Legal mentions
You are currently connected to the "research.natixis.com" website. This site is the exclusive property of Natixis (the “Site”).

Corporate name
Natixis - Joint stock company established under French law with a Board of Directors, with a share capital of EUR 5 019 319 328
Registered in Paris under no. B 542 044 524.

Registered office
30, avenue Pierre Mendès-France
75013 Paris.
Tel. +33 1 58 32 30 00


Company registration number (SIREN): 542044524
French Company Activity Code (NAF or APE code): 6492Z
VAT registration number: FR73542044524
Approval: Subsidiary’s name is a credit institution authorized in France by ACPR - Autorité de Contrôle Prudentiel et de Résolution (ex. CECEI - Comité des Établissements de crédit et des Entreprises d'investissement) 61, rue Taitbout 75436 Paris cedex 09.
Within the framework of its banking and financial activities, Subsidiary’s name is subject to the French Monetary and Financial Code.
To be checked: a member of FBF - Fédération Bancaire Française, a professional organization representing all banks installed in France.

E-mail : BanquedeGrandeClientele-Communication@natixis.com

Responsible publisher
Laurent Mignon

Chief editor
Véronique Léon-Marois

Company's ownership
At July 31, 2015, Natixis was 71.20%-owned by BPCE.

Host
The site is hosted on Natixis SA servers.

Reserved domain name: www.natixis.com is a domain name registered by NATIXIS (SIREN number: 542044524 / APE number: 6492Z) on October 20, 2006 with France Télécom

GENERAL CONDITIONS OF USE

Introduction
Please carefully review these general conditions of use (the “General Conditions of Use”).

By using the Site, you are deemed to accept the General Conditions of Use. If you do not accept these General Conditions of Use, do not access the Site and/or any of its pages. Some parts of the Site are subject to specific general conditions of use(the “Specific Conditions”). In case of discrepancy between the General Conditions of Use and the Specific Conditions, the latter shall prevail.

This Site, its content (the “Content”) and the relationships between Natixis and any person accessing this Site are subject to, and shall be interpreted on the basis of, French law. Any claim relating to, or resulting from, this Disclaimer shall irrevocably be subject to the exclusive jurisdiction of the Paris courts and the user waives any objection to proceedings in such courts on the grounds of venue or on the grounds that such Proceedings have been brought in an inappropriate forum.

The purpose of the Site is to provide information on Natixis and, for those persons that have entered into the relevant agreement with Natixis, to benefit from services in relation with financial instruments.

Natixis reserves the right to change or amend these General Terms of Use on notice (including through a notice by e-mail or through notice on that web site). Natixis may at all time and with no responsibility terminate your access to the Site by sending you a notice under any format or if you have breached any of these General Conditions of Use.

1. Disclaimer concerning the products and services presented on the Site
No information published on this Site constitutes or should be construed as constituting (i) an offer by Natixis to sell any banking, insurance or other services or products (including , but not limited to, financial instruments), or (ii) an offer or the solicitation of an offer to purchase or sell financial instruments or any other investment products or (iii) a personalized recommendation. The Site content – consisting of presentations of the products, services, research and analyses developed and produced by Natixis – is provided for information only. Users are advised to check the information and to use it only for appropriate purposes. Natixis has no responsibility for any use made of the information presented on the Site. Any person wishing to purchase one of the products or services presented on this Site should contact the department concerned to check the availability of the product or service in question, the applicable price and other contractual terms.

The sale of the products and services presented on this Site may be subject to restrictions applicable to certain potential buyers or in certain countries. This Site is not intended for persons that may be subject to laws and/or regulations prohibiting the publication or the access to the information, products and/or services included and/or referred to on the Site. None of the products or services presented on this Site will be supplied by Natixis to any potential buyer in breach of the laws of the potential buyer's country of origin or any other country whose laws apply to the potential buyer. Visitors should check that they are authorized to visit this Site under the laws of the country where the connection is established. By accessing and browsing the Site, the user agrees to indemnify on demand Natixis and/or its holding companies, subsidiaries, associated undertakings or controlling persons, and/or their respective directors, employees, agents, representatives or advisers against all damages, losses and/or costs borne by the latter as a result of the use and/or access to the Site in breach of these General Conditions of Use.

Natixis makes every effort to ensure that the information presented on the Site is correct and up to date. The Content of the Site may be corrected at any time, without notice. Natixis cannot and does not guarantee that the information provided is complete and that it has not been altered by a hacker or due to a virus. Natixis accepts no responsibility for any errors or omissions in the information provided.

Access to this Site is based on current service levels and Natixis has no responsibility for any transmission problems or for any network breakdowns.

Natixis does not give any explicit or implicit guarantee concerning the Site. In particular, Natixis does not guarantee that this Site meets or will meet the current or future needs of visitors, that uninterrupted access to the Site will be maintained, that the information presented on the Site is relevant, reliable and free of errors, or that any results obtained by using this Site are accurate and reliable.

Natixis does not guarantee the quality and/or the legality of any content not created by Natixis and will not accept any liability for any claims, lawsuits or appeals initiated by any third party on the grounds of the third party's exlusive rights over said content and/or its use or on any other grounds.

No verbal and/or written advice or information and no video advice or information obtained or accessible from the Site shall give rise to any guarantees or liability except as explicitly mentioned.

The Site may include or third parties may add links to other web sites or other Internet sources. Natixis has no control over these sites and external sources and, accordingly, cannot be held responsible for making available these sites and external sources, or for the content, fairness, current nature, quality, completeness, relevance or legality of any advertisements, products, service or other material available on or from these sites or external sources. Visitors to the Site acknowledge that Natixis cannot be held liable for any proven or alleged, direct or consequential losses arising from the use of or reliance on the content of these sites or external sources, or any goods or services available on these sites or from these external sources, viewed on screen or obtained by e-mail or by any other method. The confidentiality and integrity of information on the Internet are not guaranteed. Any electronic messages sent by users of the Site may be intercepted and/or altered. Natixis shall have no responsibility for any messages that are intercepted and/or altered.

Natixis believes that all the sites mentioned on this Site, directly or in the form of a hypertext link, belong to companies that are honest and ethical. However, Natixis has no ties with the majority of the companies concerned and no investigations into these companies have been performed. The information presented on this Site has been obtained from sources that are considered reliable and every effort has been made to ensure that the information is correct. Despite these precautions, Natixis cannot be held responsible for the accuracy of this information. Each user has full and sole responsibility for the use made of all or some of the information presented on this Site.

2. Privacy policy:
Information on management of client access to Natixis’ services requiring registration is subject to data processing by Natixis, which is responsible for data processing. This information is intended for use by Natixis only and under no circumstances will be provided to a third party.

In accordance with the Data Protection and Freedom of Information Act of January 6, 1978, revised in 2004, you have the right to access and correct your personal information, which you may exercise by writing to the following address:

Natixis
Service de traitement des réclamations - Banque de Grande Clientèle
47 Quai d’Austerlitz
75013 Paris
reclamations-bgc@natixis.com

3. Cookies and statistics
When you log on to (research.natixis.com), one or several cookies can be installed on your computer, your tablet or your mobile device.
What is a Cookie?: A “Cookie” is a small file recorded on the user's hard disk when viewing a site or advertisement. This process is managed by your web browser. Cookies record information about the user’s visit to the site, enable the user to receive personalised service proposals, but cannot be used to obtain data from your hard drive, install a virus or obtain personal information.

Cookies used on the website (research.natixis.com)

The website (research.natixis.com) only uses Cookies that are strictly necessary or that facilitate online communication. They enable you to use the site’s main functions (for example, sessions or language management Cookies, as well as cookies that allow for automatic identification if you select the “remember me” option). They record information on the user’s browsing on website (research.natixis.com) from the computer where the Cookie is stored and are not stored for more than 13 months (1 month for “remember me” cookie). These Cookies are not intended to identify the user who is connected. Natixis will only use the information derived from these Cookies for operating purposes.
Managing and deleting cookies: If you wish to change how your browser uses Cookies or deactivate Cookies at any time, you can change your browser settings.

Most browsers enable you to accept or reject all Cookies, to only accept certain types of Cookies or ask you each time you visit a website that wants to install a Cookie, and also allow you to delete Cookies installed on your computer.
In order to manage Cookies as you wish, please configure your browser as follows in order to manage or prevent installation of Cookies:

For Internet Explorer™: Tools Menu > Internet Options > Safety
(See http://windows.microsoft.com/en-us/windows7/how-to-manage-cookies-in-internet-explorer-9)
For Safari™: Safari Menu > Preferences > Privacy
(See https://support.apple.com/kb/PH19214?locale=en_US)
For Chrome™: Chrome Menu (tools) > Settings> Show advanced settings > Privacy > Content settings > Cookies
(See https://support.google.com/chrome/answer/95647?co=GENIE.Platform%3DDesktop&hl=en)
For Firefox™: Menu button > Preferences > Privacy > History > Cookies
(See https://support.mozilla.org/en-US/kb/enable-and-disable-cookies-website-preferences)
For Opera™: Preferences > Advanced > Cookies
(See http://www.opera.com/help/tutorials/security/privacy/)

For further information on Cookies: On the CNIL website: http://www.cnil.fr/vos-droits/vos-traces/les-cookies/

4. Copyright
This Site is protected in France by the Code de la Propriété Intellectuelle and outside France by international copyright and/or software protection conventions. Reproduction of all or part of this Site, by any method or process, is strictly forbidden without the formal authorization of the editor. Any person found guilty of a breach of copyright may be sentenced in France to a three-year term of imprisonment and fined up to €300,000 (art. L.335-2 of the Code de la Propriété Intellectuelle).

The brand names referred to on the site are the property of and have been registered by Natixis, which owns them or holds all rights to them from their owners. Reproduction or imitation of all or part of any trade marks, brand names and/or logos is forbidden, except with the formal prior consent of Natixis or their owners (art. L 713-2 and L 713-3 of the Code de la Propriété Intellectuelle). The same applies to databases accessible from the site which are protected by the Database Protection Act of July 1998. Any person found guilty of a breach of copyright, which is deemed to be fraud, may be held responsible under both civil and penal law.

5. Hypertext links and viruses
Natixis has no responsibility for any hypertext links to other web sites contained on this Site.

No one may install a hypertext link to this Site without the formal prior consent of Natixis.

Users are responsible for taking the necessary precautions to ensure that the Site selected does not contain any viruses or parasites. Under no circumstances may Natixis be held responsible for any direct or consequential losses arising from the use of its Site or any other sites accessed by a hypertext link.

Any willful misuse of any component of the Site (including in particular, hacking, introduction of viruses, disturbance, excessive or unlawful use) is strictly prohibited. Some information on the Site is protected by a password and such a password may only be used by those professional clients of Natixis to which it was made available by the latter. Natixis reserves the right to terminate any access by password and/or to inform, in case of willful misuse, the relevant authorities.

COPYRIGHTS
Abstract Skyscrapers/Shutterstock
Bezkorovayny Dmitry/Shutterstock
Chad McDermott/Shutterstock
Curaphotography/Shutterstock
Fabrice Vallon/Shutterstock
Grin Maria/Shutterstock
Frédéric Cirou/PhotoAlto
Digital Vision

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