Klosters Capital, LLC (“Klosters”) is not soliciting any action based on this material. It is published for informational purposes only and should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, express or implied, is provided regarding the accuracy, completeness, or reliability of the information contained herein, other than with respect to information relating to “Klosters,” nor is it intended to be a complete statement or summary of the securities, markets, or developments to which this material relates. The material should not be considered by recipients as a substitute for the exercise of their own judgment. “Klosters” undertakes no obligation to update or keep current the information contained herein. “Klosters” does not act as a market maker in any securities or other financial instruments discussed in this material. The material should not be viewed as a complete description or representation of any investment strategy. Investments in securities involve risks, including the possible loss of principal invested. The value of an investment will fluctuate and, upon sale, may be worth more or less than its original cost. You should not assume that the future performance of any specific investment, investment strategy, or product referenced directly or indirectly in this email communication will be profitable or equal any past performance. Klosters makes no guarantees as to the results that may be obtained from the use of the information expressed in this email communication. Investments in debt and equity associated with certain foreign countries may involve greater volatility and risk due to, but are not limited to, political risk, sovereign risk, economic risk, currency risk, declining credit quality, liquidity risk, and differences in accounting standards. Investment risks are borne solely by the investor and not by Klosters. Any summaries, prices, quotes, or statistics contained in this email communication have been obtained from sources believed to be reliable, but are not necessarily complete and cannot be guaranteed. The material is based on information that Klosters believes to be reliable, but does not represent that it is accurate, complete, or up-to-date, and should not be relied upon as such. Past performance is not necessarily indicative of future results. Any dissemination, distribution, or copying of this material is unlawful and strictly prohibited without the express written consent of Klosters.

The financial instruments mentioned in this document may not be eligible for sale in some countries. This material should not be construed as the provision of investment services in any jurisdiction where the provision of such services would be unlawful. Investing in non-U.S. securities or markets may involve additional risks. Securities of non-U.S. issuers may not be registered and may not be subject to the reporting requirements of the U.S. Securities and Exchange Commission. Limited information may be available on foreign securities or markets. Foreign companies are generally not subject to uniform auditing and reporting standards, practices, and requirements comparable to those in the U.S. Investments in foreign markets may be less liquid and their prices more volatile than comparable investments in the United States. In addition, currency exchange rate movements may have an adverse effect on the value of an investment in a foreign market.

Registration with the U.S. Securities & Exchange Commission does not imply any level of competence or training. This presentation has not been approved or verified by any state or federal regulator.

Investment products, services, and securities are not FDIC/government agency insured and may lose value.