This marketing communication is prepared by the Indosuez Wealth Management Group (IWM). It is not intended to be distributed, disseminated, published or used in any jurisdiction where such distribution, dissemination, publication or use would be prohibited. It is not intended for people or entities to whom it would be illegal to send such marketing communications.

This communication is purely informative and should not be construed as an offer or recommendation to subscribe, buy, sell, or keep any security or financial instrument. It reflects the opinions of the Indosuez Wealth Management Group at the date of its publication.

The opinions and information expressed do not take into account individual circumstances, objectives or specific needs. No guarantee is given, on the one hand, as to whether an investment is appropriate and / or adequate or suitable for the individual circumstances of each investor and, on the other hand, that an investment or a strategy constitutes a personalised investment advice.

We remind you that the tax treatment depends on the particular situation of each investor and is likely to change over time.

The IWM Group does not provide tax advice. It is therefore your responsibility to verify the information provided or to consult your external tax advisers.

We remind you that certain investment products and services, including deposits, may be subject to legal and / or regulatory restrictions or may not be available worldwide without restrictions.

The information provided is based on sources believed to be reliable. We make every effort to ensure that the information is up to date, correct and complete. We remind you that all information, opinions and price indications are subject to change without notice.

Each investment is exposed to a multitude of risks. We remind you that it is necessary to inform yourself and to make sure that the envisaged transaction is adapted to your particular situation and, if necessary, to obtain the opinion of an independent professional as to risks and legal, regulatory tax, accounting, and credit consequences.

Past performance is not a guarantee of current or future results, and you may get back less than the amount originally invested. The value of any investment in a currency other than the base currency of a portfolio is exposed to currency risk. Rates may fluctuate and adversely affect the value of the investment when it is converted to the base currency of your portfolio. The liquidity of an investment depends on supply and demand. Some products may not have a liquid secondary market or may be difficult to value in extreme market conditions, which may result in price volatility and make it difficult to determine a price for the sale of the financial instrument.