This document/email was produced by AA Union Capital and/or its affiliates (hereafter “AA”) with the greatest of care and to the best of its knowledge and belief. However, AA provides no guarantee with regard to its content and completeness and does not accept any liability for losses which might arise from making use of this information. The opinions expressed in this document are those of AA at the time of writing and are subject to change at any time without notice. If nothing is indicated to the contrary, all figures are unaudited. This document is provided for information purposes only and is for the exclusive use of the recipient. It does not constitute an offer or a recommendation to buy or sell financial instruments or banking services and does not release the recipient from exercising his/her own judgment. Information pertaining to price, weighting, performance etc of particular securities or products is indicative only, and subject to change at any time. Nothing in this document constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate to individual circumstances, or otherwise constitute a personal recommendation to any specific investor. AA Union Capital  recommends that investors independently assess, with a professional financial advisor, the specific financial risks as well as legal, credit, tax and accounting consequences.  AA Union Capital  shall not be liable under any circumstances for any direct, indirect, contingent, special or consequential loss or dame suffered as a result of the use of or reliance on this information or in connection therewith or by reason of the risks inherent in financial markets.

Every investment involves risk, especially with regard to fluctuations in value and return. Investments in foreign currencies involve the additional risk that the foreign currency might lose value ainst the investor’s reference currency. It should be noted that historical returns and financial market scenarios are no guarantee of future performance. Recipients of this document should not assume that any investment in securities, companies, sectors or markets identified or discussed herein were or will be profitable. There is no guarantee concerning the achievement of investment objectives or target returns or measurements, such as alpha, tracking error, stock weightings, and information ratios. The use of tools cannot guarantee performance. Any reference to past performance is not indicative of future results and is no guarantee to future results. Risks include but are not necessarily limited to political risks, economic risks, credit risks, currency risks, and market risks. Investing entails risks, including possible loss of principal. Components of the products which are the subject of this document (such as commodities, alternative investments, derivative and structured investments) are complex instruments, typically involve a high degree of risk and are intended for sale only to investors who are capable of understanding and assuming all the risks involved. Hedge funds are alternative investments that, compared to traditional investments, can carry a higher level of risk. Investments in foreign currencies are subject to exchange rate fluctuations. Commodities are liable to experience greater fluctuation in value. Investments in emerging markets are speculative and considerably more volatile than investments in established markets. This document may include information on investments that involve special risks. You should seek the advice of your independent financial advisor prior to taking any investment decisions based on this document or for any necessary explanation of its contents. Further information is also available in the information brochure “Special Risks in Securities Trading” available from the Swiss Bankers Association. To the extent that this material contains statements about future performance, such statements are forward looking and subject to a number of risks and uncertainties. Performance can be affected by commissions, fees or other charges as well as exchange rate fluctuations.

AA Union Capital or its affiliated entities, officers, directors and employees may be, or may have been, involved in transactions with the subject entities specified in this material or other parties specified in this material which are not disclosed in this material. AA Union Capital, and on behalf of each of its affiliated entities, reserves the right to, provide and continue to provide services, and deal and continue to deal with the subject entities of the products specified in this material or other parties in connection with any product specified in this material. AA Union Capital or its affiliated entities may also hold, or may be holding, trading positions in the share capital of any of the subject entities specified in this material. A AA Union Capital Group company may have acted upon the information and analysis contained in this material before being made available to the recipient. A AA Union Capital Group company may, to the extent permitted by law, participate or invest in other financing transactions with the issuer of the securities referred to herein, perform services or solicit business from such issuers, or have a position or effect transactions in the securities or options thereof.


Observations and views contained in this material may be different from, or inconsistent with, the observations and views of AA Union Capital Research analysts, other divisions or the proprietary positions of AA Union Capital. AA Union Capital is under no obligation to update, notify or provide any additional information to any person if AA Union Capital becomes aware of any inaccuracy, incompleteness or change in the information contained in the material.