The present document is intended for informative purposes only. Under no circumstances does it constitute a personal recommendation to existing or potential clients for the purchase, sale, or retention of a specific financial instrument. Investors should independently evaluate particular strategie s and should consult a finacial, legal or tax advisor if they render necessary. Past performance is no guarantee of future performance. This report has been compiled based on information obtained from trustworthy sources, but Ancoria Insurance Public Ltd ("Anco ria") cannot guarantee or assume any liability for the accuracy, completeness or correctness of such information. The content of the present document may be amended at any time at the discretion of Ancoria. The opinions contained within the report are based upon publicly available information at the time of publication and are sub ject to change without notice. Ancoria, its directors, managing directors and employees, do not undertake, regardless from circumstances, any liability for any investment strategy, transaction or investment pursued on the basis of the present document. The reproduction or communication of the present to third parties without the consent of Ancoria is prohibited.