This document is for Qualified Investors only as defined under the Swiss Financial Services Act (FinSA), the Financial Institutions Act (FinIA) and related Ordinances. It is not intended to be distributed to investors from the United States of America, Canada, Australia or Japan.

This document is intended for information purposes only. None of the information contained herein may be construed as an offer for the purchase or sale of a financial product or presents an offer for the provision of services nor does it constitute an investment advice or opinion by pEp Security SA and/or pEp Security AG (“pEp”).

This material has been prepared by pEp employing appropriate expertise, and in the belief that it is fair and not misleading. The information set forth herein was obtained from sources believed to be reliable but has not been independently verified by pEp. Some figures may refer to the past or simulated past performance and past performance is not an indicator of future results. Some figures may be forecasts only and forecasts are not a reliable indicator of future performance. If the currency of a financial product or financial service is different from the currency of the investors home country, the return may increase or decrease as a result of currency fluctuations. No representation or warranty, express or implied, is made as to its accuracy or completeness. All information may be subject to further changes without notice.

This document is strictly confidential and shall not be circulated without consent from pEp and pEp accepts no liability whatsoever for actions of third parties in this respect.

You should consider whether any information, advice or recommendation in this material is suitable for your particular circumstances and, if appropriate, seek professional advice, including tax advice.