Important legal information and glossary of risks

Distributor: Banque Pictet & Cie SA, route des Acacias 60, 1211 Genève 73, Switzerland, is established in Switzerland and  licensed under Swiss Law and therefore subject to the supervision of the Swiss Financial Market Supervisory Authority (FINMA), Laupenstrasse 27, 3003 Berne, Switzerland.

This document is not intended for and shall neither be provided to nor used by persons who are citizens of, domiciled or resident in, or entities registered in a country or a jurisdiction in which its distribution, publication, provision or use would violate current laws and regulations. The financial products  mentioned in this document might not be registered with or approved by the relevant regulatory authority. Public distribution may therefore not be permitted, and private placements may be restricted to specific type of clients. Offerings are only allowed in accordance with the applicable local laws and regulations. Detailed selling restrictions of the relevant financial products may apply and need to be considered.

The content of this document has been prepared without taking into account your particular objectives, needs, financial situation, knowledge or experience. This document and/or the financial products mentioned herein might not be suitable for you. Therefore, you should consider the suitability of the transaction to individual circumstances and objectives and independently assess, with a professional advisor, the specific financial risks as well as any legal, regulatory, credit, tax and accounting consequences. You are fully responsible for your investments.

The information and data furnished in this document are for information purposes only. Banque Pictet & Cie SA (hereinafter, "the Bank") is not liable for them nor do they constitute advice, an offer, an invitation or recommendation to make, hold or terminate an investment. The information contained herein is not the result of independent financial analysis and does therefore not qualify as financial research within the meaning of the Swiss Bankers Association’s Directives on the Independence of Financial Research, nor as investment research for the purposes of the relevant EU MiFID provisions.  

All information and opinions expressed in this document were obtained in good faith from sources believed to be reliable. Prices, values or returns of any investment mentioned in this document are based on the Bank’s customary sources of financial data. Unless specifically stated otherwise, such information is indicative only and may change without notice. The Bank is under no obligation to update the information contained in this document and no representation or warranty, express or implied, is made as to its accuracy or completeness. 

The market value of financial products may vary on the basis of economic, financial or political changes, the remaining term, market conditions, the volatility and solvency of the issuer or the benchmark issuer. Some investments may not be readily realizable as the relevant market may be illiquid. Moreover, exchange rates may have a positive or negative effect on the value, the price or the return of the respective product. The political and economic situation in emerging countries is significantly less stable than in industrialized countries and related investments are exposed to higher risks and volatility. Forecasts and past performance are not reliable indicators or guarantees of future results. No express or implied warranty is given as to future performance. Any performance shown does not take into account commissions and costs (which negatively impact the performance). 

You shall only take investment decisions when you fully understand the relevant financial product and the involved risks. In particular, the relevant product documentation (such as the issuance program, final terms, prospectus, simplified prospectus and key (investor) information document) as well as the brochure "Risk Involved in Trading Financial Instruments" of the Swiss Bankers Association shall be read. Structured products are complex financial products and involve a high degree of risk. They do not qualify as collective investment schemes within the meaning of the Swiss Federal Act on Collective Investment Schemes (CISA), and are therefore not subject to the regulations of the CISA or the supervision of the Swiss Financial Market Supervisory Authority (FINMA). The value of structured products depends not only on the performance of the underlying asset(s), but also on the credit rating of the issuer. Furthermore, the investor is exposed to the risk of default of the issuer/guarantor. 

If this document contains a link to a Swiss Key Information Document or a key Information Document of a Package Retail and Insurance-based Investment Product (“KID”) or an Undertaking for Collective Investment in Transferable Securities (“KIID”), please note that the respective KID/KIID may change without notice. In order to access the most recent version of the respective KID/KIID, click on the link immediately before confirming to the Bank your decision to invest. 

If the Bank is not the manufacturer of the product(s), the KID/KIID is provided by a third party (the “Third Party Document”). The Third Party Document is obtained from sources believed to be reliable. The Bank does not make any guaranty or warranty as to the correctness and accuracy of the data contained in the Third Party Document. The Bank may not be held liable for an investment decision or other transaction made based on reliance on, or use of, the data contained in the Third Party Document. 

Should you subscribe to the product(s) marketed herein, you acknowledge that you have (i) received, in good time, read and understood any relevant documentation linked to the product(s), including, as the case may be, the respective KID/KIID; (ii) taken note of the product(s) restrictions; and (iii) met the applicable subjective and objective eligibility conditions to invest in the product(s).

In that case, the Bank may rely on these acknowledgements and sign, on your behalf, any documents or certificates needed to subscribe to the product(s). Further, by subscribing to the product(s), you agree to indemnify and hold harmless the Bank for any and all claims, losses and damages it may incur in connection with the investment in the product(s). The content of this document shall only be read and/or used by its addressee. Any form of reproduction, copying, disclosure, modification and/or publication in any form or by any means whatsoever is not permitted without the prior written consent of the Bank and no liability whatsoever will be incurred by the Bank. The addressee of this document agrees to comply with the applicable laws and regulations in the jurisdictions where they use the information provided in this document.

All rights reserved. Copyright 2021.

Distributors: Pictet & Cie (Europe) S.A.

This is marketing communication distributed by Pictet & Cie (Europe) S.A. (the “Bank”), a credit institution under the supervision of the Luxembourg competent authority, Commission de Surveillance du Secteur Financier (CSSF).

This document sets forth neither a personal recommendation tailored to the needs, objectives and financial situation of any individual or company (investment advice under MiFID), nor the results of investment research within the meaning of MiFID. Moreover, it does not constitute an offer, or an invitation to buy, sell or subscribe to securities or other financial instruments, nor is it meant as a proposal for the conclusion of any type of agreement. Should its addressee decide to proceed to any transaction in relation to a financial product referred to herein, this will be in his sole responsibility, and the suitability/appropriateness of the transaction and other financial, legal and tax aspects should be assessed by an expert.

Any information contained in this document is disclosed for information purposes only, and neither the producer nor the distributor can be held liable for any fluctuation of the price of the securities. No express or implied warranty is given as to future performance. The opinions expressed reflect an objective evaluation of information available to the general public, such as rates from customary sources of financial information. The market value of securities mentioned may vary on the basis of economic, financial or political changes, the remaining term, market conditions, the volatility and solvency of the issuer or the benchmark issuer. Moreover, exchange rates may have a positive or negative effect on the value, the price or the income of the securities or the related investments mentioned in this document. It is also expressly noticed that forecasts are not a reliable indicator of future performance, while past performance is not a reliable indicator of future results. The information contained herein is not the result of independent financial analysis and does therefore not qualify as financial research.

You shall only take investment decisions when you fully understand the relevant financial product and the involved risks. In particular, the relevant product documentation (such as the issuance program, final terms, prospectus, simplified prospectus and key (investor) information document) as well as the brochure “General description of risks pertaining to financial instruments" shall be read. Structured products are complex financial products and involve a high degree of risk. The value of structured products depends not only on the performance of the underlying asset(s), but also on the credit rating of the issuer. Furthermore, the investor is exposed to the risk of default of the issuer/guarantor.  
If this document contains a link to a key Information Document of a Package Retail and Insurance-based Investment Product (“KID”) or an Undertaking for Collective Investment in Transferable Securities (“KIID”), please note that the respective KID/KIID may change without notice. In order to access the most recent version of the respective KID/KIID, click on the link immediately before confirming to the Bank your decision to invest.

If the Bank is not the manufacturer of the product(s), the KID/KIID is provided by a third party (the “Third Party Document”). The Third Party Document is obtained from sources believed to be reliable. The Bank does not make any guaranty or warranty as to the correctness and accuracy of the data contained in the Third Party Document. The Bank may not be held liable for an investment decision or other transaction made based on reliance on, or use of, the data contained in the Third Party Document. 

By subscribing to the product(s) proposed herein, you acknowledge that you have (i) received, in good time, read and understood any relevant documentation linked to the product(s), including, as the case may be, the respective KID/KIID; (ii) taken note of the product(s) restrictions; and (iii) met the applicable subjective and objective eligibility conditions to invest in the product(s).

The Bank may, if necessary, rely on these acknowledgements and receive your orders, to transmit them to another professional, or to execute them, according to the relevant clauses of your mandate, as well as the General Conditions of the Bank.

The content of this document shall only be read and/or used by its addressee. Any form of reproduction, copying, disclosure, modification and/or publication in any form or by any means whatsoever is not permitted without the prior written consent of the Bank and no liability whatsoever will be incurred by the Bank. The addressee of this document agrees to comply with the applicable laws and regulations in the jurisdictions where they use the information provided in this document.

Distributor: Pictet & Cie (Europe) S.A., London branch ( “Pictet London Branch”).

This is a marketing communication distributed by Pictet London Branch.

This document sets forth neither a personal recommendation tailored to the needs, objectives and financial situation of any individual or company (investment advice as defined in the Financial Conduct Authority’s Handbook of rules and guidance (the “FCA Handbook”)), nor the results of investment research within the meaning of the FCA Handbook. Moreover, it does not constitute an offer, or an invitation to buy, sell or subscribe to securities or other financial instruments, nor is it meant as a proposal for the conclusion of any type of agreement. Furthermore, this document should not be considered a suitability report as Pictet London Branch has not received all the necessary information on the recipient to complete its suitability assessment that covers the recipient’s knowledge and experience, tolerance to risk, investment needs and the recipient’s ability to absorb financial risk. Should its addressee decide to proceed to any transaction in relation to a financial product referred to herein, this will be in his sole responsibility, and the suitability/appropriateness of the transaction and other financial, legal and tax aspects should be assessed by an expert. Any information contained in this document is disclosed for information purposes only, and neither the producer nor the distributor can be held liable for any fluctuation of the price of the securities. No express or implied warranty is given as to future performance. The opinions expressed reflect an objective evaluation of information available to the general public, such as rates from customary sources of financial information. The market value of securities mentioned may vary on the basis of economic, financial or political changes, the remaining term, market conditions, the volatility and solvency of the issuer or the benchmark issuer. Moreover, exchange rates may have a positive or negative effect on the value, the price or the income of the securities or the related investments mentioned in this document. It is also expressly noted that forecasts are not a reliable indicator of future performance, while past performance is not a reliable indicator of future results.

You shall only take investment decisions when you fully understand the relevant financial product and the involved risks. In particular, the relevant product documentation (such as the issuance program, final terms, prospectus, simplified prospectus and key (investor) information document), as well as Appendix 4: Risk Warnings Relating to Trading in Financial Instruments of the Terms and Conditions of Pictet London Branch, shall be read. Structured products are complex financial products and involve a high degree of risk. The value of structured products depends not only on the performance of the underlying asset(s), but also on the credit rating of the issuer. Furthermore, the investor is exposed to the risk of default of the issuer/guarantor.

In respect of any product documentation, including key information documents of Packaged Retail and Insurance-based Investment Products (“KIDs”) and key investor information documents of Undertakings for Collective Investment in Transferable Securities (“KIIDs”), please note that these may change without notice. You should therefore ensure that you review the latest version of them prior to confirming to Pictet London your decision to invest. If you have been provided with a link to access the respective KID/KIID/other product document, you should therefore click on the link immediately before confirming to Pictet London Branch your decision to invest, in order to review the most recent version of the respective KID/KIID/other product document. If you have not been provided with a link to access the relevant document, or if you are in any doubt as to what the latest version of the respective KID/KIID/other product document is, or where it can be found, please ask your usual Pictet London Branch contact.

Pictet London Branch is not the manufacturer of the product(s) and the KID/KIID/other product document is provided by a third party. The KID/KIID/other product document is obtained from sources believed to be reliable. Pictet London Branch does not make any guarantee or warranty as to the correctness and accuracy of the data contained in the KID/KIID/other product document. Pictet London Branch may not be held liable for an investment decision or other transaction made based on reliance on, or use of, the data contained in the KID/KIID/other product document.

By subscribing to the product(s) proposed herein, you acknowledge that you have (i) received, in good time, read and understood any relevant documentation linked to the product(s), including, as the case may be, the respective KID/KIID/other product document; (ii) taken note of the product(s) restrictions; and (iii) meet the applicable subjective and objective eligibility conditions to invest in the product(s).

Pictet London Branch may, if necessary, rely on these acknowledgements and receive your orders, to transmit them to another professional, or to execute them, according to the relevant clauses of your mandate, as well as the Terms and Conditions of Pictet London Branch.

The content of this document shall only be read and/or used by its addressee. Any form of reproduction, copying, disclosure, modification and/or publication in any form or by any means whatsoever is not permitted without the prior written consent of Pictet London Branch and no liability whatsoever will be incurred by Pictet London Branch. The addressee of this document agrees to comply with the applicable laws and regulations in the jurisdictions where they use the information provided in this document.

Pictet London Branch is a branch of Pictet & Cie (Europe) S.A.. Pictet & Cie (Europe) S.A. is a société anonyme (public limited liability company) incorporated in Luxembourg and registered with the Luxembourg Registre de Commerce et des Sociétés (RCS no. B32060). Its head office is at 15A, avenue J.F. Kennedy, L-2016 Luxembourg. Pictet London Branch is registered as a UK establishment with Companies House (establishment number BR016925) and its UK establishment office address is Stratton House 6th Floor, London, 5 Stratton Street, W1J 8LA.

Authorised and regulated by the Commission de Surveillance du Secteur Financier. Deemed authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details of the Temporary Permissions Regime, which allows EEA-based firms to operate in the UK for a limited period while seeking full authorisation, are available on the Financial Conduct Authority’s website.

Distributor: Pictet Bank & Trust Limited is licensed and regulated by the Central Bank of The Bahamas and the Securities Commission of The Bahamas. Its registered office is situated at Building 1, Bayside Executive Park, West Bay Street & Blake Road, Nassau, New Providence, The Bahamas.

This material (the "material") is not intended for and shall neither be provided to nor used by persons who are citizens of, domiciled or resident in, or entities registered in a country or a jurisdiction in which its distribution, publication, provision or use would violate current laws and regulations.

The financial products mentioned in this material might not be registered with or approved by the relevant regulatory authority. Public distribution may therefore not be permitted and private placements may be restricted to specific type of clients. Offerings are only allowed in accordance with the applicable local laws and regulations. Detailed selling restrictions of the relevant financial products may apply and need to be considered.

The content of this material has been prepared without taking into account your particular objectives, needs, financial situation, knowledge or experience. This material and/or the financial products mentioned herein might not be suitable for you. Therefore, you should consider the suitability of the transaction to individual circumstances and objectives and independently assess, with a professional advisor, the specific financial risks as well as any legal, regulatory, credit, tax and accounting consequences. You are fully responsible for your investments. The information and data furnished in this material are for information purposes only. Pictet Bank & Trust Limited (hereinafter, "the Bank") is not liable for such information, nor does it constitute advice, an offer, an invitation or recommendation to make, hold or terminate an investment. The information contained herein is not the result of independent financial analysis and does therefore not qualify as financial research.

All information and opinions expressed in this material were obtained in good faith from sources believed to be reliable. Prices, values or returns of any investment mentioned in this material are based on the Bank’s customary sources of financial data. Unless specifically stated otherwise, such information is indicative only and may change without notice. The Bank is under no obligation to update the information contained in this material and no representation or warranty, express or implied, is madras to its accuracy or completeness.

The market value of financial products may vary on the basis of economic, financial or political changes, the remaining term, market conditions, the volatility and solvency of the issuer or the benchmark issuer. Some investments may not be readily realizable as the relevant market may be illiquid. Moreover, exchange rates may have a positive or negative effect on the value, the price or the return of the respective product. The political and economic situation in emerging countries is significantly less stable than in industrialized countries and related investments are exposed to higher risks and volatility. Forecasts and past performance are not reliable indicators or guarantees of future results. No express or implied warranty is given as to future performance. Any performance shown does not take into account commissions and costs (which negatively impact the performance).

You shall only take investment decisions when you fully understand the relevant financial product and the involved risks. In particular, the relevant product documentation (such as the issuance program, final terms, prospectus, simplified prospectus and key (investor) information document) as well as the brochure "Special Risks in Securities Trading" of the Swiss Bankers Association shall be read. Structured products are complex financial products and involve a high degree of risk.  The value of structured products depends not only on the performance of the underlying asset(s), but also on the credit rating of the issuer. Furthermore, the investor is exposed to the risk of default of the issuer/guarantor.

If this material contains a link to a key Information Document of a Package Retail and Insurance-based Investment Product ("KID") or an Undertaking for Collective Investment in Transferable Securities ("KIID"), please note that the respective KID/KIID may change without notice. In order to access the most recent version of the respective KID/KIID, click on the link immediately before confirming to the Bank your decision to invest.

If the Bank is not the manufacturer of the product(s), the KID/KIID is provided by a third party (the "Third Party Document"). The Third Party Document is obtained from sources believed to be reliable. The Bank does not make any guaranty or warranty as to the correctness and accuracy of the data contained in the Third Party Document. The Bank may not be held liable for an investment decision or other transaction made based on reliance on, or use of, the data contained in the Third Party Document.

By subscribing to the product(s) proposed herein, you acknowledge that you have (i) received, in good time, read and understood any relevant documentation linked to the product(s), including, as the case may be, the respective KID/KIID; (ii) taken note of the product(s) restrictions; and (iii) met the applicable subjective and objective eligibility conditions to invest in the product(s).

The Bank may rely on these acknowledgements and sign, on your behalf, any documents or certificates needed to subscribe to the product(s). Further, by subscribing to the product(s), you agree to indemnify and hold harmless the Bank for any and all claims, losses and damages it may incur in connection with the investment in the product(s).

The content of this material shall only be read and/or used by its addressee. Any form of reproduction, copying, disclosure, modification and/or publication in any form or by any means whatsoever is not permitted without the prior written consent of the Bank and no liability whatsoever will be incurred by the Bank. The addressee of this material agrees to comply with the applicable laws and regulations in the jurisdictions where they use the information provided in this material.

Distributors: Bank Pictet & Cie (Asia) Ltd (“BPCAL”) in Singapore and Banque Pictet & Cie SA, Hong Kong Branch (“Pictet HK Branch”) in Hong Kong.

The information, tools and material presented in this document are provided for information purposes only and are not to be used or considered as an offer, an invitation to offer or solicitation to buy, sell or subscribe for any securities, commodities, derivatives, (in respect of Singapore only) futures, or other financial instruments (collectively referred to as “Investments”) or to enter into any legal relations, nor as advice or recommendation with respect to any Investments. This document is intended for general circulation and it is not directed at any particular person. This document does not have regard to the specific investment objectives, financial situation and/or the particular needs of any recipient of this document. Investors should seek independent financial advice regarding the appropriateness of investing in any Investments or adopting any strategies discussed in this document, taking into account the specific investment objectives, financial situation or particular needs of the investor, before making a commitment to invest.  

BPCAL/Pictet HK Branch has not taken any steps to ensure that the Investments referred to in this document are suitable for any particular investor, and accepts no fiduciary duties to any investor in this regard, except as required by applicable laws and regulations. Furthermore, BPCAL/Pictet HK Branch makes no representations and gives no advice concerning the appropriate accounting treatment or possible tax consequences of any Investment. Any investor interested in buying or making any Investment should conduct its own investigation and analysis of the Investment and consult with its own professional adviser(s) as to any Investment including the risks involved.

This document is not to be relied upon in substitution for the exercise of independent judgment. The value and income of any Investment mentioned in this document may fall as well rise. The market value may be affected by, amongst other things, changes in economic, financial, political factors, time to maturity, market conditions and volatility, and the credit quality of any issuer or reference issuer. Furthermore, foreign currency rates of exchange may have a positive or adverse effect on the value, price or income of any Investment mentioned in this document.  Accordingly, investors must be willing and able to assume all risks and may receive back less than originally invested. 

Past performance should not be taken as an indication or guarantee of future performance and no representation or warranty, expressed or implied, is made by BPCAL/Pictet HK Branch regarding future performance. This document does not constitute the investment policy of BPCAL/Pictet HK Branch, or an investment recommendation, and merely contains the different assumptions, views and analytical methods of the analysts who prepared them. Furthermore, the information, opinions and estimates expressed herein reflect a judgment at its original date of publication and are subject to change without notice and without any obligation on BPCAL/Pictet HK Branch to update any of them.  BPCAL/Pictet HK Branch may have issued or distributed other reports or documents that are inconsistent with, and reach different conclusions from, the information presented in this document.

While the information and opinions presented herein are from sources believed to be reliable, BPCAL/Pictet HK Branch is not able to, and do not make any representation or warranty as to its accuracy or completeness. Accordingly, BPCAL/Pictet HK Branch accepts no liability for loss arising from the use of or reliance on this document presented for information purposes only. BPCAL/Pictet HK Branch reserves the right to act upon or use any of the information in this document at any time, including before its publication herein. 

BPCAL/Pictet HK Branch and its affiliates (or employees thereof) may or may not have long or short positions in, and buy or sell, or otherwise have interest in, any of the Investments mentioned herein, and may or may not have relationships with the issuers of or entities connected with Investments mentioned in this document. BPCAL/Pictet HK Branch and their affiliates (or employees thereof) may act inconsistently with the information and/or opinions presented in this document.

The information used to prepare this document and/or any part of such information, may have been provided or circulated to employees and/or one or more clients of BPCAL/Pictet HK Branch before this document was received by you and such information may have been acted upon by such recipients or by BPCAL/Pictet HK Branch. This document is provided solely for the information of the intended recipient only and should not be reproduced, published, circulated or disclosed in whole or in part to any other person without the prior written consent of BPCAL/Pictet HK Branch.  

Singapore

This document is not directed to, or intended for distribution, publication to or use by, persons who are not accredited investors, expert investors or institutional investors as defined in section 4A of the Securities and Futures Act. 2021 (“SFA”) or any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or would subject BPCAL and any of its affiliates or related corporations to any prospectus or registration requirements.

BPCAL is a full licenced bank regulated by the  Monetary Authority of Singapore (“MAS”) under the Banking Act Cap. 50 of Singapore, an exempt financial adviser under the Financial Advisers Act Cap. 110 of Singapore (“FAA”) and an exempt capital markets licence holder under the SFA. BPCAL has obtained an exemption from the MAS under section 100(2) of the  for the provision of financial advisory services to High Net Worth Individuals (as defined in the MAS Guidelines on Exemption for Specialised Units Serving High Net Worth Individuals FAA-G07) (the “Exemption”) and is exempted from the requirements of sections 25, 27, 28 and 36 of the FAA, the MAS Notice on Recommendations on Investment Products (FAA-N16), MAS Notice on Appointment and Use of Introducers by Financial Advisers (FAA-N02), MAS Notice on Information to Clients and Product Information Disclosure (FAA-N03) and MAS Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers (FAA-N13). Please contact BPCAL in Singapore in respect of any matters arising from, or in connection with this document.

Please contact BPCAL in Singapore in respect of any matters arising from, or in connection with this document.

Hong Kong

This document is not directed to, or intended for distribution, publication to or use by, persons who are not “professional investors” within the meaning of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and any rules made thereunder (the “SFO”) or any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or would subject Pictet HK Branch and any of its affiliates or related corporations to any prospectus or registration requirements. If you do not want Pictet HK Branch to use your personal information for marketing purposes, you can request Pictet HK Branch to stop doing so without incurring any charge to you.

In distributing an investment product as agent for a third party service provider, Pictet HK Branch distributes the product for the third party service provider and the product is a product of the third party service provider but not Pictet HK Branch. In respect of an eligible dispute (as defined in the Terms of Reference for the Financial Dispute Resolution Centre in relation to the Financial Dispute Resolution Scheme) arising between Pictet HK Branch and you out of the selling process or processing of the related transaction, Pictet HK Branch is required to enter into a Financial Dispute Resolution Scheme process with you; however any dispute over the contractual terms of the product should be resolved directly between the third party service provider and you.

Banque Pictet & Cie SA is a limited liability company incorporated in Switzerland. It is an authorized institution within the meaning of the Banking Ordinance (Cap. 155 of the Laws of Hong Kong) and a registered institution (CE Number: BMG891) under the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) carrying on Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 (asset management) regulated activities. The registered address of Pictet HK Branch is 9/F., Chater House, 8 Connaught Road Central, Hong Kong.

Warning: The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer.  If you are in any doubt about any of the contents of this document, you should obtain independent professional advice.

Please contact Pictet HK Branch in Hong Kong in respect of any matters arising from, or in connection with this document.