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Offer to purchase units in side-pocketed funds

Press release
Q&A

Date : 07/08/2024

Location : Paris / London

H2O AM LLP and the FCA reach a settlement allowing a definitive exit from side-pocketed funds for all unitholders

The H2O AM Group is offering an accelerated and definitive exit for unitholders of the side-pocketed funds. In addition to the €229 million already repaid, the company has secured €250 million which will be paid to all unitholders. As a result, unitholders who sold their units on 14 October 2020 when the funds reopened will recover between 87% and 93% of the value of their total investment at the time of suspension on 28 August 2020, depending on the fund. The unitholders accepting the offer will receive an enhanced and earlier payment by selling their side-pocketed funds. In addition, any sums arising from the sale of assets which remain held by these funds or that may be recovered from fines already paid will be returned to them.

H2O AM LLP, the Group’s UK entity, has reached a settlement with the Financial Conduct Authority (FCA). As part of this settlement, a Final Notice has been published today which covers events between 2015 and 2019 relating to investments in entities linked to Tennor Holding BV. In this Notice, the FCA highlights that the offer to be made to unitholders in the side-pocketed funds is based on voluntary and significant contributions, without admission of liability, on the part of H2O AM Group and its shareholders and that H2O AM Group has made significant changes to its governance, systems and controls since that period. H2O AM LLP is no longer subject to an FCA investigation.

The H2O AM Group has secured €250 million in order to finance an offer (the “Offer”) to all unitholders of the side-pocketed funds in an equal manner, allowing them the opportunity to accept the Offer by selling their units to H2O AM LLP. Unitholders accepting the Offer will receive an enhanced and earlier payment compared to non-participating unitholders, starting in the fourth quarter of 2024, and will relinquish their rights to bring claims against H2O AM Group and any third party in connection with these investments relating to Tennor Holding BV entities, and their management. In addition, any additional proceeds from the liquidation of assets held by the side-pocketed funds or from fines recovered will be redistributed to all unitholders, including those who have accepted the Offer, which is expected to open early September 2024. In the coming weeks, the H2O AM Group will communicate further details on the terms and conditions of the Offer. These have been shared with the FCA and the Autorité des marchés financiers (AMF) and will be presented through various channels, including a dedicated website. The Offer has been prepared with the assistance of Eric Pinon’s consulting firm.

This €250 million Offer will enable an accelerated and definitive exit from the side-pocketed funds and will be in addition to the €229 million already repaid. Thus, by accepting the Offer, unitholders who held €100 on 28 August 2020, the day of the suspension, having:

  • sold their open-ended funds (FCP) when they reopened on 14 October 2020, will recover 87% to 93% of the value of their investment, depending on the fund (see table 1);
  • maintained their investment in the FCPs until 31 December 2023, have recovered their entire investment thanks to performances well in excess of each FCP’s objective (see table 2).

Furthermore, over the past few years, H2O AM has consolidated its corporate governance, notably by establishing Supervisory Boards with a two-thirds majority of independent members. These measures are complemented by the strengthening of its internal control procedures, in order to ensure compliance with the highest standards. Finally, adapting to the consequences of Brexit, H2O AM Group has gradually transferred its portfolio management team to continental Europe. In line with this move, H2O AM LLP will voluntarily apply to cancel its UK permissions by end of 2024.

Loïc Guilloux, CEO of H2O AM Group, notes: « With this settlement, we acknowledge the FCA’s findings relating to investments in private securities undertaken by H2O AM LLP between 2015 and 2019 and take a major step forward. Over the last few years, we have significantly improved and consolidated our organisation and strengthened our risk management and compliance teams, governance and internal procedures. These changes ensure that lessons from this period are embedded in our corporate culture. Today, this settlement enables us to provide a concrete and swift solution to all our unitholders and to look to the future, whilst remaining focused on our clients’ interests and meeting their needs. Our
strengthened governance, resilience and passion for performance will continue to guide us in the years ahead. »

Table 1: for €100 held on 28 August 2020, the day of the suspension, and a redemption of the open-ended funds (FCP) when they reopened on 14 October 2020.

*including acceptance of the Offer and the two reimbursements of the side-pocketed funds, without assuming any further reimbursement nor any funds recovered from fines already paid.

Table 2: for €100 held on 28 August 2020, the day of suspension, and open-ended funds (FCP) held until 31 December 2023.

*including acceptance of the Offer and the two reimbursements of the side-pocketed funds, without assuming any further reimbursement nor any funds recovered from fines already paid.

q&a

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A settlement with a regulator generally refers to a formal agreement between a regulated entity under investigation and its regulator, closing the investigation under certain conditions.

The proposed Offer is the quickest way for unitholders of side-pocketed funds to dispose of their units and receive payments that are significantly higher than those that could be obtained if H2O AM LLP alone had financed the Offer.

The Offer is open to all unitholders of the side-pocketed funds, regardless of share class.

As a reminder, please find below the list of the side-pocketed funds:

H2O Adagio SP

H2O Allegro SP

H2O Moderato SP

H2O MultiBonds SP

H2O MultiEquities SP

H2O MultiStrategies SP

H2O Vivace SP

The H2O AM Group has secured €250 million in order to finance an offer (the “Offer”) to all unitholders of the side-pocketed funds in an equal manner, allowing them the opportunity to accept the Offer by selling their units to H2O AM LLP. Unitholders accepting the Offer will receive an enhanced and earlier payment compared to non-participating unitholders, starting in the fourth quarter of 2024, and will relinquish their rights to bring claims against H2O AM Group and any third party in connection with these investments relating to Tennor Holding BV entities, and their management. In addition, any additional proceeds from the liquidation of assets held by the side-pocketed funds or from fines, paid by H2O AM LLP, recovered will be redistributed to all unitholders, including those who have accepted the Offer, which is expected to open early September 2024.

The Offer will open in early September. Once the Offer is open, unitholders should be contacted by their usual intermediary. If this is not the case, we invite you to contact them so that they can provide you with all the necessary information, or to visit our website.

Practical details of the Offer will be presented through various channels, including a dedicated website in the coming weeks. Do not hesitate to get in touch with your sales contact.

Our objective is to start the Offer as early as September 2024.

The unitholders participating to the Offer should receive payments starting from the end of Q4 2024.

Practical details of the Offer will be presented through various channels, including a dedicated website in the coming weeks. Do not hesitate to get in touch with your sales contact.

When accepting our Offer, unitholders will sell their side-pocketed funds to H2O AM LLP.

In addition, any sums arising from the sale of assets which remain held by these funds or that may be recovered from fines already paid by H2O AM LLP will be returned to them

This €250 million Offer will enable an accelerated and definitive exit from the side-pocketed funds and will be in addition to the €229 million already repaid. Thus, by accepting the Offer, unitholders who held €100 on 28 August 2020, the day of the suspension, having:

  • sold their open-ended funds (FCP) when they reopened on 14 October 2020, will recover 87% to 93% of the value of their investment, depending on the fund (see table 1);
  • maintained their investment in the FCPs until 31 December 2023, have recovered their entire investment thanks to performances well in excess of each FCP’s objective (see table 2).

Table 1: for €100 held on 28 August 2020, the day of the suspension, and a redemption of the open-ended funds (FCP) when they reopened on 14 October 2020.

*including acceptance of the Offer and the two reimbursements of the side-pocketed funds, without assuming any further reimbursement nor any funds recovered from fines already paid by H2O AM LLP.

Table 2: for €100 held on 28 August 2020, the day of suspension, and open-ended funds (FCP) held until 31 December 2023.

*including acceptance of the Offer and the two reimbursements of the side-pocketed funds, without assuming any further reimbursement nor any funds recovered from fines already paid by H2O AM LLP.

N.B.: Details regarding the calculation methods will be specified at a later date, when the Offer opens.

Over the past few years, H2O AM has consolidated its corporate governance, notably by establishing Supervisory Boards with a two-thirds majority of independent members. These measures are complemented by the strengthening of its internal control procedures, in order to ensure compliance with the highest standards.

Our approach has also evolved with regard to private debt. Since the beginning of 2020, H2O AM no longer invests in this asset class.

H2O AM Group has gradually transferred its portfolio management team to continental Europe, which has led to greater synergy and integration of our asset management activities.

In response to the challenges that emerged in the wake of the COVID-19 crisis, H2O AM strengthened the risk assessment and robustness to extreme market shocks of its portfolios by performing even more thorough stress tests.

Finally, it should be noted that H2O AM has endeavoured to optimise the management profile of its portfolios: H2O AM has drawn lessons from past crises and strengthened its structure to better withstand market fluctuations.

Complementary ressources

A dedicated website will soon be available for all unitholders, which will provide a full overview of the Offer and its terms and conditions. We will inform our unitholders as soon as this website is available.

Our teams remain at your disposal should you have any questions.

Ask your questions
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© 2024 H2O. All rights reserved.

Credits : Agence SAND

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The Funds listed on this website are not authorised or recognised by the Monetary Authority of Singapore (the “MAS”) and the Units are not allowed to be offered to the retail public.
Information Memorandums and any other document or material issued in connection with the offer or sale is not a prospectus as defined in the SFA and accordingly, statutory liability under the SFA in relation to the content of prospectuses does not apply, and you should consider carefully whether the investment is suitable for you.
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COMPANY NAME

H2O Asset Management L.L.P.

H2O Asset Management L.L.P. is registered in England and Wales with a share capital of 10,000,000 £, with registered name H2O AM LLP, registration number OC 356207 and Legal Entity Identifier(LEI) 549300V7YSH2IZ841X25 . Its registered address is at 33 Cavendish Square, London W1G 0PW. H2O Asset Management L.L.P.’s registered VAT Number is 103684235

H2O Asset Management L.L.P. is authorised and regulated by the Financial Conduct Authority (“FCA”), and is entered on the FCA Register with the Registration Number 529105 and company number OC356207. The FCA Register can be accessed at http://www.fca.org.uk/.

H2O AM Europe SAS

H2O AM Europe SAS is registered in France with a share capital of 13,500,000 euros, SIREN n°843082538 Paris and legal entity identifier(LEI) N° 9695000GQ2JLFQA4JX30. Its registered office address is at 39, avenue Pierre 1er de Serbie 75008 Paris, France. H2O AM Europe SAS’s registered VAT Number is FR77843082538.

H2O AM Europe SAS is an asset management company, authorised and regulated by the Autorité des marchés financiers (“AMF”). The AMF agreement number is GP-19000011. The AMF Register can be accessed at https://www.amf-france.org.

H20 Monaco

H2O Monaco is registered in Monaco with a share capital of 450,000 euros, Registration number 17S07498 and Legal entity identifier (LEI) N° 549300P23I30JJWXGS37 .

Its registered address is at 24, BD PRINCESSE CHARLOTTE ET 1, IMPASSE DE LA FONTAINE 10 ETG N° B10 – 98000 MONACO – MC PRINCIPAUTE DE MONACO

H2O Monaco is authorized by the Commission de Contrôle des Activités Financières (CCAF) to carry out the following activities as mentioned in points 4.1 and 6 of article 1 of law n°1.338 of September 7, 2007:

  • Advice and assistance in the management, on behalf of third parties, of portfolios of securities or financial futures instruments,
  • Manage foreign collective investment schemes

The CCAF agreement number is SAF 2017-04.

H2O AM ASIA PTE.LTD.

H2O AM ASIA PTE.LTD. is registered in Singapore with a share capital of 500,000 Singapore $, Registration number 201827907K and Legal entity identifier (LEI) number : 5493004DGLQ0FP9NFO63.

Its registered address is at 12 Marina Boulevard #17-01 – Marina Bay Financial Centre Tower 3 – Singapore 018982

H2O AM SWITZERLAND SA

H2O AM SWITZERLAND SA is registered in Switzerland with a share capital of 200,000 CHF, Registration number CHE-167.132.256.

Its registered address is rue Cornavin 11, c/o DYN Genève SA (CHE 372.076.788) – 1201 Genève.

PUBLICATION – H2O AM’S REPRESENTATIVES

Publications director: Loïc Guilloux, CEO and Partner

Editor-in-chief: Marc Maudhuit, CEO H2O Asset Management LLP

Host: 

OVHcloud (Customer Support: 0333 370 0425), address: 2 rue Kellermann – 59100 Roubaix – France

OVH SAS is a subsidiary of OVH Groupe SA, a company registered with the Lille Trade and Companies Registry under number 537 407 926

https://www.ovhcloud.com/fr/

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WEBSITE APPLICABLE LAW AND JURIDICTION

Headings used in these Terms are for reference purposes only and in no way define or limit the scope of the section. The website is governed by and is to be interpreted in accordance with the laws of France. By accessing to this website: you agree that all matters relating to your access to or use of this website, including all disputes and excluding the client complaints which is defined further in CLIENT COMPLAINTS POLICY, will be governed by the courts and laws of France without regard to conflict-of-laws principles and you agree to waive any objection to the courts and laws of France.

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The Materials has been placed for information purposes only and in order to comply with legal and regulatory requirements. Unless expressly stated, under any circumstances or in any jurisdiction, the Materials does not constitute or form part of, and shall not be construed as: an offer or solicitation to sell or buy any securities or other financial instruments; or any Investment advice; or a public offer of securities or other financial instruments under any applicable legislation. You should seek professional investment advice before investing especially as for assessing transaction risks. Your investment decision must be in line with your risk appetite. Where necessary, you should consult your own tax, legal and accounting advisors before engaging in any transaction. By accessing this website you agree that H2O AM shall have no liability of any nature whatsoever, now or in the future, by using the Materials unless such liability arises as a matter of law or regulation. The Materials is not meant for dissemination or to be used by any person or entity in a country or jurisdiction where this dissemination or use would contravene the law or regulations, or would oblige H2O AM to comply with the regulation requirements in these countries or jurisdictions. The totality of Products and Services may not be registered or authorised in all countries or available to all clients.

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You are solely responsible for any information you choose to submit in blog and social networks.

SOCIAL MEDIA CHANNELS

The content on H2O AM’s social media channels, including Twitter, Instagram, LinkedIn, YouTube and Facebook provided as information only. It does not constitute an offer to sell any securities or the solicitation of an offer to purchase any securities. H2O AM assumes no liability for the accuracy, completeness or usefulness of the information available on the social media channels.

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This website may contain forward-looking statements based on current assumptions and forecasts made by H2O AM. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here.H2O AM assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.

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This website is checked, operated and updated by H2O AM. H2O AM gives no guarantee that the details presented on this website are also correct in places outside the jurisdiction where H2O AM has a licenses. Please note that it is your own responsibility to ensure that you act in compliance with local legislation in that place.

Dodd Franck act
Users are informed that the products and services presented on this site may only be offered in jurisdictions where their marketing and promotion are authorized.
Consequently, access to the information and/or documents concerning the products and services offered on this site may be restricted or prohibited to legal entities or individuals who, by reason of their nationality, residence, registered office/registration or any other reason, are subject to a foreign law that imposes specific restrictions or obligations on H2O with respect to the marketing and promotion of these products and services in that jurisdiction.
In this respect, the information on this site does not constitute, in any way, an offer to sell or a solicitation, direct or indirect, to subscribe to financial instruments and units of account in the case of life insurance:
– in particular in the United States of America or,
– from US residents or,
– by nationals of certain countries, including the United States of America.
The user is asked to ensure that he/she is legally authorized to connect to this site in the country from which the connection is established, and that there is nothing to prevent him/her, with regard to his/her legal status, from subscribing to the products and services offered on this site, in particular the financial instruments.

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Third party offers of products and services and advertising may be published on this website in the form of banners. By clicking on one of these banners you will be redirected to a third party’s website. H2O AM accepts no responsibility for the content of advertising or the conditions that apply to offers from third parties. If you wish to subscribe to such an offer enter into a contract with such a third party, or to make a complaint about such offers or advertising, you should contact the third party directly. Our inclusion of banners does not imply any endorsement of the material contained in such banners, or any association with the third parties, and you agree that you will not involve us in any dispute between you and the third party. The contents of other website that may be linked to this website is not maintained, controlled or checked by H2O AM. H2O AM is therefore not responsible for the availability, content or accuracy or privacy practices of other websites or services that may be linked to, or advertised on, this website. These links are made available through the website for information purposes.  H2O AM provides these links to you for convenience only and the inclusion of any link does not imply any endorsement of the linked website by H2O AM. By accessing this website you agree that H2O AM shall have no liability of any nature whatsoever, now or in the future, by using the links to third parties website unless such liability arises as a matter of law or regulation.

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H2O AM does its best to ensure that the website operates properly at all times and remains available on a permanent basis. However, H2O AM makes no warranties as to the availability, accessibility and/or compatibility of the website. As Users of the website, you must ensure that you have the appropriate computer equipment as well as the necessary software, including security software (firewall and anti-virus). H2O AM doesn’t accept any liability for damage to your computer system or loss of data that results from your use of the website and H2O AM cannot guarantee that any files that are downloaded from the website are free from viruses, contamination or destructive.  H2O AM will not be liable for any damages, loss, costs or expenses incurred by you as a result of any lack of availability, accessibility and/or compatibility of the website. However, if you have any difficulty we want to hear from you so that we can put things right please contact: clientservices@h2o-am.com.

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You agree that the Materials made available to you on or through this website is the property of H2O AM or its partners. The Materials is protected by intellectual property rights. Your use of the website and its contents grants no rights to you in relation to these intellectual property rights. You may not copy, reproduce, republish post or exploit or disseminate in any other way the materials on the website without prior authorization in writing from H2O AM, other than to download information from this website and reproduce it for private use, and disseminate it among family members. If H2O AM allows you to submit any of your content to the website, you may not submit such material unless you yourself hold the rights to do so or have been given the necessary authorization by the relevant rights holders. By submitting content to the website, you grant us a right to use such material at our own discretion including, without limitation, to edit, copy, reproduce, disclose, post and remove such material from the website. You agree to compensate us from any claims or damages (including any legal fees in relation to such claims or damages) made by a third party in respect of any matter in relation to such content.

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As a user of this website, you agree not to:

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use this website to transmit computer viruses, or to send illegal or illicit material, or material that is inappropriate in any way – especially, but not exclusively, offensive, obscene, or threatening material;

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By accessing this website you knowledge that H2O AM reserves the right to suspend, restrict or terminate your access to the website at any time without notice, and to formally notify you and/or take legal action against you, if we have reasonable grounds to believe you have breached any of the restrictions above, or any other provisions of these Terms.

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You may need to use a password to access certain parts of the website. In that event, access to those parts without using a password is strictly prohibited. If you have received such a password, this must remain confidential and secret. Any use of our services after valid identification using your password will be taken to be used by you.  By accessing this website you knowledge that H2O AM has the right to cancel your password if the website’s security is threatened.

Liability: H2O AM accepts liability for death or personal injury caused by its negligence or that of its employees, representatives or agents.

Passwords are processing under Privacy Policy.

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By accessing this website you knowledge that H2O AM reserves the right to make changes to the website and these Terms at any time without prior notice. For this reason, each time you use this website you should visit and review the then-current Terms.

SEVERABILITY

If any provision of these Terms is found by a court or regulator to be invalid of unenforceable the other provisions shall continue to apply.

CLIENT COMPLAINTS – please refer to the dedicated policy here

Our priority is client satisfaction. For that reason, we pay close attention to client’s complaints relating to H2O AM’s products and/or services. We commit to examine your request and answer your complaint on time. H2O AM’s complaint-handling system deals with any client complaints accurately, in a uniform way and in accordance with the applicable regulation. Access to the complaints service is free-of-charge, and clients can lodge their complaint, in French or English.

Definition of complaints

A complaint is considered as an expression of dissatisfaction (oral or written) about the provision of, or failing to provide, a financial service. It alleges how you have suffered (or may suffer):

  • financial loss;
  • material distress; or
  • material inconvenience

A request for information, opinion, clarification, service or provision of a service does not constitute a complaint.

Handling complaints

Complaints may be sent by post, telephone and/or e-mail, or may be provided via the client’s usual point of contact.

  • By Telephone: The Client’s usual point of contact
  • By Post:
    • H2O Asset Management L.L.P.: 9th Floor, 33 Cavendish Square, W1G 0PW, London, United Kingdom
    • H2O AM Europe SAS : 5th Floor, 39 avenue Pierre 1er de Serbie 750008 Paris, France
    • H20 Monaco : 24, BD PRINCESSE CHARLOTTE ET 1, IMPASSE DE LA FONTAINE 10 ETG N° B10 – 98000 MONACO – MC PRINCIPAUTE DE MONACO
    • H2O AM ASIA PTE. : 12 Marina Boulevard #17-01 – Marina Bay Financial Centre Tower 3 – Singapore 018982
    • H2O AM SWITZERLAND SA : rue Cornavin 11, c/o DYN Genève SA (CHE 372.076.788) – 1201 Genève
  • By Email: The Client’s usual point of contact AND/OR complaints@h2o-am.com

Processing deadlines

  • H2o AM Group entities are required to acknowledge receipt of all complaints within the timeline of 5 business days. H2O AM Europe has the same objective but this timeline can be expanded to 10 days from the date on which the written complaint is sent.
  • Respond to any complaints within a maximum period of eight weeks following their receipt or 2 months for H2O AM Europe from the date on which the written complaint is sent. H2O AM will collate all the information, documentation and comments relevant to your complaint. 
  • If our investigation is going to take longer than eight weeks or two months for H2O AM Europe, we will write to you again to explain why and let you know when we expect to be able to conclude matters. When we have completed our investigation we will let you know the outcome in writing.

Ombudsman
As a last resort and if you are not happy with our final response you may refer your request, free of charge, to the Ombudsman according to jurisdiction where complaints shall be addressed. The Ombudsman must be referred to within a year of the complaint submitted to H2O AM and only after all the internal remedies mentioned above have been used.

United Kingdom:

The Financial Ombudsman Service can be contacted in a number of ways:

France:

The AMF Ombudsman Service can be contacted in a number of ways:

Monaco :

The Ombudsman Service can be contacted

Singapore:

The Financial Industry Disputes Resolution Centre Ltd (FIDReC) is an independent and impartial institution that resolves consumer financial disputes through mediation and adjudication. It can be contacted in a number of ways:

Switzerland:

Association Finanzombudsstelle Schweiz (FINOS) is a neutral institution to develop consensual solutions for all parties within the framework of mediation and thus avoid costly legal disputes. Their ombudsman service deals with questions and complaints from clients of our affiliated financial services providers.

By post : Talstrasse 20 CH-8001 Zürich

By website : Info@finos.ch

Data Protection

According to Data Protection Act (DPA) and General Data Protection Regulation (GDPR), H2O AM is required to retain Personal Data for as long as is necessary for the purpose for which it has been collected. Where Personal Data is no longer required this will be disposed of securely in accordance with H2O AM’s Data protection and Privacy Policy.

Record Keeping

When complaint has been settled, the complaint record and associated correspondence will be retained the records for at least five years from the date the complaint was received. The date on which the complaint was resolved will be recorded. All complaints records, even in relation to minor complaints and those complaints resolved within one business day will be maintained for 5 years in relation to MiFID business.

Reporting to the FCA

Twice a year H2O AM will provide the FCA with a complete report concerning complaints received from eligible complainants including those settled within 3 business days.

Nature of commitment to the UK Stewardship Code

Under the Financial Conduct Authority’s (FCA) Conduct of Business Sourcebook Rule 2.2.3, H2O Asset Management LLP (H2O) is required to make a public disclosure on its website in relation to its commitment to the Financial Reporting Council’s (FRC) Stewardship Code (hereafter, the Code).

In October 2019, a substantially revised and strengthened UK Stewardship Code was published and took effect on 1 January 2020. The revised version comprises a set of twelve Principles, implemented on an ‘apply and explain’ basis. These Principles apply to asset managers and asset owners, with a separate set of six Principles applying to service providers. The revised Code defines stewardship as “the responsible allocation, management and oversight of capital to create long-term value for clients and beneficiaries leading to sustainable benefits for the economy, the environment and society.”

Whilst H2O strongly endorses this definition of stewardship and the purpose of the Code, we are currently not a signatory due to the nature of our investment approach, which is essentially top-down and global macro.

H2O’s investment strategy is driven by views on the government bond, credit and currency markets, with the majority of positions taken through derivative contracts such as futures, and with limited allocation to individual equity securities and corporate bonds. We are currently exploring possible approaches to exercising stewardship activities across our investment universe, notably by incorporating ESG criteria into our investment decisions (Principle 7). We will therefore review our approach to the Code in the future and update this disclosure accordingly.

PRIVACY NOTICE

The full version of H2O Data Privacy and Protection Policy is made accessible on this website.

COOKIE POLICY

Definitions

What is a cookie? A cookie is a small text file that is stored on the hard drive of your computer when you visit a website or view an ad. Cookies are managed by your web browser. They are designed to collect information about your visits to websites and to offer you personalised services, but they cannot be used to recover data from your hard drive, install viruses or access your personal information.

Different potential issuers Cookies from http://www.h2o-am.com (first-party cookies): Our website stores these cookies on your device in order to meet browsing and optimisation needs for our website.

Third-party cookies: These cookies are set by third-party companies, such as service providers or partners. For example:

  • Web pages can contain components stored on other domain servers

(images or other embedded content: YouTube videos, Flickr slideshows, etc.). These websites can set their own cookies when users access these external components during web browsing.

  • Websites can use the services of a third party company to analyse their audience. The company defines its own cookie to carry out this service.
  • Websites can also use a third party advertising network to broadcast ads. This website does not use any advertising service.
  • Social networking sites can set cookies for content sharing or to generate access statistics when you click on “sharing buttons”.

 

Different types of cookies used on http://www.h2o-am.com

Various types of cookies are used on this website, each with different purposes. Required cookies and cookies that improve your browsing experience: These cookies are required for the functioning of the website and are set by http://www.h2o-am.com. They enable you to use the main features of the site (e.g. session cookies, language preference cookies). They record information about your browsing on the website using the computer on which the cookies are stored and are not kept for more than one month.

Cookies that are essential for the use of the http://www.h2o-am.com website have the following functions:

  • Session ID
  • Cookie management
  • Language/country preferences
  • Profile settings

Cookie name function

  • “ASP.NET_SessionId SessionId” verifies the session status. Controlled by ASP.NET (.net framework).
  • “ASPXAUTH” verifies that the user is authenticated.
  • “disclaimer_user_type” for all disclaimers allows the disclaimer to be displayed or hidden.
  • “Cookies related to external components”: external components are likely to set cookies, for example YouTube. Please view the cookies policy of the relevant websites.
  • “Audience analysis cookies”: these cookies are stored for statistical purposes. In particular, we record the number of page views, the number

of visits, as well as visitor activity on the website and the number of times people return, using AT Internet® solutions. These cookies are not stored for more than 13 months.

  • “Audience analysis cookies” used by the http://www.h2o-am.com website (set by xiti.com):
    • idrxvr Audience analysis
    • tmst Audience analysis
    • Social network cookies: Social networks such as LinkedIn, Twitter, Google+ and Facebook are likely to set cookies. The presence, number and status of these cookies depend on your use of these platforms before and during your visit to the website. Please view the cookies policy of the relevant social networking sites.

Managing cookies

Monitoring and deleting: If you would like to change the way your browser uses cookies, or to disable cookies, you can do so in your browser settings. Most browsers allow you to accept or reject all cookies, to accept only certain types of cookies, or ask you each time a website wants to store a cookie. They also allow you to delete cookies stored on your computer. In order to manage cookies in the way that best meets your needs, you can change your browser settings based on its configuration to control or prevent cookies from being stored:

  • Internet Explorer™: Tools Menu > Internet Options > Privacy

(See http://windows.microsoft.com/en-us/windows-vista/Block-or-allow-cookies)

  • Safari™: Safari Menu > Preferences > Privacy

(See http://support.apple.com/kb/PH17191?viewlocale=en_US)

  • Chrome™: Chrome Menu (tools) > Settings > Show advanced settings > Privacy > Content settings > Cookies

(See https://support.google.com/chrome/answer/114662)

  • Firefox™: Tools menu > Options > Privacy > History > Cookies

(See https://support.mozilla.org/en-US/kb/enable-and-disable-cookies-website-preferences)