Important legal information about the use of the websites of Maerki Baumann & Co. AG (“MBC”) Use of the MBC websites By using the websites www.maerki‑baumann.ch / www.archip.ch and their pages (hereinafter “MBC websites”) 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 websites immediately. User access and the use of the MBC websites 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 Websites; "Maerki Baumann" means Maerki Baumann AG, a company (bank) registered in Switzerland whose address is Dreikönigstrasse 6, 8002 Zurich. Access to the websites Access to the websites is free of charge. It is your responsibility to make any and all arrangements necessary in order to access the websites. Access to the websites is provided "as is" and on an "as available" basis. MBC may alter, suspend or discontinue the websites (or any part of it) at any time and without notice. MBC will not be liable to you in any way if the websites (or any part of it) is unavailable at any time and for any period. No offer and no advice The information on the MBC websites is published for information and marketing purposes only and does not constitute promotion, recommendation or advice. Nor does it constitute an offer or a solicitation to buy or sell investment instruments, or to effect a transaction or conclude any business of a legal nature. Local legal restrictions The MBC websites are not directed at any person subject to laws which prohibit the publication of, or access to, the MBC websites (on account of the person's nationality, place of residence or any other reason). Persons to whom such restrictions apply are not permitted to access the MBC websites. This applies in particular to persons in the United Kingdom, Japan, the United States of America and other countries in which offers for such services and products are subject to a restriction. No warranty and no liability MBC makes every effort to obtain all the information available on the MBC websites 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 websites. The information and views published on the MBC websites 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 websites is 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 websites. 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 websites 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 these websites 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. Links By activating certain links on the MBC websites, the user may leave the MBC websites. MBC has not checked the sites linked with the MBC websites and does not assume any warranty or liability for their content, including their timeliness, accuracy, reliability, completeness, authenticity or suitability for particular purposes. Data transmission / processing MBC takes measures to ensure that your personal data cannot be intercepted by third parties. Nevertheless, please note that when using the MBC websites, data is transported over an open network (Internet) which is accessible to third parties and which cannot be regarded as a secure environment. MBC does not assume any responsibility or liability for the security of your data during the transmission process via the Internet. Intellectual property rights The websites www.maerki-baumann.ch and www.archip.ch are owned and operated by MBC. The entire content of the MBC websites 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 websites 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 websites, 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 websites 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 websites 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 websites. 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 websites after the changes have been implemented. You are therefore advised to check these websites from time to time. In the event of any conflict between the current version of these terms and any previous version(s), the provisions current and in effect shall prevail unless it is expressly stated otherwise. Contacting us To contact MBC, please email MBC at dataprotection@maerki-baumann.ch or using any of the methods provided on the contact page on our websites.