Use of and access to this website are subject to acceptance of the terms and conditions set out in the following "Legal Information".

1.  Company information : On this website, the name "Dexia Asset Management" (also referred to as "Dexia AM") is used to designate all of the asset management companies in the Dexia financial services group. Dexia Asset Management comprises the following entities:

• Dexia Asset Management Luxembourg S.A.:
  a limited liability asset management company under Luxembourg law under Trade Register No. R.C. 37.647; its registered office is located at L-1150 Luxembourg, route d’Arlon 136.
• Dexia Asset Management Belgium S.A.:
  a limited liability asset management company under Belgian law, registered in the Brussels Register of Legal Person (Register des Personnes Morales in French) under No. RPM 0462.569.739; its registered office is located at B-1000 Brussels, rue Royale 180.
• Dexia Asset Management S.A. (France):
  a limited liability asset management company under French law under Trade Register R.C.S. Paris 344032743; its registered office is located at F-75008 Paris, rue Washington 40
• Ausbil Dexia Ltd:
  a limited liability asset management company under Australian law under Trade Register ABN 26 076 316 473, its registered office is located at Veritas House - Level 23, 207 Kent STreet, Sydney NSW 2000, Australia
• Branch of Dexia AM Luxembourg in Geneva (Switzerland):
  registered under Trade Register No. R.C. CH-660-0585999-2, located at rue de Jargonnant 2, CH–1207 Geneva.
• Branch of Dexia AM Luxembourg in Milan (Italy):
  registered in the Milan Trade Register No. 13228410158, located at Corso Italia 1, I-20122 Milan.
• Branch office of Dexia AM Luxembourg in Rotterdam (The Netherlands):
  registered under Trade Register KVK 24364887, located at Lichtenauerlaan 102-120, NL-3062 ME Rotterdam.
• Branch office of Dexia AM Luxembourg in Madrid (Spain):
  registered under Fiscal Identification Code No 181119I, located at Calle Ortega y Gasset, 26 E-28006 Madrid.
• Branch office of Dexia AM Luxembourg in Frankfurt (Gemany):
  registered under Fiscal Identification Code HRB 78020, located at An der Welle 4, D-60422 Frankfurt.
• Representative Office of Dexia AM Luxembourg in Manama (Bahrein):
  registered under Fiscal Identification Code 61591-1, located at Financial Center West Harbour Tower, Level 22 King Faisal High Way , P.O. Box 75766, Manama, Kingdom of Bahrain.
• Representative Office of Dexia AM Luxembourg S.A. in Toronto (Canada) :
  registered under Fiscal Identification Code 1762396 – B.I.N. 180353799, located at Wellington Street 155, 6th Floor, Toronto ON, M5V 3L3, Canada.

You can contact Dexia Asset Management at investor.support-dam@dexia.com
The editor responsible at law for this site is Naïm Abou-Jaoudé (40, rue Washington, F-75008 Paris).

2.  Target groups and purpose of this website
This website, its contents, the results of automated processing, data and information made available are exclusively intended for use by:
(1) private investors, i.e. individuals habitually resident in the country specified by themselves in the appropriate part of this website, or
(2) professional investors, i.e. qualified investors in the sense of Directive 2003/71/EC of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading; prior to accessing this website, professional investors must register in accordance with the terms and conditions set out in the relevant web pages of this website.

PLEASE NOTE : By registering, registered professional investors acknowledge and accept that the part of this website specifically dedicated to them is only intended for professional investors (as defined above), including, in particular but not exclusively, institutional investors, investors with a certain amount of specialisation and expertise in the area of financial markets and instruments, such as collective investment undertakings, and others. Such professional investors are aware that a measure of risk is involved in investing in some of these funds/mutual funds in view of their characteristics and/or the particular degree of expertise and knowledge required for investment in such funds/mutual funds.

By registering, visitors registering as professional investors acknowledge and accept that Dexia AM supplies access to the part of its website which supplies information concerning the full range of funds and/or mutual funds for information purposes. This means registered professional investors have access to information concerning funds/mutual funds which:
(1) may not be registered in the jurisdiction where the professional investors' registered office or habitual place of residence are located (hereafter referred to as "their jurisdiction"), or
(2) cannot be traded in their jurisdiction, or
(3) do not have the European passport required by the applicable legal and regulatory requirements for those funds/mutual funds.
For this reason, this website does not comment on the ability of visitors to this website registered as professional investors to invest in such funds/mutual funds on the basis of their location and/or capacity and the applicable laws, regulations and fiscal provisions.

The contents of this website cannot at any time substitute for readers' own research or their technical and/or business judgement based on their personal situation. In no way should the information on this website be considered to be an offer to buy or sell any financial instrument, neither should it be considered to be advice of any kind, whether legal, accounting, fiscal or other. For an offer and/or customized advice, do not hesitate to contact the institutions dealing with financial services concerning our products.
Neither the information nor the results supplied to visitors are intended to encourage the latter to undertake a particular transaction, or advise in favour of or against a particular transaction. Links to websites not controlled by Dexia AM are intended only as a service to the visitor and do not constitute advice, a form of advertising or a value judgement.

3.  Services available on this website
This website contains both informative data and a number of interactive applications.
The interactive applications on this website are those which supply applications on or via this website which enable visitors to enter certain kinds of information and be notified of the result of their automated processing.
The results supplied to visitors are generated automatically on the basis of the data supplied by the latter. Dexia AM is therefore not in a position to verify data in any way.
All publications and information available on this website are for information only, whether they have been supplied by Dexia AM or its selected third parties. Dexia AM has exercised the utmost care as to the contents of the information and data supplied as well as to the results of all automated processes, and regularly updates this website. However, Dexia AM does not explicitly or implicitly guarantee the completeness, accuracy and current applicability of these data and applications, or of the results supplied to visitors via any automated process.

4.  Advertising
The current website comprises advertisements issued by Dexia AM concerning Dexia AM services and products. Links and other references to third parties which are not companies linked or associated with Dexia AM should not be considered to be advertisements for such third parties.

5.  Cookies
When you visit this website, Dexia AM will, in certain circumstances, automatically send cookies to your computer. These are small applications which are written on to your hard disk. They are quite harmless and intended to make the site easier for you to use. For instance, this is how your choice of country and language are recorded when you first visit the website, so that thereafter you automatically access the website in the language you selected at the time of your first visit. If you do not want these cookies written on to your hard disk, you can set your browser in such a manner that they do not gain access to your hard disk. However, in such cases, Dexia AM is not in a position to guarantee the correct operation of the websites under its control. You can also delete the cookies from your hard disk after each visit to the website.
Dexia AM will treat the information collected via these cookies in a fully confidential manner, in accordance with the applicable best practices and with the provisions of the law of 8 December 1992 concerning the processing of personal information.

6. Viruses
Dexia AM guarantees that all the data it includes on its website have been previously scanned to ensure that they are free of all viruses known at that time.  Dexia AM regularly inspects all items on the website which can be downloaded by customers to their computer systems to ensure that they are free of the viruses known at that time.
Despite the high degree of caution exercised by Dexia AM, the swiftness of change on the Internet and of the development of related risks means that Dexia AM is unable to guarantee that all information is completely free of viruses at all times.
In view of the risks of Internet use, Dexia AM strongly advises visitors to regularly scan all downloaded information, including that supplied by suppliers the visitor considers to be trustworthy.

7.  Liability: Dexia AM shall not be liable for any of the following, except in case of fraud or gross negligence:

• any technical difficulty experienced by visitors to this website, whatever the cause, including bugs, inadequate capacity, the visitors' own hardware, software, browser, computer systems and their extensions, whatever their nature, and the software which enables them to access the Internet and this website; the customization, installation, maintenance, processing and updating of the software, hardware, and computer systems and extensions concerned by this point shall remain the visitor's sole responsibility;
• the consultation and/or use of the information on this website;
• any damage attributable to events or third parties over which it has no direct control, or force majeure, including links providing access to the Dexia AM website from other websites not under the control of Dexia AM, or to a website which looks like a Dexia AM website, etc.
• any damage attributable to the exiting of the website or incurred after the website has been exited, even when the website has been exited via a link on the website;
• damage caused by errors, whatever their origin, which occur during the automated processing of the data entered by the visitor in the interactive applications, in so far as the interactive applications have not been developed by Dexia AM and this is clearly specified by means of a logo or other information;
• illegal access by a third party to, or illegal alteration by a third party of the visitor's or Dexia AM's computer systems, programming, programming code or software, as well as the ensuing direct or indirect damage;
• incomplete, inaccurate or obsolete data entered by the visitor when using the interactive applications;
• websites and website applications which are not operated by Dexia AM.

8.  Applicable law and jurisdiction: The supply of service and product information on this website, as well as the publication thereof, are performed under Belgian law. The Brussels law courts shall have jurisdiction in case of any dispute arising from the information on this website, the following websites and web pages, and their use by the reader. In such cases, only Belgian law shall apply. No doctrine concerning the choice of applicable legislation and jurisdiction may lead to the inapplicability of the legislation herein specified to be applicable, or to the courts herein specified to be competent having no jurisdiction.

9.  Intellectual property rights: The contents of the Dexia AM website as well as the information supplied therein, programmes, applications, trademarks and logos are protected by intellectual property rights belonging to Dexia AM or its suppliers. Readers/visitors to this website shall comply with these intellectual property rights at all times and shall refrain from any infringement thereof. No links whatsoever may be created from any other website to Dexia AM's websites and/or web pages without the express written consent of Dexia AM.
This prohibition applies to all link types or techniques in which the name, address or any other element belonging to Dexia AM is included or displayed on another website, or which enable surfers to enter the Dexia AM website via this other website.

10.  Protection of privacy
The data entered/registered by users on this website may be processed by the Dexia Group's automated files or the processors used by the Group for this purpose. Except in the above cases, Dexia AM shall not supply any data to third parties. Dexia AM also has the visitor's permission to process stored data and use them for marketing and other purposes specific to the financial sector. Unless this is opposed by the visitor, they may be used for the Dexia Group's commercial and communication purposes. Visitors may prohibit such use by means of the relevant functions on this website.
In accordance with the law on the protection of privacy concerning the processing of personal data, personal data are recorded in the customer and personal files, for which Dexia AM is responsible. These data may be supplied to third parties to which Dexia AM is bound contractually (or by its status as a shareholder) for the purpose of data processing and the performance of transactions. The data may also be supplied to organisations in Belgium and abroad for processing on behalf of Dexia AM for the purposes described above.

For more information about Dexia Asset Management Group and Dexia Group, please visit this website or contact the following addresses:

• Dexia Asset Management, 136, route d’Arlon, L-1150 Luxembourg - Luxembourg
• Dexia Asset Management, rue Royale 180, B-1000 Brussels - Belgium
• Dexia Asset Management, 40, rue Washington, F-75008 Paris - France
• Dexia S.A., Place Rogier 11, B-1210 Brussels - Belgium
• Dexia S.A., 7-11 quai André Citroën, F-75015 Paris - France

In accordance with the law of 8 December 1992 concerning the protection of privacy, visitors are entitled to access and correct the processed data. For this purpose, they should send a registered letter with a photocopy of their identity cards (first side) to the above address.

Dexia AM takes appropriate technical and organisational measures to protect personal data against accidental or illicit destruction, theft, loss, alteration and any other form of illegal access or processing.
In certain cases, Dexia AM may monitor the use of the website for the purpose of analysing and improving its resources. Visitors' personal data are never recorded for such purposes.