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Conflict of Interest

BHF-BANK's investment recommendations are addressed exclusively to professional clients and eligible counterparties as defined in the German Securities Trading Act (Gesetz über den Wertpapierhandel - WpHG). When publishing investment recommendations, BHF-BANK is required to disclose any potential conflicts of interest within BHF-BANK Group and its affiliated companies. As regards investment recommendations published via electronic media, BHF-BANK complies with this obligation by referring to possible conflicts of interest shown hereafter. Possible conflicts of interest are determined with the utmost diligence within BHF-BANK Group and its affiliated entities and reviewed at regular intervals to assess whether they are still current and valid. Nonetheless, BHF-BANK cannot guarantee that the list of possible conflicts of interest shown below is up to date at all times. The views expressed in investment recommendations accurately reflect the personal opinion of the analyst(s) regarding the securities or issuers in question; no part of the compensation of the analyst(s) was, is, or will be related to specific recommendations or views expressed in investment recommendations. None of the investment recommendations constitutes investment advice or an offer or solicitation to acquire or sell financial instruments. Whilst reasonable care has been taken to ensure that the information contained in investment recommendations is not untrue or misleading at the time of publication, BHF-BANK makes no representation as to its accuracy or completeness. The information contained in the investment recommendations is subject to change without notice.

Neither BHF-BANK Group nor its affiliated entities nor any of their officers or employees accept any liability for any direct or consequential loss arising from the use of investment recommendations or the contents thereof. Any investments referred to in the investment recommendations may involve significant risk, are not necessarily available in all jurisdictions, may be illiquid and may not be suitable for all investors. The value of, or income from, any investments referred to in investment recommendations may fluctuate and be affected by changes in exchange rates. Past performance is not indicative of future results. Investors should make their own investment decisions without relying on the investment recommendations. Only investors with sufficient knowledge and experience in financial and securities transactions to evaluate the merits and risks should consider an investment in any company or market named in the investment recommendations and other persons should not take any action on the basis of the investment recommendations.