LEGAL NOTICE

One of the purposes of this publication is to serve as advertising material.

The information contained and opinions expressed in this publication reflect the views of Flossbach von Storch at the time of publication and are subject to change without prior notice. Forward-looking statements reflect the judgement and future expectations of Flossbach von Storch. Actual performance and results may, however, differ materially from such expectations. All information has been compiled with care. However, no guarantee is given as to the accuracy and completeness of information and no liability is accepted. The value of any investment can fall as well as rise and you may not get back the amount you invested

This publication does not constitute an offer to sell, purchase or subscribe to securities or other assets. The information and estimates contained herein do not constitute investment, legal and/or tax advice or any other form of recommendation. In particular, this information is not a replacement for suitable investor and product-related advice and, if required, advice from legal and/or tax advisers.

This publication is subject to copyright, trademark and intellectual property rights. The reproduction, distribution, making available for retrieval, or making available online (transfer to other websites) of the publication in whole or in part, in modified or unmodified form is only permitted with the prior written consent of Flossbach von Storch.

Past performance is not a reliable indicator of future performance.

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