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This web site is not directed at any person in any jurisdiction where the availability of this web site is prohibited. More precisely, the investments referred to in this web site have not been registered in the United States of America. The mutual funds described in this site are not being offered in the United States or to US persons, and the information contained in this site is neither an offer to sell nor a solicitation of an offer to buy units of these investments vehicles. Investment recommendations are made in good faith at a specific point in time. They can obviously be amended without notice. They may not be suitable to the circumstances of some investors. We strongly recommend to seek the opinion of a professional investment advisor before implementing any investment strategy.

All material available on this web site, as well as the other Morval Group's web sites, is subject to copyright. Should this material, or any part thereof, be reproduced in written or electronic form, it will require express mention of Banque Morval as source. Any re-publication or dissemination requires the written consent of Banque Morval.

The value of investments and the income derived from them may go down as well as up and all investment involve risk, including not getting back the amount originally invested. Past performance is not necessarily a guide to future performance. Change in foreign exchange rates may cause the value of investments to rise or fall.