IMPORTANT DISCLAIMERS

Societe Generale Private Banking (SGPB) is a division of the group Societe Generale S.A., operating through subsidiaries, branches or departments of Societe Generale S.A. located in the countries mentioned hereafter which use the “Societe Generale Private Banking” brand, and which distribute this document.

Subject of the document
This document has been prepared by experts of the group Societe Generale S.A., and more particularly of Societe Generale Private Banking division, to provide you with information relating to certain financial and economic data. The names and functions of the people who prepared this document are indicated on the first pages of the document.

This document is non-independent research and is a marketing communication. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and the investment service provider is not subject to any prohibition on dealing ahead of the dissemination of investment research.

In order to read and understand the financial and economic information included in this document, you will need to have knowledge and experience of financial markets. If this is not the case, please contact your advisor so that you no longer receive the document. Unless you do this, we shall consider that you have the necessary skills to understand this document.

Please note that this document consists only of information intended to help you in your investment or disinvestment decisions, and that it does not constitute a personalised recommendation. You remain responsible for the management of your assets, and you take your investment decisions freely. Moreover, the document may mention asset classes that are not authorised/marketed in certain countries, and/or which might be reserved for certain categories of investors. Therefore, should you wish to make an investment, as the case may be and according to the applicable laws, your advisor within the Societe Generale Private Banking entity of which you are a client, will check whether this investment is possible within your jurisdiction and whether it corresponds to your investment profile. Should you not wish to receive this document, please inform your private banker in writing, and he/she will take the appropriate measures.

Conflicts of interest
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 and competitive factors.

As a general matter, Société Générale may make a market or act as a principal trader in securities referred to 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.

Société Générale maintains and operates effective organisational and administrative arrangements taking all reasonable steps to identify, monitor and manage conflicts of interest. To help the Société Générale Private Banking Entities to do this, they have put in place a management of conflicts of interest policy designed to prevent conflicts of interest giving rise to a material risk of damage to the interests of SGPB clients. For further information, SGPB clients can refer to the management of conflicts of interests policy, which was provided to them by the SGPB entity of which they are clients.

General Warning
This document, which is subject to modifications, is provided for information purposes only and has no legal value.

The contents of this document are not intended to provide investment advice nor any other investment service. The document does not constitute and under no circumstances should it be considered in whole or in part as an offer, a personal recommendation or advice from any of the Societe Generale Private Banking entities, regarding investment in the asset classes mentioned therein. The information in this document does not constitute legal, tax or accounting advice.

Certain asset classes mentioned may present various risks, including potential loss of the total invested amount or even potential unlimited loss. These asset classes may accordingly be reserved for a certain category of investors, and/or only adapted for investors who are sophisticated and familiar with these types of asset classes. Accordingly, before making an investment decision, a potential investor , as the case may be and according to the applicable laws, will be questioned by his or her advisor within the Societe Generale Private Banking entity, of which the investor is a client, regarding his eligibility for the envisaged investment, and the compatibility of this investment with his investment profile and objectives. Before any investment, the potential investor should also consult his own independent financial, legal and tax advisers in order to obtain all the financial, legal and tax information which will allow him to appraise the characteristics and the risks of the envisaged investment and the pertinence of the strategies discussed in this document, as well as the tax treatment of the investment, in the light of his own circumstances.

Prior to any investment, a potential investor must be aware of, understand and sign the related contractual and informative information, including documentation relating to risks. The potential investor has to remember that he should not base any investment decision and/or instructions solely on the basis of this document. Any investment may have tax consequences and it is important to bear in mind that the Societe Generale Private Banking entities, do not provide tax advice. A potential investor should seek independent tax advice (where necessary).

Investment in some of the asset classes described in this document may not be authorised in certain countries, or may be restricted to certain categories of investors. It is the responsibility of any person in possession of this document to be aware of and to observe all applicable laws and regulations of relevant jurisdictions. This document is not intended to be distributed to people or in jurisdictions where such distribution is restricted or illegal. It is not to be published or distributed in the United States and cannot be made available directly or indirectly in 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 exchange rates may have adverse effects on the value, price and income of investments issued in a different currency from that of the client. The simulations and examples included in this document are provided for informational and illustration purposes alone. The present information may change with market fluctuations, and the information and views reflected in this document may change. The Societe Generale Private Banking entities disclaim any responsibility for the updating or revising of this document. The document’s only aim is to offer information to investors, who will take their investment decisions without relying solely on this document. The Societe Generale Private Banking entities disclaim all responsibility for direct or indirect losses related to any use of this document or its content. The Societe Generale Private Banking entities do not offer no implicit or explicit guarantees as to the accuracy or exhaustivity of the information or as to the profitability or performance of the asset classes, countries and markets concerned.

The historical data, information and opinions provided herein have been obtained from, or are based upon, external sources that the Societe Generale Private Banking entities believe to be reliable, but which have not been independently verified. The Societe Generale Private Banking entities shall not be liable for the accuracy, relevance or exhaustiveness of this information. Information about past performance is not a guide to future performance and may not be repeated. Investment value is not guaranteed and the value of investments may fluctuate. Estimates of future performance are based on assumptions that may not be realised.

This document is confidential. It is intended exclusively for the person to whom it is given, and may not be communicated or notified to any third party (with the exception of external advisors, on the condition they themselves respect this confidentiality undertaking). It may not be copied in whole or in part without the prior written consent of the relevant Societe Generale Private Banking entity.

Specific warnings per jurisdiction
France: Unless otherwise expressly indicated, this document is issued and distributed by Societe Generale, a French bank authorised and supervised 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 an insurance intermediary under the number 07 022 493. Societe generale is a French Société Anonyme with its registered address at 29 boulevard Haussman, 75009 Paris, with a capital of EUR 1.007.625.077,50 on 31 March 2015 and unique identification number 552 120 222 R.C.S. Paris. Further details are available on request or can be found at www.privatebanking.societegenerale.fr.

The Bahamas: This document has been distributed in The Bahamas to its private clients by Société Générale Private Banking (Bahamas) Ltd., an entity duly licensed and regulated by the Securities Commission of the Bahamas (the “Securities Commission”). This document is not intended for distribution to persons or entities that are Bahamian citizens or that have been designated as residents of The Bahamas under the Exchange Control Regulations, 1956 of The Bahamas. This document is not, is not intended to be, and under no circumstances is to be construed as a distribution of any securities in The Bahamas. Neither the Securities Commission nor any similar authority in The Bahamas has reviewed or in any way passed upon this document or the merits of the securities described, or any representations made herein.

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 an 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.

Dubai: The present document has been distributed by Societe Generale, 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, according to the Dubai Financial Services Authority (DFSA) rules. Societe Generale is duly licensed and regulated by the DFSA. Further details are available on request or can be found at www. privatebanking.societegenerale.ae
Luxembourg: This document has been distributed in Luxembourg by Societe Generale Bank and Trust (“SGBT”), a credit institution which is authorised and regulated by the Commission de Surveillance du Secteur Financier, 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. SGBT has neither verified nor independently analysed the information contained in this document. The Commission de Surveillance du Secteur Financier has neither verified nor analysed the information contained in this document.

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 can be reserved for qualified investors in accordance with Law No. 1339 of 07/09/2007 and Sovereign Ordinance No 1.285 of 10/09/2007. Further details are available upon request or on www.privatebanking.societegenerale.mc.

Switzerland: This document has been communicated in Switzerland by Société Générale Private Banking (Suisse) S.A., whose head office is located at rue du Rhône 8, CP 5022 - CH-1211 Geneva 11, and by Société Générale Private Banking (Lugano-Svizzera) S.A., whose head office is located at Viale Stefano Franscini 22, 6900 Lugano. Both companies (each « SGPB Suisse») are banks authorised by the Swiss Financial Market Supervisory Authority (FINMA). Further details are available on request or can be found at www.privatebanking.societegenerale.ch.
This document (i) does not provide any opinion or recommendation about a company or a security, or (ii) has been prepared outside of Switzerland for the « Private banking”. Therefore, the Directives of the Swiss Bankers Association (ASB) on the independence of financial research do not apply to this document.
This document has not been prepared by SGPB Suisse. SGPB Suisse has neither verified nor independently analysed the information contained in this document. SGPB Suisse accepts no responsibility for the accuracy or otherwise of information contained in this document. The opinions, views and forecasts expressed in this document reflect the personal views of the relevant author(s) and shall not engage SGPB Suisse's liability.
This document is not a prospectus within the meaning of articles 652a and 1156 of the Swiss Code of Obligations.

United Kingdom: This document has been distributed in the United Kingdom by SG Hambros Bank Limited, whose head office is located at 8 St. James’s Square, London SW1Y 4JU (“SGPB Hambros”). SGPB Hambros is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The availability of the products or services described in this document in the United Kingdom may be restricted by law. Further details are available on request.

Jersey: This document has been distributed in Jersey by SG Hambros Bank (Channel Islands) Limited (“SGH CI Limited”), whose registered office address is PO Box 78, SG Hambros House, 18 Esplanade, St Helier, Jersey JE4 8PR. This document has not been authorised or reviewed by the Jersey Financial Services Commission (“JFSC”). SGH CI Limited is authorised by the JFSC for the conduct of investment business.

Guernsey: This document has been distributed in or from within the Bailiwick of Guernsey by SG Hambros Bank (Channel Islands) Limited – Guernsey Branch, whose principal address in Guernsey is PO Box 6, Hambro House, St Julian’s Avenue, St Peter Port, Guernsey, GY1 3AE. SG Hambros Bank (Channel Islands) Limited – Guernsey Branch is licensed under the Banking Supervision (Bailiwick of Guernsey) Law, 1994, and the Protection of Investors (Bailiwick of Guernsey) Law, 1987.

Gibraltar: This document has been distributed in Gibraltar by SG Hambros Bank (Gibraltar) Limited, whose head office is located at Hambro House, 32 Line Wall Road, Gibraltar (“SG Hambros Gibraltar”). SG Hambros Gibraltar is authorised and regulated by the Gibraltar Financial Services Commission for the conduct of banking, investment and insurance mediation business. The availability of the products or services described in the document in Gibraltar may be restricted by law. Further details are available on request.

Societe Generale Private Banking Hambros is part of the wealth management arm of the Societe Generale Group, Societe Generale Private Banking. Societe Generale is a French bank authorised in France by the Autorité de Contrôle Prudentiel et de Résolution, located at 61, rue Taitbout, 75436 Paris Cedex 09, and under the prudential supervision of the European Central Bank - ECB. It is also authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Further information on the SGPB Hambros Group including additional legal and regulatory details can be found on www.kleinworthambros.com

Notice to US Investors: This document is not intended for US Persons under the US Securities Act of 1933, as amended and under the various laws of the States of the United States of America.

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