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Gaselys is an Investment Services Provider approved by the CECEI (Comité des Etablissements de Crédit et d’Entreprises d’Investissement, www.cecei.org, 31 rue Croix-des-petits-champs, 75001 PARIS), a body overseen by the Banque de France, to provide certain investment services. Its business is subject to the provisions of the French Monetary and Financial Code and it is regulated by the French banking authorities (the Commission Bancaire and the Autorité des Marchés Financiers (“AMF”).

As required by law, we invite you to read these conditions of use (hereinafter the “Conditions”) as well as any specific condition appearing on the pages of the website. These will govern your use of the www.gaselys.com website (hereinafter the “Site”) and your relations with Gaselys. The Conditions cover your legal rights and responsibilities when using the Site.


1. INFORMATION ABOUT THE PUBLISHER

The Site is published and hosted by Gaselys, a French simplified limited liability company (Société par Actions Simplifiée) with capital of €19,000,000, which is registered at the Paris Commercial and Companies Registry under the number 437 982 937 000 17.
APE Code: 651 C
Registered office: 2-6 rue Curnonsky, 75017 Paris, France
VAT no.: FR 154 379 829 37
Legal representative: Mr Thierry Daubignard – Managing Director
Director of Publishing: Mr Philippe Vedrenne
Editorial Director: Ms Sophie Carlier
Contact: Alexandra Wotton

The “Join us” section is hosted by Rflex, of 98 Avenue du Général Leclerc, 92100 Boulogne, Tel: 01.46.04.46.39; Fax: 01.46.04.57.23.

Copyright © photos: Jean-Luc Buro


2. USE OF THE SITE

The Site is governed by French law, and the Conditions will also be governed by, and interpreted in accordance with, French law.

You can access the Site free of charge (excluding connection costs) for your personal use, subject to compliance with the conditions set out below.

The following conditions constitute a legal agreement between you and Gaselys. In accessing, visiting or using the Site, you acknowledge that you have read, understood and agreed to be bound by these conditions, and that you undertake to comply with all applicable laws and regulations. If you do not agree to these conditions, please do not use the Site.

You undertake to access the information appearing on the Site solely for personal, non-commercial use.

You may only use the Site for legitimate purposes; any use or abuse of the Site for illegal or immoral purposes is strictly prohibited.

Access to the products and services displayed on the Site may be subject to restrictions in the case of certain persons or in certain countries. Gaselys will not provide the products or services offered on the Site to persons for whom they are prohibited by law in the country of origin or in any other country concerned. Persons reading this information must satisfy themselves that they are legally authorised to connect to the Site in the country from which the connection is made.


3. LIMITATION OF LIABILITY AND EXCLUSION OF WARRANTY

Gaselys and its contributors take all reasonable steps to ensure that the information displayed on the Site is correct and up to date, while reserving the right to amend its contents at any time and without prior notice. Nevertheless, Gaselys cannot guarantee that the information is complete, or that it will not be amended by a third party (due to piracy, viruses, etc.). Gaselys and its contributors also disclaim any liability (whether direct or indirect) in the event of any delay, error or omission in relation to the content and use of these pages, or in the event that the service is interrupted or unavailable.

In this respect, Gaselys and its contributors cannot be held liable for any indirect losses, including, in particular, those resulting from transactions carried out on the basis of information displayed on the Site, losses of profits, losses of business, losses resulting from an interruption of the service, or an increase in the costs of accessing and processing the information.

You are solely responsible for the use that you make of this information, and for the results obtained. It is also your responsibility to verify all information received via the Internet.

Gaselys cannot guarantee uninterrupted access to the Site, or the total absence of errors.
 
The service may be interrupted as a result of maintenance problems, repairs, computer problems, Internet service disruption or other unforeseen circumstances. Similarly, Gaselys is not responsible for delays, difficulties of use or incompatibility affecting the Site, computer files, web browsers or any other programme used to access the Site.

Gaselys may not be held liable in any circumstances for any direct or indirect damage resulting from distribution through the Site by a third party of a virus liable to infect your computer system after you connect to, use or navigate around the Site. Similarly, Gaselys may not be held liable for any material or incidental damage (including, without limitation, any technical defect, disclosure of confidential documents or loss of data), or for any other indirect damage of any kind occurring during, or associated with, the use of the Site.

Finally, Gaselys and its contributors give no warranty, nor do they assume any liability in any circumstances, as to whether the information contained on the Site is adequate, in the correct order, accurate, free from errors, true, regularly updated, fair and commercial, of good quality, justified and available. Incorrect information or omissions occur, particularly due to typographical errors or mistakes in editing. If you find any errors you are asked to inform us so that we can make the appropriate corrections.

Gaselys reserves the right, in its sole discretion, to amend any element of the Site. In the context of its policy of updating and optimising the Site, Gaselys may decide to amend these conditions.

Any dated information that is published on the Site is only valid for the date specified.
Any information concerning any number of financial instruments is provided as seen and only for information purposes, even if based on reliable sources. In addition, such information does not constitute an offer on the part of Gaselys or its contributors to purchase, sell or subscribe for financial services, nor does it constitute the solicitation of an offer to purchase or sell negotiable instruments or any other investment product.

Warranties concerning commercial use, current contracts, market value or the suitability of the service or data for a particular purpose, are expressly excluded.

You acknowledge that the use and interpretation of the information requires specific and detailed knowledge of the financial markets.

If you wish to obtain any of the products or services offered, you are asked to contact Gaselys to obtain information on its availability and on the contractual conditions and prices applicable.

Without prejudice to the foregoing, users of this Site are informed of the following:

(i) Economic research and forecasts:

The information available on the www.gaselys.com site has been obtained from sources considered to be reliable, or is based on such sources. However no warranty is given as to its correctness or completeness, though Gaselys considers it to be honest and not to be misleading or untruthful. Gaselys is not bound to disclose or take account of such information when it advises its clients or carries out transactions with them or for their account. The opinions of Gaselys reflected in this information are liable to change without prior notice. Insofar as the law allows, Gaselys assumes no liability of any kind whatever in relation to the use of documents or information appearing on the Site. Research documents are not addressed to private clients and are not intended for their use. If a private client obtains a copy of a report, it must not base its investment decisions solely on that document, but must seek the advice of an independent financial adviser.

Note for the attention of French investors: Economic research publications available on the www.gaselys.com site are prepared in France by Gaselys, or through Gaselys, a company under the supervision of the AMF.

Important notice to investors in the United Kingdom: Due to the circumstances in which these publications have been produced, they cannot be categorised as “impartial” within the meaning of the Financial Services Authority Handbook. For example, this is due to the way the author of the document provides information or is remunerated, or where it is geographically located.

Certification by analysts: Every author of research reports hereby certifies that the opinions expressed in such reports exactly reflect his or her personal opinions on the securities or issuers the subject matter thereof.

(ii) Notes concerning products that are published on the www.gaselys.com site are provided solely for information purposes and do not in themselves constitute a commercial offer; users must contact their commercial contact at Gaselys in order to find out whether the services or products are available and what contractual conditions and prices apply.

(iii) Technical analysis published on the www.gaselys.com site is provided for information purposes only. In no circumstance does it constitute an offer of sale or the solicitation of offers to purchase the securities mentioned. The information contained in these documents has been obtained from reliable sources, but must not be considered as exhaustive. The opinions expressed are those of the authors and do not necessarily represent the opinion of Gaselys.

(iv) Valuations available on the Site www.gaselys.com are prepared by Gaselys and are published for information purposes only. The contents of such valuations do not constitute and must in no circumstances be considered as an offer, solicitation, advice or recommendation of any kind to purchase or sell any investment or carry out any other transaction. All valuations have been obtained on the valuation date indicated and represent the estimated value of your portfolio. Valuations can vary above or below the levels at which further transactions could be carried out, due to the variable size of the spread between the bid and offer rate. Due to the models or assumptions used to calculate the value of your portfolio, or the date and time of the calculation, valuations can give noticeably different results. In addition, all valuations are liable to change as a result of our transactions in similar or underlying securities or other instruments, and/or can be based on our own prices. Gaselys expressly disclaims any liability with regard to (i) independent verification of any information obtained to assist with the preparation of these valuations, (ii) the validity of the models and market data processed in such models, (iii) any error or omission in the calculation or distribution of valuations, and (iv) any use made of valuations.


4. ACCESS TO THE PRIVATE AREA FOR GASELYS CLIENTS

(i) Access to this area of the Site is protected by a user name and password (referred to together as the “Codes”). Every client undertakes to keep these Codes strictly confidential and not to disclose them to any third party. Every client acknowledges that these Codes are personal and must remain so, and undertakes to ensure that they are only used by the client’s duly authorised representatives.

The client must satisfy itself, among other things, that its Codes are stored and used in a way that provides the maximum security and confidentiality.

(ii) The client will be solely responsible for the consequences of communication of the Codes to any person of its choice, or of their disclosure (whether deliberate or otherwise) or use by third parties.

The client and Gaselys expressly agree that any action (such as access to information, etc.) taken on the Site after having accessed it using the Codes will be deemed to have been carried out by the client and with the consent of its duly authorised representative.

(iii) The client is solely responsible for the creation, control, supervision, preservation and use of its Codes. Gaselys is not bound by any obligation whatever with regard to the control or supervision of use of the Codes, and disclaims any liability in the event of improper use thereof. The client undertakes in all cases to inform Gaselys immediately of any unauthorised disclosure or use of the Codes, of any unauthorised access to the Site or of the necessity to deactivate certain Codes. The client will be solely responsible for the use of any content on the Site and for the disclosure of any information resulting from the use of its Codes.

(iv) In the event that the client should lose or forget its Codes, it may ask the Editorial Manager of the Site to supply them again.

If necessary, the client can also ask the Editorial Manager to suspend access to all the Site’s functions.

(v) Gaselys reserves the right, at any time, to amend the Codes used by Client to access the Site and/or to deactivate them, without prior notice and without limitation, particularly in the event of a risk that the security of Gaselys’s information system, or that of the Site, might be compromised, or in the event of non-compliance with the terms of these Conditions of use.

(vi) Recordings made by the Site’s computer system while the client is connected will constitute proof of any action taken by the client on the Site and of the way in which such actions were processed.

 
5. COPYRIGHT

The whole of this Site is governed by French legislation relating to copyright and trademarks, and in general, to intellectual property. The content of the pages on this Site is the exclusive property of Gaselys and its contributors. You also undertake not to use this content for illegal purposes, and not to permit any other person to do so.

For personal and non-commercial purposes, you can obtain and display the content of the Site on a computer screen, print individual pages on paper or save such pages in electronic form on a disk (but not on a server or on a storage peripheral connected to a network).

Any reproduction, representation, broadcast or rebroadcast of the content of this Site, whether in whole or in part, on any medium or by any means whatever (including by storage in cache memory and by rastering), as well as any sale, resale, retransmission or distribution of such content to third parties in any way whatever, is prohibited. Any breach of these prohibitions will render the party concerned liable in civil and criminal law.

These Conditions do not confer any licence to use the trademarks, logos or photographs of Gaselys.


6. HYPERTEXT LINKS

Gaselys cannot be held liable for any hypertext links pointing to other websites, particularly as regards the content of such websites.

Gaselys is not responsible for hypertext links which point to the Site, and it prohibits any person from setting up such links without its prior authorisation in writing.


7. DATA PRIVACY – PERSONAL DATA

In accordance with French Law no. 78-17 dated 6 January 1978 as amended, relating to information technology, the formalities required by the Commission Nationale de l’Informatique et des Libertés with regard to the automated processing of personal data obtained through the Site, have been carried out;
The “Joins us” section has been subject to a declaration under reference number 1231227.

Some of the questionnaires appearing on the Site are note compulsory: you can decide not to fill them in. Some other questionnaires shall be filled in, in order to let Gaselys answer your requests.
By ticking the appropriate box in each questionnaire, you allow Gaselys to transfert to third parties, your personal data for commercial prospecting. Furthermore, the data that must compulsorily be provided are in order to identify you and grant you access to the services offered on this Site (page “Join us”). In compliance with French Law no. 78-17 dated 6 January 1978, as amended, relating to information technology, you are granted a right of access and modification to your personal data that you can exercise by writing to Alexandra Wotton at contact@gaselys.com
 

8. COOKIES

We may also place “cookies” on your computer in order to facilitate your browsing. A “cookie” is used to record information relating to your browsing of the Site (pages already displayed, date and time). This can then be accessed by us when you next visit the Site.

If you wish to prevent the storage of cookies, you can alter the setup of your web browser as follows:

In Internet Explorer 5: In the menu bar, click on “Tools” and then on “Internet Options”. Select the “Security” tab and then click on “Custom level”. On the drop down menu, locate the entry “Allow the storage of cookies on your computer”. You can then choose one of the following options: Enable/Prompt/Disable.

In Netscape Communicator: On the “Edit” menu, select “Preferences”. Click on the “Advanced” category. You can then choose one of the following options: Accept all cookies/Accept only cookies that get sent back to the originating server/Block cookies. You can also tick the option: “Warn me before storing a cookie”.


9. GENERAL CLAUSES

Any assignment or other transfer of the rights conferred by these conditions is strictly prohibited.

If, for any reason, a competent court should rule that a provision of the Conditions is invalid, the invalidity of that provision shall not affect the validity of the remainder of the Conditions in any way, and they shall remain in force,.

The fact that either of the parties may not exercise a right or take legal action pursuant to the terms of the Conditions shall not be considered as a waiver of that right or as an abandonment of any such action.