Disclaimer

This document is a marketing communication. Any market or investment views expressed are not intended to be investment research. The information contained in this document should not be considered a recommendation to purchase or sell any particular security and the opinions expressed are those of State Street Global Advsiors France SA and are subject to change without notice. Furthermore, there can be no assurance that any trends described in this document will continue or that forecasts will occur because economic and market conditions change frequently. The information published and opinions expressed are provided by State Street Global Advisors France SA ("SSgA") for personal use and for informational purposes only and are subject to change without notice. Nothing in this document should be construed as a solicitation or offer, or recommendation, to acquire or dispose of any investment or to engage in any other transaction. Nothing contained in this document constitutes financial, legal, tax or other advice, nor should any investment or any other decisions be made solely based on the content of this fact sheet. You should obtain advice from a qualified expert before making any investment decision. The past is not necessarily a guide to the future performance of an investment. The future performance of an investment cannot be deduced from previous market value, i.e. the value of an investment may fall as well as rise. An investment may also lose value due to changes in rates of foreign exchange. SSgA cannot guarantee that any capital invested will maintain or increase in value.

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