Pictet Wealth Management

This marketing communication (hereinafter the “Document”) may only be read and/or used by its addressee. It is not intended for and must neither be provided to nor used by persons that 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 advice, an offer, an invitation to offer or solicitation to buy, sell or subscribe to any securities, commodities, derivatives, or other financial instruments (collectively referred to as “Investment(s)”) or to enter into any legal relations or agreement, nor does it constitute an 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 types of investors. Detailed selling restrictions of the relevant Investment(s) may apply and need to be considered. 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. The bank may have issued or distributed other reports or documents that are inconsistent with and reach different conclusion from, and may act inconsistently with, the information and/or opinions presented in this Document, and the bank may have material interests that conflict with the interests of the addressee of this Document. Investor should seek independent financial advice regarding the appropriateness of investing in any Investment(s) or adopting any strategies discussed in this Document. Should the investor decide to proceed with any transaction in relation to an Investment(s) referred to herein, this will be their 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. 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, tools and material presented in this Document are provided for information purposes only and were obtained in good faith from sources believed to be reliable. Such information may change without notice. The bank cannot be held liable for any fluctuation of the price of the securities. Prices, values, or returns of any Investment(s) mentioned in this Document are based on the bank’s customary sources of financial data. 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 or 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 negative effect 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 take into account commissions and costs (which negatively impact the performance). The investor must only make investment decisions when they fully understand 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) must 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 Investment(s) documentation including a Swiss Key Information Document or a Key Information Document of a Package Retail and Insurance-based Investment Products (“KIDs”), please note that the 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 must click on the link immediately before confirming to the bank their decision to invest. If the investor has not been provided with a link to access the relevant document, or if they are in any doubt as to what the latest version of the respective KID/other Investment(s) document is, or where it can be found, they can ask their usual bank contact. If the bank is not the manufacturer of the Investment(s), the KID/other documents is/are 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, they acknowledges that they have (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 documents; (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 they may incur in connection with their 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 2025

Banque Pictet & Cie SA, route des Acacias 60, 1211 Geneva 73, Switzerland, is a limited liability company 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.

Bank Pictet & Cie (Europe) AG is a credit institution incorporated under German law with registered office at Neue Mainzer Str. 2-4, 60311 Frankfurt am Main, Germany, authorised and regulated by the Bundesanstalt für Finanzdienstleistungs-aufsicht (BaFin) (German Federal Financial Supervisory Authority), with branches (subject to their local supervisory authority) in the following countries: Luxembourg, France, Italy, Spain, Monaco and the United Kingdom.

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 at Building 1, Bayside Executive Park, West Bay Street & Blake Road, Nassau, New Providence, The Bahamas.

Banque Pictet & Cie SA Singapore Branch (“BPSA SG Branch”) in Singapore 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”). 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.

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. If you do not want Pictet HK Branch to use your personal information for marketing purposes, you can request Pictet HK Branch to stop doing so without incurring any charge to you by contacting the Data Protection Officer by email at asia-data-protection@pictet.com or by post to the registered address of Pictet HK Branch at 9/F., Chater House, 8 Connaught Road Central, Hong Kong.

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