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Important Notice

Société Générale Private Banking is the private banking division of the Société Générale group operating through subsidiaries, branches or departments of Société Générale, located in various countries, hereinafter mentioned, acting under the “Société Générale Private Banking” brand, and distributors of this document.

Subject of the Document

The present documentation is a marketing document, not prepared in accordance with regulatory provisions designed to promote the independence of investment research and the investment service provider is not subject to prohibition on dealing in the relevant financial instrument.

The present document is issued by the experts of Société Générale Private Banking, to provide you with regular information relating to some financial and economic data.

The skill and expertise to understand the financial markets and the financial and economic information included in the document are required to read this document. If it is not the case, please contact your private banker to avoid the document be sending to you. Unless you do so, we shall consider that you have the required skills to understand the document.

We indicate that the content of this document only corresponds to simple information to help you in your investment or disinvestment decisions, and that it shall not constitute a personal recommendation. You keep the liability of your assets’ management, and you remain free concerning your investment decisions in financial products.

Furthermore, the document may mention financial products that might not be marketed on some territories, and/or which are reserved only for a certain category of investors, or adapted to investors who are sophisticated and familiar with these types of product. Therefore, in case you wish to invest in a financial product mentioned in the document, your private banker in your Société Générale Private Banking entity will check weather the product can be marketed over your territory and whether it corresponds to your investment profile.

In case you do not wish to receive this document, please inform your private banker who will take the relevant measures to amend the mailing list.

 

Conflicts of interests

This document contains the views of SGPB experts. Société Générale trading desks may trade, or have traded, as principal on the basis of the expert(s) views and reports. In addition, SGPB experts receive compensation based, in part, on the quality and accuracy of their analysis, client feedback, revenues of their entity of the Société Générale group (which may include trading revenues) and competitive factors.

As a general matter, Société Générale may make a market or act as a principal trader in securities referred in this report. Entities within the Société Générale group may from time to time deal in, profit from trading on, hold on a principal basis, or act as market-makers, advisers or brokers or bankers in relation to securities, or derivatives thereof, or asset class(es) mentioned in this document. Société Générale may provide banking services to the companies and their affiliates mentioned herein.

Société Générale may be represented on the board of such persons, firms or entities.

Employees of the Société Générale group, or persons/entities connected to them, may from time to time have position in or hold any of the investment products/ asset class(es) mentioned in this document.

Société Générale may have (or may liquidate) from time to time positions in the securities and/or underlying assets (including derivatives thereof) referred to herein, if any, or in any other asset, and therefore any return to prospective investor(s) may directly or indirectly be affected.

Société Générale is under no obligation to disclose or take into account this document when advising or dealing with or on behalf of customers.

In addition, Société Générale may issue other reports that are inconsistent with, and reach different conclusions from the information presented in this report and is under no obligation to ensure that such other reports are brought to the attention of any recipient of this report.

Further details are available in the management of conflict of interest policy (summarized) provided by the client’s Societe Generale Private Banking entity.

 

Risks’ Warning

This marketing and informative document, subject to modifications, is given for purely informative purposes and does not constitute a contract.

The contents of this document are not intended to provide an investment service or an investment advice, and the document does not constitute and under no circumstances should it be considered in whole or in part as an offer, a solicitation, advice, a personal recommendation to purchase or subscribe a product, nor an invitation to invest in the class of assets mentioned herein from the Société Générale Private Banking entities. The information indicated in this document shall not to be considered as legal or tax or accounting advice.

Some product mentioned can present various risks, or result in a potential loss of the total invested amount, including a potential unlimited loss, and accordingly are reserved only for a certain category of investors, and/or adapted to investors who are sophisticated and familiar with these types of products, and having understood the risks associated to the investment. Accordingly, before making an investment decision, the potential investor will be questioned by his private banker or Customer Relationship Manager within its Société Générale Private Banking entity, as to his eligibility for the envisaged products, and the compatibility of the investment with his investment profile and objectives. He shall also consult his own independent financial, legal and tax advisers to obtain all the financial, legal and tax information which will allow him to appraise the characteristics and the risks of the envisaged products, as well as his tax treatment, in light of his own circumstances.

The full understanding and agreement to the related contractual and informative documentation including the documentation relating to the relevant risks (prospectis, Key Informative Documents for Investors, Term Sheets, …) is required from the potential investor prior to any subscription of products. This documentation is available upon request to your private banker. Any investment may have tax consequences and it is important to bear in mind that the Société Générale Private Banking entities do not provide any tax advice.

The Société Générale Private Banking entities will not be held responsible for any consequences, including financial consequences, resulting from investments in and/or instructions in relation to concluded on the basis of this document alone.

It is the responsibility of any person in possession of this document to inform himself of and to observe all applicable laws and regulations of relevant jurisdictions. This document is in no way intended to be distributed in or into the United States and the financial products referred to herein cannot be distributed or sold directly or indirectly in or into the United States or to any US person..

The price and value of investments and the income derived from them can go down as well as up. Changes in inflation, interest rates and the rate of exchange may have an adverse effect on the value, price and income of investments issued in a different currency from yours. The simulations and examples included in this document are provided only for indicative and illustration purposes and  may vary depending on the market fluctuations and the information and views reflected in this document may change. Société Générale Private Banking disclaims any responsibility to update or make any revisions to this document. The historical data and information herein, including any quoted expression of opinion, have been obtained from, or are based upon, external sources that Société Générale believes to be reliable but have not been independently verified and are not guaranteed as to their accuracy or completeness. The Société Générale Private Banking entities shall not be liable for the accuracy, relevance or exhaustiveness of this information.

Past performance is not necessarily a guide to future performance.

This document is confidential, intended exclusively to the person to whom it is given, and may not be communicated nor notified to any third party (with the exception of external advisors on the condition they themselves respect this confidentiality undertaking) and may not be copied in whole or in part, without the prior written consent of the Société Générale Private Banking entity distributing this document.

 

Risk level

In order to draw the attention of investors to the risk linked to each investment solution, Societe Generale Private Banking has ranked each product according to its own specific risk scale from the lowest risk (class 0) to the highest risk (class 4). The risk classification is a Societe Generale Private Banking internal risk indicator.

Risk Classification
R0 = Lowest Risk
R1 = Low Risk
R2 = Medium Risk
R3 = High Risk
R4 = Highest Risk

These internal indicators are based on the Value at Risk 95% 1 year (VaR). The VaR corresponds to the maximum amount that the portfolio being considered could lose in normal market conditions over a given period with a given probability (past performances and simulations of performance shall not be considered as a reliable indicator of future performance). If the VaR 95% 1 year is y%, this means that there is a 95% probability that the portfolio will not lose more than y% of its value in one year.

Potential risks in case of an investment:
Risk of loss of the total amount invested, volatility risk, risk linked to small and mid capitalization, credit risk, counterpart risk, issuer’s risk, liquidity risk, risk linked to discretionary management, change risk, market risk.

 

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France : Unless otherwise expressly indicated, this document is issued and distributed by Société Générale, a French Bank authorized in France by the Autorité de Contrôle Prudentiel et de Résolution, located at 61, rue Taitbout, 75436 Paris Cedex 09, under the prudential supervision of the European Central Bank- ECB, and registered at ORIAS as insurance intermediary under the number 02 022 493.Société Générale is a company with a capital of Euros 1,006,509,557.50 on 8 January 2015, whose head office is located 29 boulevard Haussmann, 75009 Paris, and registered at the Companies Registry of Paris under the number 552 120 222 R.C.S. Paris. Further details are available on request or can be found at www.privatebanking.societegenerale.com.

Bahamas : This document has been distributed in Bahamas to its private clients by Société Générale Private Banking (Bahamas) Ltd duly licensed and regulated by the Securities Commission of the Bahamas and is not intended for distribution to persons designated as a Bahamina citizen or resident under the Bahamas Exchange Control Regulations.

Belgium : This document has been distributed in Belgium by Société Générale Private Banking NV, a Belgian credit institution according to Belgian law and controlled and supervised by the National Bank of Belgium (NBB) and the Financial Services and Markets Authority (FSMA) and under the prudential supervision of the European Central Bank- ECB. Société Générale Private Banking NV is registered as insurance broker at the FSMA under the number 61033A. Société Générale Private Banking NV has its registered address at 9000 Ghent, Kortrijksesteenweg 302, registered at the RPM Ghent, under the number VAT BE 0415.835.337. Further details are available on request or can be found at www.privatebanking.societegenerale.be.

Dubaï : This document has been distributed by Société Générale Bank & Trust DIFC Branch (“SGBT DIFC Branch”). Related financial products or services are only available to "professional clients" with liquid assets of over $1 million, and who have sufficient financial experience and understanding to participate in the relevant financial markets, in accordance with the provisions of the Dubai Financial Services Authority (DFSA) rules. SGBT DIFC Branch is duly licensed and regulated by the DFSA. Further details are available on request or can be found at www.privatebanking.societegenerale.ae.
No investment decision whatsoever may result from solely reading this document. SGBT DIFC Branch accepts no responsibility for the accuracy or otherwise of information contained in this document. SGBT DIFC Branch accepts no liability or otherwise in respect of actions taken by recipients on the basis of this document only and SGBT DIFC Branch does not hold itself out as providing any advice, particularly in relation to investment services. The opinions, views and forecasts expressed in this document (including any attachments thereto) reflect the personal views of the author(s) and do not reflect the views of any other person or SGBT DIFC Branch unless otherwise mentioned.
The DFSA has not performed any analysis, verification or control on the content of this document.
Conflict of interest:
The circumstances that led to the drafting of this document do not result from an independent research. This notice was prepared with the greatest care by members of the Société Générale group. The employee(s) who elaborated this document may have a direct or indirect interest in the sale of the mentioned funds. Agents or employees of Société Générale group who may have participated directly or indirectly in the drafting of this document may hold, have held, or will hold positions in any of the investments mentioned in this document. SGBT and its subsidiaries and, more generally, the companies of the Société Générale group may:
- Hold a stake in the capital of the asset managers or funds hereby mentioned,
- Act as global custodian, administrative agent and/or registrar and transfer agent for the mentioned funds.
- Receive compensation for distribution services of the mentioned funds.
Regarding the treatment of conflicts of interest, SGBT DIFC Branch refers to the provisions of clause 3.7 of its DIFC Client Agreement available upon simple request.

Luxembourg : This document has been distributed in Luxembourg by Societe Generale Bank and Trust (“SGBT”), a public limited company (“Société Anonyme”) registered with the Luxembourg Trade and Companies register under no. B 6061 and a credit institution which is authorised and regulated by the Commission de Surveillance du Secteur Financier (“CSSF”) and under the prudential supervision of the European Central Bank- ECB and whose head office is located at 11 avenue Emile Reuter – L 2420 Luxembourg. Further details are available on request or can be found at www.sgbt.lu. No investment decision whatsoever may result from solely reading this document. SGBT accepts no responsibility for the accuracy or otherwise of information contained in this document. SGBT accepts no liability or otherwise in respect of actions taken by recipients on the basis of this document only and SGBT does not hold itself out as providing any advice, particularly in relation to investment services. The opinions, views and forecasts expressed in this document (including any attachments thereto) reflect the personal views of the author(s) and do not reflect the views of any other person or SGBT unless otherwise mentioned.
This document has been prepared by Société Générale. The CSSF has not performed any analysis, verification or control on the content of this document.
Conflict of interest:
The circumstances that led to the drafting of this document do not result from an independent research. This notice was prepared with the greatest care by members of the Société Générale group. The employee(s) who elaborated this document may have a direct or indirect interest in the sale of the mentioned funds. Agents or employees of Société Générale group who may have participated directly or indirectly in the drafting of this document may hold, have held, or will hold positions in any of the investments mentioned in this document. SGBT and its subsidiaries and, more generally, the companies of the Société Générale group may:
- Hold a stake in the capital of the asset managers or funds hereby mentioned,
- Act as global custodian, administrative agent and/or registrar and transfer agent for the mentioned funds.
- Receive compensation for distribution services of the mentioned funds.
Regarding the treatment of conflicts of interest, SGBT refers to the provisions of clause 26 of its General Banking Terms and Conditions available at www.sgbt.lu or upon simple request.

Monaco : The present document is distributed in Monaco by Société Générale Private Banking (Monaco) S.A.M ., located 13, 15 Bd des Moulins, 98000 Monaco , Principality of Monaco,, governed by the 'Autorité de Contrôle Prudentiel et de Résolution' and the 'Commission de Contrôle des Activités Financières'. The financial products marketed in Monaco are reserved for qualified investors in compliance with the law n° 1.339 of 07/09/2007 and of the order n°1.285 of 10/09/2007. Further details are available upon request or on www.privatebanking.societegenerale.mc.

Switzerland : This document has been distributed in Switzerland by Société Générale Private Banking (Suisse) S.A. whose head office is located rue de la Corraterie 6, 1204 Geneva, and by Société Générale Private Banking (Lugano-Svizzera) S.A., whose head office is located Viale Stefano Francini 22, 6900 Lugano. Both entities are banks authorized by the Swiss Financial Market Supervisory Authority (FINMA). The funds and structured products mentioned in this document can only be offered in compliance with the federal law of 23 June 2006 on funds (LPCC). Further details are available on request or can be found at www.privatebanking.societegenerale.ch.

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