AND NOT TO BE USED WITH THE GENERAL PUBLIC THIS FINANCIAL PROMOTION WAS ISSUED AND APPROVED BY COMPANY X, FOR DISTRIBUTION TO INSTITUTIONAL AND PROFESSIONAL CLIENTS ONLY. THIS COMMUNICATION IS ONLY INTENDED FOR AND WILL BE ONLY DISTRIBUTED TO PERSONS RESIDENT IN JURISDICTIONS WHERE SUCH DISTRIBUTION OR AVAILABILITY WOULD NOT BE CONTRARY TO LOCAL LAWS OR REGULATIONS. THE DOCUMENT HAS BEEN PREPARED SOLELY FOR INFORMATION PURPOSES AND DOES NOT CONSTITUTE AN OFFER OR A RECOMMENDATION TO BUY OR SELL ANY PARTICULAR SECURITY OR TO ADOPT ANY SPECIFIC INVESTMENT STRATEGY. THE MATERIAL CONTAINED HEREIN HAS NOT BEEN BASED ON A CONSIDERATION OF ANY INDIVIDUAL CLIENT CIRCUMSTANCES AND IS NOT INVESTMENT ADVICE, NOR SHOULD IT BE CONSTRUED IN ANY WAY AS TAX, ACCOUNTING, LEGAL OR REGULATORY ADVICE. TO THAT END, INVESTORS SHOULD SEEK INDEPENDENT LEGAL AND FINANCIAL ADVICE, INCLUDING ADVICE AS TO TAX CONSEQUENCES, BEFORE MAKING ANY INVESTMENT DECISION. THE PROSPECTUS AND/OR SIMPLIFIED PROSPECTUS SHOULD BE READ BEFORE AN INVESTMENT IS MADE. THE INVESTMENT OBJECTIVES AND POLICIES FOR EACH SUB-FUND ARE OUTLINED IN THE SUPPLEMENTS TO THE PROSPECTUS. ANY RESEARCH IN THIS DOCUMENT HAS BEEN UNDERTAKEN AND MAY BE ACTED ON BY COMPANY X FOR ITS OWN PURPOSE. THE RESULTS OF SUCH RESEARCH ARE BEEN MADE AVAILABLE ONLY INCIDENTALLY. THE VIEWS AND OPINIONS EXPRESSED DO NOT CONSTITUTE INVESTMENT OR ANY OTHER ADVICE AND ARE SUBJECT TO CHANGE WITHOUT NOTICE. THEY DO NOT NECESSARILY REFLECT THE VIEWS AND OPINIONS OF ANY COMPANY OF THE MEDIOLANUM GROUP OR ANY PART THEREOF AND NO ASSURANCES ARE MADE AS TO THEIR ACCURACY. THE INFORMATION ABOVE IS BASED ON INFORMATION AND DATA SUPPLIED BY THIRD PARTIES. WHILE SUCH INFORMATION AND DATA ARE BELIEVED TO BE ACCURATE, COMPANY X DOES NOT ACCEPT RESPONSIBILITY FOR ANY INACCURACY IN SUCH DATA. PRODUCTS, REPORTS, RATIOS AND RATINGS DO NOT CONTAIN ALL OF THE INFORMATION THAT IS REQUIRED IN ORDER TO EVALUATE AND/OR COMPARE PRODUCTS AND/OR SERVICE PROVIDERS. OPINIONS INCLUDED IN THIS MATERIAL CONSTITUTE THE JUDGMENT OF COMPANY X AT THE TIME SPECIFIED AND MAY BE SUBJECT TO CHANGE WITHOUT NOTICE. COMPANY X IS NOT OBLIGED TO UPDATE OR ALTER THE INFORMATION OR OPINIONS CONTAINED WITHIN THIS MATERIAL. INVESTORS SHOULD CONSULT THEIR OWN Than a terms and conditions. This one just screams “please don’t read me”