This is a marketing communication issued by Bank Lombard Odier & Co Ltd (hereinafter "Lombard Odier"). It is not intended for distribution, publication, or use in any jurisdiction where such distribution, publication, or use would be unlawful, nor is it aimed at any person or entity to whom it would be unlawful to address such a marketing communication.
This marketing communication is provided for information purposes only. The contents of this marketing communication have not been reviewed by any regulatory authority in any jurisdiction. It does not constitute an offer or a recommendation to subscribe, purchase, sell, or hold any security or financial instrument. It contains the opinions of Lombard Odier, as at the date of issue. These opinions and the information contained herein do not take into account an individual’s specific circumstances, objectives, or needs. No representation is made that any investment or strategy is suitable or appropriate for individual circumstances, or that any investment or strategy constitutes personalised investment advice to any investor. Each investor must make his/her own independent decisions regarding any securities or financial instruments mentioned herein. Tax treatment depends on the individual circumstances of each person and may be subject to change in the future. Lombard Odier does not provide tax advice. Therefore, you must verify the above and all other information provided in the marketing communication or otherwise review it with your external tax advisors. Some investment products and services, including custody, may be subject to legal restrictions or may not be available worldwide on an unrestricted basis.
The information and analysis contained herein are based on sources considered reliable. Lombard Odier uses its best effort to ensure the timeliness, accuracy, and comprehensiveness of the information contained in this marketing communication. Nevertheless, all information and opinions as well as the prices, market valuations, and calculations indicated herein may change without notice.
Investments are subject to a variety of risks. Before entering into any transaction, an investor should consult his/her investment advisor and, where necessary, obtain independent professional advice in respect of risks, as well as any legal, regulatory, credit, tax, and accounting consequences. The investments mentioned in this marketing communication may carry risks that are difficult to quantify and integrate into an investment assessment. In general, products such as equities, bonds, securities lending, forex, or money market instruments bear risks, which are higher in the case of derivative, structured, and private equity products; these are aimed solely at investors who are able to understand their nature and characteristics and to bear their associated risks. On request, Lombard Odier will be pleased to provide investors with more detailed information concerning risks associated with given instruments. Past performance is no guarantee of current or future returns, and the investor may receive back less than he/she invested. The value of any investment in a currency other than the base currency of a portfolio is subject to the foreign exchange rates. Exchange rates may fluctuate and adversely affect the value of the investment when it is realised and converted back into the investor’s base currency. The liquidity of an investment is subject to supply and demand. Some products may not have a well-established secondary market or in extreme market conditions may be difficult to value, resulting in price volatility and making it difficult to obtain a price to dispose of the asset.
This marketing communication is not issued by the organisational unit of Bank Lombard Odier & Co Ltd responsible for the production of financial research, as defined under the Swiss Bankers Association Directives on the Independence of Financial Research. Consequently, it is not prepared in accordance with the provisions of said Directives or any other legal requirements designed to promote the independence of the production of financial research. Opinions expressed in this marketing communication may differ from the opinions expressed by other divisions of Lombard Odier, including Bank Lombard Odier & Co Ltd’s Research Department. Nevertheless, if opinions from financial analysts belonging to the Research Department are contained herein, such analysts attest that all of the opinions expressed accurately reflect their personal views about any given instruments. In order to ensure their independence, financial analysts are expressly prohibited from owning any securities that belong to the research universe they cover. Lombard Odier may hold positions in securities as referred to in this marketing communication for and on behalf of its clients, and/or such securities may be included in the portfolios of investment funds as managed by Lombard Odier or affiliated Group companies. Lombard Odier recognises that conflicts of interest may exist as a consequence of the distribution of financial instruments or products issued and/or managed by entities belonging to the Lombard Odier Group. Lombard Odier has a Conflict of Interests policy to identify and manage such conflicts of interest.
European Union Members: This marketing communication has been approved for use by Lombard Odier (Europe) S.A. in Luxembourg and by each of its branches operating in the following territories: Belgium: Lombard Odier (Europe) S.A. · Belgium branch and Lombard Odier (Europe) S.A. · Belgium branch – Antwerp Office; France: Lombard Odier (Europe) S.A. · Succursale en France; Italy: Lombard Odier (Europe) S.A. · Italian Branch; Spain: Lombard Odier (Europe) S.A. · Sucursal en España. Lombard Odier (Europe) S.A. is a credit institution authorised and regulated by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg.
Hong Kong: This marketing communication is distributed in Hong Kong by Lombard Odier (Hong Kong) Limited, a licensed corporation registered by the Securities and Futures Commission of Hong Kong (“SFC”) to carry on Type 1, Type 4 and Type 9 regulated activities under the Securities and Futures Ordinance (“SFO”) in Hong Kong.
Singapore: This marketing communication is distributed in Singapore by Lombard Odier (Singapore) Ltd for the general information of accredited investors and other persons in accordance with the conditions specified in Sections 275 and 305 of the Securities and Futures Act (Chapter 2001). Recipients in Singapore should contact Lombard Odier (Singapore) Ltd, an exempt financial adviser under the Financial Advisers Act (Chapter 2001) and a merchant bank regulated and supervised by the Monetary Authority of Singapore, in respect of any matters arising from, or in connection with this marketing communication. The recipients of this marketing communication represent and warrant that they are accredited investors and other persons as defined in the Securities and Futures Act (Chapter 2001). This advertisement has not been reviewed by the Monetary Authority of Singapore.
Abu Dhabi: This marketing communication has been approved for use and is distributed by Bank Lombard Odier & Co Ltd, Abu Dhabi Global Market Branch, duly licensed and regulated by the Financial Services Regulatory Authority (“FSRA”). Financial services or products offered by Bank Lombard Odier & Co Ltd, Abu Dhabi Global Market Branch are only made available to Professional Clients or Market Counterparties, as defined by the FSRA, and are not intended for any other persons. Bank Lombard Odier & Co Ltd, Abu Dhabi Global Market Branch is located in Al Khatem Tower, Level 8, Abu Dhabi, United Arab Emirates.
Dubai: This marketing communication has been approved for use and is distributed by Lombard Odier (Middle East) Ltd, duly licensed and regulated by the Dubai Financial Services Authority ("DFSA"). Financial services or products offered by Lombard Odier (Middle East) Ltd are only made available to Professional Clients or Market Counterparties. It may not be relied upon by or distributed to Retail Clients (as defined in the DFSA Conduct of Business Module) and are not intended for any other persons. Lombard Odier (Middle East) Ltd is located in The Gate Building East Wing, Level 13, Unit 1301, DIFC, Dubai, United Arab Emirates.
Bahamas: This marketing communication has been approved for use in The Bahamas by Lombard Odier & Cie (Bahamas) Limited, an entity supervised by the Central Bank of The Bahamas and the Securities Commission of The Bahamas.
Brazil: This marketing communication has been approved for use in Brazil by Lombard Odier (Brasil) Consultoria de Valores Mobiliários Ltda,an entity, authorised and regulated by the Central Bank of Brazil (BACEN) as Representative office of Bank Lombard Odier & Co Ltd and supervised by the Brazilian Securities Commission as Investment Advisor.
Switzerland: This marketing communication has been approved for use in Switzerland by Bank Lombard Odier & Co Ltd Geneva, a bank and securities firm authorised and regulated by the Swiss Financial Market Supervisory Authority (FINMA).
United Kingdom: This marketing communication has been approved for use in the United Kingdom by Lombard Odier (Europe) S.A. – UK Branch, a bank authorised and regulated by the Commission de Surveillance du Secteur Financier (‘CSSF’) in Luxembourg and authorised in the UK by the Prudential Regulation Authority (‘PRA’). Subject to regulation by the Financial Conduct Authority (‘FCA’) and limited regulation by the Prudential Regulation Authority. Financial Services Firm Reference Number 597896. Details about the extent of our authorisation and regulation by the Prudential Regulation Authority and regulation by the Financial Conduct Authority are available from us on request.
United States: Neither this document nor any copy thereof may be sent to, taken into, or distributed in the United States or given to any US person.
This marketing communication may not be reproduced (in whole or in part), transmitted, modified, or used for any public or commercial purpose without the prior written permission of Lombard Odier.
Data protection: As a recipient of this communication please note that we process your personal data including possibly for direct marketing purposes. If you wish to object to this processing, please address your request to the Group’s Data Protection Officer: Bank Lombard Odier & Co Ltd, Group Data Protection Officer, 11, Rue de la Corraterie, 1204 Geneva, Switzerland. E-Mail: group-dataprotection@lombardodier.com. If you wish to obtain additional information regarding Lombard Odier’s data protection, please refer to www.lombardodier.com/privacy-policy.
© 2024 Bank Lombard Odier & Co Ltd – all rights reserved. Ref. LOCH/LOESA/LOASIA-MWNPR-en-072024.

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