Important Information: Past performance is not indicative of future results. Any companies described herein for informational purposes only to elaborate on the subject matter under discussion and may or may not currently represent a position in our strategies. Information provided should not be viewed as a certainty or indication of similar or future outcomes in connection with our investment management approach and processes. The reader should not assume that an investment in any securities identified was or will be profitable or that investment recommendations or decisions we make in the future will be profitable. The selection criteria for companies discussed was not based on performance.

* References to strategy holdings and/or other companies for illustrative purposes only. Information provided should not be considered a recommendation to purchase, hold, or sell any security nor should any assumption be made as to the profitability or performance of any company identified or security associated with them. There is no assurance that any securities discussed herein will remain in the portfolio at the time you receive this communication or that securities sold have not been repurchased. Securities discussed do not represent the entire portfolio and, in the aggregate, may represent only a certain percentage of the portfolio’s holdings.

Any forward-looking statements regarding future events or the financial performance of countries, markets and/or investments are based on a variety of estimates and assumptions. There can be no assurance that the assumptions made in connection with such projections will prove accurate, and actual results may differ materially. The inclusion of forecasts should not be regarded as an indication that Vontobel considers the projections to be a reliable prediction of future events and should not be relied upon as such.

Vontobel reserves the right to make changes and corrections to the information and opinions expressed herein at any time, without notice.