INVEX LLC is a US Fully Disclosed Broker-Dealer registered with the SEC and member of FINRA and NFA, which provides its clients access to a broad array of products and services. This document may only be provided upon the request of the recipient.

The information and content of this Web Page is not an offer or solicitation to buy any investment product. It provides an analytical framework for evaluating current and/or proposed asset allocation strategies, illustrating the impact of individual asset classes on an overall portfolio allocation tailored to a client’s risk and return profile. In addition, in connection with any sample implementation plan which may be included, herein may suggest products or strategies to fulfill our observations. All performance analyses presented are for illustration purposes only. Investments mentioned in this document may not be suitable for all investors. Before making any investment decisions, each investor must review the offering documents of each particular product, and carefully consider the risks, feed, expenses and performance history, if any, and make a determination based upon the investor´s particular circumstances that the investment is consistent with the investor’s objectives.

International investing includes political and economic risks and uncertainties, as well as currency risk, of countries in which the investor does not reside or with respect to which the availability and accuracy of information varies. Alternative investments which may be referenced in this report are speculative and entail significant risks which can include: losses due to leveraging or other speculative investment practices; lack of liquidity; absence of information regarding valuations and pricing; complex tax structures and delays in tax reporting; and less regulation and higher fees than mutual funds. Market indices, which may be referenced in this report cannot be invested in directly. Investments in specific products will involve fees and expenses as well as varying management processes which may result in performance that is less than or greater than the related market indices.

If leverage is used in an investment strategy, it’s use may have the effect of increasing losses or increasing returns. Any event that adversely affects the value of an investment will be magnified to the extent that such an investment is leveraged and could result in greater losses than if the investment were not leveraged.

The informations provided herein has been obtained or is based on sources we believe to be reliable. However, neither INVEX LLC nor any of their affiliates guarantees its accuracy or completeness or accepts liability for any direct or consequential losses arising from its use.

Opinions expressed in this document may include those of INVEX LLC affiliates, or non-affiliated third parties. In addition, your investment team may highlight topics that are specific to your objectives. These opinions may differ from the opinions expressed by other businesses or affiliates of INVEX; they are not intended to be a forecast of future events, a guarantee of future results or investment advice and are subject to change based on market and other conditions. In any event, past performance is no guarantee of future results, and future results may not meet our expectations due to a variety of economic, market and other factors. Further, any projections of potential risk or return are illustrative and should not be taken as limitations the maximum possible loss or gain.

To the extent that this document describes current asset allocation positions, this analysis is performed as a service to help you manage your investments. It is not an official statement of INVEX LLC and may not be accurate or complete. For an accurate record of your accounts and transactions, please consult your official statements.

For questions concerning tax-related issues, please contact your qualified tax advisor. INVEX LLC can accept no responsibility for the tax treatment of any investment product, whether or no the investment product is purchased by a trust or company administered by an affiliate of INVEX. INVEX assumes that, before making any commitment to invest, you have taken whatever tax, legal or other advice you consider necessary and that you have arranged to account for any tax lawfully due on the income or gains arising from any investment product provided by INVEX.

If a non-English language translation of this document is provided, the English version of this document is the official version. Any translation that may be provided is furnished for your convenience and we do not assume responsibility for its accuracy or completeness. In case of doubt, the English version will prevail.

Investments are not bank deposits and are not insured by the FDIC or any other government entity; are not obligations of, or guaranteed by INVEX LLC or any of its affiliates; and involve investment risk, including the possible loss of the principal amount invested.