PLEASE READ THESE TERMS CAREFULLY. DO NOT USE THE SITE IF YOU DO NOT AGREE TO BE BOUND BY THE TERMS AND CONDITIONS SET FORTH HEREIN. YOUR USE OF THIS SITE CONSTITUTES YOUR IRREVOCABLE ACCEPTANCE TO BE BOUND BY THE TERMS AND CONDITIONS HEREIN.

Welcome to the Capital Fund Management website (the "Site"). Any reference to "CFM," "we," "us" below shall mean Capital Fund Management S.A. and its affiliates. The Site and the information, products, services and other content available on or through the Site (collectively, the "Content") are proprietary to CFM and are protected by copyright. You agree not to copy for non-personal use, publish, disclose or otherwise distribute to third parties any Content (including making hypertext links), without receiving prior written consent from CFM.

Capital Fund Management, whose main offices are located at 23, rue de l'Université, 75007 Paris France, is a Société Anonyme de Gestion de Portefeuille with capital of 581 648€ - RCS Paris B 395 083 504. CFM is registered with the CFTC, SEC and AMF (GP-01-013) and member of the NFA.

1. Terms and Conditions

Each time you access the Site you agree that you (i) understand these Terms of Use, (ii) intend these Terms of Use to be the legal equivalent of a signed, written contract and equally binding, (iii) accept these Terms of Use and agree to be legally bound by them and (iv) are legally authorized to access the Site in the jurisdiction in which the connection is made.

2. License

The Site and the Content are provided by CFM as a service to you. You are granted a limited, nonexclusive, revocable and non-transferable license to use the Site, conditioned on your continued compliance with these Terms of Use. You may not modify, copy, distribute, display, reproduce, publish, license, create derivative works, transfer, sell or otherwise use, in any medium, any Content, except you may store Content for your sole personal use and information access.

3. Use of Site

The information, products and services described on this Site are not intended for distribution to, or use by, and are in particular not directed to, any person or entity in any jurisdiction or country where such distribution or use would be prohibited or contrary to any law or regulation or would obligate us to comply with any additional law, regulation, registration or similar requirement within such jurisdiction or country.

The Content on the Site is intended for informational purposes only. We do not provide recommendations, investment advice or any other advice to you and no information or material at the Site is to be relied upon for the purpose of making or communicating specific investment or other decisions. Nothing on this Site is intended to be, nor should it be construed or used as, financial, legal, tax or investment advice, an opinion of the appropriateness or suitability of any investment, or an offer to buy or sell any security, including an interest in any fund.

4. Privacy Policy

The terms of the Site's Privacy Policy are hereby incorporated as part of these Terms of Use.

This Site and the personal data processing concerning job applications, providers, investors, potential investors and their representatives have been notified to the French Commission Nationale de l'Informatique et des Libertés ("CNIL"). In accordance with the French Act n°78-17 dated January 6th, 1978 (and amended by the Act of August 6th, 2004) on Data processing, Data files and Individual Liberties (loi n°78-17 du 6 janvier 1978 relative à l'informatique, aux fichiers et aux libertés, modifiée), you are entitled to access and amend your personal data (subject to other regulations applying) and you can exercise this right by contacting CFM.

5. Security of Site

Actual or attempted unauthorized use of the Site may result in criminal and/or civil prosecution. For your protection, we reserve the right to view, monitor, and record activity on the Site without notice or further permission from you. Any information thus obtained is subject to review by appropriate governmental, regulatory and law enforcement organizations in connection with applicable law, including the investigation or prosecution of possible unlawful activity on the Site.

6. No Warranties

The Site and all Content are provided on an "AS IS" and "AS AVAILABLE" basis. We make no, and hereby disclaim all, representations and warranties, expressed or implied, including the accuracy, timeliness, validity or completeness of the information available via the Site and any warranties of fitness for a particular purpose, merchantability or non-infringement. We reserve the right to make unavailable at any time this Site or the Content.

7. Limitation of Liability And Indemnity

UNDER NO CIRCUMSTANCES, INCLUDING, BUT NOT LIMITED TO, NEGLIGENCE, SHALL CFM OR ITS SHAREHOLDERS, AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES OR AGENTS BE LIABLE FOR ANY DAMAGES, INCLUDING WITHOUT LIMITATION DIRECT OR INDIRECT, SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES THAT RESULT FROM THE USE OF, OR THE INABILITY TO USE, THE CONTENT, OMISSION, INTERRUPTION, DEFECT, COMPUTER VIRUS OR SYSTEM FAILURE, EVEN IF CFM, OR REPRESENTATIVES THEREOF, ARE ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, LOSSES OR EXPENSES.

AS A CONDITION OF YOUR USE OF THE SITE, YOU AGREE TO INDEMNIFY AND HOLD CFM AND ITS AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES OR AGENTS HARMLESS FROM AND AGAINST ANY AND ALL CLAIMS, LOSSES, LIABILITY, COSTS AND EXPENSES (INCLUDING BUT NOT LIMITED TO ATTORNEY'S FEES) ARISING IN CONNECTION WITH YOUR USE OF THE CFM WEBSITE, OR FROM YOUR VIOLATION OF THESE TERMS OF USE.

8. Environmental, Social and Governance Criteria

As CFM develops quantitative investment strategies using statistical methods applied to instruments traded on major global financial markets, CFM’s investment policy does not directly integrate Environmental, Social and Governance issues. However, we have implemented an exclusion policy for companies implicated in unconventional weapons production.

Any modification relative to ESG criteria within CFM’s investment policy will be made available to investors on the firm’s website.

9. Severability

The nullity or non-invocability of any provision of the Terms of Use of the Site shall not affected the other provisions thereby. The other provisions shall be interpreted as if the null or non-invocable provision does not exist.

10. Language

These Terms of Use are written in English, though a French version is available. If any difference arises between the English and French versions of these Terms of Use, the French version will prevail.

11. Governing Law

These Terms of Use have been made in and will be construed and enforced in accordance with French law and the Site is subject to French jurisdictions. Your consent to the jurisdiction and venue of such courts is irrevocable. You waive all defences of lack of jurisdiction, venue, or forum non-convenience.