¹The expected returns presented here are calculated simulations of the performance of the various asset classes based on historical data. The actual performance can deviate significantly from this – in particular, it can be much lower or even negative. Past or simulated performance is not a reliable indicator of future performance and in no event represents a promise of a return or risk from Bank Vontobel AG for the future. Bank Vontobel AG therefore disclaims any liability in connection with the simulated performance shown here. The expected returns are calculated on a gross basis, i.e. excluding expenses, fees and taxes, etc. Reference currency CHF, as of September 2019.