BGL BNP Paribas, having its registered office at 50, Avenue J.F. Kennedy, L-2951 Luxembourg, is responsible for producing and distributing this document. The document is an
"advertisement", meaning that it has not been prepared in accordance with the legal and regulatory provisions on the promotion of independent investment research. It cannot therefore be relied upon for an objective explanation of the topics it covers. Further, it is not subject to the rules prohibiting trading ahead of the release of investment research. This document does not constitute an offer or a solicitation to sell, buy or subscribe for a financial instrument in any jurisdiction. Neither is it a prospectus, as defined in the legislation on tender offers and/or listing of investment instruments. In the event of a discrepancy between this document and the prospectus, the information in the prospectus shall prevail.
The information herein does not constitute investment advice. This document does not claim to give an exhaustive description either of the financial instrument to which it relates or of the issuer of that instrument (or of some of the risks attaching to the instrument). While all reasonable efforts have been made to ensure that the information contained herein is accurate, neither BGL BNP Paribas, nor any company related to it, nor any of its directors, associates or employees shall accept liability for any direct, indirect or consequential damage, losses, expenses, claims, compensation or other expenditures
that may result from using or referring to this document, except in the event of fraud or gross negligence. Decisions on whether to invest in the product should not be based solely on this document and should not be taken without first making a careful analysis of the associated characteristics and risks as described in the "Investor Guide" and in the prospectus and without having obtained all the necessary information and advice from professional advisors (including tax advisors). As a credit institution, BGL BNP Paribas is subject to the regulations and supervision of the Commission de Surveillance du Secteur Financier, 283, route d'Arlon - L-1150 Luxembourg..