Disclaimer

The information and data in this publication have been compiled by mu Capital Management AG to the best of its knowledge and for informational and marketing purposes solely. This publication does not constitute a solicitation or offer, or recommendation, to buy or sell any investment instruments or to engage in any other transactions. Nor does it constitute advice on legal, tax or other matters. The information contained in this publication should not be construed as a personal recommendation and does not take into account the investment objectives or strategies or the financial situation or needs of any particular person. It is based on numerous assumptions. Different assumptions may lead to materially different results. All information and opinions contained in this publication have been obtained from sources we believe to be reliable and credible. mu Capital Management AG and its employees disclaim any liability for incorrect or incomplete information, as well as for losses or lost profits that may result from the use of information and the consideration of opinions.

The performance or positive return of an investment is no guarantee for performance and a positive return in the future. Likewise, exchange rate fluctuations may have a negative impact on the performance, value or return of financial instruments. All information and opinions as well as the forecasts, estimates and market prices stated are current only as of the date of this publication and are subject to change without notice.

Duplication or reproduction of this publication, in whole or in part, is not permitted without the prior written consent of mu Capital Management AG. Unless otherwise agreed in writing, any distribution or disclosure of this publication to third parties is prohibited. mu Capital Management AG shall not be liable for any claims or actions by third parties arising from the use or distribution of this publication. This publication may only be distributed within the scope of the legal provisions applicable to it. This publication is addressed exclusively to professional and institutional investors. It is not intended for persons abroad who are not permitted access to such publications due to the legal system of their country of residence.