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Important Legal Information

Conditions of use

By accessing and using the www.juliusbaer.com website and any pages thereof (thereafter "Site"), you acknowledge to have reviewed the following important legal information and understand and agree to the terms and conditions set therein. If you do not agree to the terms and conditions below, you are not permitted to access or use this Site in any way.

The user's access to and use of the www.juliusbaer.com website and any pages thereof, and the terms and conditions of this legal information are governed by the laws of Switzerland. Place of jurisdiction is Zurich.

Local restrictions

THE INFORMATION AND SERVICES PROVIDED ON THIS SITE ARE NOT INTENDED FOR DISTRIBUTION TO, OR USE BY, ANY PERSON OR ENTITY IN ANY JURISDICTION OR COUNTRY WHERE SUCH DISTRIBUTION OR USE WOULD BE CONTRARY TO LOCAL LAW OR REGULATION OR WHICH WOULD SUBJECT THE ENTITIES OF THE JULIUS BAER GROUP (thereafter “Julius Baer”) TO ANY REGISTRATION REQUIREMENT WITHIN SUCH JURISDICTION OR COUNTRY. PERSONS OR ENTITIES IN RESPECT OF WHOM SUCH PROHIBITIONS APPLY MUST NOT ACCESS OR USE THE SITE.

Proprietary information

The works of authorship contained in this Site, including but not limited to all design, text, sound recordings and images, are owned, except as otherwise expressly stated, by the Julius Baer. “Julius Baer” and the Julius Baer Logo are registered trademarks. All material available on the Site, unless otherwise specifically indicated, is under copyright to Julius Baer. The material is freely usable for browsing purposes only but requires express mention of Julius Baer in the event the material, or any part thereof is reproduced in any form, written or electronic. Additionally, any re-publication of this material requires the express consent of Julius Baer.
Nothing at the Site is designed to grant any license or right to use any image, trademark or logo. No act of downloading or otherwise copying from the Site will transfer title to any software or material at the Site to you. Julius Baer reserves all rights with respect to copyright and trademark ownership of all material at the Site, and will enforce such rights to the full extent of applicable law.

Web content and materials

The information and materials contained in this Site - and the terms and conditions of the access to and use of such information and materials - are subject to change without notice. Not all products and services are available in all geographic areas. Your eligibility for particular products and services is subject to local law and regulation. The information in the Site is descriptive of Julius Baer and the services, securities and financial instruments described may not be available to or suitable for you.
Expressions of opinion on the Site are those of the author's only. Julius Baer or its contractual partners may discontinue or make changes in the information, products or services described herein at any time. Any dated information is published as of its date only and no obligation or responsibility is undertaken to update or amend any such information. Julius Baer reserves the right to terminate any or all web offerings without prior notice to the user.

No recommendation or offer of service

The information provided is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The type of securities or related financial product mentioned may not be suitable for everyone. Users are urged to base their investment decisions upon the appropriate investigations that they deem necessary.
Nothing in this Site should be construed as an offer or the solicitation of an offer to purchase or subscribe or sell any investment or to engage in any other transaction. Furthermore, by offering information, products or services via this Site, no solicitation is made to any person to use such information, products or services in jurisdictions where the provision of such information, products or services is prohibited by law or regulation. You further acknowledge that none of the Information is intended as legal, tax or other advice.

Limited reliability

Any data, including but not limited to financial market data, quotes, news, research or information accessible through this Site (the "Information") have been obtained from sources believed to be reliable but which have not been independently verified. No guarantee, representation or warranty is given and no responsibility or liability, contingent or otherwise, as to its accuracy, completeness, timeliness or correct sequencing or for any decision made or action taken by you in reliance upon the Information is accepted. There may be delays, omissions or inaccuracies in the Information.
All such Information is provided "as is" to the user without express or implied warranties of any kind including the warranties of merchantability, originality, non-infringement of intellectual property or fitness for any particular purpose.

Exclusion of liability

In no event, including (without limitation) negligence, will Julius Baer or its contractual partners be liable to you or anyone else for any direct or indirect damages (including but not limited to lost profits, trading losses and damages) that result including (without limitation) from inconvenience, delay, loss, access or use of, or the inability to access or use, elements of the Site, difficulty in use, inaccuracy of information, computer viruses, malicious code or other defect in this Site, or for the incompatibility between this Site and files and the user's browser or other site accessing program, even if Julius Baer or its contractual partners have been advised of the possibility of such damages or losses. Some jurisdictions do not allow limitations on how long implied warranties last, the exclusion or limitation of damages or the exclusion of certain implied warranties, so that these disclaimers and limitations may not apply to you. This warranty gives you specific legal rights, and you may also have other rights, which vary from jurisdiction to jurisdiction.

Material interests

The Julius Baer Group and/or its directors, officers and employees may have or have had interests or positions or traded or acted as market makers in relevant securities. Furthermore, such entities or persons may have or have had a relationship with or may provide or have provided corporate finance or other services to or serve or have served as directors of relevant companies.

Investment performance

The past is not necessarily a guide to the future performance of an investment. The value of investments may fall as well as rise and investors may not get back the amount invested. Changes in rates of foreign exchange may cause the value of investments to go up or down.

Monitoring

Please note that all your movements on this Site may be recorded and analyzed for security, marketing and system monitoring purposes, among others.

Linked sites

Links to non-Julius Baer Sites are provided solely as pointers to information on topics that may be useful to users of the Site, and Julius Baer has no control over the content on such non-Julius Baer websites. No warranties, either express or implied, concerning the content of such site, is made including the accuracy, completeness, reliability or suitability thereof for any particular purpose, nor does Julius Baer warrant that such website or content is free from any claims of copyright, trademark or other infringement of the rights of third parties or that such site or content is devoid of viruses or other contamination. No guarantee as to the authenticity of documents on the Internet is given. Links to non-Julius Baer websites do not imply any endorsement of or responsibility for the opinions, ideas, products, information or services offered at such sites, or any representation regarding the content at such websites.

Furthermore, by clicking an external link you are going to interact with a third party website that may exploit any vulnerability in your browser to take control over your Julius Baer session directly from your PC. There is no representation or warranty whatsoever that this linked website or any of its software will meet your requirements regarding content, behaviour, reliability, be uninterrupted, timely, secure or error free.

Confidentiality

Please note that when using any Internet facility (i.e. this Site) data are transported over an open network which is accessible to third parties. Data are also regularly transmitted across international borders. This also applies to data transfers where both the sender and recipient are located in the same country. It is therefore possible for a third party to understand that you are accessing the Julius Baer website.

For Research Information published on this site the following disclaimer is applicable in addition:

General

The information and opinions provided on this Site’s publications (thereafter “Publications”) were produced by Bank Julius Baer & Co. Ltd. as of the date of writing and are subject to change without notice. The Publications are intended for information purposes only and do not constitute an offer or an invitation by, or on behalf of, Julius Baer to buy or sell any securities or related financial instruments or to participate in any particular trading strategy in any jurisdiction. Opinions and comments of the authors reflect their current views, but not necessarily of other Julius Baer entities or any other third party. Other Julius Baer entities may have issued, and may in the future issue, other publications that are inconsistent with, and reach different conclusions from, the information presented in the Publications. Julius Baer assumes no obligation to ensure that such other publications are brought to the attention of any recipient of the Publication herein.

Suitability

Investments in the asset classes mentioned in the Publications may not be suitable for all recipients. The Publications have been prepared without taking account of the objectives, financial situation or needs of any particular investor. Before entering into any transaction, investors should consider the suitability of the transaction to individual circumstances and objectives. Nothing in the Publications constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate to individual circumstances, or otherwise constitutes a personal recommendation to any specific investor. Any references to a particular tax treatment depend on the individual circumstances of each investor and may be subject to change in the future. Julius Baer recommends that investors independently assess, with a professional advisor, the specific financial risks as well as legal, regulatory, credit, tax and accounting consequences.

Information / forecasts referred to

Although the information and data referred in the Publications are obtained from sources believed to be reliable, no representation is made that the information is accurate or complete. In particular, the information provided in the Publications may not cover all material information on the financial instruments or issuers of such instruments. Julius Baer does not accept liability for any loss arising from the use of the Publications.

Important sources for the production of the Publication are e.g. national and international media, information services (e.g. Reuters, Bloomberg), publicly available databases, economic journals and newspapers (e.g. Financial Times, Wall Street Journal), publicly available company information, publications of rating agencies. Ratings and appraisals contained in the Publications are clearly marked as such.

All information and data used for the Publications relate to past or present circumstances and may change at any time without prior notice. Statements contained in the Publications regarding financial instruments or issuers of financial instruments relate to the time of the production of the Publications. Such statements are based on a multitude of factors which are subject to continuous change. A statement contained in the Publications may, thus, become inaccurate without this being published. Potential risk regarding statements and expectations expressed in the Publications may result from issuer specific and general (e.g. political, economic, market, etc.) developments.

Risk

The price and value of, and income from investments in any asset class mentioned in the Publications may fall as well as rise and investors may not get back the amount invested. Risks involved in any asset class mentioned in the Publications may include but are not necessarily limited to market risks, credit risks, currency risks, political risks and economic risks. Investments in emerging markets are speculative and may be considerably more volatile than investments in established markets. Past performance is not a reliable indicator of future results. Performance forecasts are not a reliable indicator of future performance.

Particular risks in connection with specific investments featured in the Publications are disclosed in the specific Publications. Any investment should only be made after a thorough reading of the current prospectuses and/or other documentation/information available.

Miscellaneous

In order to prevent conflicts of interest from adversely affecting the interests of its clients, Julius Baer has implemented the necessary organisational and administrative arrangements to manage conflicts of interests. Julius Baer's arrangements include putting in place information barriers that ensure the separation of its research departments from other areas of the business so that no other area of the business will know the contents of any planned research until the research has been distributed to clients. Adherence to these procedures is monitored by the Julius Baer Compliance Department.

Unless explicitly stated in the Publications, its information and analysis has not been disclosed to the issuer of the securities referred to herein or a Julius Baer entity before the Publication has been published or disseminated.

A Julius Baer entity may, to the extent permitted by law, participate or invest in other financing transactions with the issuer of the securities referred to herein, perform services or solicit business from such issuers, have a position or effect transactions in the securities or options thereof, have any other significant financial interest regarding the issuers of the securities referred to herein and/or may have done so in the past. For further information about our interest in the investments featured in the Publications, see the company-specific disclosures in the respective Publication.

Important distribution information for publications

The information contained in the publications provided on this site are not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. Persons or entities in respect of whom such prohibitions apply must not access or use the site. For the publications on this Site the following distribution restrictions apply:


No research publications may be distributed to any person domiciled or residing in one of the following countries:


USA (incl. US persons)


In some countries the access or distribution is restricted to certain recipients and/or publications:


Germany: Clients, prospects or interested parties domiciled in Germany may receive (if distributed from Switzerland: only clients pro-actively asking for the publication or clients having signed form "Informationen über Produkte und Dienstleistungen der Bank" or "Kunden mit Domizil ausserhalb der Schweiz"): Baer©Insight, Baseline Scenario, Bond & Currency Weekly, Commodity Weekly, Currency Fact Sheet, Daily Wire, Economic Calendar, Fixed Income Issuer Fact Sheet, Horizons, Insights, Julius Bär Investmentfokus, Special Studies, Swiss Equity Quarterly, Technical Analysis Weekly.Asia Market Outlook, Asia Weekly, Asian Sector Report.


Hong Kong: If you are a professional investor under the Hong Kong Securities and Futures Ordinance you may receive: Baer©Insight with recommendations (Singapore/Hong Kong version), Baseline Scenario (Singapore/Hong Kong version), Bond & Currency Weekly (Singapore/Hong Kong version), Currency Fact Sheet (Singapore/Hong Kong version), Daily Wire, Economic Calendar (Singapore/Hong Kong version), Fixed Income Issuer Fact Sheet (Hong Kong/Singapore version), Horizons (Hong Kong version), Insights (Hong Kong version), Special Studies with recommendations (Singapore/Hong Kong version), Swiss Equity Quarterly (Hong Kong version), Technical Analysis Weekly (Singapore/Hong Kong version).
Clients, prospects and interested parties may receive: Baer Insight without recommendations, only with macro economic data (Singapore/Hong Kong version), Baseline Scenario (Singapore/Hong Kong version), Currency Fact Sheet (Singapore/Hong Kong version), Economic Calendar (Singapore/Hong Kong version), Horizons (Hong Kong version), Special Studies without recommendations, only macro economic data (Singapore/Hong Kong version),Asia Market Outlook, Asia Weekly, Asian Sector Report, Asia Daily Wire, Asia Dividend Yield List, Asia Fixed Income Recommendation List, Asia Fixed Income Update.
All publications are to be distributed through Bank Julius Baer & Co., Hong Kong branch.


Italy: Horizons (Italy version).


Singapore: Clients, prospects or interested parties domiciled in Singapore which are accredited investors under the Singapore Securities and Futures Act may receive: Baer©Insight (Singapore/Hong Kong version), Baseline Scenario (Singapore/Hong Kong version), Bond & Currency Weekly (Singapore/Hong Kong version), Currency Fact Sheet (Singapore/Hong Kong version), Daily Wire, Economic Calendar (Singapore/Hong Kong version), Horizons (Singapore version), Insights (Singapore version), Special Studies (Singapore/Hong Kong version), Swiss Equity Quarterly (Singapore version), Technical Analysis Weekly (Singapore/Hong Kong version). All publications are to be distributed through Bank Julius Baer & Co. Ltd., Singapore branch. Asia Market Outlook, Asia Weekly, Asian Sector Report, Asia Daily Wire, Asia Dividend Yield List, Asia Fixed Income Recommendation List, Asia Fixed Income Update.


Switzerland: Baer©Insight, Baseline Scenario, Bond & Currency Weekly, Commodity Weekly, Currency Fact Sheet, Daily Wire, Economic Calendar, Fixed Income Issuer Fact Sheet, Horizons, Insights, Julius Bär Investmentfokus, Special Studies, Swiss Equity Quarterly, Technical Analysis Weekly, Asia Market Outlook, Asia Weekly, Asian Sector Report.


United Arab Emirates: The following publications may be distributed: Baer©Insight, Baseline Scenario, Bond & Currency Weekly, Commodity Weekly, Currency Fact Sheet, Daily Wire, Economic Calendar, Fixed Income Issuer Fact Sheet, Horizons, Insights, Special Studies, Swiss Equity Quarterly, Technical Analysis Weekly Asia Market Outlook, Asia Weekly, Asian Sector Report, Asia Daily Wire, Asia Dividend Yield List, Asia Fixed Income Recommendation List, Asia Fixed Income Update. To professional clients of Julius Baer (Middle East) Ltd., all publications are to be distributed through Julius Baer (Middle East) Ltd. To prospects or interested parties, all publications are to be distributed by a Representative Office of Bank Julius Baer & Co. Ltd., Zurich.


United Kingdom: Clients, prospects or interested parties domiciled in the UK may receive (if distributed from Switzerland: only clients pro-actively asking for the publication or clients having signed form "Informationen über Produkte und Dienstleistungen der Bank" or "Clients domiciled outside Switzerland"): Baer©Insight, Baseline Scenario, Bond & Currency Weekly, Commodity Weekly, Currency Fact Sheet, Daily Wire, Economic Calendar, Fixed Income Issuer Fact Sheet, Horizons, Insights, Special Studies, Swiss Equity Quarterly, Technical Analysis Weekly, Asia Market Outlook, Asia Weekly, Asian Sector Report.


In general, all research publications that are labelled "Not for distribution outside Switzerland" may be distributed to clients, prospects and interested parties in Switzerland only.


The above-mentioned publications may only be accessed from countries, where their distribution is legally permitted. The information is not directed at any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) such publications are prohibited.

IIf you have a specific question regarding distribution restrictions please contact your Relationship Manager.

If you are a client of Julius Baer: By accessing any research publication you confirm that you comply with the distribution restrictions set forth above and that you will not distribute the publications to any third party.

If you are an External Asset Manager: By accessing any research publication you confirm that you comply with the distribution restrictions set forth above and that you will redistribute the publications to your clients only in accordance with the those distribution restrictions.

Please also note the important legal information on the last page of each research publication.

© Julius Baer Group 2014