Disclaimer

Imprint
Liechtensteinische Landesbank
Aktiengesellschaft
Städtle 44, P. O. Box 384
9490 Vaduz, Liechtenstein
E-mail llb@llb.li

© 2009 by Liechtensteinische Landesbank Aktiengesellschaft, 9490 Vaduz

Legal information
Persons who access information published on the website of Liechtensteinische Landesbank Aktiengesellschaft and its subsidiaries (hereinafter referred to as the LLB Group) via the World Wide Web, or who obtain publications of the LLB Group containing financial analysis by other means, hereby accept and agree to the following terms and conditions:

No offer
The information contained in the publications mentioned constitutes neither an invitation nor an offer, nor a recommendation to buy or sell investment instruments or to enter into transactions of any kind. This applies in particular to persons domiciled in the USA or having US nationality. This information does not constitute an aid for the reader in making decisions. Please consult a qualified person before making investment decisions.
The contents of the publications are not directed or meant for persons subject to a jurisdiction that prohibits the publications or access to them (due to the nationality of the persons concerned, their domicile or any other reason). Persons, who come into the possession of the above-mentioned publications, must inform themselves about any possible restrictions and comply with them.

Copyright
The entire contents and the structure of the LLB websites are protected by copyright. All rights are reserved. The reproduction (in full or in part), transmission (by electronic or other means), modification or use of the websites for public or commercial purposes are prohibited without the prior written consent of the LLB.

Links to third party websites
You may be able to access the websites of third parties via hyperlinks. The LLB Group accepts no responsibility for the contents of third party websites or for the products, services or other items offered through such websites.

Data protection and security
The Internet is an open medium through which data are basically transmitted in an unencrypted form, easily accessible to anyone – LLB iBanking is an exception. If you transmit personal information to us via our website (e. g. name, address, telephone number etc.), third parties could, without your consent, read or exploit it, or possibly draw conclusions about contacts with the LLB Group.

When you visit our website your IP address is automatically registered. Moreover, your user behaviour and technical data (e. g. the browser used) are analysed during your visit to our website. The information thus gained is used in the further development of our website as well as of other services and marketing strategies of the LLB Group.

These data are used and circulated exclusively within the scope of the prevailing laws and regulations. Basically, data are circulated solely within the LLB Group, among
LLB staff or authorised agents who are obligated to observe data protection regulations. Under certain circumstances, these collected data may be disclosed to the authorities provided this is stipulated or permitted according to prevailing legal provisions.

E-Mail Communication
Basically, e-mail communication with the Liechtensteinische Landesbank occurs in unencrypted form over open lines. It cannot be excluded, therefore, that third parties may be able to view transmitted data and trace contacts with our bank. Moreover, data may be circulated across national borders even when the sender and recipient are located in the same country.

Confidentiality with e-mail communication is not, therefore, always adequately ensured. For this reason, we request you not to transmit client data and orders for business transactions (account opening documents, payment orders, stock exchange orders etc.) via this communications method.

As a general rule, our bank will not execute client orders sent per e-mail.

No warranty / No guarantee
All information has been compiled by Liechtensteinische Landesbank AG and its Group companies with great care. The information and opinions presented here originate from sources which we deem to be reliable. Nevertheless, we provide no undertaking or guarantee for the accuracy, completeness or currency of the information contained in this publication. The contents of the information contained in this publication may be changed at any time due to changed circumstances, whereby we are under no obligation to update once published information.

Warning about risks
Please note that the value of an investment may fall as well as rise. A gain in value in the past therefore provides no guarantee of positive performance in the future. Investments in foreign currencies are subject in addition to exchange rate fluctuations. Investments involving high volatility can be subject to high price fluctuations. These price fluctuations may equal or even exceed the value of the invested amount. The preservation of the invested capital cannot therefore be guaranteed. Further, detailed information about risks can be obtained from Liechtensteinische Landesbank AG or from the brochure issued by the Liechtenstein Bankers Association, which can also be downloaded from the internet at www.bankenverband.li.

Exclusion of liability
The LLB and the Group companies exclude all liability for losses or damages of any kind (both direct and indirect as well as consequential damages), which arise from the use of this publication.

Own investments
Providing it is permitted pursuant to the prevailing legal and/or regulatory provisions, Liechtensteinische Landesbank AG and its Group companies as well as their employees may participate in financial transactions of the securities issuer(s) mentioned in this publication, or invest in their securities, provide services to these issuers or approach them for orders and/or hold positions in their securities, options on these securities or on investments connected with them, have other substantial interests in them or carry out transactions with them.

Important sources of information
This publication was produced on the basis of the following information sources:

• Primary research: original sources of the companies under consideration
• Secondary research: financial analyses of specialised brokers / analysts
• Publications in domestic and foreign media such as information services (e. g. Reuters, Bloomberg, Lipper etc.)
• Business press (e. g. Börsenzeitung, Handelsblatt, FAZ, Financial Times etc.)
• Published statistics

Basic methodical approaches to financial analysis
Liechtensteinische Landesbank AG and its Group companies have defined the following, basic methodical approaches to financial analysis:
Liechtensteinische Landesbank AG and its Group companies, particularly LLB Asset Management AG, produce only buy-side research for investment purposes. They do not produce or publish sell-side research. Great importance is attached to the quality of the securities. In the case of equities and bonds, a value-oriented selection process is applied. They conduct active fund and portfolio management and construct broadly diversified portfolios according to asset classes and individual securities. Foreign currencies are actively managed. In doing so, the focus is placed on the most important core markets, in fringe markets business cooperations are entered into with qualified specialists.
Within the scope of financial analysis, quantitative and qualitative evaluation methods are applied for investment funds and individual securities. The quantitative parameters include, for example, performance over various time periods, volatility, maximum loss etc. The qualitative parameters take into consideration, for example, an assessment of the investment processes, and of the management etc.
The parameters applied for the evaluation are subject to risks, and can change at any time without prior notice.

Investment horizon
The recommendations of Liechtensteinische Landesbank AG and its Group companies are based on well diversified portfolios. In the case of balanced portfolios, the recommended investment horizon extends from five to ten years, with equity portfolios it is generally over ten years.

Internal organisational and regulatory measures to prevent conflicts of interest with financial analysis
Liechtensteinische Landesbank AG and its Group companies have implemented internal organisational measures to prevent possible conflicts of interest from arising and, if these do occur, to disclose them.

Explanation
If, in the case of financial analysis conflicts of interest exist, these are indicated by the following numbers placed next to the names of issuers in the respective publication:
Liechtensteinische Landesbank AG and/or its Group companies

1. have more than a 5-percent stake in the issuer;
2. have substantial financial interests in relation to the issuer;
3. participated during the last twelve months in the management of a consortium, which placed financial instruments of the issuer in the form of a public offering;
4. act as a market-maker in the financial instruments of the issuer;
5. have during the last twelve months concluded an agreement for services in connection with investment banking services with issuers, who themselves or whose financial instruments are the subject of the financial analysis, or have received a performance or the promise of a performance from such an agreement;
6. have concluded an agreement for the production of financial analysis with issuers, who themselves or whose financial instruments are the subject of the financial analysis.

Competent regulatory authority

Liechtensteinische Landesbank AG:

FMA Finanzmarktaufsicht Liechtenstein Heiligkreuz 8 9490 Vaduz, Liechtenstein Telephone +423 236 73 73, Fax +423 236 73 74 Internet http://www.fma-li.li

Liechtensteinische Landesbank (Österreich) AG:

Österreichische FMA Finanzmarktaufsicht Praterstrasse 23 1020 Wien Telephone +43 1 249 59-0, Fax +43 1 249 59-499 Internet http://www.fma.gv.at

Liechtensteinische Landesbank (Switzerland) Ltd.:

Eidgenössische Finanzmarktaufsicht FINMA Einsteinstrasse 2 CH – 3003 Bern Telelephone +41 31 327 91 00, Fax +41 31 327 91 01 Internet http://www.finma.ch