Disclaimer foreign exchange commentary Important legal information Deposit insurance scheme Are my deposits protected under the deposit insurance esisuisse? MiFID II Important legal information on Markets in Financial Instruments Directive Important legal information about the use of the website of Maerki Baumann & Co. AG (“MBC”) Use of the MBC website By using the website www.maerki‑baumann.ch and its pages (hereinafter “MBC website”) you confirm that you have read, understood and accepted the following terms and conditions and the important legal information. In the event that you do not agree to these terms and conditions, we request you to leave the MBC website immediately. User access and the use of the MBC website are subject to Swiss law. The place of jurisdiction is Zurich. Definitions In these terms, unless the context otherwise requires, the following expressions have the following meanings: "Content" means any and all text, images, audio, video, scripts, code, software, databases and any other form of information capable of being stored on a computer that appears on or forms part of the Website; "Maerki Baumann" means Maerki Baumann AG, a company (bank) registered in Switzerland whose address is Dreikönigstrasse 6, 8001 Zurich. Access to the website Access to the website is free of charge. It is your responsibility to make any and all arrangements necessary in order to access the website. Access to the website is provided "as is" and on an "as available" basis. MBC may alter, suspend or discontinue the website (or any part of it) at any time and without notice. MBC will not be liable to you in any way if the website (or any part of it) is unavailable at any time and for any period. 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No warranty and no liability MBC makes every effort to obtain all the information available on the MBC website from sources that are known to be reliable. The information obtained from third parties is checked by MBC, but neither MBC nor third parties make any representation about the timeliness, accuracy, reliability and completeness of the information and views contained on the MBC website. The information and views published on the MBC website are made available by MBC and third parties solely for private use and information purposes. They may be changed at any time without prior notification. The information on the MBC website does not constitute assistance in taking decisions on legal, fiscal or other matters, nor should investment or other decisions be made on the basis of this information. MBC does not warrant, either explicitly or implicitly, the timeliness, accuracy, reliability or completeness of the information and views made available on the MBC website. In no event shall MBC or third parties accept any liability whatsoever for losses or damages – whether direct, indirect or consequential damages – that could arise from or in connection with the access to or the use, performance or searching of the MBC website or the links it contains with other websites, even if MBC and / or third parties have been advised of the possibility of such losses. Performance The future performance of the investment assets, including investment funds and investment fund strategies, cannot be derived from past price performance. In other words, the value of the investment may increase or decrease, and the investor may be required to make additional payments for certain products. The information on this website is in no way to be understood as an assurance of future performance. The preservation of the invested capital cannot be guaranteed; for instance, exchange rate fluctuations may bring about changes in the value of the investment. 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The entire content of the MBC website is protected by copyright (all rights reserved) and is the property of MBC unless otherwise expressly stated. Downloads or printouts of individual pages and / or sections of the MBC website are permitted only if the copyright notices and the other legally protected marks are retained. If you download, print out or reproduce any data from the MBC website, all intellectual property rights remain the property of MBC and the relevant third parties. The complete or partial reproduction, transmission (by electronic or other means), modification, linking or use of the MBC website for public or commercial purposes is prohibited. Potential conflicts of interest MBC and / or its directors, managers and employees may in the past have invested or may at present or in the future invest in financial products or companies about which the MBC website contains information. Moreover, these persons may have or have had relations with the companies in question, provide or have provided these companies with services or be or have been members of their management and / or their board of directors. Financial analysis Financial analysis at MBC performs secondary research at securities level. It takes a top-down approach based on macroeconomic estimates by our Investment Committee, combined with a bottom-up approach. It draws on publicly available information (financial press, Internet, financial information systems, corporate news, etc.) and on research reports from other financial institutions that are deemed to be reliable. Having gathered this information, our analysts form an independent opinion on the company in question. The company analysis may be based on the following qualitative and quantitative factors (list is not exhaustive): Market position of the company Strategy Competitive comparison Product range Management Corporate governance Financial strength Capitalization Earnings outlook Growth Valuation Company analysis also entails a comparison with competing companies from the same sector. The process may take the following aspects into account (list is not exhaustive): Changes in supply and demand Competitive environment Market entry barriers Suppliers Development of political influences Development of legal environment New technologies When valuing companies, relative valuation principles are initially applied. These may be applied based on historical comparisons or in relation to competitive factors or to the market as a whole. The following key ratios may be incorporated into the valuation (the ratios used vary from one sector to another – list is not exhaustive): Price / earnings ratio (P/E) Price / book value ratio (P/BV) Price / sales ratio (P/S) Price / cash flow ratio (P/CF) Dividend yield Payout ratio Price / earnings to growth ratio (PEG) Enterprise value / EBITDA ratio (EV / EBITDA) Enterprise value / sales ratio (EV / sales) To assess the company's financial strength, the following ratios may be used (other or additional ratios may be used, depending on the company's particular features or focus – list is not exhaustive): Liquidity situation Equity ratio Net debt to EBITDA ratio Data protection and cookies Please refer to our data privacy notice and our cookie policy, both published on our website. Changes to these terms MBC may alter these terms at any time. Any such changes will become binding on you upon your first use of the website after the changes have been implemented. 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