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MASECO Private Wealth S.A. & A.G. trading as MASECO Private Wealth. Registered offices at 7 Rue Versonnex, 1207 Geneva, Switzerland. MASECO Private Wealth S.A. & A.G. is authorised and regulated by l’Association Romande des Intermédiaires Financiers (ARIF), a Swiss Financial Market Supervisory Authority (FINMA) and a recognized self-regulated organization (SRO). MASECO Private Wealth S.A. & A.G. is an SEC Registered Investment Advisor in the United States of America.

In Switzerland, this document is approved by MASECO Private Wealth S.A. & A.G. . which is authorised and regulated by l’Association Romande des Intermédiaires Financiers (ARIF) for the conduct of investment business in Switzerland. This information has been approved for distribution in Switzerland by MASECO Private Wealth S.A. & A.G..

The sole purpose of this document is to inform, and it in no way is intended to be an offer or solicitation to purchase or sell any security, other investment or service, or to attract any funds or deposits. Investments mentioned in this document may not be suitable for all investors.

Before making any investment, each investor should carefully consider the risks associated with the investment and make a determination, based upon the investor’s own particular circumstances, that the investment is consistent with the investor’s investment objectives. Although information in this document has been obtained from sources believed to be reliable, MASECO Private Wealth and MASECO Private Wealth S.A. & A.G. does not guarantee its accuracy or completeness and accept no liability for any direct or consequential losses arising from its use.

The information contained herein is not intended to be an exhaustive discussion of the strategies or concepts mentioned herein or tax or legal advice. Readers interested in the strategies or concepts mentioned herein should consult their tax, legal or other advisors, as appropriate.

Opinions expressed herein may differ from the opinions expressed by other businesses or affiliates of MASECO Private Wealth or MASECO Private Wealth S.A. & A.G. and are not intended to be a forecast of future events, a guarantee of future results or investment advice, and are subject to change based on market and other conditions. In any event, past performance is no guarantee of future results, and future results may not meet our expectations due to a variety of economic, market and other factors. Further, any projections of potential risk or return are illustrative and should not be taken as limitations of the maximum possible loss or gain.

Neither MASECO Private Wealth or MASECO Private Wealth S.A. & A.G. nor any of its affiliates can accept responsibility for the tax treatment of any investment product, whether or not the investment is purchased by a trust or company administered by an affiliate MASECO Private Wealth or MASECO Private Wealth S.A. & A.G.. MASECO Private Wealth or MASECO Private Wealth S.A. & A.G. assumes that, before making any commitment to invest, the investor and (where applicable, its beneficial owners) have taken whatever tax, legal or other advice the investor/beneficial owners consider necessary and have arranged to account for any tax lawfully due on the income or gains arising from any investment product provided by MASECO Private Wealth or MASECO Private Wealth S.A. & A.G.. At any time, MASECO Private Wealth or MASECO Private Wealth S.A. & A.G. or its employees may have a position, subject to change, in any securities or instruments referred to, or provide services to the issuers of those securities or instruments.

This document may not be reproduced or circulated without our written authority. The manner of circulation and distribution may be restricted by law or regulation in certain countries. Persons who come into possession of this document are required to inform themselves of, and to observe, such restrictions. Any unauthorized use, duplication or disclosure of this document is prohibited by law and may result in prosecution.