This website is provided and operated by GUCAT & CO.

Prior to making use of this website, we would like you to read the following terms and conditions carefully and proceed with its use only if you agree with and will abide by them. Please understand that your access to this website constitutes your full acceptance of these terms and conditions.

GUCAT & CO may change these terms and conditions at any time as deemed necessary. We therefore request you to check these terms and conditions each time you access this website.

1. Copyrights, Trademarks and Responsible Sharing

All content, information, designs, layouts, logos, trademarks, and other intellectual property contained in this website are protected by copyrights, trademarks, and other intellectual property rights held by GUCAT & CO or by other parties that have granted to GUCAT & CO the license to make use of them. All persons accessing this website agree to make use of its content in a manner that does not infringe such rights.

We encourage responsible sharing of knowledge. You may share links to public pages of this website and quote short excerpts for non-commercial, informational purposes, provided that you attribute GUCAT & CO and link back to this website. You may not reproduce, modify, distribute, resell, or commercially exploit any content without the prior written permission of GUCAT & CO. We may also share aggregated or anonymized insights derived from our research, subject to confidentiality and privacy obligations.

2. Services and Strategic Studies on Request

GUCAT & CO carries out strategic studies and bespoke research on request. Each request is subject to a prior quotation and written acceptance. These studies are intended to help clients guide investments, hedging or coverage strategies, risk management, market analysis, and other strategic decisions. The outputs are analytical and informational only and do not constitute investment, legal, tax, or accounting advice, nor a recommendation or solicitation to buy or sell any financial instrument.

3. Operation of This Website

GUCAT & CO may change, delete, or otherwise alter the content of this website at any time. In addition, when deemed necessary, GUCAT & CO may interrupt or suspend the operation of this website itself. GUCAT & CO is under no obligation to revise the information on this website to ensure that it is correct at all times.

4. Links from Other Websites

When providing a link to this website from other websites, please obtain permission of GUCAT & CO in advance. In addition, when providing such links, the link should access the home page of this website and state clearly that this URL is a link to this website.

5. Linked Sites

GUCAT & CO makes no guarantee whatsoever regarding the content of the websites that are linked from this website or the websites of others containing links to this website (collectively the “Linked Sites”) as other parties are responsible for the operation of the Linked Sites. Moreover, when making use of the Linked Sites, it is necessary for you to agree with and abide by the terms and conditions of usage of those sites.

6. Disclaimer

GUCAT & CO makes no guarantees or representations whatsoever regarding the information contained in this website, including the truth of content, accuracy, safety (including the absence of computer viruses or other harmful content in this website or the server thereof), or the absence of infringement of rights of other parties. You are entirely responsible for any damages of any kind that may arise from accessing this website.

7. Information on Future Performance (Forward-Looking Statements)

GUCAT & CO may present information on this website regarding its future business activities and performance and those of its affiliated companies. Such forward-looking statements are only forecasts based on information available at the time of disclosure and may be subject to change because of a wide range of factors. In addition, such forward-looking statements are not presented with the intention to recommend specific investments to you. Accordingly, when you make any investments, GUCAT & CO requests that you do not put undue reliance on the information presented on this website.

8. Insider Trading

Some information on this website could be a “material fact” regarding GUCAT & CO or any of its affiliated companies under applicable securities laws. Therefore, any person who trades shares or securities of GUCAT & CO or any of its affiliated companies based on a material fact obtained from this website before such material fact is published in accordance with applicable law could be in violation of insider trading regulations. GUCAT & CO is not responsible for any such violation.

9. Limitations on GUCAT & CO’s Responsibilities

GUCAT & CO is not responsible in any way whatsoever for any loss, damages (whether actual, consequential or otherwise), injury, claim, liability or other cause of any kind or character whatsoever based upon or resulting from the use of this website, including, but by no means limited to:

• Damages arising due to the information contained on this website or changes thereto or removal thereof, or any aspect of the management of this website, including interruption or suspension of operations;

• Damages resulting from the use of this website or information contained on this website;

• Damages arising from inaccurate content on this website or typing errors; and

• Damages to software or hardware that occur when downloading from this website, any inconvenience arising from use of this website, problems with computer viruses, any loss or impairment of data, or similar problems.

10. Protection of Personal Information

For GUCAT & CO’s personal information protection policy, please refer to the “Personal Information Protection Guidelines” on this website. Regarding the protection of personal information concerning this website, GUCAT & CO will follow the practices stated in the “Privacy Policy” of this website. We may share personal information only as described in that policy or as required by law.

11. Governing Laws and Jurisdiction

These terms and conditions shall be governed by and interpreted in accordance with the laws of France. Any legal action related to this website and these terms and conditions of its usage shall be subject to the exclusive jurisdiction of the courts of Paris, France as the court of first instance.