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The aforementioned assessments of the Global Investment Committee of ABN AMRO and Bethmann Bank (Global Investment Committee) reflect the capital market opinion of the Investment Committee and provide direction for the investment services of our bank. The form and timing of a possible implementation of the opinion may differ depending on the investment service chosen by the client. In this context, we would like to point out that the possible use of the terms "portfolio" or "securities account" in this publication does not refer directly to your securities account and the assets held in it. Rather, the statements refer to fictitious portfolios that represent the assessments of the Investment Committee and are used as the basis for the investment services.

Estimates of the overweighting or underweighting of an asset class always refer to the long-term (strategic) asset class weighting in the respective risk profile of the notional portfolio. The actual weighting of the asset classes in the client portfolios may deviate from this, depending on the client's agreements with the bank.

In the context of the presentation of investment opportunities, Bethmann Bank expressly refers to the risks associated with a capital investment. Investing in financial instruments is associated with a number of risks that may result in the intended investment objectives not being achieved. In addition to price, credit and liquidity risks, investments in international markets may be subject to further risks, in particular foreign currency and political risks, up to and including the total loss of the investment. The particular emphasis on individual sectors, regions or sub-asset classes in the portfolio may give rise to concentration risks of which investors should be aware.

The assessments of the global investment committee expressed in this publication may be subject to misjudgement, the implementation of which may lead to asset losses. The opportunities mentioned are always subject to the risk that the event giving rise to the opportunity may not occur.

For a complete risk disclosure, investors should also refer to the brochure "Basic information on securities and other investments", which is available from Bethmann Bank.

Important notes

This report is a non-binding assessment, the contents of which relate to the future and may turn out to be incorrect.

This report has been carefully compiled by us and is based on sources that we consider to be reliable. Bethmann Bank is under no obligation to report any future changes to our estimates. This report is not a financial analysis within the meaning of the German Securities Trading Act (WpHG) and is therefore not subject to the legal requirements to ensure the impartiality of financial analyses or the prohibition on trading prior to the publication of financial analyses.

This report does not constitute an offer, advice, recommendation or solicitation to buy or sell any financial investment or an official confirmation of any transaction. It is for information purposes only and is no substitute for investor and investment advice. Bethmann Bank assumes no liability for the accuracy, completeness and timeliness of the information and data contained in this document, regardless of the legal basis. Any confidential information held by Bethmann Bank that was not available to the department preparing this report due to organizational precautions (e.g. so-called Chinese walls) is not the subject of this report.

The aforementioned assessments of the Global Investment Committee of ABN AMRO and Bethmann Bank (Global Investment Committee) reflect the capital market opinion of the Investment Committee and provide direction for the investment services of our bank. The form and timing of a possible implementation of the opinion may differ depending on the investment service chosen by the client. In this context, we would like to point out that the possible use of the terms "portfolio" or "securities account" in this publication does not refer directly to your securities account and the assets held in it. Rather, the statements refer to fictitious portfolios that represent the assessments of the Investment Committee and are used as the basis for the investment services.

Estimates of the overweighting or underweighting of an asset class always refer to the long-term (strategic) asset class weighting in the respective risk profile of the notional portfolio. The actual weighting of the asset classes in the client portfolios may deviate from this, depending on the client's agreements with the bank.

In the context of the presentation of investment opportunities, Bethmann Bank expressly refers to the risks associated with a capital investment. Investing in financial instruments is associated with a number of risks that may result in the intended investment objectives not being achieved. In addition to price, credit and liquidity risks, investments in international markets may be subject to further risks, in particular foreign currency and political risks, up to and including the total loss of the investment. The particular emphasis on individual sectors, regions or sub-asset classes in the portfolio may give rise to concentration risks of which investors should be aware.

The assessments of the global investment committee expressed in this publication may be subject to misjudgement, the implementation of which may lead to asset losses. The opportunities mentioned are always subject to the risk that the event giving rise to the opportunity may not occur.

For a complete risk disclosure, investors should also refer to the brochure "Basic information on securities and other investments", which is available from Bethmann Bank.

Important notes

This report is a non-binding assessment, the contents of which relate to the future and may turn out to be incorrect.

This report has been carefully compiled by us and is based on sources that we consider to be reliable. Bethmann Bank is under no obligation to report any future changes to our estimates. This report is not a financial analysis within the meaning of the German Securities Trading Act (WpHG) and is therefore not subject to the legal requirements to ensure the impartiality of financial analyses or the prohibition on trading prior to the publication of financial analyses.

This report does not constitute an offer, advice, recommendation or solicitation to buy or sell any financial investment or an official confirmation of any transaction. It is for information purposes only and is no substitute for investor and investment advice. Bethmann Bank assumes no liability for the accuracy, completeness and timeliness of the information and data contained in this document, regardless of the legal basis. Any confidential information held by Bethmann Bank that was not available to the department preparing this report due to organizational precautions (e.g. so-called Chinese walls) is not the subject of this report.

The products and services described are not intended to be offered, sold or distributed in jurisdictions where this is not permitted, including the United States of America. If you wish to make use of the products and services described, you are obliged to inform ABN AMRO Bank N.V. Frankfurt Branch if you are a US person or if you are not permitted to obtain such products or services in your home country.


Publisher: ABN AMRO Bank N.V: Frankfurt Branch, Mainzer Landstrasse 1, 60329 Frankfurt am Main. All rights reserved.

Status: 30.11.2023