DISCLAIMER: The only purpose of this document is to provide information about the current markets. This newsletter is prepared for information purposes only and should not be interpreted as investment advice. It does not constitute an offer or invitation by Framont to any person to buy or sell any security or instrument or to participate in any transaction or trading activity. It does not want to solicit the subscription of financial products and services, which must only be done after reading and understanding the Prospectus and any other related information. Framont & Partners Management Ltd verified very carefully the information contained in this document, but it does not ensure that such information is complete and correct and is not responsible either about the use that third parties make of such information or about any los s or damage that may arise after that use. Information included in this newsletter is considered as current as at the date of publication , without regard to the date on which you may read or be provided with such information. We do not accept any liability arising from any inaccuracy or omission in the information on this website. Every investor should always read the Prospectus and any other available information before making an investment decision. Furthermore, the yield or other terminology used to indicate the return is not guaranteed and may go down as well as up. The performance figures quoted (if any) refer to the past and past performance is not a guarantee of future performance or a reliable guide to future performance. An investment product may be affected by changes in currency exchange rate movements thereby affecting your investment return therefrom. More details about Framont are available on the website www.framontmanagement.com.