Welcome to the afmsa.ch website (this "Site"), sometimes referred to herein as "we", "us" or "our".

ALL USE OF THIS SITE IS SUBJECT TO THE FOLLOWING TERMS AND CONDITIONS OF USE ("Terms of Use"). BY ACCESSING AND BROWSING THIS SITE, YOU AGREE TO BE BOUND BY THESE TERMS OF USE.

Registration data and certain other information about you are subject to our Privacy Policy. Please review our Privacy Policy, which is incorporated herein by reference, for disclosures relating to the collection and use of your information.

Autonomous Fund Management (AFM) as featured in this Site is covered under patent application EP 02011140.7. All other trademarks are the property of their respective owners. afmsa.ch, afm-swiss.ch and afmanagement.ch are registered domain names of afmsa.ch or its affiliates. All materials on this Site, unless otherwise indicated, and the compilation and arrangement of this Site, are the copyright of afmsa.ch or its affiliates. Any rights not expressly granted herein are hereby reserved.

THIS SITE AND ITS CONTENTS ARE PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS. AFMSA.CH MAKES NO REPRESENTATIONS OR WARRANTIES ABOUT THE OPERATION OF THIS SITE OR THE ACCURACY, TIMELINESS, COMPLETENESS OR SUITABILITY OF THE INFORMATION CONTAINED IN OR MADE AVAILABLE THROUGH THIS SITE. WE HEREBY DISCLAIM ALL REPRESENTATIONS AND WARRANTIES, EXPRESS OR IMPLIED, WITH REGARD TO THIS SITE AND THE INFORMATION CONTAINED IN OR MADE AVAILABLE THROUGH THIS SITE, INCLUDING ALL IMPLIED WARRANTIES AND CONDITIONS OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT. WE FURTHER MAKE NO REPRESENTATIONS ABOUT THE SUITABILITY OF ANY SOFTWARE OR ANY CONTENT OR INFORMATION MADE ACCESSIBLE BY THE SOFTWARE OR THIS SITE, FOR ANY PURPOSE. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF IMPLIED WARRANTIES, IN WHICH CASE THESE DISCLAIMERS MAY NOT APPLY TO YOU.

IN NO EVENT SHALL AFMSA.CH, ITS AFFILIATES OR SUPPLIERS BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL, INCIDENTAL, EXEMPLARY OR CONSEQUENTIAL DAMAGES OR ANY OTHER DAMAGES WHATSOEVER ARISING OUT OF OR IN CONNECTION WITH YOUR USE OF THIS SITE OR THE PERFORMANCE OR ACCURACY OF SOFTWARE, CONTENT, INFORMATION OR OTHER MATERIALS CONTAINED IN OR MADE AVAILABLE THROUGH THIS SITE, INCLUDING BUT NOT LIMITED TO LOSS OF USE, DATA, SAVINGS OR PROFITS, WHETHER IN AN ACTION OF CONTRACT, WARRANTY, TORT, NEGLIGENCE, STRICT LIABILITY OR OTHERWISE. By using this Site, you assume all risks associated with the use of this Site including risk to your computer, software or data being damaged by any virus which might be transmitted or activated via this Site or your access to it. We further disclaim any liability whatsoever for any information, content, documentation, programs, software, or other material which is, or may become a part of this Site. The entire risk as to use of this Site is assumed by the user. NOTWITHSTANDING ANYTHING ELSE CONTAINED IN THESE TERMS OF USE, IN THE EVENT THE TERMS OF THIS PARAGRAPH, OR ANY PART OF THIS PARAGRAPH, SHALL BE HELD INVALID OR UNENFORCEABLE BY A COURT OF COMPETENT JURISDICTION, IN NO EVENT SHALL AFMSA.CH, ITS AFFILIATES' AND SUPPLIERS' AGGREGATE LIABILITY TO YOU, OR ANYONE CLAIMING BY OR THROUGH YOU, FOR ANY DAMAGES, LOSSES, CLAIMS AND/OR CAUSES OF ACTION, WHETHER IN CONTRACT, WARRANTY, TORT, NEGLIGENCE, STRICT LIABILITY OR OTHERWISE, EXCEED THE LESSER OF THE AMOUNT OF MONEY YOU HAVE ACTUALLY PAID AFMSA.CH AS AND FOR YOUR SUBSCRIPTION, IF ANY, AND U.S. FIFTY DOLLARS (US$50).

We reserve the right to suspend, discontinue, or change this Site or portions hereof at any time in our sole discretion. Changes are periodically added to the information herein. We may make improvements and/or changes in the services, products, programs, and/or documents described herein at any time and without notice. It is possible that the Site could contain technical inaccuracies, typographical errors, and misleading or otherwise inappropriate information. If such a condition is brought to our attention, a reasonable effort will be made to fix or remove it. Such concerns should be addressed to info@afmsa.ch.

Once you leave this Site, we cannot and do not control the information you access. Each individual third party site may have its own set of policies and terms and conditions to which you may be bound. We are not responsible for any information or material located at other sites. The presence of a hyper-link from this Site does not imply any kind of endorsement of the content by us. Some of the views expressed at the sites that may be linked through this Site are not necessarily the views of our employees or us. We make no representation regarding the content of or accessibility to content from such third party sites.

You may cite or refer to the information contained in this Site in books, online services, or other media, subject to the following. Except as expressly provided below, you may not reproduce or distribute such information in whole or in part without the prior written permission of afmsa.ch. To request such permission, send an email to info@afmsa.ch, including your name, organization, address and a description of the purpose of your intended distribution and the information you would like to distribute. You are hereby granted permission to use and print a copy of documents and related graphics available from this Site, provided that (1) afmsa.ch's copyright notice and any other proprietary rights notices, as applicable, appear in all copies, (2) use of documents and related graphics available from this Site is for your own personal information and non-commercial purposes only, (3) no documents or related graphics available from this Site are modified in any way, and (4) no graphics available from this Site are used, copied or distributed separate from accompanying text. You may not modify, alter, reverse engineer or prepare derivative works from this Site or any portion hereof, except with our express prior permission. No portion of this Site may be reproduced, duplicated, copied, republished, sold, resold, distributed or otherwise exploited for any commercial purpose without our express prior permission. You may not frame or utilize framing techniques to enclose any portion of this Site without our express prior permission. Use of data mining, robots and similar data gathering and extraction tools is expressly prohibited. Except as expressly provided above, nothing contained herein shall be construed as conferring by implication or otherwise any license or right under any patent, copyright, trademark or other intellectual property right of afmsa.ch or any third party.

User agrees to abide by the international copyright laws and all other applicable laws as well as these Terms of Use in connection with his or her use of this Site and the materials contained or otherwise made available herein. User may be held legally responsible for any copyright infringement that is caused or encouraged by user's failure to abide by the foregoing.

The data shown here is compiled from sources believed to be accurate. The information and any statistical data contained herein have been obtained from sources which we believe to be reliable, but we do not represent that they are accurate, timely or complete, and they should not be relied upon as such.

afmsa.ch is not registered as a securities broker-dealer or an investment adviser either with the U.S. Securities and Exchange Commission or with any state or other government securities regulatory authority. The material provided on this Site is for general informational purposes only. No information on the Site is intended as securities brokerage, investment, tax, accounting or legal advice, as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security or fund. The information on the Site should not be relied upon for purposes of transacting securities or other investments. You are strongly encouraged to independently verify the information obtained from this Site prior to engaging in any investment transaction. afmsa.ch accepts no responsibility for any past and/or outdated information relied on by users. afmsa.ch cannot and does not assess, verify or guarantee the adequacy, accuracy or completeness of any information, the suitability or profitability of any particular investment, or the potential value of any investment or informational source. As with all investments, you bear full responsibility for your own investment research and decisions and should seek the advice of a qualified securities professional before engaging in any investment transaction. afmsa.ch does not provide any individualized advice to users. afmsa.ch's information is entirely impersonal and is not intended to develop fiduciary, person-to-person relationships for purpose of rendering financial advice. afmsa.ch provides the same information to all users with no regard to individual stock portfolio, personal tax ramifications, individual risk, wealth or other economic issues or considerations any user may have regarding the information in this Site. afmsa.ch, its affiliates or owners may, from time to time, have positions or options in some of the securities mentioned for purposes of investment or trading.

Feedback and Other Submissions. All comments, feedback, suggestions, ideas, questions and similar submissions furnished by you to afmsa.ch regarding this Site or afmsa.ch's products or services will be treated as non-confidential and non-proprietary. afmsa.ch will be free to reproduce, use and distribute such information throughout the world, for any purpose whatsoever, commercial or otherwise, without restriction and without any obligation to compensate you for such reproduction, use or disclosure. afmsa.ch also will be free to use any ideas, concepts, know-how or techniques contained in such information for any purpose whatsoever, including but not limited to developing, providing and marketing products and services incorporating such information, without any obligation to compensate you for such use. You represent that you have the lawful right to furnish any such information to afmsa.ch without restriction.

Dispute Resolution. Any controversy or claim arising out of or relating to these Terms of Use, your use of this Site or any products or services you purchase from afmsa.ch through this Site (with the exception of relief sought by afmsa.ch for any violation of its proprietary rights), shall be settled by binding arbitration in accordance with the then-current Rules of Arbitration established by the Swiss Intercantonal Arbitration Convention. The provisions of the 18th December 1987, Federal Act on Private International Law, in particular the provisions of its Chapter 12 on International Arbitration, shall not be applicable to this contract. The seat of any such arbitration shall be in Lausanne, Switzerland. Swiss law only will apply to the merits. The cost of arbitration, including fees per arbitrator, shall be borne equally by the parties. The arbitrator's award may be entered as a judgment in any court of competent jurisdiction. To the fullest extent permitted by applicable law, no such arbitration shall be joined to an arbitration involving any other party subject to these Terms of Use, whether through class arbitration proceedings or otherwise. Each party hereby waives its right to a trial by jury for any disputes between the parties.

Compliance with Local Law. afmsa.ch makes no representation that this Site or any content contained in this Site is appropriate or available for use in the jurisdiction from which you access this Site. You are responsible for compliance with all local laws and regulations, as applicable.

Modifications. afmsa.ch reserves the right to modify these Terms of Use and any of our policies at any time upon posting. By continuing to use this Site after any changes are posted, you acknowledge your acceptance thereof. Please visit this page regularly to review the then-current terms and conditions and policies to which you are bound.

Electronic Communications. When you visit this Site or send e-mails to afmsa.ch, you are communicating with us electronically. You consent to receive communications from us electronically. We may communicate with you by e-mail, by posting notices on this Site or through other means. You agree that all agreements, notices, disclosures and other communications that we provide to you electronically satisfy any legal requirement that such communications be in writing.

Miscellaneous. If there is a determination that any provision of these Terms of Use is invalid or unenforceable under applicable law, that determination will not affect the rest of these Terms of Use, and these Terms of Use shall be deemed amended to the minimum extent necessary to make them valid and enforceable. The failure of afmsa.ch to exercise or enforce any right or provision of these Terms of Use shall not constitute a waiver of such right or provision. Regardless of any statute or law to the contrary, any claim or cause of action against afmsa.ch arising out of or related to this Site or these Terms of Use must be filed within one (1) year after such claim or cause of action arose or be forever barred.

Minors. This Site is not intended for use by or availability to minors. IF YOU ARE UNDER 18 YEARS OF AGE, YOU MAY NOT USE THIS SITE.