03/17/2020 – The coronavirus and the associated disease COVID-19 are widespread; they influence our daily life,
both privately and professionally. Since midnight yesterday, the “extraordinary situation” according to
Art. 7 of the Epidemics Act has been in force in Switzerland. This enables the Federal Council to quickly
order and implement the measures it considers necessary to protect the population nationwide.

With this letter, we would like to inform you that, even in this time of great uncertainty, we are doing
everything in our power to protect the interests of our clients and counterparties in the best possible
way.

We strictly adhere to the guidelines of the Federal Council and the Federal Office of Public Health
(FOPH) and where possible have accordingly switched to home office. We are convinced that we can
thus make a valuable contribution to containing the pandemic and hope for your understanding during
this time. Thanks to forward-looking risk management, our infrastructure was already well prepared
before the pandemic broke out. This enables us to remain in regular contact with our clients and
business partners and to actively follow the development of the markets. We continue to have full
access to all systems and can be contacted by telephone and e-mail.

Our long established ownership structure and our many years of experience enable us to take a longterm
perspective and concentrate on fulfilling our mandate even in this difficult market environment.

On behalf of all employees, we wish you and your families all the best and, above all, good health!

Your
Belvoir Capital AG