Disclaimer of ARISTO Investment Management AG,
Städtle 27, PO Box 1632, 9490 Vaduz, Liechtenstein
(hereinafter referred to as «ARISTO»)


Important legal information. Please read this information before proceeding. Products and services in our webpages are not available for certain persons. Persons who access the material available by the ARISTO at its website on the worldwide web (ARISTO-websites) agree to the following:

1. No Offer
Nothing on the ARISTO-website should be construed as a solicitation or offer, or recommendation, to acquire or dispose of any investment or to engage in any other transaction.

Access the ARISTO-website is not intended for persons in any jurisdiction where the material published in the ARISTO-website or access to that website is unlawful. Persons to whom these restrictions apply are not allowed to the ARISTO-website. Restrictions apply specifically to citizens or the United States of America (USA) and the United Kingdom (UK) and to persons domiciled in the USA or UK.

2. No Basis for Decision-Making
The information on the ARISTO-website should not be construed as investment advice or any other kind of decision-making aid or advice on legal, taxation or other issues. We wish to point out that past performance is not necessarily indicative of future performance. You should not use this website as a basis for making decisions related to investment or any other subject matter. Please contact your advisor before making any decisions.

3. No Warranty
While ARISTO uses reasonable efforts to obtain information from sources which it believes to be reliable, ARISTO makes no representation that the information or opinions contained on the ARISTO-webpage is accurate, reliable or complete. The information and opinions contained in the ARISTO-webpage are provided by ARISTO for personal use and informational purposes only and are subject to change without notice.

The information and opinions contained on the ARISTO-webpage is provided without any warranty of any kind, either express or implied.

4. Copyrights
The entire content of this ARISTO-website is subject to copyright with all rights reserved. You may download or print out a hard copy of individual pages and /or sections of the ARISTO-webpage, provided that you do not remove any copyright or other proprietary notices. You may not reproduce (in whole or in part), transmit (by electronic means or otherwise), modify, link into or use for any public or commercial purpose the ARISTO-website without the prior written permission of ARISTO.

5. E-Mail Communication
At the present time, e-mail communication with ARISTO 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 institution.

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 via this communications method.

ARISTO will not execute client orders sent per e-mail.
6. Linked Websites
When you access certain links on the ARISTO-website you may leave the ARISTO-website. ARISTO has not reviewed any of the websites linked to the ARISTO-website and does not endorse or accept any responsibility for the content of such websites nor the products, services or other items offered through such websites.

7. No Liability
In no event (including negligence) will ARISTO be liable for any loss or damage or any kind (both direct and particularly indirect and subsequent damages) arising out of, or in connection with the access of, use of, performance of ARISTO-webpages or the linking to other sites from the ARISTO-webpage.

Vaduz, July 2004