This document is non-binding and its content is exclusively for information purpose. The data, comments and analysis in this document reflect the opinion of Edmond de Rothschild Asset Management and its affiliates with respect to the markets, their trends, regulation and tax issues, on the basis of its own expertise, economic analysis and information currently known to it. However, they shall not under any circumstances be construed as comprising any sort of undertaking or guarantee whatsoever on the part of Edmond de Rothschild Asset Management. Any investment involves specific risks. Main investment risks: Main investment risks: risk from investing in emerging countries, capital loss risk, risk from holding convertible bonds, equity risk, interest rate risk, credit risk and sector risk. All potential investors must take prior measures and specialist advice in order to analyse the risks and establish his or her own opinion independent of Edmond de Rothschild Asset Management in order to determine the relevance of such an investment to his or her own financial situation. Past performance is not a reliable indicator of future results. Past performance does not include reinvested dividends.