Disclaimer

This document has been produced by EFG Bank AG ("EFG") with the greatest of care and to the best of its knowledge and belief for use by entities, including affiliates and branches, of EFG International AG.

This document has been prepared solely for information purposes.

The information contained herein constitutes a marketing communication for a financial service and should not be construed as marketing of a financial instrument, financial research or analysis, an offer, a public offer, an investment advice, a recommendation or solicitation to buy, sell or subscribe to financial instruments and/or to the provision of a financial service. Further, this document is not intended to provide any financial, legal, accounting or tax advice and should not be relied upon in this regard.

The information provided herein is for the exclusive use of the recipient and may not be reproduced, disclosed or distributed, neither in part nor in full. This document is not directed at, or intended for distribution to or use by, any person or entity domiciled or resident in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable laws or regulations of such jurisdictions.

The content of this document is intended only for persons who understand and are capable of assuming all risks involved. This document has been prepared without taking account of the investor classification, specific investment objectives, financial situation, tax situation or needs of the recipient. Products and services are not suitable for all investors and may not be available to investors residing in certain jurisdictions or with certain nationalities. Before entering into any transaction, the recipient should consider the suitability of the transaction to individual circumstances and objectives. EFG recommends that investors independently assess, with a professional financial advisor, the specific financial risks as well as legal, regulatory, credit, tax and accounting consequences. Investment products may be subject to investment risks involving, but not limited to, possible loss of all or part of the principal invested. This document is not intended to be exhaustive on all risks related to financial instruments. Therefore, the recipient should consult the specific product documentation and the November 2019 “Risks Involved in Trading Financial Instruments” brochure released by the Swiss Bankers Association and available on the Swiss Bankers Association website: https://www.swissbanking.org/en/services/library/guidelines or free of charge from EFG.

The information and views expressed herein at the time of writing are subject to change at any time without notice and there is no obligation to update or remove outdated information. Historical data on the performance of the securities and financial instruments or the underlying assets in this document is no indication for future performance and the value of investments may fall as well as rise. This document is based on publicly available information and data. Although information in this document has been obtained from sources believed to be reliable, EFG provides no guarantee with regard to the timeliness, accuracy, or completeness of the information and does not accept any liability for any loss and/or damage, either directly or indirectly, arising out or in connection with the use of all or part of this information or from the omission of certain information.

The information provided in this document is not the result of a financial research conducted by EFG’s research department. Therefore, the “Directive on the Independence of Financial Research” issued by the Swiss Banking Association does not apply to it.

Additional Disclaimer

Independent Asset Managers: in case this document is provided to Independent Asset Managers ("IAMs"), it is strictly forbidden to be reproduced, disclosed or distributed (in whole or in part) by IAMs and made available to their clients and/or third parties. By receiving this document IAMs confirm that they will need to make their own decisions/judgements about how to proceed and it is the responsibility of IAMs to ensure that the information provided is in line with their own clients’ circumstances with regard to any investment, legal, regulatory, tax or other consequences. No liability is accepted by EFG for any damages, losses or costs (whether direct, indirect or consequential) that may arise from any use of this document by the IAMs, their clients or any third parties.

EFG Bank AG, Zurich, including its Geneva and Lugano branches, is authorised and regulated by the FINMA. Registered Office: EFG Bank AG, Bleicherweg 8, 8001 Zurich, Switzerland. Registered Swiss Branches: EFG Bank SA, 24 quai du Seujet, 1211 Geneva 2, and EFG Bank SA, Via Magatti 2, 6900 Lugano.

If you have received this document from any affiliate or branch referred to below, please note the following:

Liechtenstein: EFG Bank von Ernst AG is regulated by the Financial Market Authority Liechtenstein.

Registered address: EFG Bank von Ernst AG Egertastrasse 10 - 9490 Vaduz, Liechtenstein.

Luxembourg: EFG Bank (Luxembourg) S.A. is authorised by the Ministry of Finance Luxembourg and supervised by the Commission de Surveillance du Secteur Financier (CSSF). EFG Bank (Luxembourg) S.A. is Member of the Deposit Guarantee Fund Luxembourg (F.G.D.L. - Fonds de Garantie des Dépôts Luxembourg) and Member of the Luxembourg Investor Compensation Scheme (S.I.I.L. - Système d’Indemnisation des Investisseurs Luxembourg). R.C.S. Luxembourg no. B113375.

Registered address: EFG Bank (Luxembourg) S.A. - 56, Grand-Rue, L-2013 Luxembourg. This marketing communication is prepared in accordance with EU regulatory requirements, more specifically MiFID II (Directive 2014/65/EU and Commission Delegated Regulation (EU) 2017/565).

Monaco: EFG Bank (Monaco) SAM is a Monegasque Public Limited Company with a company registration no. 90 S 02647 (Registre du Commerce et de l’Industrie de la Principauté de Monaco). EFG Bank (Monaco) SAM is a bank with financial activities authorised and regulated by the French Prudential Supervision and Resolution Authority and by the Monegasque Commission for the Control of Financial Activities.

Registered address: EFG Bank (Monaco) SAM, Villa les Aigles, 15, avenue d’Ostende – BP 37 – 98001 Monaco (Principauté de Monaco), telephone: +377 93 15 11 11. The recipient of this document is perfectly fluent in English and waives the possibility to obtain a French version of this publication.

United Kingdom: EFG Private Bank Limited. If you are receiving this document from EFG Private Bank Limited, this is because you have an advisory agreement with EFG Private Bank Limited and they have assessed the product(s) referred to in this document as being suitable for you. This document has been approved by EFG Private Bank Limited and is issued to you by EFG Private Bank Limited. 

EFG Private Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. EFG Private Bank Limited is a member of the London Stock Exchange. Registered company no. 2321802.

Registered address: EFG Private Bank Limited, Leconfield House, Curzon Street, London W1J 5JB, United Kingdom, telephone +44 (0)20 7491 9111

Bahrain: EFG AG Bahrain is a branch of EFG Bank AG as licensed by the Central Bank of Bahrain (CBB) as Investment Business Firm Category 2 and is authorised to carry out the following activities: a) Dealing in financial instruments as agents; b) Arranging deals in financial instruments; c) Managing financial instruments; d) Advising on financial Instruments; and e) Operating a Collective Investment Undertaking.

Registered address: EFG AG Bahrain Branch, Manama / Front Sea / Block 346 / Road 4626 / Building 1459 / Office 1401 / P O Box 11321 Manama -- Kingdom of Bahrain.

Dubai: EFG (Middle East) Limited is regulated by the DFSA. This material is intended “for professional clients only”. Registered address: EFG (Middle East) Limited DIFC, The Gate, Level 15, Office 37 PO Box 507245, Dubai, UAE

Singapore: The Singapore branch of EFG Bank AG (UEN No. T03FC6371J) is licensed by the Monetary Authority of Singapore as a wholesale bank to conduct banking business and is an Exempt Financial Adviser as defined in the Financial Advisers Act and Exempt Capital Markets Services Licensee as defined in the Securities and Futures Act.

Registered address: EFG Bank AG, Singapore Branch 25 North Bridge Road #07-00 EFG Bank Building - 179104 Singapore.

Hong Kong: The Hong Kong branch of EFG Bank AG is authorised as a licensed bank by the Hong Kong Monetary Authority pursuant to the Banking Ordinance (Cap. 155, Laws of Hong Kong) and is authorised to carry out Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 (asset management) regulated activity in Hong Kong.

Registered address: EFG Bank AG, Hong Kong Branch, 18th floor, International Commerce Centre 1 Austin Road West - Kowloon, Hong Kong.

Cayman Islands: EFG Wealth Management (Cayman) Ltd, is licensed and regulated by the Cayman Islands Monetary Authority (“CIMA”) to provide securities investment business in or from within the Cayman Islands pursuant to the Securities Investment Business Law (as revised) of the Cayman Islands.

Registered Office: Suite 3208, 9 Forum Lane, Camana Bay, Grand Cayman KY1-1003, Cayman Islands.

EFG Bank AG, Cayman Branch, is licensed as a Class B Bank and regulated by CIMA. Registered Office: EFG Wealth Management (Cayman) Ltd., Suite 3208, 9 Forum Lane, Camana Bay, Grand Cayman KY1-1003, Cayman Islands.

Bahamas: EFG Bank & Trust (Bahamas) Ltd. is licensed by the Securities Commission of the Bahamas pursuant to the Securities Industry Act, 2011 and Securities Industry Regulations, 2012 and is authorised to conduct securities business in and from The Bahamas including dealing in securities, arranging dealing in securities, managing securities and advising on securities. EFG Bank & Trust (Bahamas) Ltd. is also licensed by the Central Bank of The Bahamas pursuant to the Banks and Trust Companies Regulation Act, 2000 as a Bank and Trust company.

Registered office: Goodman's Bay Corporate Centre West Bay Street and Sea View Drive, Nassau, The Bahamas

USA: EFG Capital International Corp (“EFG Capital”) is a U.S. Securities and Exchange Commission (“SEC”) registered broker-dealer and member of the Financial Industry Regulatory Authority (“FINRA”) and the Securities Investor Protection Corporation (“SIPC”). None of the SEC, FINRA or SIPC, have endorsed this document or the services and products provided by EFG Capital and its U.S. based affiliate, EFG Asset Management (Americas) Corp (“EFGAM Americas”), a registered SEC investment adviser. Securities products and brokerage services are provided by EFG Capital, and asset management services are provided by EFGAM Americas. EFG Capital and EFGAM Americas are affiliated by common ownership under EFG International AG and maintain mutually associated personnel.

Registered address: 701 Brickell Avenue, Ninth Floor - FL 33131 Miami.