Disclaimer Bellecapital Asset Management

Persons who access information made available on the Bellecapital AG ("Bellecapital") website (www.bellecapital.com) via the World Wide Web agree to the following terms and conditions. Persons who do not accept these terms and conditions are not permitted to use the Bellecapitals website.

The information and opinions published on the Bellecapital website are provided by Bellecapital exclusively for personal use and for information. Bellecapital does not guarantee that the information and opinions published on the Bellecapital website are correct, complete, or up to date. Although the information provided on the Bellecapital website is up to date at the time of publication, it cannot be guaranteed that it has not changed since then and is still up to date. Therefore, published information should not be construed as though the circumstances have not changed since the publication or since the submission to the respective supervisory authority. Moreover, information on the Bellecapital website is subject to change at all times and without prior notice. The information on the Bellecapital website does not represent an aid for making decisions in economic, legal, tax-related, or other consulting issues, and no investment decisions or other decisions should be made solely on the basis of this information. Advice by a qualified expert is indispensable and is hereby expressly recommended.

Access limitations based on domicile and investor category / no public sale
Not all of the collective capital investment schemes contained on the Bellecapital website have been approved for sale in or from Switzerland; these are expressly indicated on the Bellecapital website. All other collective capital investment schemes, which have not been approved for sale in or from Switzerland, shall not be offered or publicly sold in Switzerland.

Accordingly, the collective capital investment schemes that are published on the Bellecapital website and which have not been approved for sale in or from Switzerland, exclusively address qualified investors as defined in Art. 10 (3) of the Swiss Collective Investment Schemes Act with domicile in Switzerland. The following are considered to be qualified investors:
a. Supervised financial intermediaries such as banks, securities traders, fund management companies, and
asset managers of collective capital investment schemes,
b. Supervised insurance institutions,
c. Entities under public law and pension institutions with professional treasuries,
d. Companies with professional treasuries,
e. Wealthy individuals who directly or indirectly hold financial assets of at least CHF 2 million,
f. Investors who have concluded a written asset management agreement with a supervised financial
intermediary (such as a bank, securities trader, fund management company or asset manager of
collective capital investment scheme).
g. Independent asset managers and investors who have concluded a written asset management agreement
with these, to the extent that:
(i) the asset manager, as financial intermediary, is subject to the Money Laundering Act of
10 October 1997 (GwG) (Art. 2 (3) letter e GwG);
(ii) the asset manager is subject to the code of conduct of an industry organisation that
FINMA recognises as minimum standards; and
(iii) the asset management agreement corresponds to the recognised policies of an
industry organisation.

The Bellecapital website is not meant for persons who are subject to a legal system (e.g. due to nationality, registered office, residence, tax domicile, or other reasons) that, in particular, prohibits publication of the content of or access to the Bellecapital website. Persons that are subject to such restrictions are prohibited from accessing the Bellecapital website. Moreover, copies, printouts, or data stored on the Bellecapital website shall not be made available to the aforesaid persons.

The performance of collective capital investment schemes is subject to constant fluctuation. The past performance of collective capital investment schemes is not indicative of the future value development, and good historical performance is no guarantee of positive value development in the future. The performance information provided does not take any commission or costs incurred in connection with the subscription and redemption of shares into consideration. Such commission and costs have a negative effect on the performance. If the currency in which the performance is shown does not correspond to the investor's reference currency, this results in an additional risk due to exchange rate fluctuations that can have a positive or negative effect on the value of the investment. Potential investors must take note of the fact that investments can involve substantial risks, and the investment value can increase or decrease.

In connection with the collective capital investment schemes, Bellecapital may pay third parties or affiliated companies a one-off or recurring fee or receive such from third parties. Moreover, conflicts of interests may exist with respect to the investments made by the collective capital investment schemes.

The entire content of the Bellecapital website is protected by copyright. The downloading or printing of individual pages and/or subsections of the Bellecapital website is permitted, provided that neither the copyright marks nor any other legally protected designations are removed. All property rights remain with Bellecapital . The (complete or partial) reproduction, transmission (electronically or by other means), modification, linking, or use of the Bellecapital website for public or commercial purposes is prohibited without the prior written consent of Bellecapital.

The information published on the Bellecapital website does not constitute a recommendation or an offer or a request to purchase or sell investment instruments, to perform transactions, or to conclude any legal transactions.

The information and opinions published on the Bellecapital website are provided without any guarantees (neither express nor implied). Bellecapital excludes any and all liability for losses and damage of all kinds, including direct, indirect, and consequential damages that may arise from the use of the Bellecapital website or the forwarding of any kind of information from the website or from links to third-party websites or any contact via e-mail from or to Bellecapital.