How to understand when He says we are dating exclusively but he doesn't want a relationship/ labels/ settle down?

We have been dating for a few months. And he told me he doesn't want to see other women/cheat , that he isn't planning to leave me. But still doesn't want to label it and settle down. The relationship seems to be going really well, we both feel happy. What is the best thing to do?
How to understand when He says we are dating exclusively but he doesn't want a relationship/ labels/ settle down?
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