Legal Information and Sales Restriction

Please make sure you read through all the following important legal information and sales restrictions. By accessing the website (hereinafter referred to as ARVEST Website) of the firms belonging to ARVEST Holding AG, in particular ARVEST Privatbank AG, ARVEST AG, ARVEST Funds AG (hereinafter referred to as ARVEST) you acknowledge your agreement with and understanding of the following terms of use.

Access

The ARVEST-Website is not directed to any person in any jurisdiction where (by reasons of that person's nationality, residence or otherwise) the publication or availability of the ARVEST Website is prohibited. Persons in respect of whom such prohibitions apply must not access the ARVEST Website. In particular, the ARVEST website is not directed and is not to be regarded as a solicitation or offer or recommendation for persons resident in the United States of America (U.S.A) or the United Kingdom (UK) or for citizens of the U.S.A. of the UK.

Use

Copyright and all other rights of the entire content of the ARVEST Website are reserved by ARVEST. You may download or print out hardcopies, provided that you mention the source used. All other use, in particular reproduction (in whole or in part) and publication requires the written consent of ARVEST and acknowledgement of source.

No offer

Nothing on the ARVEST Website should be construed as a solicitation or offer, or recommendation, to acquire or dispose of any investment or to engage in any other transaction.

No basis for decision-making

ARVEST does not use the ARVEST Website to provide you or any other third parties with investment advice or advice on any other matters. The information contained on the ARVEST Website does not constitute a decision aid for legal or taxation matters or matters for other advisers, and no investment or other decisions should be taken on the basis of this information. Please consult your advisor before taking any decision.

Risk factors

The price of fund units and the dividends paid are liable to fluctuate, i.e. the price of units may fall and the dividends may not be as high as expected or may not even be paid out at all. A strong performance in the past is no guarantee of good performance in future. There can therefore be no guarantee that the value of the units on redemption will be worth the same as the original investment. Investments in foreign currencies carry a currency risk as well, i.e. the value of such investments also depend on the volatility of the currency in question. The risk/return potential of holdings in investment funds also depends on the investment policy and investment focus of the individual fund. Neither ARVEST nor the associated partners accept liability for any losses.

Fund documentation and registration information

Before purchasing shares in an investment fund, investors should always carefully study the most recent legal documents relating to the fund, i.e. the (sales) prospectus, together with the fund regulations/articles, the annual and half-yearly reports. They constitute the legal basis of the investment fund. All fund documentation is available free of charge form ARVEST Funds AG, Churerstrasse 82, 8808 Pfäffikon sZ or on the ARVEST Website.

Sales restrictions

The investment funds offered by ARVEST Funds AG are only authorized for sale to the public in the countries listed in the tables below, subject to the specific sales restrictions that apply in each case (status: August 2004):

Shares in these funds may not be sold, offered or issued in any other country without prior authorization.

No warranty

Although ARVEST has taken all reasonable care that the information and opinions contained within the ARVEST Website are accurate, no representation or warranty is made as to its accuracy, reliability or completeness by ARVEST . The ARVEST Website is subject to change without notice. ARVEST further assumes no responsibility for, and makes no warranties that functions contained on the ARVEST Website will be uninterrupted or error-free, that defects will be corrected or that the ARVEST Website or the servers will be free of harmful components.

Liability waiver

In no event, including negligence, will ARVEST be liable for any loss or damage of any kind arising out of or in connection with the access or use of, or the inability to access or use the ARVEST Website.

Linked websites

When you access certain links you leave the ARVEST Website at your own risk. ARVEST has not reviewed any of the websites linked to the ARVEST Website and does not endorse or accept any responsibility for the content of such websites.

What is "pishing"?

Pishing is the short form of “password fishing”. Whereby someone tries to redirect the user to a fake website and to prompt him to enter passwords, PINs or TANs.

Our bank does not offer online banking and never contacts the clients by email unsolicitedly. Should you ever read our name in such connection you can be sure that it is a matter of pishing. Please delete such mails unread and never open unrequested attachements or intenet links.

E-mail communication

Please note that communication by e-mail is unsecured and unencrypted. Hence it cannot be ruled out that data sent by email may be read and contacts made with the ARVEST can be traced by third parties.

Translation

This important legal information and sales restrictions are a translation. The German text is always valid in case of doubts.

ARVEST - Responsibility with care.