Disclosure - Pictet Canada

Electronic Communications

PC & PO assume supervision in their respective jurisdiction for the electronic communications bearing a link to this webpage.

Under no circumstances shall Pictet Canada L.P./Pictet Overseas Inc. be held liable, to the extent permitted by law, for any direct or indirect loss, damage, claim or other cost arising out of or in connection with or as a result of the use of Electronic Communications, in any dealings between Pictet Canada L.P./Pictet Overseas Inc. and the Client for any reason whatsoever. Furthermore, there can be no guarantee that Electronic Communications will be read or consulted regularly.” To the extent that the Client chooses to submit instructions or to instruct Pictet Canada L.P./Pictet Overseas Inc. to provide the Client with any information via Electronic Communication, he/she hereby irrevocably and unconditionally confirms that he/she does so exclusively at his own and sole risk.

All views, opinions and estimates expressed in such communications (i) may change without notice and (ii) may differ from those views, opinions and estimates held or expressed by PC & PO or other personnel of PC & PO and (iii) may have been previously communicated by PC & PO employees to other PC & PO clients, prospects, business partners or affiliates.

None of PC or PO's employees are employed as research analysts. All opinions and analyses (i) belong to the author, (ii) are provided for information purposes only and (iii) may change without notice.. Therefore you should not assume that any of the communication produced has the characteristics or qualities of investment research or a research recommendation, as it does not constitute substantive research or analysis PC & PO cannot guaranty the accuracy of any matter stated herein and may not update reader if inaccurate.

Content Disclaimer

Although PC & PO strive to ensure the accuracy of any content or information provided through their respective publications, any and all content and information provided by PC & PO is provided on an "as is" and "as available" basis. PC & PO may not update, modify or amend this communication or otherwise notify its reader thereof in the event that any matter stated herein becomes inaccurate. Information and opinions presented by employees of PC & PO have been obtained from sources believed to be reliable, and, although all reasonable care has been taken, PC & PO are not able to make any representation as to their accuracy or completeness, as such information may be condensed or summarized. Accordingly, PC & PO accept no liability for loss arising from the use of this communication as it does not constitute an offer or solicitation to purchase or sell any financial instruments, and does not take into account the investment objectives or financial situation of any particular person. Institutional Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal and other advisors before making an investment decision, and only make such decisions on the basis of their own objectives, experience and resources.

There is no affiliation or connection between PC & PO, or any content or information provided through PC & PO's publications with other independent news gathering and reporting entities. Nothing herein should be interpreted or construed either as an endorsement, sponsorship, approval or recommendation or as a guaranty or assurance of the quality of any of PC & PO's products or services by any other entity.

Any form of distribution and/or publication of any PC & PO content and information made available to you is strictly prohibited.

Pictet Canada L.P. and Pictet Overseas Inc. are affiliated with Banque Pictet & Cie SA, one of Switzerland's largest private banks, located in Geneva. PC & PO's affiliation with Banque Pictet & Cie SA enables certain of their eligible clients to have access to publications issued by Banque Pictet & Cie SA such as a) Technical, quantitative and macroeconomic analysis and b) Geopolitical research.

PC & PO assume responsibility for the distribution of Banque Pictet & Cie SA SA publications under applicable laws, rules or regulations. The materials are being first distributed on or about the date noted on the materials identifying Banque Pictet & Cie SA SA as the issuer. Any individual identified as an author of these materials is an employee of Banque Pictet & Cie SA SA and not of PC or PO. Any U.S. person or entity wishing to effect a transaction in any security mentioned in these materials should do so with or through Pictet Overseas Inc. If located outside the USA, Institutional Investors should contact Pictet Canada L.P. to effect their transactions.

Please read carefully Banque Pictet & Cie SA own disclosures & disclaimers for important additional information.

Links to other websites

PC & PO's employees are authorized to provide you with hyperlinks to unaffiliated third-party Web sites not maintained by PC or PO. Links to third-party Web sites are provided for your convenience as a source of information only. They are not intended as an endorsement of any of the policies, activities, products, or services offered on these sites or any advertiser or sponsor of these sites. Please exercise diligence and common sense when viewing material provided by any source on the internet. The provision of the hyperlink should not be interpreted or construed either as a sponsorship, approval or recommendation or as a guaranty or assurance of the quality of any of the PC or PO products or services by any other entity.

Options Disclaimer

Derivatives financial products such as options are complex instruments that are not suitable for every investor, may involve a high degree of risk, and may be appropriate investments only for sophisticated investors who are capable of understanding and assuming the risks involved.

Pictet Overseas Inc.

PO's clients are encouraged to read the Options Clearing Corporation's disclosure document

Pictet Canada L.P.

PC's clients outside of the province of Quebec, are asked to refer to the IIROC Risk Disclosure Statement for Futures and Options provided at the time of account opening. PC's clients in Quebec should refer to the Disclosure Statement for Recognized Market Options provided at the time of account opening.

Summary of risks commonly associated with transaction on option contracts for both PC & PO clients:

1. Call or Put Purchasing: The risk of purchasing a call/put is that you will lose the entire premium paid.

2. Uncovered Call Writing: The risk of selling an uncovered call is unlimited and may result in losses significantly greater than the premium received.

3. Uncovered Put Writing: The risk of selling an uncovered put is significant and may result in losses significantly greater than the premium received.

4. Call or Put Vertical Spread Purchasing (same expiration month for both options): The basic risk of effecting a long spread transaction is limited to the premium paid when the position is established.

5. Call or Put Vertical Spread Writing (same expiration month for both options): The basic risk of effecting a short spread transaction is limited to the difference between the strike prices less the amount received in premiums.

6. Call or Put Calendar Spread Purchasing (different expiration months & short must expire prior to the long): The basic risk of effecting a long calendar spread transaction is limited to the premium paid when the position is established.

Trade information disclaimer

Any reference to terms of executed transactions should be treated as preliminary only and subject to PC or PO's formal written confirmation as per the Institutional client specified choice of communication on its account opening application with PC or PO.

Copyright information

PC & PO take their copyright obligations very seriously and will maintain and use all content and information provided through their respective publications in accordance with their obligations under applicable copyright laws and other relevant legislation in Canada. If you believe that any PC or PO content and information infringes your copyrights, you may notify (“Notification”) PC or PO Compliance Department at the address mentioned above. To be effective, your “Notification” must include the following information: (a) a description of the copyrighted work you allege is being infringed upon (and registration information if such work is registered with the Copyright Office); (b) a copy of the allegedly infringing material; (c) a signature (digital or hard-copy), of a person authorized to act on behalf of the owner of an exclusive right that is allegedly infringed; (d) your address, telephone number, and e-mail address; (e) a statement made under penalty of perjury that you are the copyright owner or are authorized to act on the copyright owner's behalf and that the information contained in the Notification is accurate; and (f) a statement that you believe in good faith that the rights of the copyright owner are being infringed, and that the uses of the allegedly infringing material are not authorized (either by the copyright owner, its agents, or applicable law).

"Today's Idea" Publication

This electronic communication summarizes a recommendation that may result in trading ideas for a security. This communication is not produced by an Analyst as defined by the Investment Industry Regulatory Organization of Canada (IIROC) Rule 3400 and is only directed to Institutional Clients of Pictet Canada L.P. as defined by IIROC Rule 2700.

Furthermore, the information, opinions and estimates expressed herein reflect a judgment of the author as of its original publication date and are subject to change without notice. The author may have issued other reports that are inconsistent with, and reach different conclusions from the information presented in this electronic communication.

Although Pictet Canada L.P. is a registered Canadian Investment Dealer, this communication does not constitute the investment policy of Pictet Canada L.P. or an investment recommendation, but merely the different assumptions and views of the above mentioned author who prepared it. Investors should consider this report as only a single factor in making their investment decisions. Pictet Canada L.P. has no obligation to update, modify or amend the content of this communication or otherwise notify a reader thereof in the event that any matter stated herein becomes inaccurate. Accordingly, Pictet Canada L.P. accepts no liability for loss arising from the use of this document presented for information purposes only.

Pictet Canada L.P. and its employees adhere to professional standards and apply ethical practices that put interests of clients ahead of their own. 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 Canada L.P. regarding future performance.

Questions related to the disclosures and disclaimers contained herein should be addressed to the Compliance Department of Pictet Canada L.P. or Pictet Overseas Inc.