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This communication is for informational purposes only and does not constitute on the part of AXA Investment Managers or its affiliated companies an offer to buy or sell any investments, products or services and should not be considered as a solicitation or as investment, legal or tax advice. Opinions, estimates and forecasts herein are subjective and subject to change without notice. There is no guarantee forecasts made will come to pass. Data, figures, declarations, analysis, predictions and other information in this document is provided based on our state of knowledge at the time of creation of this document. Whilst every care is taken, no representation or warranty (including liability towards third parties), express or implied, is made as to the accuracy, reliability or completeness of the information contained herein. Reliance upon information in this material is at the sole discretion of the recipient. This material does not contain sufficient information to support an investment decision.

This communication is issued by: Issued by AXA Investment Managers UK Ltd, registered in England No 01431068. The registered office address is 7 Newgate Street, London EC1A 7NX. AXA Investment Managers UK Ltd is authorised and regulated by the Financial Conduct Authority. Telephone calls may be recorded for quality assurance purposes. IW50363 05/2017.

In other jurisdictions, this document is issued by AXA Investment Managers’ affiliates in those countries, including AXA Investment Managers UK Ltd (which is authorized and regulated by the FCA).

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