pb Swiss Select Fund

Investment Adviser pb Asset Management GmbH, Zurich

Portfolio Manager Banca Credinvest SA, Zurich

Fund Management Co. IFM Independent Fund Management AG, Vaduz

Custodian Neue Bank AG, Vaduz

Controlling Authority Finanzmarktaufsicht Liechtenstein (FMA), Vaduz

Valoren- / ISIN-No. 4.541.867 / LI0045418675

Subscription closing weekly, each Thursday 4 pm

Valuation weekly, on the basis of Friday’s closing prices

Characteristics UCITS IV Fund with medium term investment strategy

with accurate defensive bias

Key features of the fund:

- Investment goal:
o achieve a positive return with low volatility within a minimum of 3 years
o limitation of any negative performance in a year to a single digit loss
(through decrease of investment grade and hedging)

- Investment universe: Swiss small & mid caps (min. 70%) and SMI-companies
(up to 30%) or Derivatives on Swiss shares or indices

- Investment grade: according to the market sentiment 0 – 100% (i.e 100% cash
is possible)

- Investment strategy:
o a few small & mid cap core positions, selected according the
established criteria of P. Baumgartner & P. Burri (primary research)
o short term investments in opportunities (incl. turnarounds etc.)
o added value through the use of derivatives

- no leverage, no credit

- Issue price based on NAV, net, no redemption commission

launch on November 14, 2008

- Investment advisor fee 1.5%

- TER 1.9%

- Performance fee: 10% of the outperformance versus the 10-year generic

Swiss government bond plus 200 bp (with high watermark). Bloomberg
symbol: GSWISS10 <index>