We take pride in upholding the highest legal and regulatory standards.

To help fight against tax evasion and protect the integrity of tax systems, governments around the world are introducing a new information-gathering and reporting requirement for financial institutions. This is known as the Common Reporting Standard (the “CRS”) or EAR (Echange Automatique d’Information in French).

Under the CRS and by virtue of the applicable laws and regulations in Switzerland (the “Laws”), we are required to determine your “tax residency” (this will usually be where you are liable to pay income or corporate taxes), based on the information you provided us with, or will be providing us with, as well as on information we already have in our books and records.

If the information that you provided or will provide identifies you as a reportable person (individual or entity or controlling person), we are required, as per the Laws, to report annually, certain information in relation to your account (e.g. name, address, country of tax residency, Tax Identification Number, account balance, payments, etc.) to the Swiss competent authority. The Swiss competent authority (in fact the “AFC” Federal Tax Administration) will subsequently exchange this information with the competent tax authority of the country(ies) in which you are tax resident.

Banque Audi (Suisse) SA may contact you in due course to obtain additional information or update the related information we have concerning you in our books and records.

Please note that this communication is for information purposes only and shall not be considered in any case as a tax advice. Kindly contact your tax adviser if you have any questions or uncertainties about your tax obligations. Banque Audi (Suisse) SA shall not be held liable with respect to any action you may undertake in connection with this subject matter.

For more information, you may visit the OECD Automatic Exchange of Information Portal (www.oecd.org ) or the AFC Swiss site : www.sif.admin.ch and consult the applicable Swiss laws and regulations related to this subject matter.

The Swiss Financial Services Act (hereinafter “FinSA”) governs the provision of financial services and requires compliance with certain rules of conduct, including the duty to inform. In this respect, the Bank draws attention to the following information::

• (1) Name, address and contact information
  The Bank is a Swiss limited company registered with the Geneva Trade Register. It operates in Switzerland and abroad from its headquarters in Geneva. In addition to its offices in Geneva, the Bank has a representative office in Beirut.
  
  Registered office: Cours des Bastions 18, 1205 Geneva
  Postal address: P.O. Box 384, 1211 Geneva 12
  Phone: +41 22 704 11 11
  Fax:+41 22 704 11 00
  E-mail: contactus.gva@bankaudipb.com
  Website:www.banqueaudisuisse.ch
  
  
  
• (2) Scope of activity and supervisory regime
  The Bank is licensed as a bank by the Swiss Financial Market Supervisory Authority (the "FINMA"). It is subject to the supervision of this authority in accordance with the Swiss Federal Banking Act.
  
  The Bank offers its clients a wide range of banking services, including deposit, payment and credit services, as well as financial services regulated by the FinSA such as discretionary asset management, issuing personalized recommendations concerning transactions in financial instruments (investment advice), distribution of financial instruments, execution of orders to buy and sell financial instruments and granting loans to execute transactions in financial instruments (e.g., Lombard loans).
  
  In addition, the Bank is a member of the Swiss Bankers Association ("SwissBanking"), a professional association which gathers many Swiss banks.
  
  
  
• (3) Types of financial services offered
  The Bank offers the following financial services:
  • (a) Discretionary management;
    When the Bank and the client enter into an asset management mandate, the client delegates to the Bank the discretionary management of his assets. The Bank exercises its mandate at its own discretion and makes all investment decisions in accordance with the investment strategy agreed upon with the client and any instructions given by the latter.
    
    The Bank first obtains information about the client's knowledge and experience, his financial situation, and investment objectives. Based on this information, it establishes the client's risk profile and defines with him the appropriate investment strategy from among the various investment strategies offered by the Bank (suitability check). The suitability of the investment strategy with the client's risk profile is reviewed regularly throughout the term of the mandate.
    
    
  • (b) Transactional Advisory;
    For certain clients, the Bank offers a transactional investment advisory service whereby it issues—on its own initiative or at the client's request—personalized investment advice and recommendations relating to isolated transactions without taking into account the client's entire portfolio.
    
    When providing this service to retail clients, the Bank first inquiries about the client's knowledge and experience. Based on this information, it verifies the appropriateness of the financial instruments (appropriateness check).
    
    When the service is provided to professional clients (either because they meet the legal requirements within the meaning of FinSA or because they have made an express opting-out declaration to become professional), the Bank may assume that they have the required knowledge and experience of the financial instrument and that they can financially bear the risks associated with placements related to this service. The appropriateness of the service is not verified.
    
    Furthermore, the Bank does not monitor the investments made by the client.
    
    
  • (c) Global Investment Advisory;
    For certain clients, the Bank offers a comprehensive global investment advisory service whereby it issues—on its own initiative or at the client's request—personalized investment advice and recommendations, taking into account the client's entire portfolio.
    
    The Bank first gathers information about the client's knowledge and experience, financial situation, and investment objectives. Based on this information, it establishes the client's risk profile and defines with the client the appropriate investment strategy from among the various investment strategies offered by the Bank (suitability assessment). The suitability of the investment strategy to the client's risk profile is reviewed regularly throughout the term of the mandate.
    
    Furthermore, the Bank does not monitor the investments made by the client.
    
    
  • (d) Execution-only;
    The client sends the Bank instructions to buy or sell financial instruments, which the Bank executes either directly or through a third party, without the client's decision being based on a recommendation from the Bank. Orders sent in this way are executed by the Bank on behalf of the client and at the client's sole risk.
    
    The Bank does not verify the appropriateness or suitability of the transactions or services provided in relation to the client's personal situation, in particular their financial situation, investment objectives, or investment knowledge and experience. Information concerning the absence of verification of the appropriateness or suitability of the transactions or services provided is communicated only once. It will not be repeated for each subsequent transaction.
    
    Furthermore, the Bank does not monitor the investments made by the client.
    
    
  • (e) Granting of loans to finance transactions on financial instruments;
    The Bank may grant loans (e.g., Lombard loans) for the purpose of executing transactions on financial instruments (i.e., equities, fixed-income securities, options, capital-protected funds, structured products, etc.), whether as part of an asset management mandate or independently of such a mandate. When such a loan is granted, the client's portfolio is pledged in favor of the Bank.
    
    
  
  
• (4) Client segmentation
  According to the FinSA, the Bank is required to classify its clients in one of the three following categories:
  • (a) retail client;
  • (b) professional client; and
  • (c) institutional client.
  
  The level of protection offered to each client, and accordingly the extent of the Bank's obligations, depends on such segmentation, but also on the type of financial service which is offered. Thus, while the rules of conduct defined by the FinSA are fully applicable to retail clients and offer them a high level of protection, they apply in a lighter manner to professional clients and do not apply to transactions with institutional clients.
  
  In addition, the FinSA allows clients to apply for a change of their classification if certain conditions are met ("opting-in/opting-out regime"). Clients who are not retail clients have the option of choosing the opt-in regime or, if they have opted-out, of renouncing at any time to be treated as professional client(s) by notifying the Bank in writing.
  
  The client acknowledges that certain types of financial services provided by the Bank are only available to clients who have professional client status within the meaning of FinSA and/or who have chosen a certain investment strategy. The Bank expressly informs its clients that, if they waive their professional client status or the investment strategy in question, the Bank will no longer be able to provide the financial service in question and will have to terminate it.
  
  
  
• (5) General risks related to financial instruments and financial services and information on financial instruments
  Investing in financial instruments involves risks. These risks are set out in the brochure "Risks Involved in Trading Financial Instruments" published by SwissBanking, which is provided to the client at the opening of an account. It is also available at the Bank's head office or on request and can be downloaded from SwissBanking's website via the following link: https://www.swissbanking.ch/fr/telechargements.
  
  In addition to the brochure “Risks Involved in Trading Financial Instruments,” product information documents are available for a wide range of financial instruments. These documents, provided they are supplied by the issuer, are made available with your relationship manager.
  
  The relationship manager is available to answer any questions a client may have, particularly regarding the risks associated with the financial services offered by the Bank or any financial instrument.
  
  
  
• (6) Information on fees and charges
  The costs of the usual and financial services offered by the Bank are set out in the Pricing Terms provided to the client at the opening of the account. They are also available on request.
  
  
  
• (7) Economic relations with third parties concerning the financial services offered
  The Bank may directly or indirectly receive commissions, retrocessions, bonuses or other benefits from third parties with whom it has contractual relationships, particularly in connection with the distribution of collective investment schemes or other financial products (e.g., structured products). The nature and amount of such remuneration may vary according to the agreement concluded with the third party; the nature, amount and calculation also depend on the type, volume and frequency of the investments or transactions carried out on behalf of the client. The calculation parameters of these third-party remunerations are specified in the Pricing Terms.
  
  
  
• (8) Market offers taken into consideration for the selection of financial instruments
  When selecting or offering financial instruments to its clients, the Bank takes into consideration both its own financial instruments and financial instruments issued or offered by a company with close ties to the Bank (the “Group”) or by third parties.
  
  
  
• (9) Conflicts of interest
  
  • (a) In General
    Conflicts of interest may arise at any time when business and/or personal interests of one or several parties are contrary to one another. If not mitigated, they may result in a financial disadvantage for the client.
    
    The Bank has taken appropriate organizational measures to avoid conflicts of interest that could arise in the provision of financial services or to avoid any disadvantages for clients that could result from such conflicts. These measures include implementing information restriction policies, processes regarding the possible aggregation of commissions, or refraining from offering direct remuneration incentives. If a conflict of interest cannot be avoided, the client will then be informed of the circumstances giving rise to the conflict of interest, the risks for the client and the measures taken by the Bank to reduce such risks.
    
    
  • (b) Clients who have entered into a transactional advisory mandate and/or a global investment advisory mandate
    The Bank may be exposed to conflicts of interest risks in connection with the choice of both the investment strategy and the investment instruments. It may therefore recommend specific investments such as structured products or investment funds in which the Bank or a Group entity performs specific tasks (e.g., product issuance, product structuring, management, administration, or any other function related to the investment vehicle concerned) and for which a remuneration is provided in addition to that of the mandate.
    
    The selection of financial instruments takes into account their suitability with the client's profile and investment strategy, as well as the cost to the client of the considered financial instruments. The Bank selects investments using processes based on objective criteria commonly used in the industry. Clients may request additional information about this process.
    
    Under a discretionary management mandate, account’s assets may be invested, in whole or in part, in financial instruments issued or administered by the Bank or the Group, particularly when such instruments enable the Bank to better understand the composition of the financial instrument and to have a more in-depth knowledge of the parties involved (particularly managers and advisors) on the instrument in question.
    
    The Bank ensures that the commissions and fees charged for these financial instruments (in particular the management fees for financial instruments issued or managed by the Bank or the Group) are in line with those charged by competing financial instruments; where applicable, the Bank adjusts the commission charged to the client accordingly.
    
    
    
• (10) Possibility to initiate a mediation procedure
  The entire satisfaction of our clients is our main concern. Any unsatisfied client may submit a complaint to his relationship manager. If the client and the Bank are unable to reach an amicable solution, a mediation procedure may be initiated at any time with the ombudsman office to which the Bank is affiliated. The Bank is affiliated to the following ombudsman office: Swiss Banking Ombudsman, Bahnhofplatz 9, P.O. Box, 8021 Zurich, https://bankingombudsman.ch/.
  
  The information provided above is of a general nature and is not necessarily exhaustive. It is regularly reviewed and updated.
  
  If you have any questions, please contact your relationship manager.

Banque Audi (Suisse) SA is a member of esisuisse. esisuisse is a self-regulatory organisation for banks in Switzerland that guarantees to cover the protected deposits as part of the self-regulation of Swiss banks and securities firms. All banks with a branch in Switzerland must be members of esisuisse.

All relevant information on the Swiss deposit insurance system can be found at www.esisuisse.ch.

The Guidelines for the treatment of dormant assets can be found at www.swissbanking.ch