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Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. We assume no responsibility for independent verification of such information and have relied on such information being complete and accurate in all material respects.
Any commentary in these materials constitutes our preliminary judgment at, and is based solely on the information received by us before, the date hereof and is subject to change without notice. We make no representation as to the completeness or accuracy of the information. We do not accept any liability for any direct, indirect or consequential loss or damage arising from reliance on this information. The price and value of investments mentioned and any income that might accrue may fluctuate and may fall or rise.
If an investment is denominated in a currency other than your base currency, changes in the rate of exchange may have an adverse effect on value, price or income. All projections, valuations and analyses are provided to assist you in the evaluation of the matters described herein and (i) may be based on subjective assessments and assumptions, (ii) may use one among alternative methodologies that produce different results and (iii) to the extent they are based on historical information, should not be relied upon as an accurate prediction of future performance.
Certain analysis is presented herein and is intended solely for purposes of indicating a range of outcomes that may result from changes in market parameters. It is not intended to suggest any outcome is more likely than another, and it does not include all possible outcomes or the range of possible outcomes, one of which may be that the investment value declines to zero. All projections and forecasts in these materials are therefore illustrative only. Back-tested, hypothetical or simulated performance results have inherent limitations.
Simulated results are achieved by the retroactive application of a back-tested model itself designed with the benefit of hindsight. The back-testing of performance differs from the actual account performance because the investment strategy may be adjusted at any time, for any reason and can continue to be changed until desired or better performance results are achieved. Alternative modeling techniques or assumptions might produce significantly different results and prove to be more appropriate.
Past hypothetical back-test results are neither an indicator nor a guarantee of future returns. Actual results will vary from the analysis. To the extent that the products are structured securities or other forms of structured products, such instruments are complex instruments, typically involving a high degree of risk and are intended for sale only to sophisticated investors who are capable of understanding and assuming the risks involved.
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