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The above-mentioned assessments by ABN AMRO and Bethmann Bank's Global Investment Committee reflect the Investment Committee’s opinion of the capital market and set the direction for our Bank’s securities services. The way in which and time at which an opinion may be implemented can differ depending on the securities service selected by clients. In this context we wish to point out to you that the use of the terms ‘portfolio’ or ‘custody account’ in this publication does not refer directly to your custody account and the assets it includes. Rather, this information refers to fictitious portfolios which represent the assessment of the Investment Committee and are used as a basis for the securities services we offer.

Assessments on the overweighting or underweighting of an asset class always relate to the long-term (strategic) weighting of an asset class in the risk profile of the fictitious portfolio. The actual weighting of the asset classes in client custody accounts may vary, depending on the agreements made between the client and the Bank. In the context of the presentation of investment opportunities, Bethmann Bank wishes to make explicit reference to the risks associated with a capital investment. Investments in financial instruments are associated with risks which may mean that the intended investment targets are not reached. In addition to price risks, credit risks and liquidity risks, investments in international markets may be subject to other risks, in particular foreign currency and political risks, including the possibility of the total loss of the investment. A particular focus on individual industries, regions or sub-asset classes in the portfolio may lead to cluster risks, of which investors should be aware.

The assessments of the Global Investment Committee expressed in this publication may be based on misjudgements, which may lead to asset losses. The said opportunities are always subject to the risk of the event which gives rise to the opportunity failing to materialise. Past performance is not a reliable indicator of future results. For a full risk disclosure, investors should consult the brochure “Basisinformationen über Wertpapiere und weitere Kapitalanlagen” (basic information on securities and other capital investments), which is available from Bethmann Bank.

This publication constitutes a non-binding assessment the content of which is geared to the future and may prove to be inaccurate. This publication was compiled by us with great care and is based on sources which we consider to be reliable. Bethmann Bank AG is not obliged to communicate future changes in our assessment. This publication does not constitute a financial analysis within the meaning of the German Securities Trading Act; it is thus not subject to the statutory requirements for ensuring the impartiality of financial analyses or to the ban on trading prior to the publication of financial analyses.

This publication does not constitute an offer, advice, a recommendation or an invitation to buy or sell a financial investment of any kind, nor is it an official confirmation of a transaction. It serves solely for information purposes and cannot replace investor and investment-oriented advice. Bethmann Bank AG accepts no liability for the accuracy, completeness and up-to-dateness of the facts and information included in this publication, regardless of the legal grounds. Any confidential information at Bethmann Bank AG not available to the division which prepared this publication due to organisational arrangements (e.g. Chinese walls) is not the subject matter of this publication.

This information is directed solely at private and professional clients who are not domiciled in the United States of America and are not US citizens; it may not be distributed in the USA. Bethmann Bank AG is not admitted as securities trader or investment advisor in the USA. Unless US law provides exceptions, any activities by Bethmann Bank AG as securities trader or investment advisor is therefore not addressed to US persons with regard to the products and services described herein.

Issued by: Bethmann Bank AG. All rights reserved. Last updated: 24 February 2021