Hospitality: A vibrant sector that’s always on the move

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Societe Generale Private Banking is Societe Generale Group’s business operating through its head office at Societe Generale SA, as well as departments, branches and subsidiaries located in the areas referred to below, under the Societe Generale Private Banking brand, and is the distributor of this document.

This is an advertising document and holds no contractual value. Its content is not intended to provide an investment service. In addition, it does not constitute investment advice or a personalised recommendation on a financial product, or advice or a personalised recommendation on insurance, or any form of canvassing, or legal, tax or accounting advice from any Societe Generale Private Banking entity.

The information contained in this document may be amended without prior notice, and is for illustrative purposes only to provide the reader with information that may be of use in making decisions. Any information on past performance, even repeated performance, does not under any circumstances guarantee future performance.

Changes in inflation, interest rates and foreign exchange rates may have negative effects on the value, price and income of investments denominated in a currency different from that of the investor. Any simulations and examples contained in this document are provided for illustrative purposes only. The information contained herein may be amended depending on market fluctuations, and the data and opinions provided are subject to change. All Societe Generale Private Banking entities reserve the right not to update or amend this document, which may become obsolete after consultation, and shall accept no liability in this regard.

The scenarios presented are estimates of future performance, based on historical data on how the value of an investment varies and/or on current market conditions, and are not precise indications. The yield obtained by investors is susceptible to change depending on the performance of the market and on the holding period of the investment by the investor. Future performance may be subject to tax in accordance with the personal situation of each investor, and is susceptible to change in the future.

For a more comprehensive definition and description, please refer to the prospectus of the product or, if necessary, to other regulatory documentation (where applicable) before making any investment decisions.

The offers related to the businesses and to the wealth management and financial information referred to in this document depend on each client’s personal situation, the legislation that applies to them, and their tax residence. To ensure their compliance with the local and regulatory provisions of the relevant jurisdiction, potential investors are responsible for consulting with their legal and tax advisors. Under no circumstances may this publication be distributed in the United States, to a US tax resident, or to any person to whom or in any jurisdictions where such distribution is restricted or illegal.

The offers related to the businesses and to the wealth management and financial information presented in this document may not be suitable or authorised in all Societe Generale Private Banking entities. Furthermore, access to some of these offers is subject to specific eligibility conditions.

Some of the offers related to the businesses and to the wealth management and financial information described may carry various risks and involve the potential loss of the entire invested amount, or even unlimited potential loss, and consequently may be restricted to certain category of investor, and/or be suitable only for experienced investors who are eligible for such solutions.

Accordingly, before subscribing to any investment service, financial product or insurance product, depending on the case and applicable legislation, potential investors will be interviewed by their private banker of the Societe Generale Private Banking entity of which they are a client on their investment experience, as well as their financial situation including their capacity to withstand losses, and their investment objectives including their risk tolerance, in order to determine whether the investor is eligible to subscribe to the financial product(s) and/or investment service(s) under consideration, and whether the investment product(s) and/or service(s) is/are compatible with their investor profile.

Potential investors must also (i) read all the information contained in the detailed documentation on the service or product under consideration (prospectus, regulations, bylaws, "Key Investor Information” document, term sheet, notice, contractual terms of the investment service, etc.), paying particular attention to that concerning the associated risks; and (ii) consult with their legal and tax experts to assess the legal and fiscal implications of the product or service under consideration. Investors may also obtain more detailed information from their private banker who can also help determine their eligibility for the product or service under consideration which may be subject to conditions, and whether such product or service meets their needs.

Accordingly, under no circumstances shall any Societe Generale Private Banking entity be held liable for any decision made by an investor on the basis of this information alone.

This document is confidential and intended solely for the recipient. It may not be made public or disclosed to any third party, nor reproduced in whole or in part without the prior written agreement of the Societe Generale Private Banking entity concerned.

Societe Generale Group maintains an operational administrative organisation taking all necessary measures to identify, verify and manage conflicts of interest. To that end, the entities of Societe Generale Private Banking have established a conflicts of interest management policy aimed at managing and preventing conflicts of interest. For more details, clients of Societe Generale Private Banking may refer to the conflicts of interest management policy available on request from their private banker.

Societe Generale Private Banking have also established a policy to address any complaints filed by its clients. Clients may request this policy from their private banker or on the institutional website of Societe Generale Private Banking (www.privatebanking.societegenerale.com).

DISCLAIMERS BY JURISDICTION

France: Unless indicated otherwise, this document is published and distributed by Societe Generale, a French bank authorised and supervised by the Autorité de Contrôle Prudentiel et de Résolution (French Prudential Supervisory and Resolution Authority), located at 4 place de Budapest, CS 92459, 75436 Paris Cedex 09, under the prudential supervision of the European Central Bank (ECB) and registered with ORIAS as an insurance broker under number 07 022 493, orias.fr. Societe Generale is a public limited company (société anonyme) under French law, with capital stock of €1, 003, 724, 927.50 as of 17 November 2023 with its registered office at 29 boulevard Haussmann, 75009 Paris, France, and registered with the Paris Trade and Companies Register (Paris R.C.S) under the unique identification number 552 120 222. Paris. More details are available on request or online at www.privatebanking.societegenerale.com/.

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Switzerland: This document may constitute advertising within the meaning of the Swiss Federal Act on Financial Services (LSFin). It is distributed in Switzerland by Societe Generale Private Banking (Switzerland) SA (SGPBS or the Bank), whose registered office is located at rue du Rhône 8, CH-1204 Geneva. SGPBS is a bank authorised by the Swiss Financial Market Supervisory Authority (FINMA). This document may under no circumstances be considered as investment advice or recommendations from SGPBS. The Bank recommends obtaining the advice of an expert before acting or not acting on the basis of this document, and accepts no responsibility in relation to the content of this document. Financial instruments, including shares in collective investment funds and financial products, may only be offered in compliance with LSFin. More information is available from SGPBS on request or online at www.privatebanking.societegenerale.com.

This document is distributed neither by SG Kleinwort Hambros Bank Limited in the United Kingdom, nor by its branches in Jersey, Guernsey and Gibraltar which operate collectively under the “SG Kleinwort Hambros” brand. Accordingly, the information provided and any offers, wealth management and financial businesses and information do not concern these entities and may not be authorised by these entities nor adapted to these regions. More information on the activities of Societe Generale Private Banking entities located in the United Kingdom, the Channel Islands and Gibraltar, including supplementary legal and regulatory information, is available at www.kleinworthambros.com.