Spring 2008
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Disclaimer


This document is issued by Société Générale authorised by the Banque de France and regulated by the Financial Services Authority for the conduct of UK business. The information in this document has been obtained from or is based upon sources believed to be reliable but is not guaranteed as to accuracy or completeness although it is believed to be fair and not misleading. This document is provided to you for your own personal use. You are not authorised to reproduce the information and commentaries contained in this newsletter for any commercial purpose or to copy, reproduce, duplicate, redistribute, sell, resell or exploit any portion of this document. SG Option Europe may be the only market maker in investments mentioned in this document and Investors’ capital will be at risk.

ETFs

Lyxor ETFs are open-ended mutual investment funds established under French Law and approved by the Autorité des Marchés Financiers. The funds are UCIT II compliant however only those funds recognised under S.264 of the Financial Services and Markets Act 2000 may be promoted to retail investors in the UK. A list of recognised funds with prospectus is maintained on www.lyxoretf.co.uk. Any investment in Lyxor ETFs carries with it certain risks set out in the Prospectus’. Lyxor ETFs are not suitable for all investors, it is recommended that potential investors study the Prospectus and seek their own independent fi nancial advice before making any decision to invest in Lyxor ETFs.


Warrants

Please be aware that warrants are not suitable for all investors. They can be volatile investments and can expire worthless. You should not deal in warrants unless you understand their nature and the extent of your exposure to risk. If you are in any doubt you should consult an appropriately qualifi ed fi nancial advisor.

Listed CFDs

Listed CFDs are not suitable for everyone. You should not deal in Listed CFDs unless you understand their nature and the extent of your exposure to risk. You should be satisfied that they are suitable for you in the light of your circumstances and fi nancial position. If you are in any doubt you should consult an appropriately qualifi ed fi nancial advisor. The value of Listed CFDs may be exposed to fluctuations in exchange rates, and these may have an adverse effect on the value or price of the Listed CFD. The value of Listed CFDs can go down as well as up. Where any Listed CFD is based on an index, the index provider will have no liability to you in respect of its activities in respect of that index.