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Important notes and conditions of use

In order to access our homepage, you must confirm that you have read and understood the contents of the following legal information and that you accept them. Please read the following important notes and terms of use.

For professional investors only

Our website is aimed exclusively at professional customers within the meaning of the German Securities Trading Act (Section 31a par. 2 WpHG), but is not meant for private customers. By accepting the important notices and terms of use, the user declares that he is a professional customer.

Dissemination of information/sales restrictions

These Internet pages are aimed at persons who have their domicile in the Federal Republic of Germany. The dissemination of the information contained herein and the acquisition of shares of the fund referred to here may be prohibited in certain countries. The information is therefore in no way directed at persons or entities in a sovereign territory (due to nationality, place of residence or registered office or for any other reason) in which the publication, dissemination or use of this information violates local laws or regulations, or in which ARIAD Asset Management GmbH would be subject to registration or licensing requirements, and will not be provided for distribution in such sovereign territories. You must find out about any restrictions of this nature in your territory, observe them and declare by accepting these important notices and conditions that you have done so.

Information for US citizens

The information contained on these Internet sites is not intended for distribution in the USA or to US citizens (this applies to persons resident in the United States of America, as well as to persons and corporations established under the laws of that country).

No offers

The information and materials provided serve informational purposes only and do not constitute a public solicitation for subscriptions, or an offer to sell financial instruments, or a solicitation for offers to purchase financial instruments.

No advice

The information and materials provided serve information purposes only and do not constitute any advertising, recommendation, financial or other advice. The individual investment objectives, experience, risk propensity and financial condition of the users of these Internet sites cannot be considered. The information in no case supersedes advice and investment advice. Investments in financial instruments involve risks. Past performance is not a reliable indicator of future results. The only valid basis for the acquisition of shares in investment funds is their current sales prospectus with their contractual terms in conjunction with their respective latest audited annual report and semi-annual report if t5he date of the latter is more recent than that of the last annual report or key investor information. You may obtain these documents from the respective management company or custodian bank as well as from the paying agencies.

Disclaimer

ARIAD Asset Management GmbH will not be liable for any loss or damage of any kind or cause whatsoever that may arise wholly or partly from the use of this website, the failure or unavailability of access to this website or any linked sites, or any act or omission of any other party involved in the preparation of this website or the information provided to you, whether or not the circumstances leading to such loss or damage might have been influenced by ARIAD Asset Management GmbH or ARIAD Asset Management GmbH was aware of the possibility of loss or damage. ARIAD Asset Management GmbH seeks to update the content of this website and ensure its correctness. The content is based on sources that we consider reliable. Nevertheless, ARIAD Asset Management GmbH does not assume any warranty or guarantee for the correctness, completeness, accuracy, topicality, quality or availability of the content and materials displayed on this website.

Copyright

The graphics, documents, video sequences and texts contained on this website are protected by copyright. Any reproduction or use of these media, in particular in other electronic or printed publications, is not permitted without the written consent of ARIAD Asset Management GmbH.
Use and dissemination of personal data
If you provide us with personal data, we shall use it only to answer your questions. You have the right to revoke your consent with effect for the future at any time. We do not share this information with other companies for advertising purposes.

Applicable law and legal effect

These important notices and terms of use, in particular the disclaimer, are to be regarded in the context of the Internet posting in which reference was made to this section. Should parts or individual formulations of this information prove to be legally invalid or become so in future, the content and validity of the remaining parts of this notification shall remain unaffected. ARIAD Asset Management GmbH is governed exclusively by German law.

**"If people believe they share values with a company, they will stay loyal to the brand" ** Howard Schultz, CEO Starbucks

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A brand is one of the most valuable assets of a company. Knowing the monetary value of the brand is useful and even necessary in many respects. The financial valuation of a brand is inevitable in the event of the purchase and sale of brands, in the recognition of the brand in the course of business transactions, in the granting of trademark licences, in brand-based corporate finance and in the control of brand and communications investments.

In addition to the patent evaluation, the brand assessment procedure at ARIAD is a decisive method for the "substance recognition" of companies.

Extensive scientific investigations by Kenan Patrick Jarboe and Roland Furrow from Athena Alliance in April 2008 show that approximately 75% of book values in the US consist of intangible assets, but only 15% are valued in the balance sheet.

Our own research has shown that a brand-based stock selection strategy likewise generates considerable added value versus traditional methods. Extensive simulations have shown that a clear outperformance can be achieved against the corresponding indices.

At present, intangible assets are not decisive either in analysing of shares or in asset management in investment decisions, nor is any consideration given to their importance in private equity transactions. This may be due to the complexity of the procedures and the costs for an appropriate evaluation. However, our simulations clearly show that those who have mastered this topic are rewarded by the stock market!