Saxo Bank.

BlackRock is similarly not liable for the losses described above. BlackRock’s insights and data which is utilised by Saxo Bank in building its Investment Portfolios is based upon certain internal assumptions and BlackRock has not considered the suitability of the content of its insights and data against individual needs and risk tolerances for all investors. As such, BlackRock’s insights and data is for information purposes only and does not constitute investment advice or an offer to sell or a solicitation of an offer to buy the securities described within. BlackRock’s insights and data has not been prepared in accordance with the legal requirement designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of the insights and data provided to Saxo Bank and, as such, is considered to be a marketing communication Saxo Bank.

iShares® and BlackRock® are registered trademarks of BlackRock, Inc. and its affiliates (“BlackRock”) and are used under license. BlackRock is not affiliated with Saxo Bank. BlackRock makes no representations or warranties regarding the advisability of investing in any product, portfolio or service offered by Saxo Bank or any of its affiliates. BlackRock has no obligation or liability in connection with the operation, marketing, trading or sale of any product, portfolio or service offered by Saxo Bank or any of its affiliates nor does BlackRock have any obligation or liability to any client or customer of Saxo Bank.

• This disclaimer is subject to Saxo Bank's Full Disclaimer available at www.home.saxo/legal/disclaimer/saxo-disclaimer and the full risk warning at https://www.home.saxo/legal/risk-warning/saxo-risk-warning.

Last updated: 10th March 2021