This page is published by the Pictet Group. This page does not contain opinions, analyses or recommendations on securities of individual companies that are the result of financial analysts employed by Pictet Group. It is not a product of Pictet Group’s Financial Research Unit and is not subject to the "Directives on the Independence of Financial Research" of the Swiss Bankers Association.

The information and data furnished in this page are disclosed for information purposes only; the Pictet Group is not liable for them, nor do they constitute an offer, an invitation to buy, sell or subscribe to securities or other financial instrument. This page does not constitute the investment policy of Pictet Group, nor investment recommendation. Furthermore, the information, opinions and estimates in this list reflect an evaluation as of the date of initial publication and may be changed without notice.

Pictet Group has not taken any steps to ensure that the securities referred to in this report are suitable for any particular client. Furthermore, we make no representations and give no advice concerning the appropriate accounting treatment or possible tax consequences of the indicative transactions. This page is not to be relied upon in substitution for the exercise of independent judgment.