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The information contained in this document has been prepared by Vontobel Holding AG in cooperation with its affiliates (“Vontobel”, “us” or “we”) and might be distributed by the below mentioned entities. However, is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to applicable laws or regulations, or which would subject Vontobel to any registration requirement within such jurisdiction or country. Vontobel makes no representations that the information contained in this document is appropriate for use in all locations, or by all readers.

This document does not constitute and shall not be construed to constitute a recommendation, offer or solicitation, to the public or otherwise, to subscribe for, buy, hold or sell any financial instrument, whether directly or indirectly, in any jurisdiction. This document may contain information on worldwide products and services, however, this does not imply that such product and / or service is or will be available in every location. Any product and / or service referred to on this document may be subject to different regulatory requirements depending on the country of use. Consequently, note that certain sections in this document are intended only for certain kinds of clients and / or expert users or only for audiences in certain countries. All information in this document is not designed or intended as a promotion or advertisement for any specific product or for the use of any product that is not authorized by the laws and regulations of your country of residence and rather for informational purposes only.
Consequently, the information should be carefully evaluated by each reader and the audience. Neither Vontobel, nor any other party involved in creating, producing, or delivering this document to the reader / audience shall be liable for any direct, incidental, consequential, indirect or punitive loss or damages arising out of access to, use of or inability to use this document, or any errors or omissions in the content of the document. Note that some jurisdictions do not allow the exclusion of implied warranties, so the above exclusion may not apply to certain countries.

Vontobel reserves the right to make changes, corrections and / or improvements to the Information contained in this document at any time without notice.

This document is a general communication that is not impartial and has been prepared solely for informational and educational purposes only. The information and opinions (together, “information”) contained in this document is not intended to be relied upon as a forecast, research, recommendation or investment advice. Decisions based on information contained in this document are the sole responsibility of the reader. You must not rely on any information contained in this document in making an investment or other decision.

This document has not been based on a consideration of any individual investor circumstances. Nothing in this document constitutes, or shall be deemed or construed to constitute, tax, accounting, regulatory, legal, or insurance advice, or investment or any other kind of advice to subscribe for, purchase, hold or sell any securities or other financial instrument, to effect any transactions, or to adopt any investment strategy.

All information in this document is provided on an ”as is” basis based on the knowledge and / or market assessment as of the date of the document or as at the time specified in the document without any representations or warranties of any kind, either expressed or implied.

Any information comprised in this document may be superseded by, or change due to, subsequent market or political events or for other reasons, but there is no obligation on the part of Vontobel to update this document. Any projections, forward-looking statements or estimates contained in this document are speculative and due to various risks and uncertainties, there can be no assurance that the estimates or assumptions made will prove accurate, and actual events or results may differ materially from those reflected or contemplated in this document. Information in this document should not be construed as recommendations, but as an illustration of broader economic themes. Keep in mind that past performance is not a reliable indicator of current or future performance and forecasts are inherently limited and should not be relied upon as an indicator of future performance.

Environmental, social and governance (“ESG”) investing, and criteria employed may be subjective in nature. The considerations assessed as part of ESG processes may vary across types of investments and issuers and not every factor may be identified or considered for all investments. Information used to evaluate ESG components may vary across providers and issuers as ESG is not a uniformly defined characteristic. ESG investing may forego market opportunities available to strategies which do not utilize such criteria. There is no guarantee the criteria and techniques employed will be successful.

Although Vontobel believes that it has taken due care in compiling the contents of this document, Vontobel does not warrant, either expressly or impliedly, its possible distribution, the accuracy, correctness, or completeness of the information, text, graphics, or other items contained in this document, and the document should not be relied upon as such. Vontobel accepts no liability in respect thereof.

No information contained in this document shall be deemed or construed to create any contractual relationship between the providers of such information and the reader of this document.

All components of this document are protected by intellectual property laws and are the property of Vontobel or third parties. The information in this document is solely for your personal, non-commercial use.

Vontobel, its directors or employees may have previously invested, may be currently investing or may in future invest in financial instruments in respect of which this document comprises information or opinions. It is also possible that Vontobel has previously provided, is currently providing or will in future provide services to the issuers of such financial instruments, including, for example, corporate finance or market making services. Furthermore, it is possible that employees or directors of Vontobel have previously performed, are currently performing or will in future perform certain functions on behalf of the issuers of such financial instruments, e.g. serving as director. Vontobel, its directors or employees could therefore have an interest in the future performance of financial instruments.

USA: Distributed to US persons by Vontobel Asset Management, Inc. (VAMUS), Vontobel Swiss Wealth Advisors AG (VSWA), Vontobel Swiss Financial Advisers AG (Vontobel SFA) and Vontobel Securities Ltd. (VONSEC). VAMUS, Vontobel SFA and VSWA are registered with the U.S. Securities and Exchange Commission (SEC) as investment advisers under the U.S. Investment Advisers Act of 1940, as amended. VONSEC is registered as broker-dealer with the SEC under the U.S. Securities Exchange Act of 1934, as amended, and is a member of the Financial Industry Regulatory Authority, Inc. (FINRA). VAMUS, Vontobel SFA, VSWA and VONSEC are wholly-owned subsidiaries of Vontobel Holding AG, Zurich, Switzerland. VONSEC accepts responsibility for the content of a report prepared by a non-US affiliate when VONSEC distributes the report to US persons. Canada: Vontobel operates in connection with our investment and business activity pursuant to the following: Vontobel Asset Management Inc. relies on the International Adviser Exemption in the provinces of Alberta, British Columbia, Saskatchewan, Ontario and Quebec and the Investment Fund Manager Exemption in Ontario and Quebec. Vontobel Asset Management AG relies on the Investment Fund Manager Exemption in the provinces of Ontario and Quebec. US Offshore-LatAm: This marketing document was produced by one or more companies of the Vontobel Group (collectively “Vontobel”) for use with financial advisors / investment professionals and approved for use in certain jurisdictions only. Vontobel offers a variety of products and services intended solely for qualified investors from certain countries or regions. Your country of legal residence will determine the products or services that are available to you. Information herein should not be considered a solicitation or offering for the sale of any investment product or service to any person in any jurisdiction where such solicitation or offer would be unlawful or prohibited. Furthermore, this information is not intended for use in any jurisdiction which would subject Vontobel to any registration, licensing or other authorization requirement within such jurisdiction or country. It is the responsibility of the recipient to inform themselves and observe applicable regulations and restrictions for their respective jurisdiction(s). UK: This document was approved by Vontobel Asset Management SA, London Branch, which has its registered office at Third Floor, 22 Sackville Street, London W1S 3DN and is authorized by the Commission de Surveillance du Secteur Financier (CSSF) and subject to limited regulation by the Financial Conduct Authority (FCA). Details about the extent of regulation by the FCA are available from Vontobel Asset Management SA, London Branch, on request. Singapore: This document has not been reviewed by the Monetary Authority of Singapore. Vontobel Pte. Ltd. is licensed with the Monetary Authority of Singapore as a Capital Markets Services Licensee and Exempt Financial Adviser. This document should not be considered as an invitation for subscription or purchase of financial instrument, whether directly or indirectly, to the public or any member of the public in Singapore. Hong Kong: The contents of this document have not been reviewed nor approved by any regulatory authority including the Securities and Futures Commission in Hong Kong. This document was approved by Vontobel Asset Management Asia Pacific Ltd. with registered office at 1901 Gloucester Tower, The Landmark 15 Queen’s Road Central, Hong Kong for use in Hong Kong. You are advised to exercise caution and if you are in any doubt about any of the contents, you should obtain independent professional advice. Australia: This document has been approved by Vontobel Asset Management Australia Pty Limited (ABN 80 167 015 698), which is the holder of Australian Financial Services Licence number 453140 and which accepts responsibility for its content. More information for investors domiciled in Australia is available from the following address: Vontobel Asset Management Australia Pty Ltd., Level 20, Tower 2, 201 Sussex St, NSW-2000Sydney, Australia. The information in this document was not prepared specifically for investors in Australia. It (i) may contain references to dollar amounts which are not Australian dollars, (ii) may contain financial information which is not prepared in accordance with Australian law or practices, (iii) may not address risks associated with investment in foreign currency denominated investments; and (iv)does not address Australian tax issues. Germany: Bank Vontobel Europe AG is authorized and regulated by the Federal Financial Supervisory Authority (BaFin), registered in the Commercial Register of the Amtsgericht München under number HRB133419 with registered office at Alter Hof 5, 80331 München. Details about the extent of regulation are available from Bank Vontobel Europe AG on request. Italy: This document was approved by Vontobel Asset Management SA, Milan Branch, which has its registered office at Piazza degli Affari 3, I-20123 Milano, Italy (telefono: 026 367 344) and is authorized by the Commission de Surveillance du Secteur Financier (CSSF) and subject to limited regulation by the Bank of Italy and CONSOB. Details about the extent of regulation by the Bank of Italy and CONSOB are available from Vontobel Asset Management SA, Milan Branch, on request. The contents of this document have not been reviewed nor approved by any regulatory authority including the Bank of Italy or CONSOB. This document should not be considered as an offer for subscription or purchase of financial instruments whether directly or indirectly, to the public or any member of the public in Italy.