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For clients booked in Hong Kong and Singapore: This material has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient and is published solely for information purposes. No representation or warranty, either express or implied is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the developments referred to in this material. This material does not constitute an offer to sell or a solicitation to offer to buy or sell any securities or investment instruments, to effect any transactions or to conclude any legal act of any kind whatsoever. Nothing herein shall limit or restrict the particular terms of any specific offering. No offer of any interest in any product will be made in any jurisdiction in which the offer, solicitation or sale is not permitted, or to any person to whom it is unlawful to make such offer, solicitation or sale. Not all products and services are available to citizens or residents of all countries. Any opinions expressed in this material are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or divisions of �۶���Ƶ AG or its affiliates (���۶���Ƶ��) as a result of using different assumptions and criteria. �۶���Ƶ is under no obligation to update or keep current the information contained herein. Any charts and scenarios are for illustrative purposes only. Historical performance is no guarantee for and is not an indication of future performance. Neither �۶���Ƶ AG nor any of its affiliates, directors, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of this material. �۶���Ƶ specifically prohibits the redistribution or reproduction of this material in whole or in part without the prior written permission of �۶���Ƶ, and �۶���Ƶ accepts no liability whatsoever for the actions of third parties in this respect.

For prospective or current clients and beneficiaries of �۶���Ƶ Trustees (Bahamas) Ltd.: �۶���Ƶ Trustees (Bahamas) Ltd. is authorized and regulated by the Central Bank of The Bahamas ("CBB") and the Securities Commission of the Bahamas (��SCB��) for the conduct of trust company and funds services business. �۶���Ƶ Trustees (Bahamas) Ltd is ultimately owned by �۶���Ƶ AG (a public company limited by shares, incorporated in Switzerland whose registered offices are at Aeschenvorstadt 1, CH-4051, Basel and Bahnhofstrasse 45, CH-8001 Zurich) with its principal place of business in The Bahamas at East Bay Street, Nassau. �۶���Ƶ Trustees (Bahamas) Ltd does not give tax, legal or accounting advice.

For prospective or current clients and beneficiaries of �۶���Ƶ Trustees (B.V.I.) Limited: �۶���Ƶ Trustees (B.V.I.) Limited is regulated by the British Virgin Islands Financial Services Commission with a Class II trust license and is regulated by the Jersey Financial Services Commission to conduct trust company business. �۶���Ƶ Trustees (B.V.I.) Limited is ultimately owned by �۶���Ƶ AG (a public company limited by shares, incorporated in Switzerland whose registered offices are at Aeschenvorstadt 1, CH-4051, Basel and Bahnhofstrasse 45, CH-8001 Zurich) with its registered office in the British Virgin Islands at Trident Chambers, PO Box 146, Road Town, Tortola and its principal place of business in Jersey at 1 IFC, IFC Jersey, St Helier, JE2 3BX. Details about the extent of our regulation by the Jersey Financial Services Commission and British Virgin Islands Financial Services Commission are available on request. �۶���Ƶ Trustees (B.V.I.) Limited does not provide legal, tax or accounting advice.

For prospective or current clients and beneficiaries of �۶���Ƶ Trustees (Cayman) Ltd: �۶���Ƶ Trustees (Cayman) Ltd is authorized and regulated by the Cayman Islands Monetary Authority ("CIMA") for the conduct of trust company business. �۶���Ƶ Trustees (Cayman) Ltd is ultimately owned by �۶���Ƶ AG (a public company limited by shares, incorporated in Switzerland whose registered offices are at Aeschenvorstadt 1, CH-4051, Basel and Bahnhofstrasse 45, CH-8001 Zurich) with its principal place of business in the Cayman Islands at Cayman Corporate Center, 5th Floor, 27 Hospital Road Grand Cayman KY1- 1106. �۶���Ƶ Trustees (Cayman) Ltd does not give tax, legal or accounting advice.

For prospective or current clients and beneficiaries of �۶���Ƶ Trustees (Jersey) Ltd and �۶���Ƶ TC (Jersey) Ltd: �۶���Ƶ Trustees (Jersey) Ltd and �۶���Ƶ TC (Jersey) Ltd are regulated by the Jersey Financial Services Commission to conduct trust company and fund services business. �۶���Ƶ Trustees (Jersey) Ltd and �۶���Ƶ TC (Jersey) Ltd are ultimately owned by �۶���Ƶ AG (a public company limited by shares, incorporated in Switzerland whose registered offices are at Aeschenvorstadt 1, CH-4051, Basel and Bahnhofstrasse 45, CH-8001 Zurich) with their registered offices in Jersey at 1 IFC, IFC Jersey, St Helier, JE2 3BX. Details about the extent of our regulation by the Jersey Financial Services Commission are available on request. �۶���Ƶ Trustees (Jersey) Ltd and �۶���Ƶ TC (Jersey) Ltd do not provide legal, tax or accounting advice. This document is not intended for distribution into the US and/or to US persons or in jurisdictions where its distribution by us would be restricted.

For prospective or current clients and beneficiaries of �۶���Ƶ Trustees (Singapore) Ltd: �۶���Ƶ Trustees (Singapore) Ltd (UEN 200005801G) is licensed by the Monetary Authority of Singapore to conduct trust business. �۶���Ƶ Trustees (Singapore) Ltd is ultimately owned by �۶���Ƶ AG (a public company limited by shares, incorporated in Switzerland whose registered offices are at Aeschenvorstadt 1, CH-4051, Basel and Bahnhofstrasse 45, CH-8001 Zurich) with its principal place of business in Singapore at 9 Penang Road, Singapore 238459. �۶���Ƶ Trustees (Singapore) Ltd does not give tax, legal or accounting advice.

The general explanations included in this document cannot address your personal wealth planning and/or investment objectives, your financial situation or needs (inter alias, e.g. succession or wealth preservation needs).
As a consequence of constantly and rapidly changing market conditions, the information, data, values and analyses contained in this document can become out of date even after only a short time. �۶���Ƶ is under no obligation to update or keep current the information contained in this document. This document is therefore no substitute for your own assessments and analysis of risks prior to taking any decision.
If you disagree with anything in this document or have questions about it, please contact your �۶���Ƶ Client Advisor or �۶���Ƶ Wealth Planner immediately. If you are interested in an investment instrument, a financial service, wealth planning advisory service or possible solutions mentioned in this document, please contact your �۶���Ƶ Client Advisor or �۶���Ƶ Wealth Planner. �۶���Ƶ representatives such as wealth planners and client advisors do not act in a fiduciary capacity and principally or solely provide information in relation to services offered only by �۶���Ƶ trust entities and affiliates when discussing the provision of trust and fiduciary services. We recommend that you regularly discuss your risk profile and personal circumstances with your �۶���Ƶ Client Advisor or �۶���Ƶ Wealth Planner, as the case may be, as a matter of course. Certain investment instruments, financial services, wealth planning advisory services or possible solutions are subject to legal restrictions and may not therefore be offered freely throughout the world. �۶���Ƶ accepts no liability for the appropriateness of investment instruments, financial services, wealth planning advisory services or possible solutions. You alone are responsible for any decisions you take on the basis of this document.

The information and opinions contained in this document have been obtained from reliable sources and in good faith. No representation or warranty is provided in relation to any information herein which is derived from independent sources. All information, opinions, figures and the prices (where applicable) given, are current only at the time of publication and may be altered without warning.
Wealth planning advisory services and possible solutions involve legal and tax implications and considerations, including but not limited to disclosure or reporting obligations and compliance with relevant laws and regulations in recipient's or client's home country/region or other relevant jurisdictions. �۶���Ƶ does not provide any legal or tax advice and does not assume, in general as well as in connection with the circumstances and requirements of any particular client, any liability in respect of the tax treatment for investments or any returns generated by such investments or any liability in respect of the tax or legal implications for wealth planning advisory services and possible solutions. You are therefore recommended, before making any decision, to seek advice from an independent expert on the effects of the investments, wealth planning services or possible solutions referred to, on their economic, legal and fiscal implications and the suitability of specific investment instruments, financial services, wealth planning services or possible solutions, as the case may be.
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Approval Date: 29 January 2024. Expiration: 31 January 2025. Review Code: IS2400474.