1. ACCEPTANCE OF THE TERMS

The website at the URL www.fundo.ch, the pages contained on it, and the information, tools and material contained or described therein (the “Website”) is provided by Fundo SA, Avenue de Tivoli 2, 1007 Lausanne, Switzerland, registered in the Commercial registry of the Canton of Vaud under CHE-109.904.055 (“Fundo”). By accessing the Website you acknowledge your agreement with and understanding of the following terms of use (the “Terms”) and privacy policy contained on the Website (the “Privacy Policy”). Furthermore, certain parts of the Website may be restricted to certain users (e.g. users from certain countries) and/or be subject to additional terms and conditions, as indicated when entering such parts of the Website. By accessing such parts of the Website, you warrant not being restricted from access and/or acknowledge your agreement with and understanding of such additional terms.

2. PURPOSE AND RESTRICTIONS

This Website is not directed at any person or entity who is a citizen or resident of or located in any jurisdiction where such publication, availability or use would be contrary to applicable law or regulation or which would subject Fundo to any registration or licensing requirement within such jurisdiction. Nothing on this Website shall constitute an offer or a solicitation of an offer to buy or sell any products or services, including but not limited to any securities, financial instruments or other investments or investment advice. Fundo will not treat users of this Website as its clients by virtue of them accessing it. Users of this Website should seek the advice of their independent financial adviser prior to taking any investment decision on the basis of any information contained therein and no information therein constitutes general or specific investment, legal, tax or accounting advice of any kind.

3. DISCLAIMERS AND DISCLOSURES

Information and opinions presented in this Website have been obtained or derived from sources believed to be reliable, but Fundo makes no representation as to their accuracy or completeness. Fundo maintains the right to delete or modify information on this Website without prior notice. Fundo 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 which may be referred to in this Website, 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 may or may not, to the extent permitted by applicable law and/or regulation, act upon or use the information or opinions referred to in this Website, or the research or analysis on which such information or opinions 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. 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. Losses may equal or exceed your original investment. Foreign currency-denominated securities and financial instruments are subject to fluctuations in exchange rates that may have a positive or adverse effect on the value, price or income of such securities or financial instruments. Some investments may not be readily realizable and it may be difficult to sell or realize those investments. Similarly it may prove difficult for you to obtain reliable information about the value, or risks, to which such an investment is exposed. There are also special risk considerations associated with certain investments or investment strategies (e.g. emerging markets, small companies, any form of concentration of risks, use of leverage or derivatives, etc.). If you invest in securities you effectively assume these risks.

4. LIMITATION OF WARRANTY AND LIABILITY

The information on this website is provided “as is” and “as available”. Fundo makes no representation and provides no warranty that access to the website will be uninterrupted or error-free, that defects will be corrected, or that viruses or other harmful components will not be transmitted in connection with your use of the website. Fundo hereby expressly disclaims, to the fullest extent permitted under applicable law and/or regulation, all warranties, express, statutory or implied, regarding the website and any use thereof and results achieved, including but not limited to all warranties of merchantability, non-infringement, fitness for a particular purpose or use and all warranties arising from course of performance, course of dealing and/or usage of trade or their equivalents under the applicable laws and/or regulations of any jurisdiction. Fundo does not warrant or guarantee the accuracy, readiness, suitability, completeness or availability of this website or use thereof and information and results achieved. Under no circumstances and under no theory of any applicable law and/or regulation shall Fundo be liable to anyone for any damages arising in tort, contract, strict liability or otherwise from access to or use of or inability to access or use this website or from any action taken or not taken as a result thereof, regardless of whether they are direct, indirect, special, incidental, or consequential damages, including damages for trading losses or lost profits, or for any claim or demand by any third party, even if Fundo knew or had reason to know of the possibility of such damages, claim or demand.

5. INTELLECTUAL PROPERTY

Any content of the Website, including information and material provided thereon, the knowhow and methodologies used to develop such information and material, logos, trademarks, service marks and trade names contained are the exclusive property of Fundo and/or its licensors. Certain material available on the Website may further be subject to copyright to Fundo and/or its licensors. Fundo reserves all rights with respect to any information and material contained on the Website, and will enforce such rights to the fullest extent permitted under applicable law. Subject to express stipulation to the contrary, nothing in these Terms or on the Website shall be construed as granting any license or right to use any information or material contained on the Website. Downloading, copying or printing individual pages and/or parts of the Website is allowed for personal use only, and will not transfer title to any information or material on the Website or any software to you. Explicit attribution to Fundo must be made in the event that the material, 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.

6. PRIVACY AND DATA SECURITY

Please refer to the Privacy Policy contained on the Website.

7. APPLICABLE LAW AND JURISDICTION

The Website and its use are subject to the laws of Switzerland. Subject to any mandatory place of jurisdiction, any claims or actions in connection with the Website and/or its use shall be brought exclusively in the competent courts at Lausanne, Switzerland.