Legal notice - Pictet North America Advisors S.A.

The information and material are provided for information purposes only and are not to be used or considered to be an offer or solicitation to buy, sell or subscribe to any securities or other financial instruments.

This information does not take into consideration the specific investment objectives, financial situation or particular needs of any person that enters into a relationship with Pictet North America Advisors SA. The value and income of any securities or financial instruments can go up as well as down. The market value of securities or financial instruments may be affected by changes in economic, financial or political factors, time to maturity, market conditions and volatility, or the credit quality of any issuer or reference issuer.

Foreign currency rates may have a positive or adverse effect on the value, price or income of any security or related investment. Many factors may affect the value of a financial instrument, and accordingly, investors effectively assume all risks and may receive back less than they had 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 Pictet North America Advisors SA regarding future performance.

Any information contained on these pages does not constitute the investment policy of Pictet North America Advisors SA or an investment recommendation, but merely the different assumptions, views and analytical methods of those who prepared it. The information, opinions and estimates expressed herein reflect a judgment as of its original publication date and are subject to change without notice.

The information contained herein was obtained from sources believed to be reliable. Although all reasonable care was taken in gathering the information and formulating the opinions contained herein, Pictet North America Advisors SA does not make any representation whatsoever as to its accuracy or completeness. Accordingly, Pictet North America Advisors SA accepts no liability for any loss arising from the use of these pages, which are made available for information purposes only.

These pages are not directed to, or intended for distribution to or use by, 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.