Disclaimer

Conditions of use
This website and the information contained herein are addressed solely to

persons who are permitted to access such information in accordance with

the statutory and regulatory provisions in their country of domicile and the

country of which they are nationals. By accessing the content of this website,

you declare that you have read and understood the following conditions of

use, and that you accept them without reservation.

Statutory and regulatory restrictions
This website does not address persons who are prohibited from accessing

such websites by the legal system of their state. Such persons are not

allowed to access this website.

Not an offer
The information, documentation and opinions disclosed on this website

constitute neither a recommendation nor an offer to enter into legal

transactions of any kind. Said information, documentation and opinions

are not valid as a basis for investment decisions and are provided merely

for the purpose of information. We recommend investors seek guidance

from an investment advisor at their bank prior to taking investment decisions.

Performance
The value of the invested capital and the yield resulting therefrom are

subject to fluctuations and may be entirely lost or may cease altogether.

Positive performance (development of value) in the past is therefore not

a guarantee of positive performance in the future. In particular, the

protection of the invested capital cannot be warranted; there is thus no

guarantee that the value of the employed capital will correspond to the

original capital on divestment. Investments in foreign currencies are exposed to the additional risk of exchange-rate fluctuations and currency risks, i.e. the development of the value of such investments also depends on the volatility of the foreign currency, which might bear negatively on the value of the invested capital.

Exclusion of liability
The information contained in this website is for informational purposes only. All the information on this website may be changed at any time without prior notice. Although the content of this website was prepared with all due care and as accurately as possible, no guarantee can be given that the content is up-to-date, correct or complete. All liability in respect of losses due to direct or indirect damage of any nature arising from this information and the use thereof (including negligence and third-party liability) is declined.
No responsibility is accepted and no guarantee is given in respect of the following: that the functions on this website shall not be interrupted or that they are free of errors, that errors are rectified or that the site or the respective server is free of viruses or any other harmful components.

Tax
All tax treatment in connection with the content of this website or relevant investments is subject to case-by-case review and is therefore essentially dependent on the personal situation of each visitor to the site or of each potential investor, and may be subject to changes. Visitors and/or investors are solely responsible in these respects and should seek advice from a qualified expert prior to taking an investment decision.

Intellectual property rights
The entire content of this website is protected by copyright (all rights reserved). Use of this website shall not grant the user any right in its content, in its software, in any registered trademark or in any other element of the website. All brands or logos cited on this website represent intellectual property.

References and links
You may leave this website by using a link to visit another website; no liability is accepted for the content of such websites, and in particular for the offers, information and opinions contained therein.

Applicable law 
Should a legal relationship result from the use of this website, it shall be subject to Swiss law.