Marketing Disclaimer

For marketing and information purposes by Kaleido Private Bank Ltd, Bellerivestrasse 17, 8008 Zurich, Switzerland (“Kaleido”), a bank registered under the laws of Switzerland.

The document is for information purposes only and is not intended to be construed as a solicitation or an invitation to make an offer, to conclude a contract, or to buy or sell any securities or financial instruments or to provide any financial services. It is not intended to provide and should not be relied on for accounting, legal or tax advice, or investment recommendation. This information pays no regard to the specific or future investment objectives, financial or tax situation or needs of any specific recipient. Reliance should not be placed on the views and information in this document when taking individual investment and/or strategic decisions. The financial instruments or banking products described herein may not be eligible for sale in all jurisdictions or to certain categories of investors.

Past performance is not a reliable indicator of future results. The value of an investment can go down as well as up and is not guaranteed. All investments involve risks including the risk of possible loss of principal. Commissions and costs have a negative impact on performance. If the currency of a financial instrument or financial service is different from your reference currency, the return can increase or decrease as a result of currency fluctuations.

Information herein is believed to be reliable, but Kaleido does not warrant its completeness or accuracy. Some information quoted was obtained from external sources we consider to be reliable. No responsibility can be accepted for errors of fact obtained from third parties, and this data may change with market conditions. The details and opinions contained in this document are provided by Kaleido without any guarantee or warranty and are for the recipient's personal use and information purposes only.

Regions/sectors might be shown for illustrative purposes only and should not be viewed as a recommendation to buy/sell. The opinions in this material include some forecasted views. We think we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know. However, there is no guarantee than any forecasts or opinions will be realised. These views and opinions may change.

The document is not intended for distribution to or by persons ore entities with nationality of or with their residence domicile or registered office in a state or country in which such distribution, publication, making available or use is contrary to laws or other regulations. Particularly, this document nor any copy thereof may be sent to or taken into the United States or distributed in the United States or to a US Person. This document may not be reproduced, redistributed, or republished for any purpose without the written permission of Kaleido.