Execution principles Placing of orders Maerki Baumann & Co. AG (“MBC”) has outsourced securities trading as well as trading of digital assets to a third-party company. The execution of securities orders is processed in accordance MBC’s defined, and by the commissioned third-party company’s guaranteed execution principles. Such principles published in its current version further below. Selection of the third-party company The selection of the third-party company who is responsible for handling securities trading (including trading of digital assets) has been conducted in accordance with the relevant statutory and regulatory requirements, and extremely carefully, as well as in due consideration of the obligation to act in the clients’ best interest. In particular, MBC has taken into account that the third-party company guarantees adherence to the requirements for best-possible execution of securities orders in line with the recommendations of the Swiss Bankers Association (see publication “Code of Conduct for Securities Dealers Governing Securities Transactions”), and the relevant laws and regulations (including the requirements of the European Commission Directive 2006/73/EC, and its national implementation requirements). The currently responsible third-party company holds a Swiss banking and securities trading licence and is subject to direct oversight by the Swiss Financial Market Supervisory Authority (FINMA). Adherence to and review of execution principles Through regular checks, MBC ensures that the third-party company complies with the legal requirements and guidelines for best-possible execution of clients’ securities orders in accordance with its published execution principles. If this cannot longer be guaranteed, MBC will select and commission another suitable third party company to execute the securities orders. Execution (of order) principles If a client gives explicit instructions for the execution of an order (e.g. a specific trading venue), MBC will execute the order in accordance with these express client instructions. If the client instruction relates to only one aspect of the order, MCB will continue to apply the principles of order execution to those aspects of the order that are not affected by the express instructions. Achieving the best possible result The best possible result for the client in a transaction is not only determined by the price of a financial instrument, but by a combination of several factors. Which factors are particularly relevant in each case depends on the type of transaction. The following execution factors play a role in the execution of transactions: price of the financial instrument, costs of the transaction, speed of execution, probability of execution and settlement, as well as the volume and type of order. The relative importance of the individual execution factors is determined on the basis of commercial aspects, trading experience and available market information, whereby various execution criteria such as characteristics of the client, characteristics of the client order, characteristics of the financial instrument and characteristics of the execution venues are taken into account. Choice of a trading/execution venue A regulated market, a market maker respectively a broker (who for their part undertakes to achieve the best possible results) or any other liquidity provider or institution that performs a comparable function could be a possible trading venue. Restrictions In certain cases, the obligation to perform as best as possible cannot be applied in full due to certain factors such as the type of order or external circumstances. In particular, the peculiarities of trading in digital assets are expressly reserved. Review of the principles of order execution The commissioned third-party company periodically checks whether the brokers are able to achieve the best possible result. Extraordinary events If MBC is forced to different execution procedures due to exceptional market conditions or due to a market disruption, the respective order will be executed in the interest of the client. In such scenario, the aforementioned criteria may temporarily be weighted differently.