A CLIENT CENTRIC APPROACH November 2015 SYZ WEALTH MANAGEMENT IN - - PowerPoint PPT Presentation

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A CLIENT CENTRIC APPROACH November 2015 SYZ WEALTH MANAGEMENT IN - - PowerPoint PPT Presentation

A CLIENT CENTRIC APPROACH November 2015 SYZ WEALTH MANAGEMENT IN BRIEF A unique A wide A global corporate spectrum of coverage culture capabilities Client centric Discretionary mandates to cater our clients' Swiss banking group with


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SLIDE 1

November 2015

A CLIENT CENTRIC APPROACH

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SLIDE 2

2/29 November 2015

SYZ WEALTH MANAGEMENT IN BRIEF

Client centric

  • rganisation

Entrepreneurial spirit Strive for performance Fees based

  • n performance

Discretionary mandates to cater our clients' individual needs Advisory business with rich cross-asset expertise Global Investment Solutions with outstanding expertise in hedge funds Private Equity and Corporate Advisory services through first-in-class partnerships Wealth planning with holistic approach Broad credit offering to leverage client assets and finance external investments Trading services with full-fledged trading desk Swiss banking group with 21 locations worldwide,

  • f which 15 Wealth

Management Investment professionals in 4 continents and 5 time zones Close proximity to our clients, tailoring our approach to their needs

A wide spectrum of capabilities A unique corporate culture A global coverage

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SLIDE 3

3/29 November 2015

A SUCCESS STORY SINCE 20 YEARS

SYZ HISTORY

Banque SYZ founded

OYSTER launched

1996 1999 2000 2001 2002 2003 2004

SYZ Bank & Trust Nassau Lugano office Locarno office Luxembourg office London office ALBERTINI SYZ founded Zurich

  • ffice

ALBERTINI SYZ gets banking licence

2007 2009 2010 2011

Hong Kong office N+1 SYZ launched SYZ Asset Management founded Paris office

2012

SYZ Swiss Advisors launched

2014

Dubai office

2015

Acquisition of Royal Bank of Canada (Suisse) SA IBM’s Deep Blue beats World champion Kasparov 1st non-stop flight around the world by balloon, piloted by Bertrand Piccard and Brian Jones The launch of the iPod revolutionises music- listening behaviour SpaceShipOne: the first ever private space flight Barack Obama elected first African-American president of the US The eruption of Icelandic volcano Eyjafjallajökull causes major disruption to air travel in Europe Higgs boson’s existence is experimentally confirmed Corporate Advisory & Private Equity Services

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SLIDE 4

4/29 November 2015

ERIC SYZ A TRUE ENTREPRENEUR

Eric Syz is the majority shareholder and CEO of the SYZ Group. Eric Syz comes from a Zurich industrial family, which was notably among the founders of Credit Suisse and Zurich Insurance. He began his financial career on Wall Street in 1981. In 1984, he joined the Geneva-based private bank Lombard Odier & Cie, working in asset management, mergers & acquisitions, promoting and designing the group’s products and analysing hedge funds, a category in which he has built robust expertise since the 1980s. In 1996, he founded the SYZ Group with Alfredo Piacentini and Paolo

  • Luban. Banque SYZ has enjoyed strong growth and is acknowledged by

its peers as a true success story in the Swiss banking world. A major contemporary art collector, Eric Syz is one of the most respected figures in the Swiss banking sector and a key player in the sector’s transformation into a forward-looking financial centre.

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SLIDE 5

5/29 November 2015

WHAT WE STAND FOR…

ENTREPRENEURIAL SPIRIT Independent Founded by true entrepreneurs Free from conflicts

  • f interest

CREATED FOR OUR CLIENTS We began by listening to our clients’ needs We then built our bank to bring them real solutions CREATED TO PERFORM Expertise Specialisation Modern investment style Fees based

  • n performance
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SLIDE 6

6/29 November 2015

…AND WHAT SETS US APART

Capital protection is

  • ur top priority

 The best way to make gains is to avoid losses

Aligning our interests

 We are totally independent, enabling us to avoid conflicts of interest  Our remuneration depends

  • n our clients satisfaction

A comprehensive view

  • f wealth

 We take into account all of your wealth, without limiting ourselves to your portfolio alone

Putting the client first

 Instead of asking our clients to adapt to our processes, our model is based

  • n our clients' real concerns

Absolute performance

 Our benchmark is absolute performance, not a stock market index  We are clearly motivated to seek out the best asset managers and the highest performing products

An approach based on net return, after tax

 We take costs and the tax impact into consideration in our investment approach

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SLIDE 7

7/29 November 2015

WE ARE CREATED FOR OUR CLIENTS…

CLIENT

SYZ OFFERING CLIENT NEEDS SYZ EMPLOYEES

Dedicated to their clients Highest professional standards Taking into account our clients' real concerns Holistic approach to client needs Customised offerings to cater individual needs Broad range of wealth management services

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SLIDE 8

8/29 November 2015

…AND WE ARE CREATED TO PERFORM

PERFORMANCE

SELECTION OF THE BEST ASSET MANAGERS ACTIVE MANAGEMENT RISK MANAGEMENT

Extensive use of hedging techniques Use of products with asymmetrical profiles We invest independently

  • f stock market indices

Our size gives us agility Our objective is to provide the best asset management We supplement our in-house skills with the world’s best specialists

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SLIDE 9

9/29 November 2015

FINANCIALLY STRONG WITH CONTINUOUSLY GOOD TRACK RECORD

AuM of CHF 40bn in 2015 17% annual growth since 2012 Group rated Baa2 on 21 May 2015 Placed under review for possible downgrade on 23 July 2015 due to the announced acquisition of RBC (Suisse) SA Estimated Tier-1 ratio of 16% in 2016

25 29 29 40 20 40 60 2015

CHF bn

+17%

2012 2013 2014

CONTINUOUS GROWTH SOLID CAPITAL RATIO GOOD RATINGS

16%

Tier-1 ratio in 2016

Baa2

by Moody's

A2/P-1

for long-term/ short-term deposits

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SLIDE 10

10/29 November 2015

OVERVIEW OF OUR SERVICES AND EXPERTISE

SYZ GROUP OFFERING

SYZ ASSET MANAGEMENT

OYSTER Funds OYSTER Alternative SYZ AM Funds

SYZ WEALTH MANAGEMENT

Global Investment Solutions Discretionary Trading Wealth planning Credit Advisory/ Research SYZ Swiss Advisors Private clients Independent Asset Managers

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SLIDE 11

11/29 November 2015

A SUCCESSFUL BOUTIQUE PLAYER

SYZ ASSET MANAGEMENT Multi-boutique offering focused on active management

Equities: Europe, Italy, US, Japan, Emerging Markets, Global, High Dividend, Market Neutral Fixed Income: CHF, EUR, EUR Corporate, USD, High Yield, Convertibles, Flexible Multi-Asset: Absolute Return, Diversified, Real Return Inflation linked, Active Protection. Multi-Manager: Alternative investments

Clear commitment to performance expressed through 5 principles

Alpha generation Focused portfolios Non-dogmatic investments Unrestrained fund management Innovation

Swiss and international institutional client base

Pension funds, insurers, corporates and investment funds Investing either through the Group’s investment funds

  • r via segregated mandates

Comprehensive investment teams

Experienced managers and team members Pure play strategists Proven track record

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12/29 November 2015

WITH SPECIAL FUND OFFERING AND EXPERTISE

SYZ ASSET MANAGEMENT

OYSTER FUNDS

 UCITS Luxembourg SICAV with pan-European and Asian distribution  26 strategies in the major asset classes and niche strategies  Top-performing funds aimed at a professional market  Effective mix of in-house and external fund managers  Recognised fund brand (ranked #34 in the Top 50 preferred fund brands in Europe1)

OYSTER ALTERNATIVE

 Selecting hedge funds and managing multi-manager funds is

  • ne of the Group’s long-standing skills

 SYZ’s 19-year track record is one

  • f the longest in Europe

 A diversified single- and multi-strategy alternative products offering

SYZ AM FUNDS

 Swiss-domiciled funds for Swiss institutional investors  Focused on CHF fixed income strategies

1: Fund Buyer Focus/Morningstar 2014 ranking

Note: Some funds may be restricted to qualified investors only and/or to certain jurisdictions

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SLIDE 13

13/29 November 2015

INVESTMENT PROCESS CREDIT TRADING WEALTH PLANNING ONLINE BANKING DISCRETIONARY MANAGEMENT GLOBAL INVESTMENT SOLUTIONS ADVISORY/ RESEARCH

OUR OFFERING

SYZ WEALTH MANAGEMENT

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SLIDE 14

14/29 November 2015

VARIOUS PROFILES TO CATER OUR CLIENTS’ NEEDS

STANDARD PROFILES SPECIAL PROFILES

Absolute Return

Defined risk budget High liquidity Low FX risk

100% Equities

Dividend stocks Open Architecture Funds Stock-picking

100% Fixed Income

High Yield or EM bias Income generation

CPI +

Oriented on protection against inflation 15% 15% 15% 13% 62% 40% 23% 10% 20% 40% 52% 62% 10% 15% 3% 5%

Low Moderate Medium High

Alternatives Equities Fixed income Cash

No strict minimum size for special mandates but ideally above USD/EUR/CHF 1mio Reference currencies : CHF/USD/EUR/GBP/CAD/SEK Management fine-tuned to take into account local tax rules FX : managed as an asset class DISCRETIONARY MANAGEMENT

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SLIDE 15

15/29 November 2015

HOW WE INVEST

ACTOR PROCESS TOOLS

CIO / Strategy Committee Client via Relationship manager

Top Down analysis Forecasts/ Modelling Neutral points OW /UW In-house bottom-up analysis Fund analysis 3rd party analysis

  • Restr. Man.

Tools Risk analysis Fiscal rules Volatility review Performance review Expected returns

Market Analysis Strategy Grid Model Portfolio Implemen- tation

Profile definition

Discretionary Portfolio Management Team Client Portfolio

RISK CONTROL

Example: Portfolio management – Discretionary mandates

INVESTMENT PROCESS

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SLIDE 16

16/29 November 2015

A CROSS-ASSET GLOBAL EXPERTISE

ADVISORY/ RESEARCH

EXTERNAL BROKERS

 20 brokers access

SYZ TRADING

 8 experts (Equities, Bonds, FX, Structured products)

SYZ FUND RESEARCH

 Fund analysis  Open architecture

SYZ ASSET MANAGEMENT

 34 UCITS funds  Macro analysis/Tactical allocation

ADVISORY TO EXTERNAL ASSET MANAGERS ADVISORY TO RELATIONSHIP MANAGERS DIRECT ADVISORY TO CLIENTS

  • Global Equities
  • Global Bonds
  • FOREX
  • Alternative

Investments

  • Structured

Products

ADVISORY

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SLIDE 17

17/29 November 2015

…WITH A WIDE OFFERING

Our offer

 Active Equity & Bonds lists  Weekly investment note  Company notes  Flash notes to RMs & Clients  Portfolio Analysis & Design

Our strengths

 Global Equity selection  Global Bond selection  Hedge Funds selection (GIS)  FX advisory  Structured products advisory

ADVISORY/ RESEARCH

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SLIDE 18

18/29 November 2015

HEDGE FUND EXPERTISE & SERVICES

Global Investment Solutions

Hedge funds and global alternative

  • team. USD 2bn in hedge fund

investments Focusing on the specific needs of private individuals, family offices, external asset managers and trusts

Offer of Services

Portfolio management of tailor- made portfolios as per client’s predefined needs Active advisory on selected high- quality hedge funds, including redemption recommendations. Offer capacity in closed funds

Research Skills

Internal global hedge fund research capabilities. More than 100 hedge funds approved Subscriber to Albourne, leading independent hedge fund research service

Portfolio Management Skills

Focus on performance and downside protection 6.5% annualised outperformance

  • vs. hedge fund index

Flat performances during equity down months GLOBAL INVESTMENT SOLUTIONS

Note: Some funds may be restricted to qualified investors only and/or to certain jurisdictions

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SLIDE 19

19/29 November 2015

TAKING CARE OF OUR CLIENTS WEALTH BEYOND INVESTING

OBJECTIVES DEDICATED SERVICE Wealth planning is a dedicated service aimed at assisting clients in the:

Evaluation of financial, economic and risks from asset allocation Identification of compliant investment instruments in partnership with legal counsels Coordination of family matters Succession solutions for businesses and private assets

DIFFERENTIATING APPROACH We differentiate ourselves from an external advisor thanks to:

Holistic analysis of legal and fiscal situation Neutral and independent identification of your objectives Development of tailor-made wealth plan thanks to our multi-disciplinary expertise Solution implementation in our banking environment

BREADTH OF TOPICS COVERED Tax solutions

Understanding tax implications in multiple jurisdictions Compliant solutions by using investment wrappers such as collective investment schemes

Restructuring for tax and legal change

Regular reviews to identify risks and define strategies to avoid risks with tax and legal counsels

Concentrated equity planning

Developing strategies to enhance position lending value Create liquidity

Insurance solutions

Unit-linked insurances Guaranteeing liquidity Portable from one country to the other

Dispositive planning

Alternatives to proper ownership for asset protection purposes and/or heritage transfer Succession planning solutions and transfer facilitation Solutions to achieve clients’ philanthropic objectives

Cross-border planning

Expatriation opportunities for individuals Solutions for entrepreneurs who need to freely travel around Europe

WEALTH PRESERVATION WEALTH ENHANCEMENT

WEALTH PLANNING

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20/29 November 2015

ALLOWING FOR FINANCIAL FLEXIBILITY

Cash, MM, Fiduciary Fixed Income Equities ETF Funds Internal Funds Recommended Funds Hedge Funds Insurance Policies

COLLATERALISED CREDIT FACILITIES

Leveraging the assets with the bank Financing external investments Overdrafts in all major currencies Fixed term loans in all major currencies and up to 5 years First demand bank guarantees Derivatives trading

FLEXIBLE UTILISATION PRODUCT

LENDING VALUE PRODUCT Max 100% Max 95% Max 75% Fixed Income max. 95%/Equity max. 75 Based on asset class Based on asset class Max 60% On a case-by-case basis, depending on contract type CREDIT

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SLIDE 21

21/29 November 2015

FULL RANGE OF TRADING SERVICES AT YOUR DISPOSAL

VIP service with high added value

 Personalised advice, implemented by devising a tailored investment strategy  Actively managed currency overlay, with continuous monitoring for

  • ptimisation

 Highly controlled risk management with systematic stop loss limits and call levels  Technical analysis  Continuous information through a range of publications, external research and market news flows

Trading volume per year

1

 Equities: ~CHF 7bn  Bonds: ~CHF 6bn  Forex spot/forward/swap: ~CHF 110bn  Derivatives forex: ~CHF 7bn

Competitive trading services

 Direct access to the trading room for clients & IAM  Long opening hours  Competitive prices, obtained by creating competition among more than 28 different bank counterparties  Meticulous execution in line with “Best Execution” principles TRADING

  • 1. Trading volumes 2014
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22/29 November 2015

AT THE FOREFRONT OF TECHNOLOGY

SYZ Direct

 The eBanking solution that allows to access client accounts 24 hours, 7 days a week  Account statements and portfolio evaluations can be viewed, printed or exported as required  Our eBanking respects the high security norms that we apply to all our activities

SYZ Mobile

 Intuitive, safe and user-friendly, this iPad app enables our clients to view at any moment the situation and the results of their portfolio  Taking advantage of modern technologies, SYZ Mobile allows our clients to view their account information and to choose the desired granularity, from a simple

  • verview to the details of each position

Available information

 Summarised view with portfolio evaluation, performance of the ongoing year and administrative information  Performance of the ongoing year, with a synthetic or detailed vision including inflows /

  • utflows of funds

 Breakdown by asset classes and currencies, current state and 12-month history  Current account balance  Detailed positions with average cost, current price and unrealised profit / loss ONLINE BANKING

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23/29 November 2015

UNIQUE SERVICES FOR IAMS

A strategic activity with dedicated resources

 Genuine investment management specialist  A team of experienced professionals, totally dedicated to IAM

A bank that truly adds value

 Dedicated solutions for private clients as well as IAM  State-of-the-art IT systems  Flat structure and rapid decision-making process

Trading room

 Direct access to the SYZ Trading Room will be granted to IAM with a sufficient size and specifics needs

A renowned active advisory

 Bespoke recommendations based on SYZ’s high value-added research  Ability to handle all asset classes  Open architecture

SYZ INDEPENDENT ASSET MANAGERS

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SLIDE 24

24/29 November 2015

SERVING OUR US CLIENTS

About SYZ Swiss Advisors

SEC-registered Swiss investment advisor based in Zurich

Clientele served

American investors based in the US and abroad

SYZ SWISS ADVISORS

Services offered

Discretionary investment management Choice of several investment profiles US tax compliant portfolio management Full tax statements

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SLIDE 25

25/29 November 2015

ACCESS TO DEEP CROSS-ASSET EXPERTISE

SYZ KNOWLEDGE WORLD

SYZ ASSET MANAGEMENT

OYSTER Funds, special mandates, institutional mandates

SYZ RESEARCH

External funds, global equities, global bonds, hedge funds

DISCRETIONARY PORTFOLIO

Various balanced mandates, special mandates & hedge funds mandates

TRADING DESK

Direct access & advisory, forex, equities, bonds, derivatives

WEALTH PLANNING

Optimisation, shareholder maximisation, transfer to next generations

CREDIT & LENDING

Lombard & external loans, bank guarantees, credit, prepaid cards, cheques

GLOBAL INVESTMENT SOLUTIONS

Hedge fund expertise & services

ADVISORY

Global equities & bonds – direct line & funds, forex & derivatives, hedge funds & alternatives, external funds recommendation list

ACCESS TO EXPERTISE

Wealth Management Asset Management

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26/29 November 2015

RECOGNISED QUALITY & SERVICE

SYZ AWARDS

October 2014

The Swiss banking Group SYZ & CO has been voted “Best Private Banking Boutique” by the jury of the Global Private Banking Awards 2014 organised by PWM (Professional Wealth Management) and The Banker, two publications of the Financial Times group.

August 2014

Banque SYZ & CO ranked best Swiss bank in terms of soundness in the annual ranking of the world’s top banks drawn up by the benchmark magazine The Banker.

November 2015

For the second year running, Banque SYZ has been voted “Best Private Banking Boutique” by the jury of the Global Private Banking Awards 2015. Organised by PWM Professional Wealth Management and The Banker, both Financial Times Group publications.

November 2013

Eric Syz, Co-founder and Managing Partner of the Swiss banking group SYZ & CO, was awarded the “Judges’ Award Industry Leader" in the 2013 Global Private Banking Awards, organised by PWM and The Banker.

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SLIDE 27

27/29 November 2015

21 PRESENCES WORLDWIDE, OF WHICH 15 FOR WEALTH MANAGEMENT

SYZ GROUP

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SLIDE 28

28/29 November 2015

CONTACTS

Reggio Emilia Banca ALBERTINI SYZ SpA Via Roma 8 I – 42100 Reggio Emilia Tel: +39 0522 45 921 Bologna Banca ALBERTINI SYZ SpA Piazza Calderini 3 I – 40124 Bologna Tel: +39 051 29 10 51 Torino

Banca ALBERTINI SYZ SpA Corso Re Umberto 77 I – 10128 Torino

  • Tel. (+39) 011 503232

Madrid N+1 SYZ Padilla 17 E – 28006 Madrid Tel: +34 91 745 84 84 Bilbao N+1 SYZ Alameda de Recalde, 35, 6° dcha E - 48011 Bilbao Tel: +34 94 443 63 51 Barcelona N+1 SYZ Paseo de Gracia, 101 E - 08008 Barcelona Tel: +34 93 218 15 40 Paris SYZ (France) SAS 8, place Vendôme F – 75001 Paris Tel: +33 (0)1 55 35 98 80 Brussels SYZ Asset Management (Luxembourg) SA 38/40 Square de Meeûs B - 1000 Bruxelles Tel: +32 (2) 401 61 21

SWITZERLAND

Geneva Banque SYZ SA Rue du Rhône 30 Case Postale 5015 CH – 1211 Genève 11 Tel: +41 (0)58 799 10 00 Fax: +41 (0)58 799 20 00 info@syzgroup.com www.syzgroup.com Geneva Banque SYZ SA Rue François-Diday 6 Case postale 5696 CH - 1211 Genève 11 Tel: +41 (0)22 819 42 42 Fax: +41 (0)22 819 43 43 Geneva SYZ Asset Management (Suisse) SA Rue du Rhône 30 Case Postale 5015 CH – 1211 Genève 11 Tel: +41 (0)58 799 18 00 Fax: +41 (0)58 799 20 46 Zurich – Agency Bank SYZ AG Dreikönigstrasse 12 CH – 8027 Zürich Tel: +41 (0)58 799 77 37 Fax: +41 (0)58 799 22 00 Zurich – Representative office SYZ Asset Management (Schweiz) SA Dreikönigstrasse 12 CH – 8027 Zürich Tel: +41 (0)58 799 77 37 Fax: +41 (0)58 799 22 00 Lugano – Agency Banque SYZ SA Riva Paradiso 2 Casella postale 542 CH – 6902 Lugano - Paradiso Tel: +41 (0)58 799 67 20 Fax: +41 (0)58 799 23 00

ASIA

Hong Kong SYZ Asset Management (Asia) Ltd 6501, 65/F, The Center 99 Queen’s Road Central Hong Kong Tel: +852 3911 0800

MIDDLE EAST

Dubai Banque SYZ SA (Dubai Representative Office) Dubai International Financial Centre Office Nr. 13, Gate Village 4, Level 3 P.O. Box 113355 – Dubai, UAE Tel: +971 (0)4 401 99 99 Fax: +971 (0)4 401 91 14

AFRICA

Johannesburgh Banque SYZ SA, South Africa Representative Office Suite 8, First Floor The Orchard, 89 Bute Lane Sandown RSA - Sandton 2196 PO Box 653641 Benmore RSA - Sandton 2010 Tel: +27 (0)11 305 2382 Fax: +27 (0)86 685 6231 Lugano – Representative office SYZ Asset Management (Suisse) SA Riva Paradiso 2 CH – 6902 Lugano-Paradiso Tel: +41 (0)58 799 67 20 Fax: +41 (0)58 799 23 00 Locarno – Agency Banque SYZ SA Via Cattori 4 Casella postale 1461 CH – 6601 Locarno Tel: +41 (0)58 799 66 66 Fax: +41 (0)58 799 22 50

EUROPE

London SYZ Asset Management (Europe) Limited Authorised and Regulated by the FCA Southwest House 11a Regent Street London SW1Y 4LR Tel: +44 (0) 20 30 400 500 Edinburgh SYZ Asset Management (Europe) Limited Authorised and Regulated by the FCA Southwest House 31 Charlotte Square Edinburgh EH4 4ET Tel: + 44 (0) 20 30 400 500 Milan Banca ALBERTINI SYZ SpA Via Borgonuovo 14 I – 20121 Milano Tel: +39 02 30 30 61 www.albertinisyz.it Zaragoza N+1 SYZ Albareda 1. 2°B 50004 Zaragoza Tel.: +34 976 79 51 60 Luxembourg SYZ Asset Management (Luxembourg) SA 54 rue Charles Martel L – 2134 Luxembourg Tel: +352 26 27 36-1 Global Investment Selection SA 54 rue Charles Martel L – 2134 Luxembourg Tel: +352 26 27 36-1 OYSTER SICAV Boulevard de la Foire 11-13 L – 1528 Luxembourg Tel: +325 26 27 31-1

NORTH AMERICA

Nassau SYZ Bank & Trust Ltd Old Fort Bay Town Centre, Building 2 Windsor Field Road P.O. Box N-1089 Nassau – Bahamas Tel: +1 242 702 1400 Alternative Asset Advisors SA Old Fort Bay Town Centre, Building 2 Windsor Field Road P.O. Box N-1089 Nassau – Bahamas Tel: +1 242 702 1423 Miami Banque SYZ SA (Representative Office) 801 Brickell Avenue, Suite 1501 USA - Miami, Florida 33131 Tel: (305) 371 7141 Fax: (305) 371 7145

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Disclaimer

This marketing document has been issued by the SYZ Group (hereinafter referred to as " SYZ ”). It is not intended for distribution to or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit or restrict its distribution, publication, issue or use. It is the user's sole responsibility to assess whether or not the recipient of the present document is fully permitted to take part of the document in their country of domicile / residence and, if so, to not hold Bank SYZ Ltd accountable for any claims

  • r

proceedings that the recipient could face. This material is intended for informational purposes only and should not be construed as an offer, recommendation or solicitation for the purchase or sale of any financial instrument, or as a contractual

  • document. The information provided herein is not intended to constitute legal, tax, or accounting advice

and may not be suitable for all investors. Any decision to buy, sell or subscribe to any kind of financial instrument would be made under the user's sole responsibility without any liability of any kind of SYZ. SYZ waives any liability for any and all forms of loss or damage that could arise from, or in connection to, the present document. The market valuations, terms, figures and calculations contained herein are estimates only and are subject to change without notice. SYZ will not follow up on the evolution of the information and will not be in position to revert to a user / users, should such information be changed in the future. The information provided is believed to be reliable; however the SYZ Group does not guarantee its completeness or accuracy. Past performance is not an indication of future results, and neither is performance nor capital being guaranteed.