Confidentiality Notice and Disclaimer
This document is prepared by ISP Securities Ltd., Zurich, exclusively for qualified/professional investors. It is designated to the person having received it from a representative of ISP Securities Ltd. and not intended for any other person. This document must not be made publicly available. This document is for information purposes only and is neither intended for nor targeted at any person who by domicile or nationality is prohibited to receive such information according to applicable law and regulations. This document is not intended to constitute an offer or solicitation nor a recommendation or advertisement for the purchase or sale of products or services and it is neither legal nor investment advice. While ISP Securities Ltd. makes reasonable efforts to obtain information from sources which it believes to be reliable, ISP Securities Ltd. makes no representation or warranty as to the accuracy, reliability or completeness of the information.

Unless otherwise stated, all figures are unaudited. The development of the values mentioned in this document originates in the past. Past performance is no guarantee for future performance. Each investment bears risks, such as value and profit fluctuations. Investments in foreign currencies may be subject to currency exchange rates. Particularly, ISP Securities Ltd. recommends that the recipient, if need be by consulting professional guidance, assess the information in consideration of his personal situation with regard to legal, regulatory and tax consequences that might be invoked. None of the information contained in this document constitutes financial advice or analysis within the meaning of the Swiss Bankers Association’s Directives on the Independence of Financial Research.