CYCLOS Securities S.A.

Persons who access the material made available by the CYCLOS SECURITIES S.A. Securities ("CYCLOS SECURITIES S.A.") at its website on the worldwide web ("CYCLOS SECURITIES S.A. Website") agree to the following:

The entire content of this CYCLOS SECURITIES S.A. Website is subject to copyright with all rights reserved. You may download or print out a hard copy of individual pages and/or sections of the CYCLOS SECURITIES S.A. Website, provided that you do not remove any copyright or other proprietary notices. Any downloading or otherwise copying from the CYCLOS SECURITIES S.A. Website will not transfer title to any software or material to you. You may not reproduce (in whole or in part), transmit (by electronic means or otherwise), modify, link into or use for any public and/or commercial purposes material contained in the CYCLOS SECURITIES S.A. Website without the prior written permission of CYCLOS SECURITIES S.A..

THE MATERIAL AND/OR SERVICES ON THE SITE DO NOT CONSTITUTE AN OFFER OR SOLICITATION

The material and/or services provided on the Site of CYCLOS SECURITIES SA are for informational purposes only and do not constitute an offer to sell or a solicitation of an offer to buy any security which may be referenced on the Site, except where an offer is explicitly made. Such offers can only be made under applicable law. Although the information on the Site may include material about the investment process generally, as well as research commentary relating to specific securities, CYCLOS SECURITIES SA is not providing personalized investment advice through the CYCLOS SECURITIES S.A. Website and any such securities may not suitable for your investment purposes. If you wish to learn more about information on the Site, you should contact a representative of CYCLOS SECURITIES S.A.

NO RELIANCE

While CYCLOS SECURITIES S.A. Website uses reasonable efforts to obtain information from sources, which it believes to be reliable, CYCLOS SECURITIES S.A. makes no representation that the information or opinions contained on the CYCLOS SECURITIES S.A. Website are accurate, reliable or complete. The information and opinions contained in the CYCLOS SECURITIES S.A. Website are provided by CYCLOS SECURITIES S.A. only for personal use and information purposes, and are subject to change without notice. Nothing contained on the CYCLOS SECURITIES S.A. Website constitutes investment, legal, tax or other advice nor is to be relied on in making an investment or other decision. You should contact a representative of CYCLOS SECURITIES S.A. before making any investment decision.

LINKED WEBSITES

When you access certain links on CYCLOS SECURITIES S.A. Website you may leave the CYCLOS SECURITIES S.A. Website. CYCLOS SECURITIES S.A. has not reviewed any of the websites linked to the CYCLOS SECURITIES S.A. Website and does not endorse or accept any responsibility for the content of such websites nor the products, services or other items offered through such websites.

IN RELATION TO THE RECEIPT OF ORDERS

The webpage allows CYCLOS SECURITIES S.A. to accept orders where the Investor has requested and received access permission. Such orders will be accepted in accordance with the terms of the relevant contract. The simple fact that the Investor enters his order does not involve its acceptance by CYCLOS SECURITIES S.A. which shall occur when the order is executed and only to the extent and degree of such execution. The Investor is solely liable for his choice of how the order is transmitted to CYCLOS SECURITIES S.A. and for any problems on the Internet or with the telephone networks in general which do not permit the successful transmission of his order to CYCLOS SECURITIES S.A.. CYCLOS SECURITIES S.A. also is not liable for any legal defect in the order, for errors or inaccuracies in the transmission of orders from the Investor, for interference or false impersonation, for decoding, erroneous reproduction or transmission of the message or for any other problem relating to the aforementioned means of communication. 

PERSONAL INFORMATION – COLLECTION AND USAGE

CYCLOS SECURITIES S.A. handles as law dictates, information, which permits the identification of persons related to it. This policy is extended to all websites belonging to companies controlled by, or affiliated with CYCLOS SECURITIES S.A.. CYCLOS SECURITIES S.A. makes every reasonable precaution towards enforcing this policy to its employees, representatives, officers, agents, and affiliates, who may gain access to such information in the course of their duties. CYCLOS SECURITIES S.A. collects personal related information when a user is registered for the creation of an investment account or when he is visiting the CYCLOS SECURITIES S.A. Website or any other website of a company controlled by, or affiliated with CYCLOS SECURITIES S.A.. This information, which might contain name and family name, home address, work address, e-mail address, occupation, as well as financial data related with the physical or legal entity wishing the opening of an investment account. Moreover, CYCLOS SECURITIES S.A. may automatically record information from its electronic infrastructure, including IP addresses of people visiting the pages of its website as well as cookie information, which are automatically transmitted and installed to those persons personal computers. Usage of such information is done exclusively for the purposes of the Contract, which may have a legal or a physical entity with CYCLOS SECURITIES S.A. or with a company controlled by, or affiliated with CYCLOS SECURITIES S.A. as well as for the improvements of the CYCLOS SECURITIES S.A. website contents. CYCLOS SECURITIES S.A. explicitly states that it does not sell, provide or permit access to such information to any third party. Access to such information is permitted only to its employees, representatives, officers, agents, and affiliates, as well as Governmental and Regulatory entities according to the Law. CYCLOS SECURITIES S.A. continuously makes every reasonable effort towards enforcing privacy policy to its employees, in a way that the handling of such information is being done with discretion and professionalism, according to the Law. 

LIMITATIONS OF LIABILITY

In no event, including (without limitation) negligence, will CYCLOS SECURITIES S.A. be liable for any loss or damage of any kind, including (without limitation) any direct, special indirect or consequential damages, even if expressly advised of the possibility of such damages, arising out of or in connection with the access of, use of, performance of, browsing in or linking to other sites from the CYCLOS SECURITIES S.A. Website.