Important legal information for the foreign exchange commentary This publication is intended for information and marketing purposes only, and is not geared to the conclusion of a contract. It only contains the investment policy of Maerki Baumann & Co. AG (hereinafter “MBC”) and an assessment of selected financial instruments. Consequently, this publication does not constitute investment advice or a specific individual investment recommendation, and is not an offer for the purchase or sale of investment instruments. The question of whether to follow a recommendation from MBC is the sole responsibility of the investor, who assumes all the risks relating to his or her investment decisions, even if the decisions are based on a recommendation of MBC. Investments in any financial product should only be made after a thorough inspection of the most recent relevant legal documentation, taking into consideration any sales restrictions and risk factors mentioned. This document contains statements and information from sources that MBC considers to be reliable. Although MBC has made every effort to ensure that the information in this publication was correct at the time it was compiled, MBC can offer no undertaking or guarantee, either expressly or implicitly, regarding the correctness, reliability or completeness of the said information and opinions. Any opinions expressed in this document solely reflect those of MBC at the time of publication (subject to change). The information contained in this document may already have been used by MBC, its bodies or its employees prior to publishing. In addition, a relationship may exist or have existed between bodies or employees of MBC and companies mentioned in this document. The information and assessments contained herein may be changed at any time. MBC accepts no liability whatsoever for the content of this document. In particular, it accepts no liability for losses of any kind, whether direct, indirect or consequential, incurred as a result of using the information contained in this publication and / or that could arise from the risks inherent in the financial markets. Investors should note that past performance of an investment is no guarantee of future results, and that investments may increase or decrease in value, and the investor may be required to make additional payments for certain products. Moreover, investments denominated in foreign currencies are also subject to exchange rate fluctuations, which can affect their performance. The information in this publication is in no way to be understood as an assurance of future performance. MBC does not provide any legal or tax advice. Before buying any of the financial instruments in this publication, therefore, the investor must obtain independent legal or tax advice regarding the suitability of such investments, as tax treatment always depends on the personal circumstances and can change at any time. This publication also covers a number of countries, which is why there is a risk that certain products may be suboptimal or even detrimental for an individual investor in terms of tax. Moreover, the information contained in this publication on EU savings tax and transparency under German tax law may change at any time. In accordance with the Federal Law on Banks and Savings Banks, in the event of bankruptcy of any Swiss bank all safe custody assets (securities, precious metals, etc.) can be segregated and deposits, particularly bank accounts up to CHF 100,000, protected by the Agreement by Swiss Banks and Securities Dealers on Deposit Insurance.