The information and opinions contained in this document are based on sources that we regard as reliable. Nevertheless, we cannot guarantee the safety nor the completeness or the soundness of the latter.


In the individual case - be it based on the actual market assessment or on the personal investment profile or particular instructions - portfolio structure and positions may vary from those recommended in this document. Individual agreements with a client have in any case priority over general guidelines.


Interested investors are urgently recommended to consult their personal investment advisor before making a decision on the basis of information contained in this document so that personal investment goals, the financial situation, individual needs and risk profiles as well as further aspects that are part of a comprehensive consultation can be duly taken into consideration.

The information and opinions contained in this document constitute neither an invitation nor a recommendation to purchase or sell any investment or to engage in any other transaction.