Vontobel : Asset Management Broadens Leadership Team

1. Consent

You have been approved to access the Vontobel Asset Management website ('AM Web'). Please read the following special legal information ('Special Terms and Conditions of Use') carefully. By accessing AM Web, you agree that you fully understand and accept the 'Special Terms and Conditions of Use'. If you do not understand or accept all provisions of the 'Special Terms and Conditions of Use', we kindly request for you to leave AM Web.

2. Data protection declaration

Communication over the internet is not safe. The data you transmit could be monitored or changed by a third party, despite the utmost care by us. Therefore, confidential messages should not be included in e-mails. Data are also regularly transmitted across international borders, even when the sender and the recipient reside in the same country. Please note that the level of data protection differs depending on the location.

You agree that the data collected on AM Web (in particular when you subscribe to newsletters or information) may be processed and used by Bank Vontobel AG in accordance with this 'Data Protection Declaration'. This particularly means that Bank Vontobel AG may forward the collected data to other sub-companies of Vontobel and that Bank Vontobel AG and other sub-companies of Vontobel may use this data to maintain Group-wide client relationships and provide information about new products. This consent may be revoked at any time and without stating reasons. This can be done simply by sending an e-mail or a short written message to:

Vontobel Asset Management AG

Gotthardstrasse 43

CH - 8022 Zurich

Switzerland

Tel: +41 58 283 71 50

Fax: +41 58 283 71 51

E-mail: assetmanagement@vontobel.com

Please also read our privacy policy, which provides more detailed information on our handling of personal data.

3. Limited access

AM Web contains information and opinions on collective investment schemes (hereinafter referred to as 'funds') and similar products registered and managed in various countries. AM Web internet pages must not be accessed by individuals who (in particular on the basis of their nationality and/or residence) are subject to a jurisdiction prohibiting publication of the contents of AM Web or access to AM Web (for whatever reasons). Individuals to whom these restrictions apply are not allowed access to AM Web. Please note that particularly the funds distributed by us are not authorised for distribution in the United States of America (USA) and the Cayman Islands or to US persons.

4. Country registration of funds

A Vontobel Fund is a fund that is incorporated under Luxembourg law. Certain sub-funds of this SICAV are authorised or registered for public distribution in Luxembourg, Switzerland, Germany, Austria, Liechtenstein, France, Italy, Spain, the United Kingdom, Sweden, Finland, Norway, Portugal, the Netherlands and Taiwan. In Denmark, Chile, Peru and Singapore certain sub-funds are exclusively available to qualified investors.

The funds authorised for distribution in the UK can be viewed via the following link: www.fsa.gov.uk/register/cisSearchForm.do.

In Spain, funds authorised for distribution are recorded in the register of foreign collective investment companies (under number 280) maintained by the Spanish CNMV.

The Vontobel Fund and its sub-funds are included in the register of the Netherlands Authority for the Financial Markets as mentioned in article 1:107 of the Financial Markets Supervision Act (Wet op het financiële toezicht).

In Chile the funds may not be publicly offered, neither as an entity of Vontobel or under registration with the Chilean supervisory authority (Superintendencia de Valores y Seguros) in accordance with the Securities Act no. 18.045.

Vontobel Swiss Dividend, Vontobel Swiss Small Companies, Vontobel Fund (CH), Vontobel Fund (CH) II, Vontobel Fund (CH) III, and their respective sub-funds are funds incorporated under Swiss law and are authorised for public distribution solely in Switzerland.

5. No advice / no offer

The information and opinions published on AM Web are not to be construed as investment advice or any other kind of advice on legal, tax, financial or other issues. They are purely for information. In any event, subscriptions should solely be made on the basis of the current sales prospectus (in Italy: the 'modulo di sottoscrizione' and its annex as well), respectively the fund contract, the key investor information document (KIID) and the most recent annual and semi-annual reports. You are also recommended to contact your account manager or other advisors before making any investments.

Interested parties not domiciled in Italy may obtain the aforementioned documents free of charge from the management company or representative in Switzerland: Vontobel Fonds Services AG, Gotthardstrasse 43, 8022 Zurich, the paying agent in Switzerland: Bank Vontobel AG, Gotthardstrasse 43, 8022 Zurich, the paying agent in Austria: Erste Bank der oesterreichischen Sparkassen AG, Graben 21, A-1010 Vienna, the paying agent in Germany: B. Metzler seel. Sohn & Co. KGaA, Grosse Gallusstrasse 18, 60311 Frankfurt/Main, from the authorised distribution agencies and from the offices of the fund at 69, route d'Esch, L-1470 Luxembourg. They may also download these documents from our AM Web.

Interested investors from Italy can obtain the abovementioned documents free of charge from the distribution agencies for Italy listed under 'Buy funds' in the navigation bar.

6. No liability

Although Vontobel believes that the information contained herein is based on reliable sources, it cannot be made responsible for the quality, accuracy, timeliness, or completeness of any of the information contained in this document.

Vontobel expressly reserves the right to change or supplement parts of the website or the entire website without prior notice, as well as to supplement it or delete items therein. All published information, especially price and calculation data or forecasts, are based on the knowledge and/or market assessment as at the time specified in the respective publications. Liability of Vontobel for damage of any kind (including consequential damage) directly or indirectly resulting from access to AM Web shall be excluded except where there is intent or gross negligence.

7. Risk considerations

Past performance is not a reliable indicator of current or future performance. Performance data does not take commissions and costs charged when units are issued and redeemed, as well as any custodian fees or withholding tax that could potentially reduce the value, into account.

Moreover, investments denominated in foreign currencies are directly and indirectly subject to exchange-rate fluctuations. Distributions made in connection with funds and other investment instruments may also vary. Investors thus face the risk of not recouping their original investment in full. Even a total loss of investment cannot be ruled out. Please carefully analyse the risks inherent in an investment instrument, in particular the risk considerations contained in the current sales prospectus of the respective fund as well as the brochure Special Risks in Securities Trading from SwissBanking. Investors should also be aware, that the liquidity of fund shares and other investment instruments may be limited.

8. Intellectual property

All elements contained on AM Web are protected by intangible property rights and are owned by Vontobel or third parties.

The downloading or printing of elements from AM Web does not involve the transfer of any rights whatsoever, particularly not rights relating to software, trademarks or elements of AM Web. Notices relating to copyrights and brands must neither be changed nor removed.

The partial or full reproduction of AM Web elements, in whatever form (particularly in electronic or printed form), is only permitted with full acknowledgment of the source. The publication of reproduced elements of AM Web is only allowed with the prior written consent of Vontobel and with full acknowledgment of source.

9. Changes to the terms and conditions of use

Vontobel reserves the right to change these 'Terms and Conditions of Use' from time to time. Therefore, please read these 'Terms and Conditions of Use' whenever you access AM Web and check whether you agree with the new version. If you do not understand or do not accept any provisions of the present 'Terms and Conditions of Use', we kindly request that you leave the AM Web.

10. Links to other websites

AM Web contains links to websites which are not monitored and offered by Vontobel. Should you activate such links, you leave the AM Web at your own risk. No liability whatsoever, either expressly or implicitly, can be accepted for the content of such sites, including their accuracy, completeness, reliability or suitability for specific purposes. Vontobel does not warrant that copyright or trademark claims, or other breaches of the rights of third parties will not arise from such websites or the contents therein. Furthermore, Vontobel does not guarantee that such websites or their content are free from viruses or other harmful components.

11. Important notices for investors in Italy

Before subscribing, please carefully read the sales prospectus that you can obtain from the distributors listed under the 'Purchase Investment Funds' section in the navigation.

In addition to the information in the preceding paragraphs, the information on funds not registered for sale in the Italian Republic is intended for potential Italian-speaking investors from countries other than the Italian Republic. Italian retail investors may purchase funds registered for public sale in Italy at the distributors listed under the 'Purchase Investment Funds' section in the navigation.

The Data Protection Declaration in paragraph 2 shall be deemed as information pursuant to Legislative Decree 196 of 2003. The controller of the data processing is Bank Vontobel AG, with contact details as listed in paragraph 2. In accordance with Article 7 of Legislative Decree 196 from 2003, to which reference is hereby made, the concerned party has the rights as summarised below:

• To receive a confirmation of the existence or non-existence of personal data, their origin, and the nature and purpose of the processing;
• To receive information about the system used in the processing of data by electronic means, as well as data to identify the owner and responsible person thereof;
• To receive information about the persons or groups of persons to whom the data may be provided or who could obtain knowledge thereof;
• To obtain the deletion, anonymisation or blocking of illegally processed personal data;
• To apply for the updating, rectification or, if interested, supplementing of personal data;
• To submit a partial or complete objection, for legitimate reasons, against the processing of personal data relating to the concerned party, even if pertinent for collection purposes;
• To submit a complete or partial objection against the processing of personal data relating to the concerned party for purposes of sending advertising or direct-sales material.

The rights set out above regarding the personal data of deceased persons may be exercised by any interested party.

Subscribers may commission or authorise natural persons or associations in writing to exercise these rights.

12. Applicable law / place of jurisdiction

Bank Vontobel AG, Zurich, is responsible for the content and publications on this site. The use of AM Web, the 'Terms and Conditions of Use' as well as the 'Special Terms and Conditions of Use' are subject to Swiss law. The exclusive place of jurisdiction shall be Zurich, Switzerland.