• Introduction

The SG Virtual Covered Warrant portfolio website is a risk-free, zero cost virtual warrant trading platform. You should note, however, that making real financial investments in covered warrants is not suitable for everyone.

You should not deal in warrants unless you understand their nature and the extent of your exposure to risk. You should be satisfied that they are suitable for you in the light of your circumstances and financial position. This disclaimer cannot disclose all the risks and other significant aspects of warrants. If you are in any doubt you should consult an appropriately qualified financial advisor.

• Warrant risk factors

Leveraged returns are a major advantage of warrants but can also work against investors. Warrant investors should be aware that, if the underlying instrument to the warrant moves in the opposite direction to that anticipated by investors, the losses incurred by the warrant will be greater in percentage terms than those incurred by the underlying itself. The prices of warrants can therefore be volatile.

Warrants have a limited life, as denoted by the expiry date of each issue. After this date, warrants can no longer be traded or exercised. Investors should note that warrants experience time decay (erosion of their time value) throughout their life. The rate of this decay accelerates as warrants near expiry and warrants may expire worthless. You should not buy a warrant unless you are prepared to lose all of the money you have invested plus any commission on transaction charges.

• UK and Ireland residents only

This site is intended for investors who intend to trade in listed warrants in the United Kingdom. It is not provided to any person who is a resident of any other country.

• No investment advice

Nothing in this website constitutes advice on the merits of buying, or selling a particular investment or exercising any right conferred by the warrants described. SG does not offer investment advice in respect of these products.

• Accuracy and reliability of information

SG does not accept any liability (whether direct or indirect) arising from use of the information contained in this website. The information in this website is, to SG's knowledge, reliable and accurate but this cannot be guaranteed. The views of SG reflected in this website may change without notice. To the extent possible at law, SG does not accept any liability whatsoever arising from the use of the material in this website.

Figures included in this website take no account of personal tax liability. The value of warrants may be exposed to fluctuations in rates of exchange, and these may have an adverse effect on the value or price of the warrant. The value of warrants can go down as well as up. Any returns referred to in this website are illustrative only and do not constitute projections of expected returns unless expressly specified as such.

Information given about the past performance of warrants or the securities underlying them is no guarantee of future performance. No investment decision should be taken without reading the Listing Particulars relating to the particular warrant concerned. A copy of the Listing Particulars may be obtained from Société Générale at Exchange House, Primrose St, London EC2A 2DD upon request.

• Disclosure of interest

SG or its associates may from time to time have a position, or material interest in the warrants described in this website or the investments underlying them. Generally SG will be the only market maker in the warrants discussed and will or may have provided significant advice in relation to the warrants and the investments underlying them.

• Third party information

Any third-party advertising, information and referral buttons containing hyperlinks are not recommendations or endorsements by SG or its respective directors, affiliates or employees. The user is referred to the relevant third party for all relevant information, including complete information on that entity's investment adviser or dealer licensing status (if applicable).

• Trademarks

The name, logo and trademarks of SG and its affiliates ('SG') are reproduced by permission of SG. Where any warrant is based on an index, the index provider will have no liability to you in respect of its activities in respect of that index.

This site is maintained by Société Générale, Exchange House, Primrose St, London EC2A 2DD.