Inflation ETFs

Fixed Income

Finding opportunities:Finding opportunities:Don’t be scared by bondsBeing targeted with your fixed income

y

March 2017This communication is exclusively directed and available to Institutional Investors as defined by the 2004/39/EC Directive on markets in financial

instruments acting for their own account and categorised as eligible counterparties or professional clients. This communication is not directed at retail clients. This document is issued in the UK by Lyxor Asset Management UK LLP, which is authorised and regulated by the Financial Conduct

Authority in the UK under Registration Number 435658.

Inflation ETFs 2

There is no single bond marketThere is no single bond marketThere are many different choices

The Bloomberg Barclays Global Aggregate Index

Bond TypeCountry exposures

SpainNetherlands Others

Government Related issuers

USA

UKGermany

Italy

Canada

Corporate bonds

Securitised Debt

JapanFrance

UK

0% 10% 20% 30% 40% 50% 60%

Treasury bonds

*Source: Bloomberg. Data as at 17/1/2017

0% 10% 20% 30% 40% 50% 60%

March 2017

g

Inflation ETFs Fixed Income

The economic backdropThe economic backdropLooking at inflation again

Inflation ETFs 4

Conventional bonds had a great few yearsConventional bonds had a great few yearsLow interest rates and slow growth

► R t diti h f d ti l b d

GBP Interest rates have been dropping for 20yrs

► Recent conditions have favoured conventional bonds

9%

7%

8%

10yr Gilt Yield

4%

5%

6% BoE Base Rate

2%

3%

0%

1%

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

*Source: Bloomberg, data as at 21/3/2017. Past performance is not a reliable indicator of future performance.

March 2017

Inflation ETFs 5

But things look like they’re about to changeBut things look like they re about to change

March 2017

Inflation ETFs 6

Sterling crashSterling crash The pound isn’t worth what it used to be

GBP USD Exchange Rate

1.8

1.6

1.7

1 4

1.5

1.3

1.4

1.22014 2015 2016 2017

*Source: Bloomberg, data as at 21/3/2017. Past performance is not a reliable indicator of future performance.

March 2017

Inflation ETFs 7

Inflation creeps higherInflation creeps higherEroding a portfolio

*Source: ONS, Datastream, SG Cross Asset Research/Economics. Data as at 10/1/2017. Past performance is not a reliable indicator of future results, The figures relating to future performance are a forecast and are not a reliable indicator of future results.

March 2017

Inflation ETFs 8

Inflation concerns are on the riseInflation concerns are on the riseGlobal sentiment has changed from the deflation fears of 2015

► SG Cross Asset Research expects inflation prints to inch higher over the next quarters, supported by the base effect from oil price normalisation finally kicking in.

Inflation prints to crawl higher over the next quarters*Inflation prints to crawl higher over the next quarters

↑Inflation ↑DeflationDeflation

*Source: SG Cross Asset Research, ‘The Virtues of Inflation-linked bonds’, 14/10/2016. Past performance is not a reliable indicator of future performance. The figures relating to future performance are a forecast and are not a reliable indicator of future results.

March 2017

Inflation ETFs Fixed Income

Index linked bondsIndex linked bondsAdvantages of ETFs

Inflation ETFs 10

The global inflation linked bond (ILB) marketThe global inflation-linked bond (ILB) marketA growing market worth over $3 trillion

$)

Global Inflation-linked bond market value ($tn)*

Trill

ions

($

$3 13t$3.13tnmarket value**

*Source: Components of Barclays Universal Government Inflation-Linked All Maturities Bond Index. Data as at 31/03/2016.**Source: Bloomberg. Based on market capitalisation of the Barclays Universal Government Inflation-Linked All Maturities Bond Index, as at 08/12/2016.

March 2017

Inflation ETFs 11

Attractive diversification benefitsAttractive diversification benefitsILBs have low correlation with other assets

► SG Research recently observed the correlation between ILBs and other assets*

Correlation of inflation-linked bonds with other asset classes*

► 25 asset classes were used in the analysis (e.g. equities, nominal bonds, credit, cash, alternatives**)

► Conclusion ILBs have strong diversification gproperties

*Source: The correlation is calculated over a 3-year period using weekly observations of total return indices (euro) and EWMA methodology For calculating the correlationSource: The correlation is calculated over a 3 year period using weekly observations of total return indices (euro) and EWMA methodology. For calculating the correlation, 25 financial instruments across various asset classes have been considered. Source: Datastream, Barclays, SG Cross Asset Research/Global Asset Allocation, data from 01/01/05 to 31/08/16. Past performance is not a reliable indicator of future results. **See appendix for full list of asset classes used in correlation analysis.

March 2017

Inflation ETFs 12

When inflation rises interest rates usually followWhen inflation rises, interest rates usually follow......and rising rates erode bond returns

► Rising inflation tends to result in rising rates as central banks attempt to reign in growth

► Interest rate hikes have a negative impact on bonds, both nominal and inflation-linked

BondTHENInterest

rates

Bond pricesIF

For illustrative purposes only.

March 2017

Inflation ETFs 13

Historical correlation between inflation and ratesHistorical correlation between inflation and ratesCorrelation has broken down, but may re-appear when rates go back up

► With the end of zero rate policy, the correlation between short term interest rates and inflation could re-appear► With the end of zero rate policy, the correlation between short term interest rates and inflation could re appear

Year-on-year US CPI vs. Fed Fund rate

The story in Europe is similar...

Source: Lyxor ETF Research, Bloomberg. Data period 28/02/1970-08/12/2016. Past performance is not a reliable indicator of future results.

March 2017

Inflation ETFs Fixed Income

Accessing bondsAccessing bondsAdvantages of ETFs

Inflation ETFs 15

Key benefits of the ETF wrapperKey benefits of the ETF wrapperAn efficient and versatile tool

Diversification LiquidityLow cost Transparency Range of Diversification LiquidityLow cost Transparency exposures

March 2017

Inflation ETFs 16

Fixed Income ETF flows have taken offFixed Income ETF flows have taken off...Not just about equities anymore

Net New Assets into European-listed Fixed Income ETFs (€bn)*

€21 9bn

Dec 2016€25.8bn

€21.9bn

2015€20.1bn

€138bn€8b

2014

Total AuM*

2013

€8bn

*Source: Lyxor International Asset Management, Bloomberg. Monthly data in EURM from 03/01/2013 to 20/12/2016.

March 2017

Inflation ETFs 17

and so have inflation linked ETF flows...and so have inflation-linked ETF flowsMajor acceleration in 2015 and 2016

Net New Assets into European-listed inflation-linked ETFs (€m)*

*Source: Lyxor International Asset Management, Bloomberg. Data as at 28/2/2017. Past performance is not a reliable indicator of future results.

March 2017

Inflation ETFs 18

Going passive for inflation makes senseGoing passive for inflation makes senseWhy pay more for less?

2015 10Y

11%Active fixed income

0%Active fixed income

*S f / / / / f S S f G

managers outperformed the inflation-linked benchmark*

managers outperformed the inflation-linked benchmark*

*Source: Morningstar data from 31/12/05 to 31/08/16. European domiciled active funds using the FTSE MTS Eurozone Inflation-Linked Bond IG benchmark. THE FIGURES RELATING TO PAST PERFORMANCES REFER TO PAST PERIODS AND ARE NOT A RELIABLE INDICATOR FOR FUTURE RESULTS. THIS ALSO APPLIES TO HISTORICAL MARKET DATA.

March 2017

Inflation ETFs Fixed Income

Choosing exposuresChoosing exposuresFinding the right fund for the right portfolio

Inflation ETFs 20

Which ETF strategies can help?Which ETF strategies can help?Three ways to play inflation

Inflation-linked bond ETFs Inflation expectations ETFs Floating rate note ETFs

► ETFs track a basket of ► ETFs track changes in ► ETF d t b k t f► ETFs track a basket of inflation-linked bonds

► Coupon and principal adjusted upwards as

► ETFs track changes in inflation expectations via long leg of ILBs and short leg of nominal bonds

► ETFs exposed to a basket of floating rate notes (FRNs)

► Why? Because rising rates adjusted upwards as inflation rises

► Offer simple inflation protection

► Strategy aims to offer similar performance to the inflation breakeven rate, an indicator of inflation expectations*

often follow a rise in inflation

► FRN coupons are adjusted upwards as interest rates

protection

► Attempts to eliminate interest rate risk

rise

*This strategy is a proxy for inflation breakeven rate; performance will generally deviate from the true breakeven rate.

March 2017

Inflation ETFs 21

Riding the different wavesRiding the different wavesETF strategies fit for purpose

► The performance of each ETF strategy will depend on the exposure – or ‘wave’ – you wish to capture

Expected inflation wave(minus interest rate risk)Expected inflation wave Rising rates wave( )

Inflation linked bond ETFs Floating rate note ETFsInflation expectations ETFs

Interest rate risk

Interest rate risk

Credit risk

March 2017

TER is a measure of charges deducted from an ETF annually

Inflation ETFs Fixed Income

Why choose LyxorWhy choose Lyxor12+ years of Fixed Income ETF experience

Inflation ETFs 23

We have 50+ ways to explore the marketsWe have 50+ ways to explore the marketsAccess different markets, maturities, credit qualities and strategies

Chart source: Lyxor International Asset Management, as at September 2016.

March 2017

Inflation ETFs 24

Why choose Lyxor for inflation ETFsWhy choose Lyxor for inflation ETFsThe numbers that matter

3ETF strategies to

$1.9bnAssets underETF strategies to

play inflationAssets under Management1

31st 3geographicalexposures

1stETFs in Europe on

inflation expectations

1Source: Lyxor International Asset Management. Data refers to Lyxor’s inflation ETF Assets under Management as at 21/3/17.

March 2017

Inflation ETFs 25

Why choose Lyxor25

Why choose LyxorA far reaching, dependable and accomplished provider

Far reaching Dependable Accomplished

► With over 50 exposures across fixed income markets,

► We give you the right tools to build a robust allocation to

► As the longest standing European provider with 12+,

you can express your investment views more precisely than ever before using our ETFs.

fixed income. Our track record in delivering secure, liquid and precise tracking is second to none.

European provider with 12+ years of fixed income ETF experience, Lyxor is one of the largest and among the most liquid ETF issuers in Europe*

*Source: Lyxor International Asset Management. $52.3bn in total ETF assets under management as at 30/09/2016. Source for liquidity data: Bloomberg, over period 01/08/2015 to 01/08/2016.

March 2017

Inflation ETFs 26

Traditional Inflation Linked BondsTraditional Inflation Linked Bonds

UCITS ETF Bloomberg Ticker ISIN Listing currency AuM** TER**

Euro AreaLyxor FTSE Actuaries UK Inflation-Linked Gilts (DR) GILI LU1407893301 EUR, GBP $28m 0.07%

Lyxor US TIPS (DR) TIPU LU1452600270 EUR, USD, GBP $251m 0.09%

Lyxor US TIPS (DR) – Monthly Hedged GBP TIPH LU1452600601 GBP $251m 0.20%

Lyxor EuroMTS Inflation-Linked IG (DR) MTI FR0010174292 EUR, GBP $1.02bn 0.20%

March 2017

*Source: Lyxor International Asset Management. Data as at 12/01/2017. **Source: Lyxor International Asset Management. Data as at13/03/2017.

Inflation ETFs 27

Inflation Expectations ETFsInflation Expectations ETFsSimple, low cost access to US inflation expectations

UCITS ETF Bloomberg Ticker ISIN Listing currency AuM* TER*

Lyxor US$ 10Y Inflation Expectations INFU LU1390062831 EUR, USD, GBP $522m 0.25%

*Source: Lyxor International Asset Management. Data as at 12/01/2017.

Lyxor US$ 10Y Inflation Expectations INFU LU1390062831 EUR, USD, GBP $522m 0.25%

Lyxor EUR 2-10Y Inflation Expectations INFL LU1390062245 EUR, GBP £311m 0.25%

Lyxor UK£ 10Y Inflation Expectations UKBE LU1549300439 GBP £10m 0.25%y g

March 2017

*Source: Lyxor International Asset Management. Data as at 20/3/2017.

Inflation ETFs 28

Lyxor Barclays Floating Rate Euro 0 7Y ETFLyxor Barclays Floating Rate Euro 0-7Y ETFProtect your portfolio from rising rates with variable rate investment grade credit

The things you need to know *

Index name

Barclays Euro Corp FRN 0-7Y Enhanced Dur Total Return Index Unhedged

EUR

Big Competitive

EURBloomberg

ticker BFRDTREU

Currency EURDiversifyingInnovative

$243m inAssets underManagement*

Total Expense Ratio of just

0.15%*(variable)

# components 75

Yield -0.02%

FRNs lower correlation

with other fixedincome

Access IG corporate credit

with limited duration risk

UCITS ETF Bloomberg Ticker ISIN Listing currency AuM* TER*

( )Duration 0.12segments

du at o s

*Source: Lyxor International Asset Management. Data as at 12/01/2017.

Ticker

Lyxor Barclays Floating Rate Euro 0-7Y FLOT FR0012386696 EUR $243m 0.15%(variable)

y g

March 2017

Inflation ETFs

Important information29

Important informationKey risks of Lyxor ETFsIt is important for potential investors to evaluate the risks described below and in the fund prospectus which can be found on www.lyxoretf.com

UNDERLYING RISKThe Underlying Index of a Lyxor ETF may be complex and volatile When investing

CAPITAL AT RISKETFs are tracking instruments: Their risk profile is similar to a direct investment in the Underlying Index. Investors’ capital is fully at risk and investors may not get back the amount originally invested.

The Underlying Index of a Lyxor ETF may be complex and volatile. When investing in commodities, the Underlying Index is calculated with reference to commodity futures contracts exposing the investor to a liquidity risk linked to costs such as cost of carry and transportation. ETFs exposed to Emerging Markets carry a greater risk of potential loss than investment in Developed Markets as they are exposed to a wide range of unpredictable Emerging Market risks.

CURRENCY RISKREPLICATION RISKThe fund objectives might not be reached due to unexpected events on the underlying markets which will impact the index calculation and the efficient fund replication.

COUNTERPARTY RISK

CURRENCY RISK ETFs may be exposed to currency risk if the ETF is denominated in a currency different to that of the Underlying Index they are tracking. This means that exchange rate fluctuations could have a negative or positive effect on returns.

LIQUIDITY RISKLiquidity is provided by registered market-makers on the respective stock exchange

Investors are exposed to risks resulting from the use of an OTC Swap with Societe Generale. In-line with UCITS guidelines, the exposure to Societe Generale cannot exceed 10% of the total fund assets. Physically replicated ETFs may have counterparty risk resulting from the use of a Securities Lending Programme.

Liquidity is provided by registered market makers on the respective stock exchange where the ETF is listed, including Societe Generale. On exchange liquidity may be limited as a result of a suspension in the underlying market represented by the Underlying Index tracked by the ETF; a failure in the systems of one of the relevant stock exchanges, Societe Generale or other market-maker systems; or an abnormal trading situation or event.

January 2017

Inflation ETFs

Important information30

Important informationDisclaimer (1/2)This communication is exclusively directed and available to Institutional Investors as defined by the 2004/39/EC Directive on markets in financial instruments acting

The Funds are registered as a recognised schemes” for the purposes of Section 264 of the Financial Services and Markets Act 2000 (FSMA) of the United Kingdom

for their own account and categorised as eligible counterparties or professional clients. This communication is not directed at retail clients. This document is issued in the UK by Lyxor Asset Management UK LLP, which is authorised and regulated by the Financial Conduct Authority in the UK under Registration Number 435658.

and shares/units in the funds may upon such registration be promoted and sold to the general public in the United Kingdom subject to compliance with FSMA and applicable regulations under FSMA. Potential investors in the United Kingdom should be aware that most of the protections afforded by the United Kingdom regulatory system will not apply to an investment in the fund and that compensation will not be available under the United Kingdom Financial Services Compensation Scheme.

Lyxor Barclays Floating Rate Euro 0-7Y UCITS ETF and Lyxor EuroMTSInflation Linked Investment Grade (DR) UCITS ETF are sub-funds of Multi Units France: a compartment of a French SICAV.The fund complies with the UCITS Directive (2009/65/CE), and has been approved by the French Autorité des marchés financiers.Société Générale and Lyxor AM recommend that investors read carefully the “risk factors” section of the product’s prospectus and Key Investor Information Document (KIID). The prospectus and the

Lyxor EUR 2-10Y Inflation Expectations, Lyxor US TIPS (DR), Lyxor US$ 10Y Inflation Expectations, Lyxor UK£ 10Y Inflation Expectations, Lyxor FTSE Actuaries UK Gilts Inflation-Linked (DR) are sub-funds of Multi Units Luxembourg

Multi Units Luxembourg is an investment company with Variable Capital (SICAV) incorporated under Luxembourg Law, listed on the official list of Undertakings for p p y ( ) p p

KIID are available in French on the website of the AMF (www.amf-france.org). The prospectus in English and the KIID in the relevant local language (for all the countries referred to, in this document as a country in which a public offer of the product is authorised) are available free of charge on lyxoretf.com or upon request to client-services-etf@lyxor.com The product is the object of market-making contracts, the purpose of which is to ensure the liquidity of the product on LSE, Six Swiss Exchange, Euronext, Borsa Italiana, Xetra, SGX, assuming normal market conditions and normally functioning computer systems. Units of a specific UCITS ETF managed by an asset manager

p g gCollective Investment, authorised under Part I of the Luxembourg Law of 17th December 2010 (the “2010 Law”) on Undertakings for Collective Investment in accordance with provisions of the Directive 2009/65/EC (the “2009 Directive”) and subject to the supervision of the Commission de Surveillance du Secteur Financier (CSSF). The product is a sub-fund of Multi Units Luxembourg and has been approved by the CSSF.The fund complies with the UCITS Directive (2009/65/EC).Société Générale and Lyxor AM recommend that investors read carefully the “risk factors” section of the product’s prospectus and Key Investor Information Document (KIID). The prospectus in English and the KIID in the relevantcomputer systems. Units of a specific UCITS ETF managed by an asset manager

and purchased on the secondary market cannot usually be sold directly back to the asset manager itself. Investors must buy and sell units on a secondary market with the assistance of an intermediary (e.g. a stockbroker) and may incur fees for doing so. In addition, investors may pay more than the current net asset value when buying units and may receive less than the current net asset value when selling them.Updated composition of the product’s investment portfolio is available on www.lyxoretf.com. In addition, the indicative net asset value is published on the Reuters and Bloomberg pages of the product, and might also be mentioned on the websites of the stock exchanges where the product is listed The index referred to

Information Document (KIID). The prospectus in English and the KIID in the relevant local language (for all the countries referred to, in this document as a country in which a public offer of the product is authorised) are available free of charge on lyxoretf.com or upon request to client-services-etf@lyxor.com.The product is the object of market-making contracts, the purpose of which is to ensure the liquidity of the product on Xetra, LSE, assuming normal market conditions and normally functioning computer systems. Units of a specific UCITS ETF managed by an asset manager and purchased on the secondary market cannot usually be sold directly back to the asset manager itself. Investors must buy and sell units on a secondary market with the assistance of an intermediary (e g a stockbroker) and may incurwebsites of the stock exchanges where the product is listed. The index referred to

herein (the “Index”) is not sponsored, approved or sold by Société Générale or Lyxor AM. Société Générale and Lyxor AM shall not assume any responsibility in this respect. There is no guarantee that the fund’s objective will be met. The fund may not always be able to replicate exactly the performance of the index (or indices).

market with the assistance of an intermediary (e.g. a stockbroker) and may incur fees for doing so. In addition, investors may pay more than the current net asset value when buying units and may receive less than the current net asset value when selling them.Updated composition of the product’s investment portfolio is available on www.lyxoretf.com. In addition, the indicative net asset value is published on the Reuters and Bloomberg pages of the product, and might also be mentioned on the websites of the stock exchanges where the product is listed.

March 2017

Inflation ETFs

Important information31

Important informationDisclaimer (2/2)

Prior to investing in the product, investors should seek independent financial, tax, accounting and l l d i It i h i t ’ ibilit t t i th t it i th i d t b ib

The market information displayed in this document is based on data at a given moment and may h f ti t tilegal advice. It is each investor’s responsibility to ascertain that it is authorised to subscribe, or

invest into this product.

This document together with the prospectus and/or more generally any information or documents with respect to or in connection with the Fund does not constitute an offer for sale or solicitation of an offer for sale in any jurisdiction (i) in which such offer or solicitation is not authorized, (ii) in which the person making such offer or solicitation is not qualified to do so, or (iii) to any person to whom it is unlawful to make such offer or solicitation. In addition, the shares are not registered under the U S Securities Act of 1933 and may not be directly or indirectly offered or sold in the

change from time to time.

The fund invests in financial derivative instruments in order to reach its investment objective. These instruments could be affected by various risks such as change in law or tax events.

The fund is exposed to the risk that any credit institution with which it has concluded an agreement or a transaction could become insolvent or otherwise default. If such an event occurs, you could lose a significant part of your investment.

I i i fi i l i h ld b h f d hi h h l f h f dunder the U.S Securities Act of 1933 and may not be directly or indirectly offered or sold in the United States (including its territories or possessions) or to or for the benefit of a U.S Person (being a “United State Person” within the meaning of Regulation S under the Securities Act of 1933 of the United States, as amended, and/or any person not included in the definition of “Non-United States Person” within the meaning of Section 4.7 (a) (1) (iv) of the rules of the U.S. Commodity Futures Trading Commission.).

No U.S federal or state securities commission has reviewed or approved this document and more generally any documents with respect to or in connection with the fund. Any representation to the

In certain circumstances, financial instruments held by the fund or to which the value of the fund is linked could suffer a temporary lack of liquidity. This could cause the Fund to lose value, and/or to temporary suspend the publication of its net asset value and/or to refuse subscription and redemption requests.

This communication is exclusively directed and available to Institutional Investors as defined by the 2004/39/EC Directive on markets in financial instruments acting for their own account and categorised as eligible counterparties or professional clients. This communication is not directed at retail clientsg y y p y p

contrary is a criminal offence

This document is of a commercial nature and not of a regulatory nature. This document does not constitute an offer, or an invitation to make an offer, from Société Générale, Lyxor Asset Management (together with its affiliates, Lyxor AM) or any of their respective subsidiaries to purchase or sell the product referred to herein.

This fund includes a risk of capital loss. The redemption value of this fund may be less than the amount initially invested The value of this fund can go down as well as up and the return upon

at retail clients.

This document is issued in the UK by Lyxor Asset Management UK LLP, which is authorized and regulated by the Financial Conduct Authority in the UK under Registration Number 435658.

The Fund is registered as a “recognised scheme” for the purposes of Section 264 of the Financial Services and Markets Act 2000 (FSMA) of the United Kingdom and shares/units in the fund may upon such registration be promoted and sold to the general public in the United Kingdom subject to compliance with FSMA and applicable regulations under FSMA. Potential investors in the

amount initially invested. The value of this fund can go down as well as up and the return upon the investment will therefore necessarily be variable. In a worst case scenario, investors could sustain the loss of their entire investment.

This material is of a commercial nature and not a regulatory nature.

This document is confidential and may be neither communicated to any third party (with the exception of external advisors on the condition that they themselves respect this confidentiality undertaking) nor copied in whole or in part, without the prior written consent of Lyxor AM or

United Kingdom should be aware that most of the protections afforded by the United Kingdom regulatory system will not apply to an investment in the fund and that compensation will not be available under the United Kingdom Financial Services Compensation Scheme.

Authorizations: Lyxor Asset Management is a French management company authorized by the Autorité des marchés financiers and placed under the regulations of the UCITS (2009/65/EC) and AIFM (2011/61/EU) Directives. Lyxor AM is also a registered Commodity Pool Operator and a Commodity Trading Advisor under the U.S. Commodity Futures and Trade Commission. Lyxor AM is a member of the National Futures AssociationSociété Générale.

The obtaining of the tax advantages or treatments defined in this document (as the case may be) depends on each investor’s particular tax status, the jurisdiction from which it invests as well as applicable laws. This tax treatment can be modified at any time. We recommend to investors who wish to obtain further information on their tax status that they seek assistance from their tax advisor.

The attention of the investor is drawn to the fact that the net asset value stated in this document

AM is a member of the National Futures Association.

Société Générale is a French credit institution (bank) authorised by the Autorité de contrôle prudential et de résolution (the French Prudential Control Authority).

Lyxor International Asset Management (LIAM) is registered in the public register of the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten) as a manager (beheerder) of a UCITS.

The attention of the investor is drawn to the fact that the net asset value stated in this document (as the case may be) cannot be used as a basis for subscriptions and/or redemptions.

March 2017

Inflation ETFs

Thank youThank you

Ad L i dAdam LairdT +44 (0) 20 7676 8442E Adam.Laird@lyxor.com

W www.LyxorETF.co.uk