Retail Investor An individual investor is a non-qualified investor domiciled in Switzerland. Professional Investor A financial intermediary is a self-regulated independent financial advisor (“IFA”), which meet the requirements pursuant to Art. 3 para 2 lit. c of the Federal Act on Collective Investment Schemes of 23 June 2006 (“CISA”), domiciled in Switzerland. Institutional Investor An institutional investor is a regulated qualified investor within the meaning of Art. 10 para 3 lit. a and lit. b of the federal Act on Collective Investment Schemes of 23 June 2006 (“CISA”) domiciled in Switzerland. Regulated qualified investors pursuant to Art. 10 para 3 lit. a and lit. b CISA are: (a) Banks, (b) Securities Dealers, (c) Fund Management Companies and Asset Managers of Collective Investment Schemes, (d) Central Banks, and (e) Regulated Insurance Companies.