MOBILE APPS FOR BANKING: FROM MULTI-CHANNEL TO MOBILE FIRST

1 MOBILE APPS FOR BANKING: FROM MULTI-CHANNEL TO MOBILE FIRST Benchmarking Best Practices - Strategies Report Extract Original Report with 295 pages plus comprehensive data appendix May 2014, 3rd edition

MOBILE APPS FOR BANKING 2014 2 CONTENTS 1 EXECUTIVE SUMMARY 6 2 RANKING TABLE (40 BANKS) 10 3 MOBILE APP STRATEGIES TO WIN CLIENTS 11 3.1 FROM MULTI-CHANNEL TO MOBILE FIRST 11 3.2 MOBILE INTERNET DEVELOPMENTS 12 3.3 QUALITATIVE INTERVIEWS INSIGHTS FROM THE USER PERSPECTIVE 15 3.4 A WIDE FIELD: STILL WEAK ON BROKERAGE BUT ACCERLERATING IN MOBILE PAYMENTS 17 3.5 ELEMENTS OF A MOBILE APP STRATEGY 19 3.6 CRITICAL FUNCTIONS 21 CONTENT AND FEATURES FOR CUSTOMER RETENTION AND MARKETING 22 3.7 THE FUTURE OF BANKING APPS 29 4 METHODOLOGY 32 4.1 SELECTION OF BANKS AND APPS 32 4.2 USE CASES AS GUIDELINE 34 4.3 EVALUATION PROCEDURE 35 4.4 DETERMINING THE CRITERIA 35 Availability of mobile apps 36 Core functions for clients 36 Innovative add-ons for clients 36 Security and Privacy 36 Content and features for customer retention and marketing 37 Contact and finding the bank 38 Technical features and support 38 Strategy and navigation 39 Best practices 39 5 SUMMARY OF FINDINGS. BANKS STILL STRUGGLE TO EXPLOIT FULL APP POTENTIAL 40 5.1 AVAILABILITY IS DEVELOPING, INCLUDING MORE OPERATING SYSTEMS 41 5.2 STRONG IN CORE FUNCTIONS, WEAK IN BROKERAGE 42 5.3 PERSONAL BUDGETING AND PAYMENTS ARE STILL MINIMALLY SUPPORTED 43 5.4 APPS FAIL TO SECURE LOG-IN CREDENTIALS AND TRANSACTIONS SUFFICIENTLY 44

MOBILE APPS FOR BANKING 2014 3 5.5 CUSTOMER RETENTION AND MARKETING REMAIN DISAPPOINTING 45 5.6 HOTLINE ACCESS MOSTLY GOOD BUT OTHER COMMUNICATION CHANNELS ARE LACKING 46 5.7 GETTING IT RIGHT TECHNICAL FEATURES AND SUPPORT 47 5.8 OVERALL APP STRATEGY NEEDS ONLINE INTEGRATION 48 5.9 DOMINATING BANKING APPS, WEAK IN BROKERAGE AND CONTENT 49 5.10 STRUCTURAL WEAKNESSES IN THE OVERALL BANKING PORTFOLIOS 50 6 TOP-TWO BEST STAND-ALONE BANKING APPS 52 7 PROFILES OF BANK APP STRATEGIES 53 7.1 ABN AMRO 53 7.2 ANZ 58 7.3 BANK OF AMERICA 63 7.4 BARCLAYS 68 7.5 BBVA 74 7.6 BMO 80 7.7 BNP PARIBAS 85 7.8 CAISSE D EPARGNE 91 7.9 CIBC 96 7.10 CITIBANK 101 7.11 COMMERZBANK 106 7.12 COMMONWEALTH BANK OF AUSTRALIA 111 7.13 CREDIT SUISSE 117 7.14 DBS 123 7.15 DEUTSCHE BANK 129 7.16 FIRST NATIONAL BANK 134 7.17 HSBC 139 7.18 HYPOVEREINSBANK 144 7.19 ICBC 150 7.20 ING GROUP 155 7.21 ITAÚ BANK 160 7.22 JP MORGAN CHASE 166 7.23 KBC 171 7.24 LLOYDS BANK 177 7.25 NATIONAL AUSTRALIA BANK 183 7.26 NATIONWIDE 188 7.27 NATWEST 194 7.28 NORDEA 199

MOBILE APPS FOR BANKING 2014 4 7.29 PNC 204 7.30 RABOBANK 209 7.31 ROYAL BANK OF CANADA 215 7.32 SANTANDER 221 7.33 SOCIÉTÉ GÉNÉRALE 226 7.34 STANDARD CHARTERED 231 7.35 TD BANK 237 7.36 UBS 242 7.37 UNICREDIT 248 7.38 U.S. BANK 254 7.39 WELLS FARGO 259 7.40 WESTPAC 263 8 BEST PRACTICE: THE BEST MOBILE APPLICATION FEATURES 269 8.1 AVAILABILITY OF APPS 269 EXEMPLARY MULTI-OS APPS: XXXBanks 269 8.2 INNOVATIVE ADD-ONS FOR CLIENTS 270 CONTACTLESS MOBILE PAYMENT: XXXBanks 270 VIRTUAL PREPAID CARD: XXXBank 271 GET CASH FUNCTION: XXXBank 272 INNOVATIVE PAYMENT SOLUTIONS: XXXBank 273 FINANCIAL MANAGEMENT TOOLS: XXXBanks 274 8.3 SECURITY 275 STRONG SECURITY FEATURES: XXXBanks 275 GENERATE TAN/TOKEN WITH SMARTPHONES: XXXBank PHOTOTAN 276 8.4 MARKETING AND CUSTOMER RETENTION 277 MOBILE APPLICATIONS FOR KIDS: THE WISE KIDS MONEY (XXXBank), PIGBY S FAIR (XXXBank), AND FAME GAME (XXXBank) 277 CUSTOMER MAGAZINE FOR INVESTMENT CLIENTS: XXXBank 278 EDUCATIONAL CONTENT: XXXBank OPEN MIND 279 INTERACTIVE PRESENTATION OF PRODUCTS AND SERVICES: XXXBank 280 INTERACTIVE INFO APP: XXXBank 281 IMPROVEMENT THROUGH FEEDBACK: XXXBank, XXXBank 282 COMPREHENSIVE PREVIEW OF CLIENT-ONLY FEATURES: XXXBank 283 8.5 CONTACT FEATURES 284 DIRECT COMMUNICATION CHANNELS: XXXBank 284 EMBEDDED VIDEO COMMUNICATION: XXXBanks 285 SOPHISTICATED BRANCH FINDER: XXXBank 286 Q CAM -BRANCH FINDER: XXXBank 287

MOBILE APPS FOR BANKING 2014 5 8.6 TECHNICAL FEATURES AND SUPPORT 288 SUPPORTING FEATURES FOR CUSTOMERS WITH DISABILITIES: XXXBanks 288 SOPHISTICATED REAL ESTATE APP: XXXBanks 289 INNOVATIVE CUSTOMIZING FEATURES: XXXBanks 290 ADVANCED HELP OPTIONS: XXXBank MOBILE BANKING 291 8.7 NAVIGATION AND INTEGRATION 292 CHANGE COUNTRY/LANGUAGE MENU: XXXBank MOBILE BANKING 292 INTERACTIVE ONLINE PLATFORM: XXXBank 293 EXEMPLARY INTEGRATION AND BALANCED CONTENT: XXXBanks 294 9 DISCLAIMER 295

MOBILE APPS FOR BANKING 2014 6 1 EXECUTIVE SUMMARY «Only a minority of leading retail banks has made significant progress since last year s evolution, led by the winners of our ranking DBS Bank (Singapore) and BNP (France). These two, together with runners up UBS (Switzerland) and Westpac (Australia) plus a few more top-performers are already proof that the mobile channel is rapidly rising to dominate the retail banking business. The majority of banks, however, show little progress and treat their mobile channel still as a nice-to-have. One field where we found significant positive change are mobile payment solutions, where a number of banks have introduced innovative, enterprising solutions. This spirit must be applied to banks overall mobile app development for them to stay competitive and to keep up with the digital evolution of their customers. This in a nut-shell is the outcome of our benchmarking analysis of a total of more than 170 apps for private customers, offered by the 40 leading global banks» The development of banking app portfolios witnesses significant stagnation this year. Few banks managed to overhaul their apps, or to develop fresh mobile solutions and numerous apps became outdated or simply vanished. That it is possible to overcome such stagnation is evidenced, for instance, by players in the Australian, Dutch and French markets where several banks show a strong performance. Particularly in these markets, we found a great leap forward with apps that bear witness to a mobile first approach, taking into account more and more contextual variables like location, type of end-user-device or different user segments. BNP Paribas and DBS Bank, the winners of this year s app ranking, achieve an overall score of 61 out of 70 points, UBS follows with 60 points and Westpac attains 59 points while BBVA and Commonwealth Bank of Australia achieve 58 points for their excellent app offerings. Société Générale wins in the category of best stand-alone banking app with L appli (56 points for one app). All these banks succeed in providing more than just basic account information and transaction features. They offer well thought out, comprehensive app strategies that can keep up with the best app developers in the world. However, many of the other benchmarked banks fall short in providing content and features that use the full potential of app technology to deliver a highly user-friendly experience with features that are truly exciting for consumers.

MOBILE APPS FOR BANKING 2014 7 The biggest shortcomings in the app strategy of many or for some features - most banks are: App coverage for Windows Phone/ Blackberry and tablet devices on all platformsis still lacking. Coverage for iphone and Android has reached 100% whilst Windows Phone/ Blackberry is only offered by 78% of banks (for at least 1 of their apps). 85% of banks have at least one tablet app in their portfolio. Most banking apps offer only basic payment functions, missing out on investment features. Whereas all banks provide banking and credit card account status via their apps and offer some sort of online banking, other important functions are often not available. Investment account overview is limited to 83% of banks and the integration of securities trading is still only available for about half of the banks (55%). Banks rarely offer tools to encourage financial self-management and personal financial assessment.... (More in full version of report) Security and privacy are weak spots.... (More in full version of report) Banks are weak in providing engaging marketing features and content for customer retention.... (More in full version of report) Little has been done in terms of developing apps as sales channels.... (More in full version of report) Banks provide limited contact features.... (More in full version of report) Banks are weak in integrating their apps into other customer interfaces.... (More in full version of report) The overall finding of our analysis is that most banks are stagnating with an incomplete app portfolio with limited integration into everyday business processes. Banks do not make use of the full potential of mobile applications to engage clients, sell their products, strengthen their brands and achieve customer loyalty. The winner of our benchmarking, BNP Paribas, for its feature-rich portfolio of apps, and Société Générale, for the single best banking app, show how important a comprehensive, strategic approach to app development is: First of all, banks must listen better to their app users. App stores, social networks and other channels provide frequent, instant feedback from users of banking apps. There is a big user community out there which does not hesitate to voice comments, positive and negative, about their app experience. Banks should take advantage of these rich, real-time sources of feedback and implement user suggestions through rapid update cycles. Mobile apps will be the dominant client channel. Therefore, banks should follow a mobile first approach.... (More in full version of report) Apps, both on a stand-alone basis as well as each bank s total portfolio of apps, must have a clear strategic focus.... (More in full version of report) Banking, brokerage, corporate information and client-support are must-haves for a banking app portfolio.... (More in full version of report)

MOBILE APPS FOR BANKING 2014 8 A bank should concentrate its efforts and set priorities.... (More in full version of report) International banks must think globally about their app strategy.... (More in full version of report) The mobile app revolution is happening fast. For many banks, the number of logins with mobile banking is already higher than the number of logins for online banking, increasing the overall customer contacts considerably. Mobile apps are becoming increasingly important and will be a deciding factor when choosing a bank. The challenge for banks now is to offer, across multiple access channels, a platform that allows clients and others to bank, transact, trade and be entertained wherever and whenever they wish. All of the banks with the strongest performance in our evaluation concentrate on the integration of mobile with other channels and business lines of the bank. BNP Paribas scores for all communication features and offers clients the choice to contact the bank via Twitter, email, chat or phone. Wells Fargo connects users directly to Twitter, Facebook and YouTube. Rabobank strives towards richer customer experience by providing a video chat, which refreshes the often unpopular call-center experience. These banks are showing a great understanding of integrating different channels. This shows how personal interaction, telephone, online banking and mobile media could increasingly merge into a unified service platform. Banking apps are the strategic key for this new platform as they will be the dominant interface at home, in the office, on the move and even in the branch office of the bank. Apps are not a gimmick, but a game changer. Banks that miss out will lose out.

MOBILE APPS FOR BANKING 2014 9 2 RANKING TABLE (40 BANKS) Rank 2014 Rank 2013 Bank Total (max. 70 points) Availability of Apps (4) Core functions for clients (10) Innovat. add-ons for clients (5) Security and privacy (7) Customer retention and marketing (14) Contact and finding the bank (10) Technical features and support (10) Strategy and navigat. (8) 1 8 BNP Paribas 61 1 1 DBS 61 2 13 UBS 60 4 4 Westpac 59 5 8 BBVA 58 5 28 CBA 58 5 3 Société Générale 58 8 4 ABN Amro 56 9 13 Credit Suisse 55 9 16 Itaú 55 11 20 54 3 10 5 4 6 7 9 8 2 12 20 53 4 10 3 5 6 7 9 7 2 12 8 53 3 10 3 4 6 9 10 6 2 12 23 53 4 8 2 5 5 10 10 7 2 15 16 52 4 10 4 7 4 7 9 5 2 16 20 51 4 10 3 3 7 6 10 7 1 16 8 51 4 10 4 4 7 5 9 7 1 18 8 50 4 10 3 3 5 8 8 8 1 18 29 50 4 6 5 4 7 6 10 6 2 20 38 49 4 10 5 5 2 4 10 8 1 21 41 48 4 8 3 5 4 7 9 7 1 22 41 47 4 10 3 4 5 6 9 6 0 23 32 46 4 10 3 0 6 8 8 5 2 24 32 45 4 10 2 4 2 7 6 8 2 24 35 45 4 10 3 5 4 6 9 4 0 26 16 43 4 8 1 4 4 10 7 4 1 26 na 43 2 8 1 5 2 8 9 6 2 26 45 43 3 10 2 3 3 6 9 7 0 29 37 42 4 6 4 4 3 4 9 7 1 30 47 41 3 8 2 3 3 8 6 6 2 30 38 41 4 10 4 5 3 3 8 4 0 32 16 40 4 8 3 4 2 4 7 7 1 32 13 40 3 10 4 3 1 6 7 4 2 34 25 39 3 6 4 4 3 5 7 7 0 35 41 38 3 6 2 6 0 5 10 5 1 36 29 37 2 6 1 5 6 4 7 5 1 36 na 37 4 8 2 4 1 4 8 6 0 38 38 34 2 10 0 7 1 5 6 3 0 39 48 33 4 6 2 2 1 4 8 4 2 40 na 32 4 6 1 4 2 2 7 5 1 Average Points 47,8 3,6 8,8 3,1 4,4 5,0 6,5 8,6 6,3 1,4 Best Practices (2)

MOBILE APPS FOR BANKING 2014 10 All analyzed banks: ABN Amro, ANZ, Bank of America, Barclays, BBVA, BMO, BNP Paribas, Caisse d'epargne, CBA, CIBC, Citi, Commerzbank, Credit Suisse, DBS, Deutsche Bank, FNB (South Africa), HSBC, Hypoverseinsbank, ICBCI, ING Bank, Itaú Bank, JP Morgan Chase, KBC, Lloyds Bank, NAB (National Australia Bank), Nationwide, NatWest, Nordea, PNC, Rabobank, RBC, Santander, Société Générale, Standard Chartered, TD Bank, U.S. Bank, UBS, UniCredit, Wells Fargo, Westpac

MOBILE APPS FOR BANKING 2014 11 3 MOBILE APP STRATEGIES TO WIN CLIENTS 3.1 FROM MULTI-CHANNEL TO OMNI-CHANNEL... (More in full version of report)

MOBILE APPS FOR BANKING 2014 12 4 METHODOLOGY 4.1 SELECTION OF BANKS AND APPS This study analyzes the apps of 40 leading global banks that serve private/retail clients and offer apps for their private clients (some banks did not provide apps at all and were therefore removed from the analysis). The group of 40 analyzed providers includes the biggest banks in terms of retail customers worldwide (provided they offered apps) ranked by total assets, and banks that don't have such a strong global presence but are among the leading providers in their national or regional markets. Apps that were excluded are those aimed exclusively at wealth management clients, institutional clients and business clients as well as apps targeting job seekers. MyPrivateBanking will release a benchmarking report on wealth management apps in June 2014. For all banks, mobile apps on the Apple, Android, BlackBerry and Windows Mobile platforms were identified globally. One app was identified as each bank s primary app. In principle, this app was the main banking app for the home market of the bank. For instance, for Deutsche Bank the app Meine Bank, targeted at German retail clients, was chosen as the primary app. Besides the primary app, other apps were also included in the analysis if they met the following criteria: Available for the home market or (in a few cases) home markets where the bank has a significant presence. Available to retail customers Related to banking/brokerage As a first step, the primary app was analyzed and rated using our list of criteria (for a detailed explanation of the criteria see below, chapter 4.2.). A perfect app would score a maximum of 70 points. If the primary app did not achieve the maximum number of points, all other relevant apps were included in the next stage of the analysis. By this process a bank could gain additional points against those criteria where the primary app had not reached the maximum number of points. In this way, other apps could contribute to the bank s overall score, up to the maximum of 70 points. We chose this method to allow for the fact that some banks had comprehensive apps covering many different functions (e.g. banking, brokerage, ATM search, etc.) while other banks employ many different apps, in extreme cases providing one app for every single function (one for ATM search, one for currency conversion, one for account status, etc.). To take into consideration both approaches we included all available and relevant apps for every bank in the ranking.

MOBILE APPS FOR BANKING 2014 13 Throughout, it was important for us to view not just the collection of single apps offered by the banks to their clients and the public, but to take into account each bank s overall app strategy. In many cases, banking and brokerage apps were only accessible with specific log-in credentials. We contacted all banks prior to the evaluation for whom we did not possess log-in credentials in order to get access to a demo account and additional information. In cases where it was not possible to log in, our analysts evaluated the functionality of the app that was behind the log-in wall based on secondary data such as app descriptions, website information and demo accounts in the app stores as well as screen shots of the app from various sources.

MOBILE APPS FOR BANKING 2014 14 4.2 USE CASES AS GUIDELINE Prior to the analysis of the apps, MyPrivateBanking Research conducted qualitative, indepth interviews with banking clients and app users. A representative group was surveyed that uses banking and brokerage apps frequently. The grouping into representative user profiles that reflect the users preferences and concerns played an important role in the weighting of the criteria. From the user profiles our analysts developed five core use cases. The term 'Use case' originated as a software and systems engineering term to signify the actions a user must take to achieve a specific result. The term can also be applied to user interfaces in website tests and comparisons. By use case we mean a typical scenario of how and why certain user groups use the app. We derived our detailed evaluation criteria and their weightings directly from these use cases: Use Case User Group Objective Banking or brokerage transaction Existing and potential new clients... (More in full version of report) Search for financial information and lifestyle content Existing clients, potential new clients, general public... (More in full version of report) Search for contact or local information Existing and potential new clients... (More in full version of report) Search for financial information about the bank including products and services Interactive support tools General public, journalists, job applicants, suppliers All possible client groups and stakeholders... (More in full version of report)... (More in full version of report)

MOBILE APPS FOR BANKING 2014 15 4.3 EVALUATION PROCEDURE Every app was analyzed independently by two analysts, and the analysis and evaluation were repeated after an interval of six weeks. This was done in order to minimize the probability of faults due to a subjective point of view and accidental network problems at a certain point in time. Given the quantity of information that had to be analyzed, the possibility of not finding all the information in individual cases cannot be ruled out. The evaluation was done on the basis of 70 different criteria that were divided into nine main categories. Care was taken to keep the definition and allocation of points as free as possible from all subjective influences, thus ensuring a high level of objectivity in the benchmarking process. In addition to the apps themselves, other sources of information were also included in the analysis: user feedback and ratings in the app stores (Apple, Android), screenshots from the major app stores (itunes, Google Play, Windows Phone and Blackberry), information from the banks websites (often the banks displayed additional information about their apps on their websites such as the privacy policy, FAQs or a video tutorial), and occasionally other sources such as Twitter feeds, blogs, etc. 4.4 DETERMINING THE CRITERIA In this study, the main evaluation criterion for the apps was the extent to which they fulfill the use cases described above, from the point of view of various user segments. We measured usability in terms of the nine overarching parameters: Availability of mobile apps Core functions for clients Innovative add-ons for clients Security and privacy Content and features for customer retention and marketing Contact and finding the bank Technical features and support Strategy and navigation Best practices What follows are the descriptions of these parameters with the detailed criteria and maximum achievable points. In comparison to last year s report edition, there have been some important changes in our rating scheme: An automatic timeout function (for mobile banking/brokerage) as well as a real estate and/or mortgage function have been added to the list of required features. In the case of automatic log-out, this reflects the increased awareness and need for mobile security. With regard to real-estate and mortgage features, this highlights the importance of the mobile channel for active advise and sales activities for specific banking products.

MOBILE APPS FOR BANKING 2014 16 Availability of mobile apps (maximum 4 points) Mobile banking/brokerage application for ios (1 point) Mobile banking/brokerage application for Android (1 point) Mobile banking/brokerage application for Windows/Blackberry or other operating systems (1 point) Native mobile banking/brokerage application for tablet (1 point) Core functions for clients (maximum 10 points) Account overview: Users can check their account and balance through the app. (2 points)... (More in full version of report) Innovative add-ons for clients (maximum 5 points) Personal financial management tool: One point is awarded for a simple tool which offers clients a comprehensive, visual account overview or allows simple budgeting; two points are awarded for more sophisticated tools such as the possibility to set certain cost/saving targets, receive saving alerts, etc. (2 points)... (More in full version of report) Security and Privacy (maximum 7 points) Information on data protection: There is a statement regarding how user data and privacy are protected within the app. (1 point)... (More in full version of report) Content and features for customer retention and marketing (maximum 14 points) General information about the bank: Corporate information introducing the bank beyond the legal requirements, for instance, info about the management team, corporate history, etc. One point for any simple content in written form, two points for more sophisticated media such as video, audio, timelines. (2 points)... (More in full version of report) Customer loyalty programs: discounts, rewards that are promoted and accessible through the app, e.g. promo code for special discounts in a cafe. (1 point) Contact and finding the bank (maximum 10 points) Branch/ATM finder: one point for a simple branch or ATM finder, two points for a sophisticated branch finder offering at least two of the following: map with directions to the branch, contact and address of the branch, information about the branch such as opening hours, wheelchair accessibility, etc., map with both ATM and branches. (2 points)... (More in full version of report)

MOBILE APPS FOR BANKING 2014 17 Technical features and support (maximum 10 points) Stability: App works with reasonable stability, no crashing or freezing (tested on multiple networks, reflects user feedback). (1 point)... (More in full version of report) Strategy and navigation (maximum 8 points) Accessibility in app store: App with core functions ranks among the top three of the listed apps when searching for the bank s name in Google Play and itunes store (if Android or ios app is available). (1 point)... (More in full version of report) Best practices (maximum 2 points) All outstanding features provided by the bank can earn up to two points.

MOBILE APPS FOR BANKING 2014 18 5 SUMMARY OF FINDINGS. BANKS STILL STRUGGLE TO EXPLOIT FULL APP POTENTIAL This year s analysis reveals that the majority of banks under evaluation are still struggling to realize the full potential of their banking apps... (More in full version of report)

MOBILE APPS FOR BANKING 2014 19 6 TOP-TWO BEST STAND-ALONE BANKING APPS... (More in full version of report)

MOBILE APPS FOR BANKING 2014 20 7 PROFILES OF BANK APP STRATEGIES... (More in full version of report)

MOBILE APPS FOR BANKING 2014 21 8 BEST PRACTICE: THE BEST MOBILE APPLICATION FEATURES In the course of our analysis of more than 170 mobile applications from 40 of the world's leading retail banks, we came across a variety of functions, features and content that we consider to be particularly innovative and worthy of attention, especially since most of these best practices can be easily integrated into mobile applications. The most outstanding features, content and design of the apps are listed below.... (More in full version of report)

MOBILE APPS FOR BANKING 2014 22 9 DISCLAIMER No Investment Advice This report is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This report is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. It does not constitute a general or personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual investors. The price and value of securities referred to in this report will fluctuate. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of all of the original capital invested in a security discussed in this report may occur. Certain transactions, including those involving futures, options, and other derivatives, give rise to substantial risk and are not suitable for all investors. Disclaimers There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth in this report. MyPrivateBanking GmbH will not be liable to you or anyone else for any loss or injury resulting directly or indirectly from the use of the information contained in this report, caused in whole or in part by its negligence in compiling, interpreting, reporting or delivering the content in this report. Copyright MyPrivateBanking GmbH's Products are the property of MyPrivateBanking GmbH, Switzerland, and are protected by Swiss and international copyright law and other intellectual property laws. Customers are prohibited to copy, forward or store MyPrivateBanking Products outside of the legal entity that has made the purchase. MyPrivateBanking GmbH 2014. All rights reserved. www.myprivatebanking.com MyPrivateBanking GmbH Konstanzerstrasse 60 CH-8274 Tägerwilen Switzerland Tel. +41 71 566 10 05 For our latest reports please check: http://www.myprivatebanking.com/category/reports