This document is intended solely for information purposes and for use by the recipient. This document has been prepared by Guardian Capital AG (hereinafter „GC”) with the utmost care and to the best of its knowledge and belief.However, GC does not guarantee its content and completeness and disclaims any liability for losses arising from the use of this information. The opinions expressed in this document are those of GC at the time of writing and are subject to change without notice. The document does not constitute an offer or recommendation to purchase or sell any financial instruments or services and does not relieve the recipient of its own judgement. In particular, it is recommended that the recipient, if necessary with the assistance of a consultant, examine the information with regard to compatibility with his own circumstances, legal, regulatory, tax and other consequences. Although the information and data contained in this document have been obtained from sources believed to be reliable, no representation is made as to their accuracy or completeness.The past performance of an investment is not a reliable indicator of its future performance. Performance forecasts are not a reliable indicator of future results. This document is expressly not directed at any person whose nationality or residence prohibits access to such information under applicable law. No part of this publication may be reproduced in any form or by any means without the prior written permission of GC.

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