^DISCLAIMER

^{This document entitled “CIO Perspectives” (the “Publication”) is issued for marketing communication only.}

^{The languages in which it is drafted form part of the working languages of Indosuez Wealth Management.}

^{The information published in the Publication has not been reviewed and is not subject to the approval or authorisation of any regulatory or market authority whatsoever, in whatever jurisdiction.}

^{The Publication is not intended for or aimed at the persons of any country in particular. The Publication is not intended for persons who are citizens, domiciled or resident in a country or jurisdiction in which its distribution, publication, availability or use would contravene applicable laws or regulations. This document does not constitute or contain an offer or an invitation to buy or sell any financial instrument and/or service whatsoever. Similarly, it does not, in any way, constitute a strategy, personalised or general investment or disinvestment recommendation or advice, legal or tax advice, audit advice, or any other advice of a professional nature. No representation is made that any investment or strategy is suitable and appropriate to individual circumstance or that any investment or strategy constitutes a personalised investment advice to any investor.}

^{The relevant date in this document is, unless otherwise specified, the editing date mentioned on the last page of this disclaimer. The information contained herein are based on sources considered reliable. We use our best effort to ensure the timeliness, accuracy, and comprehensives of the information contained in this document. All information as well as the price, market valuations and calculations indicated herein may change without notice. Past prices and performances are not necessarily a guide to future prices and performances.}

^{The risks include, amongst others, political risks, credit risks, foreign exchange risks, economic risks and market risks. Before entering into any transaction, you should consult your investment advisor and, where necessary, obtain independent professional advice in respect of risks, as well as any legal, regulatory, credit, tax, and accounting consequences. You are advised to contact your usual advisers in order to make your decisions independently, in light of your particular financial situation and your financial knowledge and experience Foreign currency rates may adversely affect the value, price or income of the investment when it is realised and converted back into the investor’s base currency.}

^{CA Indosuez a French company, the holding company for the Crédit Agricole group’s wealth management business, and its related subsidiaries or entities, namely CA Indosuez (Switzerland) SA, CA Indosuez Wealth (Europe), CFM Indosuez Wealth, their respective subsidiaries, branches, and representative offices, whatever their location, operate under the single brand Indosuez Wealth Management. Each of the subsidiaries, their respective subsidiaries, branches, and representative offices, as well as each of the other Indosuez Wealth Management entities are referred to individually as the “Entity” and collectively as the “Entities”.}

^{The Entities or their shareholders as well as its shareholders, subsidiaries, and more generally companies in the Crédit Agricole SA group (the “Group”) and respectively their corporate officers, senior management or employees may, on a personal basis or in the name and on behalf of third parties, undertake transactions in the financial instruments described in the Publication, hold other financial instruments in respect of the issuer or the guarantor of those financial instruments, or may provide or seek to provide securities services, financial services or any other type of service for or from these Entities. Where an Entity and/or a Crédit Agricole Group Entity acts as an investment adviser and/or manager, administrator, distributor or placement agent for certain products or services mentioned in the Publication or carries out other services in which an Entity or the Crédit Agricole Group has or is likely to have a direct or indirect interest, your Entity shall give priority to the investor's interest.}

^{Some investments, products, and services, including custody, may be subject to legal and regulatory restrictions or may not be available worldwide on an unrestricted basis taking into consideration the law of your country of origin, your country of residence or any other country with which you may have ties. In particular, any the products or services featured in the Publication are not suitable for residents of US and Canada. Products and services may be provided by Entities under their contractual conditions and prices, in accordance with applicable laws and regulations and subject to their licence. They may be modified or withdrawn at any time without any notification.}

^{Please contact your relationship manager for further information.}

^{In accordance with applicable regulations, each Entity makes the Publication available:}

• ^{In France: the Publication is distributed is distributed by CA Indosuez, limited-liability company under French law (société anonyme) with share capital of 853’571’130 euros, parent company of the Indosuez group and a fully-fledged banking establishment authorised to provide investment services and insurance brokerage, whose registered office is located at 17, rue du Docteur Lancereaux, 75008 Paris, France, registered on the Paris Trade and Companies Register under the number 572 171 635 (individual VAT identification number: FR 075}
• ^{72 17 16 35).In Luxembourg: the Publication is distributed by CA Indosuez Wealth (Europe), a Luxembourg public limited company (société anonyme) having its registered office at 39 allée Scheffer L-2520 Luxembourg, registered under number B91.986 in the Trade and Companies Register, a licensed credit institution established in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF);}
• ^{In Spain: the Publication is distributed by CA Indosuez Wealth (Europe) Sucursal en España, supervised by the Banco de Espana (www.bde.es) and the Comision Nacional del Mercado de Valores (CNMV) (www.cnmv.es), a branch of CA Indosuez Wealth (Europe). Address: Paseo de la Castellana numero 1, 28046 Madrid (Spain), registered with the Bank of Spain under number 1545. Registered with the Madrid Trade and Companies Register under number T 30.176,F 1,S 8, H M-543170, CIF (Tax Identification Number);.}
• ^{In Italy: the Publication is distributed by CA Indosuez Wealth (Europe), Italy Branch based in Piazza Cavour 2, Milan, Italy, registered in the Register of Banks no. 8097, tax code and registration number in the Business Register of Milan, Monza Brianza and Lodi n. 97902220157.}
• ^{In Portugal: the Publication is distributed by CA Indosuez Wealth (Europe), Sucursal em Portugal located at Avenida da Liberdade,190, 2.° B - 1250-147 Lisboa, Portugal, registered with the Bank of Portugal under number 282, tax code 980814227.}
• ^{In Belgium: the Publication is distributed by Banque Degroof Petercam SA, located at rue de l’Industrie 44, 1040 Brussels, Belgium, registered in the Business Register under number 0403 212 172, registered with the Crossroads Bank for Enterprises (Belgian business database) under VAT number BE 0403 212 172 (RPM Brussels);}
• ^{Within the European Union: the Publication may be distributed by Indosuez Wealth Management Entities authorised to do so under the Free Provision of Services.}
• ^{In Monaco: the Publication is distributed by CFM Indosuez Wealth, 11, Boulevard Albert 1er - 98000 Monaco registered in the Monaco Trade and Industry Register under number 56S00341, accreditation: EC/2012-08.}
• ^{In Switzerland: the Publication is distributed by CA Indosuez (Switzerland) SA, Quai Général-Guisan 4, 1204 Geneva and by CA Indosuez Finanziaria SA, Via F. Pelli 3, 6900 Lugano and by their Swiss branches and/or agencies. The Publication constitutes marketing material and does not constitute the product of a financial analysis within the meaning of the directives of the Swiss Bankers Association (SBA) relating to the independence of financial analysis within the meaning of Swiss law. Consequently, these directives are not applicable to the Publication.}
• ^{In Hong Kong SAR: the Publication is distributed by CA Indosuez (Switzerland) SA, Hong Kong Branch, Suite 2918, Two Pacific Place, 88 Queensway. No information contained in the Publication constitutes an investment recommendation. The Publication has not been referred to the Securities and Futures Commission (SFC) or any other regulatory authority in Hong Kong. The Publication and products it may mention have not been authorised by the SFC within the meaning of sections 103, 104, 104A or 105 of the Securities and Futures Ordinance (Cap. 571) (SFO).}
• ^{In Singapore: the Publication is distributed by CA Indosuez (Switzerland) SA, 2 Central Boulevard, West Tower #12-02 IOI Central Boulevard Towers Singapore 018916. In Singapore, the Publication is only intended for persons considered to be high net worth individuals in accordance with the Monetary Authority of Singapore's Guideline No. FAA-G07, or accredited investors, institutional investors or expert investors as defined by the Securities and Futures Act, Chapter 289 of Singapore. For any questions concerning the Publication, recipients in Singapore can contact CA Indosuez (Switzerland) SA, Singapore Branch.}
• ^{In the DIFC: the Publication the brochure is distributed by CA Indosuez (Switzerland) SA, DIFC Branch, Al Fattan Currency House, Tower 2 – Level 23 Unit 4 DIFC PO Box 507232 Dubai – UAE a company regulated by the Dubai Financial Service Authority (“DFSA”). This brochure is intended for professional client and/or market counterparty only and no other person should act upon it. The financial products or services to which this publication relates will only be made available to a client who meets the DFSA professional client and /or market counterparty requirements. This brochure is provided for information purposes only. It is not to be construed as an offer to buy or sell or solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy in any jurisdiction.}
• ^{In the UAE: the Publication is distributed by CA Indosuez (Switzerland) SA, Abu Dhabi Representative Office, Zayed - The 1st Street- Al Muhairy Center, Office Tower, 5th Floor, P.O. Box 44836 Abu Dhabi, United Arab Emirates. CA Indosuez (Switzerland) SA operates in the United Arab Emirates (UAE) via its representative office which comes under the supervisory authority of the UAE Central Bank. In accordance with the rules and regulations applicable in the UAE, CA Indosuez (Switzerland) SA representation office may not carry out any banking activity. The representative office may only market and promote CA Indosuez (Switzerland) SA's activities and products. The Publication does not constitute an offer to a particular person or the general public, or an invitation to submit an offer. It is distributed on a private basis and has not been reviewed or approved by the UAE Central Bank or by another UAE regulatory authority.}
• ^{Other countries: laws and regulations of other countries may also limit the distribution of this publication. Anyone in possession of this publication must seek information about any legal restrictions and comply with them.}

^{The Publication may not be photocopied or reproduced or distributed, in full or in part, in any form without the prior agreement of your Bank.}

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^{Photo credits: iStock.}