Disclosure - Publications Institutional Sales

This document is produced by Banque Pictet & Cie SA. It is directed to a professional audience including prospects and not intended for distribution to, or use by, any person or entity that is citizen or resident of, or located in any jurisdiction where such distribution, publication, availability or use would be unauthorised or otherwise contrary to applicable law or regulations. Moreover, services referred herein are not available to retail clients.

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 or solicitation to buy, sell or subscribe any securities or other financial instruments. Accordingly, Banque Pictet & Cie SA accepts no liability for any loss arising from the use of this document. This material may not be published or reproduced, in all or in part, without the prior written express consent of Banque Pictet & Cie SA.

Report distribution outside Switzerland

In the USA
In the United States, distribution by Banque Pictet & Cie SA is permitted as provided by the exemption under article 15a-6 of the Securities Exchange Act of 1934, and is intended exclusively for major US institutional investors, as defined by the same article 15a-6 of the said Securities Exchange Act. All major US institutional investors may effect a transaction a transaction in accordance with 15a-6 with Pictet Overseas Inc., a US registered broker-dealer.

In the UK
This report is only directed at and should be relied on by persons outside the UK or persons inside the UK for matters that are not regulated by the Financial Services Authority and further details as to where this may be the case are available upon request in respect of this material.

In the European Economic Area (EEA) outside the UK

This document is intended only for EEA Institutional Clients or others to whom it may lawfully be submitted.

Rest of the world
This report 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. Additional information is available upon request.

The information, tools and material presented in this document 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 Banque Pictet & Cie SA regarding future performance. Information found in this report has been prepared based on information provided by various financial sources. Information usually attributable to a unique specific source is quoted whenever such information is available. Otherwise, the information may have been gathered from public news dissemination services such as Bloomberg, Reuters or any other news services. Banque Pictet & Cie SA is not able to make any representation as to its accuracy or completeness. Banque Pictet & Cie SA has no obligation to update, modify or amend this report or otherwise notify a reader thereof in the event that any matter stated herein becomes inaccurate

Additional information is available upon request

Banque Pictet & Cie SA
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