Pictet Wealth Management

This is a marketing communication (herein after the “Document”) and shall only be read and/or used by its addressee. It is not intended for and shall neither be provided to nor used by persons who are citizens of, domiciled or resident in, or entities registered in a country or a jurisdiction in which its distribution, publication, provision or use would violate current laws and regulations. It does not constitute an advice, offer, an invitation to offer or solicitation to buy, sell or subscribe for any securities, commodities, derivatives, or other financial instruments (collectively referred to as “Investment(s)”) or to enter into any legal relations or agreement, nor as advice or recommendation with respect to any Investment(s). The Instrument(s) mentioned in this Document might not be registered with or approved by the relevant regulatory authority. Public distribution may therefore not be permitted, and private placements may be restricted to specific type of investor. Offerings are only allowed in accordance with the applicable local laws and regulations. Detailed selling restrictions of the relevant Investment(s) may apply and need to be considered. This Document is intended for general circulation, and it is not directed at any particular person. This Document does not set forth a personal recommendation tailored to the needs, knowledge and experience, sustainability preferences, if any, objectives, and financial situation of any individual or company. This Document and/or the Investment(s) mentioned herein might not be suitable for the addressee and should not be considered as a suitability report as the bank has not received all the necessary information on the addressee to complete its suitability assessment that covers the addressee’s knowledge and experience, tolerance to risk, sustainability preferences, if any, investment needs and the addressee’s ability to absorb financial risk. Therefore, the bank accepts no fiduciary duties to any investor in this regard, except as required by applicable laws and regulations. Investor should seek independent financialadvice regarding the appropriateness of investing in any Investment(s) or adopting any strategies discussed in this Document. Should the investor decide to proceed to any transaction in relation to an Investment(s) referred to herein, this will be his sole responsibility, and the suitability /appropriateness of the transaction and other specific financial risks as well as any legal, regulatory, credit, tax and accounting consequences should be assessed by an expert. This Document is not to be relied upon in  substitution for the exercise of independent judgment, its addressee is fully responsible for his Investment(s). Furthermore, the bank makes no representations and gives no advice concerning the appropriate accounting treatment or possible tax consequences of any Investment(s). The information contained herein is not the result of independent financial analysis and does therefore not qualify as financial research. The information, tools and material presented in this Document are provided for information purposes only and the bank cannot be held liable for any fluctuation of the price of the securities. All information and opinions expressed in this Document were obtained in good faith from sources believed to be reliable. Prices, values, or returns of any Investment(s) mentioned in this Document are based on the bank’s customary sources of financial data. Unless specifically stated otherwise, such information and opinions are indicative only and may change without notice. The bank is under no obligation to update the information contained in this Document and no representation or warranty, express or implied, is made as to its accuracy or completeness. Accordingly, the bank accepts no liability for loss arising from the use of or reliance on this Document presented for information purposes only. The market value of Investment(s) may fall as well rise without notice, on the basis of economic, financial or political changes, the remaining term to maturity, market conditions, the volatility and solvency of the issuer or the benchmark issuer. Some Investment(s) may not be readily realisable as the relevant market may be illiquid. Moreover, exchange rates may have a positive or negativeeffect on the value, the price or the return of the respective Investment(s) mentioned in this Document. The political and economic situation in emerging countries is significantly less stable than in industrialised countries and related Investment(s) are exposed to higher risks and volatility. Forecasts and past performance are not reliable indicators or guarantees of future results. No representation or warranty expressed or implied in this Document is made by the bank regarding future performances. Accordingly, the investor must be willing and able to assume all risks and may receive back less than originally invested. Any performance shown does not consider commissions and costs (which negatively impact the performance). The investor shall only take investment decisions when he fully understands the relevant Investment(s) and the involved risks. In particular, the relevant Investment(s) documentation (such as the issuance program, final terms, prospectus, simplified prospectus, private placement memorandum and key (investor) information document) shall be read. Structured products are complex financial products and involve a high degree of risk. The value of structured products depends not only on the performance of the underlying asset(s), but also on the credit rating of the issuer. Furthermore, the investor is exposed to the risk of default of the issuer/guarantor. If this Document contains a link to an Investment(s) documentation including Swiss Key Information Document or a Key Information Document of a Package Retail and Insurance-based Investment Products (“KIDs”), please note that respective Investment(s) documentation may change without notice. In order to access the most recent version of the respective KID/other Investment(s) document, the investor shall click on the link immediately before confirming to the bank his decision to invest. If the investor has not been provided with a link to access the relevant document, or if he is in any doubt as to what the latest version of the respective KID/other Investment(s) document is, or where it can be found, he shall ask his usual bank contact. If the bank is not the manufacturer of the Investment(s), the KID/other documents is provided by a third party (the “Third Party Document”). The Third-Party Document is obtained from sources believed to be reliable. The bank does not make any guaranty or warranty as to the correctness and accuracy of the data contained in the Third-Party Document. The bank may not be held liable for an investment decision or other transaction made based on reliance on, or use of, the data contained in the Third-Party Document. Should the investor subscribe to the Investment(s) marketed herein, he acknowledges that he has (i) received, in good time, read and understood any relevant documentation linked to the Investment(s), including, as the case may be, the respective KID/other document; (ii) taken note of the Investment(s) restrictions; and (iii) met the applicable subjective and objective eligibility conditions to invest in the Investment(s). The Bank may, if necessary, rely on these acknowledgements and receive the investor’s orders, to transmit them to another professional, to execute them and sign, on the investor’s behalf, any documents or certificates needed to subscribe to the Investment(s), according to the relevant clauses of the investor’s mandate as well as the General Conditions or Terms and Conditions of the bank. Further, by subscribing to the Investment(s), the investor agrees to indemnify and hold harmless the bank for any and all claims, losses and damages it may incur in connection with his Investment(s). Any form of reproduction, copying, disclosure, modification and/or publication of this Document in any form or by any means whatsoever is not permitted without the prior written consent of the bank and no liability whatsoever will be incurred by the bank. The addressee of this Document agrees to comply with the applicable laws and regulations in the jurisdictions where they use the information provided in this Document. All right reserved. Copyright 2024

Distributor: Banque Pictet & Cie SA, route des Acacias 60, 1211 Genève 73, Switzerland, is established in Switzerland and licensed under Swiss Law and therefore subject to the supervision of the Swiss Financial Market Supervisory Authority (FINMA), Laupenstrasse 27, 3003 Berne, Switzerland. The information contained in this Document is not the result of independent financial analysis and does therefore not qualify as financial research within the meaning of the Swiss Bankers
Association’s Directives on the Independence of Financial Research, nor as investment research for the purposes of the relevant EU MiFID provisions. The investor shall only take investment(s) decisions when he fully understands the relevant Investment(s) and the involved risks. Therefore, he shall read the brochure "Risk Involved in Trading Financial Instruments” of the Swiss Bankers Association. Structured products do not qualify as collective investment schemes within the meaning of the Swiss Federal Act on Collective Investment Schemes (CISA) and are therefore not subject to the regulations of the CISA or the supervision of the Swiss Financial Market Supervisory Authority (FINMA).

Distributor: Bank Pictet & Cie (Europe) AG, is a credit institution incorporated under German law with head office Neue Mainzer Str. 2-4, 60311 Frankfurt am Main, Germany, authorised and regulated by the Bundesanstalt für Finanzdienstleistungs-aufsicht, the German Federal Financial Supervisory Authority (BaFIN).

• Bank Pictet & Cie (Europe) AG, Succursale de Luxembourg, is authorised and regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and is subject to limited regulation by the Luxembourg Financial Authority, Commission de Surveillance du Secteur Financier (CSSF);
• Bank Pictet & Cie (Europe) AG, Succursale de Paris, is authorised and regulated by the Bundesanstalt für Finanzdienst-leistungsaufsicht (BaFin) and is subject to limited regulation by the ACPR (Autorité de Contrôle Prudentiel et de Résolution) and the AMF (Autorité des Marchés Financiers);
• Bank Pictet & Cie (Europe) AG, Succursale italiana, is authorised and regulated by the Bundesanstalt für Finanzdienstleistungs-aufsicht (BaFin) and is subject to limited regulation by the Consob (Commissione Nazionale per le Società e la Borsa);
• Bank Pictet & Cie (Europe) AG, Sucursal en España, is authorised and regulated by the Bundesanstalt für Finanzdienstleistungs-aufsicht (BaFin) and is subject to limited regulation by the Bank of Spain and CNMV (Comisión Nacional del Mercado de Valores);
• Bank Pictet & Cie (Europe) AG, Succursale de Monaco, is authorised and regulated by the Bundesanstalt für Finanzdienst-leistungsaufsicht (BaFin) and is subject to limited regulation by the Commission for the CCAF (Control of Financial Activities). This Document sets forth neither an investment advice under MiFID, nor the results of investment research within the meaning of MiFID. The investor shall only take investment(s) decisions when he fully understands the relevant Investment(s) and the involved risks. Therefore, the investor shall read the brochure "General description of risks pertaining to financial instruments”.

Distributor: Bank Pictet & Cie (Europe) AG, London Branch (“Pictet London Branch”). Pictet London Branch is a branch of Bank Pictet & Cie (Europe) AG. Bank
Pictet & Cie (Europe) AG is a credit institution incorporated in Germany and registered with the Handelsregister, the German Commercial Register under the no. HRB 131080. Its head office is at Neue Mainzer Str. 2-4, 60311 Frankfurt am Main, Germany. Bank Pictet & Cie (Europe) AG is authorised and regulated by the Bundesanstalt für Finanzdienst-leistungsaufsicht, the German Federal Financial Supervisory Authority (BaFIN). Pictet London Branch is registered as a UK establishment with Companies House (establishment number BR016925) and its UK establishment office address is Stratton House, 6th Floor, 5 Stratton Street, London W1J 8LA. Authorised by the Prudential Regulation Authority (PRA) and subject to regulation by the Financial Conduct Authority (FCA) and limited regulation by the Prudential Regulation Authority. Details about the extent of the regulation by the Prudential Regulation Authority are available from Pictet London Branch on request. This Document sets forth neither an investment advice as defined in the Financial Conduct Authority’s Handbook of rules and guidance (the “FCA Handbook”), nor the results of investment research within the meaning of the FCA Handbook. The investor shall only take investment decisions when he fully understands the relevant Investment(s) and the involved risks. Therefore, the investor shall read Appendix 4 of the Terms and Conditions of Pictet London branch: Risk Warnings Relating to Trading in Financial Instruments.

Distributor: Pictet Bank & Trust Limited is licensed and regulated by the Central Bank of The Bahamas and the Securities Commission of The Bahamas. Its registered office is situated at Building 1, Bayside Executive Park, West Bay Street & Blake Road, Nassau, New Providence, The Bahamas. The investor shall only take investment decisions when he fully understands the relevant Investment(s) and the involved risks. Therefore, the investor shall read the brochure "Risk Involved in Trading Financial Instruments” of the Swiss Bankers Association.

Distributor: Banque Pictet & Cie SA Singapore Branch (“BPSA SG Branch”) in Singapore
Banque Pictet & Cie SA is a limited liability company incorporated in Switzerland. Banque Pictet & Cie SA Singapore Branch is registered in Singapore with UEN: T24FC0020C. 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.

Distributor: Banque Pictet & Cie SA, Hong Kong Branch (“Pictet HK Branch”) in Hong Kong. This Document is not directed to, or intended for distribution, publication to or use by, persons that are not “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”). If the addressee does not want Pictet HK Branch to use their personal information for marketing purposes, they can request Pictet HK Branch to stop doing so without incurring any charge to the addressee. To make this request, please contact the Data Protection Officer by email at asia-data-protection@pictet.com or by post to the address of Pictet HK Branch provided below. In distributing an Investment(s) as an agent for a third-party service provider, Pictet HK Branch distributes the Investment(s) for the third-party service provider and the Investment(s) is an Investment(s) of the third-party service provider but not Pictet HK Branch. In respect of an eligible dispute (as defined in the Terms of Reference for the Financial Dispute Resolution Centre in relation to the Financial Dispute Resolution Scheme) arising between Pictet HK Branch and the addressee out of the selling process or processing of the related transaction, Pictet HK Branch is required to enter into a Financial Dispute Resolution Scheme process with the addressee; however, any dispute over the contractual terms of the Investment(s) should be resolved directly between the third-party service provider and the addressee. Pictet HK Branch is a branch of Banque Pictet & Cie SA, a limited liability company incorporated in Switzerland. It is an authorised institution within the meaning of the Banking Ordinance and a registered institution (CE no.: BMG891) under the SFO carrying on Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 (asset management) regulated activities. The registered address of Pictet HK Branch is 9/F., Chater House, 8 Connaught Road Central, Hong Kong.     

Warning: The content of this Document has not been reviewed by any regulatory authority in Hong Kong. Investors are advised to exercise caution in relation to the Investment(s). If the investor is in any doubt about any of the contents of this Document, they should obtain independent professional advice. 

For information about personal data protection, please refer to the Pictet Group’s Privacy Notice available at https://www.pictet.com/privacynotice.