Any investment in financial instruments entails
substantial risks, the degree of which depends on the nature of each investment, and may not be suitable
all investors. The value of any investment may increase or decrease in value and investors may lose all
their invested capital. In case of leveraged financial products, loses may even be more than the initial
invested capital. Past performance does not constitute a reliable indicator of future results. Future
forecasts do not constitute a reliable indicator of future performance. Before deciding to trade, you
carefully consider your investment objectives, level of experience, risk tolerance and, if necessary,
advice from an independent financial advisor.