The information and material provided by Fundo SA, Avenue de Tivoli 2, 1007 Lausanne, Switzerland (“Fundo”) under the URL pbi.fundo.ch (“PBI”) are part of the website www.fundo.ch (the “Website”) and thus subject to the Terms of Use available on the Website.

The PBI are not directed to any person or entity who is a citizen or resident of, or located in, any locality, state, country or other jurisdiction where such publication, availability or use would be contrary to law or regulation.

The PBI are a combination of underlying indices for which Fundo assigns, sets and reviews weights. They do not constitute a benchmark within the meaning of Regulation (EU) 2016/1011 (the "Benchmark Regulation") and are therefore not considered to be the provision of a new benchmark but should only be interpreted as a use of the underlying indices. The PBIs are not available for use by third parties within the European Union within the meaning of the Benchmark Regulation and are only available for use in Switzerland.

The PBI are provided for information purposes only and are not to be used or considered to be an offer or solicitation to buy, sell or subscribe to any securities or other financial instruments. These information and material do not take into consideration the specific investment objectives, financial situation or particular needs of any person who may receive them and invest in any financial instrument. Fundo has not taken any steps to ensure that any investments referred to directly or indirectly are suitable for any particular investor. Any such information does not substitute adequate and diligent advice in each specific case.

PBI are the property of Fundo. Explicit attribution to Fundo must be made in the event that PBI, or any part thereof, is reproduced in any form, written or electronic. Furthermore, subject to express stipulation to the contrary, any reproduction, re-publication or distribution of this material requires the express consent of Fundo.

Information and opinions on which the PBI are based have been obtained or derived from sources believed to be reliable, but Fundo makes no representation as to their accuracy or completeness. Any information contained on the PBI does not constitute Fundo’s investment policy, but merely the different assumptions, views and analytical methods of the analysts who prepared them. Such assumptions, views and methods are further described in the relevant section of the Website. Furthermore, the information, opinions and estimates expressed herein reflect a judgment as of its original publication date and are subject to change without notice.

Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. Investing entails risks, including possible loss of principal. The price of, value of and income from securities or financial instruments can fall as well as rise. Certain investments are subject to high volatility, and may experience sudden and large falls in their value for several reasons. Losses may equal or exceed your original investment.

Fundo and/or its affiliates, employees, agents or representatives may or may not, to the extent permitted under applicable law and/or regulation, participate or invest in financing transactions with the issuer(s) of securities referred to in the PBI, perform services for or solicit business from such issuers, and/or have a position or holding, or other material interest or effect transactions in such securities or options thereon or investments related thereto.

Fundo and/or its affiliates, employees, agents or representatives may or may not, to the extent permitted under applicable law and/or regulation, act upon or use the information or opinions referred to in the PBI, or the research or analysis on which such indices are based, before the material is published. Fundo may have issued other reports that are inconsistent with, and reach different conclusions from, the information presented in this Website. Those reports reflect the different assumptions, views and analytical methods of the analysts who prepared them and Fundo is under no obligation to ensure that such reports are brought to your attention.

By accessing PBI, you warrant not being restricted from access and/or acknowledge your agreement with and understanding of the Terms and the additional terms and conditions set forth above.