Disclaimer

The information and opinions contained herein have been obtained from reliable sources. However, Spuerkeess cannot guarantee its accuracy, completeness or relevance. The information and opinions contained herein are provided for informational purposes only to Spuerkeess clients and do not constitute an offer to buy or sell, an investment recommendation, investment advice, or any commitment on the part of Spuerkeess. Each client is responsible for forming his or her own opinion on the information contained herein and should contact his or her usual advisor for any questions regarding investments. The information and opinions are not intended to be used as a basis for evaluating any financial instruments mentioned herein. Any reference to past performance should not be taken as an indication of future performance. The contents of this document reflect the opinions of Spuerkeess as of the date of publication. Any information or opinion contained herein may be deleted or modified at any time by further publication. Spuerkeess assumes no responsibility for this document if it has been altered, distorted or falsified, particularly through the use of the Internet. Furthermore, Spuerkeess shall not be held liable for any consequences that may result from the use of any opinion or information contained in this document. As a credit institution under Luxembourg law, Spuerkeess is subject to prudential supervision by the Commission de Surveillance du Secteur Financier. This document has been prepared by the Private Banking Department and Spuerkeess Asset Management. This document may not be reproduced or transmitted to third parties without the prior written consent of Spuerkeess. Unless otherwise stated in this document, there are no plans to update it.