Model Update

Research evidence excerpt

Model Update

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Risks

The financial instruments discussed in this report may not be suitable for all investors and investors must make their own investment decisions based on

their specific investment objectives. Past performance should not be taken as an indication or guarantee of future performance. The price, value of and

income from, any of the financial instruments featured in this report can rise as well as fall and be affected by changes in economic, financial and political

factors. If a financial instrument is denominated in a currency other than the investor's currency, a change in exchange rates may adversely affect the price

or value of, or income derived from, the financial instrument, and such investors effectively assume currency risk.