1. General information
   This website has been created by Carthesio SA, Lugano, Switzerland (hereinafter “Carthesio”), for information purposes only and is intended solely for natural and legal persons with domicile or headquarters in Switzerland. The use of the Italian language is determined by the fact that Carthesio is a Swiss company active in Ticino Canton, where the Italian language is one of the official languages. The use of the Italian language cannot therefore be interpreted as a link to the Italian Republic, nor is it a clue that Carthesios's activity is directed to Italy. Carthesio selects the data and information contained in the website with utmost care from sources it believes to be reliable and carries out periodical updates. However, Carthesio may not be held for responsible in connection with the accuracy, reliability and completeness of the published information. Furthermore, such information may be changed without notice.
2. No distribution, no offer, no solicitation
   2.1. In general
   The scope of the web site is not to obtain subscriptions or the conclusion about contract. This web site has only information purpose and shall not, in any case, constitute any distribution, offer or solicitation. The website may contain various information relating to collective investment schemes which shall not, in any case, constitute any distribution, offer or solicitation. The website may contain information on several collective investment schemes which are registered in different jurisdictions. Not all collective investment schemes described in this website are available in all countries. The eligibility to purchase certain products is subject to laws and regulations that apply to the investor in his/her country of residence. The information contained in this website is intended neither for individuals nor for legal persons whom, because of the jurisdiction or their qualification, nationality and/or residence, are not allowed to access or use this information because it would constitute a violation of laws or regulations. It is the responsibility of the users to ensure that they are authorized to access the information contained therein. None of the information in the website shall be considered as investment, legal or tax advice. No decision shall be made solely based on the website content. In particular, it is strongly recommended to seek for qualified advice.
   2.2. Switzerland
   Carthesio operates as a financial consulting firm as well as manager of assets and investment funds for private and institutional investors. Some collective investment schemes are authorized by the Swiss Financial Market Supervisory Authority FINMA (hereinafter “FINMA”) for public distribution purposes in or from Switzerland. The information relating to collective investment schemes not authorized for public distribution in or from Switzerland by FINMA may only be accessible to qualified investors according to Collective Investment Schemes Act (CISA) art. 10 par. 3, 3bis, 3ter and FINMA’s practices. Potential users are informed that the applicable Swiss regulations and FINMA’s practice may be subject to amendments and therefore are invited, at each access to the website, to check if they meet all necessary prerequisites.
   2.3. USA
   The collective investment schemes contained in the website are not meant to be directly or indirectly, offered or sold in the USA or any of its territories or to US Persons, as defined under the United States Securities Act of 1933, as amended (hereinafter "Securities Act"). In particular, the collective investment schemes described on the website shall not be registered under the Securities Act or any other applicable United States securities laws (including, without limitation, any applicable law of any of the states of the United States). By proceeding, users warrant not to be a US Person.
3. Performance
   This web site may contain presentation of past performances. Past performances are not indicative of future results.
4. Applicable law and place of jurisdiction
   Any issue relating to the use of the website shall be subject to Swiss law, which shall exclusively govern the interpretation, application, and effect of all the conditions set out above. The courts of Lugano shall have exclusive jurisdiction over all claims or disputes arising out of or in connection with the website and its use.

Whoever intends to access to the information contained in the website confirms, by accepting the present disclaimer, to have read and understood the provisions contained above.