, though actual implementation will likely be started from 2019 onwards. Nevertheless, there remain downside risks from an inclination towards protectionism, as exemplified by the US-China situation, and

the investor is unsure what to do and therefore spreads the portfolio and income across the available options. The very small standard error shows that the benefit of the more tax-efficient portfolio

PROSPECTUS CHANEL CERES PLC (incorporated with limited liability in England and Wales) EUR300,000,000 Sustainability-Linked Guaranteed Notes due 2026 unconditionally and irrevocably guaranteed by Chanel Limited Issue price: 99.726 per cent. and EUR300,000,000 Sustainability-Linked Guaranteed Notes due 2031 unconditionally and irrevocably guaranteed by Chanel Limited Issue price: 99.400 per cent. The EUR300,000,000 Sustainability-Linked Guaranteed Notes due 2026 (the "2026 Notes") and the EUR300,...