In an administrative decision dated 13 December 2019 Caroline Zündel was granted a licence as an investment services provider pursuant to Article 4 of the Securities Supervision Act 2018 (Wertpapieraufsichtsgesetz 2018 – WAG 2018). Ms. Zündel is authorised from 1 January 2020 to provide investment advice on a commercial basis as well as the receiving and transmitting of orders in relation to financial instruments pursuant to Article 1 no. 7 lits. a and c WAG 2018.