УПРАВЛЕНИЕ ИМУЩЕСТВОМ И ИНВЕСТИЦИОННЫЙ
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УПРАВЛЕНИЕ ИМУЩЕСТВОМ И ИНВЕСТИЦИОННЫЙ КОНСАЛТИНГ LIECHTENSTEIN Valartis Bank (Liechtenstein) AG Schaaner Strasse 27 FL-9487 Gamprin-Bendern Principality of Liechtenstein Phone +423 265 56 56 Fax +423 265 56 99 E-Mail info@valartis.li www.valartisbank.com 1 ɍɩɪɚɜɥɟɧɢɟɢɦɭɳɟɫɬɜɨɦɢ ɢɧɜɟɫɬɢɰɢɨɧɧɵɣɤɨɧɫɚɥɬɢɧɝ ɍɩɪɚɜɥɟɧɢɟɢɦɭɳɟɫɬɜɨɦ 2 11 Ɋɨɥɶ ɛɚɧɤɚ 2 12 ɉɪɨɮɟɫɫɢɨɧɚɥɶɧɚɹ ɦɟɬɨɞɢɤɚ ɨɛɟɫɩɟɱɢɜɚɟɬ ɨɩɬɢɦɚɥɶɧɨɟ ɪɚɡɜɢɬɢɟ ɢɦɭɳɟɫɬɜɚ 1 ɇɚɲɢ ɢɧɜɟɫɬɢɰɢɨɧɧɵɟ ɫɬɪɚɬɟɝɢɢ ɧɚ ɫɥɭɠɛɟ ȼɚɲɢɯ ɢɧɜɟɫɬɢɰɢɨɧɧɵɯ ɢɧɬɟɪɟɫɨɜ 1 ɉɟɪɜɵɣ ɲɚɝ ± ɷɬɨ ɜɫɟɝɞɚ ɞɨɜɟɪɢɬɟɥɶɧɵɣ ɞɢɚɥɨɝ 1 Ʉɨɦɩɥɟɤɫɧɵɣ ɩɨɞɯɨɞ 1 ɉɪɢɦɟɪ ,PSXlse 7rXst ɜ ɤɚɱɟɫɬɜɟ ɜɥɚɞɟɥɶɰɚ ɫɱɟɬɚ ɜ Valartis Bank (Liechtenstein) AG 1 ɉɨɪɭɱɟɧɢɟɧɚɨɤɚɡɚɧɢɟɤɨɧɫɭɥɶɬɚɰɢɨɧɧɵɯɭɫɥɭɝɩɨɢɧɜɟɫɬɢɰɢɹɦ 24 ɑɚɫɬɧɵɟɮɨɧɞɵɩɨɞɛɪɟɧɞɨɦɤɥɢɟɧɬɚ 28 ɂɧɬɟɪɧɟɬɛɚɧɤɢɧɝZZZYDODUWLVEDQNOL Ʉɪɚɬɤɨɫɪɨɱɧɚɹɧɟɯɜɚɬɤɚɥɢɤɜɢɞɧɵɯɫɪɟɞɫɬɜ"±Ʌɨɦɛɚɪɞɧɵɣɤɪɟɞɢɬ 33 9DODUWLV*URXS$* 38 Valartis Bank (Liechtenstein) AG 2 ɍɩɪɚɜɥɟɧɢɟɢɦɭɳɟɫɬɜɨɦ ɨɬ ɲɜ ɮɪɚɧɤɨɜ ɢɥɢ ɷɤɜɢɜɚɥɟɧɬɚ ɜ ɞɪɭɝɨɣ ɜɚɥɸɬɟ Ɋɨɥɶ ɛɚɧɤɚ ȼɚɲɟ ɢɦɭɳɟɫɬɜɨ ɜ ɧɚɞɟɠɧɵɯ ɪɭɤɚɯ ȼ ɭɫɥɨɜɢɹɯ ɫɬɪɟɦɢɬɟɥɶɧɨ ɪɚɡɜɢɜɚɸɳɢɯɫɹ ɮɢɧɚɧɫɨɜɵɯ ɪɵɧɤɨɜ ɭɫɩɟɲɧɨɟ ɢɧɜɟɫɬɢɪɨɜɚɧɢɟ ɢɦɭɳɟɫɬɜɟɧɧɵɯ ɰɟɧɧɨɫɬɟɣ ɫɬɚɧɨɜɢɬɫɹ ɜɫɟ ɛɨɥɟɟ ɫɟɪɶɟɡɧɵɦ ɢɫɩɵɬɚɧɢɟɦ ɇɟɩɪɟɪɵɜɧɵɣ ɤɨɧɬɪɨɥɶ ɢ ɩɨɫɬɨɹɧɧɵɣ ɚɧɚɥɢɡ ɜɥɨɠɟɧɢɣ ɹɜɥɹɸɬɫɹ ɪɟɲɚɸɳɢɦɢ ɮɚɤɬɨɪɚɦɢ ɭɫɩɟɯɚ ɞɥɹ ɬɟɯ ɤɬɨ ɧɟɫɦɨɬɪɹ ɧɚ ɜɫɟ ɜɪɟɦɹ ɦɟɧɹɸɳɭɸɫɹ ɫɢɬɭɚɰɢɸ ɧɚ ɪɵɧɤɟ ɫɬɪɟɦɢɬɫɹ ɜɨɫɩɨɥɶɡɨɜɚɬɶɫɹ ɩɪɟɞɨɫɬɚɜɥɟɧɧɵɦɢ ɲɚɧɫɚɦɢ ɢ ɩɪɨɫɱɢɬɚɬɶ ɫɭɳɟɫɬɜɭɸɳɢɟ ɪɢɫɤɢ ɉɨɥɭɱɚɹ ɨɬ ȼɚɫ ɦɚɧɞɚɬ ɧɚ ɭɩɪɚɜɥɟɧɢɟ ȼɚɲɢɦ ɢɦɭɳɟɫɬɜɨɦ ɦɵ ɪɟɲɚɟɦ ɷɬɭ ɚɦɛɢɰɢɨɡɧɭɸ ɡɚɞɚɱɭ ɜ ȼɚɲɢɯ ɢɧɬɟɪɟɫɚɯ Ɇɵ ɩɪɟɞɥɚɝɚɟɦ ȼɚɦ ɩɪɨɮɟɫɫɢɨɧɚɥɶɧɨɟ ɭɩɪɚɜɥɟɧɢɟ ȼɚɲɢɦ ɢɦɭɳɟɫɬɜɨɦ ɜ ɯɨɞɟ ɤɨɬɨɪɨɝɨ ɧɚɲɢ ɨɩɵɬɧɵɟ ɷɤɫɩɟɪɬɵ ɩɨ ɢɧɜɟɫɬɢɰɢɹɦ ɨɫɭɳɟɫɬɜɥɹɸɬ ɡɚ ȼɚɫ ɩɟɪɦɚɧɟɧɬɧɭɸ ɨɰɟɧɤɭ ɪɵɧɤɚ ɢ ɩɪɢɧɢɦɚɸɬ ɢɧɜɟɫɬɢɰɢɨɧɧɵɟ ɪɟɲɟɧɢɹ Ⱦɥɹ ɞɨɫɬɢɠɟɧɢɹ ɧɚɦɟɱɟɧɧɵɯ ȼɚɦɢ ɮɢɧɚɧɫɨɜɵɯ ɰɟɥɟɣ ɜ ɫɜɨɟɣ ɪɚɛɨɬɟ ɦɵ ɪɭɤɨɜɨɞɫɬɜɭɟɦɫɹ ɩɪɢɧɰɢɩɚɦɢ ɪɚɡɪɚɛɨɬɚɧɧɨɣ ɧɚɦɢ ɢɧɜɟɫɬɢɰɢɨɧɧɨɣ ɮɢɥɨɫɨɮɢɢ ȿɟ ɜɚɠɧɟɣɲɢɦ ɷɥɟɦɟɧɬɨɦ ɹɜɥɹɟɬɫɹ ɫɨɜɦɟɫɬɧɨɟ ɨɩɪɟɞɟɥɟɧɢɟ ȼɚɲɟɝɨ ɢɧɞɢɜɢɞɭɚɥɶɧɨɝɨ ɤɥɢɟɧɬɫɤɨɝɨ ɩɪɨɮɢɥɹ ɢ ɭɱɟɬ ȼɚɲɢɯ ɥɢɱɧɵɯ ɩɨɠɟɥɚɧɢɣ ɗɬɨ ɩɨɡɜɨɥɹɟɬ ɧɚɦ ɪɚɡɪɚɛɚɬɵɜɚɬɶ ɪɟɲɟɧɢɹ ɭɱɢɬɵɜɚɸɳɢɟ ȼɚɲɢ ɢɧɞɢɜɢɞɭɚɥɶɧɵɟ ɨɫɨɛɟɧɧɨɫɬɢ ɢ ɧɚɯɨɞɢɬɶ ɞɥɹ ȼɚɫ ɨɩɬɢɦɚɥɶɧɭɸ ɢɧɜɟɫɬɢɰɢɨɧɧɭɸ ɫɬɪɚɬɟɝɢɸ ȼɵ ɩɨɥɭɱɚɟɬɟ ɩɪɢɛɵɥɶ ɛɥɚɝɨɞɚɪɹ ɩɪɢɜɥɟɱɟɧɢɸ ɤ ɪɚɛɨɬɟ ɨɩɵɬɧɵɯ ɥɢɱɧɵɯ ɤɨɧɫɭɥɶɬɚɧɬɨɜ ɢ ɫɩɟɰɢɚɥɢɫɬɨɜ ɩɨ ɢɧɜɟɫɬɢɰɢɹɦ ɜɥɚɞɟɸɳɢɯ ɫɨɛɫɬɜɟɧɧɵɦɢ ©ɧɨɭ-ɯɚɭª ɢɫɩɨɥɶɡɭɹ ɩɪɢ ɷɬɨɦ ɤɨɦɩɥɟɤɫɧɭɸ ɢɧɮɪɚɫɬɪɭɤɬɭɪɭ ɫɨɜɪɟɦɟɧɧɨɝɨ ɛɚɧɤɨɜɫɤɨɝɨ ɢɧɫɬɢɬɭɬɚ ɉɨɫɥɟɞɨɜɚɬɟɥɶɧɨɟ ɩɪɟɨɛɪɚɡɨɜɚɧɢɟ ɢɧɜɟɫɬɢɰɢɨɧɧɨɝɨ ɩɪɨɰɟɫɫɚ ɹɜɥɹɟɬɫɹ ɱɚɫɬɶɸ ɢɧɜɟɫɬɢɰɢɨɧɧɨɣ ɩɨɥɢɬɢɤɢ Valartis Bank (Liechtenstein) AG ɢ ɧɚɯɨɞɢɬɫɹ ɩɨɞ ɩɨɫɬɨɹɧɧɵɦ ɤɨɧɬɪɨɥɟɦ ɧɚɲɟɝɨ ɤɨɦɢɬɟɬɚ ɩɨ ɢɧɜɟɫɬɢɰɢɹɦ . Valartis Bank (Liechtenstein) AG ɍɩɪɚɜɥɟɧɢɟ ɢɦɭɳɟɫɬɜɨɦ ɞɚɟɬ ȼɚɦ ɫɥɟɞɭɸɳɢɟ ɩɪɟɢɦɭɳɟɫɬɜɚ ȼɵ ɩɨɥɭɱɚɟɬɟ ɢɧɞɢɜɢɞɭɚɥɶɧɨɟ ɪɟɲɟɧɢɟ ɭɱɢɬɵɜɚɸɳɟɟ ȼɚɲɭ ɤɨɧɤɪɟɬɧɭɸ ɫɢɬɭɚɰɢɸ ɢ ȼɚɲɭ ɩɨɞɜɟɪɠɟɧɧɨɫɬɶ ɪɢɫɤɚɦ ȼɚɦ ɧɟ ɧɭɠɧɨ ɨɤɚɡɵɜɚɬɶ ɩɪɢɧɰɢɩɢɚɥɶɧɨ ɚɤɬɢɜɧɨɟ ɜɥɢɹɧɢɟ ɧɚ ɢɧɜɟɫɬɢɰɢɨɧɧɵɟ ɪɟɲɟɧɢɹ ȼɵ ɨɫɜɨɛɨɠɞɚɟɬɟɫɶ ɨɬ ɧɟɨɛɯɨɞɢɦɨɫɬɢ ɨɫɭɳɟɫɬɜɥɹɬɶ ɤɨɧɬɪɨɥɶ ɡɚ ɪɵɧɤɚɦɢ ɚɧɚɥɢɡɢɪɨɜɚɬɶ ɢɧɮɨɪɦɚɰɢɸ ɢ ɧɟɫɬɢ ɭɩɪɚɜɥɟɧɱɟɫɤɢɟ ɢɡɞɟɪɠɤɢ. ɇɚɲɢ ɭɩɪɚɜɥɹɸɳɢɟ ɚɤɬɢɜɚɦɢ ± ɩɨɪɬɮɟɥɶɧɵɟ ɦɟɧɟɞɠɟɪɵ ɩɪɢɧɢɦɚɸɬ ɢɧɜɟɫɬɢɰɢɨɧɧɵɟ ɪɟɲɟɧɢɹ ɜ ɪɚɦɤɚɯ ɫɨɝɥɚɫɨɜɚɧɧɨɣ ɫ ȼɚɦɢ ɢɧɜɟɫɬɢɰɢɨɧɧɨɣ ɫɬɪɚɬɟɝɢɢ ɢ ɧɟ ɩɪɨɜɨɞɹɬ ɞɨɩɨɥɧɢɬɟɥɶɧɵɯ ɩɟɪɟɝɨɜɨɪɨɜ ɫ ȼɚɦɢ. ȼɵ ɦɨɠɟɬɟ ɡɚɤɥɸɱɢɬɶ ɫɩɟɰɢɚɥɶɧɵɟ ɫɨɝɥɚɲɟɧɢɹ ɜ ɨɬɧɨɲɟɧɢɢ ɢɧɜɟɫɬɢɰɢɢ ɧɚɩɪɢɦɟɪ ©ɧɢɤɚɤɢɯ ɜɥɨɠɟɧɢɣ ɜ ɚɦɟɪɢɤɚɧɫɤɢɟ ɰɟɧɧɵɟ ɛɭɦɚɝɢª. Ɉɩɬɢɦɚɥɶɧɨɟ ɫɨɝɥɚɫɨɜɚɧɢɟ ɢɧɜɟɫɬɢɰɢɨɧɧɵɯ ɫɬɪɚɬɟɝɢɣ ɢ ɩɥɚɧɢɪɨɜɚɧɢɟ ɩɨɫɬɨɹɧɧɨɝɨ ɞɨɯɨɞɚ ɜɨ ɜɫɟ ɛɨɥɟɟ ɧɟɩɪɟɞɫɤɚɡɭɟɦɵɯ ɭɫɥɨɜɢɹɯ ɫɜɹɡɚɧɧɵɯ ɫ ɩɨɫɬɨɹɧɧɨ ɦɟɧɹɸɳɢɦɢɫɹ ɬɟɧɞɟɧɰɢɹɦɢ ɜ ɷɤɨɧɨɦɢɤɟ ɫɢɥɶɧɵɦɢ ɤɨɥɟɛɚɧɢɹɦɢ ɬɟɦɩɨɜ ɢɧɮɥɹɰɢɢ ɜɚɪɶɢɪɭɸɳɢɦɢɫɹ ɭɪɨɜɧɹɦɢ ɩɪɨɰɟɧɬɧɵɯ ɫɬɚɜɨɤ ɢ ɩɨɫɬɨɹɧɧɵɦ ɢɡɦɟɧɟɧɢɟɦ ɤɭɪɫɨɜ ɜɚɥɸɬ. ɉɪɢɨɛɪɟɬɟɧɢɟ ɩɚɤɟɬɚ ɭɫɥɭɝ ɫɨ ɫɛɚɥɚɧɫɢɪɨɜɚɧɧɵɦ ɫɨɨɬɧɨɲɟɧɢɟɦ ɪɢɫɤɨɜ ɢɫɩɨɥɶɡɭɟɦɵɯ ɫɪɟɞɫɬɜ ɢ ɩɨɥɭɱɚɟɦɵɯ ɞɨɯɨɞɨɜ. Ⱦɥɹ ɧɚɫ ɷɮɮɟɤɬɢɜɧɨɫɬɶ ɢɧɜɟɫɬɢɰɢɣ ± ɷɬɨ ɧɟ ɩɪɨɫɬɨ ɫɥɨɜɚ. ɉɪɨɮɟɫɫɢɨɧɚɥɶɧɚɹ ɨɩɟɪɚɬɢɜɧɚɹ ɢ ɤɨɧɮɢɞɟɧɰɢɚɥɶɧɚɹ ɪɟɚɥɢɡɚɰɢɹ ɢɧɜɟɫɬɢɰɢɨɧɧɵɯ ɪɟɲɟɧɢɣ ɛɥɚɝɨɞɚɪɹ ɛɥɢɡɨɫɬɢ ɤ ɜɟɞɭɳɢɦ ɮɢɧɚɧɫɨɜɵɦ ɩɥɨɳɚɞɤɚɦ ɦɢɪɚ. ȿɠɟɝɨɞɧɨɟ ɜɨɡɧɚɝɪɚɠɞɟɧɢɟ ɡɚ ɭɫɥɭɝɢ ɩɨ ɭɩɪɚɜɥɟɧɢɸ ɪɚɫɫɱɢɬɚɧɧɨɟ ɧɚ ɨɫɧɨɜɚɧɢɢ ɨɛɴɟɦɚ ɞɟɛɟɬɭɟɬɫɹ ɫ ȼɚɲɟɝɨ ɤɨɧɬɨɤɨɪɪɟɧɬɧɨɝɨ ɫɱɟɬɚ. Ɋɚɡ ɜ ɩɨɥɝɨɞɚ ȼɵ ɩɨɥɭɱɚɟɬɟ ɨɬɱɟɬ ɨ ɫɨɫɬɨɹɧɢɢ ɢɦɭɳɟɫɬɜɚ ɫ ɭɤɚɡɚɧɢɟɦ ɷɮɮɟɤɬɢɜɧɨɫɬɢ ɢɧɜɟɫɬɢɰɢɣ ɤɪɨɦɟ ɬɨɝɨ ȼɵ ɦɨɠɟɬɟ ɪɟɝɭɥɹɪɧɨ ɩɨɥɭɱɚɬɶ ɩɨɜɬɨɪɧɵɟ ɩɪɟɞɦɟɬɧɵɟ ɤɨɧɫɭɥɶɬɚɰɢɢ ɧɚɲɢɯ ɩɨɪɬɮɟɥɶɧɵɯ ɦɟɧɟɞɠɟɪɨɜ ɢ ȼɚɲɟɝɨ ɥɢɱɧɨɝɨ ɤɨɧɫɭɥɶɬɚɧɬɚ. 3 Page 1 of 3 SPECIMEN Impulse Trust 30000 Safe-keeping deposit account: ______________________Account No.______________________________ Administration Mandate Valartis Bank (Liechtenstein) AG (hereinafter to be referred to as the Bank) is hereby authorised to manage the securities safe-keeping deposit accounts and/or accounts listed under the above portfolio number in accordance with the following directives. Reference currency The reference currency applies to the currency in which the investor keeps his accounts and which is used to measure performance. However, this does not rule out investments in other currencies. CHF EURO The use of collective investments such as investment funds and/or internal assets has proved to be a bene¿cial strategy in asset management, particularly in terms of risk considerations. For this reason, depending on the size of the mandate and the market conditions, we manage the assets entrusted to us by making individual investments and/or on the basis of internal assets and/or funds. Depending on the chosen type of portfolio structure, assets are managed based on individual investments, funds and/or internal assets. USD Administration directives The assets are managed in accordance with the Bank’s investment policy. As each portfolio structure corresponds to a separate risk/return combination, the investor is only able to choose one particular type of structure. Fees For carrying out the administration mandate, the Bank charges an annual administration fee, which is charged at the respective valid rate. The Bank reserves the right to change this rate at any time. The client is to be noti¿ed of such changes in writing or by any other appropriate means of communication. Bond strategy Money market investments, bonds, etc. (nominal values). The majority of the investments are made in the reference currency. Bond-/Share strategy Money Market Investments, Bonds, Equities. Equities investments are mainly made into mutual funds and stocks of large companies. Income Balanced Growth (15 % – 25 % shares) (30 % – 50 % shares) (50 % – 70 % shares) Share strategy Emphasis on shares, primarily equity funds, internationally oriented. Special arrangements: Ethical, ecological investments Portfolio valuation The Bank employs the following valuation criteria to value the ¿nancial instruments held in the client portfolio: - Investment funds are always valued at the unit prices published by the respective fund company; - As a rule, listed securities are determined according to the prices at the main market in these securities; If no e[change price is set for a given ¿nancial instrument, the Bank will determine the market value by applying general valuation measures. The valuations of the ¿nancial instruments in the client portfolio are undertaken at the latest as of the applicable reporting dates. The Bank has the right to consolidate orders by different clients and to forward them for execution as a collective order. If this collective order is executed at different prices, the Bank will carry out the distribution among the individual client safe deposits at average values. 18E-0210 Valartis Bank (Liechtenstein) AG 4 Client reporting As a rule, the Bank will transmit a periodic statement of the portfolio management services to the client every half year. This period may, upon the express wish of the client, be reduced to three months. In the case of a ¿nancial portfolio ¿nanced by credit, the Bank will report monthly. If the Bank uses a comparative benchmark in the reports mentioned above, this shall only be for informative purposes. Illustrations and comparisons with a benchmark do not contain any statement on the probability of reaching such a benchmark and do not give rise to any legal liability, assurance, or guarantee. The Bank reserves the right to change the benchmark at any time, if appropriate in accordance with the investment strategy of the client and the investment guidelines agreed with the client. If the client requests individual transaction statements, the Bank reserves the right to extend the reporting requirement to once every calendar year. Benchmark To illustrate the performance of the bank with respect to portfolio management in a transparent manner, the Bank uses a benchmark as a calculation method. The benchmark differs depending on the client portfolio in question and is determined in accordance with the investment goal and strategy. The benchmark is published on the Bank’s website (www.valartis.li). Inducements The client notes and accepts that the Bank may be granted inducements in the form of portfolio payments and acquisition commissions (e.g. from issue and redemption commissions) by third parties (including group companies) in connection with the buying/distribution of collective capital investments, certi¿cates, notes, etc. (hereinafter ³products´; these include products managed and/or issued by a group company). The amount of such inducements depends on the product and the product provider. As a rule, portfolio payments are calculated on the basis of the amount of the volume of a product or product group held by the Bank. Their amount usually corresponds to a percentage share of the administrative fees charged on the product and is paid periodically over the course of the term. In addition, distribution commissions by securities issuers may be granted in the form of deductions from the issue price (percentage rebate) or in the form of one-time payments, the amount of which corresponds to a percentage share of the issue price. Acquisition commissions are one-time payments. Their amount corresponds to a percentage share of the issue and/or redemption price in question. The client may, at any time prior to signing this mandate or assumption of management activities by the Bank as well as at any time after signing this mandate or assumption of management activities by the Bank, demand additional details on the agreements concluded with third parties with respect to such inducements. The right to obtain information with respect to further details prior to signing this mandate or assumption of management activities by the Bank is limited to the 12 months preceding the query. The client expressly waives any further claims to information. If the client does not demand additional details prior to signing this mandate or assumption of management activities by the Bank, or if the client signs this Agreement after obtaining additional details, the client expressly waives any surrender claims pursuant to § 1009a of the General Civil Code (ABGB). Other provisions The Bank reserves the right to carry out legal acts and make investments for the account and at the risk of the client if the Bank considers this to be useful or necessary for the purpose of managing securities safe-keeping deposit accounts and/or accounts in the context of the aforementioned directives. By virtue of this mandate, the Bank is entitled to buy or sell forward or make cash purchases or sales of any kind of securities, precious metals, currencies and other investment instruments, in particular internal assets. 18E-0210 Valartis Bank (Liechtenstein) AG 5 Page 3 of 3 While the Bank may operate at its own discretion, it must comply with the aforementioned administration directives. Furthermore, the Bank is entitled to execute any type of covered transaction (purchase and sale) in the options and futures market (derivatives) as well as to make investments in any country and in any currency in its own name on a fiduciary basis at the risk and expense of the client. In particular, the Bank is entitled to conduct all business permitted by the prevailing directives for asset management mandates, in accordance with Liechtenstein Banking Act and Banking Executive Order. This list is not conclusive; other forms of investment may be added at a later date. Due to market conditions, the investment policy is set periodically and is available for consultation at the Bank at any time. The Bank is authorised, but not obliged to exercise any partnership or joint ownership rights, etc., arising from investments. 01.09.2013 Date The client hereby releases the Bank and its employees from all liability that might result from any acts or forbearances, in particular regarding the choice of investments. This mandate does not expire upon the client’s death, presumed death, incapacity to act or bankruptcy. However, either party may terminate the mandate at any time and with immediate effect, in writing, in compliance with the time period required for the sale of securities. Should parts of the administration mandate be or become invalid, disputable or ineffective, this does not affect the validity of the rest of the contract. Unless otherwise stipulated in the aforementioned conditions and in so far as no other regulation has been put into effect, the “General Conditions” apply. Impulse Trust Signature 18E-0210 Valartis Bank (Liechtenstein) AG .. ɉɪɨɮɟɫɫɢɨɧɚɥɶɧɚɹ ɦɟɬɨɞɢɤɚ ɨɛɟɫɩɟɱɢɜɚɟɬ ɨɩɬɢɦɚɥɶɧɨɟ ɪɚɡɜɢɬɢɟ ɢɦɭɳɟɫɬɜɚ ɇɚɲɢ ɩɪɢɧɰɢɩɵ ɨɫɭɳɟɫɬɜɥɟɧɢɹ ɢɧɜɟɫɬɢɰɢɣ ɛɚɡɢɪɭɸɬɫɹ ɧɚ ɫɢɫɬɟɦɚɬɢɡɢɪɨɜɚɧɧɵɯ ɢ ɤɨɦɛɢɧɢɪɨɜɚɧɧɵɯ ɫɬɪɚɬɟɝɢɹɯ Top-Down/Bottom-Up ɜ ɪɚɦɤɚɯ ɚɧɚɥɢɡɚ ɪɵɧɤɨɜ ɢ ɰɟɧɧɵɯ ɛɭɦɚɝ. ɇɚ ɨɫɧɨɜɚɧɢɢ ɢɫɫɥɟɞɨɜɚɧɢɣ ɢ ɨɰɟɧɤɢ ɦɟɠɞɭɧɚɪɨɞɧɨɝɨ ɷɤɨɧɨɦɢɱɟɫɤɨɝɨ ɢ ɩɨɥɢɬɢɤɨ-ɷɤɨɧɨɦɢɱɟɫɤɨɝɨ ɤɨɧɬɟɤɫɬɚ, ɚ ɬɚɤɠɟ ɬɳɚɬɟɥɶɧɨɝɨ ɚɧɚɥɢɡɚ ɩɪɟɞɩɪɢɹɬɢɣ ɢ ɰɟɧɧɵɯ ɛɭɦɚɝ ɩɪɨɜɨɞɢɬɫɹ ɬɟɤɭɳɚɹ ɩɪɨɜɟɪɤɚ ɢɧɜɟɫɬɢɰɢɣ ɢ ɢɯ ɨɬɧɨɫɢɬɟɥɶɧɨɣ ɫɬɨɢɦɨɫɬɢ ɜ ɝɪɚɧɢɰɚɯ ɩɪɟɞɜɚɪɢɬɟɥɶɧɨ ɡɚɞɚɧɧɵɯ ɩɪɟɞɟɥɨɜ ɤɨɥɟɛɚɧɢɣ. ɉɨɫɥɟɞɧɢɟ, ɩɪɢ ɧɟɨɛɯɨɞɢɦɨɫɬɢ, ɩɪɢɜɨɞɹɬɫɹ ɜ ɫɨɨɬɜɟɬɫɬɜɢɟ ɫ ɢɡɧɚɱɚɥɶɧɨ ɫɮɨɪɦɭɥɢɪɨɜɚɧɧɵɦɢ ɤɨɥɢɱɟɫɬɜɟɧɧɵɦɢ ɢ ɤɚɱɟɫɬɜɟɧɧɵɦɢ ɤɪɢɬɟɪɢɹɦɢ ɨɬɛɨɪɚ. Ɉɫɧɨɜɧɵɟ ɩɭɧɤɬɵ ɢɧɜɟɫɬɢɰɢɨɧɧɨɣ ɫɬɪɚɬɟɝɢɢ ɟɠɟɦɟɫɹɱɧɨ ɩɭɛɥɢɤɭɸɬɫɹ ɧɚɦɢ ɜ ɛɪɨɲɸɪɟ “ɍɫɥɭɝɢ ɩɨ ɜɥɨɠɟɧɢɸ ɤɚɩɢɬɚɥɚ”, ɫ ɷɥɟɤɬɪɨɧɧɨɣ ɮɨɪɦɨɣ ɤɨɬɨɪɨɣ ȼɵ ɜɫɟɝɞɚ ɦɨɠɟɬɟ ɨɡɧɚɤɨɦɢɬɶɫɹ ɧɚ ɧɚɲɟɦ ɫɚɣɬɟ. Ɇɵ ɬɚɤɠɟ ɜɵɲɥɟɦ ɷɬɭ ɛɪɨɲɸɪɭ ȼɚɦ ɜ ɛɭɦɚɠɧɨɣ ɮɨɪɦɟ ɩɨ ȼɚɲɟɦɭ ɡɚɩɪɨɫɭ. ȼɚɲ ɥɢɱɧɵɣ ɤɨɧɫɭɥɶɬɚɧɬ ɪɟɝɭɥɹɪɧɨ ɨɛɫɭɠɞɚɟɬ ɫ ȼɚɦɢ ɫɬɪɭɤɬɭɪɭ ȼɚɲɟɝɨ ɩɨɪɬɮɟɥɹ ɢ ɬɟɦ ɫɚɦɵɦ ɝɚɪɚɧɬɢɪɭɟɬ ȼɚɦ ɟɝɨ ɧɚɞɥɟɠɚɳɭɸ ɝɢɛɤɨɫɬɶ. ɉɪɢ ɷɬɨɦ ɨɧ ɩɨɫɬɨɹɧɧɨ ɫɥɟɞɢɬ ɡɚ ɬɟɦ, ɱɬɨɛɵ ɜɵɛɪɚɧɧɚɹ ɢɧɜɟɫɬɢɰɢɨɧɧɚɹ ɫɬɪɚɬɟɝɢɹ ɜɫɟɝɞɚ ɫɨɨɬɜɟɬɫɬɜɨɜɚɥɚ ȼɚɲɢɦ ɬɪɟɛɨɜɚɧɢɹɦ. ɋɨɜɪɟɦɟɧɧɚɹ ɫɢɫɬɟɦɚ ɨɪɝɚɧɢɡɚɰɢɢ ɨɬɱɟɬɧɨɫɬɢ ɩɨ ɩɪɢɧɹɬɵɦ ɢɧɜɟɫɬɢɰɢɨɧɧɵɦ ɪɟɲɟɧɢɹɦ ɢ ɞɨɫɬɢɝɧɭɬɵɦ ɩɨɤɚɡɚɬɟɥɹɦ ɝɚɪɚɧɬɢɪɭɸɬ ȼɚɦ ɩɪɨɡɪɚɱɧɨɫɬɶ ɨɬɨɛɪɚɠɟɧɢɹ ɞɢɧɚɦɢɤɢ ɪɚɡɜɢɬɢɹ ȼɚɲɟɝɨ ɢɦɭɳɟɫɬɜɚ. Ⱦɢɧɚɦɢɤɚ ɫɬɨɢɦɨɫɬɢ ȼɚɲɟɝɨ ɩɨɪɬɮɟɥɹ ɡɚɜɢɫɢɬ ɨɬ ɰɟɥɨɝɨ ɪɹɞɚ ɮɚɤɬɨɪɨɜ: ȼɚɲɢɯ ɥɢɱɧɵɯ ɰɟɥɟɣ ɢ ɩɪɟɞɩɨɱɬɟɧɢɣ, ɪɚɡɜɢɬɢɹ ɮɢɧɚɧɫɨɜɵɯ ɪɵɧɤɨɜ ɢ ɪɟɡɭɥɶɬɚɬɨɜ ɪɚɛɨɬɵ ȼɚɲɟɝɨ ɥɢɱɧɨɝɨ ɤɨɧɫɭɥɶɬɚɧɬɚ ɢ ɩɨɪɬɮɟɥɶɧɵɯ ɦɟɧɟɞɠɟɪɨɜ. Ɍɨɥɶɤɨ ɤɨɧɬɪɨɥɢɪɭɟɦɨɟ ɢ ɫɨɝɥɚɫɨɜɚɧɧɨɟ ɜɡɚɢɦɨɞɟɣɫɬɜɢɟ ɷɬɢɯ ɜɧɭɬɪɟɧɧɢɯ ɢ ɜɧɟɲɧɢɯ ɮɚɤɬɨɪɨɜ ɩɨɡɜɨɥɢɬ ȼɚɦ ɞɨɫɬɢɱɶ ɜɵɫɨɤɢɯ ɪɟɡɭɥɶɬɚɬɨɜ. ɇɚɲɢ ɨɩɵɬɧɵɟ ɩɨɪɬɮɟɥɶɧɵɟ ɦɟɧɟɞɠɟɪɵ ɧɟɩɪɟɪɵɜɧɨ ɢ ɫ ɨɫɨɛɵɦ ɜɧɢɦɚɧɢɟɦ ɤ ȼɚɲɢɦ ɡɚɩɪɨɫɚɦ ɨɬɫɥɟɠɢɜɚɸɬ ɞɢɧɚɦɢɤɭ ɪɚɡɜɢɬɢɹ ȼɚɲɟɝɨ ɢɦɭɳɟɫɬɜɚ ɢ ɚɤɬɢɜɧɨ ɜɨɩɥɨɳɚɸɬ ɜ ɠɢɡɧɶ ɩɨɥɢɬɢɤɭ ɢɧɜɟɫɬɢɰɢɣ, ɪɚɡɪɚɛɨɬɚɧɧɭɸ ɧɚ ɨɫɧɨɜɟ ȼɚɲɟɣ ɫɨɛɫɬɜɟɧɧɨɣ ɢɧɜɟɫɬɢɰɢɨɧɧɨɣ ɫɬɪɚɬɟɝɢɢ. Ʉɥɢɟɧɬ Ɏɢɧɚɧɫɨɜɵɟ ɪɵɧɤɢ Ɍɨɥɟɪɚɧɬɧɨɫɬɶ ɤ ɪɢɫɤɭ/ɨɠɢɞɚɟɦɚɹ ɞɨɯɨɞɧɨɫɬɶ, ɢɧɜɟɫɬɢɰɢɨɧɧɵɣ ɩɟɪɢɨɞ, ɛɚɡɢɫɧɚɹ ɜɚɥɸɬɚ ɢ ɧɚɥɨɝɨɜɵɟ ɚɫɩɟɤɬɵ Ⱦɢɧɚɦɢɤɚ ɪɵɧɤɨɜ ɚɤɰɢɣ, ɨɛɥɢɝɚɰɢɣ, ɩɪɨɰɟɧɬɧɵɯ ɫɬɚɜɨɤ ɢ ɜɚɥɸɬ ɋɬɪɚɬɟɝɢɱɟɫɤɨɟ ɪɚɡɦɟɳɟɧɢɟ ɚɤɬɢɜɨɜ Ⱦɨɥɝɨɫɪɨɱɧɚɹ ɫɬɪɭɤɬɭɪɚ ɢɦɭɳɟɫɬɜɚ, ɨɩɬɢɦɚɥɶɧɵɟ ɩɪɨɮɢɥɢ ɞɨɯɨɞɧɨɫɬɢ ɢ ɪɢɫɤɨɜ Ɍɚɤɬɢɱɟɫɤɨɟ ɪɚɡɦɟɳɟɧɢɟ ɚɤɬɢɜɨɜ ɋɬɪɚɬɟɝɢɹ ɜɵɛɨɪɚ ɜɪɟɦɟɧɢ ɞɥɹ ɨɩɟɪɚɰɢɣ ɧɚ ɪɵɧɤɟ ɜ ɰɟɥɹɯ ɨɩɬɢɦɢɡɚɰɢɢ ɩɨɥɭɱɟɧɢɹ ɞɨɯɨɞɚ Ɉɬɛɨɪ ɰɟɧɧɵɯ ɛɭɦɚɝ ɢ ɤɨɧɬɪɨɥɶ ɤɚɱɟɫɬɜɚ Ɉɪɢɟɧɬɢɪɨɜɚɧɧɚɹ ɧɚ ɷɮɮɟɤɬɢɜɧɨɫɬɶ ɪɚɛɨɬɚ ɢ ɚɧɚɥɢɡ ɷɮɮɟɤɬɢɜɧɨɫɬɢ Ɉɬɱɟɬɧɨɫɬɶ ɋɬɪɭɤɬɭɪɚ ɩɨɪɬɮɟɥɹ, ɞɢɧɚɦɢɤɚ ɫɬɨɢɦɨɫɬɢ Valartis Bank (Liechtenstein) AG 7 .. ɇɚɲɢ ɢɧɜɟɫɬɢɰɢɨɧɧɵɟ ɫɬɪɚɬɟɝɢɢ ɧɚ ɫɥɭɠɛɟ ȼɚɲɢɯ ɢɧɜɟɫɬɢɰɢɨɧɧɵɯ ɢɧɬɟɪɟɫɨɜ ɋ ɩɨɦɨɳɶɸ ɫɨɨɬɜɟɬɫɬɜɭɸɳɢɯ ɦɨɞɟɥɟɣ ɦɵ ɩɪɨɝɧɨɡɢɪɭɟɦ ɞɢɧɚɦɢɤɭ ɪɨɫɬɚ ɦɟɠɞɭɧɚɪɨɞɧɵɯ ɪɵɧɤɨɜ ɚɤɰɢɣ, ɩɪɨɰɟɧɬɨɜ ɢ ɜɚɥɸɬ. Ɇɵ ɡɚɪɚɧɟɟ ɫɮɨɪɦɭɥɢɪɨɜɚɥɢ ɞɥɹ ȼɚɫ ɩɹɬɶ ɢɧɜɟɫɬɢɰɢɨɧɧɵɯ ɰɟɥɟɣ ɪɚɡɥɢɱɧɨɣ ɧɚɩɪɚɜɥɟɧɧɨɫɬɢ, ɤɨɬɨɪɵɟ ɫ ɩɟɪɜɨɝɨ ɞɧɹ ɩɨɫɥɭɠɚɬ ȼɚɦ ɧɚɞɟɠɧɵɦ ɮɭɧɞɚɦɟɧɬɨɦ ɞɥɹ ɩɪɢɧɹɬɢɹ ɪɟɲɟɧɢɣ. ɂɧɜɟɫɬɢɰɢɨɧɧɵɟ ɫɬɪɚɬɟɝɢɢ ɭɱɢɬɵɜɚɸɬ ɬɚɤɢɟ ɮɚɤɬɨɪɵ, ɤɚɤ ɛɟɡɨɩɚɫɧɨɫɬɶ ɢ ɪɢɫɤ, ɞɨɯɨɞɧɨɫɬɶ ɢ ɩɟɪɫɩɟɤɬɢɜɵ ɪɨɫɬɚ, ɚ ɬɚɤɠɟ ɥɢɤɜɢɞɧɨɫɬɶ ɢ ɝɢɛɤɨɫɬɶ. ȼ ɪɚɦɤɚɯ ɤɚɠɞɨɣ ɢɧɜɟɫɬɢɰɢɨɧɧɨɣ ɰɟɥɢ ɱɟɬɤɨ ɨɩɪɟɞɟɥɟɧɵ ɫɨɨɬɧɨɲɟɧɢɹ ɞɨɥɟɣ ɢɦɭɳɟɫɬɜɚ ɜ ɥɢɤɜɢɞɧɨɣ ɮɨɪɦɟ, ɨɛɥɢɝɚɰɢɹɯ ɢ ɚɤɰɢɹɯ. ɋ ɭɜɟɥɢɱɟɧɢɟɦ ɞɨɥɢ ɛɭɦɚɝ ɩɚɟɜɨɝɨ ɭɱɚɫɬɢɹ ɜɨɡɪɚɫɬɚɸɬ ɤɚɤ ȼɚɲɢ ɪɢɫɤɢ, ɬɚɤ ɢ ɩɟɪɫɩɟɤɬɢɜɵ ɞɨɯɨɞɧɨɫɬɢ. ɉɟɪɟɞ ȼɚɦɢ ɩɹɬɶ ɢɧɜɟɫɬɢɰɢɨɧɧɵɯ ɫɬɪɚɬɟɝɢɣ ȼɵ ɦɨɠɟɬɟ ɜɵɛɢɪɚɬɶ ɦɟɠɞɭ ɩɹɬɶɸ ɨɫɧɨɜɧɵɦɢ ɢɧɜɟɫɬɢɰɢɨɧɧɵɦɢ ɫɬɪɚɬɟɝɢɹɦɢ ɜ ɛɚɡɢɫɧɵɯ ɜɚɥɸɬɚɯ CHF, EUR, ɚ ɬɚɤɠɟ USD. ɋɬɪɭɤɬɭɪɚ ɢɦɭɳɟɫɬɜɚ ɜɚɪɶɢɪɭɟɬɫɹ ɜ ɡɚɜɢɫɢɦɨɫɬɢ ɨɬ ȼɚɲɟɣ ɝɨɬɨɜɧɨɫɬɢ ɢɞɬɢ ɧɚ ɪɢɫɤ ɢ ȼɚɲɢɯ ɢɧɜɟɫɬɢɰɢɨɧɧɵɯ ɰɟɥɟɣ. ɉɨɫɬɚɧɨɜɤɚ ɰɟɥɢ ɂɧɜɟɫɬɢɰɢɨɧɧɚɹ ɫɬɪɚɬɟɝɢɹ Ɉɩɢɫɚɧɢɟ ɋɨɨɬɧɨɲɟɧɢɟ ɞɨɥɟɣ ɋɬɟɩɟɧɶ ɪɢɫɤɚ ɍɪɨɜɟɧɶ ɢɧɜɟɫɬɢɰɢɣ Ɉɠɢɞɚɟɦɵɣ ɞɨɯɨɞ ɜ ɝɨɞ Ɍɜɟɪɞɵɣ ɩɪɨɰɟɧɬɧɵɣ ɞɨɯɨɞ ɉɪɨɰɟɧɬɧɵɣ ɞɨɯɨɞ ɂɫɤɥɸɱɢɬɟɥɶɧɨ ɨɛɥɢɝɚɰɢɢ Ʌɢɤɜɢɞɧɵɟ ɜɥɨɠɟɧɢɹ: 0-20% Ɉɛɥɢɝɚɰɢɢ: 80-100% Ⱥɤɰɢɢ: 0% Ɇɢɧɢɦɚɥɶɧɵɣ ɪɢɫɤ Ɇɢɧ. 3 ɝɨɞɚ 3 % ɜ ɝɨɞ ɋɨɯɪɚɧɟɧɢɟ ɫɬɨɢɦɨɫɬɢ ɩɪɢ ɩɨɫɬɨɹɧɧɨɦ ɞɨɯɨɞɟ ɉɨɫɬɨɹɧɧɵɣ ɞɨɯɨɞ Ⱥɤɰɟɧɬ ɧɚ ɨɛɥɢɝɚɰɢɢ ɧɟɡɧɚɱɢɬɟɥɶɧɚɹ ɞɨɥɹ ɚɤɰɢɣ Ʌɢɤɜɢɞɧɵɟ ɜɥɨɠɟɧɢɹ: - Ɉɛɥɢɝɚɰɢɢ: - Ⱥɤɰɢɢ: - ɇɟɛɨɥɶɲɨɣ ɪɢɫɤ Ɇɢɧ. ɥɟɬ ɜ ɝɨɞ ɋɦ. ɉɪɢɦɟɪ: Impulse 7rust ɜ ɤɚɱɟɫɬɜɟ ɜɥɚɞɟɥɶɰɚ ɫɱɟɬɚ ɜ 9alartis Bank /iechtenstein A* ± ɫɬɪ. Ɍɟɤɭɳɢɟ ɞɨɯɨɞɵ ɜ ɜɢɞɟ ɩɪɨɰɟɧɬɨɜ, ɚ ɬɚɤɠɟ ɩɪɢɛɵɥɶ ɧɚ ɜɥɨɠɟɧɧɵɣ ɤɚɩɢɬɚɥ ɋɛɚɥɚɧɫɢɪɨɜɚɧɧɵɣ ɫɨɫɬɚɜ ɩɨɪɬɮɟɥɹ (ɨɛɥɢɝɚɰɢɢ, ɚɤɰɢɢ) Ʌɢɤɜɢɞɧɵɟ ɜɥɨɠɟɧɢɹ: 0-20% Ɉɛɥɢɝɚɰɢɢ: 40-0% Ⱥɤɰɢɢ: 30-50% ɋɪɟɞɧɢɣ ɪɢɫɤ Ɇɢɧ. ɥɟɬ 5 % ɜ ɝɨɞ ɉɨɥɭɱɟɧɢɟ ɛɨɥɟɟ ɜɵɫɨɤɨɝɨ ɞɨɯɨɞɚ, ɜ ɨɫɧɨɜɊɨɫɬ ɧɨɦ ɡɚ ɫɱɟɬ ɩɪɢɛɵɥɢ ɧɚ ɜɥɨɠɟɧɧɵɣ ɤɚɩɢɬɚɥ Ⱥɤɰɟɧɬ ɧɚ ɚɤɰɢɢ, ɧɟɡɧɚɱɢɬɟɥɶɧɚɹ ɞɨɥɹ ɨɛɥɢɝɚɰɢɣ Ʌɢɤɜɢɞɧɵɟ ɜɥɨɠɟɧɢɹ: 0-20% Ɉɛɥɢɝɚɰɢɢ: 20-40% Ⱥɤɰɢɢ: 50-70% Ɋɢɫɤ ɜɵɲɟ ɫɪɟɞɧɟɝɨ Ɇɢɧ. 8 ɥɟɬ % ɜ ɝɨɞ Ⱦɨɥɝɨɫɪɨɱɧɵɣ ɜɵɫɨɤɢɣ ɞɨɯɨɞ ɡɚ ɫɱɟɬ ɩɪɢɛɵɥɢ ɧɚ ɜɥɨɠɟɧɧɵɣ ɤɚɩɢɬɚɥ Ⱥɤɰɟɧɬ ɧɚ ɚɤɰɢɢ, ɛɟɡ ɨɛɥɢɝɚɰɢɣ Ʌɢɤɜɢɞɧɵɟ ɜɥɨɠɟɧɢɹ: 0-20% Ɉɛɥɢɝɚɰɢɢ: 0% Ⱥɤɰɢɢ: 80-100% ȼɵɫɨɤɢɣ ɪɢɫɤ Ɇɢɧ. 10 ɥɟɬ 7 % ɜ ɝɨɞ ɋɛɚɥɚɧɫɢɪɨɜɚɧɧɚɹ ɉɪɢɛɵɥɶ ɧɚ ɜɥɨɠɟɧɧɵɣ ɤɚɩɢɬɚɥ Valartis Bank (Liechtenstein) AG 8 доходность ɋ ɪɨɫɬɨɦ ɨɠɢɞɚɧɢɣ ɞɨɯɨɞɧɨɫɬɢ ɜɨɡɪɚɫɬɚɸɬ ɢ ɩɨɬɟɧɰɢɚɥɶɧɵɟ ɪɢɫɤɢ. ɋɥɨɠɧɨɫɬɶ ɡɚɞɚɱɢ ɩɪɢ ɭɩɪɚɜɥɟɧɢɢ ɢɧɜɟɫɬɢɰɢɨɧɧɵɦ ɩɨɪɬɮɟɥɟɦ ɫɨɫɬɨɢɬ ɜ ɞɨɫɬɢɠɟɧɢɢ ɦɚɤɫɢɦɚɥɶɧɨɣ ɞɨɯɨɞɧɨɫɬɢ ɩɪɢ ɤɨɧɬɪɨɥɢɪɭɟɦɨɦ ɪɢɫɤɟ. прибыль на вложенный капитал (0/100) рост (40/60) сбалансированность (60/40) постоянный доход (80/20) доход в виде процентов (100/0) ликвидность (разбивка на облигации/акции) риск ɇɚɲɢ ɫɩɟɰɢɚɥɶɧɵɟ ɫɬɪɚɬɟɝɢɢ ɇɚ ɨɫɧɨɜɟ ɧɚɲɢɯ ɨɫɧɨɜɧɵɯ ɫɬɪɚɬɟɝɢɣ ɦɵ ɩɪɟɞɥɚɝɚɟɦ ɫɬɪɚɬɟɝɢɢ, ɢɧɜɟɫɬɢɰɢɨɧɧɵɟ ɪɟɲɟɧɢɹ ɤɨɬɨɪɵɯ ɫɬɪɨɹɬɫɹ ɧɚ ɷɬɢɱɟɫɤɢɷɤɨɥɨɝɢɱɟɫɤɢɯ ɩɪɢɧɰɢɩɚɯ. Ɍɨ ɟɫɬɶ, ɧɚɩɪɢɦɟɪ, ɜ ɩɪɟɞɩɪɢɹɬɢɹ ɜɨɟɧɧɨɣ ɢɥɢ ɬɚɛɚɱɧɨɣ ɩɪɨɦɵɲɥɟɧɧɨɫɬɢ ɫɪɟɞɫɬɜɚ ɢɧɜɟɫɬɢɪɨɜɚɬɶɫɹ ɧɟ ɛɭɞɭɬ. ɉɨɦɢɦɨ ɫɬɪɚɬɟɝɢɣ ɫ ɷɬɢɱɟɫɤɢɷɤɨɥɨɝɢɱɟɫɤɢɦɢ ɩɨɞɯɨɞɚɦɢ, ɦɵ ɩɪɟɞɥɚɝɚɟɦ ɟɳɟ ɨɞɧɭ ɫɬɪɚɬɟɝɢɸ ©ɋɩɭɬɧɢɤª. ɗɬɚ ɫɬɪɚɬɟɝɢɹ ɩɪɟɞɭɫɦɚɬɪɢɜɚɟɬɫɹ ɢɫɤɥɸɱɢɬɟɥɶɧɨ ɐɟɥɟɜɚɹ ɭɫɬɚɧɨɜɤɚ ɋɨɯɪɚɧɟɧɢɟ ɫɬɨɢɦɨɫɬɢ ɩɪɢ ɩɨɫɬɨɹɧɧɨɦ ɞɨɯɨɞɟ ɫ ɭɱɟɬɨɦ ɷɬɢɱɟɫɤɢɷɤɨɥɨɝɢɱɟɫɤɢɯ ɩɪɢɧɰɢɩɨɜ Ⱦɨɫɬɢɠɟɧɢɟ ɛɨɥɟɟ ɜɵɫɨɤɨɝɨ ɞɨɯɨɞɚ, ɩɪɟɢɦɭɳɟɫɬɜɟɧɧɨ ɢɡ ɩɪɢɛɵɥɢ ɧɚ ɜɥɨɠɟɧɧɵɣ ɤɚɩɢɬɚɥ ɂɧɜɟɫɬɢɰ ɢɨɧɧɚɹ ɫɬɪɚɬɟɝɢɹ Ɉɩɢɫɚɧɢɟ ɫɨɝɥɚɫɧɨ ɷɬɢɱɟɫɤɚɹ / ɫɨɨɬɜɟɬɫɬɜɭ ɸɳɟɣ ɷɤɨɥɨɝɢɨɫɧɨɜɧɨɣ ɱɟɫɤɚɹ ɫɬɪɚɬɟɝɢɢ ɋɩɭɬɧɢɤ ɩɪɟɢɦɭɳɟɫ ɬɜɟɧɧɨ ɚɤɰɢɢ ɢ ɚɥɶɬɟɪɧɚɬɢɜɧɵɟ ɢɧɜɟɫɬɢɰɢɢ, ɦɚɥɚɹ ɱɚɫɬɶ ɨɛɥɢɝɚɰɢɣ ɜ ɪɚɫɱɟɬɧɨɣ ɜɚɥɸɬɟ ȿȼɊɈ ɢ ɞɟɣɫɬɜɭɟɬ, ɜ ɨɬɥɢɱɢɟ ɨɬ ɧɚɲɢɯ ɨɫɧɨɜɧɵɯ ɫɬɪɚɬɟɝɢɣ, ɬɚɤɠɟ ɞɥɹ ɜɥɨɠɟɧɢɣ ɜ ɫɵɪɶɟ ɢ ɧɟɞɜɢɠɢɦɨɫɬɶ. Ʉɪɨɦɟ ɬɨɝɨ, ɛɨɥɶɲɚɹ ɱɚɫɬɶ ɚɤɰɢɣ ɢ ɨɛɥɢɝɚɰɢɣ ɢɧɜɟɫɬɢɪɭɟɬɫɹ ɜ ɪɚɡɜɢɜɚɸɳɢɟɫɹ ɪɵɧɤɢ. ɇɚ ɮɨɧɟ ɞɨɥɝɨɫɪɨɱɧɵɯ ɪɚɡɦɵɲɥɟɧɢɣ ɨ Ɋɢɫɤɟ-Ⱦɨɯɨɞɧɨɫɬɢ ɫɬɪɚɬɟɝɢɹ ©ɋɩɭɬɧɢɤª ɩɪɟɞɫɬɚɜɥɹɟɬɫɹ ɪɚɰɢɨɧɚɥɶɧɨɣ ɩɪɢɦɟɫɶɸ ɤ ɤɚɠɞɨɣ ɨɫɧɨɜɧɨɣ ɫɬɪɚɬɟɝɢɢ. ɉɪɟɞɟɥɵ ɤɨɥɟɛɚɧɢɹ ɉɪɨɮɢɥɶ ɪɢɫɤɚ ɂɧɜɟɫɬɢɰɢɨ ɧɧɵɣ ɝɨɪɢɡɨɧɬ Ɉɠɢɞɚɟɦɚɹ ɞɨɯɨɞɧɨɫɬɶ ɜ ɝɨɞ ɫɨɝɥɚɫɧɨ ɫɨɨɬɜɟɬɫɬɜɭɸɳɟɣ ɨɫɧɨɜɧɨɣ ɫɬɪɚɬɟɝɢɢ ɫɨɝɥɚɫɧɨ ɫɨɨɬɜɟɬɫɬɜɭ ɸɳɟɣ ɨɫɧɨɜɧɨɣ ɫɬɪɚɬɟɝɢɢ ɫɨɝɥɚɫɧɨ ɫɨɨɬɜɟɬɫɬɜɭ ɸɳɟɣ ɨɫɧɨɜɧɨɣ ɫɬɪɚɬɟɝɢɢ Ʌɢɤɜɢɞɧɵɟ ɢɧɜɟɫɬɢɰɢɢ: 0ௗ–ௗ20ௗ% Ɉɛɥɢɝɚɰɢɢ: 20ௗ–ௗ40ௗ% Ⱥɤɰɢɢ: 15ௗ–ௗ35ௗ% ɇɟɞɜɢɠɢɦɨɫɬɶ: 5ௗ–ௗ15ௗ% ɋɵɪɶɟ: 25ௗ–ௗ45ௗ% Ɋɢɫɤ ɜɵɲɟ ɫɪɟɞɧɟɝɨ 8 ɥɟɬ % ɜ ɝɨɞ 9 .. ɉɟɪɜɵɣ ɲɚɝ ± ɷɬɨ ɜɫɟɝɞɚ ɞɨɜɟɪɢɬɟɥɶɧɵɣ ɞɢɚɥɨɝ Ʉɨɝɞɚ ɞɟɥɨ ɤɚɫɚɟɬɫɹ ȼɚɲɟɝɨ ɢɦɭɳɟɫɬɜɚ, ɩɟɪɫɨɧɚɥɶɧɨɟ ɢ ɞɨɥɝɨɫɪɨɱɧɨɟ ɨɬɧɨɲɟɧɢɟ ɦɟɠɞɭ ȼɚɦɢ ɢ ȼɚɲɢɦ ɥɢɱɧɵɦ ɤɨɧɫɭɥɶɬɚɧɬɨɦ ɫɬɚɧɨɜɢɬɫɹ ɜɚɠɧɟɣɲɟɣ ɩɪɟɞɩɨɫɵɥɤɨɣ ɩɥɨɞɨɬɜɨɪɧɨɝɨ ɫɨɬɪɭɞɧɢɱɟɫɬɜɚ ɢ ɨɫɧɨɜɨɣ ɜɡɚɢɦɧɨɝɨ ɞɨɜɟɪɢɹ. ȼ ɫɜɹɡɢ ɫ ɷɬɢɦ ɨɮɨɪɦɥɟɧɢɟ ɨɬɧɨɲɟɧɢɣ ɩɨɪɭɱɟɧɢɹ ɜ Valartis Bank (Liechtenstein) AG ɩɪɟɞɜɚɪɹɟɬ ɥɢɱɧɚɹ ɢ ɞɨɜɟɪɢɬɟɥɶɧɚɹ ɛɟɫɟɞɚ. ɂɞɟɬ ɥɢ ɪɟɱɶ ɨɛ ɨɩɪɟɞɟɥɟɧɢɢ ɰɟɥɢ ȼɚɲɢɯ ɢɧɜɟɫɬɢɰɢɣ, ɪɚɡɪɚɛɨɬɤɟ ɢ ɜɨɩɥɨɳɟɧɢɢ ɜ ɠɢɡɧɶ ɫɨɨɬɜɟɬɫɬɜɭɸɳɟɣ ɢɦ ɢɧɜɟɫɬɢɰɢɨɧɧɨɣ ɫɬɪɚɬɟɝɢɢ, ɢɥɢ ɨ ɞɨɥɝɨɫɪɨɱɧɨɦ ɫɨɯɪɚɧɟɧɢɢ ɢ ɩɨɫɬɨɹɧɧɨɦ ɩɪɟɭɦɧɨɠɟɧɢɢ ȼɚɲɟɝɨ ɢɦɭɳɟɫɬɜɚ: Ɇɵ ɜɫɟɝɞɚ ɝɨɬɨɜɵ ɪɚɡɪɚɛɨɬɚɬɶ ɞɥɹ ȼɚɫ ɪɟɲɟɧɢɟ, ɫɨɨɬɜɟɬɫɬɜɭɸɳɟɟ ȼɚɲɢɦ ɩɨɬɪɟɛɧɨɫɬɹɦ. ɂɦɟɧɧɨ ɩɨɷɬɨɦɭ ȼɚɲ ɥɢɱɧɵɣ ɤɨɧɫɭɥɶɬɚɧɬ ɞɨɥɠɟɧ ɯɨɪɨɲɨ ɩɨɧɢɦɚɬɶ ȼɚɲɟ ɜɢɞɟɧɢɟ ɫɢɬɭɚɰɢɢ. Ⱦɟɬɚɥɶɧɨ ɨɡɧɚɤɨɦɶɬɟ ɟɝɨ ɫɨ ɫɜɨɟɣ ɫɢɬɭɚɰɢɟɣ, ɪɚɫɫɤɚɠɢɬɟ ɨ ȼɚɲɢɯ ɩɨɬɪɟɛɧɨɫɬɹɯ ɢ ɩɨɠɟɥɚɧɢɹɯ ɜ ɫɜɹɡɢ ɫ ɩɥɚɧɢɪɭɟɦɵɦɢ ȼɚɦɢ ɢɧɜɟɫɬɢɰɢɹɦɢ. ɗɬɨ ɩɨɡɜɨɥɢɬ ɧɚɦ ɜɵɪɚɛɨɬɚɬɶ ɫɨɜɦɟɫɬɧɭɸ ɫɬɪɚɬɟɝɢɸ ɢ ɞɨɫɬɢɱɶ ɩɨɫɬɚɜɥɟɧɧɵɯ ɰɟɥɟɣ. ɉɪɟɢɦɭɳɟɫɬɜɚ, ɨɛɪɟɬɚɟɦɵɟ ȼɚɦɢ ɛɥɚɝɨɞɚɪɹ ɭɩɪɚɜɥɟɧɢɸ ɢɧɜɟɫɬɢɰɢɨɧɧɵɦ ɩɨɪɬɮɟɥɟɦ Valartis Bank (Liechtenstein) AG, ɫɜɹɡɚɧɵ ɫ ɢɧɞɢɜɢɞɭɚɥɶɧɨɣ ɫɬɪɭɤɬɭɪɢɡɚɰɢɟɣ ȼɚɲɟɝɨ ɩɨɪɬɮɟɥɹ, ɚ ɬɚɤɠɟ ɪɟɝɭɥɹɪɧɵɦɢ ɩɪɨɜɟɪɤɚɦɢ, ɩɪɨɜɨɞɢɦɵɦɢ ɤɨɦɢɬɟɬɨɦ ɩɨ ɢɧɜɟɫɬɢɰɢɹɦ ɤɨɧɰɟɪɧɚ Valartis. Ʉɪɨɦɟ ɬɨɝɨ, ɫɨɯɪɚɧɹɟɬɫɹ ɝɢɛɤɨɫɬɶ ɭɩɪɚɜɥɟɧɢɹ ȼɚɲɢɦ ɢɦɭɳɟɫɬɜɨɦ ɛɥɚɝɨɞɚɪɹ ɜɨɡɦɨɠɧɨɫɬɢ ɜ ɥɸɛɨɣ ɦɨɦɟɧɬ ɚɧɧɭɥɢɪɨɜɚɬɶ ɜɵɞɚɧɧɨɟ ȼɚɦɢ ɩɨɪɭɱɟɧɢɟ. ɇɚ ɨɫɧɨɜɚɧɢɢ ɩɨɪɭɱɟɧɢɹ ɧɚ ɭɩɪɚɜɥɟɧɢɟ ɢɦɭɳɟɫɬɜɨɦ ȼɵ ɧɚɩɪɹɦɭɸ ɞɟɥɟɝɢɪɭɟɬɟ ɩɪɢɧɹɬɢɟ ɨɬɞɟɥɶɧɵɯ ɢɧɜɟɫɬɢɰɢɨɧɧɵɯ ɪɟɲɟɧɢɣ ɷɤɫɩɟɪɬɚɦ Valartis Bank (Liechtenstein) AG ɢ ɨɫɜɨɛɨɠɞɚɟɬɟɫɶ ɬɟɦ ɫɚɦɵɦ ɨɬ ɥɸɛɨɝɨ ɪɨɞɚ ɧɚɝɪɭɡɨɤ ɚɞɦɢɧɢɫɬɪɚɬɢɜɧɨɝɨ ɯɚɪɚɤɬɟɪɚ. Ɇɵ ɝɨɬɨɜɵ ɭɩɪɚɜɥɹɬɶ ȼɚɲɢɦɢ ɚɤɬɢɜɚɦɢ, ɧɚɱɢɧɚɹ ɨɬ ɫɭɦɦɵ 300.000,- ɲɜ.ɮɪɚɧɤɨɜ (ɷɤɜɢɜɚɥɟɧɬ ɩɪɢɦɟɪɧɨ 250.000,- ɟɜɪɨ). .. Ʉɨɦɩɥɟɤɫɧɵɣ ɩɨɞɯɨɞ ɉɪɨɮɟɫɫɢɨɧɚɥɶɧɨ ɩɨɫɬɪɨɟɧɧɨɟ ɭɩɪɚɜɥɟɧɢɟ ɢɧɜɟɫɬɢɰɢɨɧɧɵɦ ɩɨɪɬɮɟɥɟɦ ɨɫɧɨɜɵɜɚɟɬɫɹ ɧɟ ɬɨɥɶɤɨ ɧɚ ɨɩɬɢɦɚɥɶɧɨɣ ɫɬɪɭɤɬɭɪɢɡɚɰɢɢ ɩɨɪɬɮɟɥɹ, ɧɚ ɞɨɥɝɨɫɪɨɱɧɵɯ ɷɤɨɧɨɦɢɱɟɫɤɢɯ ɢ ɦɨɧɟɬɚɪɧɵɯ ɬɟɧɞɟɧɰɢɹɯ ɪɚɡɜɢɬɢɹ ɢ ɤɪɚɬɤɨɫɪɨɱɧɵɯ ɢɡɦɟɧɟɧɢɹɯ ɤɭɪɫɨɜ ɰɟɧɧɵɯ ɛɭɦɚɝ ɢ ɜɚɥɸɬ. ɍɱɟɬ ɢɧɞɢɜɢɞɭɚɥɶɧɵɯ ɩɪɟɞɩɨɱɬɟɧɢɣ ɢ ɡɚɩɪɨɫɨɜ ɤɥɢɟɧɬɚ ɨɡɧɚɱɚɟɬ ɬɚɤɠɟ ɞɟɬɚɥɶɧɵɣ ɚɧɚɥɢɡ ɞɨɯɨɞɨɜ ɢ ɩɪɢɛɵɥɟɣ ɧɚ ɜɥɨɠɟɧɧɵɣ ɤɚɩɢɬɚɥ. ȼ ɫɨɬɪɭɞɧɢɱɟɫɬɜɟ ɫ ɜɧɟɲɧɢɦɢ ɫɩɟɰɢɚɥɢɫɬɚɦɢ ɦɨɠɧɨ ɬɚɤɠɟ ɪɚɫɫɦɨɬɪɟɬɶ ɜɨɩɪɨɫɵ ɧɚɫɥɟɞɨɜɚɧɢɹ ɢ ɩɪɚɜɨɩɪɟɟɦɫɬɜɚ. Valartis Bank (Liechtenstein) AG 10 .. ɉɪɢɦɟɪ: Impulse 7rust ɜ ɤɚɱɟɫɬɜɟ ɜɥɚɞɟɥɶɰɚ ɫɱɟɬɚ ɜ 9alartis Bank /iechtenstein A* ɂɧɜɟɫɬɢɰɢɨɧɧɚɹ ɫɬɪɚɬɟɝɢɹ ªɋɛɚɥɚɧɫɢɪɨɜɚɧɧɚɹ© ɫɦ. ɫɬɪ. Ȼɚɡɢɫɧɚɹ ɜɚɥɸɬɚ: ȿɜɪɨ Ɉɩɢɫɚɧɢɟ ɫɬɪɚɬɟɝɢɢ ɂɧɜɟɫɬɢɰɢɨɧɧɚɹ ɫɬɪɚɬɟɝɢɹ ªɋɛɚɥɚɧɫɢɪɨɜɚɧɧɚɹ© ɧɚɰɟɥɟɧɚ, ɜ ɩɟɪɜɭɸ ɨɱɟɪɟɞɶ, ɧɚ ɫɨɯɪɚɧɟɧɢɟ ɤɚɩɢɬɚɥɚ, ɚ ɬɚɤɠɟ ɧɚ ɩɨɥɭɱɟɧɢɟ ɪɟɝɭɥɹɪɧɨɝɨ ɞɨɯɨɞɚ, ɤɨɬɨɪɵɣ ɦɨɠɧɨ ɪɚɫɫɱɢɬɚɬɶ. ɋɨɨɬɜɟɬɫɬɜɭɸɳɟ ɜɵɫɨɤɨɣ ɹɜɥɹɟɬɫɹ ɢ ɞɨɥɹ ɢɧɜɟɫɬɢɰɢɣ ɜ ɰɟɧɧɵɟ ɛɭɦɚɝɢ, ɩɪɢɧɨɫɹɳɢɟ ɬɜɟɪɞɵɣ ɩɪɨɰɟɧɬ. Ⱦɨɜɨɥɶɧɨ ɨɝɪɚɧɢɱɟɧɧɨɣ ɱɚɫɬɶɸ ɩɨɪɬɮɟɥɹ ɹɜɥɹɟɬɫɹ ɞɨɥɹ ɜɥɨɠɟɧɢɣ ɜ ɚɤɰɢɢ – ɨɬ 15 % ɞɨ 20 % ɨɬ ɨɛɴɟɦɚ ɢɧɜɟɫɬɢɰɢɣ, ɰɟɥɶɸ ɤɨɬɨɪɨɣ ɹɜɥɹɟɬɫɹ ɩɨɥɭɱɟɧɢɟ ɜ ɫɪɟɞɧɟɫɪɨɱɧɨɣ ɩɟɪɫɩɟɤɬɢɜɟ ɛɨɥɟɟ ɜɵɫɨɤɨɝɨ ɞɨɯɨɞɚ, ɱɟɦ ɧɚ ɪɵɧɤɟ ɤɚɩɢɬɚɥɚ. Ⱦɚɧɧɚɹ ɢɧɜɟɫɬɢɰɢɨɧɧɚɹ ɫɬɪɚɬɟɝɢɹ ɨɫɨɛɟɧɧɨ ɩɨɞɯɨɞɢɬ ɜ ɬɨɦ ɫɥɭɱɚɟ, ɤɨɝɞɚ ɤɥɢɟɧɬ ɰɟɧɢɬ ɛɟɡɨɩɚɫɧɨɫɬɶ ɢ ɩɨɥɭɱɟɧɢɟ ɪɟɝɭɥɹɪɧɨɝɨ ɞɨɯɨɞɚ. ɋɨɨɬɧɨɲɟɧɢɟ ɞɨɥɟɣ Ʌɢɤɜɢɞɧɵɟ ɜɥɨɠɟɧɢɹ: 0-20% Ɉɛɥɢɝɚɰɢɢ: 0-80% Ⱥɤɰɢɢ: 15-25% ɉɨɪɬɮɟɥɶ ªɋɛɚɥɚɧɫɢɪɨɜɚɧɧɵɣ© ɩɨ ɫɨɫɬɨɹɧɢɸ ɧɚ .. ɋɭɦɦɚɪɧɨ Ⱦɟɧɟɠɧɵɣ ɪɵɧɨɤ Ɉɛɥɢɝɚɰɢɢ Ⱥɤɰɢɢ ɂɬɨɝɨ ȿɜɪɨɡɨɧɚ Ɉɫɬɚɥɶɧɚɹ ȿɜɪɨɩɚ ɋɟɜɟɪɧɚɹ Ⱥɦɟɪɢɤɚ Ⱥɡɢɹɪɚɡɜɢɜɚɸɳɢɟɫɹ ɪɵɧɤɢȺɥɶɬɟɪɧɚɬɢɜɧɵɟ ɢɧɜɟɫɬɢɰɢɢ ,25 73,75 20,00 ,25 55,30 7,05 0,00 7,40 2,70 0,00 7,40 5,5 0,00 3,5 4,0 Ⱥɤɰɢɢ Ⱦɟɧɟɠɧɵɣ ɪɵɧɨɤ Ɉɛɥɢɝɚɰɢɢ Valartis Bank (Liechtenstein) AG 11 ɋɬɪɭɤɬɭɪɚ ɢɦɭɳɟɫɬɜɚ ɩɨ ɫɨɫɬɨɹɧɢɸ ɧɚ .. Ⱥɤɰɢɢ Ƚɟɪɦɚɧɢɹ Ɏɪɚɧɰɢɹ ɇɢɞɟɪɥɚɧɞɵ ɂɬɚɥɢɹ Ⱥɜɫɬɪɢɹ ȼɟɥɢɤɨɛɪɢɬɚɧɢɹ ɋɤɚɧɞɢɧɚɜɫɤɢɟ ɫɬɪɚɧɵ ɒɜɟɣɰɚɪɢɹ ɉɨɥɶɲɚ ȼɨɫɬɨɱɧɚɹ ȿɜɪɨɩɚ ɋɒȺ Ʉɚɧɚɞɚ əɩɨɧɢɹ Ʉɢɬɚɣ Ʌɚɬɢɧɫɤɚɹ Ⱥɦɟɪɢɤɚ ɋɬɪɚɧɵ Ɍɢɯɨɝɨ ɨɤɟɚɧɚ, ɤɪ. əɩɨɧɢɢ ɂɧɞɢɹ 2,50 % 1,75 % 1,40 % 0,80 % 0,0 % 1,50 % 0,50 % 0,20 % 0,30 % 0,20 % 4,85 % 0,80 % 2,00 % 0,80 % 0,40 % Ɉɛɥɢɝɚɰɢɢ EUR GB3 SE. D.. USD -3< AUD 55,30ௗ% 3,00ௗ% 2,20ௗ% 2,20ௗ% 7,40ௗ% 2,20ௗ% 1,45ௗ% 1,00 % 0,40 % Valartis Bank (Liechtenstein) AG 12 ɉɟɪɟɱɟɧɶ ɢɦɭɳɟɫɬɜɚ Gamprin-Bendern, 03/10/2013 Portfolio valuation as of 30/09/2013 Portfolio 300600 Portfolio name impulse stiftung.com Reference currency EUR Performance Overview - Performance View 1 Portfolio valuation - Shares and sim ilar investments Portfolio valuation - Total portfolio 2 Assets Analysis - Bonds and similar investments 9 Portfolio valuation - Liquidity 3 Assets Analysis - Shares and similar investments 10 Portfolio valuation - Bonds and similar investments 4 Cash flow analysis - Expected cash flow 11 7 . . . . . . . . . . Performance Overview as of 30/09/2013 Reference currency EUR Portfolio 10.300600_0 impulse stiftung.com Gamprin-Bendern, 03/10/2013 Performance View Yearly performance in % . 883'227 9'452 -262'736 620'491 19'495 12'642 -8'894 15'747 -8'987 0 -1'945 -3'560 -106 -3'376 631'113 7'017 10'509 1.69% 746'600 1.41% . PERFORMANCE DETAILS Initial Assets as of 31/12/2012 Incl. accrued interest +/- Remittances/Withdrawals Adjusted Assets as of 31/12/2012 Profit before interest, fees and taxes +/- Gain or loss on capital +/- Gain or loss on currencies +/- Interest/Dividend income Total costs Paid interest Periodic fees Fees & Commissions Taxes Management fees Final Assets Accrued interest end of period Absolute Gain/Loss Gain in % in the period, non weighted Average Asset Value Capital weighted performance 10.00% 7.50% 5.00% 2.50% 0.00% -2.50% -5.00% -7.50% 2009 2010 2011 2012 2013 . Haftungsausschluss: Die angegebenen Werte gelten als Richtlinie und sind für die Bank nicht verbindlich. Disclaimer: The indicated values only serve as guidelines and are not binding the Bank. 1 / 11 Valartis Bank (Liechtenstein) AG 13 Portfolio valuation as of 30/09/2013 Reference currency EUR Portfolio 10.300600_0 impulse stiftung.com Gamprin-Bendern, 03/10/2013 Total portfolio EUR EUR EUR 37'922 490'164 102'917 6.01% 77.68% 16.31% Total net assets EUR 631'003 100.00% Total portfolio by currency 472'945 EUR 175'390 USD 41'175 AUD EUR EUR EUR 472'945 129'649 28'409 74.95% 20.55% 4.50% Total net assets EUR 631'003 100.00% . Total portfolio by investment category Liquidity Bonds and similar investments Shares and similar investments . . Haftungsausschluss: Die angegebenen Werte gelten als Richtlinie und sind für die Bank nicht verbindlich. Disclaimer: The indicated values only serve as guidelines and are not binding the Bank. 2 / 11 Portfolio valuation as of 30/09/2013 Reference currency EUR Portfolio 10.300600_0 impulse stiftung.com Curr. Nominal/ Unit Description EUR 10'621.73 Current acc. Accrued Interest 10.300600_0 100 IBAN LI36 0880 3103 0060 0000 1 USD 36'931.63 Current acc. Accrued Interest 10.300600_0 100 IBAN LI09 0880 3103 0060 0000 2 Gamprin-Bendern, 03/10/2013 Hist.Cost pr. Exch.rate Curr.price Exch.rate Change in % Value Accrued Interest Part in % 10'621.73 0.00 1.68 0.00 27'299.92 0.00 4.33 0.00 37'921.65 0.00 6.01 0.00 Liquidity 1.3528 . . Total Liquidity Total Accrued Interest . Haftungsausschluss: Die angegebenen Werte gelten als Richtlinie und sind für die Bank nicht verbindlich. Disclaimer: The indicated values only serve as guidelines and are not binding the Bank. 3 / 11 Valartis Bank (Liechtenstein) AG 14 Portfolio valuation as of 30/09/2013 Reference currency EUR Curr. Nominal/ Unit EUR 400.00 EUR 80'000.00 Portfolio 10.300600_0 impulse stiftung.com Maturity Description Gamprin-Bendern, 03/10/2013 Hist.Cost pr. Exch.rate Curr.price Exch.rate Change in % Value Accrued Interest Part in % FISCH UMRELLA BOND VAL INV GRADE UNITS -HA- CAPITALISATION LU0504482315 114.5500 118.4300 3.39 3.39 47'372.00 0.00 7.51 0.00 3.625% OESTERR. KONTROLLBANK 2008-10.12.2013 Accrued Interest for 294 days XS0403964116 101.8125 100.6650 -1.13 -1.13 80'532.00 2'335.89 12.76 0.37 100.1500 102.9300 2.78 2.78 41'172.00 690.41 6.52 0.11 101.7750 101.8050 0.03 0.03 81'444.00 942.47 12.91 0.15 Bonds and similar investments 40'000.00 VRN (MIN 3.75%) JP MORGAN CHASE BANK 1999-15.04.2014 Accrued Interest for 168 days XS0096100226 EUR 80'000.00 2% GE CAPITAL EUROPEAN FUNDING 2012-27.02.2015 -REG-S SENIORAccrued Interest for 215 days XS0750684929 . EUR . 10/12/2013 15/04/2014 27/02/2015 . Haftungsausschluss: Die angegebenen Werte gelten als Richtlinie und sind für die Bank nicht verbindlich. Disclaimer: The indicated values only serve as guidelines and are not binding the Bank. 4 / 11 Portfolio valuation as of 30/09/2013 Reference currency EUR Portfolio 10.300600_0 impulse stiftung.com Maturity Curr. Nominal/ Unit Description EUR 50'000.00 2.625% BNP PARIBAS 2010-16.09.2016 -REG-S SER 13675 SEN Accrued Interest for 379 days XS0542371629 EUR 45'000.00 VAR% (NO MIN) COMMERZBANK AG 1999-16.09.2019 EMTN FRN SENIOR S162 Accrued Interest for 198 days XS0101863586 Gamprin-Bendern, 03/10/2013 Hist.Cost pr. Exch.rate Curr.price Exch.rate Change in % Value Accrued Interest Part in % 105.2040 104.5800 -0.59 -0.59 52'290.00 50.34 8.29 0.01 101.7500 100.4000 -1.33 -1.33 45'180.00 60.09 7.16 0.01 99.0000 103.0000 4.04 4.04 51'500.00 1'553.60 8.16 0.25 101.9973 1.3063 100.1500 1.3528 -1.81 -3.44 -5.18 55'523.28 1'108.80 8.80 0.18 16/09/2016 16/09/2019 . . EUR USD 50'000.00 75'000.00 5.375% ALLIANZ FINANCE II BV 2006 - OHNE FESTEN VERFALL NACHRANGIG Accrued Interest for 211 days DE000A0GNPZ3 03/03/2099 2.5% RABOBANK NETHERLAND NV 2010-12.12.2013 -GMTN- SER.2178A SEN. Accrued Interest for 288 days XS0486153413 12/12/2013 . Haftungsausschluss: Die angegebenen Werte gelten als Richtlinie und sind für die Bank nicht verbindlich. Disclaimer: The indicated values only serve as guidelines and are not binding the Bank. 5 / 11 Valartis Bank (Liechtenstein) AG 15 Portfolio valuation as of 30/09/2013 Reference currency EUR Curr. Nominal/ Unit AUD 40'000.00 Portfolio 10.300600_0 impulse stiftung.com Maturity Description 4.5% RABOBANK NEDERLAND 2012-09.07.2015 -REG-S SERIES 2584A SENIORAccrued Interest for 83 days XS0802744754 Gamprin-Bendern, 03/10/2013 Hist.Cost pr. Exch.rate Curr.price Exch.rate Change in % Value Accrued Interest Part in % 99.6900 1.1634 101.9150 1.4494 2.23 -19.73 -17.94 28'126.67 282.41 4.46 0.04 483'139.95 7'024.01 76.57 1.11 09/07/2015 Total Bonds and similar investments Total Accrued Interest . . . Haftungsausschluss: Die angegebenen Werte gelten als Richtlinie und sind für die Bank nicht verbindlich. Disclaimer: The indicated values only serve as guidelines and are not binding the Bank. 6 / 11 Portfolio valuation as of 30/09/2013 Reference currency EUR Curr. Nominal/ Unit EUR 100.00 EUR Portfolio 10.300600_0 impulse stiftung.com Description Gamprin-Bendern, 03/10/2013 Hist.Cost pr. Exch.rate Curr.price Exch.rate Change in % Value Accrued Interest Part in % JULIUS BAER - SAM SUSTAINABLE WATER FUND SHS -B- CAPITALISATION LU0133061175 133.2400 181.4600 36.19 36.19 18'146.00 2.88 22.00 LGT SUSTAINABLE EQUITY FUND EUROPE ANTEILE KLASSE -(EUR) BLI0015327906 848.8300 887.7100 4.58 4.58 19'529.62 3.10 EUR 50.00 PIONEER FUNDS - GLOBAL ECOLOGY UNITS -A- CAPITALISATION LU0271656133 140.1500 191.0900 36.35 36.35 9'554.50 1.51 USD 250.00 RESPONS ABILITY GLB.MICROFINANCE UNITS -USDLU0180189770 117.8700 1.4144 144.0200 1.3528 22.19 4.56 27.75 26'614.95 4.22 EUR 100.00 SWISSCANTO (LU) GREEN INVEST EQ PORTFOLIO FUND FCP LU0161535835 82.8240 99.7000 20.38 20.38 9'970.00 1.58 Shares and similar investments . . . Haftungsausschluss: Die angegebenen Werte gelten als Richtlinie und sind für die Bank nicht verbindlich. Disclaimer: The indicated values only serve as guidelines and are not binding the Bank. 7 / 11 Valartis Bank (Liechtenstein) AG 1 Portfolio valuation as of 30/09/2013 Reference currency EUR Curr. Nominal/ Unit USD 125.00 Portfolio 10.300600_0 impulse stiftung.com Description Gamprin-Bendern, 03/10/2013 Hist.Cost pr. Exch.rate Curr.price Exch.rate Change in % Value Accrued Interest Part in % 192.0800 1.3029 206.7300 1.3528 7.63 -3.69 3.66 19'101.89 3.03 VONTOBEL SUSTAINABLE ASIA (EX JAPAN) EQUITY CAPITALISATION LU0384409263 102'916.96 16.31 Total assets including accrued interest Liabilities including accrued interest Total net assets including accrued interest 631'002.57 7'024.01 0.00 0.00 631'002.57 7'024.01 100.00 1.11 0.00 0.00 100.00 1.11 . Total Shares and similar investments . . Haftungsausschluss: Die angegebenen Werte gelten als Richtlinie und sind für die Bank nicht verbindlich. Disclaimer: The indicated values only serve as guidelines and are not binding the Bank. 8 / 11 Assets Analysis as of 30/09/2013 Reference currency EUR Portfolio 10.300600_0 impulse stiftung.com Gamprin-Bendern, 03/10/2013 Bonds and similar investments Analysis by maturity 2013 2014 2015-2017 2018-2020 2021 and over w/o maturity EUR EUR EUR EUR EUR EUR 139'500 41'862 163'136 45'240 53'054 47'372 28.46% 8.54% 33.28% 9.23% 10.82% 9.66% Total EUR 490'164 100.00% Analysis by currency 405'123 EUR 76'613 USD 41'175 AUD EUR EUR EUR 405'123 56'632 28'409 82.65% 11.55% 5.80% Total EUR 490'164 100.00% 40.00% 30.00% 20.00% 10.00% 0.00% . 2013 2014 . 2015 -2017 2018 2021 and w/o -2020 over maturity . Haftungsausschluss: Die angegebenen Werte gelten als Richtlinie und sind für die Bank nicht verbindlich. Disclaimer: The indicated values only serve as guidelines and are not binding the Bank. 9 / 11 Valartis Bank (Liechtenstein) AG 17 Assets Analysis as of 30/09/2013 Reference currency EUR Portfolio 10.300600_0 impulse stiftung.com Gamprin-Bendern, 03/10/2013 Shares and similar investments EUR EUR 19'530 83'387 18.98% 81.02% Total EUR 102'917 100.00% Analysis by security type Foreign Shares Funds EUR 102'917 100.00% Total EUR 102'917 100.00% . Analysis by security country Liechtenstein Luxembourg . . Haftungsausschluss: Die angegebenen Werte gelten als Richtlinie und sind für die Bank nicht verbindlich. Disclaimer: The indicated values only serve as guidelines and are not binding the Bank. 10 / 11 Cash flow analysis as of 30/09/2013 Reference currency EUR Portfolio 10.300600_0 impulse stiftung.com Gamprin-Bendern, 03/10/2013 Expected cash flow 2013 October November September 752 December January February March 2014 April 1'600 3'464 748 1'600 3'464 748 Coupons Capital EUR EUR Total EUR 2013 2014 2015 2016 2017 > 2017 Coupons Capital EUR EUR 5'038 135'440 9'157 8'406 107'598 5'569 50'000 4'254 32'694 45'000 Total EUR 140'478 9'157 116'005 55'569 4'254 77'694 - 4'286 135'440 752 - 139'726 - May June July August 1'242 - - 1'242 - . . . Haftungsausschluss: Die angegebenen Werte gelten als Richtlinie und sind für die Bank nicht verbindlich. Disclaimer: The indicated values only serve as guidelines and are not binding the Bank. 11 / 11 Valartis Bank (Liechtenstein) AG 18 ɈȻɊȺɁȿɐ Valartis Bank (Liechtenstein) AG Schaaner Strasse 27 9487 Gamprin-Bendern Fürstentum Liechtenstein Phone +423 265 56 56 Fax +423 265 56 99 info@valartis.li www.valartisbank.li MwSt. Nr. 53242 Reg.-Nr.FL-0001.534.001-6 SIC Code: 08803-7 SWIFT Code: HYIBLI22 1/2 30000 Gamprin-Bendern, 01/10/2013 Current acc. EUR IBA1: LI3 0880 3103 000 0000 1 Account no. 10.30000B0 100 Account statement - 'ate 'escriptiondetails 30/0/2013 Carry forward 9alue date 12/07/2013 Interest payment AUD 40’000 23/07/2013 Dividend 100 SWC(LU)3F GI E4 A 1/09/2013 Interest payment EUR 50’000 B133 1 1/09/2013 'eEit Credit Balance in (8R 8’779.24 09/07/2013 1’279.01 10’058.25 19/07/2013 75.00 10’133.25 30/09/2012 1’312.50 11’445.75 731.34 12’177.09 RABOBA1. 15 REG-S REG-S 1/09/2013 Interest payment EUR 45’000 COMMER=B. 19 FR1 30/09/2013 Mailing Fee 30/09/2013 -24.85 30/09/2013 Custody Fee 30/09/2013 -93.81 11’188.43 30/09/2013 Management Fee 30/09/2013 -521.20 10’7.23 30/09/2013 Client Mgt. Fee 30/09/2013 -41.41 10’25.82 30/09/2013 Account Fee 30/09/2013 -4.09 Summe Saldo Valartis Bank (Liechtenstein) AG -1’555.3 12’152.24 10’21.73 3’397 .85 ¶. 19 ɈȻɊȺɁȿɐ Valartis Bank (Liechtenstein) AG Schaaner Strasse 27 9487 Gamprin-Bendern Fürstentum Liechtenstein Phone +423 265 56 56 Fax +423 265 56 99 info@valartis.li www.valartisbank.li MwSt. Nr. 53242 Reg.-Nr.FL-0001.534.001-6 SIC Code: 08803-7 SWIFT Code: HYIBLI22 2/2 30000 Gamprin-Bendern, 01/10/2013 Current acc. USD IBA1: LI3 0880 3103 000 0000 2 Account no. 10.30000B0 100 Account statement - 'ate 'escriptiondetails 9alue date 'eEit Credit Balance in 8S' 84’98.4 8’19.93 30/0/2013 Carry forward 01/07/2013 Redemption of 00 RES3 GL 1’921.47 1/07/2013 3urchase of 125 VO1 SUS A;- E4 BC 17/07/2013 -24’338.87 2’281.0 24/07/2013 Subscription of 22 LGT SUST E4 EU -25’343.90 3’937.1 30/09/2013 Account Fee 02/07/2013 MICROFI1A1CE 2/07/2013 EUR B Total Balance 30/09/2012 -5.53 -49’88.30 3’931.3 84’98.4 ¶. Valartis Bank (Liechtenstein) AG 20 ɈȻɊȺɁȿɐ Valartis Bank (Liechtenstein) AG Schaaner Strasse 27 9487 Gamprin-Bendern Fürstentum Liechtenstein Phone +423 265 56 56 Fax +423 265 56 99 info@valartis.li www.valartisbank.li MwSt. Nr. 53242 Reg.-Nr.FL-0001.534.001-6 SIC Code: 08803-7 SWIFT Code: HYIBLI22 Holder: 30000 Ref. 1o.: 09128 Gamprin-Bendern, 1 -uly 2013 S(C8RI7I(S P8RC+AS( 3lace of signature: over-the-counter market We hereby con¿rm that on 12 -uly 2013 at 2.00 p.m. we purchased the following for your account: 125 Bonds in foreign currencies VO1TOBEL SUSTAI1ABLE ASIA (E; -A3A1) E4UIT< CA3ITALISATIO1 Val.-1o.: 4514037 ISI1: LU038440923 At a rate of: 8S' . Commission: Foreign commissions: USD Stamp duty Net amount: 9alue 'ate: 52.75 USD 8S' 3.02 ¶. 8S' ¶. 10.30000B0.100.EUR We have added the securities to your securities custody account 30000. .ind regards 9alartis Bank /iechtenstein A* Advice valid without signature Valartis Bank (Liechtenstein) AG ¶. 240.10 Net to your deEit Account: 8S' USD 21 ɈȻɊȺɁȿɐ Valartis Bank (Liechtenstein) AG Schaaner Strasse 27 9487 Gamprin-Bendern Fürstentum Liechtenstein Phone +423 265 56 56 Fax +423 265 56 99 info@valartis.li www.valartisbank.li MwSt. Nr. 53242 Reg.-Nr.FL-0001.534.001-6 SIC Code: 08803-7 SWIFT Code: HYIBLI22 Holder: Ref. 1o.: 30000 09128 Gamprin-Bendern, 14 May 2013 S(C8RI7I(S SA/( 3lace of signature: over-the-counter market We hereby con¿rm that on 13 May 2103 at 1.00 p.m. we sold the following for your account: 300 Bonds in foreign currencies -ULlUS BAER - SAM SUSTAI1ABLE WATER FU1D SHS -B- CA3ITALISATIO1 Val.-1o.: 127543.410.000 At a rate of: Commission: Stamp duty: Net amount: (8R . 9alue 'ate: Net to your deEit Account: (8R EUR EUR (8R ¶. 523.02 78.45 ¶. (8R ¶. 10.30000B0.100.EUR We have taken the securities from your securities custody account 30000.. .ind regards 9alartis Bank /iechtenstein A* Advice valid without signature Valartis Bank (Liechtenstein) AG 22 ɈȻɊȺɁȿɐ Valartis Bank (Liechtenstein) AG Schaaner Strasse 27 9487 Gamprin-Bendern Fürstentum Liechtenstein Phone +423 265 56 56 Fax +423 265 56 99 info@valartis.li www.valartisbank.li MwSt. Nr. 53242 Reg.-Nr.FL-0001.534.001-6 SIC Code: 08803-7 SWIFT Code: HYIBLI22 Holder: 30000 Ref. 1o.: 030849 Gamprin-Bendern, 1 September 2013 CO8PON CO//(C7ION We hereby credit you - subject to ¿nal payment - with the income from the following securities: EUR 45’000 Bonds in foreign currencies var. VAR% (10 MI1) COMMER=BA1. AG 1999-1.09.2019 EMT1 FR1 SE1IOR S12 Val-1o.: 1001034.210.000 Ex date: Due date: Coupon rate: 1 September 2013 1 September 2013 3.22392 % *ross amount: (8R . Net amount: (8R . (8R . 9alue 'ate: Net credit Account 10.30000B0.100.EUR .ind regards 9alartis Bank /iechtenstein A* Advice valid without signature Valartis Bank (Liechtenstein) AG 23 Valartis Bank (Liechtenstein) AG 24 . ɉɨɪɭɱɟɧɢɟ ɧɚ ɨɤɚɡɚɧɢɟ ɤɨɧɫɭɥɶɬɚɰɢɨɧɧɵɯ ɭɫɥɭɝ ɩɨ ɢɧɜɟɫɬɢɰɢɹɦ ɫɬɨɢɦɨɫɬɶɸ ɨɬ - ɲɜɟɣɰɚɪɫɤɢɯ ɮɪɚɧɤɨɜ ɢɥɢ ɷɤɜɢɜɚɥɟɧɬɚ ɜ ɞɪɭɝɨɣ ɜɚɥɸɬɟ Ɉɩɵɬ ɩɨɤɚɡɵɜɚɟɬ, ɱɬɨ ɧɟɤɨɬɨɪɵɟ ɤɥɢɟɧɬɵ ɩɪɟɞɩɨɱɢɬɚɸɬ ɫɚɦɢ ɭɩɪɚɜɥɹɬɶ ɫɜɨɢɦɢ ɢɧɜɟɫɬɢɰɢɹɦɢ, ɚ ɛɚɧɤ ɢɦ ɧɭɠɟɧ ɢɫɤɥɸɱɢɬɟɥɶɧɨ ɞɥɹ ɫɨɜɟɬɚ ɢɥɢ ɨɛɦɟɧɚ ɦɧɟɧɢɹɦɢ. Ȼɚɧɤ ɩɟɪɢɨɞɢɱɟɫɤɢ ɞɟɥɚɟɬ ɤɥɢɟɧɬɭ ɢɧɜɟɫɬɢɰɢɨɧɧɵɟ ɩɪɟɞɥɨɠɟɧɢɹ, ɨɬɧɨɫɹɳɢɟɫɹ ɤ ɟɝɨ ɢɧɜɟɫɬɨɪɫɤɨɦɭ ɩɪɨɮɢɥɸ. Ɉɫɧɨɜɧɵɦɢ ɩɚɪɚɦɟɬɪɚɦɢ ɩɪɢ ɷɬɨɦ ɹɜɥɹɸɬɫɹ ɩɪɟɞɩɨɱɬɢɬɟɥɶɧɚɹ ɛɚɡɨɜɚɹ ɜɚɥɸɬɚ, ɨɛɳɚɹ ɝɨɬɨɜɧɨɫɬɶ ɢɞɬɢ ɧɚ ɪɢɫɤ ɢ ɩɪɟɫɥɟɞɭɟɦɚɹ ɜ ɫɪɟɞɧɟɫɪɨɱɧɨɣ ɩɟɪɫɩɟɤɬɢɜɟ ɢɧɜɟɫɬɢɰɢɨɧɧɚɹ ɰɟɥɶ. ȼ ɥɢɱɧɨɣ ɛɟɫɟɞɟ ɤɥɢɟɧɬ ɪɟɲɚɟɬ, ɜɨɫɩɨɥɶɡɨɜɚɬɶɫɹ ɥɢ ɟɦɭ ɪɟɤɨɦɟɧɞɚɰɢɹɦɢ ɛɚɧɤɚ ɢɥɢ ɧɟɬ, ɢ ɟɫɥɢ ɞɚ, ɬɨ ɜ ɤɚɤɨɣ ɫɬɟɩɟɧɢ. ȼɚɠɧɨ ɬɨ, ɱɬɨ ɤɥɢɟɧɬ ɩɪɢɧɢɦɚɟɬ ɢɧɜɟɫɬɢɰɢɨɧɧɨɟ ɪɟɲɟɧɢɟ ɫɚɦɨɫɬɨɹɬɟɥɶɧɨ ɢ ɩɨɬɨɦɭ ɧɟɫɟɬ ɡɚ ɧɟɝɨ ɟɞɢɧɨɥɢɱɧɭɸ ɨɬɜɟɬɫɬɜɟɧɧɨɫɬɶ. Ⱦɚɧɧɚɹ ɭɫɥɭɝɚ ɩɪɟɞɨɫɬɚɜɥɹɟɬɫɹ ɤɥɢɟɧɬɭ ɬɨɥɶɤɨ ɜ ɬɨɦ ɫɥɭɱɚɟ, ɟɫɥɢ ɭ ɛɚɧɤɨɜɫɤɢɯ ɤɨɧɫɭɥɶɬɚɧɬɨɜ ɟɫɬɶ ɜɨɡɦɨɠɧɨɫɬɶ ɜɫɬɪɟɱɚɬɶɫɹ ɥɢɛɨ ɫɜɹɡɵɜɚɬɶɫɹ ɫ ɤɥɢɟɧɬɨɦ ɩɨ ɬɟɥɟɮɨɧɭ ɢɥɢ ɷɥɟɤɬɪɨɧɧɨɣ ɩɨɱɬɟ, ɢ ɤɥɢɟɧɬ ɫɩɨɫɨɛɟɧ ɭɞɟɥɹɬɶ ɷɬɨɦɭ ɞɨɥɠɧɵɣ ɨɛɴɟɦ ɜɪɟɦɟɧɢ. ɉɨɪɭɱɟɧɢɟ ɧɚ ɨɤɚɡɚɧɢɟ ɤɨɧɫɭɥɶɬɚɰɢɨɧɧɵɯ ɭɫɥɭɝ ɩɨ ɢɧɜɟɫɬɢɰɢɹɦ ɦɵ ɝɨɬɨɜɵ ɜɵɩɨɥɧɢɬɶ ɩɪɢ ɜɥɨɠɟɧɢɹɯ ɨɬ 150.000,ɲɜɟɣɰɚɪɫɤɢɯ ɮɪɚɧɤɨɜ (ɷɤɜɢɜɚɥɟɧɬ 125.000,ɟɜɪɨ). ©ɉɨɥɢɬɢɤɚɞɨɥɠɧɚɛɵɬɶɱɟɫɬɧɨɣɢ ɞɨɥɠɧɚɨɛɴɹɫɧɹɬɶɝɪɚɠɞɚɧɚɦɱɬɨ ɧɚɫɬɭɩɚɟɬɜɪɟɦɹɛɨɥɟɟ ɞɥɢɬɟɥɶɧɨɝɨɪɚɛɨɱɟɝɨɫɬɚɠɚɩɪɢ ɭɦɟɧɶɲɚɸɳɟɦɫɹɪɚɡɦɟɪɟɩɟɧɫɢɢª ɉɪɨɮɟɫɫɨɪ Ⱦ-ɪ Ȼɟɪɧɞ Ɋɚɮɮɟɥɶɯɸɲɟɧ ɉɨɪɭɱɟɧɢɟ ɧɚ ɨɤɚɡɚɧɢɟ ɤɨɧɫɭɥɶɬɚɰɢɨɧɧɵɯ ɭɫɥɭɝ ɜ ɨɛɥɚɫɬɢ ɢɧɜɟɫɬɢɰɢɣ ± ȼɚɲɢ ɩɪɟɢɦɭɳɟɫɬɜɚ ɋ ɭɱɟɬɨɦ ɩɪɟɫɥɟɞɭɟɦɵɯ ȼɚɦɢ ɢɧɜɟɫɬɢɰɢɨɧɧɵɯ ɰɟɥɟɣ ȼɚɦ ɩɪɟɞɥɚɝɚɟɬɫɹ ɫɬɪɨɝɨ ɢɧɞɢɜɢɞɭɚɥɶɧɨɟ ɢɧɜɟɫɬɢɰɢɨɧɧɨɟ ɩɪɟɞɥɨɠɟɧɢɟ, ɭɱɢɬɵɜɚɸɳɟɟ ȼɚɲɭ ɥɢɱɧɭɸ ɫɢɬɭɚɰɢɸ ɢ ɝɨɬɨɜɧɨɫɬɶ ɢɞɬɢ ɧɚ ɪɢɫɤ. Ȼɚɧɤ ɩɨɫɬɨɹɧɧɨ ɚɧɚɥɢɡɢɪɭɟɬ ɢ ɨɰɟɧɢɜɚɟɬ ɧɨɜɵɟ ɮɢɧɚɧɫɨɜɵɟ ɩɪɨɞɭɤɬɵ, ɚ ɬɚɤɠɟ ɨɬɞɟɥɶɧɵɟ ɤɚɬɟɝɨɪɢɢ ɢɧɜɟɫɬɢɰɢɣ ɢ ɫɟɝɦɟɧɬɵ ɰɟɧɧɵɯ ɛɭɦɚɝ. ȿɫɥɢ ɛɚɧɤ ɫɱɢɬɚɟɬ, ɱɬɨ ɢɡɦɟɧɟɧɢɹ ɪɵɧɤɚ, ɧɨɜɵɟ ɷɦɢɫɫɢɢ, ɭɜɟɥɢɱɟɧɢɹ ɨɫɧɨɜɧɨɝɨ ɤɚɩɢɬɚɥɚ ɞɥɹ ɢɧɜɟɫɬɨɪɚ ɧɟɛɟɡɵɧɬɟɪɟɫɧɵ, ɬɨ ɨɧ ɞɟɥɚɟɬ ɟɦɭ ɫɨɨɬɜɟɬɫɬɜɭɸɳɟɟ ɢɧɜɟɫɬɢɰɢɨɧɧɨɟ ɩɪɟɞɥɨɠɟɧɢɟ. Ȼɚɧɤ ɤɨɧɬɪɨɥɢɪɭɟɬ ɜɫɟɜɨɡɦɨɠɧɵɟ ɫɪɨɤɢ ɭɩɥɚɬɵ, ɩɨɝɚɲɟɧɢɣ, ɤɨɧɜɟɪɫɢɣ ɞɨɥɝɚ, ɤɪɟɞɢɬɨɜɚɧɢɣ ɢ ɨɛɪɟɦɟɧɟɧɢɣ. ȿɫɥɢ ɛɚɧɤ ɜɢɞɢɬ ɧɟɨɛɯɨɞɢɦɨɫɬɶ ɜ ɬɟɯ ɢɥɢ ɢɧɵɯ ɞɟɣɫɬɜɢɹɯ, ɨɧ ɞɟɥɚɟɬ ɢɧɜɟɫɬɨɪɭ ɫɨɨɬɜɟɬɫɬɜɭɸɳɟɟ ɢɧɜɟɫɬɢɰɢɨɧɧɨɟ ɩɪɟɞɥɨɠɟɧɢɟ. Ȼɚɧɤ ɜɵɞɟɥɹɟɬ ɢɧɜɟɫɬɨɪɭ ɤɨɦɩɟɬɟɧɬɧɨɝɨ ɫɨɬɪɭɞɧɢɤɚ, ɤɨɬɨɪɵɣ ɜ ɱɚɫɵ ɪɚɛɨɬɵ ɛɚɧɤɚ ɧɚɯɨɞɢɬɫɹ ɜ ɟɝɨ ɪɚɫɩɨɪɹɠɟɧɢɢ, ɩɨɦɨɝɚɟɬ ɟɦɭ ɫ ɪɟɚɥɢɡɚɰɢɟɣ ɟɝɨ ɢɧɜɟɫɬɢɰɢɨɧɧɵɯ ɪɟɲɟɧɢɣ ɢ ɧɚɯɨɞɢɬ ɫɟɛɟ ɡɚɦɟɧɭ ɧɚ ɫɥɭɱɚɣ ɫɜɨɟɝɨ ɨɬɫɭɬɫɬɜɢɹ. Ɋɚɡ ɜ ɩɨɥɝɨɞɚ ȼɵ ɩɨɥɭɱɚɟɬɟ ɢɧɮɨɪɦɚɰɢɸ ɨ ȼɚɲɟɦ ɢɦɭɳɟɫɬɜɟɧɧɨɦ ɫɨɫɬɨɹɧɢɢ ɫ ɩɨɤɚɡɚɬɟɥɹɦɢ ɞɨɯɨɞɧɨɫɬɢ ɨɫɭɳɟɫɬɜɥɟɧɧɵɯ ȼɚɦɢ ɢɧɜɟɫɬɢɰɢɣ. ȼɵ ɩɪɢɧɢɦɚɟɬɟ ɢɧɜɟɫɬɢɰɢɨɧɧɵɟ ɪɟɲɟɧɢɹ ɢ/ɢɥɢ ɪɟɲɚɟɬɟ, ɤɚɤɢɦ ɪɟɤɨɦɟɧɞɚɰɢɹɦ ɩɨ ɨɫɭɳɟɫɬɜɥɟɧɢɸ ɢɧɜɟɫɬɢɰɢɣ ȼɚɦ ɩɨɫɥɟɞɨɜɚɬɶ, ɚ ɤɚɤɢɦ - ɧɟɬ. Valartis Bank (Liechtenstein) AG 25 Page 1 of 3 ɈȻɊȺɁȿɐ Securities portfolio_________________________________Account no. ________________________ Investment advice mandate 1. General Valartis Bank (Liechtenstein) AG, hereinafter referred to as the "Bank", is hereby ordered to manage the securities portfolio and/or accounts listed under the above portfolio number according to the following advice mandate. Dynamic, aware of the risks Increase the share of high-risk securities in ¿nancial assets to take advantage of higher return opportunities, also, for example, complex funds, structured products The Bank shall provide investment advice services for the above securities portfolio according to the information in Section 2. The Investor shall decide whether he or she considers the investment recommendations that are given. The Investor shall make his or her own investment decisions. Speculative Main share in high-risk securities in ¿nancial assets and/or transactions with uncovered options, also, for example, options, derivatives, hedge funds 2. Special agreements Guidelines for investment advice, speci¿cations ____________________________________ ____________________________________ The Bank shall make investment proposals to the Investor according to the speci¿cations made by the Investor. The Investor shall make his or her wishes known to the Bank for orientation purposes as follows: ____________________________________ ____________________________________ Reference currency The Investor con¿rms that the information he or she provided regarding his or her ¿nancial and personal circumstances and ability to take risks is true. The Investor acknowledges that the Bank accepts no liability for the chosen speci¿cations. The reference currency is the currency in which the Investor calculates and in which performance is measured; however, this does not exclude investments in other currencies. CHF EURO USD ______ Investment objectives Increase wealth, make provisions Ongoing return, withdrawals, preserve value Other investment objectives (e.g. real estate, etc.): ____________________________________ Willingness to take risks Security-focused Largely low-risk securities, e.g. bonds with a good rating, pure bond funds The Bank will use the above information for its initial investment proposal. The Investor may announce changes to the speci¿cations at any time; the Bank will consider these changes immediately in its investment proposals. 3. Investment advice The Bank shall advise the Investor how to achieve his or her investment objectives based on the speci¿cations given by the Investor, the structure of the portfolio and the results of the ¿nancial analysis. This advice shall be given within the scope of the services offered by the Bank and shall be based on the Bank's internal investment guidelines until the Investor instructs it otherwise in writing. Return-oriented Mainly low-risk securities, also, for example, bonds, stocks, stock funds, stock-like instruments Valartis Bank (Liechtenstein) AG 2 Page 2 of 3 ɈȻɊȺɁȿɐ SPECIMEN The Investor may contact the Bank at any time for an investment proposal and ask the Bank to provide information about speci¿c products. The Bank may also contact the Investor to make an investment proposal. The Investor shall decide whether to consider the investment proposal made by the Bank or not. The investment decisions shall be made solely by the Investor. All transactions are made on the account of and at the risk of the Investor. The Investor acknowledges that the Banks' investment proposals are based on information from reliable and trustworthy sources. However, the Bank accepts no liability and gives no guarantee that the information is correct or complete. 5. Monitoring investment instruments The Bank shall not monitor the investments. The Bank shall advise the Investor only in terms of transactions; in other words, transactions will be checked to see whether they meet the Investor's speci¿cations or not. If the Bank discovers deviations, it shall draw the Investor's attention to these. The Bank shall provide the investment advice within the scope of this Agreement until it is advised otherwise. 6. Performance of investment instruments The Investor acknowledges that the Bank's investment proposals may quickly become outdated due to developments on the market; consequently, investment proposals have only temporary validity and may have to be updated over time. The Bank shall bear no responsibility for the performance of the investments it recommends. The Investor acknowledges that the past performance of an investment instrument or an investment category is no indication of its future performance. 1o representative or agent of the Bank may make oral or written promises or guarantees now or in the future. Therefore, the Investor should make known investment decisions that are made based on an investment proposal from the Bank in a timely manner or within the time recommended by the Bank. In particular, the Bank shall not be liable for incorrect or omitted information in prospectuses or other documents, such as pricing information. The Bank shall also not be liable for losses due to incorrect or omitted information. 4. 7. Services provided by the Bank Liquidity management The Bank shall monitor all maturities, repayments, conversions, credits and debits. If the Bank believes that action should be taken, it shall make an investment proposal to the Investor. Product and securities analysis The Bank shall continuously analyse and assess new financial products and individual investment categories and securities segments. If the Bank believes that changes in the market, new issues or capital increases are interesting for the Investor, it shall make a suitable investment proposal to the Investor. Contact person The Bank shall name a competent contact person for the Investor who can be contacted to implement investment decisions during the Bank's opening hours and shall also ensure that a competent deputy is available if the contact person is unavailable. Valartis Bank (Liechtenstein) AG Reporting The Bank shall provide the Investor with a report every six calendar months that reÀects the performance of the assets – with consideration of ingoing and outgoing payments. To assess the ¿nancial instruments held in the customer's portfolio, the Bank will use the following assessment criteria: Investment funds shall always be valued at the share price published by the respective fund company. The value of listed securities will usually be determined at the price of the main trading place. 27 Page 3 of 3 ɈȻɊȺɁȿɐ If there is no stock market price for ¿nancial instruments, the Bank will determine the market value on the basis of general assessment criteria. The ¿nancial instruments in the customer's portfolio shall be assessed by the respective reporting date at the latest. The Bank may pool orders from several customers and forward these as a pooled order. If this pooled order is executed at different prices, the Bank will divide the order between the individual customer's securities portfolios at average values. 8. Fees For its activities within the scope of this investment advice mandate, the Bank shall charge fees according to the applicable rates. The Bank may change these rates at any time. The Investor will be noti¿ed of any changes in writing or in another appropriate manner. . Bene¿ts The Investor acknowledges and accepts that the Bank may obtain bene¿ts from third parties (including group companies) in connection with the purchase or sale of collective capital investments, certi¿cates, notes etc. (hereinafter referred to as "3roducts"; these also include such that are managed and/or issued by a group company) in the form of portfolio payments and selling commissions (e.g. from issue and repurchase commissions). The amount of such bene¿ts varies depending on the product and the product provider. Before signing this Agreement or before the Bank begins its activities within the scope of this investment advice mandate, the Investor may request further details about agreements with third parties in connection with such bene¿ts. The claim to information about further details before signing the Agreement shall be limited to information from the previous 12 months. The customer expressly waives the right to claim further information. If the customer does not request any details before signing this Agreement or before the Bank begins its activities within the scope of this investment advice mandate or if he or she signs the Agreement after obtaining further details, he or she expressly waives any right of surrender in terms of Section 1009a of the Austrian Civil Code (ABGB). 1. Investment restrictions The Investor acknowledges that if the securities portfolio is pledged as security for loans from the Bank or from third parties, the Bank may place investment restrictions on the portfolio based on internal instructions in relation to the lending value of securities and other assets. 11. 9alidity This order shall lapse with the death of the Investor or if the Investor is declared missing, incapable of acting or bankrupt. However, it may be terminated by either party in writing at any time with immediate effect allowing time for the sale of securities. 12. Applicable laZ and place of jurisdiction 3ortfolio payments are usually calculated on the basis of the volume of a product or a product group held by the Bank. The amount is generally a percentage of the management fees for the respective product, which is paid periodically while the products are held; sales commissions may also be paid by securities issuers in the form of discounts on the issue price (percentage discount) or in the form of one-off payments corresponding to a percentage of the issue price. Commissions for concluding a contract are oneoff payments. They are usually a percentage of the respective issue and/or repurchase price. In all other respects, especially regarding applicable law and place of jurisdiction, the Bank's Standard Terms and Conditions of Business and Securities 3ortfolio Regulations shall apply. Should any individual provision or any part of any provision of this Agreement be or become void or unenforceable, the validity of the remaining provisions shall in no way be affected. _______________________________________ Date _______________________________________ Signature Valartis Bank (Liechtenstein) AG 28 3. ɂɧɜɟɫɬɢɰɢɨɧɧɵɣ ɮɨɧɞ ɩɨɞ ɛɪɟɧɞɨɦ ɤɥɢɟɧɬɚ Private Lable Fonds ɂɧɜɟɫɬɢɰɢɨɧɧɵɟ ɮɨɧɞɵ ɨɛɫɥɭɠɢɜɚɧɢɟ ɪɚɡɧɵɯ ɜɢɞɨɜ ɚɤɬɢɜɨɜ 9alartis Fund Management Liechtenstein AG Valartis Fund Management (Liechtenstein) AG ɹɜɥɹɟɬɫɹ 100%-ɧɨɣ ɞɨɱɟɪɧɟɣ ɤɨɦɩɚɧɢɟɣ Valartis Bank (Liechtenstein) AG. Ʉɨɦɩɚɧɢɹ ɫɩɟɰɢɚɥɢɡɢɪɭɟɬɫɹ ɧɚ ɫɨɡɞɚɧɢɢ ɢ ɬɟɤɭɳɟɦ ɫɨɩɪɨɜɨɠɞɟɧɢɢ ɞɟɹɬɟɥɶɧɨɫɬɢ ɢɧɜɟɫɬɢɰɢɨɧɧɵɯ ɮɨɧɞɨɜ. Ⱦɚɧɧɚɹ ɮɢɧɚɧɫɨɜɚɹ ɭɫɥɭɝɚ ɩɨɡɜɨɥɹɟɬ ɨɫɭɳɟɫɬɜɥɹɬɶ ɥɸɛɵɟ ɜɢɞɵ ɜɥɨɠɟɧɢɹ ɫɪɟɞɫɬɜ, ɛɭɞɶ ɬɨ ɢɧɜɟɫɬɢɰɢɢ ɜ ɤɥɚɫɫɢɱɟɫɤɢɟ ɰɟɧɧɵɟ ɛɭɦɚɝɢ, ɧɚɩɪɢɦɟɪ, ɚɤɰɢɢ ɢ ɨɛɥɢɝɚɰɢɢ, ɢɧɜɟɫɬɢɰɢɢ ɜ ɧɟɞɜɢɠɢɦɨɫɬɶ ɢ ɢɧɵɟ ɫɨɯɪɚɧɹɸɳɢɟ ɫɬɨɢɦɨɫɬɶ ɩɨɡɢɰɢɢ. ɉɨɥɧɵɣ ɩɚɤɟɬ ɭɫɥɭɝ ɩɨ ɫɨɡɞɚɧɢɸ ɮɨɧɞɚ ɇɚɲɚ ɞɨɱɟɪɧɹɹ ɤɨɦɩɚɧɢɹ ɩɪɟɞɥɚɝɚɟɬ ɩɨɥɧɵɣ ɩɚɤɟɬ ɭɫɥɭɝ, ɧɚɱɢɧɚɹ ɫ ɩɟɪɜɢɱɧɨɣ ɤɨɧɫɭɥɶɬɚɰɢɢ ɢ ɡɚɤɚɧɱɢɜɚɹ ɨɤɨɧɱɚɬɟɥɶɧɨɣ ɪɟɝɢɫɬɪɚɰɢɟɣ ɢɧɜɟɫɬɢɰɢɨɧɧɨɝɨ ɮɨɧɞɚ ɫ ɩɪɢɫɜɨɟɧɢɟɦ ɦɟɠɞɭɧɚɪɨɞɧɨɝɨ ɢɞɟɧɬɢɮɢɤɚɰɢɨɧɧɨɝɨ ɤɨɞɚ ɰɟɧɧɵɯ ɛɭɦɚɝ ISI1. ɉɪɢ ɷɬɨɦ ɨɫɧɨɜɧɭɸ ɫɜɨɸ ɡɚɞɚɱɭ ɤɨɦɩɚɧɢɹ ɜɢɞɢɬ ɜ ɩɟɪɜɢɱɧɨɦ ɪɚɡɴɹɫɧɟɧɢɢ ɞɟɹɬɟɥɶɧɨɫɬɢ/ɭɱɪɟɠɞɟɧɢɢ ɢ ɩɨɫɥɟɞɭɸɳɟɦ ɬɟɤɭɳɟɦ ɚɞɦɢɧɢɫɬɪɢɪɨɜɚɧɢɢ ɢɧɞɢɜɢɞɭɚɥɶɧɨ ɨɮɨɪɦɥɟɧɧɨɝɨ ɮɨɧɞɚ. Ɏɨɧɞɨɜɵɟ ɪɟɲɟɧɢɹ ɪɚɡɪɚɛɨɬɚɧɵ ɞɥɹ ɫɨɫɬɨɹɬɟɥɶɧɵɯ ɱɚɫɬɧɵɯ ɥɢɰ, ɫɟɦɟɣ ɢ ɧɟɛɨɥɶɲɨɝɨ ɭɡɤɨɝɨ ɤɪɭɝɚ ɢɧɜɟɫɬɨɪɨɜ. ȼ ɨɛɪɚɳɟɧɢɢ ɤ ɷɬɨɦɭ ɨɫɨɛɨɦɭ ɫɟɝɦɟɧɬɭ ɤɥɢɟɧɬɨɜ Ʌɢɯɬɟɧɲɬɟɣɧ ɭɥɨɜɢɥ ɜɟɹɧɢɟ ɜɪɟɦɟɧɢ, ɫɨɡɞɚɜ ɜ 2005 ɝɨɞɭ ɧɨɜɵɣ ɩɪɚɜɨɜɨɣ ɦɟɯɚɧɢɡɦ ɧɨɜɨɣ ɮɨɪɦɵ, ɧɚɡɜɚɧɧɨɣ ©Ɏɨɧɞɨɦ ɞɥɹ ɤɜɚɥɢɮɢɰɢɪɨɜɚɧɧɵɯ ɢɧɜɟɫɬɨɪɨɜª. ɋɥɟɞɭɟɬ ɭɱɟɫɬɶ, ɱɬɨ ɜ ɫɨɨɬɜɟɬɫɬɜɢɢ ɫ ɡɚɤɨɧɨɦ ɤɚɠɞɵɣ ɮɨɧɞ ɨɛɹɡɚɧ ɪɚɫɩɨɥɚɝɚɬɶ ɢɦɭɳɟɫɬɜɨɦ ɫɬɨɢɦɨɫɬɶɸ ɧɟ ɦɟɧɟɟ 2 ɦɥɧ. ɲɜɟɣɰɚɪɫɤɢɯ ɮɪɚɧɤɨɜ (ɥɢɛɨ ɷɤɜɢɜɚɥɟɧɬɚ ɜ ɞɪɭɝɨɣ ɜɚɥɸɬɟ). Ʌɢɯɬɟɧɲɬɟɣɧ ɤɚɤ ɮɨɧɞɨɜɵɣ ɰɟɧɬɪ ɏɨɬɹ Ʌɢɯɬɟɧɲɬɟɣɧ ɤɚɤ ɮɨɧɞɨɜɵɣ ɰɟɧɬɪ ɨɬɧɨɫɢɬɫɹ ɜ ɦɟɠɞɭɧɚɪɨɞɧɨɦ ɫɪɚɜɧɟɧɢɢ ɤ ɭɱɪɟɠɞɟɧɢɹɦ, ɫɤɨɪɟɟ, ɧɟɛɨɥɶɲɨɝɨ ɦɚɫɲɬɚɛɚ, ɬɟɦ ɧɟ ɦɟɧɟɟ ɜ ɢɧɫɚɣɞɟɪɫɤɢɯ ɤɪɭɝɚɯ ɨɧ ɫɱɢɬɚɟɬɫɹ ɚɛɫɨɥɸɬɧɵɦ ɮɚɜɨɪɢɬɨɦ (ªɮɨɧɞɨɜɵɦ ɛɭɬɢɤɨɦ©) ɛɥɚɝɨɞɚɪɹ ɫɜɨɟɦɭ ɧɨɜɨɦɭ ɩɟɪɟɞɨɜɨɦɭ ɡɚɤɨɧɨɞɚɬɟɥɶɫɬɜɭ ɨ ɮɨɧɞɚɯ, ɨɫɬɚɜɥɹɸɳɟɦɭ ɲɢɪɨɤɢɣ ɩɪɨɫɬɨɪ ɞɥɹ ɢɧɞɢɜɢɞɭɚɥɶɧɵɯ ɪɟɲɟɧɢɣ. Ʉɪɨɦɟ ɬɨɝɨ, ɮɨɧɞɨɜɵɣ ɰɟɧɬɪ Ʌɢɯɬɟɧɲɬɟɣɧɚ ɢɡɜɥɟɤɚɟɬ ɦɚɤɫɢɦɚɥɶɧɭɸ ɜɵɝɨɞɭ ɢɡ ɫɬɪɨɝɨ ɭɡɚɤɨɧɟɧɧɨɣ ɡɚɳɢɬɵ ɢɧɜɟɫɬɨɪɨɜ ɜ ɸɪɢɞɢɱɟɫɤɨɦ ɩɪɨɫɬɪɚɧɫɬɜɟ Ʌɢɯɬɟɧɲɬɟɣɧɚ. Valartis Bank (Liechtenstein) AG ɂɧɜɟɫɬɢɰɢɨɧɧɵɣ ɮɨɧɞ ɩɨɞ ɛɪɟɧɞɨɦ ɤɥɢɟɧɬɚ ± ȼɚɲɢ ɩɪɟɢɦɭɳɟɫɬɜɚ ɉɪɟɞɥɚɝɚɟɦɵɟ Valartis Fund Management (Liechtenstein) AG ɪɟɲɟɧɢɹ ɞɥɹ ɮɨɧɞɨɜ, ɛɚɡɢɪɭɸɬɫɹ ɧɚ ɤɨɧɤɪɟɬɧɨɣ ɢɫɯɨɞɧɨɣ ɫɢɬɭɚɰɢɢ ɢ ɩɨɡɜɨɥɹɸɬ ɞɨɫɬɢɱɶ ɫɚɦɵɯ ɪɚɡɧɵɯ ɰɟɥɟɣ ɢ, ɜ ɱɚɫɬɧɨɫɬɢ, ɜɨɫɩɨɥɶɡɨɜɚɬɶɫɹ ɩɪɟɢɦɭɳɟɫɬɜɚɦɢ ɭɩɪɨɳɟɧɧɨɝɨ ɩɨɪɹɞɤɚ ɧɚɫɥɟɞɨɜɚɧɢɹ, ɡɚɳɢɬɵ ɢɦɭɳɟɫɬɜɚ, ɫɜɟɞɟɧɢɹ ɜɨɟɞɢɧɨ ɲɢɪɨɤɨɝɨ ɫɩɟɤɬɪɚ ɢɦɭɳɟɫɬɜɟɧɧɵɯ ɰɟɧɧɨɫɬɟɣ. ɉɪɢɫɜɨɟɧɢɟ ȼɚɲɟɦɭ ɮɨɧɞɭ ɮɢɪɦɟɧɧɨɝɨ ɡɧɚɤɚ ªValartis© Ɇɚɤɫɢɦɚɥɶɧɚɹ ɝɢɛɤɨɫɬɶ ɜ ɜɵɛɨɪɟ ɰɟɥɟɜɵɯ ɚɤɬɢɜɨɜ (ɢɯ ɜɢɞɚ ɢ ɞɢɜɟɪɫɢɮɢɤɚɰɢɢ) Ɇɚɤɫɢɦɚɥɶɧɚɹ ɝɢɛɤɨɫɬɶ ɜ ɨɬɧɨɲɟɧɢɢ ɱɢɫɥɚ ɢɧɜɟɫɬɨɪɨɜ; ɜɨɡɦɨɠɧɵ ɮɨɧɞɵ, ɫɨɫɬɨɹɳɢɟ ɢɡ ɨɞɧɨɝɨ ɢɧɜɟɫɬɨɪɚ ɉɨɥɧɨɟ ɨɫɜɨɛɨɠɞɟɧɢɟ ɨɬ ɧɚɥɨɝɨɨɛɥɨɠɟɧɢɹ ɮɨɧɞɨɜɨɝɨ ɢɦɭɳɟɫɬɜɚ ɧɚ ɬɟɪɪɢɬɨɪɢɢ Ʌɢɯɬɟɧɲɬɟɣɧɚ Ɉɛɟɫɩɟɱɟɧɢɟ ɜɵɫɨɤɨɝɨ ɭɪɨɜɧɹ ɡɚɳɢɬɵ ɢɦɭɳɟɫɬɜɚ (asset protection) ɱɟɪɟɡ ɞɟɩɨɡɢɬɚɪɧɵɣ ɛɚɧɤ Ɍɪɚɧɫɮɨɪɦɚɰɢɹ ɨɬɞɟɥɶɧɵɯ ɚɤɬɢɜɨɜ ɜ ɡɚɪɟɝɢɫɬɪɢɪɨɜɚɧɧɭɸ ɰɟɧɧɭɸ ɛɭɦɚɝɭ ɫ ɩɪɢɫɜɨɟɧɧɵɦ ɟɣ ɦɟɠɞɭɧɚɪɨɞɧɵɦ ɢɞɟɧɬɢɮɢɤɚɰɢɨɧɧɵɦ ɤɨɞɨɦ (ISI1) Ɏɢɡɢɱɟɫɤɚɹ ɜɵɞɚɱɚ ȼɚɲɟɝɨ ɮɨɧɞɨɜɨɝɨ ɫɟɪɬɢɮɢɤɚɬɚ (ɩɨ ɠɟɥɚɧɢɸ ɢ ɫ ɭɱɟɬɨɦ ɬɪɟɛɨɜɚɧɢɣ ɞɟɩɨɡɢɬɚɪɧɨɝɨ ɛɚɧɤɚ) ɍɩɪɨɳɟɧɢɟ ɩɥɚɧɢɪɭɟɦɨɝɨ ɩɨɪɹɞɤɚ ɩɪɚɜɨɩɪɟɟɦɫɬɜɚ/ɧɚɫɥɟɞɨɜɚɧɢɹ (ɧɨɦɢɧɚɥɶɧɚɹ ɞɟɥɢɦɨɫɬɶ ɢɦɭɳɟɫɬɜɚ) ɒɢɪɨɤɢɣ ɫɩɟɤɬɪ ɧɨɭ-ɯɚɭ, ɩɪɢɧɚɞɥɟɠɚɳɢɣ Ƚɪɭɩɩɟ Valartis (ɫɥɢɹɧɢɹ ɩɨɝɥɨɳɟɧɢɹ, ɧɟɞɜɢɠɢɦɨɫɬɶ,...) 29 ɂɧɜɟɫɬɨɪɵ ɧɚɩɪɢɦɟɪ, ɮɢɡɢɱɟɫɤɨɟ ɥɢɰɨ, ɚɤɰɢɨɧɟɪɧɨɟ ɨɛɳɟɫɬɜɨ, ɬɪɚɫɬ/ɭɱɪɟɠɞɟɧɢɟ ɍɩɪɚɜɥɟɧɢɟ ɢɦɭɳɟɫɬɜɨɦ Ƚɪɭɩɩɚ Valartis ɢɥɢ ɞɟɥɟɝɢɪɨɜɚɧɢɟ ɤɜɚɥɢɮɢɰɢɪɨɜɚɧɧɵɦ ɬɪɟɬɶɢɦ ɥɢɰɚɦ ɂɧɜɟɫɬɢɰɢɨɧɧɵɣ ɮɨɧɞ ɩɨɞ ɛɪɟɧɞɨɦ ɤɥɢɟɧɬɚ Ɋɟɜɢɡɢɹ ɧɚɞɡɨɪ ɪɟɜɢɡɢɨɧɧɵɣ ɨɪɝɚɧ, ɧɚɩɪ., ɉɪɚɣɫɭɨɬɟɪɯɚɭɫɄɭɩɟɪɫ; ɫɥɭɠɛɚ ɧɚɞɡɨɪɚ ɡɚ ɮɢɧɚɧɫɨɜɵɦɢ ɪɵɧɤɚɦɢ Ɋɭɤɨɜɨɞɫɬɜɨ ɮɨɧɞɚ (Ⱥɞɦɢɧɢɫɬɪɚɰɢɹ ɮɨɧɞɚ) Ʉɨɧɫɭɥɶɬɚɬɢɜɧɵɣ ɫɨɜɟɬ (ɮɚɤɭɥɶɬɚɬɢɜɧɨ) ɇɚɩɪ., ɜɧɟɲɧɢɟ ɫɩɟɰɢɚɥɢɫɬɵ ɩɨ ɩɪɟɞɦɟɬɧɨɣ ɨɛɥɚɫɬɢ Ʌɢɤɜɢɞɧɵɟ ɚɤɬɢɜɵ (ɧɚɩɪ., ɰɟɧɧɵɟ ɛɭɦɚɝɢ) Ⱦɟɩɨɡɢɬɚɪɧɵɣ ɛɚɧɤ ɋɩɟɰɢɚɥɶɧɵɟ ɚɤɬɢɜɵ (ɧɚɩɪ., ɧɟɞɜɢɠɢɦɨɫɬɶ) Ȼɥɚɝɨɪɨɞɧɵɟ ɦɟɬɚɥɥɵ (ɧɚɩɪ. ɮɢɡɢɱɟɫɤɨɟ ɡɨɥɨɬɨ) ɂɧɜɟɫɬɨɪɵ ɨɞɢɧ ɢɥɢ ɧɟɫɤɨɥɶɤɨ ɩɚɣɳɢɤɨɜ ɮɨɧɞɚ. ɍɩɪɚɜɥɹɸɳɢɣ ɢɦɭɳɟɫɬɜɨɦ ɩɪɢɧɢɦɚɟɬ ɢɧɜɟɫɬɢɰɢɨɧɧɵɟ ɪɟɲɟɧɢɹ ɜ ɫɨɨɬɜɟɬɫɬɜɢɢ ɫ ɩɪɨɫɩɟɤɬɨɦ ɮɨɧɞɚ. ɐɟɥɶ – ɫɨɯɪɚɧɟɧɢɟ ɢ ɩɪɟɭɦɧɨɠɟɧɢɟ ɢɦɭɳɟɫɬɜɚ ɮɨɧɞɚ. Ʉɨɧɫɭɥɶɬɚɬɢɜɧɵɣ ɫɨɜɟɬ ɮɚɤɭɥɶɬɚɬɢɜɧɵɣ ɫɩɟɰɢɚɥɢɡɢɪɨɜɚɧɧɵɣ ɨɪɝɚɧ, ɨɤɚɡɵɜɚɸɳɢɣ ɫɨɞɟɣɫɬɜɢɟ ɜ ɭɩɪɚɜɥɟɧɢɢ ɢɦɭɳɟɫɬɜɨɦ. Ɋɟɜɢɡɢɹ ɧɚɞɡɨɪ ɫɥɟɞɢɬ ɡɚ ɩɪɚɜɢɥɶɧɨɫɬɶɸ ɨɫɭɳɟɫɬɜɥɟɧɢɹ ɫɞɟɥɨɤ. Ɋɭɤɨɜɨɞɫɬɜɨ ɮɨɧɞɚ ɛɭɞɭɱɢ ɰɟɧɬɪɚɥɶɧɵɦ ɤɨɨɪɞɢɧɚɰɢɨɧɧɵɦ ɨɪɝɚɧɨɦ, ɨɰɟɧɢɜɚɟɬ ɩɚɢ ɮɨɧɞɚ ɢ ɫɥɟɞɢɬ ɡɚ ɫɨɛɥɸɞɟɧɢɟɦ ɡɚɤɨɧɚ. Ⱦɟɩɨɡɢɬɚɪɧɵɣ ɛɚɧɤ ɨɬɜɟɱɚɟɬ ɡɚ ɪɚɡɦɟɳɟɧɢɟ/ɜɵɤɭɩ ɩɚɟɜ ɮɨɧɞɚ ɢ ɯɪɚɧɟɧɢɟ ɢɦɭɳɟɫɬɜɚ ɮɨɧɞɚ. Ⱥɤɬɢɜɵ ɹɜɥɹɸɬɫɹ ɢɦɭɳɟɫɬɜɨɦ ɮɨɧɞɚ. ɂɯ ɜɢɞ ɢ ɨɛɴɟɦ ɡɚɜɢɫɹɬ ɨɬ ɢɧɜɟɫɬɢɰɢɨɧɧɨɣ ɩɨɥɢɬɢɤɢ ɮɨɧɞɚ. Valartis Bank (Liechtenstein) AG 30 4. ɂɧɬɟɪɧɟɬ-ɛɚɧɤɢɧɝ ZZZ.valartisbank.li ɉɨɪɬɮɟɥɶ ± ɤɨɞ ɞɨɫɬɭɩɚ ɉɪɟɞɥɚɝɚɟɦɵɟ ɧɚɦɢ ɫɨɜɪɟɦɟɧɧɵɟ ɷɥɟɤɬɪɨɧɧɵɟ ɛɚɧɤɨɜɫɤɢɟ ɭɫɥɭɝɢ (ɂɧɬɟɪɧɟɬɛɚɧɤɢɧɝ) ɩɨɡɜɨɥɹɸɬ ɧɚɲɢɦ ɤɥɢɟɧɬɚɦ ɜ ɥɸɛɨɟ ɜɪɟɦɹ ɤɨɧɬɪɨɥɢɪɨɜɚɬɶ ɫɨɫɬɨɹɧɢɟ ɫɜɨɟɝɨ ɩɨɪɬɮɟɥɹ, ɩɪɨɢɡɜɨɞɢɬɶ ɩɥɚɬɟɠɢ ɢ ɧɚɩɪɚɜɥɹɬɶ ɡɚɤɨɞɢɪɨɜɚɧɧɵɟ ɷɥɟɤɬɪɨɧɧɵɟ ɫɨɨɛɳɟɧɢɹ ɫɜɨɢɦ ɤɨɧɫɭɥɶɬɚɧɬɚɦ. Ʉɪɨɦɟ ɬɨɝɨ, ɢɦɢ ɦɨɠɟɬ ɛɵɬɶ ɡɚɩɪɨɲɟɧɚ ɢɧɮɨɪɦɚɰɢɹ ɨ ɞɜɢɠɟɧɢɹɯ ɩɨ ɫɱɟɬɭ ɢ ɫɬɪɭɤɬɭɪɟ ɩɨɪɬɮɟɥɹ. RSA SecurID Token ɫɥɭɠɢɬ ɷɥɟɤɬɪɨɧɧɵɦ ɤɥɸɱɨɦ ɫ ɝɟɧɟɪɚɬɨɪɨɦ ɨɞɧɨɪɚɡɨɜɵɯ ɩɚɪɨɥɟɣ ОБРАЗЕЦ Ɉɛɡɨɪ / Bonds & similar EUR 77.68% 490,163.96 0.00 6.01% 37,921.65 0.00 37,921.65 16.31% 102,916.96 0.00 102,916.96 100.00% 631,002.57 0.00 631,002.57 EUR AUD 4.50% 28,409.08 0.00 28,409.08 EUR 74.95% 472,944.65 0.00 472,944.65 Liquidities Equities & similar / USD 490,163.96 EUR 20.55% 129,648.84 0.00 129,648.84 100.00% 631,002.57 0.00 631,002.57 EUR ɉɥɚɬɟɠɢ , Impulse Trust Valartis Bank (Liechtenstein) AG HYP ǩȦȘȖȕȍȌȊȐȎȐȔȖșȚȐ;< EUR 5,250.00 25.09.2013 ȗȖșȚțȗȐȓȈ 31 ОБРАЗЕЦ ɉɨɪɬɮɟɥɶ ± Ʌɢɤɜɢɞɧɵɟ ɚɤɬɢɜɵ [603,649.74 EUR] 30/09/2013 Дата оценки Вид даты Дата проводки Валюта оценки Liquidities EUR EUR 10.300600_0.100.EUR - Current acc. EUR 10,621.73 10.300600_0.100.USD - Current acc. USD 36,931.63 10,621.73 27,299.92 37,921.65 EUR ɉɨɪɬɮɟɥɶ ± ɰɟɧɧɵɟ ɛɭɦɚɝɢ [603,649.74 EUR] 30/09/2013 EUR Bonds & similar EUR - ALLIANZ FIN BV 50,000 5.375 - BNPP 16 REG-S 99.00 103.00 51,500.00 105.204 104.58 52,290.00 EUR 101.75 100.40 45,180.00 400 EUR 114.55 118.43 47,372.00 80,000 EUR 101.775 101.805 81,444.00 EUR 100.15 102.93 41,172.00 EUR 101.8125 100.665 80,532.00 101.9973 100.15 55,523.28 99.69 101.915 28,126.67 2006/03 2099/03 ( )/ 50,000 2.625 - COMMERZBK 19 FRN 2010/09 2016/09 - FISCH BOND VA IG HAC - GE CAP EUROP 15 EMTN 2 - MGN GTY TST CO 14VRN - OEKB 13 - RABOBANK 13 GMTN 2012/02 2015/02 ( )/ - RABOBANK 15 REG-S 690.41 2008/12 2013/12 ( )/ 2010/02 2013/12 USD 2,335.89 ( )/ 40,000 4.5 942.47 1999/04 2014/04 75,000 2.5 50.34 60,09 80,000 3.625 1,553.60 1999/09 2019/09 40,000 3.75 EUR ( )/ 45,000 3.35219 EUR 2012/07 2015/07 AUD 1,108.80 282.41 ( )/ 490,163.96 EUR Equities & similar EUR - JB MPA SUS WATER BC 100 EUR 133.24 181.46 18,146.00 - LGT SUST EQ EU EUR B 22 EUR 848.83 887.71 19,529.62 - PION GI ECOLOGY AC 50 EUR 140.15 191.09 9,554.50 - RESP GL MICROFINANCE 250 USD 117.87 144.02 26,614.95 - SWC(LU)PF GI EQ A 100 EUR 82.824 99.70 9,970.00 - VON SUS AXJ EQ BC 125 USD 192.08 206.73 19,101.89 102,916.96 EUR Valartis Bank (Liechtenstein) AG 32 ОБРАЗЕЦ ɉɨɪɬɮɟɥɶ ± ɞɢɧɚɦɢɤɚ ɫɬɨɢɦɨɫɬɢ [603,649.74 EUR] c: 2013 01 : 2013 10 Актуальный портфель : 10.300600_0 c: Январь 2014 по: Март 2014 Валюта: EUR Initial Assets 883,226.94 Incl. accrued interest 9,451.91 +/- Remittances/Withdrawals -292,763.56 Adjusted Assets 590,463.38 Profit before interest, fees and taxes 22,058.50 +/- Gain or loss on capital 15,672.98 +/- Gain or loss on currencies -10,249.34 +/- Interest/Dividend income 16,634.85 Total costs -9,013.67 Paid interest 0.00 Periodic fees -1,945.05 Fees & Commissions -3,586.99 Taxes -106.13 Management fees -3,375.51 Final Assets 603,649.74 Accrued interest end of period 7,152.86 Absolute Gain/Loss 13,044.83 Gain in % in the period, non weighted 2.21 % Average Asset Value 736,606.93 Capital weighted performance 1.77 % Average exchange rate EUR AUD USD 1 1.44937 1.35281 Ⱦɜɢɠɟɧɢɹ ɩɨ ɫɱɟɬɭ 1 2 3 : 10.300600_0.100.EUR 30/09/2012 : : EUR 30/09/2013 10,621.73 C Current balance as of 30/09/2013 : [430,952.36 EUR] : Valartis Bank (Liechtenstein) AG 30/09/2013 Account Fee 30/09/2013 Client Mgt. Fee 4.09 10,621.73 К 41.41 10,625.82 К 30/09/2013 30/09/2013 Custody Fee 521.20 10,667.23 К Management Fee 963.81 30/09/2013 Mailing Fee 11,188.43 К 24.85 12,152.24 К 16/09/2013 Interest payment EUR 45'000 COMMERZBK 19 FRN 16/09/2013 Interest payment EUR 50'000 BNPP 16 REG-S 23/07/2013 Dividend 100 SWC(LU)PF GI EQ A 12/07/2013 Interest payment AUD 40'000 RABOBANK 15 REG-S 30/06/2013 Account Fee 30/06/2013 Client Mgt. Fee 30/06/2013 Custody Fee 30/06/2013 Management Fee 30/06/2013 Mailing Fee 21/05/2013 Debit Liefergebühren 21/05/2013 Debit Fremde Bankspesen 17/05/2013 Redemption of 50'000 SANOFI 13 EMTN 17/05/2013 Interest payment EUR 50'000 SANOFI 13 EMTN 17/05/2013 Funds transfer Vergütungswesen 731.34 12,177.09 К 1,312.50 11,445.75 К 75.00 10,133.25 К 1,279.01 10,058.25 К 4.06 8,779.24 К 41.05 8,783.30 К 617.36 8,824.35 К 1,084.81 9,441.71 К 24.63 10,526.52 К 121.74 10,551.15 К 43.83 10,672.89 К 150,087.07 50,000.00 10,716.72 К 1,750.00 -39,283.28 Д -41,033.28 Д 33 5. Ʉɪɚɬɤɨɫɪɨɱɧɚɹ ɧɟɯɜɚɬɤɚ ɥɢɤɜɢɞɧɵɯ ɫɪɟɞɫɬɜ" ± Ʌɨɦɛɚɪɞɧɵɣ ɤɪɟɞɢɬ ɉɪɢ ɤɪɚɬɤɨɜɪɟɦɟɧɧɨɣ ɧɟɯɜɚɬɤɟ ɥɢɤɜɢɞɧɵɯ ɫɪɟɞɫɬɜ ȼɚɦ ɧɟ ɨɛɹɡɚɬɟɥɶɧɨ ɩɪɨɞɚɜɚɬɶ ɰɟɧɧɵɟ ɛɭɦɚɝɢ ɫɜɨɟɝɨ ɩɨɪɬɮɟɥɹ. Valartis Bank (Liechtenstein) AG ɝɨɬɨɜ ɩɪɟɞɨɫɬɚɜɢɬɶ ȼɚɦ ɤɪɟɞɢɬɧɭɸ ɥɢɧɢɸ ɩɨɞ ɨɛɟɫɩɟɱɟɧɢɟ ȼɚɲɢɦɢ ɰɟɧɧɵɦɢ ɛɭɦɚɝɚɦɢ. Ʉɚɤ ɫɥɟɞɫɬɜɢɟ, ȼɵ ɦɨɠɟɬɟ ɩɪɨɞɨɥɠɚɬɶ ɩɨɥɭɱɚɬɶ ɞɨɯɨɞ ɨɬ ɩɨɡɢɬɢɜɧɨɣ ɞɢɧɚɦɢɤɢ ɪɨɫɬɚ ɫɬɨɢɦɨɫɬɢ ȼɚɲɢɯ ɰɟɧɧɵɯ ɛɭɦɚɝ, ɚ ɬɚɤɠɟ ɫɷɤɨɧɨɦɢɬɶ ɧɚ ɨɩɟɪɚɰɢɨɧɧɵɯ ɫɛɨɪɚɯ. Valartis Bank (Liechtenstein) AG 34 Page 1 of 2 ɈȻɊȺɁȿɐ ɄɊȿȾɂɌɇɕɃ ȾɈȽɈȼɈɊ LOAN AGREEMENT Lombard Loan Safe-keeping deposit account: __________________________Account No. ____________________ Borrower Account Name Impulse Deed ofTrust Pledge 300600 Address The undersigned account holder(s) Account-No. 10.300.600_0 EUR _____________________________________________________________________________________ Neustadt 23 _____________________________________________________________________________________ Country Zip-Code/City Austria A-6800 Feldkirch (as Pledger) Loan amount Depending onassign(s) the collateral pledge(s) and to (a maximum of): EUR 1’000’000.00 (in words: EURO one million) Valartis Bank (Liechtenstein) AG Purpose the loan (as PledgeofHolder) Liquidity requirements to secure any claims raised against him/herself/themselves and against _____________________________________________________________________________________ Term of the loan Until further notice all assets and/or credit balances deposited or held at present and in future with the Pledge Holder and assign(s) these as lien to the Pledge Holder pursuant to Art. 365 ff and 384 ff of the Liechtenstein Law of Property. Interest Rate/Interest Adjustment/Interest Payment 1 month LIBOR/EURIBOR (rounded off the nearest of%) Pledge plus additional charge of 1,50 % as binding upon The Pledger(s) acknowledge(s) theto Conditions Agreement overleaf him/herself/themselves and his/her/their legal successor(s). Currently: 0,25 % + 1,50 % = 1,75 % p.a. Monthly adjustment of interest rate. Quaterly payment of interest. Processing Fee/Loan Commitment Fee EUR 10’000.00 (one time fee) Loan Commitment Fee 0,125 % quaterly, calculated on the maximum available credit amount Collateral Pledge of Account 300600, corresponding separate Deed of Pledge See overleaf for Conditions of Pledge Agreement Valartis Bank (Liechtenstein) AG 35 Page 2 of 2 ɈȻɊȺɁȿɐ ɄɊȿȾɂɌɇɕɃ ȾɈȽɈȼɈɊ Termination Possible by either party without any noti¿cation. Pledging Liquidity up to 95 %, Bonds up to 70 %, Shares up to 50 %. If the loan is not currency-congruent with the collateral, the valuation of the pledged securities/funds may be reduced. Availability of the loan/Miscellaneous Upon approval of the loan by the appropriate bodies of the Lender; after duly signing of this Loan Agreement, the Deed of Pledge and after veri¿cation of the collateral. The Lender is entitled to call for additional collateral at any time. The Borrower represents and warrants that he is of good ¿nancial standing and is not in default in any respect in the performance, observance or ful¿lment of any of the obligations, governance or conditions contained in any agreement material to its business to which it is a party. The Borrower represents and warrants that there is no pending or contingent action or proceeding against or affecting the Borrower before any court, governmental agency or arbitrator, which may, in any single case or in aggregate, materially adversely affect the ¿nancial condition, operations, properties or business of the Borrower or its ability to perform its obligation under this Loan Agreement. The Borrower agrees to pay all obligations concerning taxes, fees and costs, etc. whatever nature there might be. If the Borrower is a legal entity, t he undersigning declares that this borrowing is based on a decision of the legal body of the entity and does not violate its statutes. For this Loan Agreement the general terms and conditions and the particular terms and conditions of Valartis Bank (Liechtenstein) AG are binding. This Loan Agreement shall be governed by the laws of Liechtenstein. Competent court is Vaduz. The Borrower declares that he agrees to all terms of this Loan Agreement. Lender Borrower Gamprin-Bendern, 30.09.2013 Gamprin-Bendern, 30.09.2013 Valartis Bank ((Liechtenstein)) AG Impulse e Trust Dr. Andreas s Insam Insam Lackin ng Dr. Gerhard Lackinger CEO MOB Valartis Bank (Liechtenstein) AG 3 Page 1 of 2 ɈȻɊȺɁȿɐ Ɉɛɹɡɚɬɟɥɶɫɬɜɨ ɩɨ ɡɚɥɨɝɭ ɞɜɢɠɢɦɨɝɨ ɢɦɭɳɟɫɬɜɚ Impulse Trust 30000 Safe-keeping deposit account: __________________________Account No. ____________________ Deed of Pledge The undersigned account holder(s) Impulse Trust, 1eustadt 23, 800 Feldkirch, gsterreich _____________________________________________________________________________________ _____________________________________________________________________________________ (as Pledger) pledge(s) and assign(s) to Valartis Bank (Liechtenstein) AG (as Pledge Holder) to secure any claims raised against him/herself/themselves and against _____________________________________________________________________________________ all assets and/or credit balances deposited or held at present and in future with the Pledge Holder and assign(s) these as lien to the Pledge Holder pursuant to Art. 365 ff and 384 ff of the Liechtenstein Law of Property. The Pledger(s) acknowledge(s) the Conditions of Pledge Agreement overleaf as binding upon him/herself/themselves and his/her/their legal successor(s). See overleaf for Conditions of Pledge Agreement 26E-0210 Valartis Bank (Liechtenstein) AG 37 Page 2 of 2 ɈȻɊȺɁȿɐ Ɉɛɹɡɚɬɟɥɶɫɬɜɨ ɩɨ ɡɚɥɨɝɭ ɞɜɢɠɢɦɨɝɨ ɢɦɭɳɟɫɬɜɚ Conditions of Pledge Agreement The Pledger(s) declare(s) that he/she/they has/have taken notice of, and accepted without reservation, the following conditions of the pledged collateral with Valartis Bank (Liechtenstein) AG (hereinafter to be referred to as the Bank). The Pledge serves to secure all claims against the Pledger(s) and the debtors as mentioned overleaf which are due to the Bank upon any legal grounds (capital claims, interest, commissions, costs, guarantees, etc.). The Pledge also secures future claims by the Bank against the contracting partner(s). The Pledge includes the rights and items pledged together with all past, current and outstanding yields and incidental rights due (interest, commissions, bonus, subscription rights, insurance claims, etc.). Further covered thereby are all assets or credit balances which the Pledger(s) shall, in future, hold with the Bank. The Bank shall be entitled to exercise directly and independently, without taking any legal action, the rights and incidental rights deriving from the pledged items. At the Bank’s request, the Pledger(s) undertake(s) to execute any endorsement or deed of assignment regarding the pledged items. If pledged items are exchanged or replaced, the new pledges shall automatically replace the previously pledged items. In the event of changes (termination, redemption, repayment, etc.) regarding the pledged items, it shall be the responsibility of the Pledger(s) him/herself/themselves to safeguard his/her/their interests. 30.09.2013 ________________________________________ Date The Bank’s management of the pledged items and its liability regarding these items shall be pursuant to the General Conditions concerning free client safe-keeping deposit accounts. If the value of the pledged items is no longer suf¿cient to cover the Bank’s claims, the Pledger(s) shall be obliged, at the Bank’s request, to provide additional security or to make a respective payment, or the claims thus secured shall be deemed due immediately and the Bank shall be entitled, without taking legal steps, to draw on the pledged items to satisfy its claim. If securities quoted on the stock exchange are involved, the Bank shall, in urgent cases and without prior noti¿cation, be entitled to dispose of or withhold the securities as soon as the lending margin has dropped considerably below the ¿xed limit. No claims may be raised against the Bank on account of any such measures. The Bank, for its part, undertakes to return the pledged rights and items to the Pledger(s) as soon as all secured claims have been answered. No oral agreements have been made beyond the present statement of conditions. Future amendments to or extensions of the Conditions of Pledge shall require the written form. The loan agreement made with the Bank forms an integral part of this Deed of Pledge. The relevant provisions of the Liechtenstein Law of Property, further laws as well as the General Conditions and regulations, etc., of the Bank constitute complementary elements to the agreed hereunder. The present pledge agreement is subject to the exclusive jurisdiction of the Principality of Liechtenstein. The agreed venue is Vaduz but the Bank is entitled to assert its contractual rights before any competent court. Impulse Trust ________________________________________ Signature(s) of the Pledger(s) 26E-0210 Valartis Bank (Liechtenstein) AG 38 6. Valartis Group AG Ʉɨɬɢɪɭɸɳɢɣɫɹ ɧɚ ɛɢɪɠɟ, ɦɟɠɞɭɧɚɪɨɞɧɨɨɪɢɟɧɬɢɪɨɜɚɧɧɵɣ ɮɢɧɚɧɫɨɜɵɣ ɤɨɧɰɟɪɧ Ƚɪɭɩɩɚ Valartis – ɷɬɨ ɲɜɟɣɰɚɪɫɤɚɹ ɛɚɧɤɨɜɫɤɚɹ ɝɪɭɩɩɚ, ɡɚɧɢɦɚɸɳɚɹɫɹ, ɜ ɨɫɧɨɜɧɨɦ, ɢɧɞɢɜɢɞɭɚɥɶɧɵɦ ɛɚɧɤɨɜɫɤɢɦ ɨɛɫɥɭɠɢɜɚɧɢɟɦ ɱɚɫɬɧɨɝɨ ɤɚɩɢɬɚɥɚ, ɚ ɬɚɤɠɟ ɨɫɭɳɟɫɬɜɥɹɸɳɢɣ ɞɟɹɬɟɥɶɧɨɫɬɶ ɜ ɨɛɥɚɫɬɢ ɭɩɪɚɜɥɟɧɢɹ ɚɤɬɢɜɚɦɢ ɢ ɩɪɟɞɨɫɬɚɜɥɟɧɢɹ ɢɧɜɟɫɬɢɰɢɨɧɧɵɯ ɛɚɧɤɨɜɫɤɢɯ ɭɫɥɭɝ. ɇɚɪɹɞɭ ɫ ɭɩɪɚɜɥɟɧɢɟɦ ɢɦɭɳɟɫɬɜɨɦ ɢ ɢɧɜɟɫɬɢɰɢɨɧɧɵɦ ɤɨɧɫɚɥɬɢɧɝɨɦ ɫɨɫɬɨɹɬɟɥɶɧɵɯ ɱɚɫɬɧɵɯ ɥɢɰ ɢ ɢɧɫɬɢɬɭɰɢɨɧɚɥɶɧɵɯ ɤɥɢɟɧɬɨɜ, Ƚɪɭɩɩɚ Valartis ɬɚɤɠɟ ɭɞɟɥɹɟɬ ɜɧɢɦɚɧɢɟ ɪɚɡɪɚɛɨɬɤɟ ɢ ɭɩɪɚɜɥɟɧɢɸ ɢɧɧɨɜɚɰɢɨɧɧɵɦɢ ɩɪɨɞɭɤɬɚɦɢ ɞɥɹ ɨɩɪɟɞɟɥɟɧɧɨɣ ɧɢɲɢ ɢɧɜɟɫɬɢɰɢɨɧɧɨɝɨ ɪɵɧɤɚ, ɩɪɟɞɨɫɬɚɜɥɹɟɬ ɪɚɡɥɢɱɧɵɟ ɤɨɧɫɭɥɶɬɚɰɢɨɧɧɵɟ ɢ ɛɚɧɤɨɜɫɤɢɟ ɭɫɥɭɝ. Ɉɤɨɥɨ 400 ɫɨɬɪɭɞɧɢɤɨɜ Ƚɪɭɩɩɵ ɜ ɐɸɪɢɯɟ, ɀɟɧɟɜɟ, ȼɟɧɟ, Ʌɢɯɬɟɧɲɬɟɣɧɟ, Ɇɨɫɤɜɟ, ɋɚɧɤɬ-ɉɟɬɟɪɛɭɪɝɟ ɢ Ʌɸɤɫɟɦɛɭɪɝɟ ɨɛɫɥɭɠɢɜɚɸɬ ɢɦɭɳɟɫɬɜɨ ɫɬɨɢɦɨɫɬɶɸ ɩɨɪɹɞɤɚ ,3 ɦɥɪɞ. ɲɜ. ɮɪɚɧɤɨɜ. Ⱥɤɰɢɢ ɯɨɥɞɢɧɝɨɜɨɣ ɤɨɦɩɚɧɢɢ Ƚɪɭɩɩɵ, Valartis Group AG, Ȼɚɚɪ, ɤɨɬɢɪɭɸɬɫɹ ɧɚ ɒɜɟɣɰɚɪɫɤɨɣ ɮɨɧɞɨɜɨɣ ɛɢɪɠɟ SI; ɢ ɩɪɢɧɚɞɥɟɠɚɬ, ɛɨɥɶɲɟɣ ɱɚɫɬɶɸ, ɤɨɦɩɚɧɢɢ MCG Holding AG, Ȼɚɚɪ. əɜɥɹɹɫɶ ɲɜɟɣɰɚɪɫɤɢɦ ɛɚɧɤɨɜɫɤɢɦ ɤɨɧɰɟɪɧɨɦ, Valartis Group AG ɧɚɯɨɞɢɬɫɹ ɩɨɞ ɤɨɧɫɨɥɢɞɢɪɨɜɚɧɧɵɦ ɧɚɞɡɨɪɨɦ ɲɜɟɣɰɚɪɫɤɢɯ ɨɪɝɚɧɨɜ, ɨɫɭɳɟɫɬɜɥɹɸɳɢɯ ɤɨɧɬɪɨɥɶ ɧɚɞ ɮɢɧɚɧɫɨɜɵɦɢ ɪɵɧɤɚɦɢ. Ɉɫɧɨɜɧɚɹ ɰɟɥɶ ± ɛɚɧɤɨɜɫɤɨɟ ɨɛɫɥɭɠɢɜɚɧɢɟ ɱɚɫɬɧɨɝɨ ɤɚɩɢɬɚɥɚ (Private Banking) ɋɬɪɚɬɟɝɢɹ ɷɤɨɧɨɦɢɱɟɫɤɨɝɨ ɪɨɫɬɚ Ƚɪɭɩɩɵ ɨɪɢɟɧɬɢɪɨɜɚɧɚ ɧɚ ɪɚɡɜɢɬɢɟ ɛɚɧɤɨɜɫɤɨɝɨ ɨɛɫɥɭɠɢɜɚɧɢɹ ɱɚɫɬɧɨɝɨ ɤɚɩɢɬɚɥɚ. ȼ ɷɬɨɣ ɫɜɹɡɢ ɨɫɨɛɨɟ ɜɧɢɦɚɧɢɟ ɭɞɟɥɹɟɬɫɹ ɩɨɞɝɨɬɨɜɤɟ ɢ ɩɪɨɞɚɠɟ ɢɧɜɟɫɬɢɰɢɨɧɧɵɯ ɩɪɨɞɭɤɬɨɜ Ƚɪɭɩɩɵ ɜ ɨɛɥɚɫɬɢ ɭɩɪɚɜɥɟɧɢɹ ɚɤɬɢɜɚɦɢ – ɢ ɜ ɩɟɪɜɭɸ ɨɱɟɪɟɞɶ ɡɞɟɫɶ ɧɭɠɧɨ ɜɵɞɟɥɢɬɶ ɮɨɧɞɵ Russian Market Fund ɢ Swiss Small Mid Cap Fund. ɇɚɞɟɠɧɵɣ ɢ ɮɢɧɚɧɫɨɜɨ ɫɨɫɬɨɹɬɟɥɶɧɵɣ ɉɪɨɞɨɥɠɢɬɟɥɶɧɵɣ ɭɫɩɟɯ ɜ ɨɛɥɚɫɬɢ ɭɩɪɚɜɥɟɧɢɹ ɢɦɭɳɟɫɬɜɨɦ ɢ ɤɨɧɫɭɥɶɬɢɪɨɜɚɧɢɹ ɡɚɜɢɫɢɬ ɨɬ ɤɨɦɩɟɬɟɧɬɧɨɫɬɢ ɢ ɨɩɵɬɚ ɫɨɬɪɭɞɧɢɤɨɜ, ɚ ɬɚɤɠɟ, ɜ ɡɧɚɱɢɬɟɥɶɧɨɣ ɫɬɟɩɟɧɢ, ɨɬ ɜɟɪɵ ɜ ɧɚɞɟɠɧɨɫɬɶ ɢ ɮɢɧɚɧɫɨɜɭɸ ɫɨɫɬɨɹɬɟɥɶɧɨɫɬɶ ɢɧɫɬɢɬɭɬɚ. ɇɚ ɩɪɨɬɹɠɟɧɢɢ ɦɧɨɝɢɯ ɥɟɬ ɭɪɨɜɟɧɶ ɮɢɧɚɧɫɢɪɨɜɚɧɢɹ ɡɚ ɫɱɟɬ ɫɨɛɫɬɜɟɧɧɵɯ ɫɪɟɞɫɬɜ Ƚɪɭɩɩɵ ɛɵɥ ɜɵɲɟ ɫɪɟɞɧɟɝɨ ɫɪɟɞɢ ɲɜɟɣɰɚɪɫɤɢɯ ɛɚɧɤɨɜ, ɱɬɨ ɨɡɧɚɱɚɟɬ ɫɨɥɢɞɧɭɸ ɤɚɩɢɬɚɥɶɧɭɸ ɨɫɧɨɜɭ. Valartis Bank (Liechtenstein) AG Valartis Bank (Liechtenstein) AG ± ɫɬɪɭɤɬɭɪɚ ɫɨɛɫɬɜɟɧɧɢɤɨɜ ȼɟɫɶ ɤɚɩɢɬɚɥ Valartis Bank (Liechtenstein) AG ɩɨɥɧɨɫɬɶɸ ɨɩɥɚɱɟɧ ɜ ɪɚɡɦɟɪɟ 20 ɦɢɥɥɢɨɧɨɜ ɲɜ.ɮɪɚɧɤɨɜ, ɢɡ ɤɨɬɨɪɵɯ ɚɤɰɢɢ ɫ ɩɪɚɜɨɦ ɝɨɥɨɫɚ ɫɨɫɬɚɜɥɹɸɬ 13, ɦɢɥɥɢɨɧɨɜ ɲɜ.ɮɪɚɧɤɨɜ, ɚ ɫɟɪɬɢɮɢɤɚɬɵ ɞɨɥɟɜɨɝɨ ɭɱɚɫɬɢɹ ɫɨɫɬɚɜɥɹɸɬ ,4 ɦɢɥɥɢɨɧɚ ɲɜ.ɮɪɚɧɤɨɜ. 89% ɩɪɚɜ ɝɨɥɨɫɚ ɢ 70% ɩɪɚɜ ɭɱɚɫɬɢɹ ɜ ɤɚɩɢɬɚɥɟ ɩɪɢɧɚɞɥɟɠɚɬ Valartis Bank AG, Ȼɚɚɪ. 30% ɩɪɚɜ ɭɱɚɫɬɢɹ ɜ ɤɚɩɢɬɚɥɟ ɩɪɢɧɚɞɥɟɠɢɬ ɩɪɚɜɥɟɧɢɸ ɢ ɫɨɬɪɭɞɧɢɤɚɦ. ɋɬɪɭɤɬɭɪɚ ɭɱɚɫɬɢɹ Valartis Group AG Ⱦɨɥɹ ɚɤɰɢɣ, ɧɚɯɨɞɹɳɚɹɫɹ ɜ ɫɜɨɛɨɞɧɨɦ ɨɛɪɚɳɟɧɢɢ MCG Holding SA, Ȼɚɚɪ Valartis Group AG, Ȼɚɚɪ / ɐɭɝ ɤɨɬɢɪɭɟɬɫɹ ɧɚ ɒɜɟɣɰɚɪɫɤɨɣ ɮɨɧɞɨɜɨɣ ɛɢɪɠɟ SI; Valartis Bank (Ⱥɜɫɬɪɢɹ) AG, ȼɟɧɚ www.valartisbank.at Valartis Bank (Liechtenstein) AG www.valartisbank.li 39 CH † FL Bendern Schaaner Strasse 27 9487 Gamprin-Bendern Fürstentum Liechtenstein A Feldkirch Ɋɟɞɚɤɰɢɹ Dr. INSAM Andreas, CEO Dr. LACKINGER Gerhard, Mag., MOB ABLASSER Sandra, BA, Account Opening AYAZ Ercan, Mag., International Sales, Asia BADER Peter, Mag., Institutional Clients BÁNFI Dóra, International Sales BASCHNEGGER Karin, BA, Assistant to the Board BILGIN Adnan, Asset Management BOUKAL Robert, MBA, Private Clients, Slovakia & Czech Republic CELETKA Attila, Dipl.-Ing., Private Clients, Slovakia & Czech Republic DEI-MICHEI Claudia, Mag.iur., Compliance & Legal Department DELAVIER Matthias, International Sales DZIURA Marcin, International Sales, Ukraine EMER Metin, BBA, International Sales, Middle East & Turkey EMERING Carole, Payment Transaction FÄHNDRICH Kevin, Trading Dr. FEDERSPIEL Markus, Mag., Institutional Clients, Central Europe FEIX Alexander, Mag., Private Clients, Middle & Western Europe FLEISCH Katharina, BA, Institutional Clients, Western Europe & Central America FRAUENKNECHT Chris, Trading FRITZ Mechtild, Payment Transaction GANAHL Barbara, Reception GAO Yun, International Sales, Asia GATT Martina, Mag., Institutional Clients, Western Europe & Central America GÖTZE Martin, Mag., Instituional Clients, Central Europe GRABHER Katharina, Marketing GSTACH Günter, LL.M., Loans GULUA Beniamin, Mag., Institutional Clients, Eastern Europe HETZENECKER Fritz, Private Clients, Middle & Western Europe HUBER Rolf, Information Technology JAUG Sanja, B.Sc., Private Clients, Central Europe KAS Sena, Payment Transactions KAYAR Canan, Mag., International Sales, Middle East & Turkey KIENCKE Dirk, Custodian Investment Funds KLEINGÜNTHER Julia, Institutional Clients, Domestic Market LOOSE Holger, International Sales, Russia & South America LUDESCHER Anzhelika, International Sales, Ukraine LUO Fang, International Sales, Asia LURINA-RÜEGG Sanita, Reception MARCIELLO Pasquale, CIIA, CIWM, Asset Management MARTE Julia, Accounting & Controlling Dr. MARTIN-GRASS Gabriele, MMag. (FH), Compliance & Legal Department MELAY Ivan, MSc, International Sales, Czech Republic MOXON Chester, Information Technology MUNGAN Ümmühan, MMag., International Sales, Middle East & Turkey MUSTER Markus, MSc, Information Technology OGORODNICIUK Aliona, Institutional Clients, Eastern Europe OUSCHAN Isabel, MMag., Instituional Clients, Central Europe PAPIRTYTE Agne, MSc, Institutional Clients, Eastern Europe PÖSCHL Markus, Mag.iur., Compliance & Legal Departement RATZ Stefan, Dipl.-Bw. (BA), Institutional Clients, Domestic Market REICHART Norbert, Private Clients, Central Europe RHOMBERG Manuela, Reception ROSENBOOM Tatjana, International Sales, Czech Republic RUMPL Simone, Account Opening SAMBORA Pawel, M.A., International Sales, Czech Republic SPALT Tobias, MSc, Private Clients, Central Europe STIER Stefan, Ass.jur., Compliance & Legal Departement THALER Ramona, Payment Transaction THÖNY Isabella, Assistant to the Board UNTERKIRCHER Markus, Information Technology USEINI Serif, Settlement VEDUNOVA Julia, Mag., Institutional Clients, Eastern Europe VOLGGER Andreas, Settlement VUSER Darko, B.Sc.Econ, Private Clients, Central Europe WALK Monika, Payment Transaction WALSER Alexandra, Mag., Loans WELTE Markus, Information Technology WERLE Bettina, Account Opening WILFLING Simone, MMag., Institutional Clients ZAJAC Peter, Mag., Institutional Clients, Eastern Europe ZANINI Silvia, Mag., Private Clients, Middle & Western Europe ZIMMERMANN Desiree, Compliance & Legal Department ɂɦɩɪɟɫɫɭɦ Valartis Bank (Liechtenstein) AG Schaaner Strasse 27 9487 Gamprin-Bendern Frstentum Liechtenstein Phone 423 25 5 5 Fax 423 25 5 99 Ⱦɨɩɨɥɧɢɬɟɥɶɧɚɹ ɢɧɮɨɪɦɚɰɢɹ ɩɭɛɥɢɤɭɟɬɫɹ ɜ ɢɧɬɟɪɧɟɬɟ ɧɚ ɫɚɣɬɟ www.valartisbank.li. Valartis Bank (Liechtenstein) AG 40 Valartis Bank (Liechtenstein) AG 03/2014 ɡɚɦɟɬɤɢ
