The marketing communications have not been prepared in compliance with the legal provisions promoting the independence of financial analyses and are not subject to the prohibition of trading following the dissemination of financial analyses.

Other information that merely describes product features without highlighting product advantages as well as information on general economic data (indices or similar) are not marketing communications, provided that the informational nature of the communication is paramount and no direct inducement to buy is given.

Our presentations, financial analyses and conclusions are of a general nature and do not take into account the individual needs of our investors with regard to yield, tax situation, risk tolerance or suitability of financial products. They are neither a substitute for investor- and object-oriented advice, nor for comprehensive risk disclosure.

The performance and sample calculations presented do not permit any reliable conclusions to be drawn about future performance. References to past performance do not guarantee positive developments in the future. Transactions with financial products can be risky (e.g. securities, futures, options and others).

The information does not constitute investment advice or recommendations, nor does it constitute an offer, recommendation or invitation to make an offer to buy or sell the financial products mentioned or to include them in a trading strategy.