The information in this publication does not constitute investment advice or recommendation(s), and shall not be construed as a solicitation or an offer for sale or purchase of any products, to effect any transactions or to conclude any legal act of any kind whatsoever. The information is for internal use only however this publication may be transmitted to a client of OPAL INVESTMENT SERVICES S.A. or any third-party investor at their express request.

Nothing herein is based upon the consideration of the particular needs, investment objectives and financial situation of any specific client and do not constitute an exhaustive description of the mentioned products. Clients of OPAL INVESTMENT SERVICES S.A. or any third-party investor should not make an investment decision or any other decision solely based on this information. Before concluding a sale, purchase, transaction or any legal act of any kind whatsoever, clients of OPAL INVESTMENT SERVICES S.A. or any third-party investor should seek advice from their consultants in legal, regulatory, tax, financial, economic and accounting matters to the extent it is deemed necessary and make their investment decisions (including decisions relating to the suitability of a transaction) on the basis of their own judgement and the advice from the specialists they have sought out. Past performance is not necessarily indicative of future performance.

Unless specifically stated otherwise, all information, as well as price information is indicative only, based on information obtained from sources believed to be reliable but are not guaranteed as being accurate, exact, complete, appropriate or up to date. The information in this publication is subject to change without notice. No representation or warranty (either express or implied) is provided in relation to the accuracy, exactness, completeness, appropriateness, actuality or reliability of the information.

OPAL INVESTMENT SERVICES S.A. and/or its directors, officers, employees and clients may have or have had interests or positions in the products described in this publication and may at any time make purchases and/or sales in them.

In order to comply with the legal provisions applicable, in particular as a part of the client segmentation process and its compliance with anti-money laundering laws, the Company collects and processes information from and on its clients and prospective clients about their personal and financial circumstances. The Company not only processes personal data obtained from tis clients, but also processes personal data collected through publicly available sources and private sector data providers focusing on data relevant in the field of financial services. In this context, the Company may also particularly sensitive personal data on its clients, individuals representing them, on controlling persons and beneficial owners of assets under management as well as personal data on family members and other individuals having personal and commercial ties with our clients. If the client refuses to disclose information requested by the Company, we not be able to provide specific services, may not be allowed to enter into a business relationship or must terminate the relationship. The Company must not and will not delete this information upon or shortly after termination of a business relation but will keep this data stored as required by applicable legislation. The Company may and will share personal data with third parties in the framework of the outsourcing of business activities to the extent required, as well as with other financial services providers, which also render services to the client in question. Such outsourcing and business partners may be located in other countries where we deem the degree of data protection being of an adequate level. The Company, its directors and employees as well as all of its outsourcing partners and agents are subject to professional secrecy obligations pursuant to the Financial Institutions Act. The Company maintains adequate internal guidelines and compliance programs for the processing of personal data. 

This publication is not intended to be distributed to, or used by, any person or entity located in any country or jurisdiction where such use or distribution would be contrary to applicable local laws or would subject OPAL INVESTMENT SERVICES S.A. to any registration requirement in such country or jurisdiction. Persons or entities subject to such interdiction must not use this publication.

This publication is not intended for distribution on U.S. territory or to U.S. persons.