To our Valued Customers We are proud to communicate that, in a ...

ECPI Group S.r.l. Via G. Carducci, 9 – 20123 Milano (I) / T +39 02 97165700 / F +39 02 97165723 [email protected] / www.ecpigroup.com

Capitale Sociale € 100.000,00 i.v. / P.Iva e C.F. 07529110962 / R.E.A. 1964958

Milan, October 23rd

, 2014

To our Valued Customers

We are proud to communicate that, in a continued effort to improve the quality of the service we offer, we have decided to outsource the Calculation of all of our indices to Standard &Poor’s, a McGraw Hill company.

This decision will allow us to improve timeliness of delivery and accuracy in calculation as well as to adopt widely accepted treatment of corporate actions. We will of course retain the ownership of the indices and will devote all our energies to construing and maintaining cutting-edge investable indices, whilst outsourcing the day-to-day calculation to an industry renowned firm. We are envisaging a two-phase migration of all of our indices. Phase one will impact all of ECPI equity indices; phase two will consist in the migration of all of ECPI fixed income indices. Effective from Index Value Date November 17th, 2014 our equity indices will be officially calculated by S&P. In the meanwhile, for clients not familiar with S&P data structure, S&P daily files are being made available in parallel to ECPI daily files at a new FTP ECPI server (see attachment for details). Effective from Index Value Date November 17th, ECPI legacy daily files will no longer be made available and daily information will only be calculated by S&P. In the annexed document, that we invite you to read, you will find more detailed information on how the migration process will take place. Certain that you will welcome this initiative, we would like to take this opportunity to convey to you our very best regards. Best Regards, Michele CALCATERRA BORRI Founder and CEO

OUTSOURCING OF EQUITY INDICES - CALCULATION

AND DAILY MAINTENANCE TO S&P

OCTOBER 2014

2

Copyright © 2014 by ECPI Group S.r.l., ECP International S.A. and ECPI S.r.l. All rights reserved.

TABLE OF CONTENT

1. INTRODUCTION ................................................................................................................................................. 3

2. INDICES TO BE OUTSOURCED ........................................................................................................................ 4

3. NEW DAILY COMMUNICATION FORMAT ........................................................................................................ 5

4. PERIODICAL REBALANCING ......................................................................................................................... 11

5. THE FTP PLATFORM ....................................................................................................................................... 12

6. CORPORATE ACTIONS ................................................................................................................................... 13

7. CONTACTS ....................................................................................................................................................... 15

3


1. INTRODUCTION

Effective November 17

th 2014 ECPI Equity Indices calculation will be carried out by S&P. A complete list of the

indices affected is available in section 2 of this document. ECPI Fixed Income Indices will migrate over to S&P calculation at a later date. A separate communication will follow. Effective the official migration date the structure of the daily files will change to conform to S&P standards. Changes introduced are explained in section 3 of the document. Additional documentation is made available at our website that we invite you to visit (www.ecpigroup.com). ECPI will maintain the intellectual property of the indices and will continue to perform regular rebalancing activity of the subject indices. Rebalancing notifications will nonetheless conform to S&P standards as detailed in section 4 to this document. The new daily files will be made available at a new FTP URL ftp://index.ecpigroup.com that also presents a new tree structure to facilitate navigation. Details are provided in section 5. New access credential will be provided to all under separate cover. Please also note that effective from migration date, all corporate actions will be treated according to S&P and market widely adopted standards. Please refer to section 6. ECPI will remain the primary calculator until November 17

th, when November 14

th indices are calculated

and distributed on the old FTP platform and in the old format. During this period SPDJI will perform a parallel calculation. SPDJI will become the official calculator on November 18

th, when November 17

th indices are calculated and

distributed on the new FTP platform and in the new format. All clients and service providers are invited to familiarize with new daily files data structure that is made available daily on our new FTP server. Sample files can also be retrieved from our web site. For any question we invite you to contact us at the following email addresses or phone numbers:

ECPI Index Department [email protected] +352 26 84 56 33

Filippo BUCCI [email protected] +352 26 84 56 33-28

Liliya SPASOVA [email protected] +352 26 84 56 33-27

http://www.ecpigroup.com/

ftp://index.ecpigroup.com/

mailto:[email protected]



4


2. INDICES TO BE OUTSOURCED

ECPI GLOBAL INDICES Global Equity Indices Adjusted capitalization-weighted indices that give investors exposure to SRI/ESG investments tracking mainstream Global/Regional classifications. ECPI Euro Ethical Equity ECAPEP

ECPI EMU Ethical Equity ECAPMP

ECPI Global Ethical Equity ECAPGP

ECPI Global Developed ESG Best in Class GALPHBCP

Polaris ECPI Euro Equity ECAPPEP

Polaris ECPI World Equity GALPHPWP

ECPI STRATEGY INDICES Strategy Indices are designed to combine quantitative investment strategies, ESG risk reduction and alpha generating potential into an instrument that reproduces the investor’s desired risk/return profile ECPI Global Megatrend GALPHGMP

ECPI THEMATIC INDICES Thematic Indices are equally-weighted indices devised in order to generate absolute returns measured against conventional financial benchmarks through investments in some of the highest ESG-rated companies and most relevant long term investment themes. ECPI Asian Infrastructure Equity ECPAIFP

ECPI China Consumption Tradable Equity ECPACCTP

ECPI Global Agriculture Liquid GALPLAGP

ECPI Global Blue Gold GD Equity GALPHWP

ECPI Global Carbon Liquid CARBONLP

ECPI Global Climate Change Liquid GALPLACC

ECPI Global Commodity GD GALPHCGP

ECPI Global Eco Real Estate & Building GALPEREP

ECPI Global Eco Real Estate & Building Liquid GALPLREP

ECPI Global ESG Healthcare Equity GALPHHCP

ECPI Global ESG Technology Equity GALPHGTP

ECPI Global Livestock GD GALPHLGP

ECPI Global Longevity Winners Equity GALPHLWP

ECPI Global Megatrend 100 GALPHM1P

ECPI Global Renewable Energy GALPHRWE

ECPI Global Renewable Energy Liquid GALPLRWE

ECPI Global Science for Life Equity GALPHSLP

5


3. NEW DAILY COMMUNICATION FORMAT

Currently, ECPI provides the following four files on a daily basis:

1. Equity Indices - ecp_eqy_indices_ YYYYMMDD.csv

2. Index Daily file - IndexTicker YYYYMMDD.xls and IndexTicker YYYYMMDD.csv

3. Corporate Actions Report - MMDDYYYY _ECPI_Corporate Actions.xlsx

4. Dividends Report - MMDDYYYY_ECPI_Dividend Report.xlsx and

The new daily communication will include the following files:

1. Index Levels - YYYYMMDD_IndexTicker.SDL

2. Close Constituents – YYYYMMDD_IndexTicker_CLS.SDC

3. Adjusted Close/Open Constituents - YYYYMMDD_IndexTicker_ADJ.SDC

4. Corporate Actions - YYYYMMDD_IndexTicker.SDE

The attached file specification document (01_UFF_2.0_Specifications_v1.2a) details the format and structure of the new files. INDEX LEVEL FILE The new Index Level files will substitute the old unique Equity Indices file. A separate file for each index will be produced instead of a single file summarizing the daily performance of all the indices. The tables below provide a comparison between the fields of the old and the new files:

REMOVED FIELDS

RIC_REUTERS Thomson Reuters code used to identify the index

INDEX_MK_CAP Index Total Market Capitalization

OLD NEW

ecp_eqy_indices_YYYYMMDD.csv YYYYMMDD_IndexTicker.SDL

DATE DATE OF INDEX

RIC_REUTERS INDEX NAME

BB_TICKER INDEX CODE

NAME INDEX KEY

INDEX_PRICE GICS CODE

INDEX_RETURN ISO CODE

INDEX_RETURN_NET INDEX VALUE

INDEX_PRICE_LC CLOSE MARKET CAP

INDEX_RETURN_LC CLOSE DIVISOR

INDEX_RETURN_NET_LC CLOSE COUNT

DELTA_INDEX_PRICE DAILY RETURN

DELTA_INDEX_RETURN INDEX DIVIDEND

DELTA_INDEX_RETURN_NET ADJ MARKET CAP

DELTA_INDEX_PRICE_LC ADJ DIVISOR

DELTA_INDEX_RETURN_LC ADJ COUNT

DELTA_INDEX_RETURN_NET_LC

INDEX_MK_CAP

INDEX_ADJ_MK_CAP

CRNCY

6


RENAMED FIELDS DATE DATE OF INDEX Date of Calculation

BB_TICKER INDEX CODE Bloomberg code used to identify the index

NAME INDEX NAME ECPI-assigned Index Name

INDEX_ADJ_MK_CAP CLOSE MARKET CAP Free Float Adjusted Index Market Capitalization

CRNCY ISO CODE Index Currency

ADDED FIELDS INDEX KEY Standard&Poors code used to identify the index

GICS CODE GICS classification code is only provided for indices defined by a single GICS CODE classification. Value is NULL if the index is not associated with a GICS code, or associated with DJI codes, custom sectors and multiple GICS codes.

CLOSE DIVISOR Index divisor

CLOSE COUNT Index constituents number at the end-of-day close.

INDEX DIVIDEND Impact on the index from dividends

ADJ MARKET CAP Free Float Adjusted Index Market Capitalization after the index’s markets have closed, taking into account any adjustments being made to the securities.

ADJ DIVISOR Index divisor after the adjustments for corporate actions, constituent changes, etc.

ADJ COUNT Index constituents number as of the following index trading day taking into account any additions and/or deletions

CONSOLIDATED FIELDS

DAILY RETURN

INDEX VALUE The end-of-day index closing value

INDEX_RETURN

INDEX_RETURN_NET

INDEX_PRICE_LC

INDEX_RETURN_LC

INDEX_RETURN_NET_LC

INDEX_PRICE

DELTA_INDEX_RETURN_LC

DELTA_INDEX_RETURN_NET_LC

The end-of-day index daily return

DELTA_INDEX_PRICE

DELTA_INDEX_RETURN

DELTA_INDEX_RETURN_NET

7


CLOSE CONSTITUENTS & ADJUSTED CLOSE/OPEN CONSTITUENTS FILES The new Close Constituents & Adjusted Close/Open Constituents files will substitutes the old Index Daily files.

OLD NEW

IndexTicker YYYYMMDD.xls YYYYMMDD_IndexTicker_CLS.SDC

TICKER INDEX NAME

ISIN INDEX CODE

SEDOL INDEX KEY

ID BB COMPANY EFFECTIVE DATE

NAME COMPANY

EXCHANGE CODE RIC

COUNTRY BLOOMBERG TICKER

MARKET CUSIP

INDUSTRY SECTOR ISIN

INDUSTRY SECTOR NUM SEDOL

INDUSTRY SUBGROUP TICKER

INDUSTRY SUBGROUP NUM GV KEY

CLOSING PRICE STOCK KEY

PRICE GICS CODE

SHARES OUT DJI INDUSTRY CODE

MKT CAP ALTERNATE CLASSIFICATION CODE

FREE FLOAT MIC

ADJ MKT CAP COUNTRY OF DOMICILE

DELTA LC COUNTRY OF LISTING

ADJ FACTOR REGION

WEIGHTS SIZE

CRNCY CAP RANGE

EXCHANGE RATE TODAY CURRENCY CODE

CNTRY_ISSUE_ISO LOCAL PRICE

COUNTRY ISO FX RATE

GROSS DIVIDEND LC SHARES OUTSTANDING

NET DIVIDEND LC MARKET CAP

NET RETURN LC IWF

NET RETURN CURR AWF

GROWTH

VALUE

INDEX SHARES

INDEX MARKET CAP

INDEX WEIGHT

DAILY PRICE RETURN

DAILY TOTAL RETURN

DIVIDEND

NET DIVIDEND

8


REMOVED FIELDS These fields are part of the new Index Level daily files. DATE Date of Calculation

INDEX Name assigned to Index by ECPI

INDEX PRICE - VALUE “Price” Index Level - EUR

INDEX PRICE - RETURN “Price” Index Return - EUR

DIVISOR Index Divisor

INDEX PRICE - LC VALUE “Price” Index Level - Local Currency

INDEX PRICE - LC RETURN “Price” Index Return - Local Currency

INDEX TOTAL RETURN - VALUE “Total Return” Index Level - EUR

INDEX TOTAL RETURN - RETURN “Total Return” Index Return - EUR

INDEX TOTAL RETURN - LC VALUE “Total Return” Index Level - Local Currency

INDEX TOTAL RETURN - LC RETURN “Total Return” Index Return - Local Currency

INDEX TOTAL RETURN NET - VALUE “Net Return” Index Level - EUR

INDEX TOTAL RETURN NET- RETURN “Net Return” Index Return - EUR

INDEX TOTAL RETURN NET - LC VALUE “Net Return” Index Level - Local Currency

INDEX TOTAL RETURN NET - LC RETURN “Net Return” Index Return - Local Currency

INDEX MK CAP Total Market Capitalization of the Index

INDEX ADJ MK CAP Free Float Adjusted Market Capitalization of the Index

REMOVED FIELDS ID BB COMPANY Bloomberg Security Identifier

PRICE Stock Closing Price in Euro

DELTA LC Stock Daily Return in Local Currency

ADJ FACTOR Stock Yesterday Closing Price Adjustment Factor taking into account any adjustments being made to the securities.

COUNTRY Stock Country Full Name

NET RETURN LC Stock Daily Net Return in Local Currency

NET RETURN CURR Stock Daily Net Return in Local Euro

MAINTENED / RENAMED FIELDS TICKER BLOOMBERG TICKER Bloomberg code used to identify the stock

ISIN ISIN International Securities Identification Number

SEDOL SEDOL Stock Exchange Daily Official List

NAME COMPANY Company Full Name

CLOSING PRICE LOCAL PRICE Stock Closing Price in Local Currency

SHARES OUT SHARES OUTSTANDING The latest number of shares outstanding for the stock.

MKT CAP MARKET CAP Total unadjusted market capitalization of the stock

FREE FLOAT IWF Free Float Factor

ADJ MKT CAP INDEX MARKET CAP Free Float Adjusted Market Capitalization

WEIGHTS INDEX WEIGHT Weight of the Stock within the Index

CRNCY CURRENCY CODE ISO currency code of the Stock

EXCHANGE RATE TODAY FX RATE Foreign exchange rate required in order to translate the stock’s market value from local to index currency.

COUNTRY ISO COUNTRY OF DOMICILE ISO country code associated with the constituent’s country of domicile.

CNTRY_ISSUE_ISO COUNTRY OF LISTING ISO country code associated with the constituent’s country of exchange.

GROSS DIVIDEND LC DIVIDEND Dividend amount issued by the constituent

NET DIVIDEND LC NET DIVIDEND Net dividend amount issued by the constituent

9


ADDED FIELDS INDEX NAME Defines the index name that this stock is related to.

INDEX CODE Defines the index code that this stock is related to.

INDEX KEY Defines the index key that this stock is related to.

EFFECTIVE DATE Indicative of when the constituent level data is applicable.

RIC Reuters Instrument Code

CUSIP CUSIP identifier

TICKER Constituent’s stock ticker

GV KEY Constituent’s Compustat permanent company identifier

STOCK KEY Unique S&P Dow Jones Indices identifier assigned to every stock

REGION Indicates if the stock is considered part of a developed or emerging market

SIZE Indicates if the stock is classified as a large, mid or small cap stock within the methodology of the index. Value is left blank for indices not providing size breakdown.

CAP RANGE Available for index families with breakdown by a market cap bracket.

AWF Additional weight factor as needed for certain methodologies (Equal Weight)

GROWTH Growth weight factor associated with the stock.

VALUE Value weight factor associated with the stock.

INDEX SHARES Total number of shares determined and used by the index calculation methodology

DAILY PRICE RETURN Daily stock % price return in index currency.

DAILY TOTAL RETURN Daily stock % total return in index currency.

REPLACED FIELDS

EXCHANGE CODE

MARKET

INDUSTRY SECTOR

INDUSTRY SECTOR NUM

INDUSTRY SUBGROUP

INDUSTRY SUBGROUP NUM

MIC

GICS CODE

DJI INDUSTRY CODE

ALTERNATE CLASSIFICATION CODE

ISO Code of the exchange the constituent is traded on

Global Industry Classification Standard code associated with the constituent Dow Jones Indexes' proprietary industry classification code associated with the constituent Field reserved for alternate, product-specific classification schemes

10


CORPORATE ACTION FILE The new Corporate Action files will substitutes the old unique Corporate Actions Report file and Dividends Report file. A separate file for each index will be produced instead of the two previous comprehensive reports. The table below provides a comparison between the fields of the old Dividends Report file and the new Corporate Actions files:

OLD NEW

EFFECTIVE DATE EFFECTIVE DATE

TICKER CURRENT BLOOMBERG TICKER

COMPANY NAME CURRENT COMPANY NAME

DISTRIBUTION TYPE ACTION TYPE = Dividend ACTION TYPE = Special Dividend …

ID ISIN CURRENT ISIN

DIVIDEND DIVIDEND

DVD_CRNCY DIVIDEND CURRENCY

Security Currency CURRENT CURRENCY CODE

COUNTRY_ISO CURRENT COUNTRY OF DOMICILE

CNTRY_OF_INCORPORATION CURRENT COUNTRY OF LISTING

The table below provides a comparison between the fields of the old Corporate Actions Report file and the new Corporate Actions file:

OLD NEW

EFFECTIVE DATE EFFECTIVE DATE

TICKER CURRENT BLOOMBERG TICKER

COMPANY NAME CURRENT COMPANY NAME

ACTION ACTION TYPE = IWF Change ACTION TYPE = Merger/Acquisition ACTION TYPE = Share Change ACTION TYPE = Spin-Off ACTION TYPE = Stock Exchange Holiday …

Please note that, effective November 17, 2014 changes will be made to the Corporate Actions file (.SDE). No parallel file delivery period for this change is expected. You can find attached the excel file (02_Enhanced_SDE_Example_Files) and the documentation (03_Summary of UFF 2.0 .SDE Enhancements) detailing the upcoming changes.

11


4. PERIODICAL REBALANCING

ECPI will continue to review the index constituents according with the index rebalancing schedule in order to ensure market representativeness. The rebalancing of the indices considers the financial and ethical evolution of the reference market. The evolution may be due to economic and financial developments, as a change in the composition or structure of an industry, and/or to ethical developments as well. The ethical, social and environmental performance of companies eligible for inclusion in the Indices is monitored by ECPI. The Index periodical review communication will include the two following file:

1. ECPI Index Review File – IndexName_REVIEW_MONTH_YEAR.xlsx ECPI Index Review files contain the new index composition and the lists of the included and excluded constituents.

2. Proforma File - YYYYMMDD_IndexTicker.SDC Proforma files have the same structure of the Close Constituents file and Adjusted Close/Open file. They are delivered around the time of an index’s rebalancing.

12


5. THE FTP PLATFORM

ECPI Indices data files will be distributed via a FTP platform, available at the following: URL: ftp://index.ecpigroup.com/ The new account credentials for accessing the FTP will be sent in a separate email. The new FTP Platform is organized into three levels as represented in the diagram below:

1. Main folder: EQUITY, BOND and STRATEGY 2. Index Folder: folder dedicated to single index and identified by its ticker 3. Index Subfolders: folders hosting the four daily files and the index reference universe (and black list,

if available)

Lev.1 Lev.2 Lev.3

CLOSE_FILE

ADJUSTED_CLOSE_FILE

CORPORATE_ACTIONS

INDEX_LEVELS

UNIVERSE_BLACKLIST

*** ***

*** ***

***

***

***

***

***

*** ***

*** ***

***

***

***

***

***

*** ***

*** ***

STRATEGY

INDEX TICKER #a

EQUITY

INDEX TICKER #1

BOND

INDEX TICKER #a

ftp://index.ecpigroup.com/

13


6. CORPORATE ACTIONS

The tables on the following page summarize the necessary adjustments to the index and the divisor to account for the corporate actions. For more information on the treatment of corporate actions, please refer to the attached document 04_S&P Dow Jones Indices’ Corporate Actions Policies & Practices Methodology. ADJUSTED CAPITALIZATION-WEIGHTED INDICES

CORPORATE ACTION INDEX ADJUSTMENT DIVISOR ADJUSTMENT

Company added/deleted Net change in market value determines the divisor adjustment. Yes

Change in shares outstanding Any combination of secondary issuance, share repurchase or buy back – share counts revised to reflect change.

Yes

Stock split Share count revised to reflect new count. Divisor adjustment is not required since the share count and price changes are offsetting.

No

Spin-off If the spun-off company is not being added to the index, the divisor adjustment reflects the decline in index market value (i.e., the value of the spun-off unit).

No

Spin-off Spun-off company added to the index, no company removed from the index.

Yes

Change in IWF Increasing (decreasing) the IWF increases (decreases) the total market value of the index. The divisor change reflects the change in market value caused by the change to an IWF.

Yes

Special Dividend When a company pays a special dividend the share price is assumed to drop by the amount of the dividend; the divisor adjustment reflects this drop in index market value.

Yes

Rights offering Each shareholder receives the right to buy a proportional number of additional shares at a set (often discounted) price. The calculation assumes that the offering is fully subscribed. Divisor adjustment reflects increase in market cap measured as the shares issued multiplied by the price paid.

Yes

EQUALLY-WEIGHTED INDICES


Constituent change – even number of adds and drops

The company entering the index goes in at the weight of the company coming out. This weight is used to compute the adjusted weight factor of the added stock, using Equation 15. If a company is being removed at a price of 0.00, the replacement goes in at the weight of the deleted company at the close on the day before the effective date. If more than one company is being replaced in the index on a single date, the replacements would be in the order stated in the press release for the parent index change.

No

Constituent change – deletion only

The weights of all stocks in the index will change, due to the absolute change in the number of index constituents. Relative weights will stay the same.

Yes

Share changes between quarterly share adjustments

None. The adjustment factor is changed to keep the index weight the same.

No

Quarterly share changes There is no direct adjustment. No

Spin-off The price is adjusted to the Price of the Parent Company minus (the Price of Spin-off company/Share Exchange Ratio). The adjustment factor changes to maintain the weight to be the same as the company had before the spin-off.

No

Rights Offering The price is adjusted to the Price of the Parent Company minus (the Price of Rights Offering/Rights Ratio). The adjustment factor changes to maintain the weight to be the same as the company had before the rights offering.

No

Stock Split Shares are multiplied by and the price is divided by the split factor. No

Share Issuance or Share Repurchase

None. No

14


Special Dividends The price of the stock making the special dividend payment is reduced by the per share special dividend amount after the close of trading on the day before the ex-date.

A divisor adjustment is made to ensure the index level remains the same.

FIXED-WEIGHTED INDICES


Constituent change – even number of adds and drops

The company entering the index goes in at the weight of the company coming out.

No

Delisting, acquisition or any other corporate action resulting in a constituent deletion.

The stock is dropped from the Index. Yes

Share changes between quarterly share adjustments

None. The adjustment factor is changed to keep the index weight the same.

No

Quarterly share changes There is no direct adjustment. No

Spin-off The price is adjusted to the Price of the Parent Company minus (the Price of Spin-off company/Share Exchange Ratio). The adjustment factor changes to maintain the weight to be the same as the company had before the spin-off.

No

Rights Offering The price is adjusted to the Price of the Parent Company minus (the Price of Rights Offering/Rights Ratio). The adjustment factor changes to maintain the weight to be the same as the company had before the rights offering.

No

Stock Split Shares are multiplied by and the price is divided by the split factor. No

Share Issuance or Share Repurchase

None. No

Special Dividends The price of the stock making the special dividend payment is reduced by the per share special dividend amount after the close of trading on the day before the ex-date.

A divisor adjustment is made to ensure the index level remains the same.

Merger or acquisition If the surviving company is already an index member, it is retained in the index. If the surviving company does not meet index criteria, it is removed.

Yes, if there is a removal.

15


7. CONTACTS

Index Dept. Filippo Bucci. www.ecpigroup.com Luxembourg Head of Index Department 13, rue Aldringen Bloomberg: ECPS L-1637 Luxembourg T +352 26 845633 T +352 2684 5632-28 Reuters: ECAPITAL [email protected] [email protected] Disclaimer This document has been prepared by ECP International S.A., Luxembourgish PSF (Financial Services Provider / “Professionnel du Secteur Financier”) regulated by the CSSF (Luxembourg financial regulatory authorities) holding an investment advisory license, and/or ECPI S.r.l., and/or any of their subsidiaries and affiliates, being noted that ECP International S.A., ECPI S.r.l., are entirely owned by ECPI Group S.r.l., a company organized and existing under the laws of Italy, with registered office at Via G. Carducci, 9 - 20123 Milan, Italy (the “ECPI Group Companies”) as part of their internal research activity. The information provided herein and, in particular, the data contained in this document are taken from information available to the public. All information contained herein is obtained from sources believed by it to be accurate and reliable. While the opinions and information contained in this document are based on public sources believed to be reliable and in good faith, ECPI Group Companies have not independently verified the accuracy of such public sources. Because of the possibility of human, technical or whatsoever kind of similar error, however, such information is provided “as is” without warranty of any kind and ECPI Group Companies, in particular, make no representation or warranty, whether express or implicit, as to the fairness, accuracy, timeliness, completeness, merchantability and/or fitness of any such information and opinions contained in this document. Accordingly, neither ECPI Group Companies nor any of their respective directors, managers, officers or employees shall be held liable for whatever reason (including, without limitation, liability in negligence) for any loss (including consequential loss), expense, consequential, special, incidental, direct or indirect or similar damage, whether or not advised of the possibility of such damage, in connection with the fairness, accuracy, timeliness, completeness, merchantability and/or fitness of the information and opinions contained in this document and/or arising from any use or performance of this document or its contents or otherwise arising in connection with this document. Any opinions, forecasts or estimates contained herein constitute a high-level information statement only valid as at the date of its release. There can be no assurance that the evolution of the information contained herein and/or any future events will be consistent with such opinions, forecasts or estimates. Any information herein is at any time subject to change, update or amendment subsequently to the date of this document, with no undertaking by ECPI Group Companies to notify such change, update or amendment. This document is not, nor may it be construed as to constitute a recommendation to make any kind of investment decision or an offer for sale or subscription of or a solicitation of any offer to buy or subscribe for any financial instrument. Accordingly, this document may not be used as a solicitation or an offer for sale or subscription, and any solicitation or offer shall be made only in accordance with all applicable laws and regulation, including, whenever applicable, the filing of a prospectus with the relevant authorities. ECPI Group Companies recommend to potential investors wishing to be provided with formal financial advice in the area of investment to contact a financial advisor duly authorized by the competent regulatory authority of its country. ECPI Group Companies publish researches on a regular basis. This publication has been prepared on behalf of ECPI Group Companies solely for information purposes. All the information contained herein is copyrighted in the name of ECPI Group Companies, and none of such information may be copied or otherwise reproduced, except for personal use only, further transmitted, transferred, published, disseminated, redistributed or resold, in whole or in part, in any form or manner or by any means whatsoever, by any person without ECPI Group Companies’ prior written consent.

http://www.ecpigroup.com/



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