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Performance creates trust
Vontobel Investment Banking
The Golden Age of the Silver Society Solactive Demographic Opportunity Performance Index
November 2016
Contents
2
Age pyramid: demographic trend in Germany and the EU 3
A brief interview with Professor Francois Höpflinger 6
The growing economic significance of the older generation
8 Solactive Demographic Opportunity Performance Index – the index categories
9
Solactive Demographic Opportunity Performance Index – the index concept
10
Solactive Demographic Opportunity Performance Index – initial composition
11
Solactive Demographic Opportunity Performance Index – key product data
19
Simulated past performance – index would have gained over 80%
13
Summary 21
Age pyramid Demographic trend in Germany and the EU
Coordinated population projection for Germany1 Demographic trend in western industrialized countries
Life expectancy at birth is continually rising, and people are living longer.
In the next 50 years, the number of people in the over-60s age group will rise by 233% (from 0.6 billion to 2 billion)2.
People are not only living longer, they are also remaining healthy for longer.
The majority of older people (65+) are in a comfortable financial position.
1Source: destatis.de/bevoelkerungspyramide 2Source: zukunftsinstitut.de (online, 01.11.2016)
3
800 600 400 200 0 200 400 600 800 Men (in thousands) Women (in thousands)
2015
2035
Germany: life expectancy and population projection
Life expectancy at birth in Germany by gender (1950 to 2060) (in years)
Population projection in Germany by age group (from 2007 to 2050)
Life expectancy continually rising. Positive growth rates in over-65 age group only.
64.6
66.9 67.2
69.6
72.6
74.8
77.2 78.4 79.1
80.6 82.1
83.5 84.8
68.5
72.4 73.4
76.3
79 80.8
82.7 83.4 84.1 85.5
86.6 87.7
88.8
60
65
70
75
80
85
90
95
1950 1960 1970 1980 1990 2000 2010 2015 2020 2030 2040 2050 2060
Men Women
Source: German Federal Statistical Office, Statista.com
-16
-35 -29
38
156
-50
0
50
100
150
200
Total population under 20 20 to 64 65 and older 80 and older
Change (%)
4
Population shares and the demographic trend
Proportion of the population under 15 and over 64 in the regions of the world (2016)
Demographic trend in Germany, China, India and the US (1980 to 2030)
US and EU with largest over-64 share. Global growth in age dependency ratios.
Source: DWS, United Nations, Statista.com; *Age dependency ratio = population aged over 65 / population aged 15 to 64; youth ratio = population aged 0 to 14 / population aged 15 to 64
41%
26% 26% 25% 24%
19%
16%
4%
8% 8% 8%
12%
15% 17%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
Africa LatinAmerica,
Caribbean
Worldwide Asia Australia,Oceania*
NorthAmerica
Europe
under 15 over 64
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
2010 2020 2030
5
“People are not only living longer, they are also remaining healthy for longer”
Prof. Francois Höpflinger – researcher in ageing & Professor Emeritus of Sociology (Zurich University)
Older people’s lives today
People are not only living longer, they are also remaining healthy for longer.
The number of years of healthy life has grown at a higher rate than the total number of years lived (Switzerland).
The majority of older people (65+) are in a comfortable financial position.
Development of their requirements
Older people are often very demanding.
They want to determine their own lives and live independently as long as possible.
Older people (65+) have the highest level of life satisfaction of all age groups.
The proportion of lonely people has demonstrably fallen.
Future needs of older people (65+)
Lifelong learning in old age, maintaining social contact and new activities are becoming increasingly important.
More and more people also want to continue working past the age of 65.
Assisted living facilities (accommodation coupled with care services) are gaining in importance.
Source: Brief interview as part of the derinews cover story (November/December 2016 issue) Picture source: Prof. Francois Höpflinger
Prof. Francois Höpflinger Professor Höpflinger has led numerous research projects in the areas of demographics and family sociology. Since 2009, he has dedicated his efforts to independent research and consulting activities relating to age and generational issues.
6
We’re getting older – but biologically we’re younger than ever Demographic opportunities
Satisfied, well placed financially, and less stress…
54% regard their financial
situation as being good
Source: Generali Germany (November 2012); 65-85 age group; 4,197 people surveyed
>50% are highly satisfied
with their life
Stress
Many see this as an
advantage of old age
These key aspects highlight the increasing needs of a growing but also discerning age group, and also indicate the purchasing power of this consumer segment.
7
The growing economic significance of the older generation
Demographic trend driving various sectors
We’re getting older, but biologically we’re younger than ever.
More and more older people are turning back the years and taking their lives in entirely new directions. Senior citizens are thus increasingly becoming key factors in the economy.
This is borne out by longer lifespans and better health, but also by the increasing size of this age group.
The growing economic significance of senior citizens is leading to an increasing demand for products and services for these groups.
The ‘Silver Society’ is the manifestation of a long-term demographic trend, a development that various business areas are profiting from and which investors can also harness.
Source: derinews magazine, November/December 2016
8
Categories Solactive Demographic Opportunity Performance Index
Profit from demographic change…
Recreation: Fertile ground for new business segments. Focus on the leisure time needs of the ‘Silver Society’. Vacation and entertainment sector.
Vail Resorts Inc.: a well known US operator of mountain and lodging resorts, the company is profiting from the low oil price, the associated increase in its clients’ purchasing power, and increasing summer season activity.1
Medtech firms with a promising future: The areas enjoying strongest growth are neurology, endoscopy and ophthalmology.
Straumann Holding AG: the Swiss dental implant specialist has a good market position in tissue implants. Fundamentally compact and well organized product range coupled with a streamlined corporate structure.3
Teleflex Inc.: a US provider of speciality medicine products for critical care procedures and surgery, and the leading provider in more than 40 countries.1
Edwards Lifesciences Corp.: this Californian heart valve specialist is the sector leader in its field. Through to 2022, it is likely to invest the most in research relative to its forecast sales.1
Essilor International SA: a globally active ophthalmic optics company based in Paris. It is the leader in this field, ahead of Novartis. Likely to be able to defend its market leading position through to 2020, and rank among the top 20 fastest growing medtech firms.4
Global need for care: an increase of 20% was already recorded in 2010 compared with 2000. This figure is likely to have reached 68% by 2030, and 110% a further twenty years later.2
RECREATION
DRUGS
LEISURE
CARE/OTHER
SPECIALTY MEDICINE
1Source: seekingalpha; 2Source: ‘Alzheimer’s Disease International’ (2013); 3Source: PocketGuide® Vontobel Equity Research (31.10.2016)
4: Categories not taken into account: airlines, catering/hospitality, media and the largest pharmaceuticals companies
DEMOGRAPHIC OPPORTUNITIES4
Fresenius SE & Co KGaA: this German healthcare group has targeted a growth market with the acquisition of the Spanish clinic operator Quironsalud.
9
The index concept Solactive Demographic Opportunity Performance Index
The idea behind the Solactive Demographic Opportunity Performance Index
Source: Solactive; 1: most recently published financial year; 2: earnings before interest, taxes, depreciation, and amortization. Growth in each of the last two financial years and estimates for the current
financial year. 10
The initial composition Solactive Demographic Opportunity Performance Index
Solactive Demographic Opportunity Performance Index – Shares
Category Company Country (by head office) Currency Weighting
Recreation Amer Sports Oyj Finland EUR 5.00%
Recreation Hilton Worldwide Holdings Inc. US USD 5.00%
Recreation Thor Industries Inc. US USD 5.00%
Recreation Vail Resorts Inc. US USD 5.00%
Leisure Christian Dior SE France EUR 5.00%
Leisure Nike Inc. US USD 5.00%
Drugs Bayer AG Germany EUR 5.00%
Drugs Ipsen SA France EUR 5.00%
Drugs PAREXEL International Corp. US USD 5.00%
Drugs Recordati SpA Italy EUR 5.00%
Drugs Shire PLC US GBP 5.00%
Specialty Medicine Edwards Lifesciences Corp. US USD 5.00%
Specialty Medicine Essilor International SA France EUR 5.00%
Specialty Medicine Straumann Holding Ltd Switzerland CHF 5.00%
Specialty Medicine Teleflex Inc. US USD 5.00%
Care/Other Cerner Corp. US USD 5.00%
Care/Other Eurofins Scientific SE Luxembourg EUR 5.00%
Care/Other Fresenius SE & Co KGaA Germany EUR 5.00%
Care/Other Healthcare Services Group Inc. US USD 5.00%
Care/Other VCA Inc. US USD 5.00%
Source: Solactive, Bloomberg; as at: 11 November 2016
11
Initial country, currency and category weightings Focus currently on US
Categories Initial composition
Country weighting (by head office) Initial composition
Currencies Initial composition
55%
15%
10%
5%
5% 5%
5%
US
France
Germany
Italy
Switzerland
Finland
Luxembourg
50%
40%
5% 5%
USDEURCHFGBP
25%
25% 20%
20%
10%
Medikamente
Pflege/Andere
Erholung
Medizinische Spezialgebiete
Freizeit
Source: Solactive, Bloomberg; as at: 11 November 2016
12
Drugs
Care/Other
Recreation
Specialty Medicine
Leisure
Outperformance vs benchmark
Solactive Demographic Opportunity Performance Index Simulated past performance – index would have gained over 80%
‘Theoretical history’
Taking into account annual adjustments from 25.05.2011 to 31.10.2016, the Solactive Demographic Opportunity Performance Index would have gained more than 80%.
181.6
143.2
0
50
100
150
200
250
2011 2012 2013 2014 2015 2016
Inde
x po
ints
Solactive Demographic Opportunity Performance-Index (USD) MSCI World Net TR Index
Source: Bloomberg, Solactive – 25.05.2011 to 30.10.2016; Historical data are no guarantee of future developments
13
Solactive Demographic Opportunity
MSCI World Net TR
Return p.a. 11.59% 6.82%
Volatility p.a. 14.43% 13.97%
The initial composition – details Solactive Demographic Opportunity Performance Index
Detailed breakdown of the initial composition
Amer Sports Oyj
Bayer AG Cerner Corp. Christian Dior SE Sector: Leisure Goods Country/currency: Finland (EUR) Market cap: USD 3,261.29 mn
Description: Amer Sports Oyj, through subsidiaries, develops, manufactures, and markets sports and fitness equipment. The Company makes golf, racquet sports, winter sports, and team sports equipment, as well as diving gear and workout equipment. Amer Sports products are sold in stores around the world.
Sector: Chemicals Country/currency: Germany (EUR) Market cap: USD 84,623.41 mn
Description: Bayer AG produces and markets healthcare and agricultural products. The Company manufactures products that include aspirin, antibiotics, anti-infectives, cardiovascular, oncology, central nervous system drugs, over-the-counter medications, diagnostics, animal health products, crop protection products, plastics, and polyurethanes.
Sector: Software & Computer Services
Country/currency: US (USD) Market cap: USD 17,246.41 mn
Description: Cerner Corporation is a worldwide supplier of healthcare solutions and services. The Company's solutions are designed to optimize clinical and financial outcomes for healthcare organizations ranging from single-doctor practices, to health systems, to entire countries, for the pharmaceutical and medical device industries, and for the healthcare commerce system.
Sector: Personal Goods Country/currency: France (EUR) Market cap: USD 34,533.69 mn
Description: Christian Dior SE manufactures luxury products such as upscale clothing, champagne and wines, cognac and spirits, luggage and leather goods, perfumes and cosmetics, and jewelry and watches. The Company markets its products internationally.
Sources: Solactive, Bloomberg; as at 11.11.2016; 1: At initial fixing (indicative)
0
20
40
60
80
100
120
140
160
2011 2012 2013 2014 2015
Shar
e pr
ice
Bayer AG
0
10
20
30
40
50
60
70
80
2011 2012 2013 2014 2015
Shar
e pr
ice
Cerner Corp
0
50
100
150
200
250
2011 2012 2013 2014 2015
Shar
e pr
ice
Christian Dior SE
14
0
5
10
15
20
25
30
2011 2012 2013 2014 2015
Amer Sports Oyj
The initial composition – details Solactive Demographic Opportunity Performance Index
Detailed breakdown of the initial composition
Edwards Lifesciences Corp Essilor International SA Eurofins Scientific SE Fresenius SE & Co KGaA Sector: Care Equipment &
Services Country/currency: US (USD) Market cap: USD 19,767.10 mn
Description: Edwards Lifesciences Corporation designs, develops, manufactures, and markets products and services to treat late-stage cardiovascular disease. The Company's products include tissue replacement heart valves, heart valve repair products, hemodynamic monitoring devices, angioscopy equipment, oxygenators, and pharmaceuticals. Edwards supplies its products to customers located worldwide.
Sector: Care Equipment & Services
Country/currency: France (EUR) Market cap: USD 24,463.90 mn
Description: Essilor International SA manufactures and sells plastic and glass ophthalmic lenses. The Company offers products for correcting myopia, hyperopia, astigmatism, and presbyopia. Essilor International operates worldwide.
Sector: Care Equipment & Services
Country/currency: Luxembourg (EUR) Market cap: USD 7,591.10 mn
Description: Eurofins Scientific SE offers laboratory safety and purity analysis. The Company analyzes food, pharmaceuticals and cosmetics, and offers environmental testing services. Eurofins operates in Europe and the United States.
Sector: Care Equipment & Services
Country/currency: Germany (EUR) Market cap: USD 42,046.36 mn
Description: Fresenius SE & Co KGaA is a global health care group with products and services for dialysis, the hospital and the medical care of patients at home. The Company sells dialysis, infusion, transfusion, and diagnostics equipment and systems, blood separators, plasma, hemofilters, nutritional liquids, and solid and liquid pharmaceuticals.
Sources: Solactive, Bloomberg; as at 11.11.2016; 1: At initial fixing (indicative)
0
20
40
60
80
100
120
140
2011 2012 2013 2014 2015
Shar
e pr
ice
Edwards Lifesciences Corp
0
20
40
60
80
100
120
140
2011 2012 2013 2014 2015
Shar
e pr
ice
Essilor International SA
050
100150200250300350400450
2011 2012 2013 2014 2015
Shar
e pr
ice
Eurofins Scientific SE
0
10
20
30
40
50
60
70
80
2011 2012 2013 2014 2015
Shar
e pr
ice
Fresenius SE & Co KGaA
15
The initial composition – details Solactive Demographic Opportunity Performance Index
Detailed breakdown of the initial composition
Healthcare Services Group Hilton Worldwide Holdings Ipsen SA NIKE Inc. Sector: Care Equipment &
Services Country/currency: US (USD) Market cap: USD 2,586.27 mn
Description: Healthcare Services Group, Inc. provides housekeeping, laundry, linen, facility maintenance, and food services. The Company provides its services to the health care industry, including nursing homes, retirement complexes, rehabilitation centers, and hospitals. Healthcare Services operates in the United States and Canada.
Sector: Travel & Leisure Country/currency: US (USD) Market cap: USD 23,368.78 mn
Description: Hilton Worldwide Holdings Inc. operates in the hospitality industry. The Company owns and manages hotels, resorts and time share properties globally.
Sector: Pharmaceuticals & Biotechnology
Country/currency: France (EUR) Market cap: USD 5,759.70 mn
Description: Ipsen SA manufactures and markets a wide range of medical drugs for targeted disease areas including oncology, endocrinology, and neuromuscular disorders.
Sector: Personal Goods Country/currency: US (USD) Market cap: USD 85,137.00 mn
Description: NIKE, Inc. designs, develops, and markets athletic footwear, apparel, equipment, and accessory products for men, women, and children. The Company sells its products worldwide to retail stores, through its own stores, subsidiaries, and distributors.
Sources: Solactive, Bloomberg; as at 11.11.2016; 1: At initial fixing (indicative)
05
1015202530354045
2011 2012 2013 2014 2015
Shar
e pr
ice
Healthcare Services Group Inc
0
10
20
30
40
50
60
70
2011 2012 2013 2014 2015
Shar
e pr
ice
Ipsen SA
0
10
20
30
40
50
60
70
80
2011 2012 2013 2014 2015
Shar
e pr
ice
NIKE Inc
0
5
10
15
20
25
30
35
2013 2014 2015
Shar
e pr
ice
Hilton Worldwide Holdings Inc
16
The initial composition – details Solactive Demographic Opportunity Performance Index
Detailed breakdown of the initial composition
PAREXEL International Recordati SpA Shire PLC Straumann Holding AG Sector: Care Equipment &
Services Country/currency: US (USD) Market cap: USD 3,193.14 mn
Description: PAREXEL International Corporation is a global biopharmaceutical services company, providing a range of contract research, consulting, medical communications, and technology solutions. The Company provides its services to the worldwide pharmaceutical, biotechnology, and medical device industries.
Sector: Pharmaceuticals & Biotechnology
Country/currency: Italy (EUR) Market cap: USD 6,069.10 mn
Description: Recordati S.p.A. manufactures pharmaceuticals. The Company researches, develops, manufactures, and markets prescription and non-prescription pharmaceuticals, pharmaceutical chemicals, therapeutic products and rare disease treatments. The Company sells its products throughout the world.
Sector: Pharmaceuticals & Biotechnology
Country/currency: US (GBP) Market cap: USD 57,614.83 mn
Description: Shire is a global biotechnology group focused on serving people with rare diseases and other specialized conditions. The Company develops products across core therapeutic areas including Hematology, Immunology, Neuroscience, Ophthalmics, Lysosomal Storage Disorders, Gastrointestinal / Internal Medicine / Endocrine and Hereditary Angioedema; and in Oncology.
Sector: Care Equipment & Services
Country/currency: Switzerland (CHF) Market cap: USD 5,766.29 mn
Description: Straumann Holding AG develops, produces and sells dental implants. The Company manufactures metal devices implantable in the jaw, in place of missing teeth, to which prosthetic teeth are attached. Straumann has subsidiaries throughout Europe and North America. The Company sells its products worldwide.
Sources: Solactive, Bloomberg; as at 11.11.2016; 1: At initial fixing (indicative)
0
10
20
30
40
50
60
70
80
2011 2012 2013 2014 2015
Shar
e pr
ice
PAREXEL International Corp
0
5
10
15
20
25
30
35
2011 2012 2013 2014 2015
Shar
e pr
ice
Recordati SpA
0
1000
2000
3000
4000
5000
6000
7000
2011 2012 2013 2014 2015
Shar
e pr
ice
Shire PLC
050
100150200250300350400450
2011 2012 2013 2014 2015
Shar
e pr
ice
Straumann Holding AG
17
The initial composition – details Solactive Demographic Opportunity Performance Index
Detailed breakdown of the initial composition
Teleflex Inc. Thor Industries Inc. Vail Resorts Inc. VCA Inc. Sector: Care Equipment &
Services Country/currency: US (USD) Market cap: USD 6,427.81 mn
Description: Teleflex Incorporated is a global provider of medical technology products. The Company primarily develops, manufactures and supplies single-use medical devices used by hospitals and healthcare providers for common diagnostic and therapeutic procedures in critical care and surgical applications.
Sector: Leisure Goods Country/currency: US (USD) Market cap: USD 4,101.19 mn
Description: Thor Industries, Inc. produces and sells a wide range of recreation vehicles. The Company offers motorhomes, camping, fifth-wheel, and travel trailers. Thor Industries serves customers in the United States and Canada.
Sector: Travel & Leisure Country/currency: US (USD) Market cap: USD 5,627.20 mn
Description: Vail Resorts, Inc. operates resorts in Colorado. The Company's resorts include Vail Mountain, a ski mountain complex, and Beaver Creek Resort, a family oriented mountain resort. Vail Resorts also operates Breckenridge Mountain, a destination resort with apres-ski activities and Keystone Resort, a year-round family vacation destination.
Sector: General Retail
Country/currency: US (USD) Market cap: USD 5,133.61 mn
Description: VCA Inc. provides veterinary care services. The Company offers pet health information, adoption, general care, and boarding and grooming services. VCA conducts its business in the United States and Canada.
Sources: Solactive, Bloomberg; as at 11.11.2016; 1: At initial fixing (indicative)
020406080
100120140160180200
2011 2012 2013 2014 2015
Shar
e pr
ice
Teleflex Inc
0102030405060708090
100
2011 2012 2013 2014 2015
Shar
e pr
ice
Thor Industries Inc
020406080
100120140160180
2011 2012 2013 2014 2015
Shar
e pr
ice
Vail Resorts Inc
0
10
20
30
40
50
60
70
80
2011 2012 2013 2014 2015
Shar
e pr
ice
VCA Inc
18
VONCERT Open End
SSPA product type Tracker certificate (1300)
Underlying Solactive Demographic Opportunity Performance Index
Initial fixing / payment date 9 December 2016 / 16 December 2016
Term Open end
Management fee 1.00% p.a.
Issuer Vontobel Financial Products Ltd., DIFC Dubai (is not subject to any prudential supervision and has no rating)
Guarantor Vontobel Holding AG, Zurich (Moody's A3)
Key product data Solactive Demographic Opportunity Performance Index
Key product data – VONCERT Open End
Currencies CHF USD
Valor / symbol 3418 2500 / ZSLDCV 3418 2502 / ZSLDUV
Issue price CHF 101.50 (CHF 1.50 front-load fee included)
USD 101.50 (USD 1.50 front-load fee included)
Spot reference price CHF 100.00 USD 100.00
Term sheet
Details on derinet.ch
Term sheet
Details on derinet.ch
Term sheets containing the legally binding information and other details can be downloaded at any time from www.derinet.ch. All information is indicative and subject to change.
In subscription until 8 December 2016,
4:00pm CET
19
Important information for investors Solactive Demographic Opportunity Performance Index
Legal information & risks for investors
VONCERTs [SSPA product type: tracker certificate (1300)] essentially track the performance of their underlying. When investing in a VONCERT, the same risks must essentially be taken into account as for a direct investment in the underlying, in particular the related foreign currency, market and price risks. VONCERTs do not yield current income and have no capital protection. Significant risks for investors
Economic crises and changes could have a detrimental impact on the shares underlying the participation certificate. New technologies offer the potential of promising business models, but also entail risks. This can lead to corresponding
share price volatility. New competitors could engage the established firms in the index in a fight for market share. Issuer risk Currency risk No capital protection
Term sheets containing the legally binding information and other details can be downloaded at any time from www.derinet.ch. All information is indicative and subject to change.
20
Summary Investment case & index concept
Investment case The Golden Age of the Silver Society
Index concept Solactive Demographic Opportunity Performance Index
Senior citizens are increasingly becoming key factors in the economy.
Longer lifespans and better health as well as the increasing size of this age group are evidence of this.
The growing economic significance of senior citizens is leading to an increasing demand for products and services for this groups.
The ‘Silver Society’ is the manifestation of a long-term demographic trend, a development that various business areas are profiting from and which investors can also harness.
The newly launched index provides investors with efficient and transparent access to an investment comprising up to 20 companies in the areas of recreation, leisure, specialist medicine, drugs and healthcare.
The index tracks the performance of US and European companies set to harness the potential of the demographic trend in western industrialized countries.
The index is calculated in USD
The shares must be classified in one of the following categories:
Recreation
Leisure
Specialty Medicine
Drugs
Care/Other
Quantitative criteria are:
- Return on equity for the most recently published financial year must be >10%.
- EBITDA1 growth must be >5% in each of the past two financial years and in the current year estimates.
The 20 stocks with the lowest volatility will be included, albeit with a maximum of five stocks from each category.
Source: Solactive; 1: earnings before interest, taxes, depreciation, and amortization. 21
Legal Note
Disclaimer
This publication is for information purposes only and does not represent an investment recommendation or advice and contains neither an offer nor an invitation to make an offer. It does not replace the qualified advice necessary before any purchase decision, in particular as regards all associated risks. This publication was drawn up by our Financial Products & Distribution organizational unit, and is not the result of financial analysis. The Directives on the Independence of Financial Research issued by the Swiss Bankers Association do not apply to this publication. Any content in this publication originating from other organizational units at Vontobel or third parties are marked as such with reference to the source. The legally applicable product documentation (listing prospectus) consists of the definitive term sheet with the final terms and the issue programme registered with SIX Swiss Exchange. These documents and the brochure “Special Risks in Securities Trading” may be obtained free of charge at www.derinet.ch or from Bank Vontobel AG, Financial Products, CH-8022 Zurich (Tel. +41 (0)58 283 78 88). Past performance must not be taken as an indication or guarantee of future performance. Structured products are not regarded as collective investment schemes within the meaning of the Federal Act on Collective Investment Schemes (CISA), and are therefore not subject to the approval or supervision of the Swiss Financial Market Supervisory Authority FINMA. The value of structured products may depend not only on the performance of the underlying, but also on the creditworthiness of the issuer. The investor is exposed to the risk of the issuer / guarantor defaulting. This publication and the financial products outlined therein are not intended for persons subject to a jurisdiction which limits or prohibits the sale of financial products or the dissemination of this publication and/or the information contained therein. All information is provided without a guarantee.
November 2016 ©Bank Vontobel AG. All rights reserved
22
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