Obbligazione Accor SA 1.25% ( FR0013233384 ) in EUR

Accor SA

100 EUR ▲

Francia

FR0013233384 ( in EUR )

1.25% per anno ( pagato 1 volta l'anno)

24/01/2024 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione Accor SA FR0013233384 in EUR 1.25%, scaduta

100 000 EUR

600 000 000 EUR

Accor SA è una società multinazionale francese operante nel settore alberghiero, che gestisce una vasta gamma di hotel e resort a livello globale.

Accor SA ha rimborsato il 24/01/2024 un'obbligazione (ISIN: FR0013233384) denominata in EUR, con cedola del 1,25%, per un importo totale emesso di ?600.000.000, a un prezzo di rimborso del 100%, con scadenza nominale 24/01/2024 e pagamento cedolare annuale, e taglia minima di transazione di ?100.000.

PROSPECTUS DATED 23 JANUARY 2017

Accor
(a société anonyme incorporated in France)
600,000,000
1.25 per cent. Bonds due 2024
Issue Price: 99.184 per cent.
The 600,000,000 1.25 per cent. Bonds due 2024 (the "Bonds") of Accor (the "Issuer") will be issued outside the Republic of France
for the purpose of Article L.228-90 of the French Code de commerce and will mature on 25 January 2024.
Interest on the Bonds will accrue at the rate of 1.25 per cent. per annum from 25 January 2017 (the "Issue Date") and will be payable
in Euro annually in arrear on 25 January in each year, commencing on 25 January 2018. Payments of principal and interest on the
Bonds will be made without deduction for or on account of taxes of the Republic of France (See "Terms and Conditions of the
Bonds-- Taxation").
Unless previously redeemed or purchased and cancelled, the Bonds may not be redeemed prior to 25 January 2024. The Bonds may,
and in certain circumstances shall, be redeemed, in whole but not in part, at their principal amount together with accrued interest in
accordance with Condition 4(b) (Redemption for Taxation Reasons) in the event that certain French taxes are imposed (See "Terms
and Conditions of the Bonds--Redemption and Purchase") or at the option of Bondholders in accordance with Condition 4(d)
(Redemption at the option of Bondholders following a Change of Control) or at the option of the Issuer in accordance with Condition
4(c) (Redemption at the option of the Issuer).
The Bonds will, upon issue on 25 January 2017, be inscribed (inscription en compte) in the books of Euroclear France which shall
credit the accounts of the Account Holders (as defined in "Terms and Conditions of the Bonds--Form, Denomination and Title")
including Euroclear Bank S.A./N.V. ("Euroclear") and the depositary bank for Clearstream Banking, S.A. ("Clearstream").
The Bonds will be in dematerialised bearer form in the denomination of 100,000. The Bonds will at all times be represented in book
entry form (inscription en compte) in the books of the Account Holders in compliance with Article L.211-3 of the French Code
monétaire et financier. 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 Bonds.
Application has been made to the Autorité des marchés financiers (the "AMF"), in its capacity as competent authority pursuant to
Article 212-2 of its Règlement général, implementing Article 13 of Directive 2003/71/EC (as amended) (the "Prospectus Directive"),
for the approval of this Prospectus as a prospectus for the purposes of Article 5.3 of the Prospectus Directive. Application has also
been made to Euronext Paris for the Bonds to be admitted to trading. Euronext Paris is a regulated market for the purposes of the
Markets in Financial Instruments Directive, Directive 2004/39/EC as amended (a "Regulated Market").
The Bonds are expected to be rated BBB- by Standard & Poor's Credit Market Services Europe Limited ("S&P") and BBB- by Fitch
Ratings Ltd. ("Fitch"). The Issuer's long-term senior unsecured debt is rated BBB- (stable outlook) by S&P and BBB- (stable outlook)
by Fitch. A security rating is not a recommendation to buy, sell or hold securities and may be subject to revision, suspension or
withdrawal at any time by the assigning rating agency. Each of S&P and Fitch is established in the European Union and is registered
under Regulation (EC) No 1060/2009 as amended (the "CRA Regulation") and is included in the list of registered credit rating
agencies published on the website of the European Securities and Markets Authority (www.esma.europa.eu/page/List-registered-and-
certified-CRAs).
Prospective investors should have regard to the factors described in the section headed "Risk Factors" in this Prospectus
including the risk factor relating to the Booster Project as described in the "Recent Developments" section on pages 26 to 61 of
this Prospectus and in the 2016 Interim Financial Report. Each Bondholder is deemed to have approved the transaction
contemplated by the Booster Project.
Global Coordinator
BNP PARIBAS
Joint Lead Managers
BNP PARIBAS
CM-CIC Market Solutions
Commerzbank
Crédit Agricole CIB
MUFG
Natixis
Société Générale Corporate & Investment Banking
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This Prospectus constitutes a prospectus for the purposes of Article 5.3 of the Prospectus Directive, and has
been prepared for the purpose of giving information with regard to Accor (the "Issuer"), the Issuer and its
subsidiaries and affiliates taken as a whole (the "Group") and the Bonds which is necessary to enable
investors to make an informed assessment of the assets and liabilities, financial position and profit and
losses of the Issuer.
This Prospectus is to be read in conjunction with all the documents which are incorporated herein by
reference.
This Prospectus does not constitute an offer of, or an invitation by or on behalf of the Issuer or the Joint
Lead Managers (as defined in "Subscription and Sale" below) to subscribe or purchase, any of the Bonds.
The distribution of this Prospectus and the offering of the Bonds in certain jurisdictions may be restricted
by law. Persons into whose possession this Prospectus comes are required by the Issuer and the Joint Lead
Managers to inform themselves about and to observe any such restrictions. The Bonds have not been and
will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act").
Subject to certain exceptions, the Bonds may not be offered, sold or delivered within the United States or to
the account or benefit of U.S. persons (as defined in Regulation S under the Securities Act
("Regulation S")). For a description of certain restrictions on offers and sales of Bonds and on distribution
of this Prospectus, see "Subscription and Sale".
No person is authorised to give any information or to make any representation not contained in this
Prospectus and any information or representation not so contained must not be relied upon as having been
authorised by or on behalf of the Issuer or the Joint Lead Managers. Neither the delivery of this Prospectus
nor any sale made in connection herewith shall, under any circumstances, create any implication that there
has been no change in the affairs of the Issuer since the date hereof or the date upon which this Prospectus
has been most recently amended or supplemented or that there has been no adverse change in the financial
position of the Issuer since the date hereof or the date upon which this Prospectus has been most recently
amended or supplemented or that the information contained in it or any other information supplied in
connection with the Bonds is correct as of any time subsequent to the date on which it is supplied or, if
different, the date indicated in the document containing the same.
To the extent permitted by law, each of the Joint Lead Managers accepts no responsibility whatsoever for
the content of this Prospectus or for any other statement in connection with the Issuer.
The Joint Lead Managers have not separately verified the information or representations contained or
incorporated by reference in this Prospectus in connection with the Issuer. None of the Joint Lead Managers
makes any representation, express or implied, or accepts any responsibility, with respect to the sincerity,
accuracy or completeness of any of the information in this Prospectus in connection with the Issuer. Neither
this Prospectus nor any other financial statements are intended to provide the basis of any credit or other
evaluation and should not be considered as a recommendation by any of the Issuer and the Joint Lead
Managers that any recipient of this Prospectus or any other financial statements should purchase the Bonds.
Each potential purchaser of Bonds should determine for itself the relevance of the information contained in
this Prospectus and its purchase of Bonds should be based upon such investigation as it deems necessary.
None of the Joint Lead Managers has reviewed or undertakes to review the financial condition or affairs of
the Issuer prior or during the life of the arrangements contemplated by this Prospectus nor to advise any
investor or potential investor in the Bonds of any information coming to the attention of any of the Joint
Lead Managers.
In this Prospectus, unless otherwise specified, references to a "Member State" are references to a Member
State of the European Economic Area, references to "EUR" or "euro" or "" are to the single currency
introduced at the start of the third stage of European Economic and Monetary Union pursuant to the Treaty
establishing the European Community, as amended.
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TABLE OF CONTENTS
Page
RISK FACTORS .................................................................................................................................... 4
DOCUMENTS INCORPORATED BY REFERENCE .......................................................................... 9
TERMS AND CONDITIONS OF THE BONDS ................................................................................. 12
USE OF PROCEEDS ........................................................................................................................... 25
RECENT DEVELOPMENTS .............................................................................................................. 26
TAXATION .......................................................................................................................................... 62
SUBSCRIPTION AND SALE ............................................................................................................. 64
GENERAL INFORMATION ............................................................................................................... 66
PERSONS RESPONSIBLE FOR THE INFORMATION GIVEN IN THE PROSPECTUS ............... 69

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RISK FACTORS
The following are certain risk factors of the offering of the Bonds of which prospective investors should be
aware. Prior to making an investment decision, prospective investors should consider carefully all of the
information set out in this Prospectus, including in particular the following risk factors detailed below. This
description is not intended to be exhaustive and prospective investors should make their own independent
evaluations of all risk factors and should also read the detailed information set out elsewhere in this
Prospectus.
The terms defined in "Terms and Conditions of the Bonds" shall have the same meaning where used below.
Risks related to the Issuer
The risk factors relating to the Issuer and its activity are set out in particular in pages 131 to 135 and pages
242 and 243 of the reference document (document de référence) of the Issuer for the year ended 31
December 2015 incorporated by reference into this Prospectus, as set out in the section "Documents
Incorporated by Reference" of this Prospectus and include the following:

- risks related to the business environment, including (i) risks related to the legislative and
regulatory environment, (ii) risks relating to malicious damage and terrorist threats, (iii) public
health risks, (iv) risks related to the competitive landscape, (v) risks related to the economic
environment, (vi) risks related to the geographic environment, (vii) risks related to the social
environment;
- risks related to the strategy, including (i) risks concerning relations with business partners, (ii) risks
related to the confidentiality of strategic data;
- operational risks specific to the Group's business and organization, including (i) regulatory and
legal risks, (ii) industrial and environmental risks, (iii) IT-related risks, (iv) human resources risks;
- financial risks, including (i) liquidity risk, (ii) counterparty and country risk (iii) currency and
interest rate risk.
- litigation risks, including tax litigation risks.
Risks related to the Bonds
The Bonds may not be a suitable investment for all investors
Each potential investor in the Bonds must determine the suitability of that investment in light of its own
circumstances. In particular, each potential investor should:
(i)
have sufficient knowledge and experience to make a meaningful evaluation of the Bonds, the merits
and risks of investing in the Bonds and the information contained or incorporated by reference in
this Prospectus or any applicable supplement;
(ii)
have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its
particular financial situation, an investment in the Bonds and the impact the Bonds will have on its
overall investment portfolio;
(iii) have sufficient financial resources and liquidity to bear all of the risks of an investment in the
Bonds, including where the currency for principal or interest payments is different from the potential
investor's currency;
(iv)
understand thoroughly the terms of the Bonds and be familiar with the behaviour of any relevant
indices and financial markets; and
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(v)
be able to evaluate (either alone or with the help of a financial adviser) possible scenarios for
economic, interest rate and other factors that may affect its investment and its ability to bear the
applicable risks.
Risks related to the market generally
Set out below is a brief description of the principal market risks, including liquidity risk, exchange rate risk,
interest rate risk and credit risk:
The secondary market generally
The Bonds may have no established trading market when issued, and one may never develop. If a market
does develop, it may not be very liquid. Therefore, investors may not be able to sell their Bonds in the
secondary market in which case the market or trading price and liquidity may be adversely affected or at
prices that will provide them with a yield comparable to similar investments that have a developed
secondary market.
Exchange rate risks and exchange controls
The Issuer will pay principal and interest on the Bonds in Euro. This presents certain risks relating to
currency conversions if an investor's financial activities are denominated principally in a currency or
currency unit (the "Investor's Currency") other than Euro. These include the risk that exchange rates may
change significantly (including changes due to devaluation of Euro or revaluation of the Investor's
Currency) and the risk that authorities with jurisdiction over the Investor's Currency may impose or modify
exchange controls. An appreciation in the value of the Investor's Currency relative to the Euro would
decrease (i) the Investor's Currency-equivalent yield on the Bonds, (ii) the Investor's Currency-equivalent
value of the principal payable on the Bonds and (iii) the Investor's Currency-equivalent market value of the
Bonds.
Government and monetary authorities may impose (as some have done in the past) exchange controls that
could adversely affect an applicable exchange rate. As a result, investors may receive less interest or
principal than expected, or no interest or principal.
Interest rate risks
Investment in the Bonds involves the risk that subsequent changes in market interest rates may adversely
affect the value of the Bonds. In addition, the interest rate for an interest period may vary depending on the
credit rating of the Issuer.
Credit risk
An investment in the Bonds involves taking credit risk on the Issuer. If the credit worthiness of the Issuer
deteriorates, it may not be able to fulfil all or part of its payment obligations under the Bonds, and investors
may lose all or part of their investment.
The Bonds may be redeemed prior to maturity
In the event that the Issuer would be obliged to pay additional amounts payable in respect of any Bonds due
to any withholding as provided in Condition 4(b), the Issuer may redeem all outstanding Bonds in
accordance with such Terms and Conditions.
In addition, the Issuer has the option to redeem all (but not some only) of the Bonds as provided in
Condition 4(c)(i) or remaining Bonds as provided in Condition 4(c)(ii) of the Terms and Conditions of the
Bonds. During a period when the Issuer may elect to redeem Bonds, such Bonds may feature a market
value not above the price at which they can be redeemed. If the market interest rates decrease, the risk to
Bondholders that the Issuer will exercise its right of early redemption increases. As a consequence, the
yields received upon such early redemption may be lower than expected, and the redeemed face amount of
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the Bonds may be lower than the purchase price paid for such Bonds by the Bondholder where the purchase
price was above par. As a consequence, part of the capital invested by the Bondholder may be lost, so that
the Bondholder in such case would not receive the total amount of the capital invested. However, the
redeemed face amount of the Bonds may not be below par. In addition, investors that choose to reinvest
monies they receive through an early redemption may be able to do so only in securities with a lower yield
than such redeemed Bonds.
In particular, with respect to the redemption at the option of the Issuer when only 20 per cent. or less of the
principal amount of the Bonds remains outstanding (Condition 4(c)(ii)), there is no obligation on the Issuer
to inform investors if and when the 20 per cent. threshold referred to therein has been reached or is about to
be reached. The Issuer's right to redeem will exist notwithstanding that immediately prior to the
publication of a notice in respect of the redemption at the option of the Issuer the Bonds under Condition
4(c)(ii), the Bonds may have been trading significantly above par, thus potentially resulting in a loss of
capital invested.
Exercise of put option in respect of certain Bonds may affect the liquidity of the Bonds in respect of
which such put option is not exercised
Depending on the number of Bonds in respect of which the put option provided in Condition 4(d) is
exercised, any trading market in respect of those Bonds in respect of which such put option is not exercised
may become illiquid.
Deemed approval from the Bondholders to the Booster Project
Each Bondholder is deemed to have approved the transaction involving the transfers of assets as described
in the 2016 Interim Financial Report incorporated by reference in this Prospectus and in the "Recent
Developments" section on pages 26 to 61 of this Prospectus and referred to as the Booster project (the
"Booster Project").
In Condition 9 relating to the representation of the Bondholders set out in this Prospectus, Article L.228-65
I 3° of the French Code de commerce is excluded, therefore Article L.236-18 of such Code is not applicable
and as a consequence, no General Meeting (as defined below) will be held nor any redemption or put
option will be exercisable by the Bondholders in respect of the transaction contemplated by the Booster
Project, and for the avoidance of doubt, this shall not constitute an event of default.
Furthermore, the precise details of the transaction contemplated by the Booster Project as currently
described in the 2016 Interim Financial Report incorporated by reference in this Prospectus and in the
"Recent Developments" section on pages 26 to 61 of this Prospectus may be subject to further press releases
or communications by the Issuer.
Market value of the Bonds
The value of the Bonds depends on a number of interrelated factors, including economic, financial and
political events in France or elsewhere, including factors affecting capital markets generally and the stock
exchanges on which the Bonds are traded. The price at which a holder of Bonds will be able to sell the
Bonds prior to maturity may be at a discount, which could be substantial, from the issue price or the
purchase price paid by such purchaser.
Credit Rating may not reflect all risks

The Bonds are expected to be rated BBB- by S&P and BBB- by Fitch. The Issuer's long-term senior
unsecured debt is rated BBB- (stable outlook) by S&P and BBB- (stable outlook) by Fitch. The ratings
assigned by S&P and/or Fitch to the Bonds and/or to the Issuer may not reflect the potential impact of all
risks related to structure, market, additional factors discussed above, and other factors that may affect the
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value of the Bonds. A rating is not a recommendation to buy, sell or hold securities and may be revised or
withdrawn by S&P and/or Fitch at any time.
Change of law
The Terms and Conditions of the Bonds are based on the laws of France in effect as at the date of this
Prospectus. No assurance can be given as to the impact of any possible judicial decision or change to the
laws of France or administrative practice after the date of this Prospectus. Furthermore, the Issuer operates
in a heavily regulated environment and has to comply with extensive regulations in France and elsewhere.
No assurance can be given as to the impact of any possible judicial decision or change to laws or
administrative practices after the date of this Prospectus.
French insolvency law
Under French insolvency law, holders of debt securities are automatically grouped into a single assembly of
holders (the "Assembly") in order to defend their common interests if a safeguard procedure (procédure de
sauvegarde, procédure de sauvegarde accélérée or procédure de sauvegarde financière accélérée) or a
judicial reorganisation procedure (procédure de redressement judiciaire) is opened in France with respect to
the Issuer.
The Assembly comprises holders of all debt securities issued by the Issuer (including the Bonds),
regardless of their governing law.
The Assembly deliberates on the proposed safeguard plan (projet de plan de sauvegarde, projet de plan de
sauvegarde accélérée or projet de plan de sauvegarde financière accélérée) or judicial reorganisation plan
(projet de plan de redressement) applicable to the Issuer and may further agree to:
increase the liabilities (charges) of holders of debt securities (including the Bondholders) by
rescheduling and/or writing-off debts;
establish an unequal treatment between holders of debt securities (including the Bondholders) as
appropriate under the circumstances; and/or
decide to convert debt securities (including the Bonds) into shares.
Decisions of the Assembly will be taken by a two-third majority (calculated as a proportion of the debt
securities held by the holders attending such Assembly or represented thereat). No quorum is required to
convoke the Assembly.
For the avoidance of doubt, the provisions relating to the Representation of the Bondholders described in
the Terms and Conditions of the Bonds set out in this Prospectus will not be applicable with respect to the
Assembly to the extent they conflict with compulsory insolvency law provisions that apply in these
circumstances.
Modification
The Conditions of the Bonds contain provisions for the representation of the Bondholders and the
convening of general meetings to consider matters affecting their interest generally, including proposed
changes to the Conditions. These provisions permit defined majorities to bind all Bondholders including
Bondholders who did not attend and vote at the relevant meeting and Bondholders who voted in a manner
contrary to the majority.
Potential Conflicts of Interest
Certain of the Joint Lead Managers (as defined under "Subscription and Sale" below) and their affiliates
have engaged, and may in the future engage, in investment banking and/or commercial banking
transactions with, and may perform services for, the Issuer and its affiliates in the ordinary course of
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business. In addition, in the ordinary course of their business activities, the Joint Lead Managers and their
affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or
related derivative securities) and financial instruments (including bank loans) for their own account and for
the accounts of their customers. Such investments and securities activities may involve securities and/or
instruments of the Issuer or Issuer's affiliates. Certain of the Joint Lead Managers or their affiliates that
have a lending relationship with the Issuer routinely hedge their credit exposure to the Issuer consistent
with their customary risk management policies. Typically, such Joint Lead Managers and their affiliates
would hedge such exposure by entering into transactions which consist of either the purchase of credit
default swaps or the creation of short positions in securities, including potentially the Bonds. Any such
short positions could adversely affect future trading prices of the Bonds. The Joint Lead Managers and their
affiliates may also make investment recommendations and/or publish or express independent research
views in respect of such securities or financial instruments and may hold, or recommend to clients that they
acquire, long and/or short positions in such securities and instruments.
Taxation
Potential purchasers and sellers of the Bonds should be aware that they may be required to pay taxes or
other documentary charges or duties in accordance with the laws and practices of the country where the
Bonds are transferred or other jurisdictions. In some jurisdictions, no official statements of the tax
authorities or court decisions may be available for innovative financial instruments such as the Bonds.
Potential investors are advised not to rely upon the tax overview contained in this Prospectus but to ask for
their own tax adviser's advice on their individual taxation with respect to the acquisition, holding, sale and
redemption of the Bonds. Only these advisors are in a position to duly consider the specific situation of the
potential investor. This investment consideration has to be read in connection with the taxation sections of
this Prospectus.
Financial Transaction Tax ("FTT")
On 14 February 2013, the European Commission published a proposal (the "Commission's proposal") for
a Directive for a common FTT in Belgium, Germany, Estonia, Greece, Spain, France, Italy, Austria,
Portugal, Slovenia and Slovakia (the "participating Member States"). However, Estonia has since stated
that it will not participate.
The Commission's proposal has very broad scope and could, if introduced, apply to certain dealings in the
Bonds (including secondary' market transactions) in certain circumstances.
Under the Commission's proposal, FTT could apply in certain circumstances to persons both within and
outside of the participating Member States. Generally, it would apply to certain dealings in the Bonds
where at least one party is a financial institution, and at least one party is established in a participating
Member State. A financial institution may be, or be deemed to be, "established" in a participating Member
State in a broad range of circumstances, including (a) by transacting with a person established in a
participating Member State or (b) where the financial instrument which is subject to the dealings is issued
in a participating Member State.
However, the FTT proposal remains subject to negotiation between the participating Member States and its
scope is uncertain. It may therefore be altered prior to any implementation, the timing of which remains
unclear. Additional EU Member States may decide to participate.
Prospective holders of the Bonds are advised to seek their own professional advice in relation to the FTT.

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DOCUMENTS INCORPORATED BY REFERENCE
This Prospectus should be read and construed in conjunction with the following documents which have
been previously published or are published simultaneously with the Prospectus and that have been filed
with the AMF:
(a)
the Issuer's 2015 reference document (document de référence) (the "2015 Registration
Document") in the French language filed with the AMF under registration N° D.16-0205, dated
24 March 2016; except for (i) the third paragraph of the section "Person responsible for the
Registration Document" on page 300 and (ii) the cross-reference table and the section on
information incorporated by reference (such excluded parts are not relevant for investors);
(b)
the Issuer's 2014 reference document (document de référence) (the "2014 Registration
Document") in the French language filed with the AMF under registration N° D.15-0219, dated
27 March 2015; except for (i) the third paragraph of the section "Person responsible for the
Registration Document" on page 318 and (ii) the cross-reference table and the section on
information incorporated by reference (such excluded parts are not relevant for investors); and
(c)
the Issuer's interim financial report for the period ended 30 June 2016 (the "2016 Interim
Financial Report") in the French language filed with the AMF on 28 July 2016.
Such documents shall be incorporated in and form part of this Prospectus, save that:
(i)
in relation to paragraphs (a) to (c) above, the information incorporated by reference that is not
included in the cross-reference list and that is not expressly excluded under paragraphs (a) and
(b) above is considered as additional information and is not required by the relevant schedules
of the Commission Regulation No. 809/2004 as amended or is covered elsewhere in the
Prospectus; and
(ii)
any statement contained in a document which is incorporated by reference herein shall be
modified or superseded for the purpose of this Prospectus to the extent that a statement
contained herein modifies or supersedes such earlier statement (whether expressly, by
implication or otherwise). Any statement so modified or superseded shall not, except as so
modified or superseded, constitute a part of this Prospectus.
Copies of the documents incorporated by reference in this Prospectus may be obtained without charge (i)
from the primary business office of the Issuer, (ii) on the website of the Issuer (http://www.accorhotels-
group.com/fr/finance.html) and (iii) (with the exception of the 2016 Interim Financial Report) on the
website of the AMF (www.amf-france.org). The Prospectus and any supplement thereto will also be
available on the website of the AMF (www.amf-france.org). Non-official English translations of the 2015
Registration Document, the 2014 Registration Document and the 2016 Interim Financial Report are
available on the website of the Issuer (http://www.accorhotels-group.com/en/finance.html). These
documents are available for information purposes only and are not incorporated by reference in this
Prospectus. The only binding versions are the French language versions filed with the AMF.
The following table cross-references the pages of this Prospectus to the documents incorporated by
reference with the main heading required under Annex IX of the Commission Regulation No. 809/2004, as
amended implementing the Prospectus Directive.

Annex IX
2015 Registration
2014 Registration
2016 Interim
Document (page
Document (page
Financial Report
number)
number)
(page number)
2. STATUTORY AUDITORS
300
-
-
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Annex IX
2015 Registration
2014 Registration
2016 Interim
Document (page
Document (page
Financial Report
number)
number)
(page number)
3. RISK FACTORS RELATED TO
131-135 ; 242-243
-
-
THE ISSUER
4. INFORMATION ABOUT THE

ISSUER
4.1. History and development of the
12-15
-

issuer
4.1.1. Legal and commercial name of
286
-
-
the issuer
4.1.2. Place of registration and
286
-
-
registration number of the issuer
4.1.3. Date of incorporation and
286
-
-
length of life of the issuer
4.1.4.
Domicile,
legal
form,
286-288
-
-
legislation, country of incorporation,
address and telephone number
4.1.5. Recent events material to
195-198
-
26-27
evaluation of issuer's solvency
40-42
5. BUSINESS OVERVIEW

5.1. Principal activities

-
5.1.1. Description of the issuer's
4-10; 162-164;
-
-
principal activities
198-204
5.1.2. Basis for any statements made
9-10
-
-
by the Issuer on its competitive
position.
6. ORGANISATIONAL

STRUCTURE
6.1. Description of the group and of
170-172; 246-247;
-
-
the issuer's position within it
280-283
6.2. Dependence relationships within
170-172; 246-247;
-
-
the group
280-283
7. TREND INFORMATION

7.1. Statement that there has been no
195-198

26-27
material adverse change in the
40-42
prospects of the issuer since the date
of its last published audited financial
statements
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