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Legal Disclaimer

Supervisory bodies: Salmann Investment Management AG, Vaduz is an asset management company licensed and subject to the FMA Liechtenstein Financial Market Authority’s supervision. As a member of the Liechtenstein Association of Independent Asset Managers (VuVL), we are bound by their Code of Ethics and Professional Conduct that can be accessed under

Salmann Investment Management AG is an associated participant in the investor compensation scheme, which is operated by the Deposit Guarantee and Investor Compensation Foundation PCC (FL-0002.039.614-1) (short EAS) and corresponds with EU law. Further information is available on the Foundation's website under

Limitation of offer: The information published on the Salmann Investment Management AG is not to be viewed as an invitation, an offer, a recommendation to buy or sell any investment instruments, or enter into any other transactions. The contents of this website are not targeted at individuals subject to a jurisdiction prohibiting the publication and/or the access to such information (be it on grounds of nationality of the respective person or their residence or any other reasons). Persons to whom these restrictions apply are not permitted to access the Salmann Investment Management AG website.

No guarantee of accuracy of information: Salmann Investment Management AG researches the information contained on this website with the utmost care and diligence. However, Salmann does not provide any guarantee for the correctness, completeness or the timeliness of the information posted on the website. The content of the website may be amended at any time without prior notice. The information on the website does not constitute assistance in making decisions about investments. Please consult a qualified person when making investment decisions.

Investment risks: The value of investments may increase or decrease. Past performance cannot be construed as an indication of future performance. Investments in foreign currencies are additionally subject to fluctuations in exchange rates. Investments with high volatility may be subject to greater fluctuations in value. Maintaining the worth of the invested capital can therefore not be guaranteed.

Liability disclaimer: Under no circumstances (including negligence) shall Salmann be liable for losses or damages (in particular, for direct and consequential damages) of any kind, which may arise out of, or in any way connected to, the access, or use, or retrieval of the Salmann website or the links to third parties contained therein.

Out-of-court arbitration board: The out-of-court arbitration board is responsible for the settlement of claims between clients and

- banks, 
- securities companies, 
- asset management companies and 
- payment services providers.

An arbitrator constitutes the arbitration board. The government of the Principality of Liechtenstein has appointed the legal counsel, Dr. Peter Wolff for the period of 1st January 2014 to 31st December 2017 as arbitrator. The arbitration board can be contacted at the following address:

Dr. Peter Wolff
Landstrasse 60
P.O. Box 343
9490 Vaduz

Out-of-court arbitration board in connection with the Swiss Financial Services Act (FIDLEG): 

The ombudsman office for asset managers domiciled in Liechtenstein who are members of the Association of Independent Asset Managers in Liechtenstein (VuVL) and who have clients in Switzerland or are otherwise affected by the scope of application of the FIDLEG can be reached here: 

Out-of-court arbitration board for Financial Services in the Principality of Liechtenstein, Dr. Peter Wolff, c/o PricewaterhouseCoopersAG, Birchstrasse 160, 8050 Zürich

Contact person for client complaints: René Frank is responsible for handling any client complaints addressed to Salmann Investment Management AG. Any complaints should be referred to him and he will take the necessary action.

Email communications: Currently, any email correspondence with Salmann takes place openly and is unencrypted. It can therefore not be excluded that third parties may gain access to the data and any contact established with our company can be traced.  Furthermore, in certain circumstances, data can be transmitted across borders, even if both the sender and the receiver are in the same country.

The privacy of email communications may therefore not always be adequately assured. We therefore kindly request that you refrain from using this medium to transmit client information and instructions. 

Salmann Investment Management AG does not carry out client instructions transmitted by email.

Obligation to Comply with the Shareholder Rights Directive II (SRD II)

1. General information about the Shareholder Rights Directive II (SRD II)

What is the aim of the SRD II?
The Shareholder Rights Directive II (SRD II) is a directive issued by the European Union on shareholder rights that aims to strengthen the corporate governance of listed companies domiciled in the EU or the EEA. In addition to a more effective involvement of shareholders in the company, the main focus is on facilitating the exercise of shareholder rights and improving access to company information in cross-border constellations.

What does SRD II mean for financial intermediaries, and who is affected?
The SRD II sets out regulatory requirements for financial intermediaries entrusted with the holding/administration of equities or the management of equities accounts on behalf of the relevant shareholders (or other intermediaries). The definitive factors are that the issuer is domiciled and authorised in the EU/EEA and that its shares are traded on a market regulated in the EU/EEA.

Intermediaries (such as Salmann Investment Management AG) are obligated under SRD II to ensure the simplified flow of information between companies and their shareholders throughout the custodial chain, in order to enable shareholders to better exercise their shareholder rights.

2. Salmann Investment Management AG’s declaration regarding the Shareholder Rights Directive II (SRD II)
Salmann Investment Management AG is an asset manager according to Art. 367a, No. 3, of the Liechtenstein Persons and Companies Act (PGR) and must therefore describe its shareholder involvement policy in accordance with Art. 367h of the PGR. The shareholder involvement policy of Salmann Investment Management AG is formulated as follows:

- Salmann Investment Management AG does not exercise any shareholder rights within the
  meaning of Art. 367h, para. 1, No. 1 and 4 PGR that are based on shareholder involvement
  in the companies in which Salmann Investment Management AG has invested within the
  scope of asset management mandates. In particular, no rights related to the Annual General
  Meetings of public limited companies are exercised. The right to a share in profits and rights
  to receive shares are exercised in consultation with the clients.

- The monitoring of important company matters within the meaning of Art. 367h para. 1, No.
  2 PGR is carried out by taking note of the legally required company reporting in
  financial  reports as well as ad hoc announcements.

- There is no exchange of opinions with the corporate bodies and stakeholders of
  the companies within the meaning of Art. 367h, para. 1, No. 3 PGR.

- There is no collaboration with other shareholders within the meaning of Art. 367h, para. 1
  No. 5 and 6 PGR.

- In the event of a conflict of interest within the meaning  of Art. 367h para. 1 No. 7 PGR,
  disclosure shall be made to those parties concerned, in accordance with the legal provisions,
  and a clarification of the further course of action shall be made in consultation with those

- An annual publication on the implementation of the compliance policy within the meaning
  of Art. 367h, para. 2, PGR does not take place, as there is no corresponding exercise of

- There is no publication of voting behaviour within the meaning of Art. 367h, para. 1, sub-
  para. 3 PGR because there is no voting participation.

Salmann Investment Management AG