Disclaimers by country and region

The information on this website has been approved for issue in the United Kingdom by Pictet Asset Management Limited, authorised and regulated by the Financial Services Authority.

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 who may receive this report and invest in any financial instrument. Pictet Asset Management Limited has not taken any steps to ensure that any investments referred to are suitable for any particular investor. Any reports are not to be relied upon in substitution for the exercise of independent judgment. The value and income of any of the securities or financial instruments mentioned in this document can go up as well as down. The market value 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.

Furthermore, foreign currency rates may have a positive or adverse effect on the value, price or income of any security or related investment mentioned. 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. Any investors interested in buying a financial instrument should conduct their own investigation and analysis of the instrument as to the risks involved in transactions on such instrument.

Pictet Asset Management Limited or any of its connected companies may from time to time deal in investments mentioned herein on behalf of its clients. 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 Asset Management Limited regarding future performance.

Any information contained on this site does not constitute the investment policy of Pictet Asset Management Limited or an investment recommendation, but merely the different assumptions, views and analytical methods of the analysts who prepared it. Furthermore, the information, opinions and estimates expressed herein reflect a judgment as of its original publication date and are subject to change without notice.

Pictet Asset Management Limited may have issued other reports that are inconsistent with, and reach different conclusions from, the information presented on the website. The information and opinions presented by Pictet Asset Management Limited analysts have been obtained from sources believed to be reliable. Although all reasonable care was taken in gathering the information and formulating the opinions contained herein, Pictet Asset Management Limited does not make any representation whatsoever as to its accuracy or completeness. Accordingly, Pictet Asset Management Limited accepts no liability for any loss arising from the use of this site, which has been made available for information purposes only.

Pictet Asset Management Limited and its affiliates (or employees thereof) may or may not hold a position in or with respect to any of the securities mentioned herein. The material is directed exclusively at market professional and institutional investor customers and is not for distribution to private customers, as defined by the rules of the Financial Services Authority, who should not rely on this material. Moreover, any investment or service to which the material may relate will not be made available to such private customers.

This website is 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.

Persons dealing with Pictet entities outside the UK are not covered by the rules and regulations made for the protection of investors in the UK. This means that such persons will not have the benefit of rights designed to protect investors under the Financial Services Authority. In particular, such persons will not benefit from the right to claim through the Financial Ombudsman Service for losses resulting from a default of obligations owed under relevant regulations.

With the exception of the Alternative Investments Funds, the Pictet funds included within this website have been recognised as collective investment schemes under Section 264 of the Financial Services and Markets Act 2000. Before investing, you should review the specific risk warnings in the current prospectus.

Distribution by Pictet Asset Management is intended exclusively for institutional investors and not for private investors.

The information on this website has been approved by Pictet Asset Management.

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 who may receive this report and invest in any financial instrument. Pictet Asset Management has not taken any steps to ensure that any investments referred to are suitable for any particular investor. Any reports are not to be relied upon in substitution for the exercise of independent judgment. The value and income of any of the securities or financial instruments mentioned in this document can go up as well as down. The market value 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.

Furthermore, foreign currency rates may have a positive or adverse effect on the value, price or income of any security or related investment mentioned. 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. Any investors interested in buying a financial instrument should conduct their own investigation and analysis of the instrument as to the risks involved in transactions on such instrument.

Pictet Asset Management or any of its connected companies may from time to time deal in investments mentioned herein on behalf of its clients. 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 Asset Management regarding future performance.

Any information contained on this site does not constitute the investment policy of Pictet Asset Management or an investment recommendation, but merely the different assumptions, views and analytical methods of the analysts who prepared it. Furthermore, the information, opinions and estimates expressed herein reflect a judgment as of its original publication date and are subject to change without notice.

Pictet Asset Management may have issued other reports that are inconsistent with, and reach different conclusions from, the information presented on the website. The information and opinions presented by Pictet Asset Management analysts have been obtained from sources believed to be reliable. Although all reasonable care was taken in gathering the information and formulating the opinions contained herein, Pictet Asset Management does not make any representation whatsoever as to its accuracy or completeness. Accordingly, Pictet Asset Management accepts no liability for any loss arising from the use of this site, which has been made available for information purposes only.

Pictet Asset Management and its affiliates (or employees thereof) may or may not hold a position in or with respect to any of the securities mentioned herein. The material is directed exclusively at market professional and institutional investor customers and is not for distribution to private customers, who should not rely on this material. Moreover, any investment or service to which the material may relate will not be made available to such private customers.

This website is 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.

The information on this website has been approved by Pictet Asset Management.

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 who may receive this report and invest in any financial instrument. Pictet Asset Management has not taken any steps to ensure that any investments referred to are suitable for any particular investor. Any reports are not to be relied upon in substitution for the exercise of independent judgment. The value and income of any of the securities or financial instruments mentioned in this document can go up as well as down. The market value 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.

Furthermore, foreign currency rates may have a positive or adverse effect on the value, price or income of any security or related investment mentioned. 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. Any investors interested in buying a financial instrument should conduct their own investigation and analysis of the instrument as to the risks involved in transactions on such instrument.

Pictet Asset Management or any of its connected companies may from time to time deal in investments mentioned herein on behalf of its clients. 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 Asset Management regarding future performance.

Any information contained on this site does not constitute the investment policy of Pictet Asset Management or an investment recommendation, but merely the different assumptions, views and analytical methods of the analysts who prepared it. Furthermore, the information, opinions and estimates expressed herein reflect a judgment as of its original publication date and are subject to change without notice.

Pictet Asset Management may have issued other reports that are inconsistent with, and reach different conclusions from, the information presented on the website. The information and opinions presented by Pictet Asset Management analysts have been obtained from sources believed to be reliable. Although all reasonable care was taken in gathering the information and formulating the opinions contained herein, Pictet Asset Management does not make any representation whatsoever as to its accuracy or completeness. Accordingly, Pictet Asset Management accepts no liability for any loss arising from the use of this site, which has been made available for information purposes only.

Pictet Asset Management and its affiliates (or employees thereof) may or may not hold a position in or with respect to any of the securities mentioned herein. The material is directed exclusively at market professional and institutional investor customers and is not for distribution to private customers, who should not rely on this material. Moreover, any investment or service to which the material may relate will not be made available to such private customers.

This website is 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.