Disclosures - Institutional Sales Singapore

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 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. 

BPSA SG 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. Furthermore, BPSA SG 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 with transactions on such Investment.

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, and effectively 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 BPSA SG Branch regarding future performance.

This document does not constitute the investment policy of BPSA SG 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 BPSA SG Branch to update any of them. BPSA SG 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 believed to be from sources believed to be reliable, BPSA SG Branch is not able to, and do not make any representation or warranty as to its accuracy or completeness. Accordingly, BPSA SG Branch accepts no liability for loss arising from the use of or reliance on this document presented for information purposes only. BPSA SG Branch reserves the right to act upon or use any of the information in this document at any time, including before its publication herein.

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 BPSA SG Branch before this document was received by you and such information may have been acted upon by such recipients or by BPSA SG 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 BPSA SG Branch.

Conflict of Interest

A part of the compensation of the analysts may be, directly or indirectly, related to the specific performance of recommendations or views expressed in this report. Analysts are also paid a salary plus bonus based on the overall revenue generated by the Pictet Group which may include a portion of which is generated by the trading department. In addition, the analysts who have prepared this document have not received compensation from any company mentioned in this report in the last 12 months.

In respect of the companies mentioned in this report: (a) BPSA SG Branch and/or its employees (including the analysts who prepared this document) may from time to time have long or short positions or holdings in the securities or other related investments, (b) BPSA SG Branch may use the above mentioned strategy for its proprietary activity or (c) the analysts responsible for this document and any of their immediate family members are not officers, directors or advisory board members of any company mentioned in this document.

BPSA SG Branch and its analysts adhere to professional standards and abide by formal code of ethics that put interests of clients ahead of their own. BPSA SG Branch or any of its affiliates have not, in respect of any company mentioned in this document: (a) managed or co-managed a public offering in the past 12 months, (b) received any compensation for investment banking services in the past 12 months, (c) received or expect or receive, or intend to seek compensation for investment banking services in the next three months and (d) participated in any issues of securities in the last three years.

BPSA SG Branch or any of its affiliates are not able to exclude, in respect of any company mentioned in this document, having holdings in one or more classes of common equity securities in that company. BPSA SG Branch and its affiliates provide a vast array of financial services other than investment banking services to a large number of corporations globally. The investor should assume that BPSA SG Branch and its affiliates receive compensation for those services from such corporations. The sales and trading department of BPSA SG Branch may be engaged in selling and trading in securities in the companies mentioned in this document.

Singapore

This Document is not directed to, or intended for distribution, publication to or use by, persons that are not accredited investors, expert investors or institutional investors as defined in section 4A of the Securities and Futures Act 2001 of Singapore (“SFA”) or any person or entity that 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 BPSA SG Branch and any of its affiliates or related corporations to any prospectus or registration requirements. BPSA SG Branch is a wholesale bank branch regulated by the Monetary Authority of Singapore (“MAS”) under the Banking Act 1970 of Singapore, an exempt financial adviser under the Financial Advisers Act 2001 of Singapore and an exempt capital markets licence holder under the SFA. Please contact BPSA SG Branch in Singapore in respect of any matters arising from, or in connection with this Document.

Please contact BPSA SG Branch 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 or publication to or use by, any person other than (a) “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 (b) in other circumstances which do not result in the document being a “prospectus” as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32 of the Laws of Hong Kong) or which do not constitute an offer to the public within the meaning of that Ordinance.

BPSA SG Branch does not carry on any banking business in Hong Kong.  It is not an authorized institution within the meaning of the Banking Ordinance (Cap. 155 of the Laws of Hong Kong) or subject to the supervision of the Hong Kong Monetary Authority.

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

United States

In the United States, BPSA SG Branch is not defined as an investment advisor as per The Investment Advisor Act of 1940 and is therefore not registered as such by the Securities and Exchange Commission. BPSA SG Branch does not engage for compensation, in the business of advising others, either directly or indirectly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities or who, for compensation and as part of a regular business, issues or promulgates analyses or reports concerning securities. This document is intended solely for the addressee.

Distribution by BPSA SG Branch 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 wishing to carry out a transaction may only do so by contacting a US registered broker-dealer, such as Pictet Overseas Inc.: 1000 de la Gauchetière West, Suite 3100, Montreal, QC, Canada.  Tel: 514-288-8161, Fax: 514-288-5472.

United Kingdom

This document is made available to persons who are investment professionals as that term is defined in Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion Order) 2005 and is intended solely for the addressee(s). This document is made available to persons who are investment professionals as that term is defined by law and is intended solely for the addressee(s).

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 document is not directed at, or intended for distribution to or use by, any person or entity (i) 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 (ii) where such distribution, publication, availability or use would be contrary to applicable law or would subject BPSA SG Branch to licensing or other requirements within such jurisdiction.