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Legal Information

Please read the IMPORTANT INFORMATION below before proceeding, as it explains certain restrictions on the distribution of information available on this website.

1. Reyl Asset Management website

This website - hereinafter the "Site" - is operated by Reyl Asset Management - hereinafter "Reyl Asset Management".

2. Limited Access and geographical restrictions

The Site not intended for legal entities or individuals who by virtue of their nationality, registered office, place of residence or for any other reason are governed by a legal system which prohibits or restricts in particular the publication of the content of the Site, access to the Site, the activities of a foreign financial services provider or the approval of products (such as investment funds).

This prohibition applies in particular to citizens of the United States, and United Kingdom or to persons who are residents of these countries. Access to the Site is prohibited for persons subject to any such restrictions.

Other persons using the Site accept the following rules.

This notice and the rules contained in this document are intended for all users of the Site.

3. No offer and no advisory

The content of this Site is purely informative, and is not aimed at promoting the services of Reyl Asset Management. It is intended to provide general information about the company. No information appearing on this Site shall be deemed as an offer for services or products, in particular bank products, from Reyl Asset Management, nor as an offer or the solicitation for a purchase or sale of securities or of any other investment product. Nothing on this Site shall be deemed as a public call nor selling, whatever its form, qualification or denomination nor shall it be construed as a proactive behaviour from Reyl Asset Management towards third parties. Every contact with the Company from third parties must be considered as the latter's sole initiative.

4. No liability

Reyl Asset Management makes every effort to ensure that the information on this Site is accurate and complete at the time of its inclusion. However, although this information is obtained from sources that are believed to be reliable, Reyl Asset Management does not guarantee, explicitly or implicitly, that it is accurate, reliable, up-to-date or exhaustive. The information and opinions contained in the Reyl Asset Management Site are provided for personal use and informational purposes only and are subject to change at any time without notice. Nothing contained on the Reyl Asset Management Internet Site constitutes investment, legal, tax or other advice nor is to be relied on in making an investment or other decision. Any investment decision should be based on appropriate professional advice specific to the investor's needs. Reyl Asset Management assumes no responsibility for any direct or indirect loss or consequential loss suffered in connection with use of information contained in this Site.

The latest versions of the prospectuses, simplified prospectuses, annual reports and semi-annual reports of the investment funds are the only versions deemed to be official fund publications on which investment decisions may be based.

5. Restrictions Arising from Different National Laws and Regulations

Products and services described on this Site may be subject to restrictions for some persons or in some countries. It is incumbent upon interested persons to take all appropriate steps to ensure that they do not solicit Reyl Asset Management for products and services which, due to the laws of their native country, or of any other country they may be concerned with, may be forbidden or require special authorisation for such persons or for the company. It is the responsibility of readers of this disclaimer to ascertain that access to this Site is authorised from the country from which he/she is connecting.

6. Investment Performance

The value of investments may be subject to fluctuations and, under certain circumstances; investors may not get back the full amount invested. Past performance is not an indication or guarantee of the future performance of the investment. Changes in foreign-exchange rates may also cause the value of investments to go up or down. No information or material at the Site is to be relied upon for the purpose of making or communicating investments or other decision.

7. Intellectual Property

The entire content of the Site is subject to copyright with all rights reserved. You may not reproduce (in whole or in part), transmit (by electronic means or otherwise), modify, link into or use for any public or commercial purpose the Site without the prior written permission of Reyl Asset Management.

8. Protection of personal data - Confidentiality and integrity

Reyl Asset Management cannot guarantee the confidentiality and integrity of information on the internet. There is a risk that messages you send us by electronic means may be intercepted and/or modified as regards to both their content and origin. Reyl Asset Management excludes all liability in this respect.

9. Access restrictions to the Investment funds pages

This Site contains information on investment funds registered and managed in different jurisdictions. It is your responsibility to ascertain that you are authorised to access to investment funds pages.

The two links below will take you to complete lists of all Swiss and foreign investment funds, which the Swiss Financial Market Supervisory Authority (FINMA) has approved for sale in Switzerland:

http://www.finma.ch/institute/pdf_e/eafch.pdf
http://www.finma.ch/institute/pdf_f/fafetr.pdf

Please note that the lists also include investment funds and/or share classes which restrict the authorized group of investors exclusively to qualified investors. The fund documents provide information on such investment restrictions.

All other investment funds listed on the following pages but not featured in the two lists above have not been authorized by the FINMA and are therefore not approved for sale to the public in Switzerland.

You will be required to indicate your place of residence before being allowed to access information relating to the said investment funds. Please note that access by private investors to the said information shall be limited to the investment funds authorised for sale to the public in their country of residence. Consequently, your access is limited to funds registered for sale in your country of residence.

The “Investment Funds” pages are not addressed to U.S. Persons. Reyl investment funds have not been or will be licensed for marketing, offer or sale to the public in the United States in accordance with the US Investment Company Act of 1940 or the US Securities Act of 1933.

The above-mentioned investment funds must not in any circumstances be offered or distributed: (i) in the United States of America, in any of its States or in any other political subdivision of the United States of America, or (ii) to or on behalf of or for the benefit of any United States Person (as defined in Regulation S of the "United States Securities Act" of 1933).

An investment in the Reyl funds should only be made after reading carefully the details relating to the sale restrictions that can be found in documents such as management regulations, latest prospectuses, annual and semi-annual reports. These documents can be all be obtained free of charge from the funds' representatives in each country where the funds are incorporated or registered.

10. Hypertext Links and Viruses

You are expressly reminded that Reyl Asset Management has no control or liability regarding the creation of links to other eternal sites or regarding the content of said sites. Therefore, you accept that your choice to access another site through a hypertext link is made under your own responsibility. You must take the necessary precautions to ensure that the site you have chosen does not contain any virus or any other destructive element.

11. Liability Waiver

Under no circumstances, including but not limited to negligence, shall Reyl Asset Management be liable for any special or consequential damages that may result from the access to or use of, or the inability to access or to use, the materials at the Site.

12. Governing Law

Use of the Site shall be made subject to the laws of Switzerland, which shall exclusively govern the interpretation, application and effect of all the above conditions of use. The courts of Geneva shall have exclusive jurisdiction over all claims or disputes arising in relation to, out of or in connection with the Site and its use.