Execution principles 1. Issuing of mandate Securities trading is outsourced by us to a third-party company. This is currently InCore Bank AG, Zurich. The execution of securities orders is handled in line with the commissioned third-party company's execution principles. 2. Selection of the company In selecting the third-party company responsible for handling securities trading, we have taken due consideration of our obligation to act in our clients' best interests and have selected the company carefully in accordance with the relevant statutory and regulatory requirements. In particular we have taken into account the fact that the third-party company must adhere to the requirements for best execution of securities orders in line with the current version of the document entitled "Code of Conduct for Securities Brokers governing securities transactions" published by the Swiss Bankers Association, the relevant regulations set out in the Swiss Federal Act on Stock Exchanges and Securities Trading and the requirements of the European Commission Directive 2006/73/EC and its national implementation requirements. InCore Bank AG holds a Swiss banking and securities trading licence and is subject to oversight by the Swiss Financial Market Supervisory Authority FINMA. It thus meets all the relevant statutory and regulatory requirements for best execution of your securities orders and has stipulated these in its own execution principles. 3. Adherence to execution principles by the company We conduct regular checks to ensure that the third-party company adheres to the statutory requirements and guidelines for best execution of your securities orders in accordance with its own execution principles. Should this no longer be the case, we will select and commission a different suitable third-party company with the execution of your securities orders on the basis of the criteria set out in section 2 of these execution principles. 4. Evaluation of the execution principles These execution principles are evaluated annually. Should substantial discrepancies be ascertained that prevent us from duly exercising our supervisory duties in relation to the execution of orders by the third-party company, we will evaluate our execution principles also outside of the regular yearly cycle.