Operating rules

Type of negotiation

• The distribution activity on the Placement Section Market can be carried out through a continuous negotiation phase followed by an auction phase if necessary
• the presence of the auction phase is optional

Offer prices

• The Offer Price of the financial instrument is fixed and is communicated to the Market, at the start of the distribution period, by the intermediary in charge of the placement

Distribution model

• The authorized intermediary(s) in charge of the placement are the only Participants entitled to offer for sale at the fixed offer price
• Each authorized intermediary may submit only one proposal for sale; the sum of the quantities of the proposals submitted by all the authorized intermediaries may not exceed the total amount of the offer
• Order Flow Prividers may only enter proposals to buy "at a limited price" equal to the fixed offer price or "without price limit", and cannot be modified

Transparency and secondary market

• The placement and its features are given wide visibility and transparency through the Vorvel website
• The issuer may request, at the successful outcome of the placement, that the bond placed be immediately listed on the secondary market of Vorvel
• The difference between Branded Banking bonds with or without LP refers to the secondary market phase and not to the placement phase (Primary market phase)