Bond Apicyl Prévoyance 5.25% ( FR0013032315 ) in EUR

Issuer Apicyl Prévoyance
Market price 100 %  ▼ 
Country  France
ISIN code  FR0013032315 ( in EUR )
Interest rate 5.25% per year ( payment 1 time a year)
Maturity 17/11/2025 - Bond has expired



Prospectus brochure of the bond Apicil Prévoyance FR0013032315 in EUR 5.25%, expired


Minimal amount 100 000 EUR
Total amount 150 000 000 EUR
Detailed description Apicil Prévoyance refers to the personal protection and provident insurance solutions offered by the French mutual insurance group Apicil.

The Bond issued by Apicyl Prévoyance ( France ) , in EUR, with the ISIN code FR0013032315, pays a coupon of 5.25% per year.
The coupons are paid 1 time per year and the Bond maturity is 17/11/2025







PROSPECTUS DATED 13 NOVEMBER 2015
APICIL Prévoyance
150,000,000 Fixed Rate Dated Subordinated Notes due 17 November 2025
Issue Price: 100 per cent.
This prospectus (the "Prospectus") does not constitute a prospectus for the purposes of the Directive 2003/71/EC of the European Parliament and of
the Council dated 4 November 2003, as amended (the "Prospectus Directive"). Accordingly, this Prospectus has not been and will not be submitted
for approval to any competent authority within the meaning of the Prospectus Directive and in particular the Luxembourg Commission de
Surveillance du Secteur Financier, in its capacity as competent authority for the purposes of the Prospectus Directive.
Application has been made to the Luxembourg Stock Exchange, in its capacity as market operator of the Euro MTF Market (the "Euro MTF
Market") under the rules and regulations of the Luxembourg Stock Exchange, to approve the Prospectus pursuant to part IV of the Luxembourg law
on prospectuses for securities dated 10 July 2005, as amended. Application has been made for the Notes to be listed on the official list of the
Luxembourg Stock Exchange and to be admitted to trading on the Euro MTF Market. The Euro MTF Market is not a regulated market for the
purposes of the Directive 2004/39/EC of the European Parliament and of the Council dated 21 April 2004 on markets in financial instruments.
The 150,000,000 fixed rate dated subordinated notes (the "Notes") of APICIL Prévoyance (the "Issuer" or "APICIL Prévoyance") will be issued
outside France on 17 November 2015 (the "Issue Date") in the denomination of 100,000 each.
Unless previously redeemed or purchased and cancelled, the Notes will be redeemed on or about 17 November 2025 (the "Scheduled Maturity
Date") at their principal amount, as set out in "Terms and Conditions of the Notes ­ Redemption and Purchase ­ Redemption at Maturity". The Issuer
shall also have the right (subject, in particular, to the Prior Approval of the Relevant Supervisory Authority (as defined in "Terms and Conditions of
the Notes ­ Definitions")) to redeem the Notes upon the occurrence of a Tax Event, a Capital Disqualification Event or if the conditions for a clean-up
call are satisfied, as further described in "Terms and Conditions of the Notes -- Redemption and Purchase".
Each Note will bear interest on its principal amount from (and including) the Issue Date at a fixed rate of 5.25 per cent. per annum payable annually
in arrears on 17 November in each year, commencing on 17 November 2016, as further specified in "Terms and Conditions of the Notes -- Interest".
Payment of interest on the Notes shall be deferred under certain circumstances, as set out in "Terms and Conditions of the Notes - Interest - Interest
Deferral".
The Notes will be issued in dematerialised bearer form (au porteur). Title to the Notes will be evidenced in accordance with Article L.211-3 and
R.211-1 of the French Code monétaire et financier by book-entries (inscription en compte) in the books of Account Holders (as defined in "Terms
and Conditions of the Notes ­ Definitions"). No physical document of title (including certificats représentatifs pursuant to Article R.211-7 of the
French Code monétaire et financier) will be issued in respect of the Notes. The Notes will, upon issue, be inscribed in the books of Euroclear France,
which shall credit the accounts of the Account Holders, as set out in "Terms and Conditions of the Notes ­ Denomination, Form and Title of the
Notes".
The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or under any securities
law of any state or other jurisdiction of the United States and may not be offered or sold within the United States or, or for the account or benefit of, to
U.S. persons (as defined in Regulation S under the Securities Act) except in transactions exempt from or not subject to the registration requirements
of the Securities Act and in compliance with any applicable state securities laws. Accordingly, the Issuer is offering the Notes only to non-U.S.
persons located outside the United States in offshore transactions within the meaning of and in reliance upon Regulation S under the Securities Act
("Regulation S"). For a description of certain restrictions on offers and sales of Notes and on distribution of this Prospectus, see "Subscription and
Sale".
Neither the Notes nor the long term debt of the Issuer are rated.
Copies of this Prospectus are available on the websites of the Luxembourg Stock Exchange (www.bourse.lu) and of the Issuer (www.apicil.com) and
may be obtained, without charge on request, at the principal office of the Issuer during normal business hours. Copies of all documents incorporated
by reference in this Prospectus are available (i) on the website of the Luxembourg Stock Exchange (www.bourse.lu).and (ii) on the website of the
Issuer (www.apicil.com) and may be obtained, without charge on request, at the principal office of the Issuer during normal business hours.
An investment in the Notes involves certain risks. Potential investors should review all the information contained or incorporated by
reference in this document and, in particular, the information set out in the section entitled "Risk Factors" before making a decision to invest
in the Notes.
Structuring Advisor, Sole Lead Manager and Sole Bookrunner
BNP PARIBAS
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Certain information contained in this Prospectus and/or documents incorporated herein by reference have
been extracted from sources specified in the sections where such information appears. The Issuer confirms
that such information has been accurately reproduced and that, so far as it is aware and is able to ascertain
from information published by the above sources, no facts have been omitted which would render the
information reproduced inaccurate or misleading. The Issuer has also identified the source(s) of such
information.
Unless otherwise specified herein, references to the Group are to the Issuer, together with its subsidiaries.
This Prospectus is to be read in conjunction with any supplement that may be published, and all documents
which are incorporated herein by reference (see the section entitled "Documents Incorporated by
Reference"). This Prospectus shall be read and construed on the basis that such documents are
incorporated in, and form part of, this Prospectus.
The Lead Manager (as defined in the section entitled "Subscription and Sale") has not independently verified
the information contained or incorporated by reference herein. Accordingly, no representation, warranty or
undertaking, express or implied, is made and no responsibility or liability is accepted by the Lead Manager
as to the accuracy or completeness of any of the information contained or incorporated by reference in this
Prospectus or any other information provided by the Issuer in connection with the issue and sale of the
Notes.
This Prospectus does not constitute a prospectus for the purpose of the Prospectus Directive and has been
prepared for the purposes of giving information with regard to, the Issuer, the Group and the Notes which,
according to the particular nature of the Issuer and the Notes, is necessary to enable investors to make an
informed assessment of the assets and liabilities, financial position, profit and losses and prospects of the
Issuer and the Group.
In connection with the issue and sale of the Notes, no person is or has been authorised by the Issuer or the
Lead Manager to give any information or to make any representation not contained in or not consistent with
this Prospectus and if given or made, such information or representation must not be relied upon as having
been authorised by the Issuer or the Lead Manager.
Neither the delivery of this Prospectus nor the offering, sale or delivery of any Notes shall in any
circumstances imply that the information contained or incorporated by reference herein concerning the
Issuer is correct at any time subsequent to the date hereof or that there has been no change in the affairs of
the Issuer or those of the Group since the date hereof or the date upon which this Prospectus has been most
recently supplemented or that there has been no adverse change in the financial position of the Issuer or that
of the Group since the date hereof or the date upon which this Prospectus has been most recently
supplemented or that any other information supplied in connection with the issue and sale of the Notes is
correct as of any time subsequent to the date indicated in the document containing the same. The Lead
Manager does not undertake to review the financial condition or affairs of the Issuer or the Group during
the life of the Notes or to advise any investor or potential investor in the Notes of any information coming to
its attention. Investors should review, inter alia, the documents incorporated by reference into this
Prospectus when deciding whether or not to subscribe for or to purchase any Notes.
Neither this Prospectus nor any other information supplied in connection with the issue and sale of the Notes
(a) is intended to provide the basis of any credit or other evaluation or (b) should be considered as a
recommendation by the Issuer or the Lead Manager that any recipient of this Prospectus or any other
information supplied in connection with the issue and sale of the Notes should purchase any Notes. Neither
this Prospectus nor any other information supplied in connection with the issue and sale of the Notes
constitutes an offer or invitation by or on behalf of the Issuer or the Lead Manager to any person to
subscribe for or to purchase any Notes.
In making an investment decision regarding the Notes, prospective investors should rely on their own
independent investigation and appraisal of (a) the Issuer, the Group, their business, their financial condition
and affairs and (b) the terms of the offering, including the merits and risks involved. The content of this
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Prospectus is not to be construed as legal, business or tax advice. Each prospective investor should consult
its own advisers as to legal, tax, financial, credit and related aspects of an investment in the Notes and the
suitability of investing in the Notes in light of its particular circumstances. Potential investors should, in
particular, read carefully the section entitled "Risk Factors" set out below before making a decision to invest
in the Notes.
The Notes should only be purchased by investors who have sufficient knowledge and experience to properly
assess the Notes and the risks relating to an investment in such Notes.
This Prospectus does not constitute an offer to sell or the solicitation of an offer to buy any Notes in any
jurisdiction to any person to whom it is unlawful to make the offer or solicitation in such jurisdiction. The
distribution of this Prospectus and the offer or sale of Notes may be restricted by law in certain jurisdictions.
The Issuer and the Lead Manager do not represent that this Prospectus may be lawfully distributed, or that
any Notes may be lawfully offered, in compliance with any applicable registration or other requirements in
any such jurisdiction, or pursuant to an exemption available thereunder, or assume any responsibility for
facilitating any such distribution or offering. In particular, no action has been taken by the Issuer or the
Lead Manager which would permit a public offering of any Notes or distribution of this Prospectus in any
jurisdiction where action for that purpose is required. Accordingly, no Notes may be offered or sold,
directly or indirectly, and neither this Prospectus nor any advertisement or other offering material may be
distributed or published in any jurisdiction, except under circumstances that will result in compliance with
any applicable laws and regulations. Persons into whose possession this Prospectus or any Notes may come
must inform themselves about, and observe, any such restrictions on the distribution of this Prospectus and
the offering and sale of Notes. In particular, there are restrictions on the distribution of this Prospectus and
the offer or sale of Notes in the United States, the United Kingdom and France, see the section entitled
"Subscription and Sale".
This Prospectus is being provided for informational use solely in connection with the consideration of a
purchase of the Notes in offshore transactions complying with Rule 903 or Rule 904 of Regulation S under
the U.S. Securities Act. Its use for any other purpose is not authorized.
In this Prospectus, unless otherwise specified or the context requires, references to "euro", "EUR" and ""
are to the single currency of the participating member states of the European Economic and Monetary
Union which was introduced on 1 January 1999.
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FORWARD-LOOKING STATEMENTS
Certain statements contained herein are forward-looking statements including, but not limited to, statements
that are predictions of or indicate future events, trends, business strategies, expansion and growth of
operations plans or objectives, competitive advantage and regulatory changes, based on certain assumptions
and include any statement that does not directly relate to a historical fact or current fact. The Issuer and the
Group may also make forward-looking statements in its audited annual financial statements, in its
prospectuses, in press releases and other written materials and in oral statements made by its officers,
directors or employees to third parties. Forward-looking statements are typically identified by words or
phrases such as, without limitation, "anticipate", "assume", "believe", "continue", "estimate", "expect",
"foresee", "intend", "may increase" and "may fluctuate" and similar expressions or by future or conditional
verbs such as, without limitation, "will", "should", "would" and "could." Undue reliance should not be placed
on such statements, because, by their nature, they are subject to known and unknown risks, uncertainties, and
other factors and actual results may differ materially from any future results, performance or achievements
expressed or implied by such forward-looking statements. Please refer to the section entitled "Risk Factors"
below.
The Issuer operates in a continually changing environment and new risks emerge continually. Forward-
looking statements speak only as of the date they are made and the Issuer does not undertake any obligation
to update or revise any of these forward-looking statements, to reflect new information, future events or
circumstances or otherwise.
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TABLE OF CONTENTS
Section
Page
PERSONS RESPONSIBLE FOR THE INFORMATION GIVEN IN THE PROSPECTUS............................6
RISK FACTORS................................................................................................................................................7
GENERAL DESCRIPTION OF THE NOTES................................................................................................23
DOCUMENTS INCORPORATED BY REFERENCE ...................................................................................34
TERMS AND CONDITIONS OF THE NOTES .............................................................................................36
USE OF PROCEEDS .......................................................................................................................................52
DESCRIPTION OF THE ISSUER AND THE GROUP..................................................................................53
RECENT DEVELOPMENTS..........................................................................................................................68
TAXATION .....................................................................................................................................................72
SUBSCRIPTION AND SALE .........................................................................................................................77
GENERAL INFORMATION...........................................................................................................................79
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PERSONS RESPONSIBLE FOR THE INFORMATION GIVEN IN THE PROSPECTUS
To the best knowledge of the Issuer (having taken all reasonable care to ensure that such is the case), the
information contained or incorporated by reference in this Prospectus is in accordance with the facts and
contains no omission likely to affect its import.
APICIL Prévoyance
38 rue Francois Peissel
69300 Caluire et Cuire
France
Duly represented by:
Mr. Philippe Barret
Directeur Général
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RISK FACTORS
Prior to making an investment decision, prospective investors in the Notes offered hereby should consider
carefully, among other things and in light of their financial circumstances and investment objectives, all the
information of this Prospectus and, in particular, the risks factors set forth below. Each of the risks
highlighted below could have a material adverse effect on the business, operations, financial conditions or
prospects of the Issuer, which in turn could have a material adverse effect on the amount of principal and
interest which investors will receive in respect of the Notes. In addition, each of the risks highlighted below
could adversely affect the trading price of the Notes or the rights of investors under the Notes and, as a
result, investors could lose some or all of their investment.
The Issuer believes that the factors described below represent the principal risks inherent in investing in the
Notes, but this section is not intended to be exhaustive and the inability of the Issuer to pay interest, principal
or other amounts on or in connection with any Notes may be caused by events the occurrence of which, in
the view of the Issuer, is so unlikely that they should not be considered significant risks based on information
currently available to the Issuer or which it may not currently be able to anticipate.
Prospective investors should make their own independent evaluation of all risk factors contained in this
section.
Capitalised words and expressions used in this section have the meaning ascribed to them in the section
entitled "Terms and Conditions of the Notes".
The order in which the following risks factors are presented is not an indication of the likelihood of their
occurrence.
1.
RISK FACTORS RELATING TO THE ISSUER
1.1
Strategic risks
Compliance with French government policy, regulation or legislation may affect the Issuer's
profitability.
The Issuer is subject to extensive regulation and supervision in France. This includes, notably,
matters relating to licensing and examination, rate setting, trade practices, policy reforms, limitations
on the nature and amount of certain investments, underwriting and claims practices, guarantee funds,
adequacy of its claims provisions, capital and surplus requirements, insurer solvency, the amount of
dividends that may be paid and underwriting standards. Such regulation and supervision is primarily
for the benefit and protection of policyholders and not for the benefit of investors. As the amount and
complexity of these regulations increase, the cost of compliance and the risk of non-compliance will
also increase. If the Issuer does not meet regulatory or other requirements, the Issuer may suffer
penalties including fines, suspension or cancellation of its insurance licenses which could adversely
affect its ability to render its services and do business. In addition, significant regulatory action
against the Issuer could have material adverse financial effects, cause significant reputational harm
or harm its business prospects.
In addition, the Issuer may be adversely affected by changes in governmental policy or legislation
applying to companies in the insurance industry. These changes include possible changes in
regulations covering pricing and benefit payments for certain statutory classes of business, the
deregulation and nationalization of certain classes of business, the regulation of selling practices, the
regulations covering policy terms and the imposition of new taxes and assessments or increases in
existing taxes and assessments. Regulatory changes may affect its existing and future businesses by,
for example, causing customers to cancel or not renew existing policies or requiring the Issuer to
change its range of products or to provide certain products (such as terrorism or flood cover where it
is not already required) and services, redesign its technology or other systems, retrain its staff, pay
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increased tax or incur other costs. It is not possible to determine what changes in governmental
policy or legislation will be adopted and, if so, what form they will take. Insurance laws or
regulations that are adopted or amended may be more restrictive than its current requirements, may
result in higher costs or limit its growth or otherwise adversely affect its operations.
Changes in tax laws and regulations, including elimination of tax benefits for its products, may
adversely affect sales of its insurance and investment advisory products, and also impact its
deferred tax assets and liabilities.
Changes in tax laws and regulations may affect the attractiveness of certain of the Issuer's products,
which currently have favorable tax treatment. From time to time, the French government considers
or implements proposals for changes in tax law that could adversely affect the attractiveness of the
insurance, investment and other products the Issuer offers to its clients. In addition, changes in tax
laws or regulations or an operating performance below currently anticipated levels may lead to an
impairment of deferred tax assets, in which case the Issuer could be obligated to write off certain tax
assets. Tax assets may also need to be written down if certain assumptions of profitability prove to
be incorrect, as losses incurred for longer than expected will make it more unlikely that the Issuer
would be able to use its tax assets. Any such changes could be detrimental to its results of
operations, financial condition and liquidity, and could impact the costs and profitability of its
transactions.
The effect of the implementation into French law and Luxembourg law of the Solvency II provisions,
technical reserves and other requirements for insurance undertakings is uncertain.
The European Union has developed a new regime in relation to solvency requirements and other
matters, affecting the financial strength of insurers ("Solvency II") within each Member State. It is
intended that the new regime for insurers domiciled in the European Union will inter alia apply more
risk sensitive standards to capital requirements and framework, prudential regime and supervision
mechanisms.
The European Parliament and Council of the European Union approved the directive containing the
framework principles of Solvency II on 22 April and 10 November 2009, respectively. This directive
has been amended by the Omnibus II directive on 11 March 2014 which supplements the Solvency II
Directive and introduces transitional measures. The Solvency II provisions have been transposed into
French law by the ordinance (ordonnance) n°2015-378 dated 2 April 2015 completed by the decree
(décret) no. 2015-513 dated 7 May 2015 and an order (arrêté) of the same date.
If the Issuer were to fail to implement Solvency II within the time required by the regulations, such
delay could result in regulatory sanctions and/or reputational risk for the Issuer. More generally, the
implementation of Solvency II could, through its resulting costs and uncertainties, have a material
adverse effect on the financial condition, solvency margin, results of operations and therefore the
business and prospects of the Issuer.
Competition risk
The various markets on which the Issuer does business are subject to substantial competition in
France. The recent consolidation in the global financial services industry has also enhanced the
competitive position of some of its competitors compared to the Issuer by broadening the range of
its products and services, and increasing their distribution channels and their access to capital.
The Issuer's competitors include other institutions de prévoyance, but also insurance companies and
mutual fund companies, asset management firms and commercial and investment banks, many of
which are regulated differently than the Issuer is and may be able to offer alternative products or
more competitive pricing than the Issuer.
As an institution de prévoyance, the Issuer is significantly influenced by the adequacy of premium
income relative to its risk profile and claims exposure, as well as the general level of business costs.
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In addition, development of alternative distribution channels for certain types of insurance products,
including through Internet may result in increasing competition as well as pressure on margins for
certain types of products. These competitive pressures could result in particularly as competitors
seek to win market share, which could harm the Issuer's ability to market certain products
profitably.
Legal proceedings and litigation may adversely affect the Issuer's business, financial condition and
results of operations.
As an institution de prévoyance, the Issuer is exposed to litigation relating to claims on policies they
underwrite. Accordingly, the Issuer is currently involved in such legal proceedings relating to claims
lodged by policyholders, some of which involve claims for substantial damages and other relief.
Judicial decisions may expand coverage beyond the Issuer's pricing and reserving assumptions by
widening liability on its policy wording or by restricting the application of policy exclusions. There
can be no assurance that the outcome of any of its judicial proceedings will be covered by its existing
provisions for outstanding claims or its reinsurance protections or that litigation would not otherwise
have a material adverse effect on its businesses, financial condition and results of operations.
The Issuer's businesses, and therefore its results of operation, financial condition and liquidity may
be adversely affected by the disruption in the global financial markets.
Global credit and equity markets experienced extreme disruption from 2007 to 2012, particularly in
Europe and the United States, and these markets have not fully recovered. This disruption included
greater volatility, significantly less liquidity, widening of credit spreads and a lack of price
transparency in certain markets. These conditions resulted in the failure of a number of financial
institutions and unprecedented action by governmental authorities and central banks around the
world. During the last years, there have been concerns over access to capital markets and the
solvency of certain European Union member states, including Greece, Spain, Portugal, Ireland and
Italy, unrest in Ukraine, the Middle East and North Africa, which has led to higher oil prices, and
market volatility. If disruption to the global financial markets continues, it could adversely affect the
Issuer's business, financial condition, results of operations and profitability in future periods. In
addition, companies in its industry have become subject to increased litigation and regulatory and
governmental scrutiny as a result of these events.
The Issuer may also turn to the market for short-, medium- or long-term financing as a result of a
drop in unrealised gains, impairment of assets or a rise in surrender rates. Prolonged disruptions,
uncertainty or volatility in the credit markets may limit its ability to access funding and capital,
particularly its ability to issue longer-dated securities in international capital markets. These market
conditions may limit the Issuer's ability to replace, in a timely manner, maturing liabilities and
access the capital necessary to grow the Issuer's business. The Issuer may also be forced to delay
raising longer term funding and capital, issue shorter tenors than it prefers, or pay unattractive
interest rates, thereby increasing its debt expense, decreasing its profitability and significantly
reducing its financial flexibility.
The performance of the Issuer is affected by general economic conditions
The performance of the Issuer is affected by changes in economic conditions, both globally and in
France. Unpredictable developments also affect the industry's profitability, including changes in
competitive conditions and pricing pressures, unforeseen developments in loss trends, market
acceptance of new coverages, changes in operating expenses, fluctuations in inflation and interest
rates and other changes in investment markets that affect market prices of investments and income
from such investments. This may affect financial position and profits of the Issuer. Accordingly, its
results of operations may be adversely impacted if actual experience differs from the management's
estimates.
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The transformation of the Groupement Paritaire de Prévoyance into Sociétés de Groupe Assurantiel
de Protection Sociale ("SGAPS") implies financial solidarity amongst the SGAPS members
Pursuant to article 25 of Ordinance No. 2015-378 dated 2 April 2015, the Groupement Paritaire de
Prévoyance, within the meaning of article L.933-5 et seq. of the French Code de la sécurité sociale,
composed of the Issuer, Apicil Assurances and some mutual institutions of the APICIL group (the
"GPP") will transform into a SGAPS in the course of 2016, subject to having obtained the prior
approval of the ACPR for all the GPP entities to be affiliated to the SGAPS.
As a member of the SGAPS, the Issuer will be committed to financial solidarity with the other
members of the SGAPS as described under section "Description of the Issuer". The Issuer's position
and solvency could be impacted should it be requested to participate in such financial solidarity, it
being noted however that this financial solidarity is limited to the Issuer's surplus own funds and for
so long as it does not prevent the Issuer from otherwise fulfilling its regulatory requirements.
The Group's external growth policy may not develop as anticipated nor generate the expected
synergies
In recent years, the Group has carried out three acquisitions, amongst which Skandia Life and
Skandia Invest in early 2015. In 2015, the Group also entered into exclusive negotiations to acquire
Legal and General Holdings (France). At the date of this Prospectus, the completion of the
acquisition has not occurred. Therefore, a prospective investor may not rely on the completion of
such acquisition to make an investment decision in the Notes.
The Group's strategy is to continue this policy of external growth by identifying target entities likely
to be profitable and having significant growth potential. However, the Group cannot guarantee that it
will be able in the future to identify acquisition opportunities, nor that such opportunities will exist.
No assurance can either be made that the Group will successfully integrate the recently acquired
entities or entities to be acquired in the future. The Group may not achieve the anticipated synergies
nor generate sufficient revenue to justify the price paid for such acquisitions. A failure to integrate
the acquired entities could have a material adverse effect on the Group's activities, results or
financial condition, or on its ability to achieve its objectives.
Financial information on Legal and General Holdings (France), Skandia Life and Skandia Invest is
provided for information purposes only
Summarized financial information on Legal and General Holdings (France) and its consolidated
subsidiaries contained in the section entitled "Recent Developments" is extracted from the
information publicly available from the Greffe du tribunal de commerce of Paris.
Summarized financial information on Skandia Life and Skandia Invest contained in the sections
entitled "Description of the Issuer and the Group" and "Recent Developments" is extracted from
publicly available information.
Such financial information has not been audited or reviewed by the statutory auditors of the Issuer,
the Issuer or the Lead Manager. Such publicly available information is included in this Prospectus
for information purposes only.
1.2
Financial risks
Market risks
The market risk affects the yield of the assets backing the core capital and technical provisions of
the Issuer. Market levels and returns on investment constitute a significant part of the overall
profitability of the Issuer and fluctuations in financial markets may have a material effect on
operating results.
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