This document is provided for information purposes only and does not constitute an offer or a recommendation to enter into any type of financial transaction or to conclude any type of mandate with Union Bancaire Privée, UBP SA or any entity of the Group (hereinafter “UBP”). This document does not constitute in any manner an offer of securities, forex transactions, insurance solutions or pension plans. Although all efforts were undertaken to provide accurate and updated information, the content of this document is provided without express or implied warranties or representations of any kind and no liability is accepted. It does not qualify and not to be considered as investment, legal or tax advice. This document reflects the opinion of UBP as at the date of issue. It is not the result of financial analysis or research and is, therefore, not subject to legal requirements regarding the independence of financial research. It is not intended for distribution, publication, or use in any jurisdiction where such distribution, publication, or use would be unlawful, nor is it directed to any person or entity to which it would be unlawful to direct such a document. The information and analysis contained herein have been based on sources believed to be reliable. However, UBP does not guarantee their timeliness, accuracy, or completeness, nor does it accept any liability for any loss or damage resulting from their use. All information and opinions, as well as any price indicated, are subject to change without notice. UBP shall not bear any obligation or duty of surveillance, warning or continuing monitoring of the situation described in the present document. Past performance and/or financial market scenarios are no guarantee for current or future returns and the client may consequently get back less than originally invested. In addition, the performance for the client may be reduced by commissions, fees and/or other charges. The opinions herein do not take into account individual clients’ circumstances, objectives, or needs. UBP makes no representation as to the suitability or appropriateness of the described investment products or services for any particular client, nor as to their future performance. Each client must make his own independent decisions regarding any securities or financial instruments mentioned herein. Before entering into any transaction, each client is urged to consider the suitability of the transaction in relation to his particular circumstances and to independently review, with professional advisors, the specific risks incurred, including without limitation at the financial, regulatory, legal, accounting and tax levels. The investments mentioned herein may be subject to risks that are difficult to quantify and to integrate into the valuation of investments. Generally speaking, products with a high degree of risk, such as derivatives, structured products or alternative/non-traditional investments (such as hedge funds, private equity, real estate funds etc.) are suitable only for sophisticated investors who are capable of understanding and assuming the risks involved. The client may be exposed to currency risk, because a product or an underlying investment of a product is denominated in a currency other than that of the country in which the client is resident. The investments are exposed to currency fluctuations and may increase or decrease in value. Upon request, UBP is available to provide more information to clients on risks associated with specific investments. Union Bancaire Privée, UBP SA is authorised and regulated in Switzerland by the Swiss Financial Market Supervisory Authority (FINMA); it is authorised by the Prudential Regulation Authority (PRA) and regulated by the PRA and the Financial Conduct Authority (FCA) in the United Kingdom.