The management of the company ACATIS sometimes comments publicly about certain securities. In many cases where we express a positive opinion of the latter, we have invested either directly or indirectly, as a company, as private individuals, for our clients or as consultants or managers of funds we look after in the securities in question. Therefore a positive price performance following one of our comments can lead to an increase in the value of our employees' or clients' assets.

As a rule, the management of the company ACATIS is invested in its own funds. The amount of stocks being held directly privately is very small. Generally, the management of ACATIS holds these stocks in public companies or funds on a long-term basis, i.e. for a least one year, often substantially longer.

On our website in our reports and accounts and mid-year reviews, you are able to find an unbroken account of what securities were held by our funds at specific due dates. As a rule, current data for all funds for the largest fund positions can be found on our website. In individual cases, you can also call us and ask.

It is our opinion that every private security purchase should be accompanied by a study of publicly available information, particularly selling prospectuses and annual reports. To make a purchase based solely on a "tip" from the television or any sort of print media is, in our view, acting negligently. We advise against such practice.

We would like to point out that we rarely make public sales recommendations. If you would like to profit from our expertise, both as regards purchases as well as sales, we would recommend our funds to you.