Solely for the purposes
of the product governance requirements contained within: (a) EU Directive 2014 / 65 / EU on markets in financial instruments, as amended, or MiFID II; (b) Articles 9 and 10
of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures, together, the MiFID II Product Governance Requirements, and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any «manufacturer» (for the purposes
of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the ADSs and
ordinary shares have been subject to a product approval process, which has determined that such securities are: (i) compatible with an end target market
of retail investors and
investors who meet the criteria
of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II, or the Target Market Assessment.
There are ETFs on a wide range
of assets and they are seen as we way for
ordinary retail investors to get exposure to an asset which is usually quite hard to invest in directly.