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A variety of other or additional assumptions or parameters, or other market factors and other considerations, could result in different contemporaneous good faith analyses or assessment of the transaction described above.

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If an investment is denominated in a currency other than your base currency, changes in the rate of exchange may have an adverse effect on value, price or income. All projections, valuations and analyses are provided to assist you in the evaluation of the matters described herein and (i) may be based on subjective assessments and assumptions, (ii) may use one among alternative methodologies that produce different results and (iii) to the extent they are based on historical information, should not be relied upon as an accurate prediction of future performance.

Certain analysis is presented herein and is intended solely for purposes of indicating a range of outcomes that may result from changes in market parameters. It is not intended to suggest any outcome is more likely than another, and it does not include all possible outcomes or the range of possible outcomes, one of which may be that the investment value declines to zero. All projections and forecasts in these materials are therefore illustrative only. Back-tested, hypothetical or simulated performance results have inherent limitations.

Simulated results are achieved by the retroactive application of a back-tested model itself designed with the benefit of hindsight. The back-testing of performance differs from the actual account performance because the investment strategy may be adjusted at any time, for any reason and can continue to be changed until desired or better performance results are achieved. Alternative modeling techniques or assumptions might produce significantly different results and prove to be more appropriate.

Past hypothetical back-test results are neither an indicator nor a guarantee of future returns. Actual results will vary from the analysis. To the extent that the products are structured securities or other forms of structured products, such instruments are complex instruments, typically involving a high degree of risk and are intended for sale only to sophisticated investors who are capable of understanding and assuming the risks involved.

The market value of any structured security or structured product may be affected by changes in economic, financial and political factors (including, but not limited to, spot and forward interest and exchange rates), time to maturity, market conditions and volatility and the credit quality of any issuer or reference issuer. The risk of loss in trading FX, commodities, rates and derivatives can be substantial. You should, therefore, carefully consider whether such trading is suitable for you in light of your circumstances and financial resources.

Any investor interested in purchasing a structured product should conduct its own investigation and analysis of the product and consult with its own professional advisers as to the risks involved in making such a purchase.

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To the extent you conduct business with CSEB through a branch that is outside the EU Member State in which you are located, Spanish conduct of business rules will apply. These materials are not for distribution to Retail Clients, as defined by the Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments (MiFID II) transposition into Spanish Law. Any investment or services to which these materials may relate will not be made available to Retail Clients.

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