DISCLAIMER
No warranty: This publication is derived from sources believed to be accurate and reliable, but neither its accuracy
nor completeness is guaranteed. The material and information in this publication are provided as is and without
warranties of any kind, either expressed or implied. RobecoSAM AG and its related, affiliated and subsidiary com
panies disclaim all warranties, expressed or implied, including, but not limited to, implied warranties of merchant-
ability and fitness for a particular purpose. Any opinions and views in this publication reflect the current judgment
ofthe authors and may change without notice. It is each readers responsibility to evaluate the accuracy, complete-
ness and usefulness of any opinions, advice, services or other information provided in this publication.
Limitation of liability: All information contained in this publication is distributed with the understanding that the
authors, publishers and distributors are not rendering legal, accounting or other professional advice or opinions
on specific facts or matters and accordingly assume no liability whatsoever in connection with its use. In no event
shall RobecoSAM AG and its related, affiliated and subsidiary companies be liable for any direct, indirect, special,
incidental or consequential damages arising out of the use of any opinion or information expressly or implicitly
contained in this publication.
Copyright: Unless otherwise noted, text, images and layout of this publication are the exclusive property of
RobecoSAM AG and/or its related, affiliated and subsidiary companies and may not be copied or distributed, in
whole or in part, without the express written consent of RobecoSAM AG or its related, affiliated and subsidiary
companies.
No Offer: The information and opinions contained in this publication constitutes neither a solicitation, nor a recom-
mendation, nor an offer to buy or sell investment instruments or other services, or to engage in any other kind
oftransaction. The information described in this publication is not directed to persons in any jurisdiction where the
provision of such information would run counter to local laws and regulation.
Copyright 2015 RobecoSAM AG
CarbonNeutral publication
The unavoidable CO2 generated by the printing and distribution
of this report have been reduced to net zero through verified
carbon off set projects.