GVAdvisors

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     The documents included in this publication are confidential and cannot be disclosed to any third parties without our prior written approval. They are exclusively intended for clients of GVAdvisors S.A. upon their request.

     The material provided in this document is intended for information purposes only without any commitment and/or liability from GVAdvisors S.A.. It is directed to the addressee, upon request, and cannot be reproduced or distributed to any other person without the express consent of GVAdvisors  S.A.. It is in particular not directed to any person in any jurisdiction where, by reason of that person’s nationality, residence or otherwise, the publication or availability of this brochure is prohibited. It should not be construed as an offer, solicitation and/or recommendation for the purchase or sale of any financial instrument, fund and/or investment vehicle, which may be listed or described herein. For additional information, available upon request, in particular regarding the particular restrictions and risks involved with these products which exceed those normally linked to the purchase, sale or possession of securities, the investor should refer to the Prospectuses, which represent the only legally binding documents.

     Investors should consider the potential risks and further disclosure information associated with these investments and appropriateness with their financial profile and objectives. The information provided herein reflects current market practices and is not intended to constitute legal, tax or accounting advice; investors should consult their own advisors on such matters. The market valuations, terms, and calculations contained herein are estimates only and are subject to change without notice. The views, opinions and strategies described herein, which are as well subject to change, may not be suitable for all investors. The information provided is believed to be reliable; however GVAdvisors S.A. does not guarantee its completeness or accuracy. The performance data contained herein has been obtained from fund administrators as well as other outside sources and, although it is believed to be accurate, no guarantee of completeness or accuracy is being made by GVAdvisors S.A.. Actual figures could be higher or lower subject to market conditions. Past performance is not an indication of future results.