Reports and content of this web site have been produced by the organizational unit responsible for investment research (Research unit) of AtonRa Partners.

As an internationally active company, AtonRa Partners SA may be subject to a number of provisions in drawing up and distributing its investment research documents. These regulations include the Directives on the Independence of Financial Research issued by the Swiss Bankers Association. Financial institutions are accordingly obligated to disclose any conflicts of interest.

AtonRa Partners SA:

  • Has not participated in the issue of securities of the cited companies in the last three years.
  • Has not been part of a syndicate which has participated in the issue of securities of the cited companies in the last 12 months.
  • Was not involved in any publicly known agreements concerning services related to capital market transactions and have not received any obligations arising from such agreements during this period.
  • Does not exercise a discretionary mandate for securities of the cited companies (e.g. as part of a Designated Sponsoring or Market Making Mandate).
  • Holds less than 5% of the voting rights of the cited companies.
  • Does not have executives who are members of the board of the cited companies.

The authors of these documents might own securities of the cited companies.

Compensation of analysts is not directly related to investment banking transactions.

Documents herein were not submitted to the analyzed companies before publication or distribution.

Although AtonRa Partners SA believes that the information provided in this website is based on reliable sources, it cannot assume responsibility for the quality, correctness, timeliness or completeness of the information.

The information presented in this web site is exclusively intended for a client base consisting of professionals or qualified investors. It is made accessible to you by way of information and cannot be divulged to a third party without the prior consent of AtonRa Partners. It cannot be considered under any circumstances as an offer to sell, or a solicitation of any offer to buy financial instruments.

While all reasonable effort has been made to ensure that the information contained is not untrue or misleading at the time of publication, no representation is made as to its accuracy or completeness and it should not be relied upon as such.

Past and simulated performances offer no guarantee as to future performances.

Any opinions offered herein reflect our current judgment and may change without notice.

AtonRa Partners cannot be held responsible for the consequences of any decision made with regard to the information contained in this web site.

Last updated: November 18, 2008.