Prospectus - April 2013 - Pictet Funds Hong Kong

www.pictetfunds.hkPictetHong Kong ProspectusApril 2013

PICTETADDENDUM TO THE PROSPECTUS DATED 7 MARCH 2013 ANDINFORMATION FOR HONG KONG INVESTORS DATED 19 APRIL 2013This Addendum should be read in conjunction with and forms a part of the Prospectus dated 7 March 2013(“Prospectus”) and the Information for Hong Kong Investors dated 19 April 2013 (“IHKI”) (together the “HongKong Offering Documents”) in respect of Pictet (the “Fund”) and may only be distributed when accompaniedby the Hong Kong Offering Documents. Capitalised terms used in this Addendum have the meanings given tothem in the Hong Kong Offering Documents (unless otherwise defined herein).1. Change of name and address of Pictet (Asia) Limited as Hong Kong RepresentativeThe name and address of Pictet (Asia) Limited have been changed to Pictet Asset Management (Hong Kong)Limited, now located at 9/F, Chater House, 8 Connaught Road Central, Hong Kong. As a result, the HongKong Offering Documents shall be amended as follows:Amendments to the ProspectusThe contact details of Pictet (Asia) Limited in the sub-section “Managers” under the section “Managementand Administration” shall be deleted in its entirety and be replaced with the following:“Pictet Asset Management (Hong Kong) Limited9/F, Chater House, 8 Connaught Road Central, Hong Kong”The details of Pictet (Asia) Limited under the section “Management and Administration Structure” shall bedeleted in its entirety and be replaced with the following:“Pictet Asset Management (Hong Kong) Limited (“PAM HK”)PAM HK is a Hong Kong-registered company and approved by the Hong Kong Securities and FuturesCommission, authorized as such to trade in securities and standardised futures contracts as well as to provideasset management services. The company is principally engaged in fund management with a focus on Asianand particularly Chinese equity funds. The distribution of the investment funds of the Pictet Group also formspart of its activities. PAM HK also benefits from the cooperation and assistance of other institutionalmanagement entities in the Group that are established in London and Switzerland.”Amendments to the IHKIThe reference to Pictet (Asia) Limited under the section “Hong Kong Representative” shall be replaced with“Pictet Asset Management (Hong Kong) Limited”, now located at 9/F, Chater House, 8 Connaught RoadCentral, Hong Kong.2. Change of delegate of Hong Kong RepresentativeBank Pictet & Cie (Asia) Limited (“BPCAL”) has replaced RBC Investor Services Trust Hong Kong Limited(“RBC”) as delegate of the Hong Kong Representative in performing various dealing and record keepingfunctions.As a result, all references to RBC in the IHKI shall be deleted and be replaced with reference to BPCAL,situated at 10 Marina Boulevard #22-01 Tower 2, Marina Bay Financial Centre, Singapore 0189833. Enhanced disclosures on securities lending agreements and derivative financial instrumentsAmendments to the ProspectusThe following paragraphs shall be inserted under the section “Fund Expenses”, immediately preceding thesub-section “Other expenses”:“The additional revenue from securities lending agreements, minus fees and commissions due to the CustodianBank and/or Pictet & Cie, acting as securities lender for the Fund (hereinafter the “Agent”), with each of theseentities belonging to the Pictet Group in the securities lending programme, shall be payable to the concernedcompartment of the Fund.In addition, the Fund will repay the Agent and the Custodian Bank for all reasonably incurred expenses relatedto the securities lending agreement (including SWIFT fees, teleconferencing fees, fax fees, stamp fees, etc.).”1

The following paragraphs shall be inserted respectively as the 4 th - 7 th and 10 th paragraphs under the subsection“Credit Derivatives” which falls under the section “Investment Restrictions:“When the investment policy of a compartment provides that the latter may invest in total return swaps and/orother derivative financial instruments that display similar characteristics, these investments will be made incompliance with the investment policy of such compartment. Unless the investment policy of a compartmentprovides otherwise, such total return swaps and other derivative financial instruments that display the samecharacteristics may have underliers such as currencies, interest rates, transferable securities, a basket oftransferable securities, indexes, or undertakings for collective investment.The counterparties of the Fund will be leading financial institutions specialised in this type of transaction andsubject to prudential supervision.These counterparties do not have discretionary power over the composition or management of the investmentportfolio of the compartment or over the underlying assets of the derivative financial instruments.The total return swaps and other derivative financial instruments that display the same characteristics shall notconfer to the Fund a right of action against the counterparty in the swap or in the derivative financialinstrument, and any eventual insolvency of the counterparty may make it impossible for the paymentsenvisioned to be received.The rebalancing frequency for an index that is the underlying asset for a financial derivative is determined bythe provider of the index in question. The rebalancing of said index shall not give rise to any costs for the subfundin question.”The section entitled “Lending on securities” shall be deleted in its entirety and be replaced with the following:“Lending on securitiesTo the full extent allowed and within applicable regulatory limits, and in particular pursuant to (i) Article 11 ofthe Grand Ducal Regulation of 8 February 2008 on certain definitions in the amended Law of 20 December2002 on undertakings for collective investment, (ii) CSSF Circular 08/356 containing rules applicable toundertakings for collective investment when certain techniques and instruments on transferable securities andmoney market instruments are used (as amended, completed or replaced) and (iii) the ESMA guidelines onETFs and other points relating to UCITS, any compartment can enter into securities lending agreements toincrease its capital or its revenue or to reduce its costs or risks.The Fund may enter into securities lending agreements only when the counterparty involved meets thefollowing conditions:• the counterparty is subject to prudential supervision rules that the CSSF deems equivalent to thoserequired under European law;• if the counterparty is an entity linked to the Management Company, care should be taken to avoid anyresulting conflicts of interest in order to ensure that the agreements are entered into on normal arm’slength commercial terms; and• the counterparty must be a financial intermediary (such as a banker, a broker, etc.) acting on its ownbehalf.For each securities lending agreement, the Fund must receive a guarantee, the value of which for the full termof the lending agreement must be at least equivalent to 90% of the total valuation (including interests,dividends and any other rights) of the securities loaned to the borrower. However, the Agent shall request aguarantee equivalent to 105% of the market value of the securities loaned, and no discount shall be applied tothat value.The guarantee held on the loaned securities will be either (i) bonds issued or guaranteed by the government orby a regional or local government in a member state of the OECD, or issued or guaranteed by local, regionalor international branches of supranational institutions or organisations that have a rating of at least AA and/or(ii) bonds issued or guaranteed by leading issuers offering adequate liquidity.The market value of the loaned securities and of the guarantee will be reasonably and objectively calculated bythe Agent each banking day (“mark to market”) taking into consideration the market conditions and anysupplementary fees, as applicable. If the guarantee already held seems inadequate in view of the amount tocover, the Agent will ask the borrower to promptly deposit an additional guarantee in the form of securitiesthat meet the criteria listed above. The guarantees received by the Fund as part of the securities lendingagreements shall not be reinvested.Implementation of the above-mentioned securities lending programme should not have any impact on the riskprofile of the concerned compartments of the Fund.”2

The Annex to the Prospectus of all sub-funds of the Fund authorised by the Hong Kong Securities and FuturesCommission (“SFC”) shall be amended by insertion of the following paragraph under the section “Investmentpolicy and objectives”:“The compartment may enter into securities lending agreements in order to increase its capital or its revenueor to reduce its costs or risks.”The Annex to the Prospectus of all sub-funds of the Fund authorised by the SFC shall be amended by insertionof the following paragraph immediately preceding the section “Risk management method”:“As these are securities lending agreements, if the borrower (i.e. the counterparty) of securities loaned by thecompartment defaults on payment, there is a risk of delayed recovery (which may limit the compartment’sability to meet its commitments) or risk of loss of rights on the guarantee held. This risk, however, is mitigatedby the solvency analysis of the borrower performed by the Pictet Group. The securities lending agreements arealso subject to the risk of conflict of interest between the Fund and another entity of the Pictet Group,including the Agent providing services related to the securities lending agreements.”4. Conversion of legal status of Pictet Funds (Mauritius) Limited and Pictet Asian Equities (Mauritius)LimitedFor PICTET– Emerging Markets and PICTET– Asian Equities Ex Japan, the Management Company may decidethat the portion of the compartments’ assets to be invested in India should be invested indirectly through thetwo following companies incorporated in Mauritius:• For PICTET– Emerging Markets, the portion of the sub-fund’s assets to be invested in India should beinvested indirectly through Pictet Funds (Mauritius) Limited (“PFML”), and• For PICTET– Asian Equities Ex Japan Markets, the portion of the sub-fund’s assets to be invested in Indiashould be invested indirectly through Pictet Asian Equities (Mauritius) Limited (“PAEML”).PFML and PAEML are incorporated in Mauritius and are wholly-controlled by the Fund. Following the changeof legal status of PFML and PAEML from “Collective Investment Schemes” and “Expert Funds” intoinvestment holding companies, the sections “Investment through Pictet Funds (Mauritius) Limited” and“Investment through Pictet Asian Equities (Mauritius) Limited” in the Annexes to the Prospectus inrespect of the two aforementioned sub-funds shall be amended as follows:“Investment through Pictet Funds (Mauritius) LimitedThe Management Company may decide that the portion of the compartment’s assets to be invested in Indiashould be invested indirectly through a company incorporated in Mauritius named Pictet Funds (Mauritius)Limited, which is wholly-controlled by the Fund and conducts its advising activity investment and advisoryactivities exclusively for the compartment (hereafter “PFML”) and in particular the advising advisory activitiesconcerning large volume redemptions of the compartment’s shares. Indirect investments are generally coveredby the double taxation agreement (DTA) in existence between India and Mauritius.To this end, the Management Company will use the portion of the compartment’s assets available forinvestment in India to acquire all the PFML shares which will thus be controlled entirely by the Fund. PFMLshares will be issued in registered form only.The exclusive purpose of PFML is to perform investment and advisory activities on behalf of the compartment.The PFML Board of Directors includes:Eric A VenpinJimmy Wong Yuen TienPascal ChauvauxLaurent RamseyChristoph SchweizerThe Board of Directors will at all times include at least two residents of Mauritius and a majority of directorswho are also directors of the Fund.PFML’s advisory activities for the compartment include providing regular information regarding theapplicability of the treaty between India and Mauritius as well as making investment recommendations for theIndian market. PFML also advises in cases of redemptions of the compartment’s shares greater than 20% ofthe net value in order to enable the manager to divest as necessary when faced with large volumes ofredemption requests.The financial statements of PFML will be audited by Deloitte S.A., which is the statutory auditor for the Fund,or by any other statutory auditor established in Mauritius that is an associate of the Fund’s statutory auditor.For the establishment of the compartment’s financial statements and semi-annual and annual reports, PFML’sfinancial results will be consolidated in the financial results of the compartment. Similarly, these reports willcontain a breakdown of the compartment’s portfolio in terms of the underlying securities held by PFML. Inaccordance with the investment restrictions contained in the prospectus, the underlying investments will betaken into consideration as if PFML did not exist.3

PFML was initially incorporated on 3 May 1996 as an “Offshore” limited company under the MauritiusOffshore Business Activities Act 1992. PFML holds a Category 1 Global Business Licence in compliance withthe 2007 Financial Services Act.PFML has been granted a tax residence certificate from the Commissioner of Income Tax in Mauritius.Accordingly, PFML is considered to be resident in Mauritius for tax purposes and may thus benefit from theDTA. However, there is no guarantee that PFML will be able to maintain its tax resident status, and thetermination of this status could result in the loss of tax benefits, thereby affecting the compartment’s net assetvalue per share.PFML operates as a “Collective Investment Scheme” and an “Expert Fund”, and is reserved for "ExpertInvestors" an “investment holding company”.According to Section 78 of the “Securities (Collective Investment Schemes and Closed-end Funds) Regulations2008”, an “Expert Investor” means:(i) An investor who invests on his or her own behalf a minimum initial amount of USD100,000;or(ii) A sophisticated investor as defined in the “Securities Act 2005 (with amendments 2007)”, or any investordefined in a similar manner in any other law.Investors in PFML are not protected by any legal provision of Mauritius in the event of the bankruptcy ofPFML.The Mauritian supervisory commission (“the Mauritius Financial Services Commission”) does not answer forthe solvency of PFML or to the accuracy of any statement or opinion issued in its regard.”“Investment through Pictet Asian Equities (Mauritius) LimitedThe Management Company may decide that the portion of the compartment’s assets to be invested in Indiashould be invested indirectly through a company incorporated in Mauritius named Pictet Asian Equities(Mauritius) Limited, which is wholly controlled by the Fund and conducts its advising advisory activityexclusively for the compartment (hereinafter "“PAEML"”) and in particular the advising investment andadvisory activities concerning large volume redemptions of the compartment’s shares. Indirect investments aregenerally covered by the double taxation agreement (DTA) in existence between India and Mauritius.To this end, the Management Company will use the portion of the compartment’s assets available forinvestment in India to acquire all the PAEML shares which will thus be controlled entirely by the Fund onbehalf of the Pictet – Asian Equities Ex Japan compartment. PAEML shares will be issued in registered formonly.The exclusive purpose of PAEML is to perform investment and advisory activities on behalf of thecompartment. The PAEML Board of Directors includes:Eric A. VenpinJimmy Wong Yuen TienPascal ChauvauxLaurent RamseyChristoph SchweizerThe Board of Directors will at all times include at least two residents of Mauritius and a majority of directorswho are also directors of the Fund.PAEML’s advisory activities for the compartment include providing regular information regarding theapplicability of the treaty between India and Mauritius as well as making investment recommendations for theIndian market. PAEML also advises in cases of redemptions of the compartment’s shares greater than 20% ofthe net value in order to enable the manager to divest as necessary when faced with large volumes ofredemption requests.The financial statements of PAEML will be audited by Deloitte S.A., which is the statutory auditor for the Fund,or by any other statutory auditor established in Mauritius that is an associate of the Fund’s statutory auditor.For the establishment of the compartment’s financial statements and semi-annual and annual reports,PAEML’s financial results will be consolidated in the financial results of the compartment. Similarly, thesereports will contain a breakdown of the compartment’s portfolio in terms of the underlying securities held byPAEML. In accordance with the investment restrictions contained in the prospectus, the underlyinginvestments will be taken into consideration as if PAEML did not exist.PAEML was incorporated on 24 February 2009 in Mauritius in the form of a GBL 1 company and holds aCategory 1 Global Business Licence in compliance with the 2007 Financial Services Act 2007..PAEML has obtained a tax residence certificate from the Commissioner of Income Tax in Mauritius.4

Accordingly, PAEML is considered to be resident in Mauritius for tax purposes and may thus benefit from theDTA. However, there is no guarantee that PAEML will be able to maintain its tax resident status, and thetermination of this status could result in the loss of tax benefits, thereby affecting the compartment’s net assetvalue per share.PAEML operates as a “Collective Investment Scheme” and an “Expert Fund”, and is reserved for “ExpertInvestors”. an “investment holding company”.According to Section 78 of the “Securities (Collective Investment Schemes and Closed-end Funds) Regulations2008”, an “Expert Investor” means:(i) An investor who invests on his or her own behalf a minimum initial amount of USD100,000;or(ii) A sophisticated investor as defined in the “Securities Act 2005 (with amendments 2007)”, or any investordefined in a similar manner in any other law.Investors in PAEML are not protected by any legal provision of Mauritius in the event of the bankruptcy ofPAEML.The Mauritian supervisory commission (“the Mauritius Financial Services Commission”) does not answer forthe solvency of PAEML or to the accuracy of any statement or opinion issued in its regard.”5. Addition of new classes of shares for PICTET – High Dividend SelectionThe following classes of shares of PICTET – High Dividend Selection are now offered to investors in HongKong:• P dm EUR• P dm GBP• P dm SGD• HP dm HKD• HP dm AUD (collectively, the "New Classes of Shares”)Investors should refer to the section headed “Sub-Classes of Shares” in the Prospectus for details of each ofthe New Classes of Shares.In connection with the above, the Hong Kong Offering Documents shall be amended as follows:Amendments to the ProspectusThe share class table in the Annex to the Prospectus for PICTET – High Dividend Selection shall be deleted inits entirety and be replaced with the following:5

“PICTET– HIGH DIVIDEND SELECTIONType of share Activated ISIN code Min. initialinvestmentBasecurrencySubscription andredemptioncurrency **DividenddistributionFees (max %) *Management Service CustodianBankI EUR LU0503633769 1 million EUR EUR-USD – 1.20% 0.45% 0.30%I dy EUR LU0503634064 1 million EUR EUR-USD 1.20% 0.45% 0.30%P EUR LU0503634221 – EUR EUR-USD – 2.40% 0.45% 0.30%P dy EUR LU0503634577 – EUR EUR-USD 2.40% 0.45% 0.30%P dm EUR (2) LU0550966351 – EUR EUR-USD 2.40% 0.45% 0.30%R EUR LU0503634734 – EUR EUR-USD – 2.90% 0.45% 0.30%R dm EUR (2) LU0503635038 – EUR EUR-USD 2.90% 0.45% 0.30%Z EUR LU0650147423 – EUR EUR-USD – 0% 0.45% 0.30%I USD LU0503635111 (1) USD USD – 1.20% 0.45% 0.30%I dm USD (2) LU0953042222 (1) USD USD 1.20% 0.45% 0.30%P USD LU0503635202 – USD USD – 2.40% 0.45% 0.30%P dy USD – LU0503635384 – USD USD 2.40% 0.45% 0.30%P dm USD (2) LU0503635467 – USD USD 2.40% 0.45% 0.30%R USD LU0503635541 – USD USD – 2.90% 0.45% 0.30%R dm USD (2) LU0503635624 – USD USD 2.90% 0.45% 0.30%I dm GBP (2) LU0503635897 (1) GBP GBP 1.20% 0.45% 0.30%P dm GBP (2) LU0503635970 – GBP GBP 2.40% 0.45% 0.30%P SGD LU0592898539 – SGD SGD – 2.40% 0.45% 0.30%P dm SGD (2) LU0592898968 – SGD SGD 2.40% 0.45% 0.30%HP SGD – LU0605342848 – SGD SGD – 2.40% 0.50% 0.30%HP dm SGD (2) – LU0605342921 – SGD SGD 2.40% 0.50% 0.30%I CHF LU0953041414 (1) CHF CHF – 1.20% 0.45% 0.30%I dy CHF LU0503636192 (1) CHF CHF 1.20% 0.45% 0.30%P dy CHF LU0503636275 – CHF CHF 2.40% 0.45% 0.30%P CHF LU0503636358 – CHF CHF – 2.40% 0.45% 0.30%R CHF – LU0503636432 – CHF CHF – 2.90% 0.45% 0.30%HP dm HKD (2) LU0946727160 – HKD HKD 2.40% 0.50% 0.30%HP dm AUD (2) LU0946722799 – AUD AUD 2.40% 0.50% 0.30%* Per year of the average net assets attributable to this type of share.** The conversion costs will be charged to the compartment.(1) EUR 1,000,000 converted to USD, GBP or CHF on the day of the NAV calculation.(2) No tax reporting for the dm sub-class of shares will be provided for German investors.”Amendments to the IHKIThe information provided in the table in relation to the classes of shares of PICTET – High Dividend Selectionavailable in Hong Kong under the section “Issue of shares” shall be deleted in its entirety and be replaced with thefollowing:CompartmentsPICTET – High Dividend SelectionClass of shares available in Hong KongP EURP dy EURP USDP dm USDP dm EURP dm GBPP dm SGDHP dm HKDHP dm AUD6

The fees payable by shareholders of PICTET – High Dividend Selection in respect of the New Classes of Sharesshall be added to the table in Appendix A under “High Dividend Selection”:Class ofsharesSubscription Redemption ConversionFees payableto financialintermediaries and/ordistributorsDilutionLevy 1Commissionpayable tofinancialintermediariesand/ordistributorsDilutionLevy 1Administrativecharges andcommissions tointermediariesDilution Levy 1P dm EURFront-end loadin favour ofintermediariesof no morethan 5% ofNAV per shareMaximum of2% of thevalue of theNAV on theissue priceBack-end load infavour ofintermediaries ofno more than 1%of NAV pershareMaximum of2% of thevalue of theNAV on theredemptionpriceMaximum of 2% ofNAV per shareMaximum of 2%of the value ofthe NAV on theconversion priceP dm GBPFront-end loadin favour ofintermediariesof no morethan 5% ofNAV per shareMaximum of2% of thevalue of theNAV on theissue priceBack-end load infavour ofintermediaries ofno more than 1%of NAV pershareMaximum of2% of thevalue of theNAV on theredemptionpriceMaximum of 2% ofNAV per shareMaximum of 2%of the value ofthe NAV on theconversion priceP dm SGDFront-end loadin favour ofintermediariesof no morethan 5% ofNAV per shareMaximum of2% of thevalue of theNAV on theissue priceBack-end load infavour ofintermediaries ofno more than 1%of NAV pershareMaximum of2% of thevalue of theNAV on theredemptionpriceMaximum of 2% ofNAV per shareMaximum of 2%of the value ofthe NAV on theconversion priceHP dmHKDFront-end loadin favour ofintermediariesof no morethan 5% ofNAV per shareMaximum of2% of thevalue of theNAV on theissue priceBack-end load infavour ofintermediaries ofno more than 1%of NAV pershareMaximum of2% of thevalue of theNAV on theredemptionpriceMaximum of 2% ofNAV per shareMaximum of 2%of the value ofthe NAV on theconversion priceHP dmAUDFront-end loadin favour ofintermediariesof no morethan 5% ofNAV per shareMaximum of2% of thevalue of theNAV on theissue priceBack-end load infavour ofintermediaries ofno more than 1%of NAV pershareMaximum of2% of thevalue of theNAV on theredemptionpriceMaximum of 2% ofNAV per shareMaximum of 2%of the value ofthe NAV on theconversion price1 Dilution levy will only be charged in certain exceptional circumstances which are set out under the sectionentitled “Dilution Levy” in the Prospectus.The ongoing fees payable out of the assets of the Fund in respect of the New Classes of Shares shall be added tothe table in Appendix B under “High Dividend Selection”:Type of shares Currency Management fee*(upto the level statedbelow)Service fee *(up to the level statedbelow)Custodian fee*(upto the level statedbelow)OtherexpensesP dm EURP dm GBPEURGBP2.40%2.40%0.45%0.45%0.30%0.30%Please referto paragraph“OtherP dm SGD SGD 2.40% 0.45% 0.30%expenses”under headerHP dm HKD HKD 2.40% 0.50% 0.30%FundExpenses ofHP dm AUD AUD 2.40% 0.50% 0.30%theProspectus*Per year of the average net assets attributable to this type of share. Please note that the relevant serviceprovider may charge a lower level of fees than otherwise stated above.7

6. Additional disclosures regarding leverage for PICTET – Global Emerging DebtThe following paragraphs shall be inserted into the IHKI under the section “Additional disclosure forPICTET – Global Emerging Debt”.“The expected leverage resulting from the usage of FDIs is 275 % and 120% of the NAV of the compartment,when calculated respectively under the sum of the notional amounts and the commitment approach methodsof calculation.As the compartment may have a net leveraged exposure of over 100% of its NAV, in adverse situations, suchexposure may result in significant or total loss to the compartment.”7. Group RestructuringThe Pictet Group is currently undergoing internal corporate restructuring. As a result, the details of PictetAsset Management S.A., Geneva under the section “Management and Administration Structure” of theProspectus and the second paragraph under the section “Lending on securities” of the IHKI shall be amendedas follows:Amendments to the Prospectus:“Pictet Asset Management S.A., Geneva (“PAM S.A.”)PAM S.A. is a manager specialised in portfolio and fund management for institutional clients. At 31 December2012, PAM S.A. managed approximately CHF 93.47 billion. PAM S.A. is active in quantitative and absolutereturn bond management. It is supported by, and works in close collaboration with, its institutionalmanagement entities based in London and Japan, which are particularly active in the areas of international,European, Japanese, small cap and emerging markets equities. The assets managed by institutional entities ofthe Pictet Group, which includes PAM S.A., exceeded CHF 131 billion at 31 December 2012. PAM S.A. is awholly-owned subsidiary of Pictet & Cie. It is regulated by the Swiss Financial Market Supervisory Authority(FINMA) in Switzerland.”Amendments to the IHKI“Lending on securitiesSecurities lending transactions of the Fund will be carried out on arm’s length basis. Securities lendingtransactions of the Fund are organised through Pictet & Cie, Geneva which is an entity of the Pictet Groupacting as the securities lending agent. Pictet & Cie, Geneva is the final shareholder of the ManagementCompany. The income from the stocklending is allocated 30% to Pictet & Cie, Geneva and 70% to the relevantFund compartment. Details of such transactions are set out in the annual report of the Fund.”**********SFC authorisation is not a recommendation or endorsement of the Fund nor does it guarantee the commercialmerits of the Fund or its performance. It does not mean that the Fund is suitable for all investors nor is it anendorsement of the Fund’s suitability for any particular investor or classes of investors. The SFC does not takeany responsibility as to the accuracy of the statements made or opinion expressed in this document or the HongKong Offering Documents.12 August 20138

PictetSociété d’Investissement à Capital VariableOpen-Ended Investment Company15, avenue J.F. KennedyL-1855 LuxembourgR.C.S. Luxembourg B 38 034This document is important and requires your immediate attention. If you are in any doubt about the contentof this document, you should seek independent professional financial advice.Notice to the Shareholders of the following compartments:PICTET – AgriculturePICTET – Asian Equities Ex JapanPICTET – Clean EnergyPICTET – Digital CommunicationPICTET – Eastern EuropePICTET – Emerging MarketsPICTET – Emerging Markets High DividendPICTET – Environmental Megatrend SelectionPICTET – European Equity SelectionPICTET – Global Emerging DebtPICTET – Global Megatrend SelectionPICTET – High Dividend SelectionPICTET – Japanese Equity SelectionPICTET – Latin American Local Currency DebtPICTET – Premium BrandsPICTET – Russian EquitiesPICTET – SecurityPICTET – TimberPICTET – US Equity Growth SelectionPICTET – Water(collectively, the “Sub-Funds”)Luxembourg, 17 June 2013Re: Group restructuring resulting in the change of intermediate controlling shareholders of key operatorsDear Shareholders,The Board of Directors of Pictet (the “Company”) hereby wishes to inform you that the Pictet Group (the “Group”)will undergo a group restructuring, which is scheduled to take place in several phases starting from June 2013 andexpected to be completed by 1 January 2014 (the “Effective Date”).The Group restructuring will result in a change in the intermediate controlling shareholders of the following keyoperators of the Company:-1. Pictet & Cie (Europe) S.A. (the Custodian Bank)2. Pictet Funds (Europe) S.A. (the Management Company)3. Pictet Asset Management Limited (the Manager to various of the Sub-Funds)4. Pictet Asset Management S.A. (the Sub-Manager to various of the Sub-Funds)5. Pictet Asset Management (Hong Kong) Limited (previously known as Pictet (Asia) Limited) (the Hong KongRepresentative) (collectively referred to as “Key Operators”).I. Background to the Group restructuringThe Group has experienced major growth and internationalisation over the past 20 years, accompanied by rapidlychanging banking regulations worldwide and increased operational complexity, particularly for general partnerships.Under the current structure, Pictet & Cie (owned and managed by eight general partners) acts as both the Group’sSwiss bank and the Group management entity.In light of the wave of new regulations faced by the financial sector aimed at reducing market risks, with focus onthe segregation of activities and responsibilities, the Group has decided to undergo a group restructuring with theultimate aim of (1) creating a separate entity for the Group’s management in the form of a “corporate partnership”under the proposed name of Pictet & Cie Group SCA; and (2) creating a new company under the proposed name of

Pictet Asset Management Holding S.A. to act as the holding company for all institutional asset management entitieswithin the Group.There will be no change in the ownership interest and control of the ultimate controlling shareholders of the Group(i.e. the eight general partners), including the Key Operators, as a result of the Group restructuring.II. Resulting changes in the intermediate controlling shareholders of Key OperatorsUpon completion of the Group restructuring, Pictet & Cie Group SCA will replace Pictet & Cie as the new controllingshareholder of Pictet & Cie (Europe) S.A. (the Custodian Bank).The remaining Key Operators will become (whether directly or indirectly) wholly-owned subsidiaries of Pictet AssetManagement Holding S.A., which will in turn be owned 48% by Pictet (London) Ltd (an existing holding company)and 52% by Pictet & Cie Group SCA.III. No impact to Shareholders of the CompanyThe Group restructuring is not expected to impact on or change the management or operations of the Group orany of its entities (including the Key Operators). All entities within the Group will continue to remain under theconsolidated supervision of the Swiss Financial Market Supervisory Authority FINMA.Furthermore, the Group restructuring is not expected to cause any material adverse impact on the Company or onany of the Sub-Funds. There will be no change in the day-to-day management or investment management of theCompany and the Sub-Funds and the current fees and expenses payable to or borne by the Company and the Sub-Funds will remain unchanged.IV. Update to the Company’s Hong Kong offering documentsThe Company’s Hong Kong offering documents will be updated to reflect the above change, and the updated HongKong offering documents will be uploaded to our website, www.pictetfunds.hk and will be available free of chargeon request from the Hong Kong Representative in due course. The aforementioned website has not been reviewedby the Securities and Futures Commission (SFC).If you have any questions or require any further information regarding the contents of this notice, please contactthe Representative whose business address is 39/F, Edinburgh Tower, the Landmark, 15 Queen’s Road Central, HongKong (telephone: +852 3191 1880; facsimile: +852 3191 1899).The Board of Directors of the Company accept responsibility for the accuracy of the contents of this notice.Yours faithfully,For the Board of Directors,Marie-Claude LangeDirectorPascal ChauvauxDirector

PICTETSociété d’Investissement à Capital VariableOpen-Ended Investment Company15, Avenue J.F. KennedyL-1855 LuxembourgR.C.S. Luxembourg B 38 034This document is important and requires your immediate attention. If you are in any doubt about thecontent of this document, you should seek independent professional financial advice.Notice to the Shareholders of the following compartments:1. PICTET – Agriculture2. PICTET – Asian Equities Ex Japan3. PICTET – Clean Energy4. PICTET – Digital Communication5. PICTET – Eastern Europe6. PICTET – Emerging Markets7. PICTET – Emerging Markets High Dividend8. PICTET – Environmental Megatrend Selection9. PICTET – European Equity Selection10. PICTET – Global Emerging Debt11. PICTET – Global Megatrend Selection12. PICTET – High Dividend Selection13. PICTET – Japanese Equity Selection14. PICTET – Latin American Local Currency Debt15. PICTET – Premium Brands16. PICTET – Russian Equities17. PICTET – Security18. PICTET – Timber19. PICTET – US Equity Growth Selection20. PICTET – Water(Collectively, the “Compartments”)Dear Shareholders,Luxembourg, 8 th May 2013The Board of Directors of Pictet (the "Fund") hereby wishes to notify you of the following upcoming changesto the Fund:A. Change of name and address of Pictet (Asia) Limited (the “Company”) as Hong Kong Representativeof the FundWith effect from the 16 th of May, 2013, the Company’s name will change to Pictet Asset Management (HongKong) Limited (. Such change is initiated in order to align the name with thebusiness objectives and functions of the Company.Moreover, with effect from the 1 st of July, 2013, the address of the Company will change to 9/F, Chater House,8 Connaught Road Central, Hong Kong.B. Change of delegate of Hong Kong RepresentativeRBC Investor Services Trust Hong Kong Limited (“RBC”) is currently appointed by the Company (hereafter the“Hong Kong Representative”) to act as its delegate and to perform various dealing and record keepingfunctions of the Hong Kong Representative as required under the SFC’s Code of Unit Trusts and Mutual Funds.A description of such functions can be found in the Fund’s Information for Hong Kong Investors (as amendedfrom time to time).

With effect from the 1st of July, 2013, these functions will be delegated to Bank Pictet & Cie (Asia) Ltd(“BPCAL”), which will assume the role of RBC as the delegate of the Hong Kong Representative. The Board ofDirectors believes that this change is in the best interest of the Shareholders.BPCAL is situated at 10 Marina Boulevard #22-01 Tower 2, Marina Bay Financial Centre, Singapore 018983. Ithas commenced operations since 2004 under a merchant bank licence issued by the Monetary Authority ofSingapore.The change will not affect the existing dealing arrangements of the Fund or its Compartments. This means thatthe Fund’s current dealing arrangements (e.g. the application, payment, redemption and switching procedures)as currently stated in the Fund’s Hong Kong Offering Documents will continue to apply after the 1 st of July,2013. The deadline for BPCAL to receive orders from Hong Kong (for remittance to the Transfer Agent inLuxembourg) will also be the same as the deadline applicable to RBC.The above changes will have no impact on the current fees and expenses payable to or borne by the Fund.The Fund’s Hong Kong offering documents will be updated to reflect the above changes. The updated HongKong offering documents will be uploaded to our website, www.pictetfunds.hk and will be available free ofcharge on request from the Hong Kong Representative in due course.If you have any questions or require any further information regarding the contents of this notice, pleasecontact the Hong Kong Representative whose business address is 39/F, Edinburgh Tower, the Landmark, 15Queen’s Road Central, Hong Kong (telephone: +852 3191 1880; facsimile: +852 3191 1899).The directors of the Fund accept responsibility for the accuracy of the contents of this notice.Yours faithfully,For the Board of Directors,Marie-Claude LangeDirectorPascal ChauvauxDirector

INFORMATION FOR HONG KONG INVESTORSPictet (the “Fund”)If you are in doubt about the contents of the Prospectus or this document you should consult yourstockbroker, bank manager, accountant, solicitor or other independent financial adviser.This supplement forms part of and should be read in the context of and together with the Prospectusdated 7 March 2013 and as supplemented from time to time (the “Prospectus”). Investors should refer tothe Prospectus for full information and terms defined therein have the same meaning in this documentunless otherwise defined herein.The Board of Directors of the Fund accepts responsibility for the information contained in thisdocument and the Prospectus. To the best of the knowledge and belief of the Board of Directors (whichhas taken all reasonable care to ensure that such is the case) the information contained in thisdocument is in accordance with the facts and does not omit anything likely to affect the import of suchinformation as at the date of this document and the Prospectus.Unless the context otherwise requires and except as varied or otherwise specified in this document, words andexpressions contained herein shall bear the same meaning as in the Prospectus.The Fund is an investment company with variable capital (SICAV) incorporated under the laws of Luxembourgcomprising of a number of compartments with a number of classes of shares in issue. The Fund isincorporated under Luxembourg law in accordance with the provisions of Part 1 of the Luxembourg Law of 17December 2010 governing undertakings for collective investment.Warning: In relation to the compartments as set out in the Prospectus, only the following compartments areauthorised by the Securities and Futures Commission (“SFC”) pursuant to section 104 of the Securities andFutures Ordinance and hence may be offered to public of Hong Kong:1. PICTET – Global Emerging Debt2. PICTET – Latin American Local Currency Debt3. PICTET – European Equity Selection4. PICTET – Emerging Markets5. PICTET – Eastern Europe6. PICTET – Digital Communication7. PICTET – Premium Brands8. PICTET – Water9. PICTET – Asian Equities Ex Japan10. PICTET – Japanese Equity Selection11. PICTET – US Equity Growth Selection12. PICTET – Security13. PICTET – Clean Energy14. PICTET – Russian Equities15. PICTET – Timber16. PICTET – Agriculture17. PICTET – Global Megatrend Selection18. PICTET – Environmental Megatrend Selection19. PICTET – High Dividend Selection20. PICTET – Emerging Markets High Dividend21.Please note that the Prospectus is a global offering document and therefore also contains information on thefollowing compartments which are not authorized by the SFC:1. PICTET – EUR Bonds2. PICTET – USD Government Bonds3. PICTET – Short-Term Money Market CHF4. PICTET – Short-Term Money Market USD5. PICTET – Short-Term Money Market EUR6. PICTET – EUR Corporate Bonds7. PICTET – World Government Bonds8. PICTET – EUR High Yield9. PICTET – EUR Short Mid-Term Bonds10. PICTET – USD Short Mid-Term Bonds11. PICTET – CHF Bonds12. PICTET – EUR Government Bonds13. PICTET – EUR Inflation Linked Bonds14. PICTET – Emerging Local Currency Debt15. PICTET – Asian Local Currency Debt16. PICTET – Global Emerging Currencies17. PICTET – Short-Term Money Market JPY18. PICTET – Sovereign Short-Term Money Market USD3

19. PICTET – Sovereign Short-Term Money Market EUR20. PICTET – US High Yield21. PICTET – EUR Corporate Bonds Ex Financial22. PICTET – EUR Short Term High Yield23. PICTET – Global Bonds Fundamental24. PICTET – Emerging Corporate Bonds25. PICTET – Emerging Local Currency Debt Investment Grade26. PICTET – Small Cap Europe27. PICTET – Europe Index28. PICTET – USA Index29. PICTET – European Sustainable Equities30. PICTET – Japan Index31. PICTET – Pacific Ex Japan Index32. PICTET – Biotech33. PICTET – Indian Equities34. PICTET – Japanese Equity Opportunities35. PICTET – Greater China36. PICTET – Generics37. PICTET – Emerging Markets Index38. PICTET – Euroland Index39. PICTET – US Equity Value Selection40. PICTET – Brazil Index41. PICTET – China Index42. PICTET – India Index43. PICTET – Latam Index44. PICTET – Russia Index45. PICTET – Emerging Markets Sustainable Equities46. PICTET – Quality Global Equities47. PICTET – Quality European Equities48. PICTET – Global Major Players49. PICTET – Piclife50. PICTET – Absolute Return Global Diversified51. PICTET – Absolute Return Global Conservative52. PICTET – Convertible Bonds53. PICTET – Global Flexible Allocation54. PICTET – Multi Asset Global OpportunitiesNo offer shall be made to the public of Hong Kong in respect of the above unauthorized compartments. Theissue of the Prospectus was authorized by the SFC only in relation to the offer of the above SFC-authorizedcompartments to the public of Hong Kong.Intermediaries should take note of this restriction.The SFC authorisation is not a recommendation or endorsement of the Fund nor does it guarantee thecommercial merits of the Fund or its performance. It does not mean the Fund is suitable for all investors nor isit an endorsement of the Fund’s suitability for any particular investor or class of investors. The SFC does nottake any responsibility as to the accuracy of the statements made or opinion expressed in the Prospectus andthis document.Investor Type ProfileThe profile of the investor type of each compartment as provided in the respective Annex to that compartmentin the Prospectus are for reference only. Investors should consider their own specific circumstances, includingwithout limitation, their own risk tolerance level, financial circumstances, investment objective etc, beforemaking any investment decision. If in doubt, investors should consult independent professional financialadvice.Changes to DocumentationDuring such period as the Fund or any compartment remains authorised by the SFC, in accordance with the requirements set outunder the SFC Code on Unit Trusts and Mutual Funds, the Management Company will submit to the SFC for prior approval certainproposed alterations or additions to this document, the Prospectus or the constitutive documents of the Fund, including among otherthings changes to the Fund’s constitutive documents, changes of key service providers to the Fund, changes in investment objectives,policies and restrictions of any compartment, changes in fee structure and dealing and pricing arrangements and any other changesthat may materially prejudice shareholders’ rights or interests. The SFC will determine whether shareholders in Hong Kong shouldbe notified and the period of notice (if any) that should apply before the changes are to take effect.4

Risk Factors and Additional DisclosuresRisk FactorsBefore investing in the Fund, potential investors should consider the risks involved. Investors should reviewthe risks set out in the section headed “Risk factors” and the relevant Annexes of the Prospectus for risksassociated with each compartment, as well as the description of other risks mentioned below. Please refer toAppendix C for the specific risks associated with each compartments.Market riskMarket risk is the risk that the value of an investment will decrease due to moves in market factors. Three ofthe main market factors are equity risk, interest rate risk and currency risk.Equity riskThe equity markets may fluctuate significantly with prices rising and falling sharply, and this will have a directimpact on the compartments’ net asset value (“NAV”). This means that when the equity markets are extremelyvolatile the compartment’s NAV may fluctuate substantially.Interest rate riskThe value of investments in bonds and other debt securities may rise or fall sharply as interest rates fluctuate.As a general rule, the value of fixed-rate instruments will increase when interest rates fall, and fall wheninterest rates increase.Currency riskThe compartments may hold assets denominated in currencies other than its base currency. It may be affectedby changes in exchange rates between the base currency and these other currencies or by changes toexchange control regulations. The conversion of the compartment’s assets from the denominationcurrency into the base currency is part of the compartment’s NAV calculation process. For instance,if the currency in which an asset is denominated appreciates against the compartment’s base currency, itsequivalent value in the base currency will also appreciate. Conversely, a depreciation in the denominationcurrency will result in a fall in the asset’s equivalent value in the base currency.There can be no assurance that transactions executed to hedge against currency risks will be 100% successful.Credit riskThe compartments may invest in instruments subject to credit risk. Bonds or other debt securities involvecredit risk to the issuer which may be evidenced by the issuer's credit rating. Further, the risk of default of acounterparty for a financial derivative instrument (“FDI”) is directly linked to the creditworthiness of thatcounterparty. Securities which are subordinated and/or have a lower credit rating and high-yield instrumentsare generally considered to have a higher credit risk and a greater possibility of default than more highly ratedsecurities. In the occurrence of a credit event (for instance, where any issuer of bonds or other debt securitiesor any counterparty for an FDI experiences financial or economic difficulties, or where the credit rating ofsuch issuer / counterparty or of the securities / instruments is downgraded), the value of the compartment’sinvestment may be adversely affected.Many emerging market countries have accumulated substantial debt service obligations. This may adverselyaffect their ability to service their debts and increase the likelihood of their defaulting on their obligations. Itshould also be noted that investment of any compartment in securities issued by corporations may represent ahigher credit risk than investment in securities issued by governments.Sector riskCompartments that are focusing on a single industry sector may be subject to losses that are more severe thanother diversified portfolios. Also, potential changes to rules and regulations governing a particular industrysector may have an adverse impact on the performance of the relevant compartments.Investors are also reminded of, inter alia, the concentration risks, volatility risks and liquidity risks associatedwith sector funds. Certain industry sector is characterised by significant volatility as evidenced by rapidlychanging market conditions and/or participants, new competitors, new competing products and/orimprovements in existing products.Concentration riskInvestors should note that with regards to compartments which focus on investing in a single sector,geographical area or country, these compartments are highly specialised. Although the compartments’investment portfolios may be diversified in terms of the underlying investments, the relevant compartmentsare likely to be more volatile than a broad-based fund, such as a global equity fund, and they may be moresusceptible to fluctuations in value resulting from adverse conditions in the sectors or countries in which thecompartments invest.5

Use of Financial Derivative InstrumentsInvestors should note that compartments which are included in the list under the section headed “Overview ofRisk Management Policies in relation to Financial Derivatives Instruments” in this document are considered“active” and may invest in FDIs for investment purposes as well as for efficient portfolio management and/orhedging purposes. In addition, other compartments which are not considered “active” may also invest in FDIsfor efficient portfolio management and/or hedging purposes. Investors should refer to the section headed “Useof derivative financial products and instruments” in the Prospectus for further information relating to the typesand use of FDIs.The “active” compartments may use FDIs, such as futures, warrants, options, swaps (including but not limitedto currency swaps, interest rate swaps, total return swaps and credit default swaps), floating rates agreements,forwards (including but not limited to non-deliverable forwards and currency forwards) or credit default swapindices, extensively for investment purposes. These instruments can be used with a view to gain exposure tovarious asset classes (equity, bonds, currencies, commodities) and also to adjusting the exposure of theportfolio in terms of equity market, single equity, interest rate, credit sector or single credit name, currency orvolatility exposure. Save for Pictet - Global Emerging Debt and Pictet - Latin American Local Currency Debtwhich may adopt FDI strategies, the compartments do not implement any specific strategy based on FDIs only.Pictet - Global Emerging Debt and Pictet - Latin American Local Currency Debt may also use derivativesinstruments to create long/short exposure on for instance sectors, equities, currencies, commodities, bonds,the yield curve, interest rate differentials as well as relative currency exposure for investment purposes.These strategies aim to benefit from a move in the relative valuation of 2 different instruments. Byimplementing a long/short strategy, the directionality of the market is generally removed or reduced, whichreduces the volatility of the trade compared to the market volatility. However, adverse market conditions maylead to a significant negative performance should the underlying long asset price move down while theunderlying short exposure moves up.Investors should also note that the types of FDIs into which the compartment(s) may invest can be difficult tovalue and may entail increased market risk. The prices of derivative instruments, including futures and optionsprices, can be highly volatile as their prices can be influenced by, among other things, interest rates, changingsupply and demand relationships, trade, fiscal, monetary and exchange control programs and policies ofgovernments, and national and international political and economic events and policies. In addition,governments from time to time intervene, directly and by regulation, in certain markets, particularly markets incurrencies and interest rate related futures and options. Such intervention is often intended to directlyinfluence prices and may, together with other factors, cause all of such markets to move rapidly in the samedirection because of, among other things, interest rate fluctuations. Further, such investments could exposethe relevant compartment(s) to losses greater than the cost of the FDIs and may increase substantially thecompartment(s)’ volatility. In adverse situation, the compartment(s)’ use of FDIs may become ineffective inefficient portfolio management or hedging and the compartment(s) may suffer significant losses.The use of financial derivative instruments also involves other special risks, including:1. dependence on the ability to predict movements in the prices of securities being hedged andmovements in interest rates;2. imperfect correlation between the price movements of the derivatives and price movements of relatedinvestments / underlying assets;3. the fact that skills needed to use these instruments are different from those needed to select therelevant compartment(s)’ securities;4. the possible absence of a liquid market for any particular instrument at any particular time;5. possible impediments to effective portfolio management or the ability to meet redemptions;6. possible legal risks arising in relation to derivative contract documentation, particularly issues arisingrelating to enforceability of contracts and limitations thereto;7. settlement risk as when dealing with FDIs such as futures, forwards, swaps, warrants, options,contracts for differences, the relevant compartment(s)’ liability may be potentially unlimited until theposition is closed;8. counterparty risk and legal risk when FDIs are conducted over-the-counter. If the counterpartydefaults, this may result in the compartment not being able to enforce the agreement which couldentail the loss of the contract's market value. Non-timely settlements could also lead to the risk of loss.The leverage (if any) which may result from the use of FDIs by the compartments may cause the compartmentsto be more volatile than if leverage was not used. As a result of the above, a compartment investing in FDIscould be exposed to losses that are greater than the original cost of such FDIs.The relevant compartment(s) may invest in certain derivative instruments, which may involve the assumptionof obligations as well as rights and assets. Assets deposited as margin with brokers may not be held insegregated accounts by the brokers and may therefore become available to the creditors of such brokers in theevent of their insolvency or bankruptcy.General description of the use of structured productsInvestors should note that each compartment may invest in structured products for example asset-backedsecurities and mortgage-backed securities. Structured products are synthetic investment instruments specially6

created to meet specific needs that cannot be met from the standardised financial instruments available in themarkets. Structured products can be used as an alternative to a direct investment; as part of the assetallocation process to reduce risk exposure of a portfolio; or to utilise the current market trend. A structuredproduct is generally a pre-packaged investment strategy which is based on derivatives, such as a singlesecurity, a basket of securities, options, indices, commodities, debt issuances and/or foreign currencies, and toa lesser extent, swaps. An investor's investment return and the issuer's payment obligations are contingent on,or highly sensitive to, changes in the value of underlying assets, indices, interest rates or cash flows. It ispossible that adverse movements in underlying asset valuations can lead to a loss of the entire principal of atransaction. Structured products (regardless whether they are principal protected or not) in general are alsoexposed to the credit risk of the issuer.General description of Settlement and counterparty risks associated with over-the-counter (“OTC”)transactionsThe Fund and its compartment(s) may from time to time utilise both exchange-traded and OTC derivatives aspart of its investment policy and for hedging purposes. Some transactions in FDIs by the compartment(s) maybe entered into with counterparties on an off exchange basis, more commonly referred to as over the counter(OTC) transactions. Transactions in OTC derivatives, such as credit derivatives, may involve additional risk asthere is no exchange market on which to close out an open position. OTC transactions also expose the investorto counterparty risk. In the event that the counterparty to the transaction is unable to meet or otherwisedefaults on its obligations (for example due to bankruptcy or other financial difficulties) the relevantcompartment(s) may be exposed to significant losses greater than the cost of the FDIs. In respect of a defaulton a foreign exchange transaction, it is possible that the entire principal of a transaction could be lost in theevent of a counterparty default.Liquidity riskWhen market conditions are unusual or a market is particularly thin the compartment may encounterdifficulties in valuing and/or selling some of its assets, in particular to satisfy large-scale redemption requests.This may restrict the ability for a compartment to sell its investments at the desired time and price.Emerging MarketsEmerging or developing countries are defined as those considered, at the time of investing, as industriallydeveloping countries by the International Monetary Fund, the World Bank, the International FinanceCorporation (IFC) or one of the leading investment banks. They may have relatively unstable governments,economies based on a less diversified industrial base and securities markets that are less mature and / or thattrade a smaller number of securities. Companies in emerging markets may generally be smaller, lessexperienced and more recently organised than many companies in more developed markets. Prices ofsecurities traded in the securities markets of emerging or developing countries tend to be volatile.Furthermore, foreign investors are often subject to restrictions in emerging or developing countries. Theserestrictions may require, among other things, governmental approval prior to making investments orrepatriating income or capital, or may impose limits on the amount or type of securities held by foreigners oron the companies in which the foreigners may invest.The economies of individual emerging countries may differ favourably or unfavourably from developedeconomies in such respects as growth of gross domestic product, rates of inflation, currency depreciation, capitalreinvestment, resource self-sufficiency and balance of payment position and may be based on a substantially lessdiversified industrial base. Further, the economies of developing countries generally are heavily dependent uponinternational trade and, accordingly, have been, and may continue to be, adversely affected by trade barriers,exchange controls, managed adjustments in relative currency values and other protectionist measures imposedor negotiated by the countries with which they trade. These economies also have been, and may continue to be,adversely affected by economic conditions in the countries with which they trade.Investment in emerging markets is subject, among other risks, to legal, political and economic risks, fiscalrisks, volatility (i.e. the prices of securities in which the compartments invest may fluctuate significantly inshort-term periods) and/ or illiquidity risks in the markets of the emerging countries in question, ownership ofsecurities risks, capital repatriation restrictions risks (i.e. restrictions on repatriation of funds from suchcountries), tax and accounting risks. The description of these risk factors are set out in the section headed“Risk factors” under the relevant Annexes of the Prospectus.Investor riskAn investment in the Fund or any of its compartments is not in the nature of a deposit in a bank account and isnot protected by any government, government agency or other guarantee scheme which may be available toprotect the investor. None of the Management Company, the Investment Advisers, the Managers, any serviceprovider to the Fund, any of their respective directors, subsidiaries, affiliates, associates, agents or delegatesguarantee the performance or any future return of any investment in the compartments of the Fund.Substantial redemptions of shares (which are more likely to occur in adverse economic or market conditions)could require the Fund to liquidate investments of the relevant compartment more rapidly than otherwisedesirable in order to raise the necessary cash to fund the redemptions and to achieve a position appropriatelyreflecting the smaller equity base. This could adversely affect the NAV of both shares being redeemed and ofexisting shares.7

The Fund is entitled under certain circumstances specified in the section headed “Suspension of Calculation ofthe Net Asset Value, Subscriptions, Redemptions and Conversions” in the Prospectus to suspend dealings inthe shares. In this event, valuation of the NAV will be suspended, and any affected redemption applicationsand payment of redemption proceeds will be deferred. The risk of decline in NAV of the shares during theperiod up to the redemption of the shares is borne by all the shareholders, the redeeming shareholdersincluded.The Fund may compulsorily redeem all or a portion of the shareholder’s shares in the compartments includingbut not limited to the termination of a compartment, or where the shareholder is a United States person (asdefined in Regulation S of the 1933 United States Securities Act) and the circumstances in which he holds theshare could result in the Fund infringing US law. Such compulsory redemption may create adverse tax and/oreconomic consequences to the shareholder depending on the timing thereof. No person will have anyobligation to reimburse any portion of an investor’s losses upon any termination of the Fund, compulsoryredemption or otherwise.Risk of termination of the FundIn the event of the early termination of any compartments, the compartment would have to distribute to theshareholders their pro rata interest in the assets of the compartment. It is possible that at the time of such saleor distribution, certain investments held by the compartment may be worth less than the initial cost of suchinvestments, resulting in a substantial loss to the shareholders. Moreover, any organisational expenses withregard to the shares that had not yet become fully amortised would be debited against compartment’s capitalat that time.Risk relating to distribution share classesA compartment may at its discretion pay dividends out of capital.Dividends payable (if any) from dy and/or dm distribution shares may be paid out of the capital of acompartment. The payment of dividends out of capital amounts to a return or withdrawal of part of aninvestor’s original investment or from any capital gains attributable to that original investment. Investorsshould be aware that distributions, including distributions involving the payment of dividends out of acompartment’s capital, may result in an immediate reduction in the NAV per distribution share of the relevantcompartment.Risks related to investments in below investment grade securitiesInvestments in debt securities rated below investment grade (and unrated debt securities of similar creditquality) may be subject to greater levels of interest rate risk, credit risk, price volatility and liquidity risk thanhigher-rated securities.Pictet – Global Emerging Debt and Pictet-Latin American Local Currency Debt may invest in securities that arerated investment grade, below investment grade as well as unrated securities of similar credit quality.However, each compartment does not currently intend to invest more than 10% of its NAV in securities issuedor guaranteed by a single country (including its government, a public or local authority of that country) with acredit rating below investment grade. The offering documents of the Fund will be reviewed regularly andupdated as and when necessary.Downgrading RiskThe compartments may invest in debt securities which may be impacted by a downgraded credit rating. Suchan event may decrease the value and liquidity of the security and adversely affect the sub fund’s NAV.Risks related to the European sovereign debt crisisThe compartments may have investment exposure to Europe in the context of the investment objective andstrategy in which the compartments pursue. In light of the current fiscal conditions and concerns over thesovereign debt of certain European countries, such compartments may be subject to an increased amount ofrisks arising from the crisis, which may deteriorate or unfold in various ways, including, but not limited to, theexit of one or more countries from the Eurozone, the default or bankruptcy of a sovereign issuer within theEurozone, or a partial or full break up of the Eurozone and the possibility that the Euro will no longer be avalid trading currency.While the governments of many European countries, the European Commission, the European Central Bank,the International Monetary Fund and other authorities are taking various austerity measures andimplementing reforms to address the current fiscal conditions in Europe, such measures may not have thedesired effect and the conditions in Europe may worsen or spread within and/or outside of Europe, potentiallyaffecting the global financial system and other local economies. This will lead to uncertainty in the futurestability and growth of the European region as well as the global financial markets.Any adverse credit events resulting from the European debt crisis may have a negative impact on theperformance of the compartments (such as default and/or downgrading of the security issued by a sovereignissuer and an increased amount of volatility, liquidity, credit, price and currency risks associated withinvestments in Europe to which the compartments have exposure). In addition, there may also be unintended8

consequences arising from the potential European crisis which may adversely affect the performance andvalue of the compartments. In these circumstances, it is possible that a large number of shareholders coulddecide to submit applications to redeem the shares of the compartments at the same time.Asset allocation riskThe portfolio of some of the compartments may be allocated into different asset classes, and such allocationmay change over time depending on the manager’s view on market opportunities. Therefore, theperformance of the compartment is dependent on the success of the asset allocation employed by thecompartment, and there is no assurance that it will be successful. As such, there is no assurance that theinvestment objectives will be achieved. As a result, this may have an adverse impact on the performance of thecompartment.Investment riskThe investment portfolio of each of the compartments may fall in value and shareholders’ investment in thecompartments may suffer losses.Additional disclosuresAdditional disclosure for PICTET – Global Megatrend Selection (“Global Megatrend Selection”)Investors should note that Global Megatrend Selection will invest in a palette of securities reflectinginvestments in Pictet thematic open-ended compartments of the Fund (the “Thematic Compartments”). TheFund currently offers 9 thematic compartments namely PICTET – Digital Communication, PICTET – Biotech^,PICTET – Premium Brands, PICTET – Water, PICTET – Generics^, PICTET – Security, PICTET – Clean Energy,PICTET – Timber PICTET – Agriculture. Investors should refer to the relevant Annexes to the Prospectus fordetails of these 9 thematic compartments.Global Megatrend Selection aims at replicating, on an equal-weighted basis among the thematic investments,the investments of these compartments by investing in the same securities, reflecting the investments of eachof these Thematic Compartments. The prices of the securities invested by Global Megatrend Selection in therelevant themes may fluctuate from time to time and thus, the weighting of the underlying themes may deviatefrom the equal weighting among the Thematic Compartments. Hence, the weighting of the ThematicCompartments will normally be rebalanced monthly so as to maintain the equal-weighted basis among theThematic Compartments.The Fund may launch new thematic compartments in future, Global Megatrend Selection will invest insecurities invested by the relevant themes. In case if any of the Thematic Compartments is closed, GlobalMegatrend Selection will cease to invest in the theme of such compartment and will continue to invest in thethemes of the remaining Thematic Compartments.Hence, the number of the investment themes that Global Megatrend Selection will invest in will change fromtime to time (i.e. more or less than 9 investment themes).Additional disclosure for PICTET – Environmental Megatrend Selection (“Environmental MegatrendSelection”)Investments of Environmental Megatrend Selection are made in accordance with the compartment’s fourcorresponding open-ended environmental theme compartments:Agriculture: companies operating in the agriculture value chain; this includes the fields of production,processing and supply, as well as the production of agricultural equipment.Clean Energy: companies that contribute to the reduction of carbon emissions and the use of clean energy andincludes companies that are active in the domains of cleaner resources and infrastructures; equipment andtechnologies that reduce carbon emissions; the generation, transmission and distribution of cleaner energyand energy efficiency; and cleaner and more energy-efficient transportation and fuels.Timber: companies whose businesses include financing, planting and managing forests and wooded regionsand/or the processing, producing and distribution of wood for construction and other services and productsderived from wood contained in the silviculture value chain.Water: companies operating in the water sector which include, but are not limited to, water productioncompanies, water conditioning and desalination companies, water suppliers and companies specialising in thetreatment of waste water.Each of the four themes has a strategically fixed portfolio weighting. Currently, the portfolio weighting is atone third for Water, one third for Clean Energy, one sixth for Timber, and one sixth for Agriculture. Theseportfolio weightings may be subject to modification in the future. The four themes will be rebalanced to theirstrategically fixed weighting at the end of each month.^ This compartment is not authorised by the SFC9

The compartment’s investments are concentrated on four environmental themes. These four themes areinvested in the global agriculture, clean energy, timber and water markets. Any fall in the value of one of thesesectors may have an adverse impact on the value of the compartment.Events that can lead to a fall of value of companies we invest in are detailed below.Agriculture: a government’s decision to suddenly decrease the level of subsidies can lower the level ofprofitability of listed agricultural companies which have operations in the country.Clean Energy: decrease in subsidies induced by government’s capital allocation may reduce the growthprospects of alternative energy companies, as 1it can delay the establishment of new power productionfacilities. This could lower the revenues and the returns of listed companies in the respective field.Timber: lumber prices usually decline when the number of new housing in the United States is belowexpectations. Companies with strong exposure to lumber could suffer from a lower expected demand.Water: companies active in markets with regulated water tariffs may suffer from decreasing water tariffs,which would lower the revenues and the returns of listed water operators. Moreover, during the budgetprocess, political forces may put priorities on different projects such as household consumption incentives,transportation infrastructure projects, education. Water infrastructure project may be given a lower priorityand be delayed. The growth outlook of water technology companies will then be reduced.Additional disclosure for PICTET – High Dividend Selection (“High Dividend Selection”)In addition to the investment policy set out in the Prospectus, High Dividend Selection provides exposure tocompanies that distribute high dividend yields. Companies eligible for investment by High Dividend Selectionmust have, at the time of purchase, an annual dividend yield which is higher than that of the average dividendyield of the applicable reference market, or, of at least 3%, whichever is lower. The “reference market” refers tothe sectors of the global equities universe having a market capitalisation above USD 1 billion.Additional disclosure for PICTET – Emerging Markets High DividendThe compartment’s objective is to invest mainly in shares and similar securities (including Americandepositary receipts and global depositary receipts) of companies whose headquarters are located in and/orthat conduct their main activity in emerging countries and for which it is expected that dividends are higher orgreater than those of their reference market (represented by the MSCI Emerging Markets Index).The compartment will not use FDI extensively for investment purposes.Additional disclosure for PICTET – Asian Equities Ex JapanThe compartment uses various selection criteria (e.g. cash flow returns and capacity replacement value) in itsselection of investments, which will be afforded greater or lesser focus depending upon current economicconditions.Additional disclosure for PICTET – Global Emerging DebtThe compartment uses various selection criteria (e.g. credit quality of the issuer and level of liquidity) in itsselection of investments, which will be afforded greater or lesser focus depending upon current economicconditions.Additional disclosure for Distribution sharesDistribution shares (e.g. dy shares) will be entitled to a dividend as decided by the Annual General Meeting.However, in respect of dm shares, whilst there is no guarantee, it is intended that a monthly dividend may bedistributed. Apart from the payment of distribution out of the net investment revenue, the Fund may at itsdiscretion determine such distributions may be paid from capital of the relevant compartment. Investorsshould be aware that distributions, including distributions out of capital, will result in an immediate decreasein the NAV per distribution share of the relevant compartment.Besides, investors should note that the payment of dividends out of capital represents a return or withdrawalof part of the amount they originally invested and/or any capital gains attributable to the original investment.The composition of dividends (i.e. relative amounts paid from net distributable income and capital) for the last12 months can be obtained either through the website www.pictetfunds.hk ★ or from the Hong KongRepresentative on request.The Fund may amend the dividend policy subject to obtaining the SFC’s prior approval and by giving not lessthan one month’s prior notice to Hong Kong shareholders.★ The website has not been reviewed by the SFC.10

Additional disclosure for compartments investing in emerging countriesCompartments which are not restricted to geographical limits on its investments may invest in shares ofcompanies that conduct activities in emerging or developing countries such as, but not limited to, China, Braziland Russia.Where a compartment is permitted to invest in China, the aggregate exposure of the compartment to ChinaA-Shares and China B-Shares will not exceed 10% of its NAV. At least one month’s prior notice will be givento Hong Kong shareholders if any of the compartments intends to invest more than the above-statedpercentage, and the Hong Kong offering documents will be updated accordingly.Additional disclosure for compartments investing in structured productsAlthough each of the compartments may invest in structured products, such investments will not form asubstantial part of each compartment’s portfolio.11

Issue of sharesOnly the following classes of shares listed below will be offered to Hong Kong investors. Other classes whichare not mentioned below are not available to Hong Kong investors.CompartmentsPICTET – Global Emerging DebtPICTET – Latin American Local Currency DebtPICTET – European Equity SelectionPICTET – Emerging MarketsPICTET – Eastern EuropePICTET – Digital CommunicationPICTET – Premium BrandsPICTET – WaterPICTET – Asian Equities Ex JapanPICTET – Japanese Equity SelectionPICTET – US Equity Growth SelectionPICTET – SecurityPICTET – Clean EnergyPICTET – Russian EquitiesPICTET – TimberPICTET – AgriculturePICTET – Global Megatrend SelectionPICTET – Environmental Megatrend SelectionClass of shares available in Hong KongP USDHP EURP dm USDP dm HKDHP dm AUDP USDP EURHP EURP dm USDP dm HKDP EURP USDP EURHP EURP EURP USDP EURP EURP USDHP USDHR USDP EURP USDHP USDP USDP EURHP EURP JPYP EURHP EURP USDHP EURP USDP EURP USDP EURR USDP USDP EURP USDP EURHP EURP EURP USDHP USDP USDP EURHP EURR USDP EURP dy EURP USDP dy USDHP USD12

CompartmentsPICTET – High Dividend SelectionPICTET – Emerging Markets High DividendClass of shares available in Hong KongP EURP dy EURP USDP dm USDP dm USDP dy USDP USDApplication ProcedureHong Kong residents will only be able to purchase shares in the Fund through authorised distributors appointed by the Fund and/orthe Managers (“Authorised Distributors”), who may impose higher minimum subscription requirements and earlier dealing orpayment deadlines than specified below. The list of Authorised Distributors can be obtained from the Hong Kong Representative.Authorised Distributors will act as nominees for investors who wish to invest in the Fund through them. In such event, the nomineewill hold shares in its name for and on behalf of the investors and the nominee will be entered in the register of shareholders as theshareholder.Applications for shares, expressed either in the number of shares or in an amount of money, should be made by an AuthorisedDistributor completing the subscription form (“Subscription Form”). Subscriptions for the issue of shares shall be sent by facsimilefrom the Authorised Distributors to RBC Investor Services Trust Hong Kong Limited (“RBC”).RBC will endeavour to ensure that Subscription Forms received on a Hong Kong banking day from the Authorised Distributors(excluding Saturdays and Sundays) and, if duly completed, will be forwarded to the Funds’ Transfer Agent or another authorisedservice providers of the Fund, in Luxembourg on the same day provided that the application forms are received by RBC at or beforethe deadline specified in the table below on a Hong Kong banking day (excluding Saturdays and Sundays):-Deadline for the remittance of orders to theTransfer Agent in Luxembourg as set out in therelevant Annexes to the ProspectusBy 1 p.m. Luxembourg timeBy 3 p.m. Luxembourg timeCorresponding deadline for RBC in receiving therelevant orders in Hong KongAt or before 5 p.m. Hong Kong timeApplications received after the relevant time specified above or on a day that is not a Hong Kong banking day,will be forwarded to the Fund’s Transfer Agent or another authorised service providers of the Fund on thenext Hong Kong banking day. All applications are subject to acceptance by the Transfer Agent in Luxembourg.Investors should complete subscription forms as required by the relevant Authorised Distributor and submitthe completed subscription form to such Authorised Distributor. Investors may be required to submit theirapplications and subscription monies to the relevant Authorised Distributor by an earlier cut-off time (inaccordance with such Authorised Distributor's procedures) in order for RBC to receive the completedSubscription Form by the deadline specified in the table above. Investors should contact the relevantAuthorised Distributor(s) for details.The original of any Subscription Form sent by facsimile should be forwarded by the Authorised Distributor toRBC. Authorised Distributors are reminded that if they choose to send the Subscription Form or otherdocuments by facsimile, they bear the risk of the Subscription Form and other documents not being received.Authorised Distributors should therefore confirm with RBC safe receipt of the Subscription Form and/or otherdocuments sent by facsimile. None of the Hong Kong Representative, RBC, the Transfer Agent or theAuthorized Distributor will be responsible for any loss resulting from non-receipt of any application sent byfacsimile.If a subscription application is rejected by RBC, it may at the risk of the applicant, return application moneys orthe balance thereof by wire transfer at the cost of the applicant. For avoidance of doubt, no interest will bepayable on such amounts prior to their return to such persons.Payment ProcedureInvestors who subscribe to the Fund through an Authorised Distributor must check payment details with the relevant AuthorisedDistributor.All subscription payments to the authorised service providers of the Fund should be made by wire transfer in accordance with theinstructions on the Subscription Form. Subscription payments must be received by the settlement date as defined in the Prospectus.Any costs of transferring subscription monies to the Fund will be payable by the investor. Settlement is due immediately if thesubscription monies are not paid by the settlement date, and the Transfer Agent has the right to claim the same from the relevantinvestor.13

If payment in full has not been received by the settlement date as defined in the Prospectus of the Fund, thesubscription may be cancelled and any allotment or transfer of shares made on the basis thereof cancelled, or,alternatively, the Managers may treat the application as an application for such number of shares as may bepurchased or subscribed with such payment. The Fund’s Transfer Agent reserves the right, in the event ofnon-receipt of payment by the due date and cancellation of a subscription, to charge the applicant for lossesaccruing.Investors should check with the relevant Authorised Distributor whether it will make arrangements for thosewho do not wish to pay for shares in other major currencies not specified on the Subscription Form and theterms and conditions for such arrangements. Any such currency transaction will be effected at the investor’srisk and cost.No money should be paid to any intermediary in Hong Kong who is not licensed or registered to carryon Type 1 (dealing in securities) regulated activity under Part V of the Hong Kong Securities andFutures Ordinance or a person who does not fall within the statutory or other applicable exemptionfrom the requirement to be licensed or registered to carry on Type 1 (dealing in securities) regulatedactivity under Part V of the SFO.Redemption of sharesIf an investor wishes to redeem the whole or any part of his holdings, he/she should submit a redemptionrequest to the Authorised Distributor with whom he/she is invested.Redemption requests, expressed either in a number of shares or in an amount of money, should be submittedby the Authorised Distributor to RBC on the Redemption Form attached hereto sent by facsimile. None of theHong Kong Representative, RBC, the Transfer Agent or the Authorised Distributor shall be responsible to ashareholder for any loss resulting from non-receipt of any redemption request sent by facsimile.RBC will endeavour to ensure that Redemption Forms received on a Hong Kong banking day (excludingSaturdays and Sundays) and, if duly completed, will be forwarded to the Fund’s Transfer Agent, inLuxembourg on the same day provided that the Redemption Forms are received by RBC on or before thedeadline specified in the table under the section headed “Application Procedure” above on a Hong Kongbanking day. Redemption requests received after the relevant deadline or on a day that is not a Hong Kongbanking day, will be forwarded by RBC to the Fund’s Transfer Agent on the next Hong Kong banking day. Allredemptions are subject to acceptance by the Fund’s Transfer Agent in Luxembourg.All applications for redemption received by RBC and then forwarded by the latter to the Fund’s TransferAgent will be considered as binding and irrevocable.Each Authorised Distributor may impose different deadlines before which redemption requests must bereceived for shareholders who deal through such Authorised Distributors. Any redemption request madethrough an Authorised Distributor for redemption should be delivered to that Authorised Distributor incompliance with such dealing deadlines.The redemption proceed will be paid within a maximum of four Luxembourg banking days of the date onwhich the net value of assets was determined as set out in the relevant Annexes to the Prospectus.Switching of sharesWithin the limits defined in the “Sub-Classes of shares” section in the Prospectus, shareholders may switchbetween compartments or sub-classes.If an investor wishes to switch the whole or any part of his holdings, he/she should submit a switching requestto the Authorised Distributor with whom he/she is invested.Switching requests, express only in the number of shares, should be submitted by the Authorised Distributorto RBC on the Switching Form attached hereto sent by facsimile. None of the Hong Kong Representative, RBC,the Transfer Agent or the Authorised Distributor shall be responsible to a shareholder for any loss resultingfrom non-receipt of any switching request sent by facsimile.Each Authorised Distributor may impose different deadlines before which switching requests must be receivedfor shareholders who deal through such Authorised Distributors. Any switching request made through anAuthorised Distributor for switching should be delivered to that Authorised Distributor in compliance withsuch dealing deadlines.Hong Kong RepresentativeThe Hong Kong Representative of the Fund is Pictet (Asia) Limited. Its business address is at 39/F, EdinburghTower, the Landmark, 15 Queen’s Road Central, Hong Kong. Pursuant to the Hong Kong RepresentativeAgreement dated 15 June 2007 (the “Hong Kong Representative Agreement”) and the delegation agreementdated 5 July 2007, the Hong Kong Representative has delegated certain functions to RBC, whose businessaddress is at 51st Floor, Central Plaza, 18 Harbour Road, Wanchai, Hong Kong. The Representative has beenappointed by the Fund and the Management Company to represent them in Hong Kong.14

Pursuant to the Hong Kong Representative Agreement, the Hong Kong Representative is authorised to receiverequests from Hong Kong residents for subscription for shares in the Fund and to receive requests fromshareholders in Hong Kong for the conversion or redemption of their shares. The Hong Kong Representativehas, however, no authority to agree, on behalf of the Fund, that requests will be accepted.Hong Kong investors may contact the compliance officer at the Hong Kong Representative if they have anycomplaints or enquiries in respect of the Fund and its compartments. Depending on the subject matter of thecomplaints or enquiries, these will be dealt with either by the Hong Kong Representative directly, or referredto the Management Company / relevant parties for further handling. The Hong Kong Representative willrevert and address the investor’s complaints and enquiries as soon as practicable.Fees and ExpensesShareholders’ consent will be required and an extraordinary general meeting will be convened if there is anyincrease beyond the maximum level of the fees payable to the Management Company, Managers, theCustodian Bank or the Transfer Agent as prescribed in this document.Investors should refer to Appendix A of this Information for Hong Kong Investors for fees payable by theshareholders, and to Annexes of the Prospectus and Appendix B of this document for details of fees andexpenses payable by the Fund for each class of shares within each compartment. Investors should also refer tothe section headed “Fund Expenses” in the Prospectus.Expenses arising out of any advertising or promotional activities in connection with the Fund will not be paidout of the Fund for so long as the Fund and the compartments are authorised in Hong Kong.Publication of PricesThe relevant NAV per share may be obtained at the office of the Hong Kong Representative and shall bepublished daily in both the South China Morning Post and the Hong Kong Economic Times. The NAV pershare will not, however, be current at the time of publication as the compartments operate on a forwardpricing basis.SuspensionThe calculation of the NAV, and the issue, redemption and conversion of the shares of one or morecompartments may be suspended in the situations set out in the section headed “Suspension of Calculation ofthe Net Asset Value, Subscriptions, Redemptions and Conversions” in the Prospectus.Any temporary suspension of dealing in shares of any compartments shall be notified to the SFC immediatelyand, where possible, all reasonable steps will be taken to bring any period of temporary suspension to an endas soon as possible. Notice will also be published in the South China Morning Post and the Hong KongEconomic Times and/or distributed to the Authorised Distributors , who in turn will inform the shareholders ofthe relevant compartments as soon as possible and at least once a month during the period of such suspension.Lending on securitiesShould the Fund engage in securities lending transactions, all incremental income accruing from securities willbe shared between the relevant Fund’s compartment and the lender/custodian.Securities lending transactions of the Fund will be carried out on arm’s length basis. Securities lendingtransactions of the Fund are organised through Pictet & Cie, Geneva acting as the securities lending agent.Pictet & Cie, Geneva is the final shareholder of the Management Company. The income from the stocklendingis allocated 30% to Pictet & Cie, Geneva and 70% to the relevant Fund compartment. Details of suchtransactions are set out in the annual report of the Fund.The Fund will seek to appoint a recognised clearing institution or a first class financial institution ascounterparties, as defined by the CSSF circular 08/356.Repurchase and reverse repurchase agreements / Purchase / sale of securities under repurchaseagreementsThe Fund shall not engage in repurchase transactions beyond the limit of the aggregate value of the assets inthe relevant Fund compartment.Should the Fund engage in repurchase and reverse repurchase agreements or purchase / sale of securitiesunder repurchase agreements, all incremental income generated from such transactions will be accrued to theFund.The Fund will seek to appoint counterparties by way of a quality control process operated by the Pictet GenevaCorrespondent Banking Network Management department. Factors that will be considered in this processinclude:• Solvency of the counterparty;• Reputation of the counterparty on the market based on reliable information;15

• Quality of the counterparty’s research and execution;• Quality of the counterparty’s operations and back office system; and• Capacity of the counterparty to gather securities and transactions.Counterparties will usually be large banks with an AA credit rating. Additionally, the list of authorisedcounterparties will be reviewed on a yearly basis.The form and nature of the collaterals received by the Fund within the framework of the OTC repurchasetransactions include:• Transactions with external counterparties: -a) The Fund acts as cash taker: the Fund delivers any bond being held in the portfolio (which should beaccepted by the relevant counterparty and correspond to the investment policy of the Fund) ascollateral;b) The Fund acts as cash provider: the Fund receives any bond proposed by the relevant counterparty(which should be accepted by the Manager and correspond to the investment policy of the Fund) ascollateral.• Transactions with Pictet & Cie Geneva as the counterparty: -a) The Fund acts as cash taker: the Fund delivers any bond being held in the portfolio (which should beaccepted by Pictet & Cie, Geneva and correspond to the investment policy of the Fund) as collateral;b) The Fund acts as cash provider: the Fund receives any bond proposed by Pictet & Cie, Geneva (whichshould be accepted by the Manager and correspond to the investment policy of the Fund) as collateral.Subject to changes, Pictet & Cie, Geneva will propose bonds which are being held in its books with aminimum quality of A+ as per S&P Long Term rules.Reports and AccountsThe Fund’s business year ends on 30 September in each year. The annual report and audited accounts of theFund will be made available to shareholders as soon as practicable through the website www.pictetfunds.hk ★and in any event not more than four months after the conclusion of each business year. In addition, asemi-annual report and unaudited accounts will be made available to shareholders through the websitewww.pictetfunds.hk ★ within two months after the end of each reference period.When the annual report and audited accounts, and the semi-annual report and unaudited accounts arefinalised, shareholders will be notified with details as to where they can access them. The reports will bepublished in English only and hard copies will be available free of charge upon request at the registered officeof the Hong Kong Representative which is located at 39/F, Edinburgh Tower, the Landmark, 15 Queen’s RoadCentral, Hong Kong (telephone: +852 3191 1880; facsimile: +852 3191 1899).Hong Kong TaxationUnder current Hong Kong law and for so long as the Fund maintains its authorisation under Section 104 of theSecurities and Futures Ordinance (or any other relevant legislation to be enacted from time to time), the Fundwill not pay tax on profits attributable to the Fund.Shareholders resident in Hong Kong will not be subject to any Hong Kong tax on distributions paid by theFund from the compartments or on capital gains realised on the redemption of any shares unless theacquisition, redemption or conversion of shares is or forms part of a trade, profession or business carried onin Hong Kong.Shares in the Fund will not attract Hong Kong estate duty.Since the Fund has no Register of shareholders in Hong Kong, no Hong Kong stamp duty is payable in respectof transactions in the shares.Shareholders and potential investors are advised to consult their professional advisors concerningpossible taxation or other consequences of purchasing, holding, selling or otherwise disposing of theshares under the laws of their country of incorporation, establishment, citizenship, residence ordomicile.As is the case with any investment, there can be no guarantee that the tax position or proposed tax position atthe time of an investment in the Fund or a compartment will endure indefinitely.★ The website has not been reviewed by the SFC.16

Transactions with Connected Persons and Soft CommissionsCash forming part of the property of the Fund may be placed as deposits with the Custodian, the ManagementCompany, the Managers, the Investment Advisers or with any connected persons of these companies (beingan institution licensed to accept deposits) as long as that institution pays interest thereon at no lower rate thanis, in accordance with normal banking practice, the commercial rate for deposits of the size of the deposit inquestion negotiated at arm’s length.Money can be borrowed from the Custodian, the Management Company, the Managers, the InvestmentAdvisers or any of their connected persons (being a bank) so long as that bank charges interest at no higherrate, and any fee for arranging or terminating the loan is of no greater amount than is in accordance withnormal banking practice, the commercial rate for a loan of the size and nature of the loan in questionnegotiated at arm’s length.Any transactions between the Fund and the Management Company, the Managers, the Investment Advisers orany of their connected persons as principal may only be made with the prior written consent of the Custodian.All transactions carried out or on behalf of the Fund must be at arm’s length and executed on the best availableterms. Transactions with persons connected to the Management Company, the Manager or the InvestmentAdviser may not account for more than 50% of the Fund’s transactions in value in any one financial year of theFund.The Management Company, the Manager, the Investment Adviser or any of their connected persons will notreceive cash or other rebates from brokers or dealers in respect of transactions for the Fund.Soft commissions in the form of the provision of goods or services by brokers are permitted if such goods orservices are of demonstrable benefit to the Fund. For the avoidance of doubt, examples of goods and serviceswhich are not permitted include travel, accommodation, entertainment, general administrative goods orservices, general office equipment or premises, membership fees, employee salaries or direct money payments.The Management Company, the Managers, the Investment Advisors and any of their connected persons (asdefined in the SFC Code on Unit Trusts and Mutual Funds) shall not retain the benefit of any cash commissionrebate paid or payable from brokers or dealers in respect of any business placed for or on behalf of the Fund.Any such cash commission rebate received from any such brokers or dealers shall be for the account of theFund. Details of any such commissions will be disclosed in the annual and semi-annual report and accounts ofthe Fund. The execution of transactions will be consistent with best execution standards and brokerage rateswill not be in excess of customary institutional full-service brokerage rates.UCITS IVAs part of the Fund’s adoption of UCITS IV, the Directors appointed Pictet Funds (Europe) S.A. to act as themanagement company of the Fund pursuant to the Management Company agreement between the Fund andPictet Funds (Europe) S.A. as may be amended from time to time. Pictet Funds (Europe) S.A. was incorporatedon 14 June 1995 for an unlimited period. Its registered office is at 15 Avenue J.F. Kennedy, L-1855Luxembourg.In addition, for so long as the Fund remains authorised by the SFC in Hong Kong and except with the priorSFC’s approval, the Management Company will delegate the investment management functions in respect ofthe compartments of the Fund authorised by the SFC to the Managers specified below.Management ActivityWith the exception of PICTET – US Equity Growth Selection, the Management Company has delegated theinvestment management functions of the SFC-authorised compartments to Pictet Asset Management Ltd,which has in turn sub-delegated the investment management functions of various compartments as set outbelow to Pictet Asset Management S.A (as sub-manager).For PICTET – US Equity Growth Selection, the Management Company has delegated the investmentmanagement functions of the compartment to Waddell & Reed Investment Management Company.For the purposes of the Fund’s Hong Kong offering documents, any reference to the “Manager” should beinterpreted, when appropriate, as also referring to the sub-manager(s).17

ManagerPictet Asset Management LtdPictet Asset Management Ltd (Manager)With delegated investment management functions to:Pictet Asset Management S.A. (sub-manager)Waddell & Reed Investment Management CompanyCompartmentsPICTET – Asian Equities Ex JapanPICTET – Eastern EuropePICTET – Emerging MarketsPICTET – Global Emerging DebtPICTET – Japanese Equity SelectionPICTET – Latin American Local Currency DebtPICTET – Russian EquitiesPICTET – Emerging Markets High DividendPICTET – AgriculturePICTET – Clean EnergyPICTET – Environmental Megatrend SelectionPICTET – Global Megatrend SelectionPICTET – High Dividend SelectionPICTET – Premium BrandsPICTET – SecurityPICTET – Digital CommunicationPICTET – TimberPICTET – WaterPICTET – European Equity SelectionPICTET – US Equity Growth SelectionOverview of Risk Management Policies in relation to Financial Derivative Instruments(i)(ii)18The Management Company has a Risk Management unit composed of experienced and skilled staff,which oversees the operational risk of parties involved in the valuation of the fund shares based on duediligences and periodic reports from the operational units.Through the Investment Controlling unit at FundPartner Solutions (Europe) S.A., the ManagementCompany also controls - in a way consistent with the NAV frequency - the validity of the investments interms of the Prospectus and applicable laws and reports any breach in regard to those.(iii) Financial risks are reviewed regularly by the risk managers based on the data available for the NAVcalculations and additional data from other data providers. According to the nature of the fundinvestments the following risks are further investigated:• Credit risk for fixed income securities where the sensitivity to changes in the term structure isanalysed.• Market risk including geographical, sector risk and market risks in derivatives.• Currency risk through analysis of foreign currency exposures.• Counterparty risk for OTC products and all other securities involving such risk.• Depending upon the availability of market information, liquidity risk assessing the ability of the fundto liquidate its assets in good conditions.At the investment manager level, the risk is also checked within the Asset Management team first, thenindependently by the Risk Control team. A third layer of control is done at the Management Company level.The following compartments are considered as “active”, which means that they may use FDIs for investmentpurposes:1. PICTET – Global Emerging Debt2. PICTET – Latin American Local Currency Debt3. PICTET – Emerging Markets4. PICTET – Water5. PICTET – Asian Equities Ex Japan6. PICTET – Russian Equities7. PICTET – Timber8. PICTET – Agriculture9. PICTET – Global Megatrend Selection

10. PICTET – Environmental Megatrend Selection11. PICTET – High Dividend Selection12. PICTET – Emerging Markets High DividendThe use of FDIs may have leverage effect. Investors should note that the leverage of all “active” compartmentsas stated in the Prospectus and respective KFSs will be higher than expected in situations such as where theManagers decide to use FDIs to take an active exposure or to expose the compartment to the market beforeproceeding with equities or bonds investment or during times of heightened market uncertainty where theManagers may deem it appropriate to increase the compartment’s use of FDIs in order to manage risk withinthe portfolio.With the exception of PICTET – Global Emerging Debt and PICTET – Latin American Local Currency Debt, the“active” compartments as identified above will not use FDIs extensively for investment purposes.The Risk Management unit of the Management Company uses other quantitative measures such as theValue-at-Risk (VaR) of the portfolio, coupled with ad hoc stress tests and regular back test programs in orderto validate the VaR model.The current VaR model is based on one-month time horizon and at the confidence level of 99%. Compartmentsadopting relative VaR model are provided in the table below. The relative VaR level of these compartmentscannot exceed twice that of the relevant benchmark portfolio as provided in the table. For compartmentsadopting absolute VaR model (including Pictet - Global Emerging Debt and Pictet - Latin American LocalCurrency Debt), the VaR level would be limited to 20% of the NAV of the compartment concerned.Compartments that adopt relative VaR modelPICTET – AgriculturePICTET – Asian Equities Ex JapanPICTET – Clean EnergyPICTET – Digital CommunicationBenchmark PortfolioMSCI WorldMSCI AC Asia Ex JapanMSCI WorldMSCI WorldPICTET – Eastern Europe MSCI Emerging Markets Europe 10/40PICTET – Emerging MarketsPICTET – Emerging Markets High DividendPICTET – Environmental Megatrend SelectionPICTET – European Equity SelectionPICTET – Global Megatrend SelectionPICTET – High Dividend SelectionPICTET – Japanese Equity SelectionPICTET – Premium BrandsMSCI Emerging MarketsMSCI Emerging MarketsMSCI WorldMSCI AC EuropeMSCI WorldMSCI WorldMSCI JapanMSCI WorldPICTET – Russian Equities MSCI Russia 10/40PICTET – SecurityPICTET – TimberPICTET – US Equity Growth SelectionPICTET – WaterMSCI WorldMSCI WorldRussell 1000 GrowthMSCI WorldPractically, the Risk Management unit of the Management Company monitors the VaR figures on a daily basisin regard to the various limits required by the local circular (CSSF 11/512) and performs further in-depthanalysis should any limit be exceeded.The quantitative results of exposure coming from the calculation engines system are compared to the variouslimits set out for the funds (either relative or absolute) and any breach is further investigated and passed out tothe fund manager and the day-to-day managers of the Management Company for action.Monthly ad hoc stress tests are run, depending on the nature of each compartment investments, in order toassess the impacts of low-probability events on each compartment. The results of these stress tests scenariosare reported to the day-to-day managers of the fund.Finally, in order to validate the VaR model used, back test programs are run on a quarterly basis and theresults are also reported to day-to-day managers of the fund.There is no specific leverage limit in relation to the use of FDIs for a compartment.19

The Fund will also comply with such conditions or requirements as may be imposed by the SFC from time totime. Prior approval will be sought from the SFC and the Fund will provide prior notification of one month (orsuch other notice period required by the SFC) to affected investors if the Fund intends to change theinvestment objectives, policies and/or restrictions applicable to the Fund in future. The Fund’s Hong Kongoffering documents will be updated as appropriate if there are any such changes.Key Investor Information DocumentInvestors should note that in accordance with the requirements under UCITS IV, a Key Investor InformationDocument (“KIID”) is available for each of the share classes of the Fund. The KIIDs are available on requestfrom the registered office of the Fund. The KIIDs must be read together with this Information for Hong KongInvestors.The KIIDs contain key information about the compartments of the Fund. Investors are reminded thatinvestment involves risks. The KIIDs are not intended to be, and shall not in any event be interpreted as, anoffering document of the Fund. Investors should read the latest Prospectus and this document before makingany investment decision.Legal AdvisorsThe legal advisor to the Fund in Hong Kong is Deacons of 5th Floor, Alexandra House, 18 Chater Road,Central, Hong Kong.Documents available for inspectionFor as long as the Fund maintains its authorisation with the SFC under Section 104 of the Securities andFutures Ordinance, copies of the following documents in relation to the Fund may be inspected free of chargeat the offices of the Hong Kong Representative at the address given above, during normal business hours onany Hong Kong banking day:-1. The Articles of Association of the Fund;2. The latest annual report and the latest semi-annual report if more recent than the former;3. The Management Company agreement between the Fund and the Management Company;4. The Custodian agreement concluded between Pictet & Cie (Europe) S.A. and the Fund;5. The risk management policies package; and6. The Hong Kong Representative Agreement.This document is dated 19 April 201320

APPENDIX AFees Payable by shareholdersName ofcompartments andtype of shareClass ofsharesSubscription Redemption ConversionFees payable tofinancialintermediaries and/ordistributorsDilution Levy 1Commission payable tofinancial intermediariesand/or distributorsDilution Levy 1Administrative chargesand commissions tointermediariesDilution Levy 1Global EmergingDebtP USDFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceHP EURFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceP dmUSDFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceP dmHKDFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceHP dmAUDFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionprice1 Dilution levy will only be charged in certain exceptional circumstances which are set out under the section entitled “Dilution Levy” in the Prospectus.21

Name ofcompartments andtype of shareClass ofsharesSubscription Redemption ConversionFees payable tofinancialintermediaries and/ordistributorsDilution Levy 1Commission payable tofinancial intermediariesand/or distributorsDilution Levy 1Administrative chargesand commissions tointermediariesDilution Levy 1Latin American LocalCurrency DebtP USDFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceP EURFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceHP EURFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceP dmUSDFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceP dmHKDFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceEuropean EquitySelectionPEURFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionprice1 Dilution levy will only be charged in certain exceptional circumstances which are set out under the section entitled “Dilution Levy” in the Prospectus.22

Name ofcompartments andtype of shareClass ofsharesSubscription Redemption ConversionFees payable tofinancialintermediaries and/ordistributorsDilution Levy 1Commission payable tofinancial intermediariesand/or distributorsDilution Levy 1Administrative chargesand commissions tointermediariesDilution Levy 1Emerging MarketsP USDFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceP EURFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceHP EURFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceEastern EuropeP EURFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceDigitalCommunicationP USDFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceP EURFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionprice1 Dilution levy will only be charged in certain exceptional circumstances which are set out under the section entitled “Dilution Levy” in the Prospectus.23

Name ofcompartments andtype of sharePremium BrandsWaterClass ofsharesSubscription Redemption ConversionFees payable tofinancialintermediaries and/ordistributorsP EUR Front-end load in favourof intermediaries of nomore than 5% of NAVper sharePUSD Front-end load in favourof intermediaries of nomore than 5% of NAVper shareHP USD Front-end load in favourof intermediaries of nomore than 5% of NAVper shareHR USD Front-end load in favourof intermediaries of nomore than 5% of NAVper shareP EURP USDHP USDFront-end load in favourof intermediaries of nomore than 5% of NAVper shareFront-end load in favourof intermediaries of nomore than 5% of NAVper shareFront-end load in favourof intermediaries of nomore than 5% of NAVper shareDilution Levy 1Maximum of 2% ofthe value of the NAVon the issue priceMaximum of 2% ofthe value of the NAVon the issue priceMaximum of 2% ofthe value of the NAVon the issue priceMaximum of 2% ofthe value of the NAVon the issue priceMaximum of 2% ofthe value of the NAVon the issue priceMaximum of 2% ofthe value of the NAVon the issue priceMaximum of 2% ofthe value of the NAVon the issue priceCommission payable tofinancial intermediariesand/or distributorsBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareBack-end load in favour ofintermediaries of no morethan 3% of NAV per shareBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareDilution Levy 1Maximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% ofthe value of the NAVon the redemptionpriceAdministrative chargesand commissions tointermediariesMaximum of 2% of NAVper shareMaximum of 2% of NAVper shareMaximum of 2% of NAVper shareMaximum of 2% of NAVper shareMaximum of 2% of NAVper shareMaximum of 2% of NAVper shareMaximum of 2% of NAVper shareDilution Levy 1Maximum of 2% ofthe value of the NAVon the conversionpriceMaximum of 2% ofthe value of the NAVon the conversionpriceMaximum of 2% ofthe value of the NAVon the conversionpriceMaximum of 2% ofthe value of the NAVon the conversionpriceMaximum of 2% ofthe value of the NAVon the conversionpriceMaximum of 2% ofthe value of the NAVon the conversionpriceMaximum of 2% ofthe value of the NAVon the conversionprice1 Dilution levy will only be charged in certain exceptional circumstances which are set out under the section entitled “Dilution Levy” in the Prospectus.24

Name ofcompartments andtype of shareClass ofsharesSubscription Redemption ConversionFees payable tofinancialintermediaries and/ordistributorsDilution Levy 1Commission payable tofinancial intermediariesand/or distributorsDilution Levy 1Administrative chargesand commissions tointermediariesDilution Levy 1Asian EquitiesEx JapanP USDFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceP EURFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceHP EURFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceJapanese EquitySelectionP JPYFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpricePEURFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceHP EURFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionprice1 Dilution levy will only be charged in certain exceptional circumstances which are set out under the section entitled “Dilution Levy” in the Prospectus.25

Name ofcompartments andtype of shareClass ofsharesSubscription Redemption ConversionFees payable tofinancialintermediaries and/ordistributorsDilution Levy 1Commission payable tofinancial intermediariesand/or distributorsDilution Levy 1Administrative chargesand commissions tointermediariesDilution Levy 1US Equity GrowthSelectionP USDFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceHP EURFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceSecurityP USDFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpricePEURFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceClean EnergyP USDFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpricePEURFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceR USDFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 3% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionprice1 Dilution levy will only be charged in certain exceptional circumstances which are set out under the section entitled “Dilution Levy” in the Prospectus.26

Name ofcompartments andtype of shareClass ofsharesSubscription Redemption ConversionFees payable tofinancialintermediaries and/ordistributorsDilution Levy 1Commission payable tofinancial intermediariesand/or distributorsDilution Levy 1Administrative chargesand commissions tointermediariesDilution Levy 1Russian EquitiesP USDFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceP EURFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceTimberP USDFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceP EURFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceHP EURFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceAgricultureP EURFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceP USDFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceHP USDFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionprice1 Dilution levy will only be charged in certain exceptional circumstances which are set out under the section entitled “Dilution Levy” in the Prospectus.27

Name ofcompartments andtype of shareClass ofsharesSubscription Redemption ConversionFees payable tofinancialintermediaries and/ordistributorsDilution Levy 1Commission payable tofinancial intermediariesand/or distributorsDilution Levy 1Administrative chargesand commissions tointermediariesDilution Levy 1Global MegatrendSelectionP USDFront-end load in favourof intermediaries of nomore than 5% of NAVper shareFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceP EURMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceHPEURFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceR USDFront-end load in favour ofintermediaries of no morethan 5% of NAV per shareMaximum of 2% of thevalue of the NAV on theissue priceBack-end load in favour ofintermediaries of no more than3% of NAV per shareMaximum of 2% of thevalue of the NAV on theredemption priceMaximum of 2% of NAV pershareMaximum of 2% of thevalue of the NAV on theconversion priceEnvironmentalMegatrend SelectionP EURFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceP dyEURFront-end load in favourof intermediaries of nomore than 5% of NAVper shareFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceP USDMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionprice1 Dilution levy will only be charged in certain exceptional circumstances which are set out under the section entitled “Dilution Levy” in the Prospectus.28

Name ofcompartments andtype of shareClass ofsharesSubscription Redemption ConversionFees payable tofinancialintermediaries and/ordistributorsDilution Levy 1Commission payable tofinancial intermediariesand/or distributorsDilution Levy 1Administrative chargesand commissions tointermediariesDilution Levy 1P dyUSDFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceHP USDFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceHigh DividendSelectionP EURFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceP dyEURFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceP USDFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceP dmUSDFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionprice1 Dilution levy will only be charged in certain exceptional circumstances which are set out under the section entitled “Dilution Levy” in the Prospectus.29

Name ofcompartments andtype of shareClass ofsharesSubscription Redemption ConversionFees payable tofinancialintermediaries and/ordistributorsDilution Levy 1Commission payable tofinancial intermediariesand/or distributorsDilution Levy 1Administrative chargesand commissions tointermediariesDilution Levy 1Emerging MarketsHigh DividendP dmUSDFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceP dyUSDFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionpriceP USDFront-end load in favourof intermediaries of nomore than 5% of NAVper shareMaximum of 2% ofthe value of the NAVon the issue priceBack-end load in favour ofintermediaries of no morethan 1% of NAV per shareMaximum of 2% ofthe value of the NAVon the redemptionpriceMaximum of 2% of NAVper shareMaximum of 2% ofthe value of the NAVon the conversionprice1 Dilution levy will only be charged in certain exceptional circumstances which are set out under the section entitled “Dilution Levy” in the Prospectus.30

APPENDIX BOngoing fees payable out of the assets of the FundName of compartments Type of shares Currency Management fee 2 (up to thelevel stated below)Global Emerging DebtLatin American Local CurrencyDebtEuropean Equity SelectionEmerging MarketsEmerging Markets High DividendEastern EuropeDigital CommunicationService fee 2(up to the level statedbelow)P USD USD 1.45% 0.30% 0.05%HP EUR EUR 1.45% 0.35% 0.05%P dm USD USD 1.45% 0.30% 0.05%P dm HKD HKD 1.45% 0.30% 0.05%HP dm AUD AUD 1.45% 0.35% 0.05%P USD USD 2.10% 0.40% 0.20%P EUR EUR 2.10% 0.40% 0.20%HP EUR EUR 2.10% 0.45% 0.20%P dm USD USD 2.10% 0.40% 0.20%P dm HKD HKD 2.10% 0.40% 0.20%P EUR EUR 1.80% 0.40% 0.30%P USD USD 2.50% 0.40% 0.30%P EUR EUR 2.50% 0.40% 0.30%HP EUR EUR 2.50% 0.45% 0.30%P dm USD USD 2.40% 0.40% 0.30%P dy USD USD 2.40% 0.40% 0.30%P USD USD 2.40% 0.40% 0.30%P EUR EUR 2.40% 0.80% 0.30%P USD USD 2.40% 0.40% 0.30%PEUR EUR 2.40% 0.40% 0.30%Custodian fee 2 (up to thelevel stated below)Other expensesPlease refer toparagraph “Otherexpenses” underheader FundExpenses of theProspectus.2Per year of the average net assets attributable to this type of share. Please note that the relevant service provider may charge a lower level of fees than otherwise stated above.31

Name of compartments Type of shares Currency Management fee 2 (up to thelevel stated below)Premium BrandsWaterAsian Equities Ex JapanJapanese Equity SelectionUS Equity Growth SelectionSecurityClean EnergyRussian EquitiesService fee 2(up to the level statedbelow)P EUR EUR 2.40% 0.45% 0.30%P USD USD 2.40% 0.45% 0.30%HP USD USD 2.40% 0.50% 0.30%HR USD USD 2.90% 0.50% 0.30%P EUR EUR 2.40% 0.45% 0.30%P USD USD 2.40% 0.45% 0.30%HP USD USD 2.40% 0.50% 0.30%P USD USD 2.40% 0.35% 0.30%P EUR EUR 2.40% 0.35% 0.30%HP EUR EUR 2.40% 0.40% 0.30%P JPY JPY 1.80% 0.40% 0.30%PEUR EUR 1.80% 0.40% 0.30%HP EUR EUR 1.80% 0.45% 0.30%P USD USD 1.80% 0.30% 0.30%HPEUR EUR 1.80% 0.35% 0.30%P USD USD 2.40% 0.45% 0.30%PEUR EUR 2.40% 0.45% 0.30%P USD USD 2.40% 0.45% 0.30%PEUR EUR 2.40% 0.45% 0.30%R USD USD 2.90% 0.45% 0.30%P USD USD 2.40% 0.80% 0.30%P EUR EUR 2.40% 0.80% 0.30%Custodian fee 2 (up to thelevel stated below)Other expensesPlease refer toparagraph “Otherexpenses” underheader FundExpenses of theProspectus.2Per year of the average net assets attributable to this type of share. Please note that the relevant service provider may charge a lower level of fees than otherwise stated above.32

TimberAgricultureName of compartments Type of shares Currency Management fee 2 (up to thelevel stated below)Global Megatrend SelectionEnvironmental Megatrend SelectionHigh Dividend SelectionService fee 2(up to the level statedbelow)P USD USD 2.40% 0.45% 0.30%P EUR EUR 2.40% 0.45% 0.30%HP EUR EUR 2.40% 0.50% 0.30%P EUR EUR 2.40% 0.45% 0.30%P USD USD 2.40% 0.45% 0.30%HP USD USD 2.40% 0.50% 0.30%P USD USD 2.40% 0.45% 0.30%P EUR EUR 2.40% 0.45% 0.30%HP EUR EUR 2.40% 0.50% 0.30%R USD USD 2.90% 0.45% 0.30%P EUR EUR 2.40% 0.45% 0.30%P dy EUR EUR 2.40% 0.45% 0.30%P USD USD 2.40% 0.45% 0.30%P dy USD USD 2.40% 0.45% 0.30%HP USD USD 2.40% 0.50% 0.30%P EUR EUR 2.40% 0.45% 0.30%P dy EUR EUR 2.40% 0.45% 0.30%P USD USD 2.40% 0.45% 0.30%P dm USD USD 2.40% 0.45% 0.30%Custodian fee 2 (up to thelevel stated below)Other expensesPlease refer toparagraph “Otherexpenses” underheader FundExpenses of theProspectus.2Per year of the average net assets attributable to this type of share. Please note that the relevant service provider may charge a lower level of fees than otherwise stated above.33

APPENDIX C – RISK FACTORS APPLICABLE TO EACH COMPARTMENTThe table below sets out the specific risk factors associated with investments in each compartment. The risk factors applicable to the particular compartment aremarked with “x”.For descriptions of the risk factors below, please refer to the Information for Hong Kong Investors under the section “Risk Factors and Additional Disclosure”.Investors should review both the risks set out in this document and the relevant section(s) of the Annexes to the Prospectus before investing in the Fund.CompartmentPICTET –GlobalEmerging DebtPICTET – LatinAmerican LocalCurrency DebtPICTET –EuropeanEquitySelectionPICTET –EmergingMarketsPICTET –Eastern EuropePICTET –DigitalCommunicationPICTET –Premium BrandMarketriskEquity riskInterestrate riskCurrencyriskCreditriskSectorriskConcentrationriskRisksassociatedwith FDIsandstructuredproductsSettlementandCounterpartyrisksassociatedwith OTCtransactionsLiquidityriskRisksassociatedwithemergingmarketsInvestor /investmentriskRisk ofterminationof the FundRiskrelating toDistributionshareclassesX X X X X X X X X X X X XX X X X X X X X X X X X XRisksrelated toinvestmentsin belowinvestmentgradesecuritiesX X X X X X X X X X XX X X X X X X X X XX X X X X X X X X X X XX X X X X X X X X X X XX X X X X X X X X X X XPICTET – Water X X X X X X X X X X X XPICTET – AsianEquitiesEx-JapanX X X X X X X X X X XRisksrelating toinvestmentsin Europe34

CompartmentPICTET –JapaneseEquitySelectionPICTET – USEquity GrowthSelectionPICTET –SecurityPICTET – CleanEnergyPICTET –RussianEquitiesPICTET –TimberPICTET –AgriculturePICTET –GlobalMegatrendSelectionPICTET –EnvironmentalMegatrendSelectionPICTET – HighDividendSelectionPICTET –EmergingMarkets HighDividendMarketriskEquity riskInterestrate riskCurrencyriskCreditriskSectorriskConcentrationriskRisksassociatedwith FDIsandstructuredproductsSettlementandCounterpartyrisksassociatedwith OTCtransactionsLiquidityriskRisksassociatedwithemergingmarketsInvestor /investmentriskX X X X X X X X XX X X X X X X X XX X X X X X X X X X X XX X X X X X X X X X X XX X X X X X X X X X XX X X X X X X X X X X XX X X X X X X X X X X XX X X X X X X X X X XRisk ofterminationof the FundX X X X X X X X X X X X XX X X X X X X X X X X XX X X X X X X X X X X X XRiskrelating toDistributionshareclassesRisksrelated toinvestmentsin belowinvestmentgradesecuritiesRisksrelating toinvestmentsin Europe35

PICTETSociété d'investissement à capital variable_________________________________PROSPECTUS DATED 7 MARCH 2013_________________________________37

PICTETSICAV incorporated under Luxembourg law. The former name of “Pictet Funds (LUX)” was changed to “Pictet”on 20 April 2010.The shares of Pictet are listed on the Luxembourg Stock Exchange. The Board of Directors may decide whichsub-classes of shares are to be listed.No one is authorised to give any information other than that contained in this prospectus or in documentsreferred to herein. The French text alone is legally binding, except for specific requirements in passages fromauthorities with whom the fund may have been registered.PREAMBLEIf you have any doubts whatsoever as to the contents of this document or if you intend to subscribe to sharesof Pictet (“the Fund”), you should consult a professional adviser. No one is authorised to provide information orgive presentations regarding the issue of shares of the Fund (“shares”) that are not contained in or referred toin this document or the reports annexed to it. Neither the distribution of this document, nor the offer, issue orsale of shares shall constitute a presentation that the information contained in this document is correct on anyparticular date after the date of the document. No person receiving a copy of this document in any country maydeal with it as if it constituted a call for funds unless, in that particular country, such a call could be legally madeto the person without him or her having to comply with registration requirements or other legal terms. Anyonewishing to buy shares is responsible for ensuring compliance with the laws of the country in question with regardto the acquisition of shares, including obtaining any government approval or other authorisations that maybe required, and complying with any other formalities that must be adhered to in that country.The shares have not been and will not be registered in accordance with the 1933 United States Securities Act asamended (the “1933 Act”), or registered or qualified in accordance with the laws on transferable securities in agiven State or any other political subdivision of the United States. Shares may not be offered, sold, transferred ordelivered either directly or indirectly in the United States or to, or on behalf of, or for the benefit of United Statespersons (as defined in Regulation S of the 1933 Act), except in certain transactions exempt from the registrationprovisions of the 1933 Act and any other laws of a State or regarding transferable securities. Shares are offeredoutside the United States on the basis of an exemption from the registration regulations of the 1933 Act as statedin Regulation S of that Act. Shares are also offered in the United States to accredited investors within the meaningof Rule 501(a) of the 1933 Act on the basis of exemption from the registration regulations of the 1933 Act asstated in Rule 506 of that act. The Fund has not been and will not be registered pursuant to the 1940 United StatesInvestment Company Act (the “1940 Act”) and is, therefore, limited in the number of economic shareholders whomay be United States persons. The Articles of Association contain clauses intended to prevent United Statespersons from holding shares in circumstances that could result in the Fund infringing US law, and to enable theDirectors to conduct a forced redemption of those shares that the Directors deem necessary or appropriate inorder to ensure compliance with US law. Moreover, any certificate or other document related to shares issuedto United States persons shall bear a note to the effect that such shares have not been registered or qualified inaccordance with the 1933 Act and that the Fund has not been registered in accordance with the 1940 Act, andshall refer to certain transfer and sale restrictions.Potential investors are warned that investment in the Fund entails certain risks. Investments in the Fund aresubject to the usual risks concerning investments and, in some instances, may be adversely affected by politicaldevelopments and/or changes in local laws, taxes, foreign exchange controls and exchange rates. Investing inthe Fund may entail certain investment risks, including the possible loss of capital invested. Investors should beaware that the price of shares may fall as well as rise.The original French text is the legally binding version. 39

Table of ContentsProspectus 47MANAGEMENT AND ADMINISTRATION 47GENERAL CLAUSES 47LEGAL STATUS 48INVESTMENT OBJECTIVES AND FUND STRUCTURE 48SUB-CLASSES OF SHARES 49MANAGEMENT AND ADMINISTRATION STRUCTURE 50SHAREHOLDER RIGHTS 53ISSUING OF SHARES 54ISSUE PRICE 54REDEMPTIONS 54REDEMPTION PRICE 55CONVERSION 55DILUTION LEVY 55CALCULATION OF THE NET ASSET VALUE 56SUSPENSION OF CALCULATION OF THE NET ASSET VALUE,SUBSCRIPTIONS, REDEMPTIONS AND CONVERSIONS 57DISTRIBUTION OF INCOME 58FUND EXPENSES 58TIME LIMITATION 59TAX STATUS 59

BUSINESS YEAR 60PERIODIC REPORTS AND PUBLICATIONS 60DURATION – MERGER – DISSOLUTION OF THE FUND ANDCOMPARTMENTS 60DOCUMENTS AVAILABLE FOR INSPECTION 61INVESTMENT RESTRICTIONS 61Annex 1: Fixed-income compartments 681. PICTET – EUR BONDS 682. PICTET – USD GOVERNMENT BONDS 703. PICTET – SHORT-TERM MONEY MARKET CHF 724. PICTET – SHORT-TERM MONEY MARKET USD 745. PICTET – SHORT-TERM MONEY MARKET EUR 766. PICTET – EUR CORPORATE BONDS 787. PICTET – GLOBAL EMERGING DEBT 808. PICTET – WORLD GOVERNMENT BONDS 839. PICTET – EUR HIGH YIELD 8510. PICTET – EUR SHORT MID-TERM BONDS 8811. PICTET – USD SHORT MID-TERM BONDS 9012. PICTET – CHF BONDS 9213. PICTET – EUR GOVERNMENT BONDS 9414. PICTET – EUR INFLATION LINKED BONDS 9615. PICTET – EMERGING LOCAL CURRENCY DEBT 9816. PICTET – ASIAN LOCAL CURRENCY DEBT 102

17. PICTET – GLOBAL EMERGING CURRENCIES 10518. PICTET – SHORT-TERM MONEY MARKET JPY 10819. PICTET – LATIN AMERICAN LOCAL CURRENCY DEBT 11020. PICTET – SOVEREIGN SHORT-TERM MONEY MARKET USD 11321. PICTET – SOVEREIGN SHORT-TERM MONEY MARKET EUR 11522. PICTET – US HIGH YIELD 11723. PICTET – EUR CORPORATE BONDS EX FINANCIAL 12024. PICTET – EUR SHORT TERM HIGH YIELD 12225. PICTET – GLOBAL BONDS FUNDAMENTAL 12526. PICTET – EMERGING CORPORATE BONDS 12927. PICTET – EMERGING LOCAL CURRENCY DEBTINVESTMENT GRADE 132Annex 2: Equity compartments 13628. PICTET – EUROPEAN EQUITY SELECTION 13629. PICTET – SMALL CAP EUROPE 13830. PICTET – EMERGING MARKETS 14031. PICTET – EASTERN EUROPE 14332. PICTET – EUROPE INDEX 14533. PICTET – USA INDEX 14734. PICTET – EUROPEAN SUSTAINABLE EQUITIES 14935. PICTET – JAPAN INDEX 15136. PICTET – PACIFIC EX JAPAN INDEX 15337. PICTET – DIGITAL COMMUNICATION 155

38. PICTET – BIOTECH 15739. PICTET – PREMIUM BRANDS 15940. PICTET – WATER 16141. PICTET – INDIAN EQUITIES 16342. PICTET – JAPANESE EQUITY OPPORTUNITIES 16643. PICTET – ASIAN EQUITIES EX JAPAN 16844. PICTET – GREATER CHINA 17145. PICTET – JAPANESE EQUITY SELECTION 17346. PICTET – GENERICS 17547. PICTET – EMERGING MARKETS INDEX 17748. PICTET – EUROLAND INDEX 17949. PICTET – US EQUITY GROWTH SELECTION 18150. PICTET – SECURITY 18351. PICTET – CLEAN ENERGY 18552. PICTET – RUSSIAN EQUITIES 18753. PICTET – TIMBER 19054. PICTET – AGRICULTURE 19255. PICTET – GLOBAL MEGATREND SELECTION 19456. PICTET – US EQUITY VALUE SELECTION 19657. PICTET – ENVIRONMENTAL MEGATREND SELECTION 19858. PICTET – HIGH DIVIDEND SELECTION 20059. PICTET – BRAZIL INDEX 20260. PICTET – CHINA INDEX 204

61. PICTET – INDIA INDEX 20662. PICTET – LATAM INDEX 20863. PICTET – RUSSIA INDEX 21064. PICTET – EMERGING MARKETS HIGH DIVIDEND 21265. PICTET – EMERGING MARKETS SUSTAINABLE EQUITIES 21666. PICTET – QUALITY GLOBAL EQUITIES 21967. PICTET – QUALITY EUROPEAN EQUITIES 22168. PICTET – GLOBAL MAJOR PLAYERS 223Annex 3: Balanced Compartments and othercompartments 22569. PICTET – PICLIFE 22570. PICTET – ABSOLUTE RETURN GLOBAL DIVERSIFIED 22771. PICTET – ABSOLUTE RETURN GLOBAL CONSERVATIVE 23072. PICTET – CONVERTIBLE BONDS 23273. PICTET – GLOBAL FLEXIBLE ALLOCATION 23574. PICTET – MULTI ASSET GLOBAL OPPORTUNITIES 238

ProspectusMANAGEMENT AND ADMINISTRATIONRegistered office15, Avenue J.F. Kennedy, L-1855 Luxembourg.Board of Directors of the FundChairmanLaurent Ramsey, Managing DirectorPictet Funds S.A., Geneva.DirectorsChristoph Schweizer, Executive Vice President,Pictet Asset Management S.A., Geneva.Pascal Chauvaux, Senior Vice PresidentFundPart ner Solutions (Europe) S.A., Luxembourg.Marie-Claude Lange, Vice President,Pictet Funds (Europe) S.A., Luxembourg.Alexandre Ris, Senior Vice President,Pictet Funds S.A., Geneva.Management CompanyPictet Funds (Europe) S.A.15, Avenue J.F. Kennedy, L-1855 Luxembourg.Management Company’s Board of DirectorsChairmanRémy Best, Partner,Pictet & Cie, Geneva.MembersDaniel Wanner, Group Managing Director,Pictet & Cie S.A., Geneva.Laurent Ramsey, Managing Director,Pictet Funds S.A., Geneva.Directors of the Management CompanyChristoph Schweizer, Executive Vice President,Pictet Asset Management S.A., Geneva.Laurent Ramsey, Managing Director,Pictet Funds S.A., Geneva.Cédric Vermesse, Executive Vice President,Pictet Funds S.A., Geneva.Nicolas Tschopp, Senior Vice President,Pictet Funds S.A., Geneva.David Martin, Vice President,Pictet Funds S.A., Geneva.Alexandre Ris, Senior Vice President,Pictet Funds S.A., Geneva.Laurent Moser, Vice President,Pictet Funds (Europe) S.A., Luxembourg.Custodian BankPictet & Cie (Europe) S.A.15A, Avenue J.F. Kennedy, L-1855 Luxembourg.Transfer Agent, Administrative Agent and Paying AgentFundPart ner Solutions (Europe) S.A.15, Avenue J.F. Kennedy, L-1855 Luxembourg.ManagersPictet Asset Management S.A.60 Route des Acacias CH-1211 Geneva 73.Pictet Asset Management LimitedMoor House, Level 11, 120 London Wall,London EC2Y 5ET, UK.Bank Pictet & Cie (Asia) Ltd, Singapore10 Marina Boulevard #22-01 Tower 2Marina Bay Financial CentreSingapore 018983.Pictet (Asia) Limited39/F, Edinburgh Tower, The Landmark15 Queen’s Road CentralHong Kong.Sectoral Asset Management Inc.1000 Sherbrooke StreetMontreal QC H3A 3G4, Canada.Waddell & Reed Investment Management Company,6300 LamarShawnee Mission KS 66202, United States.Westwood Management Corp.200 Crescent Court Suite 1200Dallas, Texas 75201, United States.Metropolitan West Asset Management, LLC865 South Figueroa Street, Los Angeles, CA 90017213 244 0000.Jabre Capital Partners S.A.1, rue des MoulinsCH-1204 Geneva, Switzerland.Fund AuditorsDeloitte Audit S.à r.l.560, Rue de Neudorf, L-2220 Luxembourg.Legal AdviserElvinger, Hoss & Prussen2, Place Winston Churchill, L-1340 Luxembourg.GENERAL CLAUSESUnless otherwise indicated, a banking day is definedas a day on which the banks conduct their day-to-daybusiness in Luxembourg (a “Banking Day”).The original French text is the legally binding version. 47

The distribution of this document is authorised onlyif accompanied by a copy of the Fund’s latest annualreport and the last semi-annual report, if publishedafter the annual report. These reports form an integralpart of this document.Information relating to the Pictet – Europe Index, Pictet– Japan Index, Pictet – Pacific Ex Japan Index, Pictet– Emerging Markets Index, Pictet – Euroland Index,Pictet – Brazil Index, Pictet – China Index, Pictet – IndiaIndex, Pictet – Latam Index and Pictet – Russia Indexcompartments:These compartments are not promoted, recommended,or sold by Morgan Stanley Capital InternationalInc. (“MSCI”), or by its affiliates, informationproviders or any other third parties (hereinafter the“MSCI parties”) involved in or associated with thecompilation, calculation or creation of any MSCI index.The MSCI indexes are the exclusive property ofMSCI. MSCI and the names of the MSCI indexes areservice marks of MSCI or its affiliates and their useby the Manage ment Company has been authorisedin certain instances. None of the MSCI parties makesany express or implied warranties or representationsto the owners of these compartments, or to any memberof the public, regarding the advisability of investingin funds in general or in these compartments inparticular, or the ability of any MSCI index to trackthe performance of a corresponding stock market.MSCI and its affiliates are the licensors of certain registeredtrade marks, service marks and trade names,as well as the MSCI indexes, which are determined,compiled and calculated by MSCI independently ofthese compartments, the issuer or the owner of thesecompartments. None of the MSCI parties is boundto take into account the needs of the issuers or ownersof these compartments when determining, compilingor calculating the MSCI indexes. None of theMSCI parties is responsible for or participates in decisionsregarding the issue date for these compartments,their prices or the quantities to be issued, norin the determination or calculation of the redeemableamount of these compartments. None of the MSCIparties is obligated or responsible to the owners ofthese compartments with respect to the administration,marketing or offering of these compartments.Although MSCI obtains information used for the calculationof the MSCI indexes derived from sourcesconsidered reliable by MSCI, none of the MSCI partiesauthorises or guarantees the originality, accuracyand/or comprehensive nature of any MSCI index orany information in this respect. None of the MSCIparties guarantees, expressly or implicitly, the resultsto be realised by the holder of the authorisation, itsclients or counterparts, issuers and owners of thefunds, or any other person or entity, arising fromthe use of any MSCI index or any information in thisrespect relating to the authorised rights or for anyother use. None of the MSCI parties is responsiblefor any error, omission or interruption of any MSCIindex, or in relation to it or any information in this respect.Moreover, none of the MSCI parties makes anyexpress or implied warranties, and the MSCI partiesdisclaim all responsibility related to the merchantabilityor the fitness for a particular purpose with respectto any MSCI index or any information in this respect.Without limiting any of the foregoing, none of theaforementioned MSCI parties shall have any liabilityfor any direct, indirect, special, punitive or any otherdamages (including lost profits), even if notified of theprobability of such damages.LEGAL STATUSPictet (“the Fund”) is an open-ended investment company(SICAV) incorporated under Luxembourg lawin accordance with the provisions of Part I of the lawof 17 December 2010 (the “Law of 2010”) governingundertakings for collective invest ment. The companywas incorporated for an indefinite period on 20 September1991 under the name of Pictet Umbrella Fundand its Articles of Association were published in theOfficial Journal of the Grand Duchy of Luxembourg,the Mémorial, Recueil Spécial des Sociétés et Associationsof the Grand Duchy of Luxembourg (the “Mémorial”),on 29 October 1991. They were last amended bynotarial deed dated 28 December 2011. The Articlesof Association were filed with the Luxembourg Tradeand Companies Register, where they may be viewedand where copies may be obtained. They were publishedin the Mémorial, Recueil Spécial des Sociétéset Associations of the Grand Duchy of Luxembourg.The Fund is registered in the Luxembourg Trade andCompanies Register under No. B 38034.At all times, the Fund’s capital will be equal to the netasset value and will not fall below the minimum capitalof EUR 1,250,000.INVESTMENT OBJECTIVES AND FUNDSTRUCTUREThe Fund is designed to offer investors access to aselection of markets worldwide and a variety of investmenttechniques through a range of specialisedproducts (“compartments”) within one structure.The Board of Directors determines the investmentpolicy for the various compartments. Risks will bespread broadly by diversifying investments over alarge range of transferable securities, the choice ofwhich shall not be limited – except under the terms ofthe restrictions specified in the section “Invest mentRestrictions” below – neither in terms of regions, economicsectors, or the type of transferable securitiesused.PoolingFor the purpose of efficient management and if theinvestment policies of the compartments allow, theBoard of Directors of the Management Companymay decide to co-manage some or all of the assets ofcertain Pictet compartments. In this case, the assetsfrom different compartments will be jointly managedusing the aforementioned tech nique. Assets that areco-managed will be referred to using the term “pool”.These pools will only be used for internal managementpurposes. They will not constitute distinct legalentities and will not be directly accessible to investors.Each co-managed compartment will have itsown assets allocated to it.48 The original French text is the legally binding version.

When the assets of a compartment are managed usingthis technique, the assets initially attributable toeach co-managed compartment will be deter minedaccording to the compartment’s initial participationin the pool. Thereafter, the composi tion of the assetswill vary according to contribu tions or withdrawalsmade by the compartments.This apportionment system applies to each investmentline of the pool. Additional investments madeon behalf of the co-managed compartments willtherefore be allocated to these compartments accordingto their respective entitlements, while assets soldwill be similarly deducted from the assets attributableto each of the co-managed compartments.All banking transactions involved in the running ofthe compartment (dividends, interest, non-contractualfees, expenses) will be accounted for in the pooland reassigned for accounting to each of the compartmentson a pro rata basis on the day the transactionsare recorded (provisions for liabilities, bankrecording of income and/or expenses). On the otherhand, contractual fees (custody, administration andmanagement fees, etc.) will be accounted for directlyin the respective compartments.The assets and liabilities attributable to each compartmentwill be identifiable at any given moment.The pooling method will comply with the investmentpolicy of each of the compartments concerned.Classes of sharesThe net assets forming each compartment are representedby shares, which may be of different classesor sub-classes. All the shares representing the assetsof a compartment form a class of shares. All the compartmentstogether constitute the Fund. If sub-classesof shares are issued, the relevant information willbe specified in the Annexes of this prospectus.The Management Company may decide, in the interestof shareholders, that some or all of the assetsbelonging to one or more compartments of theFund will be invested indirectly, through a companywholly controlled by the Management Companywhich conducts, exclusively for the benefit of thecompartment(s) concerned, the management, advisingor distribution activities in the country in whichthe subsidiary company is established with respect tothe redemption of the shares of the compartment inquestion when requested by shareholders exclusivelyfor itself or for the shareholders. For the purposes ofthis prospectus, references to “investments” and “assets”respectively mean either investments made andassets held directly or investments made and assetsheld indirectly by the agent of the aforementionedcompanies.In the event that a subsidiary company is used,this will be specified in the annex relating to thecompartment(s) concerned.The Board of Directors is authorised to create newcompartments. A list of the compartments availableto date is included in the Annexes of this prospectus,describing their investment policies and key features.This list is an integral part of the prospectus and willbe updated whenever new compartments are created.For each class of shares, the Board of Directors mayalso decide to create two or more sub-classes whoseassets will generally be invested in accordance withthe specific investment policy of the class in question.However, the sub-classes may differ in terms of theirspecific subscription and/or redemp tion fee structures,specific exchange rate hedging policies, specificdistribution policies and/or specific managementor advisory fees, or other specific features applicableto each sub-class. When necessary, this informationis specified in the Annexes of this prospectus.The shares in the Fund are usually listed on the LuxembourgStock Exchange. The Board of Directorsmay decide which sub-classes of shares are to belisted.SUB-CLASSES OF SHARESA list of the current classes of shares is included inthis prospectus. The Board of Directors may decide tocreate additional classes of shares at any time.The sub-classes of shares issued or planned at thedate of this prospectus, together with any supplementaryinformation, are detailed in the Annexes ofthe prospectus. Investors are advised to contact theiragent for the latest list of sub-classes of shares issued.Shares may be divided within compartments into “I”,“IS”, “P”, “R”, “S”, “Z”, “J” and “MG” shares.“I” shares are intended for investors who wish toinvest a minimum initial amount. This amount isspecified in the annex for each compartment andis calculated for the class concerned and its correspondingclasses (hedged, issued in another currencyor distributive). Subscriptions in a class other thanthese classes will not be taken into account in calculatingthe initial minimum subscription amount. TheBoard of Directors nevertheless reserves the right toaccept subscriptions for an amount that is less thanthe initial amount required, at its discretion.For “I” shares, the front-end load for intermediarieswill be no more than 5%, and the back-end load nomore than 1%.IS shares may be created within certain indexed compartmentsin order to distinguish them, if needed,from I shares with respect to accounting for correctionsin the net asset value as described in the section«Calculation of the net asset value».“IS” shares will be subject to the same conditions as“I” shares.«J» shares are intended for institutional investorswithin the meaning of Article 174 of the Law of 2010(«Institutional Investors») who wish to invest a minimuminitial amount. This amount is specified in theannex for each compartment and is calculated forthe class concerned and its corresponding classes(hedged, issued in another currency or distribution).Subscriptions in a class other than these classes willnot be taken into account in calculating the initialThe original French text is the legally binding version. 49

minimum subscription amount. The Board of Directorsnevertheless reserves the right to accept subscriptionsfor an amount that is less than the initialamount required, at its discretion.For “J” shares, the front-end load for intermediarieswill be no more than 5%, and the back-end load nomore than 1%.“P” and “R” shares are not subject to any minimuminvestment. Because of their widespread features, eitheror both respond to different commercial practicesin force on the date of this prospectus in thecountries in which the Fund is marketed, their flexibilityenabling them to be adapted where necessaryto changes in the targeted markets.“P” shares:“R” shares:Front–end load in favour of intermediariesof no more than 5%.Back–end load in favour of intermediariesof no more than 1%.Lower management fee than for “R”shares.Front–end load in favour of intermediariesof no more than 5%.Back-end load in favour of intermediariesof no more than 3%.Higher management fee than for“P” shares.“S” shares (“Staff”) are exclusively reserved for employeesof the Pictet group. No intermediary fee willbe applied to subscriptions and redemptions. TheBoard of Directors may apply a maximum 2% conversionfee for intermediaries.“Z” shares are reserved for institutional investorswho have concluded a specific remuneration agreementwith Pictet & Cie, Geneva, or any other entity ofthe Pictet Group.For “Z” shares, the front-end load for intermediarieswill be no more than 5%, and the back-end load nomore than 1%.“MG” shares are reserved for shareholders expresslyapproved by the manager of the compartment concerned.For “MG” shares, the front-end load for intermediarieswill be a maximum of 5%, and the back-end loada maximum of 1%.Shares may be divided into capitalisation shares anddistribution shares. “dy” distribution shares will beentitled to a dividend as decided by the Annual GeneralMeeting, whereas the corresponding amount forcapitalisation shares will not be distributed, but ratherinvested in the share class concerned.The Board of Directors may also decide to issue dmshares for which a monthly dividend may be distributed.This dividend will normally be paid to shareholdersin the sub-class concerned who are registeredin the shareholders’ register on the 20th day of themonth (or the following day if that day is not a BankingDay) and will normally be paid within 4 bankingdays (in the currency of the class) after the ex-date.No tax reporting for this class of shares will beprovided for German investors.In each compartment, shares issued in currenciesother than the compartment’s base currency may becreated. These shares may be hedged (as defined below)or not hedged.Hedged shares:Hedged shares (“H” shares) aim to hedge to a largeextent the exchange risk in relation to a given currency.These shares will be subject to the same front- andback-end loads as the corresponding non-hedgedshares.The minimum investment for shares issued in a currencyother than the compartment’s consolidationcurrency is the minimum initial investment amountapplicable to the shares concerned, converted intothe applicable currency for the class on the net assetvalue calculation date.In each compartment, the Board of Directors may decideto launch “DH” (Duration Hedged) shares that allowinvestors to benefit from the management of thecompartment concerned by limiting possible impactslinked to rate movements. The hedging strategy willbe implemented using derivative instruments (interestrate futures) and will bear on the main points ofthe yield curve and not on each maturity taken individually.There will thus still be a residual risk ofvariation in the yield curve. The duration of durationhedged classes will be between -1 and +1. If oneof these thresholds is reached, the manager will beasked for a return to a duration between these twothresholds in a reasonable time. To respond to margincalls, the assets attributable to the duration hedgedclasses may not be entirely invested and could thusbe underinvested on account of the strategy used forthese DH classes.It is the personal responsibility of all investors to ensurethat they meet the conditions for accessing thesub-class of shares in which they wish to subscribe.Investors choose the sub-class of shares to which theywish to subscribe, bearing in mind that, unless otherwiserestricted in the Annexes of this prospectus, anyinvestor meeting the access conditions of a particularsub-class of shares may request conversion of his orher shares to shares of the sub-class.Similarly, if an investor no longer meets the accessconditions of the sub-class of shares he or she holds,the Board of Directors reserves the right to ask thatshareholder to convert his or her shares to shares ofanother sub-class.Conditions for the conversion of shares are describedmore fully in the section “Conversion”.MANAGEMENT AND ADMINISTRATIONSTRUCTUREThe Board of DirectorsThe Board of Directors is responsible for administeringand managing the Fund and running its operations,as well as deciding on and implementing itsinvestment policy.50 The original French text is the legally binding version.

As specified in the Law of 2010, the Board of Directorsmay designate a management company.The Management CompanyPictet Funds (Europe) S.A., a société anonyme (“limitedcompany”) with registered headquarters locatedat 15 Avenue J.F. Kennedy, Luxembourg, has beendesignated as the Management Company of theFund, as defined in Chapter 15 of the Law 2010.Pictet Funds (Europe) S.A. was created on14 June 1995 for an indefinite period, under the nameof Pictet Balanced Fund Management (Luxembourg)S.A. as a société anonyme (“limited company”) governedby the laws of the Grand Duchy of Luxembourg.Its capital, on the date of this prospectus, isCHF 8,750,000, and its equity is CHF 17,500,000. Themajority shareholder of Pictet Funds (Europe) S.A. isPictet Funds S.A., in Geneva.Management ActivityThe objective of the Management Company is tomanage undertakings for collective investment incompliance with Directive 2009/65/EC. This managementactivity includes the management, administrationand marketing of undertakings for collectiveinvestment such as the Fund.The Management Company has primarily delegatedthe management of the Fund’s compartments to thecompanies listed hereafter. This delegation is madeaccording to the terms of the contracts concluded foran indefinite period that may be cancelled by eitherparty at any time with 3 or 6 months’ notice dependingon the terms in the contract.Subject to prior approval by the Management Company,the managers may appoint one or more submanagers,which may or may not be part of the PictetGroup, to provide all or part of the management ofcertain compartments. When sub-managers areused, this will be specified in the Annexes of this prospectus.For the purposes of this prospectus, any reference tothe “manager” should be interpreted, when appropriate,as also referring to the sub-manager(s).Pictet Asset Management S.A., Geneva (“PAM S.A.”)PAM S.A. is a manager specialised in portfolio andfund management for institutional clients. At 31 December2012, PAM S.A. managed approximately CHF93.47 billion. PAM S.A. is active in quantitative andabsolute return bond management. It is supported by,and works in close collaboration with, its institutionalmanagement entities based in London and Japan,which are particularly active in the areas of international,European, Japanese, small cap and emergingmarkets equities. The assets managed by institutionalentities of the Pictet Group, which includes PAM S.A.,exceeded CHF 131 billion at 31 December 2012. PAMS.A. is a wholly-owned subsidiary of Pictet & Cie. It isregulated by the Swiss Financial Market SupervisoryAuthority (FINMA) in Switzerland.Pictet Asset Management Limited (“PAM Ltd”)PAM Ltd is responsible for equity and bond portfoliomanagement for an international client base. PAMLtd is regulated for business in the UK by the FinancialServices Authority (FSA) and is registered as aninvestment adviser with the Securities and ExchangeCommission (SEC) in the United States.Bank Pictet & Cie (Asia) Ltd, Singapore (“BPCAL”)BPCAL has operated since 1994 under a MerchantBank licence issued by the Singapore monetary authorities.BPCAL is primarily involved in private and institutionalwealth management as well as emergingmarketdebt portfolio management in general, withparticular emphasis on Asian debt. Distribution ofinvestment funds of the Pictet group is also one of itsservices.Pictet (Asia) Limited (“PAL”)Pictet (Asia) Limited is incorporated in Hong Kongand authorised by the Hong Kong Securities and FuturesCommission for its securities trading and advisingactivity and for its management activities. Thecompany is mainly involved in private wealth andportfolio management, with a particular focus onChinese and Asian equities. The distribution of theinvestment funds of the Pictet Group also forms partof these activities. PAL is supported by and works incollaboration with other institutional entities of thePictet Group based in London and Switzerland.Sectoral Asset Management Inc. (“Sectoral”)Sectoral is a sectoral portfolio management firm. Themain sector covered is health and biotechnology.Sectoral invests in listed securities and private equity.Its team includes more than 11 investment special ists.Sectoral is registered as an investment adviser withthe Securities and Exchange Commission in the UnitedStates and the Securities Commission in Canada.Waddell & Reed Investment Management Company “W&R”W&R is an American portfolio management companywhose registered headquarters are located inOverland Park, Kansas. With a staff of 77 investmentprofessionals (as at 31 December 2011), W&R is aninvestment adviser registered with the United StatesSecurities and Exchange Commission. W&R offersservices to approximately 80 investment funds registeredin the US and to various institutional clients.W&R is a wholly-owned subsidiary of Waddell & ReedFinancial, Inc. The assets managed by the group’sentities that include W&R amount to ap proximatelyUSD 83.2 billion (as at 31 December 2011).Westwood Management Corp.Westwood Management Corp. is an American investmentadvisory firm registered with the SEC,whose registered office is located in Dallas, Texas.Founded in 1983, this subsidiary is wholly owned byWestwood Holdings Group, Inc. and listed on theNew York Stock Exchange (NYSE/ symbol: WHG).Westwood is entirely dedicated to asset managementand mainly serves institutional customers. The firmoffers segregated portfolio management servicesand “sub-advisory” services to other financial institutions.Among its customers are corporations, pensionfunds, government funds, syndicated pensionfunds (regulated by the American Taft-Hartley law),institutional endowments, foundations and privateinvestors.The original French text is the legally binding version. 51

Metropolitan West Asset Management LLCRegistered with the SEC and based in Los Angeles,the American company Metropolitan West AssetManagement, founded in 1996, offers investmentmanagement services. Metropolitan West is whollyowned by TCW Group, Inc., an American privatecompany, itself owned by Société Générale S.A., aFrench listed company. In August 2012, Société Généraleannounced the sale of its holding in TCW to investmentfunds belonging to The Carlyle Group L.P.,in partnership with TCW management. The sale isdue to be completed during the first quarter of 2013.Once the sale is finalised, Metropolitan West will continueto be exclusively devoted to asset managementin the bond sector, mainly focusing on segregatedportfolio management for institutional clients and offering“sub-manager” services to other financial institutions.Jabre Capital Partners S.A. (“JCP S.A.”)JCP SA is a manager specialised in portfolio andfund management for institutional clients. JCP SAis authorised in Switzerland as wealth manager forcollective investment by FINMA, the Swiss financialsupervisory authority. JCP SA is active in alternativemanagement, specialised in absolute return strategies,and is assisted by and works closely with itsmanagement entity based in the Cayman Islands. JCPSA is ultimately controlled by Philippe Jabre.On 8 April 2005, the FSA issued a Warning Notice toMr Jabre asking for the withdrawal of his FSA authorisationas well as a fine of £1 million for violationof Principle 1 (Integrity) and Principle 3 (Market Conduct)of the FSA principles for Approved Persons andfor committing market abuse. Following a hearingbefore the FSA Regulatory Decisions Committee (the“RDC”), the FSA issued a Notice of Decision stipulatingthat Mr Jabre had committed market abuse andhad violated Principle 2 (Due Skill, Care and Diligence)and Principle 3. The RDC rejected the FSA assertionstipulating that Mr Jabre had violated Principle 1 (themost serious infraction). The RDC imposed a fine of£750,000 but did not withdraw his FSA authorisation.Mr Jabre appealed the decision but then withdrewhis appeal on 27 July 2006. The issue is now closed.The FSA issued a Final Notice in the same terms asthe above-mentioned Notice of Decision.Following a decision dated 23 November 2006, as a resultof an investigation commenced on 18 June 2003,the Sanctions Committee of the Autorité des MarchésFinanciers (the “AMF”) imposed a fine in theamount of €1,200,000 on GLG Partners LP for havingused insider information that was received duringa market survey on the Alcatel S.A. proposal tolaunch convertible bonds to exchange for sharesprior to the public announcement of the launch, thesaid exchange having been conducted by Mr Jabreon 12 December 2002. Mr Jabre himself was not thefocus of the investigation and is not the focus of anyother investigation relating to the transactions.Supervision of the delegated management activitiesis solely the responsibility of Pictet Funds (Europe)S.A.Central AdministrationThe function of central administration agent of theSICAV is delegated to FundPart ner Solutions (Europe)S.A. (the “Central Administration Agent”).FundPart ner Solutions (Europe) S.A. has been designatedas Transfer Agent and Registrar, AdministrativeAgent and Paying Agent, under the terms ofagreements concluded for an indefinite period.FundPart ner Solutions (Europe) S.A. is a sociétéanonyme that has its registered office at 15 AvenueJ.F. Kennedy, Luxembourg. It is a management companywithin the meaning of Chapter 15 of the Law of2010.FundPart ner Solutions (Europe) S.A. is wholly ownedby the Pictet Group and was incorporated in Luxembourgas a société anonyme for an unlimited periodon 17 July 2008. At the date of this prospectus, itscapital was CHF 6,250,000.As registrar and transfer agent, FundPart ner Solutions(Europe) S.A. is primarily responsible for theissue, conversion and redemption of shares and maintainingthe register of shareholders of the SICAV.As administrative agent and paying agent, FundPartnerSolutions (Europe) S.A. is responsible for calculatingand publishing the net asset value (NAV) of theshares of each compartment pursuant to the Law andthe Articles of Association of the SICAV, and for performingadministrative and accounting services forthe Fund as necessary.DistributionShares of the Fund will be distributed by the PictetGroup (the “Distributor”), or more specifi cally any legalentity of the Group held directly or indirectly byPictet & Cie, Geneva, and authorised to perform suchfunctions.The Distributor may conclude distribution agreementswith any professional agent, particularly banks,insurance companies, “internet supermar kets”, independentmanagers, brokers, management companiesor any other institution whose primary or secondaryactivity is the distribution of invest ment funds andcustomer service.The Custodian BankPictet & Cie (Europe) S.A. has been designated asCustodian Bank under the terms of a Custodian Bankagreement concluded for an indefinite period.On behalf of and in the interests of the Fund’s shareholders,as custodian agent (hereinafter the “CustodianBank”), Pictet & Cie (Europe) S.A. is responsiblefor the safekeeping of cash and securities comprisingthe Fund’s assets. It may, subject to the agreement ofthe Board of Directors and approval of the relevantregulatory body, entrust other banks or financial institutionswhich fulfil the conditions required by lawwith the safekeeping of some or all of these assets.The Custodian Bank will perform all the usual functionsof a bank with regard to deposits of cash andsecurities. It will fulfil these functions and responsi-52 The original French text is the legally binding version.

ilities in accordance with the provisions of the LuxembourgLaw of 2010.Under instructions from the Board of Directors, theCustodian Bank will undertake all acts relating to theholding of the Fund’s assets. It will execute ordersand comply with the instructions of the Board of Directorsprovided that they are in line with the legalrequirements and the Articles of Association.The Custodian Bank must notably:– perform all operations concerning the day-to-dayadministration of the Fund’s securities and liquidassets, e.g. pay for securities acquired againstdelivery, deliver securities sold against collectionof their price, collect dividends and coupons andexercise subscription and allocation rights;– ensure that proceeds are remitted within theusual time limits for transactions relating to theFund’s assets;– ensure that shares are sold, issued, redeemed orcancelled by the Fund or on its behalf in accordancewith the law in force or the Fund’s Articlesof Association;– ensure that the Fund’s income is allocated in accordancewith the Articles of Association.The Custodian Bank will only be required to redeemsecurities where legal provisions, particularly thosepertaining to exchange controls, or events beyond itscontrol, such as strikes, do not prevent it from payingor transferring the proceeds in the country in whichthe application for redemption has been made.The Custodian Bank or the Fund may terminate theCustodian Bank’s duties at any time, by giving at leastthree months’ written notice to the other party, itbeing understood that any decision by the Fund toend the Custodian Bank’s appointment is subject toanother custodian bank taking on the duties and responsibilitiesof the Custodian Bank as defined in theArticles of Association, provided furthermore that,if the Fund terminates the Custodian Bank’s duties,the Custodian Bank will continue to perform its dutiesuntil such time as the Custodian Bank has beenrelieved of all the Fund’s assets that it held or hadarranged to be held on behalf of the Fund. Shouldthe Custodian Bank itself give notice to terminate thecontract, the Fund will be required to appoint a newcustodian bank to take over the duties and responsibilitiesof the Custodian Bank as set out in the Articlesof Association, on the understanding that, as of thedate when the notice of termination expires and untilsuch time as a new custodian bank is appointed bythe Fund, the Custodian Bank will only be requiredto take any necessary measures to safeguard the bestinterests of shareholders.The Custodian Bank is remunerated in accordancewith customary practice in the Luxembourg financialmarket. Such remuneration is expressed as a percentageof the Fund’s net assets and paid on a quarterlybasis.Investment AdvisersThe Management Company may be assisted by oneor more internal or external investment advisers ofthe Pictet group whose mission is to advise the ManagementCompany on the Fund’s investment opportunities.Statutory AuditorThese duties have been assigned to Deloitte AuditS.à r.l., 560, Rue de Neudorf, L-2220 Luxembourg.SHAREHOLDER RIGHTSSharesThe shares of each class are issued in registered formor as bearer shares recorded in an account, withoutany par value and fully paid up. Fractions of sharesmay be issued up to a maximum of five decimal places.They are recorded in a share holder register, keptat the Fund’s registered office. Shares redeemed bythe Fund will be cancelled.All shares are freely transferable and entitle holdersto an equal proportion in any profits, liquidation proceedsand dividends for the compartment in question.Each share is entitled to a single vote. Shareholderswill also be entitled to the general shareholders’rights provided for under the law of 10 August 1915,as amended, with the exception of the preferentialsubscription right for new shares.Shareholders will only receive confirmation of theirinclusion in the register.General Shareholders’ MeetingThe Annual General Shareholders’ Meeting is heldevery year on 3 December at 10.00 am at the Fund’sregistered office or at any other location in Luxembourg,as specified on the invitation to attend themeeting.If that day is not a Banking Day in Luxembourg, themeeting will be held on the following Banking Day.If and to the extent allowed by Luxembourg lawsand regulations, the Annual General Meeting of theShareholders may be held at a date, time and placeother than those described in the paragraph above.This other date, time and place will be determined bythe Board of Directors.Convening notices will be sent to all registered shareholdersat least 8 days prior to the Annual GeneralMeeting. These notices will include details of the timeand place of the meeting, the agenda, conditions foradmission and requirements concerning the quorumand majority as laid down by Luxembourg law.All decisions by shareholders regarding the Fund willbe taken at the General Meeting of all shareholders,pursuant to the provisions of the Articles of Associationand Luxembourg law. All decisions that only concernthe shareholders of one or more compartmentsmay be taken – to the extent that authorised by law– by the shareholders of the relevant compartments.In this case, the quorum and majority requirementsstipulated in the Articles of Association will apply.The original French text is the legally binding version. 53

Information for shareholdersThe Fund emphasizes that investors can only fullyexercise their investor rights directly with respect tothe Company (in particular the right to participate inthe General Meetings of the Shareholders), when theinvestor himself appears, in his own name, in the registerof shareholders of the Fund. In cases when aninvestor has invested in the Fund through an intermediaryinvesting in the Fund in his own name but onbehalf of the investor, certain rights attached to theinvestor status cannot necessarily be directly exercisedby the investor with respect to the Fund. Investorsare advised to make inquiries about their rights.ISSUING OF SHARESIn the case of initial subscriptions for new compartments,an addendum to this prospectus will be issued.A list of the compartments that are already operationalis annexed to this prospectus.For certain compartments, shareholders may subscribeto different sub-classes of shares.Subscriptions to shares (or to each sub-class ofshares, if applicable) in each compartment in operationwill be accepted at their issue price, as definedin the following “Issue Price” section, by the TransferAgent and all other institutions duly authorised bythe Fund.Provided that the securities contributed comply withthe investment policy, shares may be issued in returnfor a contribution in kind, which will be the subjectof a report prepared by the Fund’s auditor to the extentrequired by Luxembourg law. This report will beavailable for inspection at the Fund’s registered office.Any costs incurred will be borne by the investor.Unless otherwise indicated in the Annexes, for anysubscription received by the Transfer Agent beforethe time specified for each compartment in the Annexeson the last Banking Day preceding a date onwhich net asset value is calculated, the net asset valuecalculated on that date will apply.Unless otherwise indicated in the Annexes, for anysubscription received by the Transfer Agent after thetime specified in the preceding paragraph, the net assetvalue to be applied will be that calcu lated on thenext net asset value calculation date.Payment of the issue price is made by remittance ortransfer according to the procedures described in theAnnexes to Pictet & Cie (Europe) S.A. for Pictet referencingthe relevant class(es) and /or compartment(s).The fight against money laundering and the financing of terrorismIn accordance with international rules and applicableLuxembourg laws and regulations pursuant tothe Law of 12 November 2004 on the fight againstmoney laundering and the financing of terrorism, asamended, and CSSF circulars, financial sector professionalsare subject to obligations whose purpose is toprevent the use of undertakings for collective investmentfor money laundering and the financing of terrorism.These provisions require the transfer agent toidentify subscribers in accordance with Luxembourglaws and regulations. The transfer agent can requirethe subscriber to provide any document that it deemsnecessary to ensure such identification.In the event of a delay or failure to provide the requireddocuments, the subscription or redemptionrequest will not be accepted. Neither the undertakingfor collective investment, nor the transfer agentcan be held liable for the delay or non-execution oftransactions when the investor has not provided thedocuments or has provided incomplete documents.Shareholders may also be asked to provide additionalor updated documents in accordance with the obligationsfor on-going control and supervision in accordancewith applicable laws and regulations.ISSUE PRICEThe issue price for shares in each compartment (orsub-class of shares) is equal to the net asset value ofeach share (or each sub-class of shares) in the compartmentin question, calculated on the first date onwhich the net asset value is determined following thesubscription date.This price may be increased by fees paid to financialintermediaries, which will not exceed 5% of the netasset value per share for the compartment in questionand will be paid to financial intermediaries and/or distributors involved in the distribution of theFund’s shares. Front- and back-end load for intermediarieswill vary according to the sub-class of share,as described in the “Sub-classes of shares” section.This issue price will be increased to cover any duties,taxes and stamp duties due.The Board of Directors will be authorised to applycorrections to the net asset value as described in thesection “Calculation of the net asset value”.In certain exceptional circumstances, the Board ofDirectors will also be authorised to apply a “Dilutionlevy” on the issue of shares, as described below in thesection “Dilution levy”.REDEMPTIONSShareholders are entitled to apply for the redemptionof some or all of their shares (or, where applicable,their sub-class of shares) at any time based onthe redemption price, as stipulated in the following“Redemption Price” section, by sending the TransferAgent or other authorised institutions an irrevocableredemption request accompanied by their share certificates,if relevant.Unless otherwise indicated in the Annexes, for any redemptionapplication received by the Transfer Agentbefore the time specified for each compartment in theAnnexes on the last Banking Day preceding a date onwhich the net asset value is calculated, the net assetvalue calculated on that date will apply.Subject to the approval of the shareholders concerned,the Board of Directors may allow in-kind54 The original French text is the legally binding version.

payment for shares in the Fund. The Fund’s statutoryauditor will report on any such in-kind payment, givingdetails of the quantity, denomination and valuationmethod used for the securities in question. Thecorresponding fees will be charged to the shareholdersin question.Unless otherwise indicated in the Annexes, for anyredemption application received by the TransferAgent after the time specified in the previous paragraph,the net asset value to be applied will be thatcalculated on the next date on which the net assetvalue is calculated.If, following redemption or conversion requests, it isnecessary on a given Valuation Day to redeem morethan 10% of the shares issued for a given compartment,the Board of Directors may decide that all redemptionsbe deferred until the next date on whichthe net asset value is calculated for the compartmentin question. On that next net asset value calculationdate, redemption or conversion applications that havebeen deferred (and not withdrawn) will have priorityover applications received for that particular net assetvaluation day (which have not been deferred).Unless otherwise specified in the Annexes, the equivalentamount paid for shares submitted for redemptionshall be paid by credit transfer in the currencyof the compartment in question, or in any other currencyspecified in the Annexes in which case anycosts for currency conversion will be borne by thecompartment, within two Banking Days of the NAVcalculation date that applies to the redemption (cf.“Redemption Price” section below).REDEMPTION PRICEThe redemption price for shares (or sub-class ofshares) of each compartment is equal to the net assetvalue of each share (or each sub-class of shares) inthe compartment in question, calculated on the firstdate on which the net asset value is determined followingthe application redemption date.A commission paid to financial intermediaries and/ordistributors may be deducted from this amount, representingup to 3% of the net asset value per share.Front- and back-end load for intermediaries will varyaccording to the sub-class of share, as described inthe “Sub-classes of shares” section.The redemption price will also be reduced to coverany duties, taxes and stamp duties to be paid.The Board of Directors will be authorised to applycorrections to the net asset value as described in thesection “Calculation of the net asset value”.In certain exceptional circumstances, the Board ofDirectors will also be authorised to apply a “Dilutionlevy” on the redemption of shares, as described belowin the section “Dilution levy”.The redemption price may be higher or lower thanthe subscription price, depending on changes in thenet asset value.CONVERSIONWithin the limits defined in the “Sub-classes of shares”section in the prospectus, shareholders of one compartmentmay ask for some or all of their shares tobe converted into shares of another compartment orbetween compartments for different sub-classes, inwhich case the conversion price will be calculated accordingto the respective net asset values, which maybe increased or reduced, in addition to administrativecharges, by the commissions to intermediaries for thesub-classes and/or compartments in question. Underno circumstances may these agents’ fees exceed 2%.However, shares cannot be converted into “J dy” or“J” shares, unless the Board of Directors decides otherwise.Notwithstanding the provisions set out in the Annexesof the prospectus, shareholders of one compartmentmay ask for some or all of their shares tobe converted into shares of the same sub-class in anothercompartment, at no charge other than an administrativefee.Unless otherwise indicated in the Annexes, for anyconversion application received by the Transfer Agentbefore the deadline specified for each compartmentin the Annexes the net asset values applicable will bethose calculated on the following net asset value calculationdate for the compartments in question.The Board of Directors may impose such restrictionsas it deems necessary, in particular concerning thefrequency of conversions, and will be authorised toapply corrections to the net asset value as describedin the section “Calculation of the net asset value”.Shares that have been converted into shares of anothercompartment will be cancelled.In certain exceptional circumstances, the Board ofDirectors will also be authorised to apply a “Dilutionlevy” on the conversion of shares, as described belowin the section “Dilution levy”.DILUTION LEVYIn certain exceptional circumstances such as, for example:– significant trading volumes– and/or market disturbances– and in any other cases when the Board of Directorsdeems, at its sole discretion, that the interestof the existing shareholders (concerning issues/conversions) or of the remaining shareholders(concerning redemptions/conversions) might benegatively affected,the Board of Directors of the Fund will be authorisedto charge a “Dilution levy” for a maximum of 2% ofthe value of the net asset value on the issue, redemptionand/or conversion price.In cases when it is charged, this Dilution levy will equitablyapply, on a given NAV calculation date, to allshareholders of the relevant compartment. It will bepaid to the compartment and will become an integralpart of that compartment.The original French text is the legally binding version. 55

The Dilution Levy thus applied will be calculated withreference to market effects as well as to the dealingcosts incurred for transactions on the underlying investmentsfor the compartment, including any applicablecommissions, spreads and transfer taxes.The Dilution levy may be cumulative with the correctionsto the net asset value as described in the section“Calculation of the net asset value” below.CALCULATION OF THE NET ASSET VALUEThe Central Administration Agent calculates the netasset value, as well as the issue, redemption and conversionprices for shares for each compartment in thecurrency of the compartment in question, at intervalswhich may vary for each compartment and are indicatedin the Annexes.If one of the days in question is a public holiday, thenet asset value of the compartment in question will becalculated on the following Banking Day.The net asset value of a share of each compartmentwill be calculated by dividing the net assets of thecompartment in question by the compartment’s totalnumber of shares in circulation. A compartment’s netassets correspond to the difference between its totalassets and total liabilities.If various sub-classes of shares are issued in a givencompartment, the net asset value of each sub-classof shares in this compartment will be calculated bydividing the total net asset value (calculated for thecompartment in question and attributable to this subclassof shares) by the total number of shares issuedfor this sub-class.The percentage of the total net asset value of the relevantcompartment that can be attributed to eachsub-class of shares, which was initially identical tothe percentage of the number of shares representedby the sub-class of shares in question, varies accordingto the level of distribution shares, as follows:a) if a dividend or any other distribution is paid outfor distribution shares, the total net assets attributableto the sub-class of shares will be reducedby the amount of this distribution (thereby reducingthe percentage of the total net assets ofthe compartment in question, attributable to thedistribution shares) and the total net assets attributableto capitalisation shares will remainidentical (thereby increasing the percentage ofthe compartment’s total net assets attributable tothe capitalisation shares);b) if the capital of the compartment in question isincreased through the issue of new shares in oneof the sub-classes, the total net assets attribut ableto the sub-class of shares concerned will be increasedby the amount received for this issue;c) if the shares of a sub-class are redeemed by a givencompartment, the total net assets attribut ableto the corresponding sub-class of shares will bereduced by the price paid for the redemption ofthese shares;d) if the shares of a sub-class are converted intoshares of another sub-class, the total net assetsattributable to this sub-class will be reduced bythe net asset value of the shares converted whilethe total net assets attributable to the sub-class inquestion will be increased by the same amount.The total net assets of the Fund will be expressed ineuros and correspond to the difference between thetotal assets (total wealth) and the total liabilities of theFund. For the purposes of this calculation, if the netassets of a compartment are not expressed in euros,they will be converted to euros and added together.Portfolio transactions are liable to generate expensesas well as a difference between the trading priceand the valuation of investments or divestments. Toprotect the Fund’s existing shareholders, at the timeof subscriptions and/or redemptions received for agiven NAV calculation day, shareholders entering orexiting generally bear the impacts of these negativeeffects. These costs (estimated at a flat rate or effectivevalue) may be invoiced separately or by adjustingthe NAV of a concerned compartment or class eitherdown or up. The Board of Directors may also decideto only apply this correction at a certain level of subscriptionsand/or redemptions in a given compartmentor class. These procedures apply in an equitablemanner to all shareholders of a same compartmenton the same net asset value calculation date. The specificmethod applied for each class is the following:For compartments Pictet-USA Index, Pictet – EuropeIndex, Pictet – Japan Index, Pictet – Pacific Ex JapanIndex, Pictet – Emerging Markets Index, Pictet – EurolandIndex, Pictet – Brazil Index, Pictet – China Index,Pictet – India Index, Pictet – Latam Index and Pictet –Russia Index:For I, P and Z shares and their corresponding shares:corrections are invoiced separately from the NAV.For IS and R shares and their corresponding shares:the NAV is adjusted.For all other compartments:For Z shares and their corresponding shares: correctionsare invoiced separately from the NAV.For I, P, R, S, MG and J shares and their correspondingshares: the NAV is adjusted.The effect of any such corrections with respect to thenet asset value that would have been obtained withoutthem may not exceed 2% unless otherwise specifiedin the Annexes.The assets of each compartment will be valued as follows:a) The securities admitted for listing on an officialstock exchange or on another regulated marketwill be valued using the last known price unlessthis price is not representative.b) Securities not admitted to such listing or not ona regulated market and securities thus listed butwhose last known price is not representative, willbe valued on the basis of the probable sellingprice, estimated prudently and in good faith.56 The original French text is the legally binding version.

c) The value of any cash in hand or on deposit, billsand demand notes and accounts receivable, prepaidexpenses, dividends and interest declared oraccrued and not yet obtained, will be constitutedby the nominal value of the assets, unless it appearsunlikely that this amount will be obtained,in which case the value will be determined afterdeducting the amount that the Board of Directorsdeems appropriate to reflect the true value ofthese assets.d) Money market instruments will be valued usingthe amortised cost method at their nominal valueplus any accrued interest or the “mark-to-market”method. When the market value is different to theamortised cost, the money market instrumentswill be valued using the mark-to-market method.e) Securities expressed in a currency other than thatof the reference compartment will be convertedto the currency of that compartment at the applicableexchange rate.f) Units/shares issued by open-ended-type undertakingsfor collective investment:- on the basis of the last net asset value knownby the Central Administration Agent, or- on the basis of the net asset value estimatedon the closest date to the compartment’s valuationday.g) The value of companies that are not admitted forlisting on an official or regulated market may bedetermined using a valuation method proposedin good faith by the Board of Directors based onthe last audited annual financial statements available,and/or on the basis of recent events thatmay have an impact on the value of the security inquestion and/or on any other available valuation.The choice of method and of the medium allowingthe valuation will depend on the estimatedrelevance of the available data. The value may becorrected according to any unaudited periodicfinancial statements available. If the Board of Directorsdeems that the price is not representativeof the probable selling value of such a security, itwill then estimate the value prudently and in goodfaith on the basis of the probable selling price.h) The value of forward contracts (futures and forwards)and option contracts traded on a regulatedmarket or a securities exchange will be based onthe closing or settlement prices published by theregulated market or securities exchange that asa general rule constitutes the principal place fortrading those contracts. If a forward contractor option contract cannot be liquidated on thevaluation date of the net assets in question, thecriteria for determining the liquidation value ofthe forward or option contract will be set by theBoard of Directors in a reasonable and equitablemanner. Forward contracts and option contractsthat are not traded on a regulated market or on asecurities exchange will be valued at their liquidationvalue determined in accordance with therules established in good faith by the Board ofDirectors and according to standard criteria foreach type of contract.i) The expected future flows, to be received andpaid by the compartment pursuant to swap contracts,will be valued at their updated values.j) When it deems necessary, the Board of Directorsmay establish a valuation committee whose taskwill be to estimate prudently and in good faith thevalue of certain securities.The Board of Directors is authorised to adopt anyother appropriate principles for valuing the compartment’sassets if it is impossible or inappropriate tocalculate the values based on the above criteria.If there is no bad faith or obvious error, the valuationdetermined by the Central Administration Agent willbe considered as final and will be binding on the compartmentand its shareholders.SUSPENSION OF CALCULATION OF THENET ASSET VALUE, SUBSCRIPTIONS,REDEMPTIONS AND CONVERSIONSThe calculation of the net asset value, and the issue,redemption and conversion of the shares of one ormore compartments may be suspended in the followingcases:– When one or more stock exchanges or marketson which a significant percentage of the Fund’sassets are valued or one or more foreign exchangemarkets in the currencies in which thenet asset value of shares is expressed or in whicha substantial portion of the Fund’s assets is held,are closed, other than for normal holidays or ifdealings on them are suspended, restricted orsubject to major fluctuations in the short term.– When, as a result of political, economic, military,monetary or social events, strikes or any othercases of force majeure outside the responsibilityand control of the Fund, the disposal of theFund’s assets is not reasonably or normally practicablewithout being seriously detrimental toshareholders’ interests.– When there is a breakdown in the normal meansof communication used to calculate the value ofan asset in the Fund or if, for whatever reason,the value of an asset in the Fund cannot be calculatedas promptly or as accurately as required.– When, as a result of currency restrictions orrestrictions on the movement of capital, transactionsfor the Fund are rendered impracticable, orpurchases or sales of the Fund’s assets cannot becarried out at normal rates of exchange.– In the event of the publication (i) of a noticefor a General Meeting of the Shareholders atwhich the dissolution and the liquidation of theFund or of a compartment are proposed or (ii)of the notice informing the shareholders of theBoard of Directors’ decision to liquidate oneor more compartment(s) or, to the extent thatsuch a suspension is justified by the need toprotect shareholders, (iii) of the notice for a GeneralMeeting of the Shareholders called to decideon the merger of the Fund or of one or moreThe original French text is the legally binding version. 57

compartment(s) or (iv) of a notice informing theshareholders of the Board of Directors’ decisionto merge one or more compartments;– When for any other reason, the value of the assetsor of the debts and liabilities attributablerespectively to the Fund or to the compartmentin question cannot be quickly or accurately determined;– For any other circumstance in which failure tosuspend could engender either for the Fund, oneof its compartments or its shareholders, certainliabilities, financial disadvantages or any otherharm for the Fund that the compartment or itsshareholders would not otherwise experience.For compartments which invest their assets througha company wholly-controlled by the Fund, only theunderlying investments will be taken into account forthe implementation of the above restrictions and theintermediary company will be treated as though it didnot exist.In such cases, shareholders who have submitted applicationsto subscribe to, redeem or convert sharesin compartments affected by the suspension measureswill be notified.The Fund may, at any time and at its discretion, temporarilydiscontinue, permanently cease or limit theissue of shares in one or more compartments to naturalor legal entities resident or domiciled in certaincountries or territories. It may also prohibit themfrom acquiring shares if such a measure is deemednecessary to protect all shareholders and the Fund.Moreover, the Fund reserves the right to:a) reject any application to subscribe for shares, atits discretion;b) redeem shares acquired in breach of an exclusionmeasure, at any time.The Fund does not allow practices associated with“Market Timing” and reserves the right to reject anysubscription and incoming conversion orders fromany investor suspected of such practice. The Fundwill also take all necessary steps to protect investors.DISTRIBUTION OF INCOMEThe Board of Directors reserves the right to intro ducea distribution policy that may vary between compartmentsand sub-classes of shares in issue.In addition to the aforementioned distributions, theFund may decide to distribute interim dividends.The Fund may distribute the net investment revenue,realised capital gains, unrealised capital gains andcapital. Investors should thus be aware that distributionsmay effectively reduce the net value of the Fund.No income will be distributed if the Fund’s net assetsafter distribution would fall below EUR 1,250,000.The Fund may distribute free bonus shares within thesame limits.Dividends and allotments not claimed within fiveyears of their payment date will lapse and revertto the compartment or to the relevant sub-class ofshares in the Fund compartment.FUND EXPENSESA service fee will be paid to the Management Companyin payment for the services provided by it to theFund. This fee will also enable the Manage ment Companyto remunerate FundPart ner Solutions (Europe)S.A. for the functions of transfer agent, administrativeagent and paying agent.The Management Company will also receive managementfees from the compartments and, in some cases,performance fees to remunerate the Managers, Sub-Managers, Investment Advisers and distributors, ifany.In payment for its custodial services, the CustodianBank will charge a fee for the deposit of assets andthe safekeeping of securities.Service, management and custodian bank fees arecharged to a compartment’s sub-classes of shares inproportion to its net assets and are calculated on theaverage of the net asset values of these sub-classes.Transaction fees will also be charged at rates fixed bycommon agreement.For details of the management fees, please refer tothe Annexes.The rate indicated in the annexes for the custodianbank fee does not include VAT.The managers may conclude soft commission agreements,only when these agreements bring a directand identifiable advantage to their clients, includingthe Fund, and when the Managers are convinced thatthe transactions giving rise to the soft commissionswill be conducted in good faith, in strict compliancewith the applicable regulatory provisions and in thebest interests of the Fund. The Managers will concludesuch agreements in terms and conditions compliantwith best market practice.Other expensesOther costs charged to the Fund will include:1) All taxes and duties that may be due on the Fund’sassets or income earned by the Fund, in particularthe subscription tax (0.05% p.a.) on the Fund’snet assets. This tax will be reduced to 0.01% forassets relating to shares reserved for institutionalinvestors in the meaning of Article 174 (2) of theLaw of 2010 and for the compartments whosesole objective is collective investment in moneymarket instruments and deposits in credit institutions.The following compartments are exempt from thesubscription tax:(i) those whose securities are listed or traded onat least one stock exchange or other regulatedmarket, operating regularly, and recognisedand open to the public; and(ii) whose sole objective is to replicate the performanceof one or more indexes.58 The original French text is the legally binding version.

If there are several classes of securities within thecompartment, the exemption is only applicableto the classes meeting the condition described inpoint (i) above.2) Fees and charges on transactions involving securitiesin the portfolio.3) Remuneration of the Custodian Bank’s correspondents.4) Fees and expenses reasonably incurred by theDomiciliation Agent, Transfer Agent, AdministrativeAgent and Paying Agent.5) Remuneration of foreign agents appointed tomarket the Fund abroad. (In addition, whenthe Fund is distributed abroad, the regulationsin force in some jurisdictions may require thepresence of a local Paying Agent. In this case,investors domiciled in these jurisdictions may berequired to bear the fees and commissions leviedby the local Paying Agents.)6) The cost of exceptional measures, particularly expertappraisals or legal proceedings undertakento protect shareholders’ interests.7) The cost of preparing, printing and filing administrativedocuments, prospectuses and explanatoryreports with the authorities, fees payable for theregistration and maintenance of the Fund withauthorities and official stock exchanges, thecost of preparing, translating, printing and distributingperiodic reports and other documentsrequired by law or regulations, the cost of accountingand calculating the net asset value, thecost of preparing, distributing and publishingreports for shareholders, fees for legal consultants,experts and independent auditors, and anysimilar operating costs.8) Advertising costs and expenses, other than thosespecified above, relating directly to the offer ordistribution of shares will be charged to the Fundto the extent decided by the Board of Directors.All recurring expenses will be charged first to theFund’s income, then to realised capital gains, then tothe Fund’s assets. All other expenses may be amortisedover a maximum of five years.When calculating the net asset values of the variouscompartments, expenses will be divided among thecompartments in proportion to the net assets of thesecompartments, unless these expenses relate to a specificcompartment, in which case they will be allocatedto that compartment.Division into compartmentsFor each compartment, the Board of Directors willcreate a group of distinct assets, within the meaningof the Law of 2010. The assets of a compartment willnot include any liabilities of other compartments. TheBoard of Directors may also create two or more subclassesof shares within each compartment.a) Proceeds from the issue of shares of a particularcompartment will be booked under the compartmentin question in the Fund’s accounts and, ifrelevant, the corresponding amount will accrueto the net assets of the compartment in question,and the assets, liabilities, income and expensesrelating to this compartment will be allocated to itin accordance with the provisions of this Article.If there are several sub-classes of shares in sucha compartment, the correspond ing amount willincrease the proportion of the net assets of thecompartment in question, and will be assigned tothe sub-class of shares concerned.b) If an asset is derived from another asset, this derivativeasset will be allocated in the books of theFund to the compartment or sub-class of sharesto which the asset from which it is derived belongsand, each time an asset is revalued, theincrease or decrease in value will be allocated tothe corresponding compartment or sub-class ofshares.c) If the Fund is charged with a liability attributableto an asset from a particular compartment or aspecific sub-class of shares or to an operationcarried out in relation to the assets of a particu larcompartment or particular sub-class of shares,that liability will be allocated to the compartmentor sub-class of shares in question.d) Where a Fund’s asset or liability cannot be allocatedto a particular compartment, that asset orliability will be allocated in equal shares to allcompartments or allocated in such a way as theBoard of Directors determines prudently and ingood faith.e) The costs incurred for setting up a new compartmentor restructuring will, where applicable, beallocated to the new compartment and may beamortised over a five-year period.TIME LIMITATIONClaims of shareholders against the Board of Directors,the Custodian Bank or the Central AdministrationAgent will lapse five years after the date of theevent that gave rise to the rights claimed.TAX STATUSThe Fund is subject to Luxembourg tax legislation.The FundThe Fund is subject to Luxembourg tax legislation.Purchasers of shares in the Fund are responsible forensuring that they are informed of the applicable legislationand regulations governing the acqui sition,holding and sale of shares, with regard to their residenceand nationality.In accordance with the legislation in force in Luxembourg,the Fund is not subject to any Luxembourg incometax, capital gains tax or wealth tax, withheld atsource or otherwise. Nevertheless, the net assets ofthe Fund are subject to tax at an annual rate of 0.05%,payable at the end of each quarter and calculated onthe basis of the Fund’s net assets at the end of eachquarter. This tax will however be reduced to 0.01%for assets relating to shares reserved for institutionalThe original French text is the legally binding version. 59

investors and for the compartments whose sole objectiveis collective investment in money market instrumentsand deposits in credit institutions.The following compartments are exempt from thesubscription tax:(i) those whose securities are listed or traded onat least one stock exchange or other regulatedmarket, operating regularly, and recognised andopen to the public; and(ii) whose sole objective is to replicate the performanceof one or more indexes.If there are several classes of securities within thecompartment, the exemption is only applicable to theclasses meeting the condition described in point (i)above.European tax considerationsOn 3 June 2003, the Council of the European Unionadopted Council Directive 2003/48/EC on the taxationof savings income in the form of interest payments. Inaccordance with the Directive, Member States of theEuropean Union will be required to provide to the taxauthorities of another Member State of the EuropeanUnion information relating to interest payments orother similar income made by entities under their jurisdictionto individuals residing in that other MemberState of the European Union. Austria and Luxembourghave instead opted to apply a system of withholdingtaxes on such payments during a transitional period.Other countries including the Swiss Confederation,the dependent or associated territories in the Caribbean,the Channel Islands, the Isle of Man, the Principalityof Monaco and the Principality of Liechtenstein willalso introduce equivalent measures to the exchange ofinformation or the withholding tax.The Directive was transposed in Luxembourg by thelaw of 21 June 2005 (the “Law”).The dividends distributed by a compartment of theFund will be subject to the Directive and the Law ifmore than 15% of the assets of the compartment areinvested in debt securities (as defined by the Law) andproceeds realised by shareholders on the redemptionor sale of shares of the compartment will be subjectto the Directive and the Law if more than 25% of theassets of this compartment are invested in debt securities(such compartments are referred to below as“affected compartment(s)”).The applicable withholding rate is 35%.Consequently, if, as part of operations conductedby an affected compartment, a Luxembourg payingagent makes a payment of dividends or redemptionproceeds directly to a shareholder who is a physicalperson, residing or considered to reside for taxpurposes in another Member State of the EuropeanUnion or in certain dependencies or associated territorieslisted above, such a payment will be subject towithholding at the rate indicated above, within thelimits described in the following paragraph.No withholding will be deducted by a Luxembourg payingagent if the physical person in question has either(i) expressly authorised the paying agent to exchangethe information with the tax authorities in compliancewith the provisions of the Law, or (ii) provided to thepaying agent a certificate of tax residency delivered bythe competent authorities of his or her country of residencein the format required by the Law.The Fund reserves the right to deny any subscrip tionif the information provided by a potential investordoes not meet the conditions established by the Lawand resulting from the Directive.The preceding provisions represent only a summaryof the different implications of the Directive andthe Law. They are based only on their current interpretationand are not intended to be exhaustive.These provisions should not in any manner be consideredas tax or investment advice and investorsshould therefore seek advice from their financialor tax advisers on the implications of the Directiveand the Law to which they may be subject.No tax reporting for the dm sub-class of shareswill be provided for German investors.BUSINESS YEARThe Fund’s business year will begin on 1 October andend on 30 September of the following year.PERIODIC REPORTS AND PUBLICATIONSThe Fund will publish audited annual reports withinfour months of the end of the business year and unauditedsemi-annual reports within two months ofthe end of the reference period.The annual report includes the financial statementsfor the Fund and each compartment.These reports will be made available to shareholdersat the Fund’s registered office and from the CustodianBank and foreign agents involved in marketingthe Fund abroad.The net asset value per share of each compartment(or each sub-class of shares) and the issue and redemptionprice are available from the CustodianBank and the foreign agents involved in marketingthe Fund abroad.Any amendment to the Articles of Association will bepublished in the Mémorial.DURATION – MERGER – DISSOLUTION OFTHE FUND AND COMPARTMENTSThe FundThe Fund is formed for an indefinite period. However,the Board of Directors may at any time move todissolve the Fund at an Extraordinary General Shareholders’Meeting.If the Fund’s share capital falls below two-thirds ofthe minimum capital required by law, the Board ofDirectors must refer the matter of dissolution to theGeneral Meeting, deliberating without any quorumand deciding by a simple majority of the shares representedat the meeting.60 The original French text is the legally binding version.

If the Fund’s share capital is less than a quarter of theminimum capital required, the directors must referthe matter of dissolution of the Fund to the GeneralMeeting, deliberating without any quorum; dissolutionmay be decided by shareholders holding a quarterof the shares represented at the meeting.Merger of compartmentsThe Board of Directors may decide to merge a compartmentof the Fund with another compartment ofthe Fund or with another UCITS (Luxembourg or foreign)in accordance with the Law of 2010.The Board of Directors may in addition decide to submitthe decision to merge to the General Meeting ofthe shareholders of the compartment concerned. Anydecision of the shareholders as described above willnot be subject to a quorum requirement and will beadopted by simple majority of the votes cast. If, followinga merger of one or more compartments, theFund should cease to exist, the merger will be decidedby the General Meeting of shareholders deliberatingin compliance with the majority and quorum conditionsrequired for amending the Company’s Articlesof Association.Liquidation of compartmentsThe Board of Directors may also propose to dissolvea compartment and cancel its shares at the GeneralMeeting of Shareholders of the compartment. ThisGeneral Meeting will deliberate without any quorumrequirement and the decision to dissolve the compartmentwill be taken by a majority of the sharesfrom the compartment in question represented at theMeeting.If a compartment’s total net assets fall below EUR15,000,000 or the equivalent in the base currencyof the compartment concerned, or if justified by achange in the economic situation or political circumstancesaffecting a compartment or for economicrationalisation or if it is in the interests of the shareholders,the Board of Directors may, at any time, decideto close the compartment in question and cancelthe shares of that compartment.In the event of the dissolution of a compartment orthe Fund, the liquidation will be carried out pursuantto the applicable Luxembourg laws and regulationsthat define the procedures to enable shareholders tobenefit from liquidation divi dends and in this contextprovides for the depositing of any amount that couldnot be distributed to shareholders when the liquidationis complete with the Caisse de Consignation inLuxembourg. Any amounts deposited that are notclaimed will be subject to time-barring in accordancewith Luxembourg law. The net proceeds from the liquidationof each compartment will be distributed toholders of shares in the class in question in proportionto the number of shares they hold in that class.DOCUMENTS AVAILABLE FOR INSPEC-TIONThe following documents are deposited at the CustodianBank and at the registered office of the Fund:1) The Fund’s Articles of Association;2) The latest annual report and the latest semi-annualreport if more recent than the former;3) The Management Company agreement betweenthe Fund and the Management Company;4) The Custodian agreement concluded betweenPictet & Cie (Europe) S.A. and the Fund.INVESTMENT RESTRICTIONSGeneral ProvisionsRather than concentrate on a single specific investmentobjective, the Fund is divided into differentcompartments, each of which has its own invest mentpolicy and its own risk profile by investing in a specificmarket or in a group of markets.The characteristics of each compartment, the investmentobjectives and policies, as well as the subscriptionprocedures and the procedures for conversionand redemption of shares are detailed in the Annexes.Investment RestrictionsFor the purposes of this section, the words “MemberState” mean a Member State of the European Union.Countries that are parties to the European EconomicArea Agreement that are not Member States of theEuropean Union are considered in the same categoryas Member States of the European Union, within thelimits defined by that Agreement and related laws.A. §1The Fund’s investments shall consist solely of one ormore of the following:1) Transferable securities and money market instrumentslisted or traded on a regulated market;2) Transferable securities and money market instrumentstraded on another regulated and regularlyfunctioning market of a Member State, that isrecognised and open to the public;3) Transferable securities and money market instrumentsadmitted for listing on a stock market ofa state, which is not part of the European Unionor traded on another market of a state that is notpart of the European Union, which is regulatedand regularly functioning, recognised and opento the public;4) Transferable securities and newly issued moneymarket instruments provided that:– the terms of issue include an undertaking thatan application will be made for admis sion tobe officially listed on a stock exchange orother regulated, regularly functioning marketwhich is recognised and open to the public;– and that this admission is obtained at the latestwithin one year of the issue.5) Units or shares of approved Undertakings forCollective Investment in Transferable Securities(UCITS) in compliance with Directive 2009/65/ECThe original French text is the legally binding version. 61

and/or other Undertakings for Collective Investment(UCI) within the meaning of Art. 1, paragraph(2), point a) of Directive 2009/65/EC, whether ornot established in a Member State, provided that:– these other UCIs are approved in compliancewith laws stipulating that the entities aresubject to supervision that the CSSF considersas equivalent to that laid down by the EClegislation and that cooperation between theauthorities is adequately guaranteed.– the level of protection guaranteed to holdersof shares or units of these other UCIs isequivalent to that intended for holders ofshares or units of a UCITS and, in particular,that the rules relating to the division of assets,borrow ings, loans, short sales of transferablesecurities and money market instruments areequivalent to the requirements of Directive2009/65/EC.– the activities of these other UCIs are reportedin semi-annual and annual state mentsthat enable valuation of assets and liabilities,revenues and operations for the period concerned;and that.– the proportion of net assets that the UCITSor the other UCIs whose acquisition is envisagedmay invest overall in units or sharesof other UCITS or other UCIs in con formitywith their management rules or constitutivedocuments, does not exceed 10%.– when a compartment invests in units orshares of other UCITS and/or other UCIs thatare linked to the Fund within the frameworkof common manage ment or control or by asignificant direct or indirect holding, or ismanaged by a management company linkedto the manager, no subscription or redemptionfees may be invoiced to the Fund forinvestment in the UCITS or other UCI unitsor shares.– The Fund, the manager or the managementcompany may not receive any commissionfor issue or redemption and may only receivea maximum management commission of0.25% if they acquire target UCIs that are:a. directly or indirectly managed by themselves,orb. managed by a company to which they arelinked:• under common management• under common control, or• by a direct or indirect holding of morethan 10% of the capital or votes.6) Deposits in credit institutions redeemable onrequest or which can be withdrawn and whosematurity is twelve months or less, provided thatthe credit establishment has its registered headquartersin a Member State or, if the registeredheadquarters of the credit establishment are locatedin a third country, is subject to the prudentportfolio rules considered by the CSSF as equivalentto those provided by EU legislation.7) Derivative financial instruments, including similarinstruments allowing cash settlements, that aretraded on a regulated market of the kind specifiedin points 1), 2) and 3) above, or over-the-counterderivative financial instruments, provided that:– the underlying assets consist of instrumentsallowed under Book A, §1, in terms of financialindexes, interest rates, exchange orcurrency rates, in which the Fund may investin conformity with its investment objectives;– the counterparties to OTC derivative financialtransactions are establishments subjectto prudential supervision and belonging tocategories approved by the CSSF; and– the OTC derivative financial instruments arereliably and verifiably evaluated on a daily basisand can be, should the Fund wish, sold,liquidated or closed by a symmetrical transaction,at any time and at their fair value.8) Money market instruments other than those tradedon a regulated market and designated by Art.1 of the Law of 2010, as long as the issue or the issuerof these instruments are themselves subjectto regulations whose aim is to protect the investorsand investments and that the instrumentsare:– issued and guaranteed by a central, regionalor local administration, by a central bank ofa Member State, by the European CentralBank, by the European Union or by the EuropeanInvestment Bank, by a third state or, inthe case of a federal state, by one of the membersof the federation, or by an internationalpublic agency of which one or more MemberStates are members; or– issued by a company whose securities aretraded on regulated markets specified inpoints 1), 2) or 3) above; or– issued or guaranteed by an establishmentsubject to prudential supervision accordingto criteria defined by European Union law, orby an establishment that is subject to and inconformity with prudential rules consid eredby the CSSF as at least as strict as those intendedby European Union legislation; or– issued by other entities belonging to categoriesapproved by the CSSF as long as theinvestments in these instruments are subjectto rules for protecting investors that are atleast equivalent to those prescribed by thefirst, second or third indents, and that the issueris a company whose capital and reservesare at least ten million euros (EUR 10,000,000)and which offers and pub lishes its annualaccounts in conformity with the fourth Directive78/660/EEC, or is an entity which, withina group of companies including one or morelisted companies, is dedicated to financ ingthe group or is an entity which is dedicated tofinancing securitisation vehicles with a line ofbank financing.62 The original French text is the legally binding version.

§2However:1) the Fund may not invest more than 10% of the netassets of each compartment in transferable securitiesor money market instruments other thanthose mentioned in §1 above;2) the Fund cannot directly acquire precious metalsor certificates representing precious metals;3) the Fund may acquire movables and immovablesnecessary for the exercise of its activity.§3The Fund may hold liquid assets, on an ancillary basis,unless other provisions are specified in the annexesfor each individual compartment:B.1) The Fund may not invest more than 10% of thenet assets of each compartment in transferablesecu rities or money market instruments of thesame issuer and cannot invest more than 20% ofits net assets in deposits placed in the same entity.The counterparty risk of a compartment ofthe Fund in a transaction involving OTC derivativefinancial instruments may not exceed 10% ofthe net assets when the counterparty is one of thecredit institutions specified in Book A, §1, point6), or 5% of its net assets in other cases.2) The total value of the transferable securities andmoney market instruments held by a compartmentfrom issuers in which it invests more than5% of its net assets may not exceed 40% of thevalue of its net assets. This limit does not apply todeposits in financial establishments that are subjectto prudential supervision and to transactionsof OTC derivative financial instruments with theseestablishments. Notwithstanding the individuallimits set in paragraph 1) above, a compartmentof the Fund may not combine, when this wouldlead it to invest more than 20% of its net assets inthe same entity, several of the following:– instruments in transferable securities ormoney market instruments issued by the saidentity,– deposits in the said entity, or– risks related to transactions involving OTCderivative financial instruments with the saidentity.3) The 10% limit defined in the first sentence of paragraph1) above may be raised to a maximum of35% when the transferable securities or the moneymarket instruments are issued or guaranteedby a Member State, by its local authorities, by athird state or by international public bodies ofwhich one or more Member States are members.The transferable securities and money market instrumentsmentioned in this paragraph are notaccounted for when applying the 40% limit mentionedin paragraph 2) above.4) The 10% limit defined in the first sentence ofparagraph 1) above may be raised to a maximumof 25% for certain debt securities, whenthey are issued by a credit establishment havingregistered headquarters in a Member Statethat is legally subject to special public auditingdesigned to protect holders of the bonds. In particular,the amounts originating from the issueof the bonds must be invested, in conformitywith the law, in assets that adequately cover, forthe entire duration of the validity of the bonds,the related liabilities and that will be distributedpreferentially as redemption of the capital andpayment of interest accrued in the event of defaultby the issuer. When a compartment of theFund invests more than 5% of its net assets inbonds as understood in this paragraph and issuedby the same issuer, the total value of theinvestments may not exceed 80% of the value ofthe net assets of a compartment of the Fund. Thetransferable securities and money market instrumentsmentioned in this paragraph are notaccounted for when applying the 40% limit mentionedin paragraph (2), above.5) The limits defined in the previous points 1), 2), 3)and 4) may not be combined and therefore, theinvestments in transferable securities or moneymarket instruments of a single issuer, in depositsor derivative financial instruments involving thisentity, in conformity with these paragraphs, maynot exceed a total of 35% of the net assets of thecompartment in question.6) The companies that are grouped together inthe consolidated accounts, within the meaningof Directive 83/349/EEC or in conformity withrecognised international accounting rules, areconsidered as a single entity for the calculationof the limits described in points 1) to 5) of thisBook B.Each compartment of the Fund may invest cumulativelyup to 20% of its net assets in thetransferable securities or money market instrumentsof a single group.7) Notwithstanding the above and respectingthe principle of risk diversification, the Fundmay invest up to 100% of the net assets of eachcompartment in different issues of transferablesecurities and money market instrumentsissued or guaranteed by an EU Member State,by the local authorities of an EU MemberState, by a country that is not part of the EuropeanUnion (at the date of this prospectus,the Member States of the Organisation forEconomic Cooperation and Development (theOECD), Singapore, Brazil, Russia, Indonesiaand South Africa) or by an international publicbody of which one or more EU MemberStates are members, provided that these securitiesbelong to at least six different issuesand that the securities belonging to a singleissue do not exceed 30% of the net assets ofthe compartment in question.The original French text is the legally binding version. 63

8) The Fund may not invest more than 20% of thenet assets of each compartment in a single UCITSor other UCI as defined in Book A, §1 5). For theapplication of this limit, each compartment of aUCI with multiple compartments is considered asa separate issuer provided that the liabilities ofthe different compartments with regard to thirdparties are segregated.The investment in units or shares of UCIs otherthan UCITS may not exceed a total of 30% of thenet assets of each compartment.When a compartment’s investment policy allowsit to invest via total return swaps in shares or unitsof UCITS and/or other UCIs, the 20% limit definedabove is also applied, to the extent that thepotential losses resulting from this kind of swapcontract creating an exposure to a single UCITSor UCI, together with direct investments in thissingle UCITS or UCI, will not in total exceed 20%of the net assets of the compartment in question.In the case that these UCITS are compartments ofthe Fund, the Swap contract will include provisionsfor cash settlement.9) a) The limits specified in points B 1) and B 2)above are reduced to a maximum of 20% for investmentsin shares and/or debt securities issuedby a single entity, when, in accordance with theinvestment policy of a compartment of the Fund,its objective is to replicate the composition of aspecific index of equities or debt securities that isrecognised by the CSSF, on the following bases:- the composition of the index is adequately diversified;- the index is a representative yardstick of themarket to which its refers;- it has been appropriately publicised.b) The limit stipulated in paragraph a) above is35% when justified by exceptional conditions onthe markets, in particular on regulated marketswhere certain transferable securities or certainmoney market instruments are largely dominant.Investment up to that limit is only allowed for asingle issuer.10) A compartment of the Fund (defined as an “InvestingCompartment”, for the needs of thisparagraph) may subscribe for, acquire and/orhold securities to be issued or that have been issuedby one or more other compartments of theFund (each a “Target Compartment”), without theFund being subject to the requirements imposedby the Law of 10 August 1915 governing commercialcompanies, as amended, with respect to acompany’s subscription, acquisition and/or holdingof its own shares provided however that:- the Target Compartment does not invest inthe Investing Compartment that is investedin this Target Compartment; and- the proportion of assets that the Target Compartmentswhose acquisition is envisagedand which may be wholly invested, in accordancewith their investment policy, in units orshares of other UCITS and/or other UCIs,including other Target Compartments of thesame UCI, does not exceed 10%; and- any voting right attached to the shares concernedis suspended as long as they are heldby the Investing Compartment and notwithstandingappropriate accounting treatmentin the periodical financial statements; and- in all circumstances, for as long as these securitiesare held by the Investing Compartmenttheir value is not taken into account in thecalculation of the Fund’s net assets for verificationof the minimum threshold of net assetsimposed by the Law of 2010; and- there is no duplication of management, subscriptionor redemption fees with respect tothe Investing Compartment and the TargetCompartment.C. §1The Fund may not acquire across all the compartmentstogether:1) shares granting voting rights in sufficient numberto allow it to exert a significant influence onthe management of the issuer;2) more than:– 10% of shares without voting rights of a singleissuer;– 10% of the debt instruments of a single issuer;– 25% of the units or shares of a single UCITSor other UCI in the meaning of Article 2 §2 ofthe Law of 2010;– 10% of money market instruments of a singleissuer.The limits defined in the second, third and fourth indentsabove need not be respected at the time of acquisitionif, at that time, the gross value of the bondsor money market instruments or the net value of securitiesissued cannot be calculated;The restrictions mentioned in points 1) and 2) aboveare not applicable:a) to the transferable securities and money marketinstruments issued or guaranteed by a MemberState, by its local authorities, or by a state that isnot a member of the European Union;b) to the transferable securities and money marketinstruments issued by international public bodiesof which one or more Member States are members;c) to shares held in the capital of a corporation of athird state to the EU that invests its assets mainlyin the securities of issuers of that state, whereunder the legislation of that state such a holdingrepresents the only way in which the UCITScan invest in the securities of issuers of that state.This exception is, however, only applicable whenthe third state to the EU respects in its investmentpolicy the limits established by Articles 43 and 46and Article 48, paragraphs (1) and (2), of the Law64 The original French text is the legally binding version.

of 2010. In the case that the limits defined in Articles43 and 46 of this law are exceeded, Article 49applies with necessary modifications;d) to shares held by one or more investment companiesin the capital of subsidiary companiesexercising management, advising, or sales activitiesin the country where the subsidiary isestablished in regard to the redemption of unitsat the unitholders’ request exclusively on its ownor their behalf.§21) The Fund may, for each compartment, temporarilycontract loans in a proportion not exceeding10% of the assets of the compartment concerned.2) The Fund may not grant credits or act as guarantoron behalf of third parties.The paragraph above does not prevent the acquisitionby the Fund of transferable securities,money market instruments or other financial instrumentsallowed under Book A, §1, points 5), 7)and 8) not fully paid up.3) The Fund may not, for any compartment, undertaketransactions involving the short sale oftransferable securities, money market instrumentsor other financial instruments specified inBook A, §1, points 5), 7) and 8).§3While adhering to the principle of risk spreading, anewly-approved compartment of the Fund may betemporarily exempted from Articles 43, 44, 45 and 46of the Law of 2010, for a period of six months followingthe date of its authorisation.Use of derivative financial products and instrumentsOptions, warrants, futures contracts, exchange contracts ontrans ferable securities, currencies or financial instrumentsTo ensure that the portfolio is managed effectivelyand for hedging purposes, the Fund may buy andsell call and put options, warrants and futures contracts,and conclude exchange contracts, and for thecompartments mentioned in Annexes 2 and 3, CFDs(Contracts For Difference) on transferable securities,currencies or any other type of financial instrument,provided that these derivative financial instru mentsare traded on a regulated market, operating regularly,that is recognised and open to the public; however,these derivative financial instruments may alsobe traded over-the-counter (OTC), provided they arecontracted with leading financial institutions specialisingin this type of transaction.Credit derivativesThe Fund may invest in buying and selling creditderivative financial instruments. Credit derivativeproducts are used to insulate and transfer the creditrisk associated with a base asset. There are two categoriesof credit deriva tives: “financed” and “non-financed”depending on whether or not the protectionseller has made an initial payment in relation to thebase asset.Despite the great variety of credit derivatives, thethree most common types of transaction are:The first type: transactions on credit default products(for example Credit Default Swaps (CDS) or CDS options),are transactions in which the debts of the partiesare linked to the presence or absence of one orseveral credit events in relation to the base asset. Thecredit events are defined in the contract and representa decline in the value of the base asset. Credit defaultproducts may either be paid in cash or by physicaldelivery of the base asset following the default.The second type, Total Return Swaps, are an exchangeon the economic performance of an underlyingasset without transferring ownership of the asset.When a buyer purchases a Total Return Swap, itmakes a regular payment at a variable rate, in returnfor which all the results relating to a notional amountof that asset (coupons, interest payments, change inasset value) accrue to it over a period of time agreedwith the counterparty. The use of these instrumentscan help offset the relevant compartment’s exposure.The third type, “credit spread” derivatives, are creditprotection transactions in which the payments maybe made either by the buyer or by the seller of theprotection based on the relative credit value of two ormore base assets.However, at no time may these operations be conductedfor the purpose of modifying the investmentpolicy.Application of sufficient hedging on transactions involvingderivative financial products and instruments whether or nottraded on a regulated marketSufficient hedging in the absence of a cash settlementWhen the derivative financial contract provides, eitherautomatically or at the choice of the Fund’s counterparty,for the physical delivery of the underlyingfinancial instrument on the date of expiry or on exercise,and as long as physical delivery is commonpractice for the instrument concerned, the Fund musthold the underlying financial instrument in its portfolioas a hedge.Exceptional substitution by another underlying hedge inthe absence of a cash settlementWhen the underlying financial instrument of a derivativefinancial instrument is very liquid, the Fund isallowed, on an exceptional basis, to hold other liquidassets as hedges, provided that these assets can beused at any time to acquire the underlying financialinstrument due to be delivered and that the additionalmarket risk associated with this type of transaction isadequately valued.Substitution by another underlying hedge in the event of acash settlementWhen the derivative financial instrument is settledin cash, automatically or at the Fund’s discretion, theFund is allowed to not hold the specific underlyinginstrument as a hedge. In this case, the following categoriesof instruments are acceptable hedges:a) cash;b) liquid debt securities, provided that appropriatesafeguard methods (for example, discounts or“haircuts”) exist;The original French text is the legally binding version. 65

c) any other very liquid asset, considered by reasonof its correlation with the underlying asset of thederivative instrument, provided appropriate safeguardmethods exist (such as a discount, whereapplicable).Calculating the amount of the hedgeThe amount of the hedge must be calculated using theliabilities approach.Securities lending, repurchase and reverse repurchase transactionsIn order to reduce risks or costs or to procure capitalgains or revenues for the Fund, the Fund may lendor borrow securities and engage in repurchase or reverserepurchase transactions as described below.The Fund will ensure that these transactions are keptat a level at which it can fulfil its obligation at any timeto redeem its shares and that these transactions donot compromise the management of the Fund’s assets,in compliance with its investment policies.These transactions will be conducted in compliancewith the rules specified in CSSF circular 08/356, asamended.Lending on securitiesThe Fund may lend the securities included in itsportfolio to a borrower either directly or via a standardisedlending system organised by a recognisedsecurities clearing house or by a lending system organisedby a financial institution subject to the rulesfor prudential supervision considered by the CSSF asequivalent to those stipulated by EC laws and specialisingin this type of transaction.For each securities loan transaction entered into,the Fund must receive a guarantee valued at least at90% of the overall valuation value (including interest,dividends and other rights, if any) of the securitiesloaned, for the entire duration of the loan.This guarantee must be given in the forms describedin CSSF circular 08/356:(i) in liquidities,(ii) in bonds issued or guaranteed by OECD membercountries or by their local public authorities, orCommunity, regional or global supranational organisationsand institutions,(iii) in shares or units issued by money-market-typeUCIs that calculate a daily net asset value and areclassified AAA or equivalent,(iv) in shares or units issued by UCITS that invest inbonds/shares mentioned in points (v) and (vi) below,(v) in bonds issued or guaranteed by first class issuersthat offer adequate liquidity, or(vi) in shares that are listed or traded on a regulatedmarket of a Member State of the European Unionor on a stock exchange of a member country ofthe OECD provided that these shares are includedin a major index.Repurchase and reverse repurchase agreementsThe Fund may be involved in reverse repurchaseagreements consisting of transactions at the conclusionof which the seller (counterparty) is required torepurchase the asset sold and the Fund must relinquishthe asset held.The Fund may also engage in repurchase agreementsconsisting of transactions at the conclusion of whichthe Fund is required to repurchase the asset sold andthe buyer (counterparty) must relinquish the assetheld.Purchase / sale of securities under repurchase agreementsThe Fund may act as buyer in repurchase agreementsthat consist of purchases of securities that containclauses allowing the seller (the counterparty) to repurchasefrom the Fund the securities sold, at a priceand term stipulated between the Parties at the time ofsigning the contract.The Fund may act as seller in repurchase agreementsthat consist of purchases of securities that containclauses allowing the Fund to repurchase from thebuyer (the counterparty) the securities sold, at a priceand term stipulated between the Parties at the time ofsigning the contract.Structured Finance SecuritiesThe Fund may invest in Structured Finance Securities;however, when compartments invest in structured financesecurities of the credit linked notes-type, thiswill be clearly indicated within the compartment’s investmentpolicy.Structured finance securities include, but are not limitedto, asset-backed securities, asset-backed commercialpapers and portfolio credit-linked notes.Asset-backed securities are securities that are backedby financial cash flows from a group of debt securities(current or future) or by other underlying assets thatmay or may not be fixed. Such assets may include, butare not limited to, mortgages on residential or commercialproperty, leases, credit card debts as well aspersonal or business loans. Asset-backed securitiesmay be structured in various ways, either as a “truesale”in which the underlying assets are transferredwithin an ad hoc structure that then issues the assetbackedsecurities or synthetically, in which the risklinked to underlying assets is transferred via derivativeinstruments to an ad hoc structure that issues theasset-backed securities.Portfolio credit-linked notes are securities in whichpayment of the nominal amount and the interest isdirectly or indirectly linked to one or several managedor unmanaged portfolios of reference entitiesand/or assets (“reference credit”). Until a thresholdcredit event occurs in relation to a reference credit(such as bankruptcy or payment default), a loss willbe calculated (corresponding, for example, to the differencebetween the nominal value of an asset and itsrecovery value).66 The original French text is the legally binding version.

Asset-backed securities and portfolio credit-linkednotes are usually issued in different tranches. Anylosses occurring in regard to underlying assets or,depending on the case, calculated in relation to referencecredits, are first assigned to the most juniortranches until the nominal amount of the securitiesis brought to zero, then it is assigned to the nominalamount of the next most junior tranche remainingand so on.Consequently, in the scenario that (a) for asset-backedsecurities, the underlying assets do not produce theexpected financial flows and/or (b) for portfolio credit-linkednotes, one of the credit events defined occurswith regard to one or several underlying assetsor reference credits, there may be an effect on the valueof the related securities (that may be nil) and anyamount paid on such securities (which may be nil).This may in turn affect the net asset value per shareof the compartment. Moreover, the value of the structuredfinance securities and thus the net asset valueper share of the compartment may, from time to time,be negatively affected by macro-economic factors,including for example unfavourable changes in theeconomic sector of the underlying assets or the referencecredits (including the industrial, service, andreal estate sectors), economic recession in the respectivecountries or global recession, as well as eventslinked to the inherent nature of the assets (thus, a loanto finance a project is exposed to risks related to thetype of project).The extent of such negative effects is thus linked tothe geographic and sectoral concentrations of theunderlying assets, and the type of underlying assetsor reference credits. The degree to which a particularasset-backed security or a portfolio credit-linked noteis affected by such events will depend on its issuetranche; the most junior tranches, even ones rated“investment grade”, may consequently be exposed tosubstantial risks.Investments in structured finance securities may bemore exposed to a greater liquidity risk than investingin government or corporate bonds. When a liquidmarket for these structured finance securities doesnot exist, such securities may only be traded for anamount lower than their nominal amount and not atthe market value which may, subsequently affect thenet asset value per share of the compartment.Risk managementThe Fund utilises a risk management method that allowsit at all times to monitor and measure the riskassociated with positions and the contribution of thepositions to the overall portfolio risk profile.The Fund also utilises a method that allows a preciseand independent evaluation of the value of its OTCfinancial derivatives.The Fund makes sure that the overall risk associatedwith the derivative financial instruments does notexceed the total net value of its portfolio. Risks arecalculated taking account of the current value of theunderlying assets, the counterparty risk, foreseeablechanges in the markets and the time available for liquidatingthe positions.The Fund utilises the VAR (Value at Risk) method,coupled with stress testing in order to evaluate themarket risk component of the overall risk associatedwith derivative financial instruments.The counterparty risk associated with OTC derivativefinancial instruments is evaluated in accordance withthe market value notwithstanding the necessity to usead hoc price fixing models when the market price isnot available.The original French text is the legally binding version. 67

Annex 1: Fixed-income compartmentsThis Annex will be updated to account for any change in an existing compartment or when a new compartmentis created.1. PICTET – EUR BONDSInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in fixed-income instrumentsdenominated in euros;• Who seek a stable saving strategy and thus havesome aversion to risk;• Who have a medium-term investment horizon (atleast 3 years).Investment policy and objectivesThis compartment invests at least two-thirds of its assetsin a diversified portfolio of bonds and convertiblebonds, within the limits allowed by the investmentrestrictions. These investments may be made in allmarkets while seeking capital growth in the base currency.A minimum of two-thirds of its total assets or wealthwill be denominated in euros.Investments in convertible bonds may not exceed20% of the net assets of the compartment and convertiblebonds quoted at over 140% will be sold.In addition, the compartment may invest up to 10% ofits net assets in UCIs, including other compartmentsof the Fund pursuant to the provisions of Article 191of the Law of 2010.The compartment may also invest up to one-third ofits assets in money market instruments.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns are linked to the performance of anindex, transferable securities or a basket of transferablesecurities, or an undertaking for collective investment,for example.The compartment may use derivative techniques andinstruments for efficient management, within the limitsspecified in the investment restrictions.Specifically, the compartment may conduct creditdefault swaps. A credit default swap is a bilateral financialagreement under which a counterparty (the“protection buyer”) pays a premium against an undertakingby the “protection seller” to pay a certainamount if the reference issuer is the subject of a creditrisk stipulated in the contract. The pro tection buyeracquires the right to sell a particular bond issued bythe reference issuer at its face value (or at anotherbase value or strike price) if a credit risk arises. Acredit risk generally includes bankruptcy, insolvency,court-ordered reorganisation/liquida tion, reschedulingof debts or non-payment of debts payable. TheInternational Swaps and Derivatives Association(ISDA) has published standardised documentationfor these transactions, included in the ISDA MasterAgreement.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment.Risk management method: Absolute value-at-risk approach.Expected leverage: 100%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM S.A., PAM LtdConsolidation currency of the compartment: EURRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 12:00 noon on the Banking Day preceding theNAV calculation date.RedemptionBy 12:00 noon on the Banking Day preceding theNAV calculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.68 The original French text is the legally binding version.

Frequency of NAV calculationEach Banking Day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin two Banking Days following the applicableNAV calculation date.Shares not yet issued that may be activated at a later date“J dy” shares as defined in the section “Sub-classesof Shares”.Initial subscription price: The net asset value of the“P dy” share, on the day it is activated.“Z dy” shares as defined in the section “Sub-classesof Shares”.Initial subscription price: The net asset value of the“P dy” share, on the day it is activated.PICTET – EUR BONDSType of share Activated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %)*ServiceCustodianBankI ü LU0128492062 1 million EUR EUR – 0.60% 0.30% 0.05%P ü LU0128490280 – EUR EUR – 0.90% 0.30% 0.05%P dy ü LU0128490793 – EUR EUR ü 0.90% 0.30% 0.05%R ü LU0128492732 – EUR EUR – 1.25% 0.30% 0.05%Z ü LU0211958987 – EUR EUR – 0% 0.30% 0.05%Z dy – LU0474962924 – EUR EUR ü 0% 0.30% 0.05%J dy – LU0170990195 50 million EUR EUR ü 0.45% 0.30% 0.05%HI CHF ü LU0174582725 (1) CHF CHF – 0.60% 0.35% 0.05%HP CHF ü LU0174583616 – CHF CHF – 0.90% 0.35% 0.05%* Per year of the average net assets attributable to this type of share.(1) EUR 1,000,000 converted to CHF on the day of the NAV calculation.The original French text is the legally binding version. 69

2. PICTET – USD GOVERNMENT BONDSInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in fixed-income instrumentsdenominated in US dollars;• Who seek a stable saving strategy and thus havesome aversion to risk;• Who have a medium-term investment horizon (atleast 3 years).Investment policy and objectivesThis compartment invests mainly in a diversifiedportfolio of bonds and other debt securities denominatedin US dollars issued or guaranteed by nationalor local governments, or by supranational organisations,within the limits allowed by the investment restrictions.The investments not denominated in US dollars willgenerally be hedged in order to avoid exposure to acurrency other than the US dollar.In addition, the compartment may invest up to 10% ofits net assets in UCIs.For efficient management and within the limits of theinvestment restrictions set out in the prospectus, thecompartment may use any type of financial derivativetraded on a regulated and/or over-the-counter (OTC)market if obtained from a leading financial institutionthat specializes in these types of transactions. In particular,the compartment may, among other investmentsbut not exclusively, invest in warrants, futures,options, swaps (such as total return swaps, contractsfor difference and credit default swaps) and futurescontracts with underlying assets compliant with theLaw of 2010 and the compartment’s investment policy,among other things, currencies (including nondeliverableforwards), interest rates, transferablesecurities, a basket of transferable securities, indices,and undertakings for collective investment.Specifically, the compartment may conduct creditdefault swaps. A credit default swap is a bilateral financialagreement under which a counterparty (theprotection buyer) pays a premium against an undertakingby the protection seller to pay a certainamount if the base issuer is the subject of a credit riskstipulated in the contract. The protection buyer acquiresthe right to sell a particular bond issued by thebase issuer at its face value (or at another base valueor strike price) if a credit risk arises. A credit risk generallyincludes bankruptcy, insolvency, court-orderedreorganisation/liquidation, rescheduling of debts inarrears or non-payment of debts payable. The InternationalSwaps and Derivatives Association (ISDA)has published standardised documentation for thesetransactions, which is described in the ISDA MasterAgreement.If the manager deems it necessary and in the best interestof the shareholders, the compartment may holdliquidities up to 100% of its net assets, e.g. deposits,money market instruments, and monetary type UCIs(and/or UCITS) (within the aforementioned 10% limit).Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment.Risk management method: Absolute value-at-risk approach.Expected leverage: 50%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM S.A., PAM LtdConsolidation currency of the compartment: USDRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationEach Banking Day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.70 The original French text is the legally binding version.

Payment value date for subscriptions and redemptionsWithin two Banking Days following the applicableNAV calculation date.Shares not yet issued that may be activated at a later date“Z dy” shares as defined in the section “Sub-classesof Shares”.Initial subscription price: The net asset value of the“P dy” share, on the day it is activated.PICTET – USD GOVERNMENT BONDSType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %)*ServiceCustodianBankI ü LU0128489514 1 million USD USD – 0.30% 0.15% 0.20%P ü LU0128488383 – USD USD – 0.60% 0.15% 0.20%P dy ü LU0128488896 – USD USD ü 0.60% 0.15% 0.20%R ü LU0128489860 – USD USD – 0.90% 0.15% 0.20%Z ü LU0222473018 – USD USD – 0% 0.15% 0.20%Z dy – LU0474963062 – USD USD ü 0% 0.15% 0.20%* Per year of the average net assets attributable to this type of share.The original French text is the legally binding version. 71

3. PICTET – SHORT-TERM MONEY MARKET CHFThe compartment intends to meet the conditions fora Short-Term Money Market fund in accordance withthe recommendations of the ESMA (formerly theCESR) referenced CESR/10-049.Investor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in high quality short-termfixed-income securities;• Who are averse to risk.Investment policy and objectivesThe compartment’s objective is to offer investors ahigh level of protection of their capital denominatedin Swiss francs and to provide a return in line withmoney market rates.To fulfil this objective, the compartment invests inmoney market instruments that meet the criteria formoney market instruments set in Directive 2009/65/EC or in deposits.The compartment limits its investments to securitieswhose residual maturity until the legal repaymentdate is less than or equal to 397 days,The average weighted maturity of the portfolio cannotexceed 60 days and the average weighted lifetimecannot exceed 120 days.The base currency of the compartment (consolidationcurrency) is not necessarily identical to the compartment’sinvestment currencies. The related exchangerate risk will be systematically hedged against thecompartment’s base currency.The above-mentioned investments will be made insecurities issued by issuers that have a minimum ratingof A2 and/or P2 as defined by each of the leadingrating agencies. When there is no official rating system,the Board of Directors will decide on acquiringtransferable securities with identical quality criteria.In addition, the compartment may invest up to 10% ofits net assets in short-term money-market-type UCIs.The compartment may also invest, in accordance withits investment strategy, in structured products suchas bonds whose returns may for example be linked tothe performance of an index, transferable securitiesor money market instruments, or a basket of securities,or an undertaking for collective investment.The compartment may use derivative techniques andinstruments within the limits stipulated in the investmentrestrictions and by the recommendations of theESMA (formerly the CESR) referenced CESR/10-049.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment.The objective of this compartment is to offer investorsa high degree of capital protection; however,it is not possible to guarantee that investorswill recover the entire amount of capital invested.Risk management method: Absolute value-at-risk approach.Expected leverage: 60%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM S.A., PAM LtdConsolidation currency of the compartment: CHFRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 12:00 noon on the NAV calculation date.RedemptionBy 12:00 noon on the NAV calculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationEach Banking Day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsThe Banking Day following the applicable NAV calculationdate.Shares not yet issued that may be activated at a later date:“J” shares as defined in the section “Sub-classes ofShares”.Initial subscription price: The net asset value of the“P” share, on the day it is activated.72 The original French text is the legally binding version.

PICTET – SHORT-TERM MONEY MARKET CHFType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %) *ServiceCustodianBankI ü LU0128499158 1 million CHF CHF – 0.15% 0.05% 0.05%P ü LU0128498267 – CHF CHF – 0.18% 0.05% 0.05%P dy ü LU0128498697 – CHF CHF ü 0.18% 0.05% 0.05%R ü LU0128499588 – CHF CHF – 0.25% 0.05% 0.05%Z ü LU0222473364 – CHF CHF – 0% 0.05% 0.05%Z dy ü LU0378109325 – CHF CHF ü 0% 0.05% 0.05%J – LU0474963146 50 million CHF CHF – 0.10% 0.05% 0.05%* Per year of the average net assets attributable to this type of share.The original French text is the legally binding version. 73

4. PICTET – SHORT-TERM MONEY MARKET USDThe compartment is designed to meet the requirementsof a Short-Term Money Market fund in accordancewith the recommendations of the ESMA(formerly the CESR) referenced CESR/10-049.Investor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in high quality short-termfixed-income securities;• Who are averse to risk.Investment policy and objectivesThe compartment’s objective is to offer investors ahigh level of protection of their capital denominatedin US dollars and to provide a return in line withmoney market rates.To fulfil this objective, the compartment invests inmoney market instruments that meet the criteria formoney market instruments set in Directive 2009/65/EC or in deposits.The compartment limits its investments to securitieswhose residual maturity until the legal repaymentdate is less than or equal to 397 days,The average weighted maturity of the portfolio cannotexceed 60 days and the average weighted lifetimecannot exceed 120 days.The base currency of the compartment (consolidationcurrency) is not necessarily identical to the compartment’sinvestment currencies. The related exchangerate risk will be systematically hedged against thecompartment’s base currency.The above-mentioned investments will be made insecurities issued by issuers that have a minimum ratingof A2 and/or P2 as defined by each of the leadingrating agencies. When there is no official rating system,the Board of Directors will decide on acquiringtransferable securities with identical quality criteria.In addition, the compartment may invest up to 10% ofits net assets in short-term money-market-type UCIs.The compartment may also invest, in accordancewith its investment strategy, in structured productssuch as bonds whose returns may for example belinked to the performance of an index, transferablesecurities or money market instruments, or a basketof transferable securities, or an undertaking for collectiveinvestment.The compartment may use derivative techniques andinstruments within the limits stipulated in the investmentrestrictions and in the recommendations of theESMA (formerly the CESR) referenced CESR/10-049.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment.The objective of this compartment is to offer investorsa high degree of capital protection; however,it is not possible to guarantee that investorswill recover the entire amount of capital invested.Risk management method: Absolute value-at-risk approach.Expected leverage: 60%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM S.A., PAM LtdConsolidation currency of the compartment: USDRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 12:00 noon on the NAV calculation date.RedemptionBy 12:00 noon on the NAV calculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationEach Banking Day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsThe Banking Day following the applicable NAV calculationdate.Shares not yet issued that may be activated at a later date:“Z dy” and “J” shares as defined in the section “Subclassesof Shares”.Initial subscription price: The net asset value of the “Pdy” share and “P” share respectively on the day theyare activated.74 The original French text is the legally binding version.

PICTET – SHORT-TERM MONEY MARKET USDType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %) *ServiceCustodianBankI ü LU0128497707 1 million USD USD – 0.15% 0.10% 0.05%P ü LU0128496485 – USD USD – 0.30% 0.10% 0.05%P dy ü LU0128497293 – USD USD ü 0.30% 0.10% 0.05%R ü LU0128497889 – USD USD – 0.60% 0.10% 0.05%Z ü LU0222474172 – USD USD – 0% 0.10% 0.05%Z dy – LU0474963575 – USD USD ü 0% 0.10% 0.05%J – LU0474963658 50 million USD USD – 0.10% 0.10% 0.05%* Per year of the average net assets attributable to this type of share.The original French text is the legally binding version. 75

5. PICTET – SHORT-TERM MONEY MARKET EURThe compartment is designed to meet the requirementsof a Short-Term Money Market fund in accordancewith the recommendations of the ESMA(formerly the CESR) referenced CESR/10-049.Investor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in high quality short-termfixed-income securities;• Who are averse to risk.Investment policy and objectivesThe compartment’s objective is to offer investors ahigh level of protection of their capital denominatedin euros and to provide a return in line with moneymarket rates.To fulfil this objective, the compartment invests inmoney market instruments that meet the criteria formoney market instruments set in Directive 2009/65/EC or in deposits.The compartment limits its investments to securitieswhose residual maturity until the legal repaymentdate is less than or equal to 397 days,The average weighted maturity of the portfolio cannotexceed 60 days and the average weighted lifetimecannot exceed 120 days.The base currency of the compartment (consolidationcurrency) is not necessarily identical to the compartment’sinvestment currencies. The related exchangerate risk will be systematically hedged against thecompartment’s base currency.The above-mentioned investments will be made insecurities issued by issuers that have a minimum ratingof A2 and/or P2 as defined by each of the leadingrating agencies. When there is no official rating system,the Board of Directors will decide on acquiringtransferable securities with identical quality criteria.In addition, the compartment may invest up to 10% ofits net assets in short-term money-market-type UCIs.The compartment may also invest, in accordance withits investment strategy, in structured products suchas bonds whose returns may for example be linked tothe performance of an index, transferable securitiesor money market instruments, or a basket of securities,or an undertaking for collective investment.The compartment may use derivative techniques andinstruments within the limits stipulated in the investmentrestrictions and in the recommendations of theESMA (formerly the CESR) referenced CESR/10-049.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment.The objective of this compartment is to offer investorsa high degree of capital protection; however,it is not possible to guarantee that investorswill recover the entire amount of capital invested.Risk management method: Absolute value-at-risk approach.Expected leverage: 60%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM S.A., PAM LtdConsolidation currency of the compartment: EURRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 12:00 noon on the NAV calculation date.RedemptionBy 12:00 noon on the NAV calculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationEach Banking Day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsThe Banking Day following the applicable NAV calculationdate.Shares not yet issued that may be activated at a later date:“Z dy” and “J” shares as defined in the section “Subclassesof Shares”.Initial subscription price: The net asset value of the“P dy” share and “P” share respectively on the daythey are activated.76 The original French text is the legally binding version.

PICTET – SHORT-TERM MONEY MARKET EURType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %) *ServiceCustodianBankI ü LU0128494944 1 million EUR EUR – 0.15% 0.10% 0.05%P ü LU0128494191 – EUR EUR – 0.30% 0.10% 0.05%P dy ü LU0128494514 – EUR EUR ü 0.30% 0.10% 0.05%R ü LU0128495834 – EUR EUR – 0.60% 0.10% 0.05%Z ü LU0222474503 – EUR EUR – 0% 0.10% 0.05%Z dy – LU0474963732 – EUR EUR ü 0% 0.10% 0.05%J – LU0474963815 50 million EUR EUR – 0.10% 0.10% 0.05%* Per year of the average net assets attributable to this type of share.The original French text is the legally binding version. 77

6. PICTET – EUR CORPORATE BONDSInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in high quality short-termfixed-income securities denominated in euros, issuedby investment grade companies;• Who have some aversion to risk;• Who prefer a medium-term saving strategy (atleast 3 years).Investment policy and objectivesThis compartment invests at least two-thirds of itsassets without geographic limitation in a diversifiedportfolio of bonds and convertible bonds issued byprivate companies, within the limits allowed by theinvestment restrictions.Investments in convertible bonds will not exceed 20%of the compartment’s net assets.Investments will offer significant liquidity and will berated at least B3 by Moody’s and B- by Standard &Poor’s or, when there is no Moody’s or Standard &Poor’s rating, be of equivalent quality based on themanager’s analysis. Investments whose rating is lessthan Moody’s Baa3 or Standard & Poor’s BBB- orequivalent quality based on the manager’s analysiswill not exceed 25% of the net assets of the compartment,provided that the exposure to an issuer of thatquality does not exceed 1.5% of the compartment’snet assets.Using credit risk analysis of companies and theirsectors, the compartment aims to generate a returngreater than that of government bonds. Investmentsin government bonds, generally those issued byOECD member countries, may nevertheless be conductedwhen necessitated by market conditions.A minimum of two-thirds of its total assets or wealthwill be denominated in euros.In addition, the compartment may invest up to 10% ofits net assets in UCIs.The compartment will not invest more than 10%of its assets in shares or any other similar security,derivative instruments (including warrants) and/orstructured products (in particular delta-adjusted convertiblebonds) whose underlyers are, or offer exposureto, equities or similar securities.By analogy, investments in undertakings for collectiveinvestment whose main objective is to invest inthe above-listed assets are also included in the 10%limit.The compartment may also invest up to one-third ofits assets in money market instruments.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns are linked to the performance of anindex, transferable securities or a basket of transferablesecurities, or an undertaking for collective investment,for example.The compartment may use derivative techniques andinstruments for efficient management, within the limitsspecified in the investment restrictions.Specifically, the compartment may conduct creditdefault swaps. A credit default swap is a bilateral financialagreement under which a counterparty (the“protection buyer”) pays a premium against an undertakingby the “protection seller” to pay a certainamount if the reference issuer is the subject of a creditrisk stipulated in the contract. The pro tection buyeracquires the right to sell a particular bond issued bythe reference issuer at its face value (or at anotherbase value or strike price) if a credit risk arises. Acredit risk generally includes bankruptcy, insolvency,court-ordered reorganisation/liquida tion, reschedulingof debts or non-payment of debts payable. TheInternational Swaps and Derivatives Association(ISDA) has published standardised documentationfor these transactions, included in the ISDA MasterAgreement.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment.Risk management method: Absolute value-at-risk approach.Expected leverage: 50%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM S.A., PAM LtdConsolidation currency of the compartment: EURRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.78 The original French text is the legally binding version.

RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationEach Banking Day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin two Banking Days following the applicableNAV calculation date.Shares not yet issued that may be activated at a later date“I dy” shares as defined in the section “Sub-classesof Shares”.Initial subscription price: The net asset value of the«I» share on the day it is activated.PICTET – EUR CORPORATE BONDSType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %)*ServiceCustodianBankI ü LU0128472205 1 million EUR EUR – 0.60% 0.30% 0.05%I dy – LU0760711951 1 million EUR EUR ü 0.60% 0.30% 0.05%P ü LU0128470845 – EUR EUR – 0.90% 0.30% 0.05%P dy ü LU0128471819 – EUR EUR ü 0.90% 0.30% 0.05%R ü LU0128473435 – EUR EUR – 1.25% 0.30% 0.05%R dm (2) ü LU0592907975 – EUR EUR ü 1.25% 0.30% 0.05%Z ü LU0222474768 – EUR EUR – 0% 0.30% 0.05%Z dy ü LU0207178400 – EUR EUR ü 0% 0.30% 0.05%HI CHF ü LU0174586395 (1) CHF CHF – 0.60% 0.35% 0.05%HP CHF ü LU0174592799 – CHF CHF – 0.90% 0.35% 0.05%HR CHF ü LU0829098697 – CHF CHF – 1.25% 0.35% 0.05%HZ CHF ü LU0541305891 – CHF CHF – 0% 0.35% 0.05%HI USD ü LU0174610955 (1) USD USD – 0.60% 0.35% 0.05%HP USD ü LU0174611334 – USD USD – 0.90% 0.35% 0.05%HR USD ü LU0736302406 – USD USD – 1.25% 0.35% 0.05%* Per year of the average net assets attributable to this type of share.(1) EUR 1,000,000 converted to CHF and USD, respectively, on the day of the NAV calculation.(2) No tax reporting for the dm sub-class of shares will be provided for German investors.The original French text is the legally binding version. 79

Manager: PAM LtdConsolidation currency of the compartment: USDRisk factorsInvestors should be aware that, due to the politicaland economic situations in emerging countries, investmentin this compartment presents greater riskand is intended only for investors who are able tobear and assume this increased risk.Investment in this compartment is subject, amongother risks, to political risks, capital repatriation restrictions,counterparty risks, and volatility and/orilliquidity risks in the markets of the emerging countriesin question.Political and economic risksIn most of the countries in which the compartmentinvests, the governments are implementing policiesof economic and social liberalisation. Although it ispresumed that these reforms should be beneficial tothese economies in the long term, there is no assurancethat these reforms will be continued or that theywill achieve the expected results.These reforms may be challenged or slowed by politicalor social events, or by national or internationalarmed conflicts (such as the conflict in the former Yugoslavia).All these political risks may affect the capitalgains objectives set for the compartment.Currency exchange risksThe compartment’s investments will be mainly denominatedin the national currency of the issuer.Although the use of forward exchange contracts isenvisaged for hedging foreign currency exposure, investorsshould be aware that, at present, there are noestablished markets that allow hedging operations. Itmust therefore be expected that exchange risks cannotalways be hedged and the volatility of the currenciesin the countries in which the compartmentinvests may affect the net asset value of the compartment.Accounting standardsIn addition, in some emerging markets, the applicableaccounting and auditing standards are not as strict asthose applied in Western European countries. Consequently,the accounting and financial informationon the companies in which the compartment investsmay be more cursory and less reliable.Ownership of securitiesIn most of the Eastern European countries, the legalenvironment and laws governing ownership of securitiesare imprecise and do not provide the sameguarantees as the laws in Western European countries.Additionally, in the past there have been casesof fraudulent and falsified securities. There is thus agreater risk for this compartment and its shareholders.Counterparty and transaction risksThe Board of Directors and the Custodian Bank mustutilise local service providers for the safekeeping ofthe compartment’s assets and for the execution of securitiestransactions.Although the Board of Directors and the CustodianBank intend to use only the best-qualified service providersin each of the markets concerned, the choiceof providers in some countries may be very limitedand even the best-qualified providers may not offerguarantees comparable to those given by financialinstitutions and brokerage firms operating in developedcountries.Consequently, in spite of the oversight and control ofthe compartment’s assets exercised by the CustodianBank and the service providers jointly designated bythe Board of Directors, the quality of the services thatthe Board of Directors and the Custodian Bank mayobtain with regard to the execution of transactions onsecurities and their custody may be less reliable. Investorsshould be aware that this compartment, andtherefore its shareholders, will bear the risks relatedto its investments.Remittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationsEach Banking Day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin 2 banking days following the applicable NAVcalculation date.Calculation of the NAVThe effect of net asset value corrections described inthe section “Calculation of the net asset value” willnot exceed 3%.Shares not yet issued that may be activated at a later date“Z dy USD”, “Z EUR”, “HI AUD” and “HI ILS” sharesas defined in the section “Sub-classes of Shares”.Initial subscription price: The net asset value of thecorresponding shares on the day they are activated.The original French text is the legally binding version. 81

PICTET – GLOBAL EMERGING DEBTType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %) *ServiceCustodianBankI USD ü LU0128469243 1 million USD USD – 1.10% 0.30% 0.05%P USD ü LU0128467544 – USD USD – 1.45% 0.30% 0.05%P dy USD ü LU0128468609 – USD USD ü 1.45% 0.30% 0.05%P dm USD (2) ü LU0476845010 – USD USD ü 1.45% 0.30% 0.05%R USD ü LU0128469839 – USD USD – 1.75% 0.30% 0.05%R dm USD (2) ü LU0852478832 – USD USD ü 1.75% 0.30% 0.05%Z USD ü LU0220644446 – USD USD – 0% 0.30% 0.05%Z dy USD – LU0474963906 – USD USD ü 0% 0.30% 0.05%P dm HKD (2) ü LU0760711878 – HKD HKD ü 1.45% 0.30% 0.05%I EUR ü LU0852478915 (1) EUR EUR – 1.10% 0.30% 0.05%Z EUR – LU0789516647 – EUR EUR – 0% 0.30% 0.05%HI CHF ü LU0170990518 (1) CHF CHF – 1.10% 0.35% 0.05%HP CHF ü LU0170990948 – CHF CHF – 1.45% 0.35% 0.05%HI EUR ü LU0170991672 (1) EUR EUR – 1.10% 0.35% 0.05%HI dy EUR ü LU0655939121 (1) EUR EUR ü 1.10% 0.35% 0.05%HI dm EUR (2) ü LU0788035094 (1) EUR EUR ü 1.10% 0.35% 0.05%HP EUR ü LU0170994346 – EUR EUR – 1.45% 0.35% 0.05%HP dy EUR ü LU0809803298 – EUR EUR ü 1.45% 0.35% 0.05%HR EUR ü LU0280438648 – EUR EUR – 1.75% 0.35% 0.05%HR dm EUR (2) ü LU0592907629 – EUR EUR ü 1.75% 0.35% 0.05%HZ EUR ü LU0476845952 – EUR EUR – 0% 0.30% 0.05%HZ JPY ü LU0867918897 (1) JPY JPY – 0% 0.35% 0.05%HI JPY ü LU0486607384 (1) JPY JPY – 1.10% 0.35% 0.05%HI AUD – LU0474467676 (1) AUD AUD – 1.10% 0.35% 0.05%HP dm AUD (2) ü LU0859266677 – AUD AUD ü 1.45% 0.35% 0.05%HR dm AUD (2) ü LU0859266750 – AUD AUD ü 1.75% 0.35% 0.05%HI ILS – LU0622220266 (1) ILS ILS – 1.10% 0.35% 0.05%* Per year of the average net assets attributable to this type of share.(1) USD 1,000,000 converted to CHF, EUR, JPY, AUD or ILS on the day of the NAV calculation.(2) No tax reporting for the dm sub-class of shares will be provided for German investors.82 The original French text is the legally binding version.

8. PICTET – WORLD GOVERNMENT BONDSInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in fixed-income securities denominatedin strong currencies;• Who seek a stable saving strategy and thus havesome aversion to risk;• Who prefer a medium-term saving strategy (atleast 3 years).Investment policy and objectivesThis compartment invests mainly in a diversifiedportfolio of bonds and other debt securities issuedor guaranteed by national or local governments, orby supranational organisations, within the limits allowedby the investment restrictions. These investmentsmay be made in all markets while seekingcapital growth in the base currency.In addition, the compartment may invest up to 10% ofits net assets in UCIs.The compartment will not invest more than 10%of its assets in shares or any other similar security,derivative instruments (including warrants) and/orstructured products (in particular delta-adjusted convertiblebonds) whose underlyers are, or offer exposureto, equities or similar securities.By analogy, investments in undertakings for collectiveinvestment whose main objective is to invest inthe above-listed assets are also included in the 10%limit.For efficient management and within the limits of theinvestment restrictions set out in the prospectus, thecompartment may use any type of financial derivativetraded on a regulated and/or over-the-counter (OTC)market if obtained from a leading financial institutionthat specializes in these types of transactions. In particular,the compartment may, among other investmentsbut not exclusively, invest in warrants, futures,options, swaps (such as total return swaps, contractsfor difference and credit default swaps) and futurescontracts with underlying assets compliant withthe Law of 2010 and the compartment’s investmentpolicy, among other things, currency (including nondeliverableforwards), interest rates, transferable securities,a basket of transferable securities, indices,and undertakings for collective investment.Specifically, the compartment may conduct creditdefault swaps. A credit default swap is a bilateral financialagreement under which a counterparty (theprotection buyer) pays a premium against an undertakingby the protection seller to pay a certainamount if the base issuer is the subject of a credit riskstipulated in the contract. The protection buyer acquiresthe right to sell a particular bond issued by thebase issuer at its face value (or at another base valueor strike price) if a credit risk arises. A credit risk generallyincludes bankruptcy, insolvency, court-orderedreorganisation/liquidation, rescheduling of debts inarrears or non-payment of debts payable. The InternationalSwaps and Derivatives Association (ISDA)has published standardised documentation for thesetransactions, which is described in the ISDA MasterAgreement.If the manager deems it necessary and in the best interestof the shareholders, the compartment may holdliquidities up to 100% of its net assets, e.g. deposits,money market instruments, and monetary type UCIs(and/or UCITS) (within the aforementioned 10% limit).Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment.Risk management method: Absolute value-at-risk approach.Expected leverage: 60%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM S.A., PAM LtdConsolidation currency of the compartment: EURRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationsEach Banking Day as well as the first calendar day ofthe month, unless the first of the month is a Saturdayor a Sunday.The original French text is the legally binding version. 83

Payment value date for subscriptions and redemptionsWithin 2 Banking Days following the applicable NAVcalculation date.Shares not yet issued that may be activated at a later date“Z USD” shares as defined in the section “Sub-classesof Shares”.Initial subscription price: The net asset value of the “IUSD” share, on the day it is activated.PICTET – WORLD GOVERNMENT BONDSType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %)*ServiceCustodianBankI EUR ü LU0303494743 1 million EUR EUR – 0.30% 0.15% 0.05%P EUR ü LU0303495120 – EUR EUR – 0.60% 0.15% 0.05%P dy EUR ü LU0303496011 – EUR EUR ü 0.60% 0.15% 0.05%R EUR ü LU0303496367 – EUR EUR – 0.90% 0.15% 0.05%Z EUR ü LU0303496870 – EUR EUR – 0% 0.15% 0.05%I USD ü LU0133805464 (1) USD USD – 0.30% 0.15% 0.05%P USD ü LU0133805894 – USD USD – 0.60% 0.15% 0.05%P dy USD ü LU0133805977 – USD USD ü 0.60% 0.15% 0.05%R USD ü LU0133806512 – USD USD – 0.90% 0.15% 0.05%Z USD – LU0281605344 – USD USD – 0% 0.15% 0.05%* Per year of the average net assets attributable to this type of share.(1) EUR 1,000,000 converted to USD on the day of the NAV calculation84 The original French text is the legally binding version.

9. PICTET – EUR HIGH YIELDInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in high-yield bonds denominatedin euros;• Who have medium to high risk aversion;• Who prefer a medium-term saving strategy (atleast 5 years).Investment policy and objectivesThis compartment invests at least two-thirds of its totalassets or wealth in a diversified portfolio of secondquality high-yield bonds and convertible bonds witha minimum rating equivalent to B-, within the limitsallowed by the investment restrictions. Second qualityinvestments, compared to investments in securitiesfrom top quality debtors, may present a higher thanaverage yield but also carry greater risk with regardto the issuer’s solvency.The compartment may also invest up to 10% of itsnet assets in securities pledged by assets, securitiesof issuers enjoying state support, issues securitisedby bonds, issues securitised by loans and mortgages(including the securitisation of such debts).The compartment may also invest in warrants onfixed-income transferable securities, but investmentsin such warrants may account for no more than 10%of the compartment’s net assets.Investments in convertible bonds shall not exceed20% of the net assets of the compartment and convertiblebonds quoted at over 140% will be sold.Following the conversion of such bonds, the compartmentmay hold up to 5% of its net assets in theshares issued.In addition, the compartment may invest up to 10% ofits net assets in UCIs.The compartment will not invest more than 10%of its assets in shares or any other similar security,derivative instruments (including warrants) and/orstructured products (in particular delta-adjusted convertiblebonds) whose underlyers are, or offer exposureto, equities or similar securities.By analogy, investments in undertakings for collectiveinvestment whose main objective is to invest inthe above-listed assets are also included in the 10%limit.These investments may be made in all markets whileseeking capital growth in the base currency.In addition, the compartment may invest up to 10% ofits net assets in emerging countries.A minimum of two-thirds of the compartment’s assetswill be denominated in euros.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns are linked to the performance of anindex, transferable securities or a basket of transferablesecurities, or an undertaking for collective investment,for example.The compartment may use derivative techniques andinstruments for efficient management, within the limitsspecified in the investment restrictions.Specifically, the compartment may conduct creditdefault swaps. A credit default swap is a bilateral financialagreement under which a counterparty (the“protection buyer”) pays a premium against an undertakingby the “protection seller” to pay a certainamount if the reference issuer is the subject of a creditrisk stipulated in the contract. The pro tection buyeracquires the right to sell a particular bond issued bythe reference issuer at its face value (or at anotherbase value or strike price) if a credit risk arises. Acredit risk generally includes bankruptcy, insolvency,court-ordered reorganisation/liquida tion, reschedulingof debts or non-payment of debts payable. TheInternational Swaps and Derivatives Association(ISDA) has published standardised documentationfor these transactions, included in the ISDA MasterAgreement.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment. In addition, due to their volatility,warrants present an above-average economicrisk.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the Merrill Lynch Euro High YieldConstrained index.Expected leverage: 50%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM S.A., PAM LtdConsolidation currency of the compartment: EURRisk factorsIn some countries that are considered emergingcountries, the applicable accounting and auditingstandards are not as strict as those applied in moredeveloped countries. In this regard, investors shouldbe aware of political instability, volatile and illiquidmarkets and the absence of market regulations. Con-The original French text is the legally binding version. 85

sequently, the accounting and financial informationon the companies in which the UCIs invest may bemore cursory and less reliable.Compared to investments in securities from top qualitydebtors, high-yield investments may present ahigher than average yield but may also carry greaterrisk with regard to the issuer’s solvency and the liquidityof the issue. The compartment may invest asmall proportion of its assets in debt securities whoseissuer is in financial distress or even in default of payment(“defaulted debt securities”). These are primarilysecurities for which the issuer is not able to paythe interest due and/or the principal. Consequently,an investment in this kind of securities may lead tounrealised capital losses and/or losses that can negativelyaffect the net asset value of the compartment.The compartment will ensure that it has sufficient liquidityto meet redemptions.It should be noted that as the liquidity of these securities(often traded on secondary markets betweeninstitutional investors) is generally lower than thatof investment grade debt securities, the valuation ofthese defaulted debt securities may be made moredifficult.Ownership of securitiesIn most of the emerging countries, the legal situationand the laws on ownership of securities are vagueand do not provide the same guarantees as the applicablelaws in more developed countries.Counterparty and transaction risksAlthough the Custodian Bank intends to use onlythe best-qualified service providers in each of themarkets concerned, the choice of providers in somecountries may be very limited and even the best-qualifiedproviders may not offer guarantees comparableto those given by financial institutions and brokeragefirms operating in developed countries.Remittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationsEach Banking Day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin 2 banking days following the applicable NAVcalculation date.Calculation of the NAVThe effect of net asset value corrections, more fullydescribed in the section “Calculation of the net assetvalue”, will not exceed 3%.Shares not yet issued that may be activated at a later dateZ dy, DH I, DH P, DH R, DH Z, DH P dy, HI NOK andHR USD shares as defined in the section “Sub-classesof Shares”.Initial subscription price: The net asset value of thecorresponding shares, on the day they are activated.86 The original French text is the legally binding version.

PICTET – EUR HIGH YIELDType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %) *ServiceCustodianBankI ü LU0133806785 1 million EUR EUR – 1.10% 0.30% 0.05%P ü LU0133807163 – EUR EUR – 1.45% 0.30% 0.05%P dy ü LU0133807593 – EUR EUR ü 1.45% 0.30% 0.05%R ü LU0133807916 – EUR EUR – 1.75% 0.30% 0.05%R dm (2) ü LU0592898299 – EUR EUR ü 1.75% 0.30% 0.05%Z ü LU0215400564 – EUR EUR – 0% 0.30% 0.05%Z dy – LU0474964037 – EUR EUR ü 0% 0.30% 0.05%DH I – LU0592902158 (1) EUR EUR – 1.10% 0.35% 0.05%DH P – LU0592902406 – EUR EUR – 1.45% 0.35% 0.05%DH R – LU0592902661 – EUR EUR – 1.75% 0.35% 0.05%DH Z – LU0592903040 – EUR EUR – 0% 0.35% 0.05%DH P dy – LU0592903396 – EUR EUR ü 1.45% 0.35% 0.05%HI CHF ü LU0174593094 (1) CHF CHF – 1.10% 0.35% 0.05%HP CHF ü LU0174610443 – CHF CHF – 1.45% 0.35% 0.05%HI NOK – LU0474467916 (1) NOK NOK – 1.10% 0.35% 0.05%HI USD ü LU0763380275 (1) USD USD – 1.10% 0.35% 0.05%HP USD ü LU0861835444 – USD USD – 1.45% 0.35% 0.05%HR USD – LU0650147696 – USD USD – 1.75% 0.35% 0.05%* Per year of the average net assets attributable to this type of share.(1) EUR 1,000,000 converted to CHF, NOK or USD on the day of the NAV calculation.(2) No tax reporting for the dm sub-class of shares will be provided for German investors.The original French text is the legally binding version. 87

10. PICTET – EUR SHORT MID-TERM BONDSInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in short and medium-term,high quality fixed-income securities denomi natedin euros;• Who have some aversion to risk;• Who prefer a medium-term saving strategy (atleast 2 years).Investment policy and objectivesThe assets of the compartment are invested accordingto the principle of risk spreading, with at leasttwo-thirds of its assets held in short/medium-termbonds with a residual maturity for each investment ofno more than 10 years (including convertible bonds,bonds with warrants and zero-coupon bonds) and insimilar transferable securities denominated in euros.The average residual duration of the portfolio (the“duration”) cannot, however, exceed 3 years. Theseinvestments may be made in all markets while seekingcapital growth in the base currency.A minimum of two-thirds of its total assets or wealthwill be denominated in euros.In addition, the compartment may invest up to 10% ofits net assets in UCIs.The compartment will not invest more than 10%of its assets in shares or any other similar security,derivative instruments (including warrants) and/orstructured products (in particular delta-adjusted convertiblebonds) whose underlyers are, or offer exposureto, equities or similar securities.By analogy, investments in undertakings for collectiveinvestment whose main objective is to invest inthe above-listed assets are also included in the 10%limit.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns are linked to the performance of anindex, transferable securities or a basket of transferablesecurities, or an undertaking for collective investment,for example.The compartment may use derivative techniques andinstruments for efficient management, within the limitsspecified in the investment restrictions.Specifically, the compartment may conduct creditdefault swaps. A credit default swap is a bilateral financialagreement under which a counterparty (the“protection buyer”) pays a premium against an undertakingby the “protection seller” to pay a certainamount if the reference issuer is the subject of a creditrisk stipulated in the contract. The pro tection buyeracquires the right to sell a particular bond issued bythe reference issuer at its face value (or at anotherbase value or strike price) if a credit risk arises. Acredit risk generally includes bankruptcy, insolvency,court-ordered reorganisation/liquida tion, reschedulingof debts or non-payment of debts payable. TheInternational Swaps and Derivatives Association(ISDA) has published standardised documentationfor these transactions, included in the ISDA MasterAgreement.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment.Risk management method: Absolute value-at-risk approach.Expected leverage: 50%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM S.A., PAM LtdConsolidation currency of the compartment: EURRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationEach Banking Day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin two Banking Days following the applicableNAV calculation date.88 The original French text is the legally binding version.

Shares not yet issued that may be activated at a later date“HR CHF”, “HR USD”, “HI USD” and “HP USD” sharesas defined in the section “Sub-classes of Shares”.Initial subscription price: The net asset value of the“R”, “I” and “P” shares, respectively, on the day theyare activated.“Z dy” shares as defined in the section “Sub-classesof Shares”.Initial subscription price: The net asset value of the“P dy” share, on the day it is activated.PICTET – EUR SHORT MID-TERM BONDSType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %)*ServiceCustodianBankI ü LU0167154417 1 million EUR EUR – 0.35% 0.10% 0.05%P ü LU0167158327 – EUR EUR – 0.60% 0.10% 0.05%P dy ü LU0167159309 – EUR EUR ü 0.60% 0.10% 0.05%R ü LU0167160653 – EUR EUR – 0.90% 0.10% 0.05%Z ü LU0222474925 – EUR EUR – 0% 0.10% 0.05%Z dy – LU0474964110 – EUR EUR ü 0% 0.10% 0.05%HI CHF ü LU0167162196 (1) CHF CHF – 0.25% 0.15% 0.05%HP CHF ü LU0167162865 – CHF CHF – 0.35% 0.15% 0.05%HR CHF – LU0167163673 – CHF CHF – 0.90% 0.15% 0.05%HI USD – LU0167164564 (1) USD USD – 0.35% 0.15% 0.05%HP USD – LU0167164994 – USD USD – 0.60% 0.15% 0.05%HR USD – LU0167165454 – USD USD – 0.90% 0.15% 0.05%* Per year of the average net assets attributable to this type of share.(1) EUR 1,000,000 converted to CHF and USD, respectively, on the day of the NAV calculation.The original French text is the legally binding version. 89

11. PICTET – USD SHORT MID-TERM BONDSInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in short and medium-term,high quality fixed-income securities denomi natedin US dollars;• Who have some aversion to risk;• Who prefer a medium-term saving strategy (atleast 2 years).Investment policy and objectivesThe assets of the compartment are invested accordingto the principle of risk spreading, with at leasttwo-thirds of its assets held in short/medium-termbonds with a residual maturity for each investment ofno more than 10 years (including convertible bonds,bonds with warrants and zero-coupon bonds) andin similar transferable securities denominated in USdollars. The average residual duration of the portfolio(the “duration”) cannot, however, exceed 3 years.These investments may be made in all markets whileseeking capital growth in the base currency.A minimum of two-thirds of its total assets or wealthwill be denominated in US dollars.In addition, the compartment may invest up to 10% ofits net assets in UCIs.The compartment will not invest more than 10%of its assets in shares or any other similar security,derivative instruments (including warrants) and/orstructured products (in particular delta-adjusted convertiblebonds) whose underlyers are, or offer exposureto, equities or similar securities.By analogy, investments in undertakings for collectiveinvestment whose main objective is to invest inthe above-listed assets are also included in the 10%limit.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns are linked to the performance of anindex, transferable securities or a basket of transferablesecurities, or an undertaking for collective investment,for example.The compartment may use derivative techniques andinstruments for efficient management, within the limitsspecified in the investment restrictions.Specifically, the compartment may conduct creditdefault swaps. A credit default swap is a bilateral financialagreement under which a counterparty (the“protection buyer”) pays a premium against an undertakingby the “protection seller” to pay a certainamount if the reference issuer is the subject of a creditrisk stipulated in the contract. The pro tection buyeracquires the right to sell a particular bond issued bythe base issuer at its face value (or at another basevalue or strike price) if a credit risk arises. A creditrisk generally includes bankruptcy, insolvency, courtorderedreorganisation/liquida tion, rescheduling ofdebts or non-payment of debts payable. The InternationalSwaps and Derivatives Association (ISDA)has published standardised documentation for thesetransactions, included in the ISDA Master Agreement.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment.Risk management method: Absolute value-at-risk approach.Expected leverage: 50%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM S.A., PAM LtdConsolidation currency of the compartment: USDRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationEach Banking Day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin two Banking Days following the applicableNAV calculation date.90 The original French text is the legally binding version.

Shares not yet issued that may be activated at a later date“Z dy” shares as defined in the section “Sub-classesof Shares”.Initial subscription price: The net asset value of the“P dy” share, on the day it is activated.PICTET – USD SHORT MID-TERM BONDSType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %)*ServiceCustodianBankI ü LU0175073468 1 million USD USD – 0.35% 0.10% 0.05%P ü LU0175073625 – USD USD – 0.60% 0.10% 0.05%P dy ü LU0175074193 – USD USD ü 0.60% 0.10% 0.05%R ü LU0175074516 – USD USD – 0.90% 0.10% 0.05%Z ü LU0413859876 – USD USD – 0% 0.10% 0.05%Z dy – LU0474964201 – USD USD ü 0% 0.10% 0.05%* Per year of the average net assets attributable to this type of share.The original French text is the legally binding version. 91

12. PICTET – CHF BONDSInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in fixed-income instrumentsdenominated in Swiss francs;• Who seek a stable saving strategy and thus havesome aversion to risk;• Who have a medium-term investment horizon (atleast 3 years).Investment policy and objectivesThis compartment invests at least two-thirds of itsassets in a diversified portfolio of bonds and a maximumof one-third of its assets in money market instrumentsand convertible bonds, with this last categorynot exceeding 20%, within the limits allowed by theinvestment restrictions. These investments may bemade in all markets while seeking capital growth inthe base currency.A minimum of two-thirds of its total assets or wealthwill be denominated in Swiss francs and the investmentsnot denominated in Swiss francs will generallybe hedged in order to avoid exposure to a currencyother than the Swiss franc.Investments in convertible bonds may not exceed20% of the net assets of the compartment and convertiblebonds quoted at over 140% of their nominalvalue will be sold.In addition, the compartment may invest up to 10% ofits net assets in UCIs.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns are linked to the performance of anindex, transferable securities or a basket of transferablesecurities, or an undertaking for collective investment,for example.The compartment may use derivative techniques andinstruments for efficient management, within the limitsspecified in the investment restrictions.Specifically, the compartment may conduct creditdefault swaps. A credit default swap is a bilateral financialagreement under which a counterparty (the“protection buyer”) pays a premium against an undertakingby the “protection seller” to pay a certainamount if the reference issuer is the subject of a creditrisk stipulated in the contract. The pro tection buyeracquires the right to sell a particular bond issued bythe reference issuer at its face value (or at anotherbase value or strike price) if a credit risk arises. Acredit risk generally includes bankruptcy, insolvency,court-ordered reorganisation/liquida tion, reschedulingof debts or non-payment of debts payable. TheInternational Swaps and Derivatives Association(ISDA) has published standardised documentationfor these transactions, included in the ISDA MasterAgreement.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment.Risk management method: Absolute value-at-risk approach.Expected leverage: 100%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM S.A., PAM LtdConsolidation currency of the compartment: CHFRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationEach Banking Day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin two Banking Days following the applicableNAV calculation date.Shares not yet issued that may be activated at a later date“Z dy” shares as defined in the section “Sub-classesof Shares”.Initial subscription price: The net asset value of the“P dy” share, on the day it is activated.92 The original French text is the legally binding version.

PICTET – CHF BONDSType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %) *ServiceCustodianBankI ü LU0135487147 1 million CHF CHF – 0.45% 0.30% 0.05%P ü LU0135487659 – CHF CHF – 0.80% 0.30% 0.05%P dy ü LU0235319760 – CHF CHF ü 0.80% 0.30% 0.05%R ü LU0135487733 – CHF CHF – 1.05% 0.30% 0.05%Z ü LU0226301058 – CHF CHF – 0% 0.30% 0.05%Z dy – LU0474963492 – CHF CHF ü 0% 0.30% 0.05%* Per year of the average net assets attributable to this type of share.The original French text is the legally binding version. 93

13. PICTET – EUR GOVERNMENT BONDSInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in fixed-income instrumentsdenominated in euros;• Who seek a stable saving strategy and thus havesome aversion to risk;• Who have a medium-term investment horizon (atleast 3 years).Investment policy and objectivesThis compartment invests mainly in a diversifiedportfolio of bonds and other debt securities denominatedin euros issued or guaranteed by national or localgovernments, or by supranational organisations,within the limits allowed by the investment restrictions.In addition, the compartment may invest up to 10% ofits net assets in UCIs.For efficient management and within the limits of theinvestment restrictions set out in the prospectus, thecompartment may use any type of financial derivativetraded on a regulated and/or over-the-counter (OTC)market if obtained from a leading financial institutionthat specializes in these types of transactions. In particular,the compartment may, among other investmentsbut not exclusively, invest in warrants, futures,options, swaps (such as total return swaps, contractsfor difference and credit default swaps) and futurescontracts with underlying assets compliant withthe Law of 2010 and the compartment’s investmentpolicy, among other things, currency (including nondeliverableforwards), interest rates, transferable securities,a basket of transferable securities, indices,and undertakings for collective investment.Specifically, the compartment may conduct creditdefault swaps. A credit default swap is a bilateral financialagreement under which a counterparty (theprotection buyer) pays a premium against an undertakingby the protection seller to pay a certainamount if the base issuer is the subject of a credit riskstipulated in the contract. The protection buyer acquiresthe right to sell a particular bond issued by thebase issuer at its face value (or at another base valueor strike price) if a credit risk arises. A credit risk generallyincludes bankruptcy, insolvency, court-orderedreorganisation/liquidation, rescheduling of debts inarrears or non-payment of debts payable. The InternationalSwaps and Derivatives Association (ISDA)has published standardised documentation for thesetransactions, which is described in the ISDA MasterAgreement.If the manager deems it necessary and in the best interestof the shareholders, the compartment may holdliquidities up to 100% of its net assets, e.g. deposits,money market instruments, and monetary type UCIs(and/or UCITS) (within the aforementioned 10% limit).Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment.Risk management method: Absolute value-at-risk approach.Expected leverage: 50%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM S.A., PAM LtdConsolidation currency of the compartment: EURRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationEach Banking Day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin two Banking Days following the applicableNAV calculation date.Shares not yet issued that may be activated at a later date“Z dy” shares as defined in the section “Sub-classesof Shares”.94 The original French text is the legally binding version.

Initial subscription price: The net asset value of the“P dy” share, on the day it is activated.PICTET – EUR GOVERNMENT BONDSType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %)*ServiceCustodianBankI ü LU0241467157 1 million EUR EUR – 0.30% 0.15% 0.20%P ü LU0241467587 – EUR EUR – 0.60% 0.15% 0.20%P dy ü LU0241467744 – EUR EUR ü 0.60% 0.15% 0.20%R ü LU0241468122 – EUR EUR – 0.90% 0.15% 0.20%Z ü LU0241484830 – EUR EUR – 0% 0.15% 0.20%Z dy – LU0474964383 – EUR EUR ü 0% 0.15% 0.20%HI CHF ü LU0241468395 (1) CHF CHF – 0.30% 0.20% 0.20%HP CHF ü LU0241468718 – CHF CHF – 0.60% 0.20% 0.20%* Per year of the average net assets attributable to this type of share.(1) EUR 1,000,000 converted to CHF on the day of the NAV calculation.The original French text is the legally binding version. 95

14. PICTET – EUR INFLATION LINKED BONDSInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in inflation-linked fixed-incomeinstruments denominated in euros;• Who wish to be protected against inflation risk;• Who seek a stable saving strategy and thus havesome aversion to risk;• Who have a medium-term investment horizon (atleast 3 years).Investment policy and objectivesThis compartment invests at least two-thirds of its assetsin a diversified portfolio of inflation-linked bondsor by synthetically creating a bond protected againstinflation using a nominal bond and an inflation swap,within the limits allowed by the investment restrictions.These investments may be made in all marketswhile seeking capital growth in the base currency.A minimum of two-thirds of its total assets or wealthwill be denominated in euros.Investments in convertible bonds may not exceed20% of the net assets of the compartment and convertiblebonds quoted at over 140% will be sold.In addition, the compartment may invest up to 10% ofits net assets in UCIs.Protection against inflation implies that inflationlinkedsecurities perform relatively better thannominal borrowings when inflation is greater thanexpected. Otherwise, when the rate of inflation is lessthan anticipated, borrowings that are not linked to inflationperform better than indexed borrowings.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns are linked to the performance of anindex, transferable securities or a basket of transferablesecurities, or an undertaking for collective investment,for example.The compartment may use derivative techniques andinstruments for efficient management, within the limitsspecified in the investment restrictions.Specifically, the compartment may conduct inflationswaps. An inflation swap is an exchange of interestrate flows without transferring ownership of the asset.The inflation swap buyer makes a regular paymentat a variable rate in return for which it receives,generally, when the swap matures, a fixed coupon forthe entire period. The calculation procedures are definedin advance. This kind of swap creates protectionagainst inflation, with the residual risk existing onlyon the real portion of the interest rates.Specifically, the compartment may conduct creditdefault swaps. A credit default swap is a bilateral financialagreement under which a counterparty (the“protection buyer”) pays a premium against an undertakingby the “protection seller” to pay a certainamount if the reference issuer is the subject of a creditrisk stipulated in the contract. The pro tection buyeracquires the right to sell a particular bond issued bythe reference issuer at its face value (or at anotherbase value or strike price) if a credit risk arises. Acredit risk generally includes bankruptcy, insolvency,court-ordered reorganisation/liquida tion, reschedulingof debts or non-payment of debts payable. TheInternational Swaps and Derivatives Association(ISDA) has published standardised documentationfor these transactions, included in the ISDA MasterAgreement.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the Barclays Capital Euro GovernmentInflation-Linked All Mat Bond Index.Expected leverage: 50%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM S.A., PAM LtdConsolidation currency of the compartment: EURRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.96 The original French text is the legally binding version.

Frequency of NAV calculationEach Banking Day as well as the first calendar day ofthe month, unless this day is a Saturday or a Sunday.Payment value date for subscriptions and redemptionsWithin two Banking Days following the applicableNAV calculation date.Shares not yet issued that may be activated at a later date“Z dy” shares as defined in the section “Sub-classesof Shares”.Initial subscription price: The net asset value of the“P dy” share, on the day it is activated.“HI CHF” and “HP CHF” shares as defined in the section“Sub-classes of Shares”.Initial subscription price: The net asset value of the“I” and “P” shares, respectively, on the day they areactivated, converted to CHF.PICTET – EUR INFLATION LINKED BONDSType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %)*ServiceCustodianBankI ü LU0241468981 1 million EUR EUR – 0.45% 0.15% 0.20%P ü LU0241481141 – EUR EUR – 0.90% 0.15% 0.20%P dy ü LU0241481570 – EUR EUR ü 0.90% 0.15% 0.20%R ü LU0241481810 – EUR EUR – 1.20% 0.15% 0.20%Z ü LU0241485563 – EUR EUR – 0% 0.15% 0.20%Z dy – LU0474964466 – EUR EUR ü 0% 0.15% 0.20%HI CHF – LU0241481901 (1) CHF CHF – 0.45% 0.20% 0.20%HP CHF – LU0241482115 – CHF CHF – 0.90% 0.20% 0.20%* Per year of the average net assets attributable to this type of share.(1) EUR 1,000,000 converted to CHF on the day of the NAV calculation.The original French text is the legally binding version. 97

15. PICTET – EMERGING LOCAL CURRENCY DEBTInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in fixed-income securitiesfrom issuers located in emerging markets and/orby holding money market instruments in emergingcountries;• Who are risk tolerant;• Who prefer a medium-term saving strategy (atleast 4 years).Investment policy and objectivesThe compartment’s objective is to seek revenue andcapital growth by investing a minimum of two-thirdsof its total assets or wealth in a diversified portfolio ofbonds and other debt securities linked to local emergingdebt.Emerging countries are defined as those considered,at the time of investing, as industrially developingcountries by the International Monetary Fund, theWorld Bank, the International Finance Corporation(IFC) or one of the leading investment banks. Thesecountries include, but are not limited to, the following:Mexico, Hong Kong, Singapore, Turkey, Poland,the Czech Republic, Hungary, Israel, South Africa,Chile, Slovakia, Brazil, the Philippines, Argentina,Thailand, South Korea, Colombia, Taiwan, Indonesia,India, China, Romania, the Ukraine, Malaysia, Croatia,and Russia.The compartment may also invest in warrants ontransferable securities and indexes and subscriptionwarrants and may use currency transactions for apurpose other than hedging.The compartment may also invest up to 25% of its netassets, not including the investments in non-deliverableforwards described below, in structured products,including in particular credit linked notes andbonds or other transferable securities whose returnsare linked to the performance of an index, transferablesecurities or a basket of transferable securities,or an undertaking for collective investment.The investments are primarily denominated in the localcurrencies of the emerging countries. In all cases,the compartment’s exposure to these currencies willbe at least two-thirds, either by direct or indirect investmentor by authorised derivative instruments.In addition, the compartment may invest up to 10% ofits net assets in UCIs.The compartment will not invest more than 10%of its assets in shares or any other similar security,derivative instruments (including warrants) and/orstructured products (in particular delta-adjusted convertiblebonds) whose underlyers are, or offer exposureto, equities or similar securities.By analogy, investments in undertakings for collectiveinvestment whose main objective is to invest inthe above-listed assets are also included in the 10%limit.The total amount of commitments resulting from currencytransactions made for purposes of speculationand hedging may not exceed 100% of the compartment’snet assets. These transactions will be conductedas non-deliverable forwards, forward contracts orother instruments such as options or currency warrants.To achieve this, the compartment may enterover-the-counter agreements with leading financialinstitutions.The compartment may conduct non-deliverable forwardtransactions. A non-deliverable forward is a bilateralfinancial futures contract on an exchange ratebetween a strong currency and an emerging currency.At maturity, there will be no delivery of the emergingcurrency, rather a cash settlement in the strongcurrency of the contract’s financial result.The International Swaps and Derivatives Association(ISDA) has published standardised documentationfor these transactions, included in the ISDA MasterAgreement. The compartment may only conductnon-deliverable forward transactions with leadingfinancial institutions that specialise in this type oftransaction, and with strict adherence to the standardisedprovisions of the ISDA master agreementprotocol.Pursuant to its investment policy, the compartmentmay hold a significant portion of liquid assets andmoney market instruments that are traded regularlyand whose residual maturity does not exceed 12months. In addition, if the manager deems that it isin the best interest of the shareholders, the compartmentmay also hold up to 33% of its net assets in liquidassets and money market instruments that areregularly traded and whose residual maturity doesnot exceed 12 months.The compartment may use derivative techniques andinstruments for efficient management, within the limitsspecified in the investment restrictions.Derivative financial instruments may include options,futures contracts on financial instruments, options onsuch contracts as well as over-the-counter swaps onvarious types of financial instruments and total returnswaps.The compartment may conduct credit default swaptransactions for up to 100% of its net assets.A credit default swap is a bilateral financial agreementunder which a counterparty (the “protectionbuyer”) pays a premium against an undertaking bythe “protection seller” to pay a certain amount if thereference issuer is the subject of a credit risk stipulatedin the contract. The protection buyer acquiresthe right to sell a particular bond issued by the referenceissuer at its face value (or at another base valueor strike price) if a credit risk arises. A credit risk generallyincludes bankruptcy, insolvency, court-orderedreorganisation/liquidation, resched uling of debts ornon-payment of debts payable. The InternationalSwaps and Derivatives Association (ISDA) has publishedstandardised documentation for these transactions,included in the ISDA Master Agreement.98 The original French text is the legally binding version.

Investments in unlisted securities and in Russia otherthan on the RTS and the MICEX stock exchanges maynot exceed 10% of the compartment’s net assets.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment. In addition, due to their volatility,warrants present an above-average economicrisk.Risk management method: Absolute value-at-risk approach.Expected leverage: 350%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM LtdSub-managers: PAM S.A., BPCALConsolidation currency of the compartment: USDInvestments in total return swapsTo synthetically replicate the return of an underlyingasset, the Fund may purchase total return swaps fromleading financial institutions that specialise in thistype of transaction. A total return swap is a transactionon the economic performance of an underlyingasset that does not include transfer of ownership ofthe asset. The Fund, as buyer of a total return swap,makes a regular payment at a variable rate in returnfor which all revenues related to a notional amount ofthe asset (coupons, interest payments, performanceof the asset value) accrue to it over a period of timeagreed upon with the counterparty. The use of theseinstruments may change the Fund’s exposure.Nonetheless, these transactions can never be made inorder to modify the investment policy.The amounts paid out by the compartment, pursuantto the total return swap contracts, are discounted atthe valuation date at the rate of the zero-coupon swapfor the flows at maturity. The amounts received by theprotection buyer, which result from a combination ofoptions, are also discounted, depending on severalparameters, including price, volatility, and the probabilityof defaults on the underlying assets. The valueof total return swap contracts results from the differencebetween the two discounted flows describedabove.Risk factorsInvestors should be aware that, due to the politicaland economic situations in emerging countries, investmentin this compartment presents greater riskand is intended only for investors who are able tobear and assume this increased risk.Investment in this compartment is subject, amongother risks, to political risks, capital repatriation restrictions,counterparty risks, and volatility and/orilliquidity risks in the markets of the emerging countriesin question.Political and economic risksIn most of the countries in which the compartmentinvests, the governments are implementing policiesof economic and social liberalisation. Although it ispresumed that these reforms should be beneficial tothese economies in the long term, there is no assurancethat these reforms will be continued or that theywill achieve the expected results.These reforms may be challenged or slowed by politicalor social events, or by national or internationalarmed conflicts (such as the conflict in the former Yugoslavia).All these political risks may affect the capitalgains objectives set for the compartment.Volatility and illiquidity risksDue to the above-mentioned risk of instability causedby political and economic developments, the ratesfor transferable securities in which the compartmentinvests may fluctuate significantly in short-term periods.Although the compartment intends to investpredominantly in listed securities or in securitiestraded on regulated markets, some risk of illiquiditymay still exist, due to the relatively undeveloped natureof the stock markets in the countries in questioncompared to those of the more developed countriesin Western Europe. Due to the risk of volatility, thiscompartment can only be recommended for longterminvestments. This risk is accentuated by the riskof illiquidity, which, in crisis periods, may give riseto suspension of the calculation of the net asset valueand momentarily impede the right of shareholders toredeem their shares.Currency exchange risksThe compartment’s investments will be mainly denominatedin the national currency of the issuer.Although the use of forward exchange contracts isenvisaged for hedging foreign currency exposure, investorsshould be aware that, at present, there are noestablished markets that allow hedging operations. Itmust therefore be expected that exchange risks cannotalways be hedged and the volatility of the currenciesin the countries in which the compartmentinvests may affect the net asset value of the compartment.Accounting standardsIn addition, in some emerging markets, the applicableaccounting and auditing standards are not as strict asthose applied in Western European countries. Consequently,the accounting and financial informationon the companies in which the compartment investsmay be more cursory and less reliable.The original French text is the legally binding version. 99

Ownership of securitiesIn most of the Eastern European countries, the legalenvironment and laws governing ownership of securitiesare imprecise and do not provide the sameguarantees as the laws in Western European countries.Additionally, in the past there have been casesof fraudulent and falsified securities. There is thus agreater risk for this compartment and its shareholders.Counterparty and transaction risksThe Board of Directors and the Custodian Bank mustutilise local service providers for the safekeeping ofthe compartment’s assets and for the execution of securitiestransactions.Although the Board of Directors and the CustodianBank intend to use only the best-qualified service providersin each of the markets concerned, the choiceof providers in some countries may be very limitedand even the best-qualified providers may not offerguarantees comparable to those given by financialinstitutions and brokerage firms operating in developedcountries.Consequently, in spite of the oversight and control ofthe compartment’s assets exercised by the CustodianBank and the service providers jointly designated bythe Board of Directors, the quality of the services thatthe Board of Directors and the Custodian Bank mayobtain with regard to the execution of transactions onsecurities and their custody may be less reliable. Investorsshould be aware that this compartment, andtherefore its shareholders, will bear the risks relatedto its investments.Remittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationsEach Banking Day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Calculation of the NAVThe effect of net asset value corrections, more fullydescribed in the section “Calculation of the net assetvalue”, will not exceed 3%.Payment value date for subscriptions and redemptionsWithin 2 banking days following the applicable NAVcalculation date.Shares not yet issued that may be activated at a later dateZ dy USD and Z EUR shares as defined in the section“Sub-classes of Shares”.Initial subscription price: The net asset value of thecorresponding shares on the day they are activated.100 The original French text is the legally binding version.

PICTET – EMERGING LOCAL CURRENCY DEBTType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %) *ServiceCustodianBankI USD ü LU0255798018 1 million USD USD – 1.05% 0.40% 0.20%I dy USD ü LU0760712090 1 million USD USD ü 1.05% 0.40% 0.20%P USD ü LU0255798109 – USD USD – 2.10% 0.40% 0.20%P dy USD ü LU0255798281 – USD USD ü 2.10% 0.40% 0.20%P dm USD (2) ü LU0476845101 – USD USD ü 2.10% 0.40% 0.20%R USD ü LU0255798364 – USD USD – 3% 0.40% 0.20%R dm USD (2) ü LU0627480956 – USD USD ü 3% 0.40% 0.20%Z USD ü LU0255798521 – USD USD – 0% 0.40% 0.20%Z dy USD – LU0474964540 – USD USD ü 0% 0.40% 0.20%I dy GBP ü LU0465232295 (1) GBP GBP ü 1.05% 0.40% 0.20%P dy GBP ü LU0366532132 – GBP GBP ü 2.10% 0.40% 0.20%Z GBP ü LU0778122969 – GBP GBP – 0% 0.40% 0.20%I EUR ü LU0280437160 (1) EUR EUR – 1.05% 0.40% 0.20%I dy EUR ü LU0592907462 (1) EUR EUR ü 1.05% 0.40% 0.20%P EUR ü LU0280437673 – EUR EUR – 2.10% 0.40% 0.20%P dm EUR (2) ü LU0785308635 – EUR EUR ü 2.10% 0.40% 0.20%R EUR ü LU0280437830 – EUR EUR – 3% 0.40% 0.20%R dm EUR (2) ü LU0785307660 – EUR EUR ü 3% 0.40% 0.20%Z EUR – LU0472950251 – EUR EUR – 0% 0.40% 0.20%Z dy EUR ü LU0496728618 – EUR EUR ü 0% 0.40% 0.20%J dy EUR ü LU0541574017 50 million EUR EUR ü 1.05% 0.40% 0.20%HI EUR ü LU0340553600 (1) EUR EUR – 1.05% 0.45% 0.20%HP EUR ü LU0340553949 – EUR EUR – 2.10% 0.45% 0.20%HR EUR ü LU0340554327 – EUR EUR – 3% 0.45% 0.20%HI dy EUR ü LU0606353232 (1) EUR EUR ü 1.05% 0.45% 0.20%HZ EUR ü LU0526323588 – EUR EUR – 0% 0.45% 0.20%HZ dy EUR ü LU0530332708 – EUR EUR ü 0% 0.45% 0.20%HZ CHF ü LU0643830432 – CHF CHF – 0% 0.45% 0.20%HI dm GBP (2) ü LU0897071535 (1) GBP GBP ü 1.05% 0.45% 0.20%HI JPY ü LU0800823980 (1) JPY JPY – 1.05% 0.45% 0.20%* Per year of the average net assets attributable to this type of share.(1) USD 1,000,000 converted to EUR, GBP or JPY on the day of the NAV calculation.(2) No tax reporting for the dm sub-class of shares will be provided for German investors.The original French text is the legally binding version. 101

16. PICTET – ASIAN LOCAL CURRENCY DEBTInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in fixed-income securitiesfrom issuers located in Asian emerging marketsand/or by holding money market instruments inthe Asian emerging countries;• Who are risk tolerant;• Who prefer a medium-term saving strategy (atleast 4 years).Investment policy and objectivesThe compartment’s objective is to seek revenue andcapital growth by investing a minimum of two-thirdsof its total assets or wealth in a diversified portfolio ofbonds and other debt securities linked to Asian localemerging debt.The Asian emerging countries are defined as thoseconsidered, at the time of investing, as industriallydeveloping countries by the International MonetaryFund, the World Bank, the International FinanceCorporation (IFC) or one of the leading investmentbanks. These countries include, but are not limitedto, the following: Hong Kong, Singapore, the Philippines,Thailand, South Korea, Taiwan, Indonesia, India,China, and Malaysia.The compartment may also invest in warrants ontransferable securities and indexes and subscriptionwarrants and may use currency transactions for apurpose other than hedging.The compartment may also invest up to 25% of its netassets, not including the investments in non-deliverableforwards described below, in structured products,including in particular credit linked notes andbonds or other transferable securities whose returnsare linked to the performance of an index, transferablesecurities or a basket of transferable securities,or an undertaking for collective investment.The investments are primarily denominated in thelocal currencies of the Asian emerging countries. Inall cases, the compartment’s exposure to these currencieswill be at least two-thirds, either by director indirect investment or by authorised derivativeinstruments.In addition, the compartment may invest up to 10% ofits net assets in UCIs.The compartment will not invest more than 10%of its assets in shares or any other similar security,derivative instruments (including warrants) and/orstructured products (in particular delta-adjusted convertiblebonds) whose underlyers are, or offer exposureto, equities or similar securities.By analogy, investments in undertakings for collectiveinvestment whose main objective is to invest in theabove-listed assets are also included in the 10% limit.The total amount of commitments resulting from currencytransactions made for purposes of speculationand hedging may not exceed 100% of the compartment’snet assets. These transactions will be conductedas non-deliverable forwards, forward contracts orother instruments such as options or currency warrants.To achieve this, the compartment may enterover-the-counter agreements with leading financialinstitutions.The compartment may conduct non-deliverable forwardtransactions. A non-deliverable forward is a bilateralfinancial futures contract on an exchange ratebetween a strong currency and an emerging currency.At maturity, there will be no delivery of the emergingcurrency, rather a cash settlement in the strongcurrency of the contract’s financial result.The International Swaps and Derivatives Association(ISDA) has published standardised documentationfor these transactions, included in the ISDA MasterAgreement. The compartment may only conductnon-deliverable forward transactions with leadingfinancial institutions that specialise in this type oftransaction, and with strict adherence to the standardisedprovisions of the ISDA master agreementprotocol.Pursuant to its investment policy, the compartmentmay hold a significant portion of liquid assets andmoney market instruments that are traded regularlyand whose residual maturity does not exceed 12months. In addition, if the manager deems that it isin the best interest of the shareholders, the compartmentmay also hold up to 33% of its net assets in liquidassets and money market instruments that areregularly traded and whose residual maturity doesnot exceed 12 months.The compartment may use derivative techniques andinstruments for efficient management, within the limitsspecified in the investment restrictions.Derivative financial instruments may include options,futures contracts on financial instruments, options onsuch contracts as well as over-the-counter swaps onvarious types of financial instruments and total returnswaps.The compartment may conduct credit default swaptransactions for up to 100% of its net assets.A credit default swap is a bilateral financial agreementunder which a counterparty (the “protectionbuyer”) pays a premium against an undertaking bythe “protection seller” to pay a certain amount if thereference issuer is the subject of a credit risk stipulatedin the contract. The protection buyer acquiresthe right to sell a particular bond issued by the referenceissuer at its face value (or at another base valueor strike price) if a credit risk arises. A credit risk generallyincludes bankruptcy, insolvency, court-orderedreorganisation/liquidation, reschedul ing of debts ornon-payment of debts payable. The InternationalSwaps and Derivatives Association (ISDA) has publishedstandardised documentation for these transactions,included in the ISDA Master Agreement.Investments in unlisted securities and in Russia otherthan on the RTS and the MICEX stock exchanges maynot exceed 10% of the compartment’s net assets.102 The original French text is the legally binding version.

Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment. In addition, due to their volatility,warrants present an above-average economic risk.Risk management method: Absolute value-at-risk approach.Expected leverage: 650%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM LtdSub-managers: PAM S.A., BPCALConsolidation currency of the compartment: USDInvestments in total return swapsTo synthetically replicate the return of an underlyingasset, the Fund may purchase total return swaps fromleading financial institutions that specialise in thistype of transaction. A total return swap is a transactionon the economic performance of an underlyingasset that does not include transfer of ownership ofthe asset. The Fund, as buyer of a total return swap,makes a regular payment at a variable rate in returnfor which all revenues related to a notional amount ofthe asset (coupons, interest payments, performanceof the asset value) accrue to it over a period of timeagreed upon with the counterparty. The use of theseinstruments may change the Fund’s exposure.Nonetheless, these transactions can never be made inorder to modify the investment policy.The amounts paid out by the compartment, pursuantto the total return swap contracts, are discounted atthe valuation date at the rate of the zero-coupon swapfor the flows at maturity. The amounts received by theprotection buyer, which result from a combination ofoptions, are also discounted, depending on several parameters,including price, volatility, and the probabilityof defaults on the underlying assets. The value oftotal return swap contracts results from the differencebetween the two discounted flows described above.Risk factorsInvestors should be aware that, due to the politicaland economic situations in emerging countries, investmentin this compartment presents greater riskand is intended only for investors who are able tobear and assume this increased risk.Investment in this compartment is subject, amongother risks, to political risks, capital repatriation restrictions,counterparty risks, and volatility and/orilliquidity risks in the markets of the emerging countriesin question.Political and economic risksIn most of the countries in which the compartmentinvests, the governments are implementing policiesof economic and social liberalisation. Although it ispresumed that these reforms should be beneficial tothese economies in the long term, there is no assurancethat these reforms will be continued or that theywill achieve the expected results.These reforms may be challenged or slowed by politicalor social events, or by national or internationalarmed conflicts (such as the conflict in the former Yugoslavia).All these political risks may affect the capitalgains objectives set for the compartment.Volatility and illiquidity risksDue to the above-mentioned risk of instability causedby political and economic developments, the ratesfor transferable securities in which the compartmentinvests may fluctuate significantly in short-term periods.Although the compartment intends to investpredominantly in listed securities or in securitiestraded on regulated markets, some risk of illiquiditymay still exist, due to the relatively undeveloped natureof the stock markets in the countries in questioncompared to those of the more developed countriesin Western Europe. Due to the risk of volatility, thiscompartment can only be recommended for longterminvestments. This risk is accentuated by the riskof illiquidity, which, in crisis periods, may give riseto suspension of the calculation of the net asset valueand momentarily impede the right of shareholders toredeem their shares.Currency exchange risksThe compartment’s investments will be mainly denominatedin the national currency of the issuer.Although the use of forward exchange contracts isenvisaged for hedging foreign currency exposure, investorsshould be aware that, at present, there are noestablished markets that allow hedging operations. Itmust therefore be expected that exchange risks cannotalways be hedged and the volatility of the currenciesin the countries in which the compartmentinvests may affect the net asset value of the compartment.Accounting standardsIn addition, in some emerging markets, the applicableaccounting and auditing standards are not as strict asthose applied in Western European countries. Consequently,the accounting and financial informationon the companies in which the compartment investsmay be more cursory and less reliable.Counterparty and transaction risksThe Board of Directors and the Custodian Bank mustutilise local service providers for the safekeeping ofthe compartment’s assets and for the execution of securitiestransactions.Although the Board of Directors and the CustodianBank intend to use only the best-qualified service providersin each of the markets concerned, the choiceThe original French text is the legally binding version. 103

of providers in some countries may be very limitedand even the best-qualified providers may not offerguarantees comparable to those given by financialinstitutions and brokerage firms operating in developedcountries.Consequently, in spite of the oversight and control ofthe compartment’s assets exercised by the CustodianBank and the service providers jointly designated bythe Board of Directors, the quality of the services thatthe Board of Directors and the Custodian Bank mayobtain with regard to the execution of transactions onsecurities and their custody may be less reliable. Investorsshould be aware that this compartment, andtherefore its shareholders, will bear the risks relatedto its investments.Remittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationEach Banking Day as well as the last calendar day ofthe month, unless the last day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin two banking days following the applicableNAV calculation date.Shares not yet issued that may be activated at a later dateZ EUR, HI EUR and HR EUR shares as defined in thesection “Sub-classes of Shares”.Initial subscription price: The net asset value of correspondingshares on the day they are activated.PICTET – ASIAN LOCAL CURRENCY DEBTType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %)*ServiceCustodianBankI USD ü LU0255797390 1 million USD USD – 1.05% 0.40% 0.20%I dy USD ü LU0532862835 1 million USD USD ü 1.05% 0.40% 0.20%P USD ü LU0255797556 – USD USD – 2.10% 0.40% 0.20%P dy USD ü LU0255797630 – USD USD ü 2.10% 0.40% 0.20%R USD ü LU0255797713 – USD USD – 3% 0.40% 0.20%Z USD ü LU0255797986 – USD USD – 0% 0.40% 0.20%Z dy USD ü LU0474964623 – USD USD ü 0% 0.40% 0.20%I GBP ü LU0497795186 (1) GBP GBP* – 1.05% 0.40% 0.20%P dy GBP ü LU0366532306 – GBP GBP ü 2.10% 0.40% 0.20%I EUR ü LU0280438135 (1) EUR EUR – 1.05% 0.40% 0.20%P EUR ü LU0280438309 – EUR EUR – 2.10% 0.40% 0.20%R EUR ü LU0280438564 – EUR EUR – 3% 0.40% 0.20%Z EUR – LU0472927606 – EUR EUR – 0% 0.40% 0.20%HI EUR – LU0474964896 (1) EUR EUR – 1.05% 0.45% 0.20%HP EUR ü LU0474964979 – EUR EUR – 2.10% 0.45% 0.20%HR EUR – LU0474965190 – EUR EUR – 3% 0.45% 0.20%* Per year of the average net assets attributable to this type of share.(1) USD 1,000,000 converted to EUR or GBP on the day of the NAV calculation.104 The original French text is the legally binding version.

17. PICTET – GLOBAL EMERGING CURRENCIESInvestor type profileThe compartment is an investment vehicle for investors:• Who seek exposure to variations in the currenciesof emerging countries;• Who are risk tolerant.Investment policy and objectivesThe compartment’s objective is to seek revenue andcapital growth by investing a minimum of two-thirdsof its total assets/wealth in a diversified portfolio ofcurrencies and of any kind of derivative instruments(traded on a regulated market or over the counter) oncurrencies of emerging countries. These derivativetechniques and instruments will be used for efficientmanagement, within the limits specified in the investmentrestrictions.Emerging countries are defined as those considered,at the time of investing, as industrially developingcountries by the International Monetary Fund, theWorld Bank, the International Finance Corporation(IFC) or one of the leading investment banks. Thesecountries include, but are not limited to, the following:Mexico, Hong Kong, Singapore, Turkey, Poland,the Czech Republic, Hungary, Israel, South Africa,Chile, Slovakia, Brazil, the Philippines, Argentina,Thailand, South Korea, Colombia, Taiwan, Indonesia,India, China, Romania, Ukraine, Malaysia, Croatiaand Russia.The compartment may invest in warrants, and to alesser extent, in options.In addition, the compartment may invest up to 10% ofits net assets in UCIs.The compartment will not invest more than 10%of its assets in shares or any other similar security,derivative instruments (including warrants) and/orstructured products (in particular delta-adjusted convertiblebonds) whose underlyers are, or offer exposureto, equities or similar securities.By analogy, investments in undertakings for collectiveinvestment whose main objective is to invest inthe above-listed assets are also included in the 10%limit.The compartment may also invest up to 25% of its netassets, not including the investments in non-deliverableforwards described below, in structured products,including in particular credit-linked notes andbonds or other transferable securities whose returnsare linked to changes in currencies, an index, transferablesecurities or a basket of transferable securities,or currencies or an undertaking for collectiveinvestment.The investments are primarily denominated in the localcurrencies of emerging countries. In all cases, thecompartment’s exposure to these currencies will be atleast 2/3, either by direct or indirect investment or byauthorised derivative instruments.These transactions will be in particular conducted bymeans of non-deliverable forwards.A non-deliverable forward is a bilateral financial futurescontract on an exchange rate between a strongcurrency and an emerging currency. At maturity,there will be no delivery of the emerging currency;instead there is a cash settlement of the contract’s financialresult in the strong currency.The International Swaps and Derivatives Association(ISDA) has published standardised documentationfor these transactions, which is described in theISDA Master Agreement. The compartment may onlyconduct non-deliverable forward transactions withleading financial institutions that specialise in thistype of transaction, and with strict adherence to thestandardised provisions of the ISDA master agreementprotocol.In pursuit of its investment policy (direct and indirectinvestments), the compartment may invest up to 100%in money market instruments, monetary funds (up to10%), floating-rate bonds whose residual maturity onindividual investments does not exceed 12 monthsor whose return is subject to regular adjustments, atleast every 397 days, in conformity with the conditionsof the monetary market, or whose risk profile, inparticular regarding credit risk and interest rate risk,corresponds to that for instruments that have a maturityor residual maturity in conformity with thosementioned above, and any other kind of debt instrumentprovided that these are issued or guaranteed bya government or public corporation in the OECD orby international public organisations, including Switzerlandor a Member State of the European Union.The compartment may also hold liquidities on an ancillarybasis. The compartment may however, in orderto reduce exposure to market risk, temporarilyhold up to 100% of its net assets in liquidities.The compartment may conduct credit default swaptransactions for up to 100% of its net assets.A credit default swap is a bilateral financial agreementunder which a counterparty (the “protection buyer”)pays a premium against an undertaking by the “protectionseller” to pay a certain amount if the referenceissuer is the subject of a credit risk stipulated in thecontract. The protection buyer acquires the right tosell a particular bond issued by the reference issuerat its face value (or at another base value or strikeprice) if a credit risk arises. A credit risk generallyincludes bankruptcy, insolvency, court-ordered reorganisation/liquidation,rescheduling of debts or nonpaymentof debts payable. The International Swapsand Derivatives Association (ISDA) has publishedstandardised documentation for these transactions,which is described in the ISDA Master Agreement.Investments in unlisted securities and in Russia otherthan on the RTS and the MICEX stock exchanges, willnot exceed 10% of the compartment’s net assets.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofThe original French text is the legally binding version. 105

the compartment. In addition, due to their volatility,warrants present an above-average economicrisk.Risk management method: Absolute value-at-risk approach.Expected leverage: 275%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM LtdSub-managers: PAM S.A., BPCALConsolidation currency of the compartment: USDInvestment in total return swapsTo synthetically replicate the return of an underlyingasset, the Fund may purchase total return swaps fromleading financial institutions that specialise in thistype of transaction. A total return swap is a transactionon the economic performance of an underlyingasset that does not include transfer of ownership ofthe asset. The Fund, as buyer of a total return swap,makes a regular payment at a variable rate in returnfor which all revenues related to a notional amount ofthe asset (coupons, interest payments, performanceof the asset value) accrue to it over a period of timeagreed upon with the counterparty. The use of theseinstruments may change the Fund’s exposure.Nonetheless, these transactions can never be made inorder to modify the investment policy.The amounts paid out by the compartment, pursuantto the total return swap contracts, are discounted atthe valuation date at the zero-coupon swap rate forthe flows at maturity. The amounts received by theprotection buyer, which result from a combination ofoptions, are also discounted, depending on severalparameters, including price, volatility, and the probabilityof defaults on the underlying assets. The valueof total return swap contracts results from the differencebetween the two discounted flows describedabove.Risk factorsInvestors should be aware that, due to the politicaland economic situations in emerging countries, investmentin this compartment presents greater riskand is intended only for investors who are able tobear and assume this increased risk. This compartmentis generally only suitable for investors seeking along-term investment.Investment in this compartment is subject, amongother risks, to political risks, capital repatriation restrictions,counterparty risks, and volatility and/orilliquidity risks in the markets of the emerging countriesin question.Political and economic risksIn most of the countries in which the compartmentinvests, the governments are implementing policiesof economic and social liberalisation. Although it ispresumed that these reforms should be beneficial tothese economies in the long term, there is no assurancethat these reforms will be continued or that theywill achieve the expected results.These reforms may be challenged or slowed by politicalor social events, or by national or internationalarmed conflicts (such as the conflict in the former Yugoslavia).All these political risks may affect the capitalgains objectives set for the compartment.Volatility and illiquidity risksDue to the above-mentioned risk of instability causedby political and economic developments, the pricesfor transferable securities in which the compartmentinvests may fluctuate significantly in short-term periods.Although the compartment intends to invest predominantlyin listed securities or in securities tradedon regulated markets, some risk of illiquidity may stillexist, due to the relatively undeveloped nature of thestock markets in the countries in question comparedto those of the more developed countries in WesternEurope. Due to the risk of volatility, this compartmentcan only be recommended for long-term investments.The risk is accentuated by the risk of illiquidity, which,in crisis periods, may give rise to suspension of thecalculation of the net asset value and temporarily impedethe right of shareholders to redeem their shares.Currency exchange risksThe compartment’s investments will be mainly denominatedin the national currency of the issuer.Although the use of forward exchange contracts isenvisaged for hedging foreign currency exposure, investorsshould be aware that, at present, there are noestablished markets that allow hedging operations. Itmust therefore be expected that exchange risks cannotalways be hedged and the volatility of the currenciesin the countries in which the compartmentinvests may affect the net asset value of the compartment.Accounting standardsIn addition, in some emerging markets, the applicableaccounting and auditing standards are not as strict asthose applied in Western European countries. Consequently,the accounting and financial informationon the companies in which the compartment investsmay be more cursory and less reliable.Ownership of securitiesIn most Eastern European countries, the legal environmentand laws governing ownership of securitiesare imprecise and do not provide the same guaranteesas the laws in Western European countries. Additionally,in the past there have been cases of fraudulent106 The original French text is the legally binding version.

and falsified securities. There is thus a greater risk forthis compartment and its shareholders.Counterparty and transaction risksThe Board of Directors and the Custodian Bank willhave to utilise local service providers for the safekeepingof the compartment’s assets and for the executionof securities transactions.Although the Board of Directors and the CustodianBank intend to use only the best-qualified service providersin each of the markets concerned, the choiceof providers in some countries may be very limitedand even the best-qualified providers may not offerguarantees comparable to those given by financialinstitutions and brokerage firms operating in developedcountries.Consequently, in spite of the oversight and control ofthe compartment’s assets exercised by the CustodianBank and the service providers jointly designated bythe Board of Directors, the quality of the services thatthe Board of Directors and the Custodian Bank mayobtain with regard to the execution of transactions onsecurities and their custody may be less reliable. Investorsshould be aware that this compartment, andtherefore its shareholders, will bear the risks relatedto its investments.Remittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationsEach banking day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin 2 banking days following the applicable NAVcalculation date.Shares not yet issued that may be activated at a later date“J USD” shares as defined in the section “Sub-classesof Shares”.Initial subscription price: The net asset value of the“I USD” share on the day it is activated, converted toEUR.PICTET – GLOBAL EMERGING CURRENCIESType of share Activated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %)*ServiceCustodianBankI USD ü LU0366532488 1 million USD USD – 1.05% 0.40% 0.20%P USD ü LU0366532561 – USD USD – 2.10% 0.40% 0.20%P dy USD ü LU0366532645 – USD USD ü 2.10% 0.40% 0.20%R USD ü LU0366539657 – USD USD – 3% 0.40% 0.20%Z USD ü LU0366532728 – USD USD – 0% 0.40% 0.20%J USD – LU0474965273 50 million USD USD – 1.05% 0.40% 0.20%I EUR ü LU0366532991 (1) EUR EUR – 1.05% 0.40% 0.20%P EUR ü LU0366533023 – EUR EUR – 2.10% 0.40% 0.20%R EUR ü LU0366533296 EUR EUR – 3% 0.40% 0.20%HI EUR ü LU0368003488 (1) EUR EUR – 1.05% 0.45% 0.20%HP EUR ü LU0368004296 – EUR EUR – 2.10% 0.45% 0.20%HR EUR ü LU0368004536 – EUR EUR – 3% 0.45% 0.20%P CHF ü LU0530333185 – CHF CHF – 2.10% 0.40% 0.20%Z GBP ü LU0605341873 – GBP GBP – 0% 0.40% 0.20%* Per year of the average net assets attributable to this type of share.(1) USD 1,000,000 converted to EUR on the day of the NAV calculationThe original French text is the legally binding version. 107

18. PICTET – SHORT-TERM MONEY MARKET JPYThe compartment is designed to meet the requirementsof a Short-Term Money Market fund in accordancewith the recommendations of the ESMA(formerly the CESR) referenced CESR/10-049.Investor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in high quality short-termfixed-income securities;• Who are averse to risk.Investment policy and objectivesThe compartment’s objective is to offer investors ahigh level of protection of their capital denominatedin Japanese yen and to provide a return in line withmoney market rates.To fulfil this objective, the compartment invests inmoney market instruments that meet the criteria formoney market instruments set in Directive 2009/65/EC or in deposits.The compartment limits its investments to securitieswhose residual maturity until the legal repaymentdate is less than or equal to 397 days,The average weighted maturity of the portfolio cannotexceed 60 days and the average weighted lifetimecannot exceed 120 days.The base currency of the compartment (consolidationcurrency) is not necessarily identical to the compartment’sinvestment currencies. The related exchangerate risk will be systematically hedged against thecompartment’s base currency.The above-mentioned investments will be made insecurities issued by issuers that have a minimum ratingof A2 and/or P2 as defined by each of the leadingrating agencies. When there is no official rating system,the Board of Directors will decide on acquiringtransferable securities with identical quality criteria.In addition, the compartment may invest up to 10% ofits net assets in short-term money-market-type UCIs.The compartment may also invest, in accordancewith its investment strategy, in structured productssuch as bonds whose returns may for example belinked to the performance of an index, transferablesecurities or money market instruments, or a basketof transferable securities, or an undertaking for collectiveinvestment.The compartment may use derivative techniques andinstruments within the limits stipulated in the investmentrestrictions and in the recommendations of theESMA (formerly the CESR) referenced CESR/10-049.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment.The objective of this compartment is to offer investorsa high degree of capital protection; however,it is not possible to guarantee that investorswill recover the entire amount of capital invested.Risk management method: Absolute value-at-risk approach.Expected leverage: 60%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM S.A., PAM LtdConsolidation currency of the compartment: JPYRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 12:00 noon on the NAV calculation day.RedemptionBy 12:00 noon on the NAV calculation day.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationEach Banking Day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin two Banking Days following the applicableNAV calculation date.108 The original French text is the legally binding version.

PICTET – SHORT-TERM MONEY MARKET JPYType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %) *ServiceCustodianBankI ü LU0309035367 1 billion JPY JPY – 0.15% 0.10% 0.05%P ü LU0309035441 – JPY JPY – 0.30% 0.10% 0.05%P dy ü LU0309035524 – JPY JPY ü 0.30% 0.10% 0.05%R ü LU0309035870 – JPY JPY – 0.60% 0.10% 0.05%Z ü LU0309036175 – JPY JPY – 0% 0.10% 0.05%J ü LU0323090380 5 billion JPY JPY – 0.10% 0.10% 0.05%* Per year of the average net assets attributable to this type of share.The original French text is the legally binding version. 109

19. PICTET – LATIN AMERICAN LOCAL CURRENCY DEBTInvestor type profileThe compartment is an investment vehicle intendedfor investors:• Who wish to invest in fixed-income securitiesfrom issuers located in emerging countries ofLatin America and/or by holding money marketinstruments in emerging countries in LatinAmerica;• Who are risk tolerant.Investment policy and objectivesThe compartment’s objective is to seek revenue andcapital growth by investing a minimum of two-thirdsof its total assets or wealth in a diversified portfolio ofbonds and other debt securities linked to local LatinAmerican emerging countries.Emerging countries in Latin America are defined asthose considered, at the time of investing, as industriallydeveloping countries by the International MonetaryFund, the World Bank, the International FinanceCorporation (IFC) or one of the leading investmentbanks. These countries include, but are not limitedto, the following: Mexico, Chile, Brazil, Argentina,Colombia, Peru, Belize, Bolivia, Costa Rica, Cuba,the Dominican Republic, Ecuador, El Salvador, Guatemala,Guyana, Honduras, Nicaragua, Paraguay,Panama, Puerto Rico, Suriname, Uruguay, Venezuela.By derogation to point 7 of § 2 of the investment restrictions,the compartment is authorised to invest upto 100% of its assets in securities issued by any LatinAmerican country, even if it is not an OECD membercountry.The compartment may also invest in warrants ontransferable securities and indexes and subscriptionwarrants and may use currency transactions for apurpose other than hedging.The compartment may also invest up to 25% of its netassets, not including the investments in non-deliverableforwards described below, in structured products,including in particular credit-linked notes andbonds or other transferable securities whose returnsare linked to the performance of an index, transferablesecurities or a basket of transferable securities,or an undertaking for collective investment.The investments are primarily denominated in thelocal currencies of the emerging countries in LatinAmerica. In all cases, the compartment’s exposure tothese currencies will be at least 2/3, either by director indirect investment or by authorised derivative instruments.In addition, the compartment may invest up to 10% ofits net assets in UCIs.The compartment will not invest more than 10%of its assets in shares or any other similar security,derivative instruments (including warrants) and/orstructured products (in particular delta-adjusted convertiblebonds) whose underlyers are, or offer exposureto, equities or similar securities.By analogy, investments in undertakings for collectiveinvestment whose main objective is to invest in theabove-listed assets are also included in the 10% limit.The total amount of commitments resulting from currencytransactions made for purposes of speculationand hedging may not exceed 100% of the compartment’snet assets. These transactions will be conductedas non-deliverable forwards, forward contracts orother instruments such as options or currency warrants.To achieve this, the compartment may enterinto over-the-counter agreements with leading financialinstitutions.The compartment may conduct non-deliverable forwardtransactions. A non-deliverable forward is a bilateralfinancial futures contract on an exchange ratebetween a strong currency and an emerging currency.At maturity, there will be no delivery of the emergingcurrency; instead there is a cash settlement in thestrong currency of the contract’s financial result.The International Swaps and Derivatives Association(ISDA) has published standardised documentationfor these transactions, included in the ISDA MasterAgreement. The compartment may only conductnon-deliverable forward transactions with leadingfinancial institutions that specialise in this type oftransaction, and with strict adherence to the standardisedprovisions of the ISDA master agreementprotocol.Pursuant to its investment policy, the compartmentmay hold a significant portion of liquid assets andmoney market instruments that are traded regularlyand whose residual maturity does not exceed 12months. In addition, if the manager deems that it isin the best interest of the shareholders, the compartmentmay also hold up to 33% of its net assets in liquidassets and money market instruments that areregularly traded and whose residual maturity doesnot exceed 12 months.The compartment may use derivative techniques andinstruments for efficient management, within the limitsspecified in the investment restrictions.Derivative financial instruments may include options,futures contracts on financial instruments, options onsuch contracts as well as over-the-counter swaps onvarious types of financial instruments and total returnswaps.The compartment may conduct credit default swaptransactions for up to 100% of its net assets.A credit default swap is a bilateral financial agreementunder which a counterparty (the “protectionbuyer”) pays a premium against an undertaking bythe “protection seller” to pay a certain amount if thereference issuer is the subject of a credit risk stipulatedin the contract. The protection buyer acquiresthe right to sell a particular bond issued by the referenceissuer at its face value (or at another base valueor strike price) if a credit risk arises. A credit risk generallyincludes bankruptcy, insolvency, court-orderedreorganisation/liquidation, reschedul ing of debts ornon-payment of debts payable. The International110 The original French text is the legally binding version.

Swaps and Derivatives Association (ISDA) has publishedstandardised documentation for these transactions,included in the ISDA Master Agreement.Investments in unlisted securities and in Russia otherthan on the RTS and the MICEX stock exchanges, willnot exceed 10% of the compartment’s net assets.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment. In addition, due to their volatility,warrants present an above-average economicrisk.Risk management method: Absolute value-at-risk approach.Expected leverage: 100%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM LtdConsolidation currency of the compartment: USDInvestment in total return swapsTo synthetically replicate the return of an underlyingasset, the Fund may purchase total return swaps fromleading financial institutions that specialise in thistype of transaction. A total return swap is a transactionon the economic performance of an underlyingasset that does not include transfer of ownership ofthe asset. The Fund, as buyer of a total return swap,makes a regular payment at a variable rate in returnfor which all revenues related to a notional amount ofthe asset (coupons, interest payments, performanceof the asset value) accrue to it over a period of timeagreed upon with the counterparty. The use of theseinstruments may change the Fund’s exposure.Nonetheless, these transactions can never be made inorder to modify the investment policy.The amounts paid out by the compartment, pursuantto the total return swap contracts, are discounted atthe valuation date at the rate of the zero-coupon swapfor the flows at maturity. The amounts received by theprotection buyer, which result from a combination ofoptions, are also discounted, depending on severalparameters, including price, volatility, and the probabilityof defaults on the underlying assets. The valueof total return swap contracts results from the differencebetween the two discounted flows describedabove.Risk factorsInvestors should be aware that, due to the politicaland economic situations in emerging countries, investmentin this compartment presents greater riskand is intended only for investors who are able tobear and assume this increased risk. This compartmentis generally only suitable for investors seeking along-term investment.Investment in this compartment is subject, amongother risks, to political risks, capital repatriation restrictions,counterparty risks, and volatility and/orilliquidity risks in the markets of the emerging countriesin question.Political and economic risksIn most of the countries in which the compartmentinvests, the governments are implementing policiesof economic and social liberalisation. Although it ispresumed that these reforms should be beneficial tothese economies in the long term, there is no assurancethat these reforms will be continued or that theywill achieve the expected results.These reforms may be challenged or slowed by politicalor social events, or by national or internationalarmed conflicts (such as the conflict in the former Yugoslavia).All these political risks may affect the capitalgains objectives set for the compartment.Currency exchange risksThe compartment’s investments will be mainly denominatedin the national currency of the issuer.Although the use of forward exchange contracts isenvisaged for hedging foreign currency exposure, investorsshould be aware that, at present, there are noestablished markets that allow hedging operations. Itmust therefore be expected that exchange risks cannotalways be hedged and the volatility of the currenciesin the countries in which the compartmentinvests may affect the net asset value of the compartment.Counterparty and transaction risksThe Board of Directors and the Custodian Bank willhave to utilise local service providers for the safekeepingof the compartment’s assets and for the executionof securities transactions.Although the Board of Directors and the CustodianBank intend to use only the best-qualified service providersin each of the markets concerned, the choiceof providers in some countries may be very limitedand even the best-qualified providers may not offerguarantees comparable to those given by financialinstitutions and brokerage firms operating in developedcountries.Consequently, in spite of the oversight and control ofthe compartment’s assets exercised by the CustodianBank and the service providers jointly designated bythe Board of Directors, the quality of the services thatthe Board of Directors and the Custodian Bank mayobtain with regard to the execution of transactions onsecurities and their custody may be less reliable. Investorsshould be aware that this compartment, andtherefore its shareholders, will bear the risks relatedto its investments.The original French text is the legally binding version. 111

Remittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationsEach Banking Day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Calculation of the NAVThe effect of net asset value corrections, more fullydescribed in the section “Calculation of the net assetvalue”, will not exceed 5%.Payment value date for subscriptions and redemptionsWithin 2 banking days following the applicable NAVcalculation date.Shares not yet issued that may be activated at a later dateZ dy USD, HI EUR, HP EUR and HR EUR shares asdefined in the section “Sub-classes of Shares”.Initial subscription price: The net asset value of the ZUSD share for Z dy USD shares, of the I EUR sharefor HI EUR shares, of the P EUR share for HP EURshares and of the R EUR share for HR EUR shares onthe day they are activated.PICTET – LATIN AMERICAN LOCAL CURRENCY DEBTType of share Activated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %)*ServiceCustodianBankI USD ü LU0325327566 1 million USD USD – 1.05% 0.40% 0.20%I dy USD ü LU0532860383 1 million USD USD ü 1.05% 0.40% 0.20%P USD ü LU0325327723 – USD USD – 2.10% 0.40% 0.20%P dy USD ü LU0325328291 – USD USD ü 2.10% 0.40% 0.20%P dm USD (2) ü LU0476845283 – USD USD ü 2.10% 0.40% 0.20%R USD ü LU0325328374 – USD USD – 3% 0.40% 0.20%R dm USD (2) ü LU0852478758 – USD USD ü 3% 0.40% 0.20%Z USD ü LU0325328457 – USD USD – 0.00% 0.40% 0.20%Z dy USD – LU0474965430 – USD USD ü 0.00% 0.40% 0.20%I GBP ü LU0859266321 (1) GBP GBP – 1.05% 0.40% 0.20%P dy GBP ü LU0366532058 – GBP GBP ü 2.10% 0.40% 0.20%P dm HKD (2) ü LU0760711795 – HKD HKD ü 2.10% 0.40% 0.20%P CHF ü LU0843168229 – CHF CHF – 2.10% 0.40% 0.20%I EUR ü LU0325328531 (1) EUR EUR – 1.05% 0.40% 0.20%P EUR ü LU0325328614 – EUR EUR – 2.10% 0.40% 0.20%R EUR ü LU0325328705 – EUR EUR – 3% 0.40% 0.20%HI EUR – LU0474965513 (1) EUR EUR – 1.05% 0.45% 0.20%HP EUR – LU0474965604 – EUR EUR – 2.10% 0.45% 0.20%HR EUR – LU0474965786 – EUR EUR – 3% 0.45% 0.20%* Per year of the average net assets attributable to this type of share.(1) USD 1,000,000 converted to EUR or GBP on the day of the NAV calculation(2) No tax reporting for the dm sub-class of shares will be provided for German investors.112 The original French text is the legally binding version.

20. PICTET – SOVEREIGN SHORT-TERM MONEY MARKET USDThe compartment intends to meet the conditions fora Short-Term Money Market fund in accordance withthe recommendations of the ESMA (formerly theCESR) referenced CESR/10-049.Investor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in short-term fixed-incomesecurities issued or guaranteed by a governmentor a public corporation in the OECD or in Singaporeor by an international public organisationthat includes Switzerland or a Member State ofthe European Union among its members;• Who are averse to risk.Investment policy and objectivesThe investment objective of the compartment is tooffer investors the opportunity to invest in a vehiclethat preserves capital and stability of value while obtaininga return in line with money market rates, havinga high level of liquidity and observing a policy ofrisk spreading.The compartment invests its assets in deposits or inmoney market instruments that meet the criteria formoney market instruments set in Directive 2009/65/EC as long as:• they are issued or guaranteed by a governmentor public corporation in the OECD or in Singaporeor by an international public organisationthat includes Switzerland or a Member State ofthe European Union among its members;• they have a minimum rating equivalent to A2and/or P2, as defined by each of the recognisedrating agencies. When there is no official ratingsystem, the Board of Directors will decide on acquiringsecurities with identical quality criteria.• their residual maturity until the legal repaymentdate is less than or equal to 397 days.The average weighted maturity of the portfolio cannotexceed 60 days and the average weighted lifetimecannot exceed 120 days.The base currency of the compartment (consolidationcurrency) is not necessarily the same as the compartment’sinvestment currencies. The related exchangerate risk will be systematically hedged against thecompartment’s base currency.In addition, the compartment may invest up to 10% ofits net assets in short-term money-market-type UCIs.The compartment may also, in accordance with its investmentstrategy, invest in structured products suchas bonds whose returns may for example be linked tothe performance of an index, transferable securitiesor money market instruments, or a basket of securities,or an undertaking for collective investment.The compartment may use derivative techniques andinstruments within the limits stipulated in the investmentrestrictions and in the recommendations of theESMA (formerly the CESR) referenced CESR/10-049.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment.The objective of this compartment is to offer investorsa high degree of capital protection; however,it is not possible to guarantee that investorswill recover the entire amount of capital invested.Risk management method: Absolute value-at-risk approach.Expected leverage: 80%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM S.A., PAM LtdConsolidation currency of the compartment: USDRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 12:00 noon on the NAV calculation day.RedemptionBy 12:00 noon on the NAV calculation day.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationsEach banking day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsThe banking day following the applicable NAV calculationdate.The original French text is the legally binding version. 113

Shares not yet issued that may be activated at a later date“J” shares as defined in the section “Sub-classes ofShares”.Initial subscription price: the net asset value of the “P”share on the day it is activated.PICTET – SOVEREIGN SHORT-TERM MONEY MARKET usdType of share Activated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %)*ServiceCustodianBankI ü LU0366537289 1 million USD USD – 0.15% 0.10% 0.05%P ü LU0366537446 – USD USD – 0.30% 0.10% 0.05%P dy ü LU0366537792 – USD USD ü 0.30% 0.10% 0.05%R ü LU0366537875 – USD USD – 0.60% 0.10% 0.05%Z ü LU0366538097 – USD USD – 0% 0.10% 0.05%J – LU0474965943 50 million USD USD – 0.10% 0.10% 0.05%* Per year of the average net assets attributable to this type of share.114 The original French text is the legally binding version.

21. PICTET – SOVEREIGN SHORT-TERM MONEY MARKET EURThe compartment is designed to meet the requirementsof a Short-Term Money Market fund in accordancewith the recommendations of the ESMA(formerly the CESR) referenced CESR/10-049.Investor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in short-term fixed-incomesecurities issued or guaranteed by a governmentor a public corporation in the OECD or in Singaporeor by an international public organisationthat includes Switzerland or a Member State ofthe European Union among its members;• Who are averse to risk.Investment policy and objectivesThe investment objective of this compartment is tooffer investors the opportunity to invest in a vehiclethat preserves capital and stability of value while obtaininga return in line with money market rates, havinga high level of liquidity and observing a policy ofrisk spreading.The compartment principally invests its assets in depositsand money market instruments meeting thecriteria of money market instruments defined in directive2009/65/EC, provided that:• they are issued or guaranteed by a governmentor public corporation in the OECD or in Singaporeor by an international public organisationthat includes Switzerland or a Member State ofthe European Union among its members;• have a minimum rating equivalent to A2 and/orP2, as defined by each of the recognised ratingagencies. When there is no official rating system,the Board of Directors will decide on acquiringsecurities with identical quality criteria.• have a residual maturity until the legal redemptiondate that does not exceed 397 days.The average weighted maturity of the portfolio cannotexceed 60 days and the average weighted lifetimecannot exceed 120 days.The base currency of the compartment (consolidationcurrency) is not necessarily identical to the compartment’sinvestment currencies. The related exchangerate risk will be systematically hedged against thecompartment’s base currency.In addition, the compartment may invest up to 10% ofits net assets in short-term money-market-type UCIs.In accordance with its investment strategy, the compartmentmay also invest in structured products, especiallybonds, whose returns may for example belinked to the performance of an index, transferablesecurities or money market instruments, or a basketof securities, or an undertaking for collective investment.The compartment may use derivative techniques andinstruments within the limits specified in the investmentrestrictions and in accordance with the recommendationsof the ESMA (formerly the CESR)referenced CESR/10-049.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment.The objective of this compartment is to offer investorsa high degree of capital protection; however,it is not possible to guarantee that investorswill recover the entire amount of capital invested.Risk management method: Absolute value-at-risk approach.Expected leverage: 80%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM S.A., PAM LtdConsolidation currency of the compartment: EURRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 12:00 noon on the NAV calculation day.RedemptionBy 12:00 noon on the NAV calculation day.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationsEach banking day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsThe Banking Day following the date of the applicableNAV calculation date.The original French text is the legally binding version. 115

PICTET – SOVEREIGN SHORT-TERM MONEY MARKET EURType of share Activated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %) *ServiceCustodianBankI ü LU0366536638 1 million EUR EUR – 0.15% 0.10% 0.05%P ü LU0366536711 – EUR EUR – 0.30% 0.10% 0.05%P dy ü LU0366536802 – EUR EUR ü 0.30% 0.10% 0.05%R ü LU0366536984 – EUR EUR – 0.60% 0.10% 0.05%Z ü LU0366537016 – EUR EUR – 0% 0.10% 0.05%J ü LU0392047626 50 million EUR EUR – 0.10% 0.10% 0.05%* Per year of the average net assets attributable to this type of share.116 The original French text is the legally binding version.

22. PICTET – US HIGH YIELDInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in high-yield bonds denominatedin USD;• Who have medium to high risk aversion.Investment policy and objectivesThis compartment invests primarily in a diversifiedportfolio of high-yield bonds including fixed-rate,variable-rate or convertible bonds.The compartment may also invest in asset-backedsecurities (bonds whose real assets guarantee theinvestment), in debt securitisations (such as but notexclusively ABS and MBS) as well as other debt securitiesin compliance with Article 2 of the Luxembourgregulation of 8 February 2008.Investment in ABS and MBS will represent a maximumof 10% of the compartment’s net assets.Likewise, the compartment may invest up to a maximumof 10% of its net assets in banking loans thatare considered (with respect to Articles 2 or 3 and 4of the Luxembourg regulation of 8 February 2008) astransferable securities or money market instrumentslisted or traded on regulated markets, within the limitsstipulated by the investment restrictions.Investments in convertible bonds may not exceed20% of the net assets of the compartment, and convertiblebonds quoted at over 140% will be sold.In seeking capital appreciation in the base currency,these investments may be made on all markets, butmainly in securities traded on the US domestic marketor in securities of issuers residing in the US and/or whose main business and/or principal registeredoffice are located in the US.The compartment’s assets will be mainly denominatedin American dollars.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns may be linked to the performance ofan index, transferable securities or a basket of transferablesecurities, or an undertaking for collective investment.If the manager deems it necessary in the best interestof the shareholders, the compartment may hold upto 100% of its net assets in liquidities, e.g. deposits,money market instruments, money market investmentfunds (within the 10% limit mentioned below).In addition, the compartment may invest up to 10% ofits net assets in UCIs.The compartment will not invest more than 10%of its assets in shares or any other similar security,derivative instruments (including warrants) and/orstructured products (in particular delta-adjusted convertiblebonds) whose underlyers are, or offer exposureto, equities or similar securities.By analogy, investments in undertakings for collectiveinvestment whose main objective is to invest inthe above-listed assets are also included in the 10%limit.The compartment may use derivative financial techniquesand instruments for efficient management,within the limits specified in the investment restrictions.Specifically, the compartment may conduct creditdefault swaps. A credit default swap is a bilateral financialagreement under which a counterparty (theprotection buyer) pays a premium against an undertakingby the protection seller to pay a certainamount if the base issuer is the subject of a credit riskstipulated in the contract. The protection buyer acquiresthe right to sell a particular bond issued by thebase issuer at its face value (or at another base valueor strike price) if a credit risk arises. A credit risk generallyincludes bankruptcy, insolvency, court-orderedreorganisation/liquidation, rescheduling of debts inarrears or non-payment of debts payable. The InternationalSwaps and Derivatives Association (ISDA)has published standardised documentation for thesetransactions, which is described in the ISDA MasterAgreement.Investors should be aware that the acquisition ofderivative financial instruments involves certainrisks that could have a negative effect on the performanceof the compartment.Risk factorsIn some countries that are considered emergingcountries, the applicable accounting and auditingstandards are not as strict as those applied in moredeveloped countries. In this regard, investors shouldbe aware of political instability, volatile and illiquidmarkets and the absence of market regulations. Consequently,the accounting and financial informationon the companies in which the compartment investsmay be more cursory and less reliable.Compared to investments in securities from top qualitydebtors, high-yield investments may present ahigher than average yield but may also carry greaterrisk with regard to the issuer’s solvency and the liquidityof the issue. The compartment may invest asmall proportion of its assets in debt securities whoseissuer is in financial distress or even in default of payment(“defaulted debt securities”). These are primarilysecurities for which the issuer is not able to paythe interest due and/or the principal. Consequently,an investment in this kind of securities may lead tounrealised capital losses and/or losses that can negativelyaffect the net asset value of the compartment.The compartment will ensure that it has sufficient liquidityto meet redemptions.It should be noted that as the liquidity of these securities(often traded on secondary markets betweeninstitutional investors) is generally lower than thatof investment grade debt securities, the valuation ofthese defaulted debt securities may be made moredifficult.The original French text is the legally binding version. 117

Ownership of securitiesIn most of the emerging countries, the legal situationand the laws on ownership of securities are vagueand do not provide the same guarantees as the applicablelaws in more developed countries.Counterparty and transaction risksAlthough the Custodian Bank intends to use onlythe best-qualified service providers in each of themarkets concerned, the choice of providers in somecountries may be very limited and even the best-qualifiedproviders may not offer guarantees comparableto those given by financial institutions and brokeragefirms operating in developed countries.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the Barclays Capital U.S. High-Yield 2% Issuer Capped Bond Index Tr.Expected leverage: 50%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: Metropolitan West Asset Management LLCConsolidation currency of the compartment: USDRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationEach Banking Day and the first calendar day of themonth, unless this day is a Saturday or a Sunday.Payment value date for subscriptions and redemptionsWithin 2 banking days following the applicable NAVcalculation date.Calculation of the NAVThe effect of net asset value corrections, more fullydescribed in the section “Calculation of the net assetvalue”, shall not exceed 3%.Shares not yet issued that may be activated at a later dateHI GBP, HI dy EUR, HP GBP, HR GBP, Z dy USD, DHI USD, DH P USD, DH R USD, DH Z USD and DH Pdy USD shares.Initial subscription price:The net asset value of the I USD, P USD, R USD, HIEUR and Z USD shares as applicable, converted toGBP and CHF respectively, on the activation day. TheZ dy USD share will be launched on the basis of thenet asset value of the Z USD share.118 The original French text is the legally binding version.

PICTET – US HIGH YIELDType of share Activated ISIN code Initial min BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %) *ServiceCustodianBankI USD ü LU0448623016 1 million USD USD – 1.10% 0.30% 0.05%I dm GBP (2) ü LU0895836913 (1) GBP GBP ü 1.10% 0.30% 0.05%P USD ü LU0448623107 – USD USD – 1.45% 0.30% 0.05%P dy USD ü LU0448623289 – USD USD ü 1.45% 0.30% 0.05%P dm USD (2) ü LU0476845366 – USD USD ü 1.45% 0.30% 0.05%R USD ü LU0448623362 – USD USD – 1.75% 0.30% 0.05%Z USD ü LU0448623446 – USD USD – 0% 0.30% 0.05%Z dy USD – LU0448623529 – USD USD ü 0% 0.30% 0.05%DH I USD – LU0592903552 (1) USD USD – 1.10% 0.35% 0.05%DH P USD – LU0592903719 – USD USD – 1.45% 0.35% 0.05%DH R USD – LU0592904014 – USD USD – 1.75% 0.35% 0.05%DH Z USD – LU0592904287 – USD USD – 0% 0.35% 0.05%DH P dy USD – LU0592904527 – USD USD ü 1.45% 0.35% 0.05%HI EUR ü LU0448623792 (1) EUR EUR – 1.10% 0.35% 0.05%HI dy EUR – LU0572775053 (1) EUR EUR ü 1.10% 0.35% 0,05%HP EUR ü LU0448623875 – EUR EUR – 1.45% 0.35% 0.05%HR EUR ü LU0472949915 – EUR EUR – 1.75% 0.35% 0.05%HR dm EUR (2) ü LU0592897721 – EUR EUR ü 1.75% 0.35% 0.05%HI GBP – LU0448623958 (1) GBP GBP – 1.10% 0.35% 0.05%HP GBP – LU0448624097 – GBP GBP – 1.45% 0.35% 0.05%HR GBP – LU0472950178 – GBP GBP – 1.75% 0.35% 0.05%HI CHF ü LU0448624170 (1) CHF CHF – 1.10% 0.35% 0.05%HP CHF ü LU0448624253 – CHF CHF – 1.45% 0.35% 0.05%HR CHF ü LU0472950095 – CHF CHF – 1.75% 0.35% 0.05%HI ILS ü LU0622219680 (1) ILS ILS – 1.10% 0.35% 0.05%* Per year of the average net assets attributable to this type of share.(1) USD 1,000,000 converted to EUR, GBP, CHF or ILS on the day of the NAV calculation.(2) No tax reporting for the dm sub-class of shares will be provided for German investors.The original French text is the legally binding version. 119

23. PICTET – EUR CORPORATE BONDS EX FINANCIALInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in fixed-income securities denominatedin euros, issued by investment gradecompanies, excluding the financial sector;• Who have some aversion to risk.Investment policy and objectivesThis compartment invests principally in a diversifiedportfolio of bonds and other debt securities, and convertiblebonds denominated in euros issued by privatecompanies, excluding the financial sector.The investment universe is not limited to a specificgeographic region.Investments in convertible bonds will not exceed 20%of the compartment’s net assets.The investments must offer a high level of liquidityand be rated at least B3 by Moody’s and/or B- byStandard & Poor’s or, in the absence of a rating byMoody’s or Standard & Poor’s, be of equivalent qualityaccording to the manager’s analysis. Nevertheless,investments with a rating of less than Moody’s Baa3or, Standard & Poor’s BBB- or of equivalent qualityaccording to the manager’s analysis may not exceed25% of the compartment’s net assets, and exposure toa single issuer of such quality may not exceed 1.5% ofthe compartment’s net assets.Using credit risk analysis of companies and theirsectors, the compartment aims to generate a returngreater than that of government bonds. Investmentsin government bonds, principally those issued byOECD member countries, may nevertheless be madewhen necessitated by market conditions.In addition, the compartment may invest up to 10% ofits net assets in UCIs.If the manager deems it necessary and in the best interestof the shareholders, the compartment may holdup to 100% of its net assets in liquidities, e.g. in deposits,money market instruments, and money marketinvestment funds (within the above-mentioned10% limit).The compartment may also invest in structured products,such as in particular «credit linked notes», certificatesor any other transferable security whosereturns are linked to, among others, an index thatadheres to the procedures stipulated in Article 9 ofthe regulations of the Grand Duchy of Luxembourgof 8 February 2008 (including commodities indexes,precious metals indexes, volatility, etc.), currencies,interest rates, transferable securities, a basket oftransferable securities, or an undertaking for collectiveinvestment, in compliance with the regulations ofthe Grand Duchy of Luxembourg of 8 February 2008.The compartment may use derivative techniques andinstruments for efficient management within the limitsstipulated in the investment restrictions.Specifically, the compartment may conduct creditdefault swaps. A credit default swap is a bilateral financialagreement under which a counterparty (theprotection buyer) pays a premium against an undertakingby the protection seller to pay a certainamount if the base issuer is the subject of a credit riskstipulated in the contract. The protection buyer acquiresthe right to sell a particular bond issued by thebase issuer at its face value (or at another base valueor strike price) if a credit risk arises. A credit risk generallyincludes bankruptcy, insolvency, court-orderedreorganisation/liquidation, rescheduling of debts inarrears or non-payment of debts payable. The InternationalSwaps and Derivatives Association (ISDA)has published standardised documentation for thesetransactions, which is described in the ISDA MasterAgreement.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment.Investors should be aware that, due to the politicaland economic environments in emerging countries,investment in this compartment presentsgreater risk and is intended only for investorswho are able to bear and assume this increasedrisk.The risks associated with credit-linked notes aremore fully described in the main body of the prospectus.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the Barclays Capital Euro-AggregateCorporate Ex-financial index.Expected leverage: 50%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM S.A., PAM LtdConsolidation currency of the compartment: EURRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 50% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscrip-120 The original French text is the legally binding version.

tion, conversion and/or redemption requests are carriedforward to the next Banking Day on which the50% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationEach Banking Day and the first calendar day of themonth, unless this day is a Saturday or a Sunday.Payment value date for subscriptions and redemptionsWithin 2 banking days following the applicable NAVcalculation date.Shares not yet issued that may be activated at a later dateZ dy, HI USD, DH I, DH P, DH R, DH Z and DH P dyshares:Initial subscription price: The net asset value of thecorresponding shares as applicable, converted toCHF or USD on the activation day.PICTET – EUR CORPORATE BONDS Ex FinancialType of share Activated ISIN code Min. initialinvestmentBasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max%)*Service CustodianBankI ü LU0503630070 1 million EUR EUR – 0.60% 0.30% 0.05%P ü LU0503630153 – EUR EUR – 0.90% 0.30% 0.05%P dy ü LU0503630237 – EUR EUR ü 0.90% 0.30% 0.05%R ü LU0503630310 – EUR EUR – 1.25% 0.30% 0.05%Z ü LU0503630583 – EUR EUR – 0% 0.30% 0.05%Z dy – LU0503630666 – EUR EUR ü 0% 0.30% 0.05%DH I – LU0592900889 (1) EUR EUR – 0.60% 0.35% 0.05%DH P – LU0592901184 – EUR EUR – 0.90% 0.35% 0.05%DH R – LU0592901267 – EUR EUR – 1.25% 0.35% 0.05%DH Z – LU0592901697 – EUR EUR – 0% 0.35% 0.05%DH P dy – LU0592901853 – EUR EUR ü 0.90% 0.35% 0.05%HI CHF ü LU0503630740 (1) CHF CHF – 0.60% 0.35% 0.05%HP CHF ü LU0503631045 – CHF CHF – 0.90% 0.35% 0.05%HZ CHF ü LU0589981330 – CHF CHF – 0% 0.35% 0.05%HI USD – LU0503631128 (1) USD USD – 0.60% 0.35% 0.05%HP USD ü LU0503631557 – USD USD – 0.90% 0.35% 0.05%* Per year of the average net assets attributable to this type of share.(1) EUR 1,000,000 converted to CHF or USD on the date of the NAV calculation.The original French text is the legally binding version. 121

24. PICTET – EUR SHORT TERM HIGH YIELDInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in high-yield bonds denominatedin EUR;• Who have medium to high risk aversion;• Who prefer a medium-term saving strategy (atleast 5 years).Investment policy and objectivesThis compartment invests principally in a diversifiedportfolio of bonds and other:- high yield, second quality debt securities,- denominated in EUR or in other currencies aslong as the securities are generally hedged inEUR, and- have a minimum rating, at the time of acquisition,equivalent to “B-”, as defined by Standard& Poor’s or an equivalent rating from other recognisedrating agencies. When there is no officialrating system, the Board of Directors will decideon acquiring transferable securities with identicalquality criteria.These investments will be for a short/medium duration.The residual maturity for each investment willnot exceed six years. The average residual durationof the portfolio (the “duration”) cannot, however, exceedthree years.The choice of investments will not be limited to aparticular geographic sector or sector of economicactivity. However, depending on market conditions,the investments may be focused on one country or ona limited number of countries and/or one economicactivity sector.The compartment may also invest up to 10% of itsnet assets in securities pledged by assets, securitiesof issuers enjoying government support, issues securitisedby bonds, and issues securitised by loansand mortgages (including the securitisation of suchdebts).Investments in convertible bonds may not exceed10% of the net assets of the compartment, and convertiblebonds quoted at over 140% will be sold. Inaddition, the compartment may invest up to 10% ofits net assets in UCIs.These investments may be made in all markets whileseeking capital growth in the base currency.In addition, the compartment may invest up to 10% ofits net assets in emerging countries.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns may for example be linked to the performanceof an index, transferable securities or abasket of transferable securities, or an undertakingfor collective investment.To ensure that the portfolio is managed effectivelyand for hedging purposes, and within the limits of theinvestment restrictions set out in the body of the prospectus,the compartment may use any type of financialderivative instrument traded on a regulated and/or over-the-counter (OTC) market if obtained froma leading financial institution that specializes in thistype of transaction. In particular, the compartmentmay, among other investments but not exclusively, investin warrants, futures, options, swaps (such as totalreturn swaps, contracts for difference) and futurescontracts with underlying assets compliant with thelaw of 17 December 2010 and the compartment’s investmentpolicy, as well as currencies (including nondeliverableforwards), interest rates, transferablesecurities, a basket of transferable securities, indices(for example commodities, precious metals, and volatility,etc.) and undertakings for collective investment.Specifically, the compartment may conduct creditdefault swaps. A credit default swap is a bilateral financialagreement under which a counterparty (the“protection buyer”) pays a premium against an undertakingby the “protection seller” to pay a certainamount if the reference issuer is the subject of a creditrisk stipulated in the contract. The protection buyeracquires the right to sell a particular bond issued bythe base issuer at its face value (or at another basevalue or strike price) if a credit risk arises. A creditrisk generally includes bankruptcy, insolvency, courtorderedreorganisation/liquida tion, rescheduling ofdebts or non-payment of debts payable. The InternationalSwaps and Derivatives Association (ISDA)has published standardised documentation for thesetransactions included in the ISDA Master Agreement.The compartment will not invest more than 10% of itsassets in shares or any other similar security, derivativefinancial instruments (including warrants) and/or structured products (in particular delta-adjustedconvertible bonds) whose underlyers are, or offer exposureto, equities or similar securities.By analogy, investments in undertakings for collectiveinvestment whose main objective is to invest inthe above-listed assets are also included in the 10%limit.If the manager deems it necessary and in the best interestof the shareholders, the compartment may holdup to 100% of its net assets in liquidities, for example,among others, deposits, money market instruments,and monetary-type UCIs and/or UCITS (within theabove-mentioned 10% limit for UCIs).Investors should be aware that the acquisition ofderivative financial instruments involves certainrisks that could have a negative effect on the performanceof the compartment. In addition, due totheir volatility, warrants present an above-averageeconomic risk.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the Merrill Lynch Euro High YieldEx-Financials, BB-B, 1-3y constrained (3%) index.122 The original French text is the legally binding version.

Expected leverage: 50%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM S.A., PAM LtdConsolidation currency of the compartment: EURRisk factorsCompared to investments in securities from top qualitydebtors, high-yield investments may present ahigher than average yield but may also carry greaterrisk with regard to the issuer’s solvency and the liquidityof the issue. The compartment may invest asmall proportion of its assets in debt securities whoseissuer is in financial distress or even in default of payment(“defaulted debt securities”). These are primarilysecurities for which the issuer is not able to paythe interest due and/or the principal. Consequently,an investment in this kind of securities may lead tounrealised capital losses and/or losses that can negativelyaffect the net asset value of the compartment.The compartment will ensure that it has sufficient liquidityto meet redemptions.It should be noted, moreover, that the liquidity ofthese securities (often traded on secondary marketsbetween institutional investors) is generallylower than that of investment-grade debt securities.The valuation of these defaulted debt securitiesmay therefore be made more difficult.Remittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 50% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the50% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationEach Banking Day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin 2 Banking Days following the applicable NAVcalculation date.Calculation of the NAVThe effect of net asset value corrections, more fullydescribed in the section “Calculation of the net assetvalue”, will not exceed 3%.Shares not yet issued that may be activated at a later dateR dm and Z dy shares as defined in the section “Subclassesof Shares”.Initial subscription price: The net asset value of thecorresponding shares, on the day they are activated.The original French text is the legally binding version. 123

PICTET – EUR SHORT TERM HIGH YIELDType of share Activated ISIN code Min. initialinvestmentBasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %) *ServiceCustodianBankI ü LU0726357444 1 million EUR EUR – 1% 0.30% 0.10%P ü LU0726357527 – EUR EUR – 1.60% 0.30% 0.10%P dy ü LU0726357790 – EUR EUR ü 1.60% 0.30% 0.10%R ü LU0726357873 – EUR EUR – 2.20% 0.30% 0.10%R dm (2) – LU0726358095 – EUR EUR ü 2.20% 0.30% 0.10%Z ü LU0726358178 – EUR EUR – 0% 0.30% 0.10%Z dy – LU0726358251 – EUR EUR ü 0% 0.30% 0.10%HI CHF ü LU0726358418 (1) CHF CHF – 1% 0.35% 0.10%HP CHF ü LU0726358509 – CHF CHF – 1.60% 0.35% 0.10%HR CHF ü LU0736302075 – CHF CHF – 2.20% 0.35% 0.10%HI USD ü LU0736302158 (1) USD USD – 1% 0.35% 0.10%HP USD ü LU0736302232 – USD USD – 1.60% 0.35% 0.10%HR USD ü LU0736302315 – USD USD – 2.20% 0.35% 0.10%HI JPY ü LU0803468593 (1) JPY JPY – 1% 0.35% 0.10%* Per year of the average net assets attributable to this type of share.(1) EUR 1,000,000 converted to CHF, USD or JPY on the day of the NAV calculation.(2) No tax reporting for the dm sub-class of shares will be provided for German investors.124 The original French text is the legally binding version.

25. PICTET – GLOBAL BONDS FUNDAMENTALInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in fixed-income securitiesfrom issuers located in developed and emergingeconomies. These investments will be denominatedin one of the main currencies or in a currencyof an emerging country;• Who are risk tolerant;• Who prefer a medium-term saving strategy (atleast 4 years).Investment policy and objectivesThe objective of this compartment is to seek revenueand capital growth.This compartment invests mainly in a diversifiedportfolio of bonds and other debt securities issuedor guaranteed by national or local governments indeveloped or emerging countries, or by supranationalorganisations, without limitation regarding thechoice of the currency in which the securities are denominated.The compartment’s exposure to certain local currencieswill be obtained by direct or indirect investments,such as via derivative financial instruments.The manager will select the securities based on a fundamentalapproach that takes account of the mainmacro-economic indicators (Gross domestic product,population, debt, etc.).Emerging countries are defined as those considered,at the time of investing, as industrially developingcountries by the International Monetary Fund, theWorld Bank, the International Finance Corporation(IFC) or one of the leading investment banks. Thesecountries include, but are not limited to, the following:Mexico, Hong Kong, Singapore, Turkey, Poland,the Czech Republic, Hungary, Israel, South Africa,Chile, Slovakia, Brazil, the Philippines, Argentina,Thailand, South Korea, Colombia, Taiwan, Indonesia,India, China, Romania, Ukraine, Malaysia, Croatiaand Russia.In addition, the compartment may invest up to 10% ofits net assets in UCIs.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns may for example be linked to the performanceof an index, transferable securities or abasket of transferable securities, or an undertakingfor collective investment.To ensure that the portfolio is managed effectivelyand for hedging purposes, and within the limits of theinvestment restrictions set out in the body of the prospectus,the compartment may use any type of financialderivative instrument traded on a regulated and/or over-the-counter (OTC) market if obtained froma leading financial institution that specializes in thistype of transaction. In particular, the compartmentmay, among other investments but not exclusively, investin warrants, futures, options, swaps (such as totalreturn swaps, contracts for difference) and futurescontracts with underlying assets compliant with thelaw of 17 December 2010 and the compartment’s investmentpolicy, as well as currencies (including nondeliverableforwards), interest rates, transferablesecurities, a basket of transferable securities, indices(for example commodities, precious metals, and volatility,etc.) and undertakings for collective investment.The total amount of commitments resulting from currencytransactions made for purposes of speculationand hedging may not exceed 100% of the compartment’snet assets. These transactions will be conductedas non-deliverable forwards, forward contracts orother instruments such as options or currency warrants.To achieve this, the compartment may enterinto over-the-counter agreements with leading financialinstitutions.The compartment may conduct non-deliverable forwardtransactions. A non-deliverable forward is a bilateralfinancial futures contract on an exchange ratebetween a strong currency and an emerging currency.At maturity, there will be no delivery of the emergingcurrency; instead there is a cash settlement of thecontract’s financial result in the strong currency.The International Swaps and Derivatives Association(ISDA) has published standardised documentationfor these transactions included in the ISDA MasterAgreement. The compartment may only conductnon-deliverable forward transactions with leadingfinancial institutions that specialise in this type oftransaction, and with strict adherence to the standardisedprovisions of the ISDA master agreementprotocol.The compartment may conduct credit default swaptransactions for up to 100% of its net assets.A credit default swap is a bilateral financial agreementunder which a counterparty (the “protectionbuyer”) pays a premium against an undertaking bythe “protection seller” to pay a certain amount if thereference issuer is the subject of a credit risk stipulatedin the contract. The protection buyer acquiresthe right to sell a particular bond issued by the referenceissuer at its face value (or at another base valueor strike price) if a credit risk arises. A credit risk generallyincludes bankruptcy, insolvency, court-orderedreorganisation/liquida tion, rescheduling of debts ornon-payment of debts payable. The InternationalSwaps and Derivatives Association (ISDA) has publishedstandardised documentation for these transactionsincluded in the ISDA Master Agreement.Investments in unlisted securities and in Russia otherthan on the RTS and the MICEX stock exchanges, willnot exceed 10% of the compartment’s net assets.The compartment will not invest more than 10% of itsassets in shares or any other similar security, derivativefinancial instruments (including warrants) and/or structured products (in particular delta-adjustedconvertible bonds) whose underlyers are, or offer exposureto, equities or similar securities.The original French text is the legally binding version. 125

By analogy, investments in undertakings for collectiveinvestment whose main objective is to invest inthe above-listed assets are also included in the 10%limit.If the manager deems it necessary and in the best interestof the shareholders, the compartment may holdup to 100% of its net assets in liquidities, i.e. deposits,money market instruments, and monetary-type UCIsand/or UCITS (within the above-mentioned 10% limitfor UCIs).Investors should be aware that the acquisition ofderivative financial instruments involves certainrisks that could have a negative effect on the performanceof the compartment.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the Citigroup WGBI index.Expected leverage: 50%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM S.A., PAM LtdConsolidation currency of the compartment: USDInvestment in total return swapsTo synthetically replicate the return of an underlyingasset, the compartment may purchase total returnswaps from leading financial institutions thatspecialise in this type of transaction. A total returnswap is a transaction on the economic performanceof an underlying asset that does not include transferof ownership of the asset. The compartment, as buyerof a total return swap, makes a regular payment at avariable rate in return for which all revenues relatedto a notional amount of the asset (coupons, interestpayments, performance of the asset value) accrue toit over a period of time agreed upon with the counterparty.The use of these instruments may change thecompartment’s exposure.Nonetheless, these transactions can never be made inorder to modify the investment policy.The amounts paid out by the compartment, pursuantto the total return swap contracts, are discounted atthe valuation date at the zero-coupon swap rate forthe flows at maturity. The amounts received by theprotection buyer, which result from a combination ofoptions, are also discounted, depending on severalparameters, including price, volatility, and the probabilityof defaults on the underlying assets. The valueof total return swap contracts results from the differencebetween the two discounted flows describedabove.Risk factorsInvestors should be aware that, due to the politicaland economic situations in emerging countries, investmentin this compartment presents greater riskand is intended only for investors who are able tobear and assume this increased risk. In principle, thiscompartment can only be offered to investors whowish to make a medium-term investment.Investment in this compartment is subject, amongother risks, to political risks, capital repatriation restrictions,counterparty risks, and volatility and/orilliquidity risks in the markets of the emerging countriesin question.Political and economic risksIn most of the countries in which the compartmentinvests, the governments are implementing policiesof economic and social liberalisation. Although it ispresumed that these reforms should be beneficial tothese economies in the long term, there is no assurancethat these reforms will be continued or that theywill achieve the expected results.These reforms may be challenged or slowed by politicalor social events, or by national or internationalarmed conflicts (such as the conflict in the former Yugoslavia).All these political risks may affect the capitalgains objectives set for the compartment.Volatility and illiquidity risksDue to the above-mentioned risk of instability causedby political and economic developments, the pricesfor transferable securities in which the compartmentinvests may fluctuate significantly in short-term periods.Although the compartment intends to invest predominantlyin listed securities or in securities tradedon regulated markets, some risk of illiquidity may stillexist, due to the relatively undeveloped nature of thestock markets in the countries in question comparedto those of the more developed countries in WesternEurope. Due to the risk of volatility, this compartmentcan only be recommended for long-term investments.The risk is accentuated by the risk of illiquidity, which,in crisis periods, may give rise to suspension of thecalculation of the net asset value and temporarily impedethe right of shareholders to redeem their shares.Currency exchange risksThe compartment’s investments will be mainly denominatedin the national currency of the issuer.Although the use of forward exchange contracts isenvisaged for hedging foreign currency exposure, investorsshould be aware that, at present, there are noestablished markets that allow hedging operations. Itmust therefore be expected that exchange risks cannotalways be hedged and the volatility of the currenciesin the countries in which the compartmentinvests may affect the net asset value of the compartment.Accounting standardsIn addition, in some emerging markets, the applicableaccounting and auditing standards are not as strict as126 The original French text is the legally binding version.

those applied in Western European countries. Consequently,the accounting and financial informationon the companies in which the compartment investsmay be more cursory and less reliable.Ownership of securitiesIn most Eastern European countries, the legal environmentand laws governing ownership of securitiesare imprecise and do not provide the same guaranteesas the laws in Western European countries. Additionally,in the past there have been cases of fraudulentand falsified securities. There is thus a greater risk forthis compartment and its shareholders.Counterparty and transaction risksThe Board of Directors and the Custodian Bank willhave to utilise local service providers for the safekeepingof the compartment’s assets and for the executionof securities transactions.Although the Board of Directors and the CustodianBank intend to use only the best-qualified service providersin each of the markets concerned, the choiceof providers in some countries may be very limitedand even the best-qualified providers may not offerguarantees comparable to those given by financialinstitutions and brokerage firms operating in developedcountries.Consequently, in spite of the oversight and control ofthe compartment’s assets exercised by the CustodianBank and the service providers jointly designated bythe Board of Directors, the quality of the services thatthe Board of Directors and the Custodian Bank mayobtain with regard to the execution of transactions onsecurities and their custody may be less reliable. Investorsshould be aware that this compartment, andtherefore its shareholders, will bear the risks relatedto its investments.Shares not yet issued that may be activated at a later dateP dy USD, I CHF, P CHF, Z CHF, HP CHF, HI CHF,HR CHF, HI EUR, HP EUR and HR EUR shares, asdescribed in the section “Sub-classes of Shares”.Initial subscription price: The net asset value of thecorresponding shares, on the day they are activated.Remittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 50% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the50% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationEach Banking Day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin two Banking Days following the applicableNAV calculation date.The original French text is the legally binding version. 127

PICTET – GLOBAL BONDS FUNDAMENTALType of share Activated ISIN code Min. initialinvestmentBasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %) *ServiceCustodianBankI USD ü LU0725946650 1 million USD USD – 0.60% 0.20% 0.10%J USD ü LU0859266594 20 million USD USD – 0.60% 0.20% 0.10%P USD ü LU0725946734 – USD USD – 1.20% 0.20% 0.10%P dy USD – LU0725946817 – USD USD ü 1.20% 0.20% 0.10%R USD ü LU0725946908 – USD USD – 1.80% 0.20% 0.10%Z USD ü LU0725947039 – USD USD – 0% 0.20% 0.10%I EUR ü LU0725946064 (1) EUR EUR – 0.60% 0.20% 0.10%P EUR ü LU0725946148 – EUR EUR – 1.20% 0.20% 0.10%P dy EUR ü LU0725946221 – EUR EUR ü 1.20% 0.20% 0.10%R EUR ü LU0725946494 – EUR EUR – 1.80% 0.20% 0.10%Z EUR – LU0725946577 – EUR EUR – 0% 0.20% 0.10%I CHF – LU0725947112 (1) CHF CHF – 0.60% 0.20% 0.10%P CHF – LU0725947203 – CHF CHF – 1.20% 0.20% 0.10%Z CHF – LU0725947385 – CHF CHF – 0% 0.20% 0.10%HP CHF – LU0725947468 – CHF CHF – 1.20% 0.25% 0.10%HI CHF – LU0725947542 (1) CHF CHF – 0.60% 0.25% 0.10%HR CHF – LU0725947625 – CHF CHF – 1.80% 0.25% 0.10%HI EUR – LU0725947898 (1) EUR EUR – 0.60% 0.25% 0.10%HP EUR – LU0725947971 – EUR EUR – 1.20% 0.25% 0.10%HR EUR – LU0725948193 – EUR EUR – 1.80% 0.25% 0.10%* Per year of the average net assets attributable to this type of share.(1) USD 1,000,000 converted to EUR or CHF on the date of the NAV calculation.128 The original French text is the legally binding version.

26. PICTET – EMERGING CORPORATE BONDSInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in debt securities issued bycompanies whose registered headquarters are locatedin, or that conduct a majority of their businessin, an emerging country;• Who are risk tolerant.• Who prefer a medium-term saving strategy (atleast 4 years).Investment policy and objectivesThe objective of this compartment is to seek revenueand capital growth by investing primarily in a diversifiedportfolio of bonds and debt securities issued orguaranteed by private or public companies (such aspublic establishments and/or companies that are majorityheld by the State or its local authorities) andwhose registered headquarters are located in, or thatconduct the majority of their business in, an emergingcountry.Emerging countries are defined as those considered,at the time of investing, as industrially developingcountries by the International Monetary Fund, theWorld Bank, the International Finance Corporation(IFC) or one of the leading investment banks. Thesecountries include, but are not limited to, the following:Mexico, Hong Kong, Singapore, Turkey, Poland,the Czech Republic, Hungary, Israel, South Africa,Chile, Slovakia, Brazil, the Philippines, Argentina,Thailand, South Korea, Colombia, Taiwan, Indonesia,India, China, Romania, Ukraine, Malaysia, Croatiaand Russia.The choice of investments will not be limited to aparticular geographic sector or sector of economicactivity. However, depending on market conditions,the investments may be focused on one country or ona limited number of countries and/or one economicactivity sector.Investments in unlisted securities and in Russia otherthan on the RTS and the MICEX stock exchanges willnot exceed 10% of the compartment’s net assets.Investments may be denominated in any currencies.In addition, the compartment may invest up to 10% ofits net assets in UCIs.The compartment will not invest more than 10% ofits assets in shares or similar securities, derivativeinstruments (including warrants) and/or structuredproducts (in particular delta-adjusted convertiblebonds) and/or UCIs that have as underlyers, or offerexposure to, shares or similar securities.The compartment may also invest in structured productssuch as bonds or other transferable securitieswhose returns could be, for example, related to theperformance of an index in accordance with Article9 of the regulations of the Grand-Duchy of Luxembourgof 8 February 2008, transferable securities ora basket of transferable securities, or an undertakingfor collective investment in accordance with the regulationsof the Grand Duchy of 8 February 2008.The compartment may conduct non-deliverable forwardtransactions. A Non-Deliverable Forward is abilateral financial futures contract on an exchangerate between a strong currency and an emergingcurrency. At maturity, there will be no delivery ofthe emerging currency; instead there is a cash settlementof the contract’s financial result in the strongcurrency.The compartment may use derivative techniques andinstruments for hedging or for efficient portfoliomanagement within the limits stipulated in the investmentrestrictions.Specifically, the compartment may conduct creditdefault swaps. A credit default swap is a bilateral financialagreement under which a counterparty (the“protection buyer”) pays a premium against an undertakingby the “protection seller” to pay a certainamount if the base issuer is the subject of a credit riskstipulated in the contract. The protection buyer acquiresthe right to sell a particular bond issued by thereference issuer at its face value (or at another basevalue or strike price) if a credit risk arises. A creditrisk generally includes bankruptcy, insolvency, courtorderedreorganisation/liquidation, rescheduling ofdebts or non-payment of debts payable. The InternationalSwaps and Derivatives Association (ISDA)has published standardised documentation for thesetransactions, included in the ISDA Master Agreement.If the manager deems it necessary and in the best interestof the shareholders, the compartment may holdup to 100% of its net assets in liquidities, for example,among others, deposits, money market instruments,and monetary-type UCIs and/or UCITS (within theabove-mentioned 10% limit for UCIs).Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment.Risk management method: Absolute value-at-risk approach.Expected leverage: 200%. Depending on market conditions,the leverage may be greater.Method of calculation of leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.The original French text is the legally binding version. 129

Manager: PAM LtdConsolidation currency of the compartment: USDRisk factorsInvestors should be aware that, due to the politicaland economic environments in emerging countries,investment in this compartment presents greater riskand is intended only for investors who are able tobear and assume this increased risk.Investment in this compartment is subject, amongother risks, to political risks, capital repatriation restrictions,counterparty risks, and volatility and/orilliquidity risks in the markets of the emerging countriesin question.Compared to investments in securities from top qualitydebtors, high-yield investments may present ahigher than average yield but may also carry greaterrisk with regard to the issuer’s solvency and the liquidityof the issue. The compartment may invest asmall proportion of its assets in debt securities whoseissuer is in financial distress or even in default of payment(“defaulted debt securities”). These are primarilysecurities for which the issuer is not able to paythe interest due and/or the principal. Consequently,an investment in this kind of securities may lead tounrealised capital losses and/or losses that can negativelyaffect the net asset value of the compartment.The compartment will ensure that it has sufficient liquidityto meet redemptions.It should be noted that the liquidity of these securities(often traded on secondary markets betweeninstitutional investors) is generally lower than thatof investment grade debt securities. The valuationof these defaulted debt securities may therefore bemade more difficult.Political and economic risksIn most of the countries in which the compartmentinvests, the governments are implementing policiesof economic and social liberalisation. Although it ispresumed that these reforms should be beneficial tothese economies in the long term, there is no assurancethat these reforms will be continued or that theywill achieve the expected results.These reforms may be challenged or slowed by politicalor social events, or by national or internationalarmed conflicts (such as the conflict in the former Yugoslavia).All these political risks may affect the capitalgains objectives set for the compartment.Currency exchange risksThe compartment’s investments will be denominatedin part in the national currency of the issuer. Althoughthe use of forward exchange contracts is envisagedfor hedging foreign currency exposure, investorsshould be aware that, at present, there are no establishedmarkets that allow hedging operations. It musttherefore be expected that exchange risks cannot alwaysbe hedged and the volatility of the currencies inthe countries in which the compartment invests mayaffect the net asset value of the compartment.Accounting standardsIn addition, in some emerging markets, the applicableaccounting and auditing standards are not as strict asthose applied in Western European countries. Consequently,the accounting and financial informationon the companies in which the compartment investsmay be more cursory and less reliable.Ownership of securitiesIn most Eastern European countries, the legal environmentand laws governing ownership of securitiesare imprecise and do not provide the same guaranteesas the laws in Western European countries. Additionally,in the past there have been cases of fraudulentand falsified securities. There is thus a greater risk forthis compartment and its shareholders.Counterparty and transaction risksThe Board of Directors and the Custodian Bank willhave to utilise local service providers for the safekeepingof the compartment’s assets and for the executionof securities transactions.Although the Board of Directors and the CustodianBank intend to use only the best-qualified service providersin each of the markets concerned, the choiceof providers in some countries may be very limitedand even the best-qualified providers may not offerguarantees comparable to those given by financialinstitutions and brokerage firms operating in developedcountries.Consequently, in spite of the oversight and control ofthe compartment’s assets exercised by the CustodianBank and the service providers jointly designated bythe Board of Directors, the quality of the services thatthe Board of Directors and the Custodian Bank mayobtain with regard to the execution of transactions onsecurities and their custody may be less reliable. Investorsshould be aware that this compartment, andtherefore its shareholders, will bear the risks relatedto its investments.Remittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationEach Banking Day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.130 The original French text is the legally binding version.

Payment value date for subscriptions and redemptionsWithin two Banking Days following the applicableNAV calculation date.Calculation of the NAVThe effect of net asset value corrections, more fullydescribed in the section “Calculation of the net assetvalue”, will not exceed 3%.Shares not yet issued that may be activated at a later dateP dm USD, Z dy USD, I EUR, P EUR, R EUR, Z EUR,I dy GBP, P dy GBP, HP CHF, HI dy EUR, HZ dy EUR,HZ EUR, HI JPY and HI dy JPY shares as defined inthe section “Sub-classes of Shares”.Initial subscription price: The net asset value of thecorresponding shares, on the day they are activated.PICTET – EMERGING CORPORATE BONDSType of share Activated ISIN code Min. initialinvestmentBasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %)*ServiceCustodianBankI USD ü LU0844696376 1 million USD USD – 1.25% 0.40% 0.20%P USD ü LU0844696459 – USD USD – 2.50% 0.40% 0.20%P dy USD ü LU0844696533 – USD USD ü 2.50% 0.40% 0.20%P dm USD (2) ü LU0844696616 – USD USD ü 2.50% 0.40% 0.20%R USD ü LU0844696707 – USD USD – 3.00% 0.40% 0.20%R dm USD (2) ü LU0867918970 – USD USD – 3.00% 0.40% 0.20%Z USD ü LU0844696889 – USD USD – 0% 0.40% 0.20%Z dy USD – LU0844696962 – USD USD ü 0% 0.40% 0.20%I EUR – LU0844697002 (1) EUR EUR – 1.25% 0.40% 0.20%P EUR – LU0844697184 – EUR EUR – 2.50% 0.40% 0.20%R EUR – LU0844697267 – EUR EUR – 3.00% 0.40% 0.20%Z EUR – LU0844697341 – EUR EUR – 0% 0.40% 0.20%I dy GBP ü LU0844697424 (1) GBP GBP ü 1.25% 0.40% 0.20%P dy GBP – LU0844697697 – GBP GBP ü 2.50% 0.40% 0.20%HI CHF ü LU0844697770 (1) CHF CHF – 1.25% 0.45% 0.20%HP CHF ü LU0844697853 – CHF CHF – 2.50% 0.45% 0.20%HR CHF ü LU0858477598 – CHF CHF – 3.00% 0.45% 0.20%HZ CHF ü LU0844697937 – CHF CHF – 0% 0.45% 0.20%HI EUR ü LU0844698075 (1) EUR EUR – 1.25% 0.45% 0.20%HI dy EUR – LU0844698158 (1) EUR EUR ü 1.25% 0.45% 0.20%HP EUR ü LU0844698232 – EUR EUR – 2.50% 0.45% 0.20%HR EUR ü LU0844698315 – EUR EUR – 3.00% 0.45% 0.20%HR dm EUR (2) ü LU0844698406 – EUR EUR ü 3.00% 0.45% 0.20%HZ dy EUR – LU0844698588 – EUR EUR ü 0% 0.45% 0.20%HZ EUR – LU0844698661 – EUR EUR – 0% 0.45% 0.20%HI JPY – LU0844698745 (1) JPY JPY – 1.25% 0.45% 0.20%HI dy JPY – LU0844698828 (1) JPY JPY ü 1.25% 0.45% 0.20%* Per year of the average net assets attributable to this type of share.(1) USD 1,000,000 converted to EUR, CHF, JPY or GBP on the day of the NAV calculation.(2) No tax reporting for the dm sub-class of shares will be provided for German investors.The original French text is the legally binding version. 131

27. PICTET – EMERGING LOCAL CURRENCY DEBT INVESTMENT GRADEInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in investment grade fixed-incomedebt securities of issuers located in emergingeconomies;• Who are risk tolerant.• Who prefer a medium-term saving strategy (atleast 4 years).Investment policy and objectivesThe objective of this compartment is to seek revenueand capital growth.The compartment invests primarily in a diversifiedportfolio of bonds and other debt securities and moneymarket instruments:- that are issued or guaranteed by national or localgovernments of emerging countries or by supranationalorganizations; and- that are rated, at the time of their acquisition,at least investment grade, as defined by at leastone of the three following rating agencies: Fitch,Moody’s and/or Standard & Poor’s.The compartment will be mainly exposed to the localcurrencies of these emerging countries, by directand/or indirect investments through derivative financialinstruments.Emerging countries are defined as those considered,at the time of investing, as industrially developingcountries by the International Monetary Fund, theWorld Bank, the International Finance Corporation(IFC) or one of the leading investment banks. Thesecountries include, but are not limited to, the following:Mexico, Hong Kong, Singapore, Turkey, Poland,the Czech Republic, Hungary, Israel, South Africa,Chile, Slovakia, Brazil, the Philippines, Argentina,Thailand, South Korea, Colombia, Taiwan, Indonesia,India, China, Romania, Ukraine, Malaysia, Croatiaand Russia.Except for geographic allocation, the choice of investmentswill not be limited to a particular sector ofeconomic activity or a given currency. However, dependingon market conditions, the investments maybe focused on one or a limited number of countriesand/or one economic activity sector and/or one currency.In the event that the credit rating of a security held bythe compartment is downgraded to “non-investmentgrade”, the security may be kept or sold, at the Manager’sdiscretion, provided that the investments thatare not investment grade do not exceed 25% of thecompartment’s net assets.The compartment may also invest in structured productssuch as credit linked notes, bonds or other transferablesecurities whose returns are, for example,related to the performance of an index in accordancewith Article 9 of the regulations of the Grand-Duchyof Luxembourg of 8 February 2008, transferable securitiesor a basket of transferable securities, or anundertaking for collective investment in accordancewith the regulations of the Grand Duchy of 8 February2008.In addition, the compartment may invest up to 10% ofits net assets in UCIs.The compartment will not invest more than 10 % ofits assets in shares or similar securities, derivativeinstruments (including warrants) and/or structuredproducts (in particular delta-adjusted convertiblebonds) and/or UCIs that have as underlyers, or offerexposure to, shares or similar securities.The compartment may conduct non-deliverable forwardtransactions. A non-deliverable forward is a bilateralfinancial futures contract on an exchange ratebetween a strong currency and an emerging currency.At maturity, there will be no delivery of the emergingcurrency; instead there is a cash settlement of thecontract’s financial result in the strong currency.The compartment may use derivative techniques andinstruments for hedging or for efficient portfoliomanagement within the limits stipulated by the investmentrestrictions.Derivative financial instruments may include options,futures contracts on financial instruments, options onsuch contracts as well as over-the-counter swaps onany type of financial instrument, total return swaps,credit default swaps and/or non delivery forwards.A credit default swap is a bilateral financial agreementunder which a counterparty (the “protectionbuyer”) pays a premium against an undertaking bythe “protection seller” to pay a certain amount if thebase issuer is the subject of a credit risk stipulated inthe contract. The protection buyer acquires the rightto sell a particular bond issued by the reference issuerat its face value (or at another base value or strikeprice) if a credit risk arises. A credit risk generallyincludes bankruptcy, insolvency, court-ordered reorganisation/liquidation,rescheduling of debts or nonpaymentof debts payable. The International Swapsand Derivatives Association (ISDA) has publishedstandardised documentation for these transactions,included in the ISDA Master Agreement.Investments in unlisted securities and in Russia otherthan on the RTS and the MICEX stock exchanges willnot exceed 10% of the compartment’s net assets.If the manager deems it necessary and in the bestinterest of the shareholders, the compartment mayhold up to 100% of its net assets in liquidities, such asdeposits, money market instruments, and monetarytypeUCIs and UCITS (within the above-mentioned10% limit).Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment. In addition, due to their volatility,warrants present an above-average economicrisk.132 The original French text is the legally binding version.

Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the JPM GBI-EM Glbl Div. Inv.Grade 15% Cap.Expected leverage: 400%. Depending on market conditions,the leverage may be greater.Method of calculation of leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM LtdSub-managers: PAM S.A., BPCALConsolidation currency of the compartment: USDInvestment in total return swapsTo synthetically replicate the return of an underlyingasset, the Fund may purchase total return swaps fromleading financial institutions that specialise in thistype of transaction. A total return swap is a transactionon the economic performance of an underlyingasset that does not include transfer of ownership ofthe asset. The Fund, as buyer of a total return swap,makes a regular payment at a variable rate in returnfor which all revenues related to a notional amount ofthe asset (coupons, interest payments, performanceof the asset value) accrue to it over a period of timeagreed upon with the counterparty. The use of theseinstruments may change the Fund’s exposure.Nonetheless, these transactions can never be made inorder to modify the investment policy.The amounts paid out by the compartment, pursuantto the total return swap contracts, are discounted atthe valuation date at the zero-coupon swap rate forthe flows at maturity. The amounts received by theprotection buyer, which result from a combination ofoptions, are also discounted, depending on several parameters,including price, volatility, and the probabilityof defaults on the underlying assets. The value oftotal return swap contracts results from the differencebetween the two discounted flows described above.Risk factorsInvestors should be aware that, due to the politicaland economic environments in emerging countries,investment in this compartment presents greater riskand is intended only for investors who are able tobear and assume this increased risk.Investment in this compartment is subject, amongother risks, to political risks, capital repatriation restrictions,counterparty risks, and volatility and/orilliquidity risks in the markets of the emerging countriesin question.Political and economic risksIn most of the countries in which the compartmentinvests, the governments are implementing policiesof economic and social liberalisation. Although it ispresumed that these reforms should be beneficial tothese economies in the long term, there is no assurancethat these reforms will be continued or that theywill achieve the expected results.These reforms may be challenged or slowed by politicalor social events, or by national or internationalarmed conflicts (such as the conflict in the former Yugoslavia).All these political risks may affect the capitalgains objectives set for the compartment.Volatility and illiquidity risksDue to the above-mentioned risk of instability causedby political and economic developments, the pricesfor transferable securities in which the compartmentinvests may fluctuate significantly in short-term periods.Although the compartment intends to invest predominantlyin listed securities or in securities tradedon regulated markets, some risk of illiquidity may stillexist, due to the relatively undeveloped nature of thestock markets in the countries in question comparedto those of the more developed countries in WesternEurope. Due to the risk of volatility, this compartmentcan only be recommended for long-term investments.The risk is accentuated by the risk of illiquidity, which,in crisis periods, may give rise to suspension of thecalculation of the net asset value and temporarily impedethe right of shareholders to redeem their shares.Currency exchange risksThe compartment’s investments will be mainly denominatedin the national currency of the issuer. Althoughthe use of forward exchange contracts is envisaged forhedging foreign currency exposure, investors shouldbe aware that, at present, there are no establishedmarkets that allow hedging operations. It must thereforebe expected that exchange risks cannot always behedged and the volatility of the currencies in the countriesin which the compartment invests may affect thenet asset value of the compartment.Accounting standardsIn addition, in some emerging markets, the applicableaccounting and auditing standards are not as strict asthose applied in Western European countries. Consequently,the accounting and financial informationon the companies in which the compartment investsmay be more cursory and less reliable.Ownership of securitiesIn most Eastern European countries, the legal environmentand laws governing ownership of securitiesare imprecise and do not provide the same guaranteesas the laws in Western European countries. Additionally,in the past there have been cases of fraudulentand falsified securities. There is thus a greater risk forthis compartment and its shareholders.Counterparty and transaction risksThe Board of Directors and the Custodian Bank willhave to utilise local service providers for the safekeepingof the compartment’s assets and for the executionof securities transactions.The original French text is the legally binding version. 133

Although the Board of Directors and the CustodianBank intend to use only the best-qualified service providersin each of the markets concerned, the choiceof providers in some countries may be very limitedand even the best-qualified providers may not offerguarantees comparable to those given by financialinstitutions and brokerage firms operating in developedcountries.Consequently, in spite of the oversight and control ofthe compartment’s assets exercised by the CustodianBank and the service providers jointly designated bythe Board of Directors, the quality of the services thatthe Board of Directors and the Custodian Bank mayobtain with regard to the execution of transactions onsecurities and their custody may be less reliable. Investorsshould be aware that this compartment, andtherefore its shareholders, will bear the risks relatedto its investments.Remittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.Subscription:By 3:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationEach Banking Day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin two Banking Days following the applicableNAV calculation date.Shares not yet issued that may be activated at a later dateI dy USD, Z dy USD, I dy GBP, P dy GBP, Z GBP, I EUR,I dy EUR, P EUR, R EUR, Z EUR and Z dy EUR sharesas defined in the section “Sub-classes of Shares”.Initial subscription price: The net asset value of thecorresponding shares, on the day they are activated.Initial subscriptionInitial subscription will take place from 25 to 29 November2013, until 3:00 pm. The payment value datewill be 4 December 2013. The initial subscriptionprice will be USD 100.134 The original French text is the legally binding version.

PICTET – EMERGING LOCAL CURRENCY DEBT INVESTMENT GRADEType of share Activated ISIN code Min. initialinvestmentBasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %) *ServiceCustodianBankI USD ü LU0844699040 1 million USD USD – 1.05% 0.40% 0.20%I dy USD – LU0844699123 1 million USD USD ü 1.05% 0.40% 0.20%P USD ü LU0844699396 – USD USD – 2.10% 0.40% 0.20%P dy USD ü LU0844699479 – USD USD ü 2.10% 0.40% 0.20%R USD ü LU0844699552 – USD USD – 3% 0.40% 0.20%Z USD ü LU0844699636 – USD USD – 0% 0.40% 0.20%Z dy USD – LU0844699719 – USD USD ü 0% 0.40% 0.20%I dy GBP – LU0844699800 (1) GBP GBP ü 1.05% 0.40% 0.20%P dy GBP – LU0844699982 – GBP GBP ü 2.10% 0.40% 0.20%Z GBP – LU0844700079 – GBP GBP – 0% 0.40% 0.20%I EUR – LU0844700152 (1) EUR EUR – 1.05% 0.40% 0.20%I dy EUR – LU0844700236 (1) EUR EUR ü 1.05% 0.40% 0.20%P EUR – LU0844700319 – EUR EUR – 2.10% 0.40% 0.20%R EUR – LU0844700400 – EUR EUR – 3% 0.40% 0.20%Z EUR – LU0844700582 – EUR EUR – 0% 0.40% 0.20%Z dy EUR – LU0844700665 – EUR EUR ü 0% 0.40% 0.20%* Per year of the average net assets attributable to this type of share.(1) USD 1,000,000 converted to EUR or GBP on the day of the NAV calculation.The original French text is the legally binding version. 135

Annex 2: Equity compartmentsThis Annex will be updated to account for any change in an existing compartment or when a new compartmentis created.28. PICTET – EUROPEAN EQUITY SELECTIONInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in shares issued by companieswith headquarters in Europe and/or whosemain activities are conducted in Europe;• Who are willing to bear variations in market valueand thus have a low aversion to risk;• Who have a medium- to long-term investmenthorizon (at least 5 years).Investment policy and objectivesThis compartment’s objective is to enable investors tobenefit from growth in the European equities market.This compartment will also invest in securities tradedon the Russian “RTS Stock Exchange”.The compartment will invest a minimum of twothirdsof its total assets or wealth in equities issuedby companies that are headquartered in Europe orconduct the majority of their activity in Europe.The portfolio will be composed of a limited selectionof securities that, in the opinion of the manager, havethe most favourable outlook.This compartment will hold a diversified portfolio,generally composed of securities issued by listedcompanies. These securities may be ordinary or preferenceshares, convertible bonds and, to a lesser extent,warrants on transferable securities and options.In addition, the compartment may also invest up to10% of its net assets in UCIs.The compartment will not invest more than 10% ofits assets in bonds or any other debt security (includingconvertible bonds and preference shares), moneymarket instruments, derivatives and/or structuredproducts whose underlyers are, or offer exposure to,bonds or similar debt and interest-rate securities.By analogy, investments in undertakings for collectiveinvestment whose main objective is to invest inthe above-listed assets are also included in the 10%limit.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns are linked to the performance of anindex, transferable securities or a basket of transferablesecurities, or an undertaking for collective investment,for example.The compartment may use derivative techniques andinstruments for efficient management, within the limitsspecified in the investment restrictions.Investors should be aware, however, that the acquisitionof derivative instruments involves certainrisks that could have a negative effect on theperformance of the compartment. In addition, dueto their volatility, warrants present an above-averageeconomic risk.Investors should be aware that, due to the politicaland economic situations in emerging countries,investment in this compartment presents greaterrisk and is intended only for investors who areable to bear and assume this increased risk. Thiscompartment is generally only suitable for investorsseeking a long-term investment.Investment in this compartment is subject, amongother risks, to political risks, capital repatriationrestrictions, counterparty risks, and volatilityand/or illiquidity risks in the markets of emergingcountries.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the MSCI AC Europe index.Expected leverage: 0%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Due to the composition of the portfolio or the techniquesthat may be used to manage the portfolio, thenet asset value of the Compartment is likely to have ahigh volatility.Manager: PAM LtdSub-Manager: PAM S.A.Consolidation currency of the compartment: EURRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of the136 The original French text is the legally binding version.

NAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationsEach banking day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin 3 Banking Days following the applicable NAVcalculation date.PICTET – EUROPEAN EQUITY SELECTIONType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %)*ServiceCustodianBankI EUR ü LU0155300493 1 million EUR EUR – 0.90% 0.40% 0.30%P EUR ü LU0130731986 – EUR EUR – 1.80% 0.40% 0.30%P dy EUR ü LU0208607589 – EUR EUR ü 1.80% 0.40% 0.30%R EUR ü LU0130732109 – EUR EUR – 2.50% 0.40% 0.30%Z EUR ü LU0258985240 – EUR EUR – 0% 0.40% 0.30%* Per year of the average net assets attributable to this type of share.The original French text is the legally binding version. 137

29. PICTET – SMALL CAP EUROPEInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in shares issued by companieswith headquarters in Europe and/or whosemain activities are conducted in Europe;• Who are willing to bear significant variations inmarket value and thus have a low aversion to risk;• Who have a long-term investment horizon (atleast 7 years).Investment policy and objectivesThis compartment will invest at least two-thirds of itstotal assets or wealth in equities issued by small-capitalisationcompanies that are headquartered in and/or have their main activity in Europe.European small-capitalisation companies that, at thetime of investment, have a capitalisation of less than3.5 billion euros.The compartment will invest a minimum of 75% ofits net assets in shares issued by companies that havetheir registered headquarters in the European EconomicArea (excluding Liechtenstein).This compartment will hold a diversified portfolio,generally composed of securities issued by listedcompanies. These securities may be ordinary or preferenceshares, convertible bonds and to a lesser extentwarrants on transferable securities and options.In addition, the compartment may also invest up to10% of its net assets in UCIs.The compartment will not invest more than 10% ofits assets in bonds or any other debt security (includingconvertible bonds and preference shares), moneymarket instruments, derivatives and/or structuredproducts whose underlyers are, or offer exposure to,bonds or similar debt and interest-rate securities.By analogy, investments in undertakings for collectiveinvestment whose main objective is to invest inthe above-listed assets are also included in the 10%limit.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns are linked to the performance of anindex, transferable securities or a basket of transferablesecurities, or an undertaking for collective investment,for example.The compartment may use derivative techniques andinstruments for efficient management, within the limitsspecified in the investment restrictions.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment. In addition, due to their volatility,warrants present an above-average economicrisk.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the MSCI Europe Small Cap index.Expected leverage: 0%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM Ltd, PAM S.A.Consolidation currency of the compartment: EURRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationsEach banking day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin 3 banking days following the applicable NAVcalculation date.138 The original French text is the legally binding version.

PICTET – SMALL CAP EUROPEType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %) *ServiceCustodianBankI EUR ü LU0131724808 1 million EUR EUR – 1.20% 0.45% 0.30%P EUR ü LU0130732364 – EUR EUR – 2.40% 0.45% 0.30%P dy EUR ü LU0208607746 – EUR EUR ü 2.40% 0.45% 0.30%R EUR ü LU0131725367 – EUR EUR – 2.90% 0.45% 0.30%Z EUR ü LU0232253012 – EUR EUR – 0% 0.45% 0.30%* Per year of the average net assets attributable to this type of share.The original French text is the legally binding version. 139

30. PICTET – EMERGING MARKETSInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in shares issued by companieswith headquarters in and/or whose main activitiesare conducted in emerging markets;• Who are willing to bear significant variations inmarket value and thus have a low aversion to risk;• Who have a long-term investment horizon (atleast 7 years).Investment policy and objectivesThis compartment invests at least two-thirds of its totalassets or wealth in securities issued by companiesthat are headquartered in and/or have their main activityin emerging countries.Emerging countries are defined as those considered,at the time of investing, as industrially developingcountries by the International Monetary Fund, theWorld Bank, the International Finance Corporation(IFC) or one of the leading investment banks. Thesecountries include, but are not limited to, the following:Mexico, Hong Kong, Singapore, Turkey, Poland,the Czech Republic, Hungary, Israel, South Africa,Chile, Slovakia, Brazil, the Philippines, Argentina,Thailand, South Korea, Colombia, Taiwan, Indonesia,India, China, Romania, Ukraine, Malaysia, Croatia,and Russia.This compartment will also invest in securities tradedon the Russian “RTS Stock Exchange”.This compartment will hold a diversified portfolio,generally composed of securities issued by listedcompanies. These securities may be ordinary or preferenceshares, convertible bonds and to a lesser extentwarrants on transferable securities and options.In addition, the compartment may also invest up to10% of its net assets in UCIs.The compartment will not invest more than 10% ofits assets in bonds or any other debt security (includingconvertible bonds and preference shares), moneymarket instruments, derivatives and/or structuredproducts whose underlyers are, or offer exposure to,bonds or similar debt and interest-rate securities.By analogy, investments in undertakings for collectiveinvestment whose main objective is to invest in theabove-listed assets are also included in the 10% limit.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns are linked to the performance of anindex, transferable securities or a basket of transferablesecurities, or an undertaking for collective investment,for example.The compartment may use derivative techniques andinstruments for efficient management, within the limitsspecified in the investment restrictions.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment. In addition, due to their volatility,warrants present an above-average economicrisk.Tax riskThe tax treatment of dividends and capital gainsfrom investments in Chinese A Shares has notyet been confirmed by the Chinese State Administrationof Taxation (SAT). The official withholdingrate applicable to dividends and capital gainsis normally 20%, unless a lower rate has beenagreed. If this tax and its retroactive applicationbecome definite, the tax will then be taken into accountin the calculation of the compartment’s NAV.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the MSCI Emerging Markets index.Expected leverage: 0%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Due to the composition of the portfolio or the portfoliomanagement techniques that may be used, thenet asset value of the compartment may experiencehigh volatility.Managers: PAM LtdConsolidation currency of the compartment: USDInvestment through Pictet Funds (Mauritius) LimitedThe Management Company may decide that the portionof the compartment’s assets to be invested inIndia should be invested indirectly through a companyincorporated in Mauritius named Pictet Funds(Mauritius) Limited, which is wholly-controlled bythe Fund and conducts its advising activity exclusivelyfor the compartment (hereafter “PFML”) andin particular the advising activities concerning largevolume redemptions of the compartment’s shares. Indirectinvestments are generally covered by the doubletaxation agreement (DTA) in existence betweenIndia and Mauritius.To this end, the Management Company will use theportion of the compartment’s assets available forinvestment in India to acquire all the PFML shareswhich will thus be controlled entirely by the Fund.PFML shares will be issued in registered form only.140 The original French text is the legally binding version.

The exclusive purpose of PFML is to perform advisoryactivities on behalf of the compartment. The PFMLBoard of Directors includes:Eric A VenpinJimmy Wong Yuen TienPascal ChauvauxLaurent RamseyChristoph SchweizerThe Board of Directors will at all times include at leasttwo residents of Mauritius and a majority of directorswho are also directors of the Fund.PFML’s advisory activities for the compartment includeproviding regular information regarding theapplicability of the treaty between India and Mauritiusas well as making investment recommendationsfor the Indian market. PFML also advises in cases ofredemptions of the compartment’s shares greaterthan 20% of the net value in order to enable the managerto divest as necessary when faced with large volumesof redemption requests.The financial statements of PFML will be audited byDeloitte S.A., which is the statutory auditor for theFund, or by any other statutory auditor establishedin Mauritius that is an associate of the Fund’s statutoryauditor. For the establishment of the compartment’sfinancial statements and semi-annual andannual reports, PFML’s financial results will be consolidatedin the financial results of the compartment.Similarly, these reports will contain a breakdown ofthe compartment’s portfolio in terms of the underlyingsecurities held by PFML. In accordance with theinvestment restrictions contained in the prospectus,the underlying investments will be taken into considerationas if PFML did not exist.PFML was initially incorporated on 3 May 1996 as an“Offshore” limited company under the Mauritius OffshoreBusiness Activities Act 1992.PFML has been granted a tax residence certificatefrom the Commissioner of Income Tax in Mauritius.Accordingly, PFML is considered to be resident inMauritius for tax purposes and may thus benefit fromthe DTA. However, there is no guarantee that PFMLwill be able to maintain its tax resident status, and thetermination of this status could result in the loss oftax benefits, thereby affecting the compartment’s netasset value per share.PFML operates as a “Collective Investment Scheme”and an “Expert Fund”, and is reserved for “Expert Investors”.According to Section 78 of the “Securities (CollectiveInvestment Schemes and Closed-end Funds) Regulations2008”, an “Expert Investor” means:(i) An investor who invests on his or her own behalfa minimum initial amount of USD100,000;or(ii) A sophisticated investor as defined in the “SecuritiesAct 2005 (with amendments 2007)”, or anyinvestor defined in a similar manner in any otherlaw.Investors in PFML are not protected by any legal provisionof Mauritius in the event of the bankruptcy ofPFML.The Mauritian supervisory commission (“the MauritiusFinancial Services Commission”) does not answerfor the solvency of PFML or to the accuracy ofany statement or opinion issued in its regard.Correspondent of the Custodian Bank in IndiaThe Custodian Bank has appointed Deutsche BankAG, Mumbai Branch, as local custodian of the securitiesand other assets of the compartment in India.Risk factorsInvestors should be aware of the fragile politicalenvironment in certain countries in whichthe compartment invests. Investors should notexclude the possibility that political disturbancescould permanently or temporarily disrupt the financialsystem in a given country. The Fund willexercise strict diligence to ensure the protectionof shareholders.For the portion of assets to be invested in India, investorsshould note the following:a) Pictet Asset Management Ltd has been grantedForeign Institutional Investor (“FII”) status by theSecurities and Exchange Board of India (“SEBI”)and is therefore authorised to invest in Indiansecurities on behalf of the Fund. The Fund’s investmentsin India are largely dependent on theFII status granted to the manager, and, while itmay be assumed that this authorisation will berenewed, this cannot be guaranteed.b) In accordance with Indian legislation governingforeign investments, the compartment’s assetsmust be held by the Indian correspondent onbehalf of Pictet Asset Management Ltd, a PFMLsub-account.c) By investing through PFML, the Fund intendsto benefit from the DTA concluded betweenMauritius and India, as described more fullyabove. It cannot be guaranteed that the Fundwill always have these tax advantages. Furthermore,amendments could also be made tothe DTA, and these could affect the taxation ofthe Fund’s investments and/or the taxation ofPFML and, consequently, the value of sharesin the Fund.Remittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.The original French text is the legally binding version. 141

RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationsEach banking day as well as the last calendar day ofthe month, unless the last day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin 4 Banking Days of the applicable NAV calculationdate.Important documentsThe list of documents specified in “Documents availablefor inspection” in this prospectus is supplementedby the following documents:– Indian correspondent’s agreement concludedbetween the Fund, Pictet Geneva and DeutscheBank AG Mumbai Branch;– Investment Adviser agreement concluded betweenthe Management Company, PFML, PAMLtd, PAM S.A., and the investment advisers;– Mauritian correspondent’s agreement concludedbetween the Custodian Bank and PFML;– Contract for administrative services concludedbetween PFML and Deloitte & Touche OffshoreServices Limited.PICTET – EMERGING MARKETSType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %)*ServiceCustodianBankI USD ü LU0131725870 1 million USD USD – 2.00% 0.40% 0.30%P USD ü LU0130729220 – USD USD – 2.50% 0.40% 0.30%P dy USD ü LU0208608397 – USD USD ü 2.50% 0.40% 0.30%R USD ü LU0131726092 – USD USD – 2.90% 0.40% 0.30%Z USD ü LU0208604560 – USD USD – 0% 0.40% 0.30%I EUR ü LU0257357813 (1) EUR EUR – 2.00% 0.40% 0.30%P EUR ü LU0257359355 – EUR EUR – 2.50% 0.40% 0.30%R EUR ü LU0257359603 – EUR EUR – 2.90% 0.40% 0.30%HI EUR ü LU0407233666 (1) EUR EUR – 2.00% 0.45% 0.30%HP EUR ü LU0407233740 – EUR EUR – 2.50% 0.45% 0.30%HR EUR ü LU0407233823 – EUR EUR – 2.90% 0.45% 0.30%* Per year of the average net assets attributable to this type of share.(1) USD 1,000,000 converted to EUR on the day of the NAV calculation.142 The original French text is the legally binding version.

31. PICTET – EASTERN EUROPEInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in shares issued by companieswith headquarters in and/or whose mainactivities are conducted in Eastern Europe, includingRussia and Turkey;• Who are willing to bear significant variations inmarket value and thus have a low aversion to risk;• Who have a long-term investment horizon (atleast 7 years).Investment policy and objectivesThis compartment invests at least two-thirds of its totalassets or wealth in transferable securities issuedby companies with headquarters in and/or whosemain activity is conducted in Eastern European countries.This compartment will also invest in securities tradedon the Russian “RTS Stock Exchange”.This compartment will hold a diversified portfolio,generally composed of securities issued by listedcompanies. These securities may be ordinary or preferenceshares, convertible bonds and to a lesser extentwarrants on transferable securities and options.In addition, the compartment may also invest up to10% of its net assets in UCIs.The compartment will not invest more than 10% ofits assets in bonds or any other debt security (includingconvertible bonds and preference shares), moneymarket instruments, derivatives and/or structuredproducts whose underlyers are, or offer exposure to,bonds or similar debt and interest-rate securities.By analogy, investments in undertakings for collectiveinvestment whose main objective is to invest inthe above-listed assets are also included in the 10%limit.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns are linked to the performance of anindex, transferable securities or a basket of transferablesecurities, or an undertaking for collective investment,for example.The compartment may use derivative techniques andinstruments for efficient management, within the limitsspecified in the investment restrictions.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment. In addition, due to their volatility,warrants present an above-average economicrisk.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the MSCI Emerging Markets Europe10/40 index.Expected leverage: 0%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Due to the composition of the portfolio or the portfoliomanagement techniques that may be used, thenet asset value of the compartment may experiencehigh volatility.Manager: PAM LtdConsolidation currency of the compartment: EURRisk factorsInvestors should be aware that, due to the politicaland economic situations in emerging countries, investmentin this compartment presents greater riskand is intended only for investors who are able tobear and assume this increased risk. This compartmentis generally only suitable for investors seeking along-term investment.Investment in this compartment is subject, amongother risks, to political risks, capital repatriation restrictions,counterparty risks, and volatility and/orilliquidity risks in the markets of the emerging countriesin question.Political and economic risksIn most of the countries in which the compartmentinvests, the governments are implementing policiesof economic and social liberalisation. Although it ispresumed that these reforms should be beneficial tothese economies in the long term, there is no assurancethat these reforms will be continued or that theywill achieve the expected results.These reforms may be challenged or slowed by politicalor social events, or by national or internationalarmed conflicts (such as the conflict in the former Yugoslavia).All these political risks may affect the capitalgains objectives set for the compartment.Volatility and illiquidity risksDue to the above-mentioned risk of instability causedby political and economic developments, the ratesfor transferable securities in which the compartmentinvests may fluctuate significantly in short-term periods.Although the compartment intends to investpredominantly in listed securities or in securitiestraded on regulated markets, some risk of illiquiditymay still exist, due to the relatively undeveloped na-The original French text is the legally binding version. 143

ture of the stock markets in the countries in questioncompared to those of the more developed countriesin Western Europe. Due to the risk of volatility, thiscompartment can only be recommended for longterminvestments. This risk is accentuated by the riskof illiquidity, which, in crisis periods, may give riseto suspension of the calculation of the net asset valueand momentarily impede the right of shareholders toredeem their shares.Currency exchange risksThe compartment’s investments will be mainly denominatedin the national currency of the issuer.Although the use of forward exchange contracts isenvisaged for hedging foreign currency exposure, investorsshould be aware that, at present, there are noestablished markets that allow hedging operations. Itmust therefore be expected that exchange risks cannotalways be hedged and the volatility of the currenciesin the countries in which the compartmentinvests may affect the net asset value of the compartment.Accounting standardsIn addition, in some emerging markets, the applicableaccounting and auditing standards are not as strict asthose applied in Western European countries. Consequently,the accounting and financial informationon the companies in which the compartment investsmay be more cursory and less reliable.Ownership of securitiesIn most of the Eastern European countries, the legalenvironment and laws governing ownership of securitiesare imprecise and do not provide the sameguarantees as the laws in Western European countries.Additionally, in the past there have been casesof fraudulent and falsified securities. There is thus agreater risk for this compartment and its shareholders.Counterparty and transaction risksThe Fund and the Custodian Bank must utilise localservice providers for the safekeeping of the compartment’sassets and for the execution of securitiestransactions.Although the Fund and the Custodian Bank intend touse only the best-qualified service providers in eachof the markets concerned, the choice of providers insome countries may be very limited and even the bestqualifiedproviders may not offer guarantees comparableto those given by financial institutions andbrokerage firms operating in developed countries.Consequently, in spite of the oversight and controlexercised by the Custodian Bank over the compartment’sassets and the service providers jointly designatedby the Fund, the quality of the services thatthe Fund and the Custodian Bank may obtain withregard to the execution of transactions on securitiesand their custody may be less reliable. Investorsshould be aware that this compartment, and thereforeits shareholders, will bear the risks related to itsinvestments.Remittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 1:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 1:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationsEach banking day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin 4 Banking Days following the applicable NAVcalculation date.PICTET – EASTERN EUROPEType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %)*ServiceCustodianBankI EUR ü LU0131718073 1 million EUR EUR – 1.80% 0.80% 0.30%P EUR ü LU0130728842 – EUR EUR – 2.40% 0.80% 0.30%P dy EUR ü LU0208608983 – EUR EUR ü 2.40% 0.80% 0.30%R EUR ü LU0131719634 – EUR EUR – 2.90% 0.80% 0.30%Z EUR ü LU0230608332 – EUR EUR – 0% 0.80% 0.30%P dy GBP ü LU0320649907 – GBP GBP ü 2.40% 0.80% 0.30%* Per year of the average net assets attributable to this type of share.144 The original French text is the legally binding version.

32. PICTET – EUROPE INDEXInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to replicate the performance of theMSCI Europe index;• Who are willing to bear variations in market valueand thus have a low aversion to risk;• Who have a medium- to long-term investmenthorizon (at least 5 years).Investment policy and objectivesThis compartment aims to enable investors to benefitfrom growth in the European equities market througha vehicle that accurately reflects the performance ofthe MSCI Europe index.Nonetheless, the compartment is not required to holdall the securities contained in the benchmark indexand no limit is set for the minimum and maximumnumbers of securities held in the portfolio (as allowedby the investment restrictions).This compartment will hold a diversified portfolio,generally composed of securities issued by listedcompanies. These securities may be ordinary or preferenceshares, convertible bonds and to a lesser extentwarrants on transferable securities and options.In addition, the compartment may also invest up to10% of its net assets in UCIs.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns are linked to the performance of anindex, transferable securities or a basket of transferablesecurities, or an undertaking for collective investment,for example.The compartment may use derivative techniques andinstruments for efficient management, within the limitsspecified in the investment restrictions.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment. In addition, due to their volatility,warrants present an above-average economicrisk.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the MSCI Europe index.Expected leverage: 0%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM Ltd, PAM S.A.Consolidation currency of the compartment: EURRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. Subscription, conversionand/or redemption requests received for a NAV calculatedon days following a day (other than a Saturdayor Sunday) when the stock market is closed in atleast one of the following countries: the United Kingdom,France, Germany or Switzerland, or when thecumulative capitalisation in the MSCI Europe indexof countries in which the stock markets are closed exceeds10%, will be processed on the following NAVcalculation date.SubscriptionBy 12:00 noon on the Banking Day preceding theNAV calculation date.RedemptionBy 12:00 noon on the Banking Day preceding theNAV calculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationsEach Banking Day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin 2 banking days following the applicable NAVcalculation date.Calculation of the NAVThe effect of net asset value corrections, more fullydescribed in the section “Calculation of the net assetvalue”, will not exceed 1%.The original French text is the legally binding version. 145

PICTET – EUROPE INDEXType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %) *ServiceCustodianBankI EUR ü LU0188800162 1 million EUR EUR – 0.30% 0.10% 0.30%IS EUR ü LU0328683049 1 million EUR EUR – 0.30% 0.10% 0.30%P EUR ü LU0130731390 – EUR EUR – 0.45% 0.10% 0.30%P dy EUR ü LU0208604644 – EUR EUR ü 0.45% 0.10% 0.30%R EUR ü LU0130731713 – EUR EUR – 0.90% 0.10% 0.30%Z EUR ü LU0232583665 – EUR EUR – 0% 0.10% 0.30%R dy GBP ü LU0396226531 – GBP GBP ü 0.90% 0.10% 0.30%* Per year of the average net assets attributable to this type of share.146 The original French text is the legally binding version.

33. PICTET – USA INDEXInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to replicate the performance of theS&P 500 Composite Index;• Who are willing to bear variations in market valueand thus have a low aversion to risk;• Who have a medium- to long-term investmenthorizon (at least 5 years).Investment policy and objectivesThis compartment aims to enable investors to benefitfrom growth in the American equity market througha vehicle that accurately reflects the performance ofthe S&P 500 Index.Nonetheless, the compartment is not required to holdall the securities contained in the benchmark indexand no limit is set for the minimum and maximumnumbers of securities held in the portfolio (as allowedby the investment restrictions).This compartment will hold a diversified portfolio,generally composed of securities issued by listedcompanies. These securities may be ordinary or preferenceshares, convertible bonds and to a lesser extentwarrants on transferable securities and options.In addition, the compartment may also invest up to10% of its net assets in UCIs.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns are linked to the performance of anindex, transferable securities or a basket of transferablesecurities, or an undertaking for collective investment,for example.The compartment may use derivative techniques andinstruments for efficient management, within the limitsspecified in the investment restrictions.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment. In addition, due to their volatility,warrants present an above-average economicrisk.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the S&P 500 Composite index.Expected leverage: 0%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM Ltd, PAM S.A.Consolidation currency of the compartment: USDRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. Subscription, conversionand/or redemption requests received for a NAV calculatedon days following a day (other than a Saturdayor Sunday) when the stock market is closed in theUnited States will be processed on the following NAVcalculation date.SubscriptionBy 12:00 noon on the Banking Day preceding theNAV calculation date.RedemptionBy 12:00 noon on the Banking Day preceding theNAV calculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationsEach banking day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin 2 Banking Days following the applicable NAVcalculation date.Calculation of the NAVThe effect of net asset value corrections, more fullydescribed in the section “Calculation of the net assetvalue”, will not exceed 1%.Shares not yet issued that may be activated at a later dateI EUR, HI EUR, HI dy EUR, HP EUR, HR EUR and HISEUR shares as defined in the section “Sub-classes ofShares”.Initial subscription price: The net asset value of thecorresponding shares on the day they are activated.The original French text is the legally binding version. 147

PICTET – USA INDEXType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionand redemptioncurrencies**DividenddistributionManagementFees (max %) *ServiceCustodianBankI USD ü LU0188798671 1 million USD USD – 0.30% 0.10% 0.30%IS USD ü LU0328683478 1 million USD USD – 0.30% 0.10% 0.30%P USD ü LU0130732877 – USD USD-EUR – 0.45% 0.10% 0.30%P dy USD ü LU0208605534 – USD USD-EUR ü 0.45% 0.10% 0.30%R USD ü LU0130733172 – USD USD-EUR – 0.90% 0.10% 0.30%Z USD ü LU0232586924 – USD USD – 0% 0.10% 0.30%I EUR – LU0474966081 (1) EUR EUR – 0.30% 0.10% 0.30%P EUR ü LU0474966164 – EUR EUR – 0.45% 0.10% 0.30%R EUR ü LU0474966248 – EUR EUR – 0.90% 0.10% 0.30%I GBP ü LU0859481052 (1) GBP GBP – 0.30% 0.10% 0.30%R dy GBP ü LU0396247537 – GBP GBP ü 0.90% 0.10% 0.30%HI EUR – LU0592905094 (1) EUR EUR – 0.30% 0.15% 0.30%HI dy EUR – LU0707830021 (1) EUR EUR ü 0.30% 0.15% 0.30%HIS EUR – LU0368006077 (1) EUR EUR – 0.30% 0.15% 0.30%HP EUR – LU0592905250 – EUR EUR – 0.45% 0.15% 0.30%HR EUR – LU0592905508 – EUR EUR – 0.90% 0.15% 0.30%* Per year of the average net assets attributable to this type of share.** The conversion costs will be charged to the compartment.(1) USD 1,000,000 converted to EUR or GBP on the day of the NAV calculation.148 The original French text is the legally binding version.

34. PICTET – EUROPEAN SUSTAINABLE EQUITIESInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in shares issued by companiesthat are part of the MSCI Europe Index byidentifying the sector leaders practising sustainabledevelopment;• Who are willing to bear variations in market valueand thus have a low aversion to risk;• Who have a medium- to long-term investmenthorizon (at least 7 years).Investment policy and objectivesThis compartment will invest at least two-thirds of itstotal assets or wealth in equities issued by companiesthat are headquartered in and/or have their main activityin Europe and will aim to benefit from the superiorpotential of companies practising sustainabledevelopment principles in their activities.The manager uses appropriate information sourceson environmental, social and corporate governanceaspects to evaluate companies and define the investmentuniverse. The portfolio is constructed using aquantitative method that adapts the portfolio accordingto financial stability, and the objective is to builda portfolio with superior financial and sustainablecharacteristics.This compartment will hold a diversified portfolio,generally composed of securities issued by listedcompanies. These securities may be ordinary or preferenceshares, convertible bonds and to a lesser extentwarrants on transferable securities and options.In addition, the compartment may also invest up to10% of its net assets in UCIs.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns are linked to the performance of anindex, transferable securities or a basket of transferablesecurities, or an undertaking for collective investment,for example.The compartment may use derivative techniques andinstruments for efficient management, within the limitsspecified in the investment restrictions.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment. In addition, due to their volatility,warrants present an above-average economicrisk.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the MSCI Europe index.Expected leverage: 0%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM Ltd, PAM S.A.Consolidation currency of the compartment: EURRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationsEach banking day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin 3 Banking Days following the applicable NAVcalculation date.The original French text is the legally binding version. 149

PICTET – EUROPEAN SUSTAINABLE EQUITIESType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %) *ServiceCustodianBankI EUR ü LU0144509550 1 million EUR EUR – 0.65% 0.45% 0.30%P EUR ü LU0144509717 – EUR EUR – 1.20% 0.45% 0.30%P dy EUR ü LU0208609015 – EUR EUR ü 1.20% 0.45% 0.30%R EUR ü LU0144510053 – EUR EUR – 1.80% 0.45% 0.30%Z EUR ü LU0258985596 – EUR EUR – 0% 0.45% 0.30%* Per year of the average net assets attributable to this type of share.150 The original French text is the legally binding version.

35. PICTET – JAPAN INDEXInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to replicate the performance of theMSCI Japan Index;• Who are willing to bear variations in market valueand thus have a low aversion to risk;• Who have a medium- to long-term investmenthorizon (at least 5 years).Investment policy and objectivesThis compartment aims to enable investors to benefitfrom growth in the Japan equity market through avehicle that accurately reflects the performance of theMSCI Japan Index. The compartment will invest exclusivelyin securities or options that are part of thisindex.Nonetheless, the compartment is not required to holdall the securities contained in the benchmark indexand no limit is set for the minimum and maximumnumbers of securities held in the portfolio (as allowedby the investment restrictions).This compartment will hold a diversified portfolio,generally composed of securities issued by listedcompanies. These securities may be ordinary or preferenceshares, convertible bonds and to a lesser extentwarrants on transferable securities and options.In addition, the compartment may also invest up to10% of its net assets in UCIs.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns are linked to the performance of anindex, transferable securities or a basket of transferablesecurities, or an undertaking for collective investment,for example.The compartment may use derivative techniques andinstruments for efficient management, within the limitsspecified in the investment restrictions.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment. In addition, due to their volatility,warrants present an above-average economicrisk.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the MSCI Japan index.Expected leverage: 0%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM Ltd, PAM S.A.Consolidation currency of the compartment: JPYRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. Subscription, conversionand/or redemption requests received for a NAV calculatedon days when the stock market is closed inJapan will be processed on the following NAV calculationdate.SubscriptionBy 12:00 noon on the Banking Day preceding theNAV calculation date.RedemptionBy 12:00 noon on the Banking Day preceding theNAV calculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationsEach banking day as well as the last calendar day ofthe month, unless the last day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin 3 Banking Days following the applicable NAVcalculation date.Calculation of the NAVThe effect of net asset value corrections, more fullydescribed in the section “Calculation of the net assetvalue”, will not exceed 1%.Shares not yet issued that may be activated at a later dateI EUR, HI USD, HP USD, HR USD, HI EUR, HP EUR,HR EUR and HIS EUR shares as defined in the section“Sub-classes of Shares”.Initial subscription price: Net asset value of the correspondingshares, converted to EUR or USD on theday they are activated.The original French text is the legally binding version. 151

PICTET – JAPAN INDEXType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionand redemptioncurrencies**DividenddistributionManagementFees (max %) *ServiceCustodianBankI JPY ü LU0188802960 100 million JPY JPY – 0.30% 0.10% 0.30%IS JPY ü LU0328684104 100 million JPY JPY – 0.30% 0.10% 0.30%P JPY ü LU0148536690 – JPY JPY-EUR – 0.45% 0.10% 0.30%P dy JPY ü LU0208606854 – JPY JPY-EUR ü 0.45% 0.10% 0.30%R JPY ü LU0148537748 – JPY JPY-EUR – 0.90% 0.10% 0.30%Z JPY ü LU0232589191 – JPY JPY – 0% 0.10% 0.30%I EUR – LU0474966677 (1) EUR EUR – 0.30% 0.10% 0.30%IS EUR ü LU0496414607 (1) EUR EUR – 0.30% 0.10% 0.30%P EUR ü LU0474966750 – EUR EUR – 0.45% 0.10% 0.30%R EUR ü LU0474966834 – EUR EUR – 0.90% 0.10% 0.30%I GBP ü LU0859480245 (1) GBP GBP – 0.30% 0.10% 0.30%R dy GBP ü LU0396248774 – GBP GBP ü 0.90% 0.10% 0.30%HI EUR – LU0592906654 (1) EUR EUR – 0.30% 0.15% 0.30%HIS EUR – LU0650148587 (1) EUR EUR – 0.30% 0.15% 0.30%HP EUR – LU0592906811 – EUR EUR – 0.45% 0.15% 0.30%HR EUR – LU0592907116 – EUR EUR – 0.90% 0.15% 0.30%HI USD – LU0592905763 (1) USD USD – 0.30% 0.15% 0.30%HP USD – LU0592906068 – USD USD – 0.45% 0.15% 0.30%HR USD – LU0592906225 – USD USD – 0.90% 0.15% 0.30%* Per year of the average net assets attributable to this type of share.** The conversion costs will be charged to the compartment.(1) JPY 100,000,000 converted to EUR or GBP on the day of the NAV calculation.152 The original French text is the legally binding version.

36. PICTET – PACIFIC EX JAPAN INDEXInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to replicate the performance of theMSCI Pacific Ex Japan Index;• Who are willing to bear variations in market valueand thus have a low aversion to risk;• Who have a medium- to long-term investmenthorizon (at least 5 years).Investment policy and objectivesThis compartment aims to enable investors to benefitfrom growth in the Asian equity markets through avehicle that accurately reflects the performance of theMSCI Pacific Ex Japan Index. The compartment willinvest exclusively in securities or options that are partof this index.The compartment may, in application of Article 44 ofthe Law of 2010, invest up to 20% (and even 35% for asingle issuer in exceptional market circumstances) ofits total assets/wealth per issuer in order to replicatethe composition of its reference index.This compartment will hold a diversified portfolio,generally composed of securities issued by listedcompanies. These securities may be ordinary or preferenceshares, convertible bonds and to a lesser extentwarrants on transferable securities and options.In addition, the compartment may also invest up to10% of its net assets in UCIs.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns are linked to the performance of anindex, transferable securities or a basket of transferablesecurities, or an undertaking for collective investment,for example.The compartment may use derivative techniques andinstruments for efficient management, within the limitsspecified in the investment restrictions.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment. In addition, due to their volatility,warrants present an above-average economicrisk.Risk factorsInvestors should be aware that, due to the politicaland economic situations in emerging countries,investment in this compartment presents greaterrisk and is intended only for investors who areable to bear and assume this increased risk. Thiscompartment is generally only suitable for investorsseeking a long-term investment.Investment in this compartment is subject, amongother risks, to political risks, capital repatriation restrictions,counterparty risks, and volatility and/orilliquidity risks in the markets of the emerging countriesin question.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the MSCI Pacific Ex Japan index.Expected leverage: 0%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Due to the composition of the portfolio or the portfoliomanagement techniques that may be used, thenet asset value of the compartment may experiencehigh volatility.Manager: PAM Ltd, PAM S.A.Consolidation currency of the compartment: USDRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. Subscription, conversionand/or redemption requests received for a NAV calculatedon days when the stock markets are closedin at least one of the following countries: Australia,New Zealand, Hong Kong and Singapore will be processedon the following NAV calculation date.SubscriptionBy 12:00 noon on the Banking Day preceding theNAV calculation date.RedemptionBy 12:00 noon on the Banking Day preceding theNAV calculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationEach Banking Day as well as the last calendar day ofthe month, unless the last day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsSubscription: Within two Banking Days following theapplicable NAV calculation date.Redemption: Within three Banking Days followingthe applicable NAV calculation date.The original French text is the legally binding version. 153

Calculation of the NAVThe effect of net asset value corrections, more fullydescribed in the section “Calculation of the net assetvalue”, will not exceed 1%.Shares not yet issued that may be activated at a later date“I EUR” shares as defined in the section “Sub-classesof Shares”Initial subscription price: The net asset value of the“I USD” share on the day it is activated, converted toEUR.PICTET – PACIFIC EX JAPAN INDEXType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionand redemptioncurrencies**DividenddistributionManagementFees (max %)*ServiceCustodianBankI USD ü LU0188804743 1 million USD USD – 0.25% 0.10% 0.30%IS USD ü LU0328685093 1 million USD USD – 0.25% 0.10% 0.30%P USD ü LU0148538712 – USD USD-EUR – 0.40% 0.10% 0.30%P dy USD ü LU0208606185 – USD USD-EUR ü 0.40% 0.10% 0.30%R USD ü LU0148539108 – USD USD-EUR – 0.85% 0.10% 0.30%Z USD ü LU0232587906 – USD USD – 0% 0.10% 0.30%I EUR – LU0474966917 (1) EUR EUR – 0.25% 0.10% 0.30%P EUR ü LU0474967055 – EUR EUR – 0.40% 0.10% 0.30%R EUR ü LU0474967139 – EUR EUR – 0.85% 0.10% 0.30%I GBP ü LU0859480674 (1) GBP GBP – 0.25% 0.10% 0.30%R dy GBP ü LU0396249400 – GBP GBP ü 0.85% 0.10% 0.30%* Per year of the average net assets attributable to this type of share.** The conversion costs will be charged to the compartment.(1) USD 1,000,000 converted to EUR or GBP on the day of the NAV calculation.154 The original French text is the legally binding version.

37. PICTET – DIGITAL COMMUNICATIONInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in shares of companies worldwideconducting business in digital communications;• Who are willing to bear significant variations inmarket value and thus have a low aversion to risk.Investment policy and objectivesThe investment policy of this compartment aims toachieve capital growth by investing at least twothirdsof its total assets or wealth in equities or anyother securities related to securities issued by companiesusing digital technology to offer interactive servicesand/or products related to interactive servicesin the communications sector.The risks will be minimised by a balanced geographicalspread in the portfolio, since the investment universeis not limited to a specific geographic region.The Management Company will continuously monitorpolitical and economic events in the countries inwhich the compartment invests, preferring securitieswith high growth potential and companies withtargeted activity rather than large, more well-knowngroups.This compartment will hold a diversified portfoliocomposed of securities issued by listed companies,within the limits allowed by the investment restrictions.These securities may be ordinary or preferenceshares, and to a lesser extent warrants on transferablesecurities and options. In addition, the compartmentmay also invest up to 10% of its net assets inUCIs.The compartment will not invest more than 10% ofits assets in bonds or any other debt security (includingconvertible bonds and preference shares), moneymarket instruments, derivatives and/or structuredproducts whose underlyers are, or offer exposure to,bonds or similar debt and interest-rate securities.By analogy, investments in undertakings for collectiveinvestment whose main objective is to invest inthe above-listed assets are also included in the 10%limit.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns are linked to the performance of anindex, transferable securities or a basket of transferablesecurities, or an undertaking for collective investment,for example.The compartment may use derivative techniques andinstruments for efficient management, within the limitsspecified in the investment restrictions.Investors should be aware that, due to the politicaland economic situations in emerging countries,investment in this compartment presents greaterrisk and is intended only for investors who areable to bear and assume this increased risk. Thiscompartment is generally only suitable for investorsseeking a long-term investment.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment. In addition, due to their volatility,warrants present an above-average economicrisk.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the MSCI World index.Expected leverage: 0%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM LtdSub-Manager: PAM S.A.Consolidation currency of the compartment: USDRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.The original French text is the legally binding version. 155

Frequency of NAV calculationsEach banking day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin 3 Banking Days following the applicable NAVcalculation date.Shares not yet issued that may be activated at a later date“HP EUR”, “HR EUR” and “P dy EUR” shares.Initial subscription price: The net asset value of thefollowing shares on the day of activation: of the “P dyUSD” share converted to EUR for “P dy EUR” shares,of the “P USD” share converted to EUR for “HP EUR”shares, and of the “R USD” share converted to EURfor “HR EUR” shares.PICTET – DIGITAL COMMUNICATIONType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionand redemptioncurrencies**DividenddistributionManagementFees (max %)*ServiceCustodianBankI USD ü LU0101689882 1 million USD USD – 1.20% 0.40% 0.30%P USD ü LU0101692670 – USD USD-EUR – 2.40% 0.40% 0.30%P dy USD ü LU0208609445 – USD USD-EUR ü 2.40% 0.40% 0.30%R USD ü LU0101692753 – USD USD-EUR – 2.90% 0.40% 0.30%Z USD ü LU0258986560 – USD USD – 0% 0.40% 0.30%I EUR ü LU0340554673 (1) EUR EUR – 1.20% 0.40% 0.30%P EUR ü LU0340554913 – EUR EUR – 2.40% 0.40% 0.30%P dy EUR – LU0474967212 – EUR EUR ü 2.40% 0.40% 0.30%R EUR ü LU0340555134 – EUR EUR – 2.90% 0.40% 0.30%I dy GBP ü LU0448836279 (1) GBP GBP ü 1.20% 0.40% 0.30%P dy GBP ü LU0320648172 _ GBP GBP ü 2.40% 0.40% 0.30%HI EUR ü LU0386392772 (1) EUR EUR – 1.20% 0.45% 0.30%HP EUR – LU0474967303 _ EUR EUR – 2.40% 0.45% 0.30%HR EUR – LU0474967485 _ EUR EUR – 2.90% 0.45% 0.30%* Per year of the average net assets attributable to this type of share.** The conversion costs will be charged to the compartment.(1) USD 1,000,000 converted to EUR or GBP on the day of the NAV calculation.156 The original French text is the legally binding version.

38. PICTET – BIOTECHInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in shares in the biotech nologysector worldwide;• Who are willing to bear significant variations inmarket value and thus have a low aversion to risk;• Who have a long-term investment horizon (atleast 7 years).Investment policy and objectivesThis compartment aims to achieve growth by investingin equities or similar securities issued by biopharmaceuticalcompanies that are at the forefront ofinnovation in the medical sector. The compartmentwill invest at least two-thirds of its total assets orwealth in equities issued by companies operating inthis sector. Geographically, the compartment’s investmentuniverse is not restricted to a particular area.However, in light of the particularly innovative natureof the pharmaceutical industry in North America andWestern Europe, the vast majority of investments willfocus on these regions.To capitalise on particularly innovative projects in themedication field, the Biotech compartment may investup to 10% of its net assets in private equity and/or unlisted securities.This compartment will hold a diversified portfoliocomposed of securities issued by listed companies,within the limits allowed by the investment restrictions.These securities may be ordinary or preferenceshares, and to a lesser extent warrants on transferablesecurities and options. In addition, the compartmentmay also invest up to 10% of its net assets inUCIs.The compartment will not invest more than 10% ofits assets in bonds or any other debt security (includingconvertible bonds and preference shares), moneymarket instruments, derivatives and/or structuredproducts whose underlyers are, or offer exposure to,bonds or similar debt and interest-rate securities.By analogy, investments in undertakings for collectiveinvestment whose main objective is to invest inthe above-listed assets are also included in the 10%limit.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns are linked to the performance of anindex, transferable securities or a basket of transferablesecurities, or an undertaking for collective investment,for example.The compartment may use derivative techniques andinstruments for efficient management, within the limitsspecified in the investment restrictions.Investors should be aware that, due to the politicaland economic situations in emerging countries,investment in this compartment presents greaterrisk and is intended only for investors who areable to bear and assume this increased risk. Thiscompartment is generally only suitable for investorsseeking a long-term investment.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment. In addition, due to their volatility,warrants present an above-average economicrisk.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the MSCI World index.Expected leverage: 0%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Due to the composition of the portfolio or the portfoliomanagement techniques that may be used, thenet asset value of the compartment may experiencehigh volatility.Manager: SectoralConsolidation currency of the compartment: USDRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.The original French text is the legally binding version. 157

Frequency of NAV calculationsEach banking day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin 3 Banking Days following the applicable NAVcalculation date.PICTET – BIOTECHType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %)*ServiceCustodianBankI USD ü LU0112497283 1 million USD USD – 1.20% 0.45% 0.30%P USD ü LU0090689299 – USD USD – 2.40% 0.45% 0.30%P dy USD ü LU0208607159 – USD USD ü 2.40% 0.45% 0.30%R USD ü LU0112497440 – USD USD – 2.90% 0.45% 0.30%Z USD ü LU0258985083 – USD USD – 0% 0.45% 0.30%I EUR ü LU0255977372 (1) EUR EUR – 1.20% 0.45% 0.30%P EUR ü LU0255977455 – EUR EUR – 2.40% 0.45% 0.30%R EUR ü LU0255977539 – EUR EUR – 2.90% 0.45% 0.30%I dy GBP ü LU0448836352 (1) GBP GBP ü 1.20% 0.45% 0.30%P dy GBP ü LU0320646986 – GBP GBP ü 2.40% 0.45% 0.30%HI EUR ü LU0328682074 (1) EUR EUR – 1.20% 0.50% 0.30%HP EUR ü LU0190161025 – EUR EUR – 2.40% 0.50% 0.30%HR EUR ü LU0190162189 – EUR EUR – 2.90% 0.50% 0.30%HP CHF ü LU0843168732 – CHF CHF – 2.40% 0.50% 0.30%* Per year of the average net assets attributable to this type of share.(1) USD 1,000,000 converted to EUR or GBP on the day of the NAV calculation.158 The original French text is the legally binding version.

39. PICTET – PREMIUM BRANDSInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest on a worldwide level in theshares of companies that specialise in high-endproducts and services, and that benefit frombroad recognition and respond to different humanaspirations;• Who are willing to bear significant variations inmarket value and thus have a low aversion to risk;• Who have a long-term investment horizon (atleast 7 years).Investment policy and objectivesThis compartment will apply a capital growth strategyby investing at least two-thirds of its total assetsor wealth in equities issued by companies operatingin the premium brands sector, which offer high qualityservices and products. These companies benefitfrom strong market recognition because they havethe ability to create or channel consumer trends.They may also have a certain capacity to set prices.These companies are particularly specialised in highendproducts and services or in financing this type ofactivity. The compartment’s investment universe willnot be limited to any particular region.This compartment will hold a diversified portfolio composedof securities issued by listed companies, withinthe limits allowed by the investment restrictions. Thesesecurities may be ordinary or preference shares, andto a lesser extent warrants on transferable securitiesand options. In addition, the compartment may alsoinvest up to 10% of its net assets in UCIs.The compartment will not invest more than 10% ofits assets in bonds or any other debt security (includingconvertible bonds and preference shares), moneymarket instruments, derivatives and/or structuredproducts whose underlyers are, or offer exposure to,bonds or similar debt and interest-rate securities.By analogy, investments in undertakings for collectiveinvestment whose main objective is to invest inthe above-listed assets are also included in the 10%limit.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns are linked to the performance of anindex, transferable securities or a basket of transferablesecurities, or an undertaking for collective investment,for example.The compartment may use derivative techniques andinstruments for efficient management, within the limitsspecified in the investment restrictions.Investors should be aware that, due to the politicaland economic situations in emerging countries,investment in this compartment presents greaterrisk and is intended only for investors who areable to bear and assume this increased risk. Thiscompartment is generally only suitable for investorsseeking a long-term investment.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment. In addition, due to their volatility,warrants present an above-average economicrisk.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the MSCI World index.Expected leverage: 0%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM LtdSub-Manager: PAM S.A.Consolidation currency of the compartment: EURRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationsEach banking day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin 3 banking days following the applicable NAVcalculation date.The original French text is the legally binding version. 159

PICTET – PREMIUM BRANDSType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionand redemptioncurrencies**DividenddistributionManagementFees (max %) *ServiceCustodianBankI EUR ü LU0217138485 1 million EUR EUR – 1.20% 0.45% 0.30%P EUR ü LU0217139020 – EUR EUR-USD – 2.40% 0.45% 0.30%P dy EUR ü LU0217139533 – EUR EUR-USD ü 2.40% 0.45% 0.30%R EUR ü LU0217138725 – EUR EUR-USD – 2.90% 0.45% 0.30%Z EUR ü LU0294819544 – EUR EUR – 0% 0.45% 0.30%I USD ü LU0280433417 (1) USD USD – 1.20% 0.45% 0.30%P USD ü LU0280433847 – USD USD – 2.40% 0.45% 0.30%R USD ü LU0280434068 – USD USD – 2.90% 0.45% 0.30%I dy GBP ü LU0448836519 (1) GBP GBP ü 1.20% 0.45% 0.30%P dy GBP ü LU0320647794 – GBP GBP ü 2.40% 0.45% 0.30%HP USD ü LU0552610593 − USD USD – 2.40% 0.50% 0.30%HR USD ü LU0552611484 − USD USD – 2.90% 0.50% 0.30%HP SGD ü LU0663513272 − SGD SGD – 2.40% 0.50% 0.30%HP CHF ü LU0843168815 − CHF CHF – 2.40% 0.50% 0.30%* Per year of the average net assets attributable to this type of share.** The conversion costs will be charged to the compartment.(1) EUR 1,000,000 converted to USD or GBP on the day of the NAV calculation.160 The original French text is the legally binding version.

40. PICTET – WATERInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in the shares of companiesfocused on the water-related sector worldwide;• Who are willing to bear significant variations inmarket value and thus have a low aversion to risk;• Who have a long-term investment horizon (atleast 7 years).Investment policy and objectivesThis compartment aims to invest in equities issuedby companies operating in the water and air sectorworldwide.The companies targeted in the water sector will includewater production companies, water conditioningand desalination companies, water suppliers,water bottling, transport and dispatching companies,companies specialising in the treatment of wastewater, sewage and solid, liquid and chemical waste,companies operating sewage treatment plants andcompanies providing equipment, consulting and engineeringservices in connection with the above-describedactivities.The companies targeted in the air sector will includecompanies responsible for inspecting air quality, suppliersof air-filtration equipment and manufac turersof catalytic converters for vehicles.The compartment will invest at least two-thirds of itstotal assets or wealth in equities issued by companiesoperating in the water sector.This compartment will hold a diversified portfoliocomposed of securities issued by listed companies,within the limits allowed by the investment restrictions.These securities may be ordinary or preferenceshares, and to a lesser extent warrants on transferablesecurities and options. In addition, the compartmentmay also invest up to 10% of its net assets inUCIs.The compartment will not invest more than 10% ofits assets in bonds or any other debt security (includingconvertible bonds and preference shares), moneymarket instruments, derivatives and/or structuredproducts whose underlyers are, or offer exposure to,bonds or similar debt and interest-rate securities.By analogy, investments in undertakings for collectiveinvestment whose main objective is to invest inthe above-listed assets are also included in the 10%limit.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns are linked to the performance of anindex, transferable securities or a basket of transferablesecurities, or an undertaking for collective investment,for example.The compartment may use derivative techniques andinstruments for efficient management, within the limitsspecified in the investment restrictions.Investors should be aware that, due to the politicaland economic situations in emerging countries,investment in this compartment presents greaterrisk and is intended only for investors who areable to bear and assume this increased risk. Thiscompartment is generally only suitable for investorsseeking a long-term investment.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment. In addition, due to their volatility,warrants present an above-average economicrisk.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the MSCI World index.Expected leverage: 0%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM LtdSub-Manager: PAM S.A.Consolidation currency of the compartment: EURRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.The original French text is the legally binding version. 161

Frequency of NAV calculationsEach banking day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin 3 Banking Days following the applicable NAVcalculation date.Shares not yet issued that may be activated at a later dateHI USD shares.Initial subscription price: The net asset value of the IUSD share on the day it is activated.PICTET – WATERType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %)*ServiceCustodianBankI EUR ü LU0104884605 1 million EUR EUR – 1.20% 0.45% 0.30%P EUR ü LU0104884860 – EUR EUR – 2.40% 0.45% 0.30%P dy EUR ü LU0208610294 – EUR EUR ü 2.40% 0.45% 0.30%R EUR ü LU0104885248 – EUR EUR – 2.90% 0.45% 0.30%Z EUR ü LU0239939290 – EUR EUR – 0% 0.45% 0.30%I dy GBP ü LU0448836600 (1) GBP GBP ü 1.20% 0.45% 0.30%P dy GBP ü LU0366531837 – GBP GBP ü 2.40% 0.45% 0.30%I USD ü LU0255980244 (1) USD USD – 1.20% 0.45% 0.30%P USD ü LU0255980327 – USD USD – 2.40% 0.45% 0.30%R USD ü LU0255980673 – USD USD – 2.90% 0.45% 0.30%HI USD – LU0474967568 (1) USD USD – 1.20% 0.50% 0.30%HP USD ü LU0385405567 – USD USD – 2.40% 0.50% 0.30%HR USD ü LU0385405997 – USD USD – 2.90% 0.50% 0.30%HP CHF - LU0843168575 − CHF CHF – 2.40% 0.50% 0.30%* Per year of the average net assets attributable to this type of share.(1) EUR 1,000,000 converted to USD or GBP on the day of the NAV calculation.162 The original French text is the legally binding version.

41. PICTET – INDIAN EQUITIESInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in shares issued by companieswith headquarters in India and/or whosemain activities are conducted in India;• Who are willing to bear significant variations inmarket value and thus have a low aversion to risk;• Who have a long-term investment horizon (atleast 7 years).Investment policy and objectivesThis compartment aims to invest directly or indirectlyin transferable securities, (described in further detailbelow) issued by companies and institutions that arebased in India or have their main activity in India.The compartment will invest a minimum of two-thirdsof its total assets or wealth in equities issued by companiesthat are headquartered in India or conduct themajority of their activity in India.On an ancillary basis, the compartment may also investits assets in securities issued by companies thatare based in or have their main activity in Pakistan,Bangladesh and Sri Lanka.The compartment will hold a diversified portfolio primarilycomposed of securities issued by companieslisted on a stock exchange or traded on a regulatedmarket that operates regularly and is recognised andopen to the public. The compart ment may invest upto 10% of its net assets in unlisted securities.The portfolio may include ordinary or preferenceshares and convertible bonds as well as warrants ontransferable securities. The portfolio may also comprisecertificates of deposit (GDRs) issued by companiesin India, or similar instruments listed on a stockexchange in India or elsewhere.If required by market conditions, the portfolio mayalso hold bonds issued by companies based in Indiaand bonds issued or guaranteed by the Indian Government.In addition, the compartment may also invest up to10% of its net assets in UCIs and, within the limits allowedby the investment restrictions, in warrants ontransferable securities and subscription rights.The compartment will not invest more than 10% ofits assets in bonds or any other debt security (includingconvertible bonds and preference shares), moneymarket instruments, derivatives and/or structuredproducts whose underlyers are, or offer exposure to,bonds or similar debt and interest-rate securities.By analogy, investments in undertakings for collectiveinvestment whose main objective is to invest in theabove-listed assets are also included in the 10% limit.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns are linked to the performance of anindex, transferable securities or a basket of transferablesecurities, or an undertaking for collective investment,for example.The compartment may use derivative techniques andinstruments for efficient management, within the limitsspecified in the investment restrictions.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment. In addition, due to their volatility,warrants present an above-average economicrisk.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the MSCI India 10/40 index.Expected leverage: 0%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Due to the composition of the portfolio or the portfoliomanagement techniques that may be used, thenet asset value of the compartment may experiencehigh volatility.Managers: PAM Ltd, PAM S.A.Consolidation currency of the compartment: USDInvestments through Pictet Country Fund (Mauritius) LimitedThe Management Company may decide that the portionof the compartment’s assets to be invested in Indiashould be invested indirectly through a companyincorporated in Mauritius named Pictet CountryFund (Mauritius) Limited, which is wholly controlledby the Fund and conducts its advising activity exclusivelyfor the compartment (hereafter “PCFML”) andin particular the advising activities concerning largevolume redemptions of compartment’s shares. Indirectinvestments are generally covered by the doubletaxation agreement (DTA) in existence between Indiaand Mauritius.To this end, the Management Company will use theportion of the compartment’s assets available for investmentin India to acquire all the PCFML shareswhich will thus be controlled entirely by the Fund.PCFML shares will be issued in registered form only.PCFML was initially incorporated on 11 October1995 as an “Offshore” limited company underThe original French text is the legally binding version. 163

the Mauritius Offshore Business Activities Act 1992in the name of Pictet Investments (Mauritius) Limited(No. 15437/2168). PCFML has been granted a tax residencecertificate from the Commissioner of IncomeTax in Mauritius. Accordingly, PCFML is consideredto be resident in Mauritius for tax purposes and maythus benefit from the DTA. However, there is no guaranteethat PCFML will be able to maintain its tax residentstatus, and the termination of this status couldresult in the loss of tax benefits, thereby affecting thecompartment’s net asset value per share.The exclusive purpose of PCFML is to perform advisoryactivities on behalf of the compartment. ThePCFML Board of Directors is composed of Eric A.Venpin, Jimmy Wong Yuen Tien, Laurent Ramsey,Pascal Chauvaux and Christoph Schweizer, of whomLaurent Ramsey, Pascal Chauvaux and ChristophSchweizer are also directors of the Fund. The PCFMLBoard of Directors will at all times include at leasttwo residents of Mauritius and a majority of directorswho are also directors of the Fund.PCFML’s advisory activities for the compartment includeproviding regular information regarding theapplicability of the treaty between India and Mauritiusas well as making investment recommendationsfor the Indian market. PCFML also advises in casesof redemptions of the compartment’s shares greaterthan 20% of the net value in order to enable the managerto divest as necessary when faced with largevolumeredemption requests.PCFML’s financial statements will be audited byDeloitte S.A. For the establishment of the compartment’sfinancial statements and semi-annual andannual reports, PCFML’s financial results will be consolidatedin the financial results of the compart ment.Similarly, these reports will contain a break down ofthe compartment’s portfolio in terms of the underlyingsecurities held by PCFML. In accordance with theinvestment restrictions contained in this prospectus,the underlying investments will be taken into considerationas if PCFML did not exist.PCFML operates as a “Collective Investment Scheme”and an “Expert Fund”, and is reserved for “Expert Investors”.According to Section 78 of the “Securities (CollectiveInvestment Schemes and Closed-end Funds) Regulations2008”, an “Expert Investor” means:(i) An investor who invests on his or her own behalfa minimum initial amount of USD100,000;or(ii) A sophisticated investor as defined in the “SecuritiesAct 2005 (with amendments 2007)”, or anyinvestor defined in a similar manner in any otherlaw.Investors in PCFML are not protected by any legalprovision of Mauritius in the event of the bankruptcyof PCFML.The Mauritian supervisory commission (“the MauritiusFinancial Services Commission”) does not answerfor the solvency of PCFML or to the accuracy ofany statement or opinion issued in its regard.Custodian Bank in IndiaThe Custodian Bank and the Manager have appointedDeutsche Bank AG, Mumbai Branch, as local custodianof the securities and other assets of the compartmentheld in India.Risk factorsProspective investors should take note of the followingrisk factors:a) Investments in the compartment will primarily bemade in securities denominated in Indian rupees(“rupees”). Any change in the value of the rupeeagainst the dollar will automatically lead to achange in the net asset value of the compartment.b) Investors should be aware of the significant volatilityof the price of warrants and the resultingvolatility of their shares.c) The regulations and controls governing the activitiesof investors, brokers and other agents onthe Indian markets are less stringent than thoseapplied in most OECD markets. In the past, Indianstock markets have been subject to closureslasting several weeks and there is no assurancethat such closures will not reoccur in the future.d) The stock markets are fragmented, smaller andmore volatile than markets in certain OECD countries.These markets have experienced significantvariations in stock prices and such variations inthe future cannot be ruled out. These phenomenamay increase the volatility of the Fund’s net assetvalue.e) The acquisition and transfer of holdings in certaininvestments may involve considerable delaysand transactions may need to be carried out atunfavourable prices as clearing, settlement andregistration systems are less well organised thanin more developed markets.f) The settlement of transactions in India is primarilyconducted through the physical delivery ofshare certificates, which requires considerablemanual labour. This procedure may cause delaysand lead to other significant difficulties in the settlementand registration of transactions.g) The SEBI has only recently been vested withpowers of enforcement to combat fraudulentpractices in stock exchange transactions, such asinsider trading, and to regulate the purchase ofcontrolling interests and the acquisition of companies.As these regulations were adopted onlyrelatively recently, their implementation may beless effective than in countries in which suchregulations have already been in force for severalyears.h) In India, requirements for publication of informationon companies are less stringent than in moredeveloped countries, and it may therefore be moredifficult to obtain information on Indian companies,and this information may be less reliable.i) The accounting principles applicable to Indiancompanies are significantly different from thoseapplicable to companies in most OECD countries.164 The original French text is the legally binding version.

j) Pictet Asset Management Ltd has been grantedFII status by the SEBI and is therefore authorisedto invest in Indian securities on behalf ofthe Fund. The Fund’s investments in India arelargely dependent on the FII status granted tothe manager and, while it may be assumed thatthis authorisation will be renewed, this cannot beguaranteed.k) In accordance with Indian legislation governingforeign investments, the compartment’s assetsmust be held by the Indian correspondent on behalfof Pictet Asset Management Ltd, a PCFMLsub-account.By investing through PCFML, the Fund intends tobenefit from the DTA concluded between Mauritiusand India, as described more fully above. Itcannot be guaranteed that the Fund will alwayshave these tax advantages. Furthermore, amendmentscould also be made to the DTA, and thesecould affect the taxation of the Fund’s investmentsand/or the taxation of PCFML and, consequently,the net asset value of shares in the Fund.Important documentsThe list of documents specified in “Documents availablefor inspection” in this prospectus is supplementedby the following documents:– Indian correspondent’s agreement concluded betweenPictet & Cie (Europe) S.A., Pictet Genevaand Deutsche Bank AG Mumbai Branch;– Investment Adviser agreement concluded betweenthe Management Company, PCFML, PAMLtd, PAM S.A., and the investment advisers,– Mauritian correspondent’s agreement concludedbetween the Custodian Bank and PCFML;– Contract for administrative services concludedbetween PCFML and Deloitte & Touche OffshoreServices Ltd.Remittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationsEach banking day as well as the last calendar day ofthe month, unless the last day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin 5 Banking Days following the applicable NAVcalculation date.PICTET – INDIAN EQUITIESType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagement**Fees (max %)*ServiceCustodianBankI USD ü LU0180457029 1 million USD USD – 1.20% 0.65% 0.30%P USD ü LU0070964530 – USD USD – 2.40% 0.65% 0.30%P dy USD ü LU0208610534 – USD USD ü 2.40% 0.65% 0.30%R USD ü LU0177113007 – USD USD – 2.90% 0.65% 0.30%Z USD ü LU0232253954 – USD USD – 0% 0.65% 0.30%I EUR ü LU0255978933 (1) EUR EUR – 1.20% 0.65% 0.30%P EUR ü LU0255979071 – EUR EUR – 2.40% 0.65% 0.30%R EUR ü LU0255979154 – EUR EUR – 2.90% 0.65% 0.30%I GBP ü LU0859479155 (1) GBP GBP – 1.20% 0.65% 0.30%P dy GBP ü LU0320648925 – GBP GBP ü 2.40% 0.65% 0.30%* Per year of the average net assets attributable to this type of share.** PCFML will be responsible for and pay certain costs and expenses arising in relation to its investment activities in Indiansecurities. These costs and expenses include brokerage fees and commissions, the costs of transactions associated withexchanging rupees into US dollars, and the costs of registration and stamp duties in relation to the incorporation andactivities of PCFML. PCFML will also be responsible for its own operating expenses, including the costs of its local domiciliationand administrative agent and local auditor.(1) USD 1,000,000 converted to EUR or GBP on the day of the NAV calculation.The original French text is the legally binding version. 165

42. PICTET – JAPANESE EQUITY OPPORTUNITIESInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in shares issued by companieswith headquarters in Japan and/or whosemain activities are conducted in Japan;• Who are willing to bear variations in market valueand thus have a low aversion to risk;• Who have a medium- to long-term investmenthorizon (at least 5 years).Investment policy and objectivesThis compartment aims to enable investors to benefitfrom growth in the Japanese equity market. Thecompartment will seek to maximize the total returnin terms of Japanese yen through capital gains frominvestment in a broadly diversified portfolio of Japaneseequities by maximising the potential for alphageneration through the use of “130/30” management,while observing the principle of risk spreading.Long positions will theoretically represent 130% andshort positions 30% of the total assets, but they mayreach 150% and 50%, respectively. Depending onmarket conditions, long positions may drop to 100%,in which case short positions would be 0.This investment strategy refers to a portfolio compositionmade up of long positions, compensated bysales of short positions via derivative instruments, asauthorised in the investment restrictions. The net exposureof the portion invested in equities – thus thenet sum of long and short positions − is generally between80% and 100% of the net assets, which is closeto the exposure in a traditional “long only” fund.The compartment will invest a minimum of twothirdsof its total assets or wealth in equities issued bycompanies that are headquartered in Japan or conductthe majority of their activity in Japan.In addition, the compartment may also invest up to10% of its net assets in UCIs and, within the limits allowedby the investment restrictions, in warrants ontransferable securities and subscription rights.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns are linked to the performance of anindex, transferable securities or a basket of transferablesecurities, or an undertaking for collective investment,for example.The compartment may use derivative techniques andinstruments for efficient management, within the limitsspecified in the investment restrictions.Investors should be aware, however, that the acquisitionof derivative instruments involves certainrisks that could have a negative effect on theperformance of the compartment. In addition, dueto their volatility, warrants present an above-averageeconomic risk.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, TOPIX index.Expected leverage: 30%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Managers: PAM Ltd, PAM S.A.Consolidation currency of the compartment: JPYRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationsEach banking day as well as the last calendar day ofthe month, unless the last day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin 3 Banking Days following the applicable NAVcalculation date.Shares not yet issued that may be activated at a later dateZ JPY, HI EUR, HP EUR and HR EUR shares as definedin the section “Sub-classes of Shares”.Initial subscription price: The net asset value of thecorresponding shares converted to EUR, on the daythey are activated.166 The original French text is the legally binding version.

PICTET – JAPANESE EQUITY OPPORTUNITIESType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %) *ServiceCustodianBankI JPY ü LU0155301467 100 million JPY JPY – 0.90% 0.40% 0.30%P JPY ü LU0095053426 – JPY JPY – 1.80% 0.40% 0.30%P dy JPY ü LU0208610880 – JPY JPY ü 1.80% 0.40% 0.30%R JPY ü LU0155301624 – JPY JPY – 2.50% 0.40% 0.30%Z JPY – LU0474967642 – JPY JPY – 0% 0.40% 0.30%I EUR ü LU0255979238 (1) EUR EUR – 0.90% 0.40% 0.30%P EUR ü LU0255979402 – EUR EUR – 1.80% 0.40% 0.30%R EUR ü LU0255979584 – EUR EUR – 2.50% 0.40% 0.30%Z EUR ü LU0606355369 – EUR EUR – 0% 0.40% 0.30%I GBP ü LU0700307720 (1) GBP GBP – 0.90% 0.40% 0.30%P GBP ü LU0700312720 – GBP GBP – 1.80% 0.40% 0.30%HI USD ü LU0895849734 (1) USD USD – 0.90% 0.45% 0.30%HI EUR ü LU0650148231 (1) EUR EUR – 0.90% 0.45% 0.30%HP EUR – LU0650148314 – EUR EUR – 1.80% 0.45% 0.30%HR EUR – LU0650148405 – EUR EUR – 2.50% 0.45% 0.30%HI GBP ü LU0814461561 (1) GBP GBP – 0.90% 0.45% 0.30%* Per year of the average net assets attributable to this type of share.(1) JPY 100,000,000 converted to EUR or GBP on the day of the NAV calculation.The original French text is the legally binding version. 167

43. PICTET – ASIAN EQUITIES EX JAPANInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in shares of Asian companies,with the exception of Japan;• Who are willing to bear significant variations inmarket value and thus have a low aversion to risk;• Who have a long-term investment horizon (atleast 7 years).Investment policy and objectivesThis compartment aims to achieve long-term capitalgrowth by investing at least two-thirds of its total assetsor wealth in equities issued by companies thathave their registered headquarters and/or conductthe majority of their business in Asian countries, withthe exception of Japan. The compartment may also,within the limits of the investment restrictions, investin warrants on transferable securities and in convertiblebonds.In addition, the compartment may also invest up to10% of its net assets in UCIs.The compartment will not invest more than 10% ofits assets in bonds or any other debt security (includingconvertible bonds and preference shares), moneymarket instruments, derivatives and/or structuredproducts whose underlyers are, or offer exposure to,bonds or similar debt and interest-rate securities.By analogy, investments in undertakings for collectiveinvestment whose main objective is to invest inthe above-listed assets are also included in the 10%limit.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns are linked to the performance of anindex, transferable securities or a basket of transferablesecurities, or an undertaking for collective investment,for example.The compartment may use derivative techniques andinstruments for efficient management, within the limitsspecified in the investment restrictions.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment. In addition, due to their volatility,warrants present an above-average economicrisk.Tax riskThe tax treatment of dividends and capital gainsfrom investments in Chinese A Shares has notyet been confirmed by the Chinese State Administrationof Taxation (SAT). The official withholdingrate applicable to dividends and capital gainsis normally 20%, unless a lower rate has beenagreed. If this tax and its retroactive applicationbecome definite, the tax will then be taken into accountin the calculation of the compartment’s NAV.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the MSCI AC Asia Ex Japan index.Expected leverage: 0%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Due to the composition of the portfolio or the portfoliomanagement techniques that may be used, thenet asset value of the compartment may experiencehigh volatility.Manager: PAM LtdConsolidation currency of the compartment: USDInvestment through Pictet Asian Equities (Mauritius) LimitedThe Management Company may decide that the portionof the compartment’s assets to be invested in Indiashould be invested indirectly through a companyincorporated in Mauritius named Pictet Asian Equities(Mauritius) Limited, which is wholly controlled bythe Fund and conducts its advising activity exclusivelyfor the compartment (hereinafter “PAEML”) andin particular the advising activities concerning largevolume redemptions of the compartment’s shares. Indirectinvestments are generally covered by the doubletaxation agreement (DTA) in existence betweenIndia and Mauritius.To this end, the Management Company will use theportion of the compartment’s assets available for investmentin India to acquire all the PAEML shareswhich will thus be controlled entirely by the Fund onbehalf of the Pictet – Asian Equities Ex Japan compartment.PAEML shares will be issued in registeredform only.The exclusive purpose of PAEML is to perform advisoryactivities on behalf of the compartment. ThePAEML Board of Directors includes:Eric A. VenpinJimmy Wong Yuen TienPascal ChauvauxLaurent RamseyChristoph Schweizer.The Board of Directors will at all times include at leasttwo residents of Mauritius and a majority of directorswho are also directors of the Fund.168 The original French text is the legally binding version.

PAEML’s advisory activities for the compartment includeproviding regular information regarding theapplicability of the treaty between India and Mauritiusas well as making investment recommendationsfor the Indian market. PAEML also advises in casesof redemptions of the compartment’s shares greaterthan 20% of the net value in order to enable the managerto divest as necessary when faced with large volumesof redemption requests.The financial statements of PAEML will be audited byDeloitte S.A., which is the statutory auditor for theFund, or by any other statutory auditor established inMauritius that is an associate of the Fund’s statutoryauditor. For the establishment of the compartment’sfinancial statements and semi-annual and annual reports,PAEML’s financial results will be consolidatedin the financial results of the compartment. Similarly,these reports will contain a breakdown of thecompartment’s portfolio in terms of the underlyingsecurities held by PAEML. In accordance with the investmentrestrictions contained in the prospectus, theunderlying investments will be taken into considerationas if PAEML did not exist.PAEML was incorporated on 24 February 2009 inMauritius in the form of a GBL 1 company in compliancewith the Financial Services Act 2007.PAEML has obtained a tax residence certificate fromthe Commissioner of Income Tax in Mauritius.Accordingly, PAEML is considered to be resident inMauritius for tax purposes and may thus benefit fromthe DTA. However, there is no guarantee that PAEMLwill be able to maintain its tax resident status, and thetermination of this status could result in the loss oftax benefits, thereby affecting the compartment’s netasset value per share.PAEML operates as a “Collective Investment Scheme”and an “Expert Fund”, and is reserved for “Expert Investors”.According to Section 78 of the “Securities (CollectiveInvestment Schemes and Closed-end Funds) Regulations2008”, an “Expert Investor” means:(i) An investor who invests on his or her own behalfa minimum initial amount of USD100,000;or(ii) A sophisticated investor as defined in the “SecuritiesAct 2005 (with amendments 2007)”, or anyinvestor defined in a similar manner in any otherlaw.Investors in PAEML are not protected by any legalprovision of Mauritius in the event of the bankruptcyof PAEML.The Mauritian supervisory commission (“the MauritiusFinancial Services Commission”) does not answerfor the solvency of PAEML or to the accuracy ofany statement or opinion issued in its regard.Correspondent of the Custodian Bank in IndiaThe Custodian Bank has appointed Deutsche BankAG, Mumbai Branch, as local custodian of the securitiesand other assets of the compartment in India.Risk factorsInvestors should be aware of the fragile politicalenvironment in certain countries in whichthe compartment invests. Investors should notexclude the possibility that political disturbancescould permanently or temporarily disrupt the financialsystem in a given country. The Fund willnevertheless exercise strict diligence to ensurethe protection of shareholders.For the portion of assets to be invested in India, investorsshould note the following:a) Pictet Asset Management Ltd has been grantedForeign Institu tional Investor (“FII”) status by theSecurities and Exchange Board of India (“SEBI”)and is therefore authorised to invest in Indiansecu rities on behalf of the Fund. The Fund’s investmentsin India are largely dependent on theFII status granted to the manager and, while itmay be assumed that this authorisation will berenewed, this cannot be guaranteed.b) In accordance with Indian legislation governingforeign investments, the compartment’s assetsmust be held by the Indian correspondent on behalfof Pictet Asset Management Ltd, in a PAEMLsub-account.c) By investing through PAEML, the Fund intendsto benefit from the DTA concludedbetween Mauritius and India, as describedmore fully above. It cannot be guaranteed thatthe Fund will always have these tax advantages.Furthermore, amendments could alsobe made to the DTA, and these could affectthe taxation of the Fund’s investments and/orthe taxation of PAEML and, consequently, thevalue of shares in the Fund.Remittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationsEach Banking Day as well as the last calendar day ofthe month, unless the last day of the month is a Saturdayor a Sunday.The original French text is the legally binding version. 169

Payment value date for subscriptions and redemptionsWithin 3 Banking Days following the applicable NAVcalculation date.PICTET – ASIAN EQUITIES EX JAPANType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %)*ServiceCustodianBankI USD ü LU0111012836 1 million USD USD – 1.20% 0.35% 0.30%P USD ü LU0155303323 – USD USD – 2.40% 0.35% 0.30%P dy USD ü LU0208611698 – USD USD ü 2.40% 0.35% 0.30%R USD ü LU0155303752 – USD USD – 2.90% 0.35% 0.30%Z USD ü LU0232255900 – USD USD – 0% 0.35% 0.30%I EUR ü LU0255976721 (1) EUR EUR – 1.20% 0.35% 0.30%P EUR ü LU0255976994 – EUR EUR – 2.40% 0.35% 0.30%R EUR ü LU0255977299 – EUR EUR – 2.90% 0.35% 0.30%HI EUR ü LU0328681852 (1) EUR EUR – 1.20% 0.40% 0.30%HP EUR ü LU0248316639 – EUR EUR – 2.40% 0.40% 0.30%HR EUR ü LU0248317017 – EUR EUR – 2.90% 0.40% 0.30%* Per year of the average net assets attributable to this type of share.(1) USD 1,000,000 converted to EUR on the day of the NAV calculation.170 The original French text is the legally binding version.

44. PICTET – GREATER CHINAInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in shares of companies participatingin the growth of the Chinese eco nomyby making investments in China, Taiwan andHong Kong;• Who are willing to bear significant variations inmarket value and thus have a low aversion to risk;• Who have a long-term investment horizon (atleast 7 years).Investment policy and objectivesThis compartment will invest at least two-thirds of itstotal assets or wealth in equities issued by companiesthat are headquartered in and/or conduct their mainactivity in Hong Kong, China or Taiwan.This compartment will hold a diversified portfolio,generally composed of securities issued by listedcompanies. These securities may be ordinary or preferenceshares, convertible bonds and, to a lesser extent,warrants on transferable securities and options.In addition, the compartment may also invest up to10% of its net assets in UCIs.The compartment will not invest more than 10% ofits assets in bonds or any other debt security (includingconvertible bonds and preference shares), moneymarket instruments, derivatives and/or structuredproducts whose underlyers are, or offer exposure to,bonds or similar debt and interest-rate securities.By analogy, investments in undertakings for collectiveinvestment whose main objective is to invest inthe above-listed assets are also included in the 10%limit.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns are linked to the performance of anindex, transferable securities or a basket of transferablesecurities, or an undertaking for collective investment,for example.The compartment may use derivative techniques andinstruments for efficient management, within the limitsspecified in the investment restrictions.Investors should be aware, however, that the acquisitionof derivative instruments involves certainrisks that could have a negative effect on theperformance of the compartment. In addition, dueto their volatility, warrants present an above-averageeconomic risk.Investors should be aware that, due to the politicaland economic situations in the above-namedcountries, investment in this compartment presentsgreater risk and is intended only for investorswho are able to bear and assume thisincreased risk.Tax riskThe tax treatment of dividends and capital gainsfrom investments in Chinese A Shares has notyet been confirmed by the Chinese State Administrationof Taxation (SAT). The official withholdingrate applicable to dividends and capital gainsis normally 20%, unless a lower rate has beenagreed. If this tax and its retroactive applicationbecome definite, the tax will then be taken into accountin the calculation of the compartment’s NAV.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the MSCI Golden Dragon index.Expected leverage: 0%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Due to the composition of the portfolio or the portfoliomanagement techniques that may be used, thenet asset value of the compartment may experiencehigh volatility.Manager: PAM Ltd, PAM S.A., PALConsolidation currency of the compartment: USDRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.The original French text is the legally binding version. 171

Frequency of NAV calculationsEach banking day as well as the last calendar day ofthe month, unless the last day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin 3 Banking Days following the applicable NAVcalculation date.Shares not yet issued that may be activated at a later dateHI EUR, HP EUR and HR EUR shares as defined inthe section “Sub-classes of Shares”.Initial subscription price: The net asset value of thecorresponding shares converted to EUR, on the daythey are activated.PICTET – GREATER CHINAType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %)*ServiceCustodianBankI USD ü LU0168448610 1 million USD USD – 1.20% 0.45% 0.30%P USD ü LU0168449691 – USD USD – 2.40% 0.45% 0.30%P dy USD ü LU0208612407 – USD USD ü 2.40% 0.45% 0.30%R USD ü LU0168450194 – USD USD – 2.90% 0.45% 0.30%Z USD ü LU0258985919 – USD USD – 0% 0.45% 0.30%I EUR ü LU0255978008 (1) EUR EUR – 1.20% 0.45% 0.30%P EUR ü LU0255978347 – EUR EUR – 2.40% 0.45% 0.30%R-EUR ü LU0255978263 – EUR EUR – 2.90% 0.45% 0.30%I GBP ü LU0859478934 (1) GBP GBP – 1.20% 0.45% 0.30%P dy GBP ü LU0320649493 – GBP GBP ü 2.40% 0.45% 0.30%HI EUR – LU0650147936 (1) EUR EUR – 1.20% 0.50% 0.30%HP EUR – LU0650148074 – EUR EUR – 2.40% 0.50% 0.30%HR EUR – LU0650148157 – EUR EUR – 2.90% 0.50% 0.30%* Per year of the average net assets attributable to this type of share.(1) USD 1,000,000 converted to EUR or GBP on the day of the NAV calculation.172 The original French text is the legally binding version.

45. PICTET – JAPANESE EQUITY SELECTIONInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in a limited number of equitiesissued by companies with headquarters in Japanand/or whose main activities are conductedin Japan;• Who are willing to bear variations in market valueand thus have a low aversion to risk;• Who have a medium- to long-term investmenthorizon (at least 5 years).Investment policy and objectivesThis compartment aims to enable investors to benefitfrom growth in the Japanese equity market.The compartment will invest a minimum of twothirdsof its total assets or wealth in equities issued bycompanies that are headquartered in Japan or conductthe majority of their activity in Japan.The portfolio will be composed of a limited selectionof securities that, in the opinion of the manager, havethe most favourable outlook.This compartment will hold a diversified portfolio,generally composed of securities issued by listedcompanies. These securities may be ordinary or preferenceshares, convertible bonds and, to a lesser extent,warrants on transferable securities and options.In addition, the compartment may also invest up to10% of its net assets in UCIs.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns are linked to the performance of anindex, transferable securities or a basket of transferablesecurities, or an undertaking for collective investment,for example.The compartment may use derivative techniques andinstruments for efficient management, within the limitsspecified in the investment restrictions.Investors should be aware, however, that the acquisitionof derivative instruments involves certainrisks that could have a negative effect on theperformance of the compartment. In addition, dueto their volatility, warrants present an above-averageeconomic risk.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the MSCI Japan index.Expected leverage: 0%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM LtdConsolidation currency of the compartment: JPYRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationsEach banking day as well as the last calendar day ofthe month, unless the last day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin 3 Banking Days following the applicable NAVcalculation date.The original French text is the legally binding version. 173

PICTET – JAPANESE EQUITY SELECTIONType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %) *ServiceCustodianBankI JPY ü LU0080998981 100 million JPY JPY – 0.90% 0.40% 0.30%P JPY ü LU0176900511 – JPY JPY – 1.80% 0.40% 0.30%P dy JPY ü LU0208612829 – JPY JPY ü 1.80% 0.40% 0.30%R JPY ü LU0176901758 – JPY JPY – 2.50% 0.40% 0.30%Z JPY ü LU0231728105 – JPY JPY – 0% 0.40% 0.30%P dy GBP ü LU0366531910 – GBP GBP ü 1.80% 0.40% 0.30%I EUR ü LU0255975673 (1) EUR EUR – 0.90% 0.40% 0.30%P EUR ü LU0255975830 – EUR EUR – 1.80% 0.40% 0.30%R EUR ü LU0255975913 – EUR EUR – 2.50% 0.40% 0.30%HI EUR ü LU0328682405 (1) EUR EUR – 0.90% 0,45% 0.30%HP EUR ü LU0248317363 – EUR EUR – 1.80% 0.45% 0.30%HI USD ü LU0895858214 (1) USD USD – 1.80% 0.45% 0.30%HR EUR ü LU0248320581 – EUR EUR – 2.50% 0.45% 0.30%* Per year of the average net assets attributable to this type of share.(1) JPY 100,000,000 converted to EUR or USD on the day of the NAV calculation.174 The original French text is the legally binding version.

46. PICTET – GENERICSInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in shares of companies conductingbusiness in the global generic medicationssegment;• Who are willing to bear significant variations inmarket value and thus have a low aversion to risk;• Who have a long-term investment horizon (atleast 7 years).Investment policy and objectivesThis compartment’s investment policy is to achievecapital growth by investing at least two-thirds of itstotal assets or wealth in equities or similar securitiesissued by companies that are active in the fieldof generic drugs. Geographically, the compartment’sinvestment universe is not restricted to a particulararea.This compartment will hold a diversified portfolio,generally composed of securities issued by listedcompanies. These securities may be ordinary or preferenceshares, convertible bonds and to a lesser extentwarrants on transferable securities and options.In addition, the compartment may also invest up to10% of its net assets in UCIs.The compartment will not invest more than 10% ofits assets in bonds or any other debt security (includingconvertible bonds and preference shares), moneymarket instruments, derivatives and/or structuredproducts whose underlyers are, or offer exposure to,bonds or similar debt and interest-rate securities.By analogy, investments in undertakings for collectiveinvestment whose main objective is to invest inthe above-listed assets are also included in the 10%limit.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns are linked to the performance of anindex, transferable securities or a basket of transferablesecurities, or an undertaking for collective investment,for example.The compartment may use derivative techniques andinstruments for efficient management, within the limitsspecified in the investment restrictions.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment. In addition, due to their volatility,warrants present an above-average economicrisk.Investors should be aware that, due to the politicaland economic situations in emerging countries,investment in this compartment presents greaterrisk and is intended only for investors who areable to bear and assume this increased risk. Thiscompartment is generally only suitable for investorsseeking a long-term investment.Investment in this compartment is subject, amongother risks, to political risks, capital repatriationrestrictions, counterparty risks, and volatilityand/or illiquidity risks in the markets of emergingcountries.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the MSCI World index.Expected leverage: 20%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: SectoralConsolidation currency of the compartment: USDRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationsEach banking day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin 3 Banking Days following the applicable NAVcalculation date.The original French text is the legally binding version. 175

PICTET – GENERICSType of share Activated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %) *ServiceCustodianBankI USD ü LU0188500879 1 million USD USD – 1.20% 0.45% 0.30%P USD ü LU0188501257 – USD USD – 2.40% 0.45% 0.30%P dy USD ü LU0208613470 – USD USD ü 2.40% 0.45% 0.30%R USD ü LU0188501331 – USD USD – 2.90% 0.45% 0.30%Z USD ü LU0188501687 – USD USD – 0% 0.45% 0.30%I EUR ü LU0255978693 (1) EUR EUR – 1.20% 0.45% 0.30%P EUR ü LU0255978776 – EUR EUR – 2.40% 0.45% 0.30%R EUR ü LU0255978859 – EUR EUR – 2.90% 0.45% 0.30%I dy GBP ü LU0448836782 (1) GBP GBP ü 1.20% 0.45% 0.30%P dy GBP ü LU0320647281 – GBP GBP ü 2.40% 0.45% 0.30%HI EUR ü LU0328682231 (1) EUR EUR – 1.20% 0.50% 0.30%HP EUR ü LU0248320664 – EUR EUR – 2.40% 0.50% 0.30%HR EUR ü LU0248320821 – EUR EUR – 2.90% 0.50% 0.30%* Per year of the average net assets attributable to this type of share.(1) USD 1,000,000 converted to EUR and GBP on the day of the NAV calculation.176 The original French text is the legally binding version.

47. PICTET – EMERGING MARKETS INDEXInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to replicate the performance of theMSCI Emerging Markets Index;• Who are willing to bear significant variations inmarket value and thus have a low aversion to risk;• Who have a medium- to long-term investmenthorizon (at least 7 years).Investment policy and objectivesThis compartment aims to offer investors the opportunityto benefit from growth in the emerging markets,reflecting the progress of the MSCI Emerg ingMarkets Index by investing at least two-thirds of itsnet assets in securities included in the index.This compartment will also invest in securities tradedon the Russian “RTS Stock Exchange”.This compartment will hold a diversified portfolio,generally composed of securities issued by listedcompanies. These securities may be ordinary or preferenceshares, convertible bonds and to a lesser extentwarrants on transferable securities and options.In addition, the compartment may also invest up to10% of its net assets in UCIs.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns are linked to the performance of anindex, transferable securities or a basket of transferablesecurities, or an undertaking for collective investment,for example.The compartment may use derivative techniques andinstruments for efficient management, within the limitsspecified in the investment restrictions.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment. In addition, due to their volatility,warrants present an above-average economicrisk.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the MSCI Emerging Markets index.Expected leverage: 0%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Due to the composition of the portfolio or the portfoliomanagement techniques that may be used, thenet asset value of the compartment may experiencehigh volatility.Manager: PAM Ltd, PAM S.A.Consolidation currency of the compartment: USDRisk factorsInvestors should be aware of the fragile politicalenvironment in certain countries in whichthe compartment invests. Investors should notexclude the possibility that political disturbancescould permanently or temporarily disrupt the financialsystem in a given country. The ManagementCompany will exercise strict diligence toensure the protection of shareholders.Remittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. Subscription, conversionand/or redemption requests received for a NAV calculatedon days following a day (other than a Saturdayor Sunday) when the stock market is closed in atleast one of the following countries: China, Brazil, Koreaor Taiwan, or when the cumulative capitalisationin the MSCI Emerging Markets index of countries inwhich the stock markets are closed exceeds 10%, willbe processed on the following NAV calculation date.For Peru, the relevant stock market closing is thatof the American stock markets, for China, the relevantstock market closing is that of Hong Kong. ForRussia, the stock market is considered closed whenat least one of the following three stock markets isclosed: RTS, London IOB, MICEX.SubscriptionBy 12:00 noon, two Banking Days preceding the NAVcalculation date.RedemptionBy 12:00 noon, two Banking Days preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationEach Banking Day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin two Banking Days following the applicableNAV calculation date.The original French text is the legally binding version. 177

Calculation of the NAVThe effect of net asset value corrections, more fullydescribed in the section “Calculation of the net assetvalue”, will not exceed 1.50%.Shares not yet issued that may be activated at a later date“I EUR” shares as defined in the section “Sub-classesof Shares”Initial subscription price: The net asset value of the“I USD” share on the day it is activated, converted toEUR.PICTET – EMERGING MARKETS INDEXType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionand redemptioncurrencies**DividenddistributionManagementFees (max %)*ServiceCustodianBankI USD ü LU0188497985 1 million USD USD – 0.60% 0.10% 0.30%IS USD ü LU0328685416 1 million USD USD – 0.60% 0.10% 0.30%I dy USD ü LU0883978354 1 million USD USD – 0.60% 0.10% 0.30%P USD ü LU0188499254 – USD USD-EUR – 0.90% 0.10% 0.30%P dy USD ü LU0208606003 – USD USD-EUR ü 0.90% 0.10% 0.30%R USD ü LU0188499684 – USD USD-EUR – 1.35% 0.10% 0.30%Z USD ü LU0188500283 – USD USD – 0% 0.10% 0.30%I EUR – LU0474967725 (1) EUR EUR – 0.60% 0.10% 0.30%P EUR ü LU0474967998 – EUR EUR – 0.90% 0.10% 0.30%R EUR ü LU0474968020 – EUR EUR – 1.35% 0.10% 0.30%I GBP ü LU0859479742 (1) GBP GBP – 0.60% 0.10% 0.30%R dy GBP ü LU0396250085 – GBP GBP ü 1.35% 0.10% 0.30%* Per year of the average net assets attributable to this type of share.** The conversion costs will be charged to the compartment.(1) USD 1,000,000 converted to EUR or GBP on the day of the NAV calculation.178 The original French text is the legally binding version.

48. PICTET – EUROLAND INDEXInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to replicate the performance of theMSCI EMU Index;• Who are willing to bear variations in market valueand thus have a low aversion to risk;• Who have a medium- to long-term investmenthorizon (at least 5 years).Investment policy and objectivesThis compartment aims to enable investors to benefitfrom growth in the eurozone equity markets througha vehicle that accurately reflects the performance ofthe MSCI EMU Index.Nonetheless, the compartment is not required to holdall the securities contained in the benchmark indexand no limit is set for the minimum and maximumnumbers of securities held in the portfolio (as allowedby the investment restrictions).The compartment will invest a minimum of 75% ofits net assets in shares issued by companies that havetheir registered headquarters in countries that arepart of the European Monetary Union.This compartment will hold a diversified portfolio,generally composed of securities issued by listedcompanies. These securities may be ordinary or preferenceshares, convertible bonds and to a lesser extentwarrants on transferable securities and options.In addition, the compartment may also invest up to10% of its net assets in UCIs.Investments in debt instruments as defined by the EuropeanDirective 2003/48/EC will not exceed 15%.The compartment will pursue its investment policy byfocusing on the performance and/or the volatility ofmarkets, and may also take credit risks on various issuers.The compartment may use derivative techniques andinstruments for efficient management, within the limitsspecified in the investment restrictions. In addition,the compartment may also invest in structuredproducts.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment. In addition, due to their volatility,warrants present an above-average economicrisk.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the MSCI EMU index.Expected leverage: 0%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Due to the composition of the portfolio or the portfoliomanagement techniques that may be used, thenet asset value of the compartment may experiencehigh volatility.Manager: PAM Ltd, PAM S.A.Consolidation currency of the compartment: EURRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. Subscription, conversionand/or redemption requests for a NAV calculated ondays following a day (other than a Saturday or Sunday)on which the markets are closed in France, Germany,Italy, Spain or the Netherlands or in a countrywhose capitalisation in the MSCI EMU index exceeds10% (revised on 31 December each year) will be processedon the following NAV calculation date.SubscriptionBy 12:00 noon on the Banking Day preceding theNAV calculation date.RedemptionBy 12:00 noon on the Banking Day preceding theNAV calculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationEach Banking Day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin 2 Banking Days following the applicable NAVcalculation date.Calculation of the NAVThe effect of net asset value corrections, more fullydescribed in the section “Calculation of the net assetvalue”, will not exceed 1%.The original French text is the legally binding version. 179

PICTET – EUROLAND INDEXType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %) *ServiceCustodianBankI EUR ü LU0255980830 1 million EUR EUR – 0.30% 0.10% 0.30%P EUR ü LU0255980913 – EUR EUR – 0.45% 0.10% 0.30%P dy EUR ü LU0255981051 – EUR EUR ü 0.45% 0.10% 0.30%R EUR ü LU0255981135 – EUR EUR – 0.90% 0.10% 0.30%Z EUR ü LU0255981218 – EUR EUR – 0% 0.10% 0.30%I GBP ü LU0859479825 (1) GBP GBP – 0.30% 0.10% 0.30%R dy GBP ü LU0396250754 – GBP GBP ü 0.90% 0.10% 0.30%* Per year of the average net assets attributable to this type of share.(1) EUR 1,000,000 converted to GBP on the day of the NAV calculation.180 The original French text is the legally binding version.

49. PICTET – US EQUITY GROWTH SELECTIONInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in shares issued by companieswith headquarters in, and/or whose mainactivities are conducted in the United States;• Who are willing to bear variations in market valueand thus have a low aversion to risk;• Who have a medium- to long-term investmenthorizon (at least 5 years).Investment policy and objectivesThis compartment aims to enable investors to benefitfrom growth in the American equity market.The compartment will invest at least two-thirds of itstotal assets or wealth in equities issued by companiesthat are headquartered in or conduct their main activityin the United States.The portfolio will be composed of a limited selectionof securities that, in the opinion of the manager, havethe most favourable outlook.This compartment will hold a diversified portfolio,generally composed of securities issued by listedcompanies. These securities may be ordinary or preferenceshares, convertible bonds and, to a lesser extent,warrants on transferable securities and options.In addition, the compartment may also invest up to10% of its net assets in UCIs.Investments in debt instruments as defined by the EuropeanDirective 2003/48/EC will not exceed 15%.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns are linked to the performance of anindex, transferable securities or a basket of transferablesecurities, or an undertaking for collective investment,for example.The compartment may use derivative techniques andinstruments for efficient management, within the limitsspecified in the investment restrictions.Investors should be aware, however, that the acquisitionof derivative instruments involves certainrisks that could have a negative effect on theperformance of the compartment. In addition, dueto their volatility, warrants present an above-averageeconomic risk.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the Russell 1000 Growth index.Expected leverage: 0%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: Waddell & Reed Investment Management CompanyConsolidation currency of the compartment: USDRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationsEach banking day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin 2 Banking Days following the applicable NAVcalculation date.The original French text is the legally binding version. 181

PICTET – US EQUITY GROWTH SELECTIONType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %) *ServiceCustodianBankI USD ü LU0256836254 1 million USD USD – 0.90% 0.30% 0.30%P USD ü LU0256840108 – USD USD – 1.80% 0.30% 0.30%P dy USD ü LU0256841411 – USD USD ü 1.80% 0.30% 0.30%R USD ü LU0256842575 – USD USD – 2.50% 0.30% 0.30%Z USD ü LU0260655930 – USD USD – 0% 0.30% 0.30%R EUR ü LU0372506948 – EUR EUR – 2.50% 0.30% 0.30%HI EUR ü LU0256843623 (1) EUR EUR – 0.90% 0.35% 0.30%HP EUR ü LU0256844860 – EUR EUR – 1.80% 0.35% 0.30%HR EUR ü LU0256845677 – EUR EUR – 2.50% 0.35% 0.30%* Per year of the average net assets attributable to this type of share.(1) USD 1,000,000 converted to EUR on the day of the NAV calculation.182 The original French text is the legally binding version.

50. PICTET – SECURITYInvestor type profileThe compartment is an investment vehicle for investors:• Who are willing to bear significant variations inmarket value and thus have a low aversion to risk;• Who have a long-term investment horizon (atleast 7 years).Investment policy and objectivesThis compartment applies a capital growth strategyby investing primarily in shares or similar securitiesissued by companies that contribute to providing integrity,health, and freedom, whether it be indivi dual,corporate or political. The compartment will invest atleast two-thirds of its total assets or wealth in equitiesissued by companies operating in this sector.The targeted companies will be active, mainly, but notexclusively, in the following areas: internet security;software, telecommunications and computer hardwaresecurity; physical safety and health protection;access and identification security; traffic security;workplace security and national defence, etc.This compartment will hold a diversified portfolio,generally composed of securities issued by listedcompanies. These securities may be ordinary or preferenceshares, convertible bonds and to a lesser extentwarrants on transferable securities and options.In addition, the compartment may also invest up to10% of its net assets in UCIs.The compartment will not invest more than 10% ofits assets in bonds or any other debt security (includingconvertible bonds and preference shares), moneymarket instruments, derivatives and/or structuredproducts whose underlyers are, or offer exposure to,bonds or similar debt and interest-rate securities.By analogy, investments in undertakings for collectiveinvestment whose main objective is to invest inthe above-listed assets are also included in the 10%limit.Investments in debt instruments as defined by the EuropeanDirective 2003/48/EC will not exceed 15%.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns are linked to the performance of anindex, transferable securities or a basket of transferablesecurities, or an undertaking for collective investment,for example.The compartment may use derivative techniques andinstruments for efficient management, within the limitsspecified in the investment restrictions.Investors should be aware that, due to the politicaland economic situations in emerging countries,investment in this compartment presents greaterrisk and is intended only for investors who areable to bear and assume this increased risk. Thiscompartment is generally only suitable for investorsseeking a long-term investment.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment. In addition, due to their volatility,warrants present an above-average economicrisk.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the MSCI World index.Expected leverage: 0%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM LtdSub-Manager: PAM S.A.Consolidation currency of the compartment: USDRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationsEach banking day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin 3 Banking Days following the applicable NAVcalculation date.The original French text is the legally binding version. 183

Shares not yet issued that may be activated at a later dateHI EUR, HP EUR and HR EUR shares:Initial subscription price: The net asset value on theday of their activation of I EUR, P EUR and R EURshares.PICTET – SECURITYType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionand redemptioncurrencies**DividenddistributionManagementFees (max %)*ServiceCustodianBankI USD ü LU0256845834 1 million USD USD – 1.20% 0.45% 0.30%P USD ü LU0256846139 – USD USD-EUR – 2.40% 0.45% 0.30%P dy USD ü LU0256846303 – USD USD-EUR ü 2.40% 0.45% 0.30%R USD ü LU0256846568 – USD USD-EUR – 2.90% 0.45% 0.30%Z USD ü LU0328681696 – USD USD – 0% 0.45% 0.30%I EUR ü LU0270904351 (1) EUR EUR – 1.20% 0.45% 0.30%P EUR ü LU0270904781 – EUR EUR – 2.40% 0.45% 0.30%R EUR ü LU0270905242 – EUR EUR – 2.90% 0.45% 0.30%I dy GBP ü LU0448836865 (1) GBP GBP ü 1.20% 0.45% 0.30%P dy GBP ü LU0320647950 – GBP GBP ü 2.40% 0.45% 0.30%HI EUR ü LU0474968293 (1) EUR EUR – 1.20% 0.50% 0.30%HP EUR – LU0650148827 – EUR EUR – 2.40% 0.50% 0.30%HR EUR – LU0650149049 – EUR EUR – 2.90% 0.50% 0.30%* Per year of the average net assets attributable to this type of share.** The conversion costs will be charged to the compartment.(1) USD 1,000,000 converted to EUR or GBP on the day of the NAV calculation.184 The original French text is the legally binding version.

51. PICTET – CLEAN ENERGYInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in securities of companiesworldwide that produce clean energy and encourageits use;• Who are willing to bear significant variations inmarket value and thus have a low aversion to risk.Investment policy and objectivesThis compartment applies a capital growth strategyby investing at least two-thirds of its total assets orwealth in shares issued by companies that contributeto the reduction of carbon emissions (by encouragingthe production and use of clean energy, for example).The investment universe is not limited to a specificgeographic region.The targeted companies will be in particular, but notexclusively, companies active in the following domains:cleaner resources and infrastructures; equipmentand technologies that reduce carbon emissions;the generation, transmission and distribution ofcleaner energy; and cleaner and more energy-efficienttransportation and fuels.This compartment will hold a diversified portfoliocomposed, within the limits of the investment restrictions,of securities in listed companies. These securitiesmay be ordinary or preferred shares, convertiblebonds, and, to a lesser extent, warrants on transferablesecurities or options. In addition, the compartmentmay also invest up to 10% of its net assets inUCIs.The compartment will not invest more than 10% ofits assets in bonds or any other debt security (includingconvertible bonds and preference shares), moneymarket instruments, derivatives and/or structuredproducts whose underlyers are, or offer exposure to,bonds or similar debt and interest-rate securities.By analogy, investments in undertakings for collectiveinvestment whose main objective is to invest inthe above-listed assets are also included in the 10%limit.Investments in debt instruments as defined by the EuropeanDirective 2003/48/EC will not exceed 15%.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns are linked to the performance of anindex, transferable securities or a basket of transferablesecurities, or an undertaking for collective investment,for example.The compartment may use derivative techniques andinstruments for the purpose of efficient managementwithin the limits defined in the investment restrictions.Investors should be aware that, due to the politicaland economic situations in emerging countries,investment in this compartment presents greaterrisk and is intended only for investors who areable to bear and assume this increased risk. Thiscompartment is generally only suitable for investorsseeking a long-term investment.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment. In addition, due to their volatility,warrants present an above-average economicrisk.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the MSCI World index.Expected leverage: 0%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Due to the composition of the portfolio or the portfoliomanagement techniques that may be used, thenet asset value of the compartment may experiencehigh volatility.Manager: PAM LtdSub-Manager: PAM S.A.Consolidation currency of the compartment: USDRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.The original French text is the legally binding version. 185

Frequency of NAV calculationsEach banking day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin 3 Banking Days following the applicable NAVcalculation date.Shares not yet issued that may be activated at a later dateHI EUR, HP EUR and HR EUR shares and P dy EURshares.Initial subscription price: The net asset value of thefollowing shares on the day of activation: of the IEUR, P EUR and R EUR shares converted to EUR forHI EUR, HP EUR and HR EUR shares and of the P dyUSD share converted to EUR for P dy EUR shares.PICTET – clean energyType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %)*ServiceCustodianBankI USD ü LU0280430405 1 million USD USD – 1.20% 0.45% 0.30%P USD ü LU0280430660 – USD USD – 2.40% 0.45% 0.30%P dy USD ü LU0280430744 – USD USD ü 2.40% 0.45% 0.30%R USD ü LU0280431049 – USD USD – 2.90% 0.45% 0.30%Z USD ü LU0331553957 – USD USD – 0.00% 0.45% 0.30%I EUR ü LU0312383663 (1) EUR EUR – 1.20% 0.45% 0.30%I dy EUR ü LU0616375167 (1) EUR EUR ü 1.20% 0.45% 0.30%P EUR ü LU0280435388 – EUR EUR – 2.40% 0.45% 0.30%P dy EUR – LU0474968376 – EUR EUR ü 2.40% 0.45% 0.30%R EUR ü LU0280435461 – EUR EUR – 2.90% 0.45% 0.30%I dy GBP ü LU0448836949 (1) GBP GBP ü 1.20% 0.45% 0.30%P dy GBP ü LU0320648255 – GBP GBP ü 2.40% 0.45% 0.30%HI EUR – LU0474968459 (1) EUR EUR – 1.20% 0.50% 0.30%HP EUR – LU0650147779 – EUR EUR – 2.40% 0.50% 0.30%HR EUR – LU0650147852 – EUR EUR – 2.90% 0.50% 0.30%* Per year of the average net assets attributable to this type of share.(1) USD 1,000,000 converted to EUR or GBP on the day of the NAV calculation.186 The original French text is the legally binding version.

52. PICTET – RUSSIAN EQUITIESInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in shares issued by companieswith headquarters in Russia and/or whosemain activities are conducted in Russia;• Who are willing to bear significant variations inmarket value and thus have a low aversion to risk.Investment policy and objectivesThe compartment will invest a minimum of twothirdsof its total assets or wealth in equities or anyother kind of “equity”-type security issued by companiesthat are headquartered in Russia or that conductthe majority of their activity in Russia. These other“equity”-type securities may be American depositaryreceipts (ADRs), European depositary receipts(EDRs) and Global depositary receipts (GDRs), whoseunderlying assets are issued by companies domiciledin Russia then traded on regulated markets outsidethese countries, mainly in the US and in Europe.This compartment will hold a diversified portfolio,generally composed of securities in listed companies.These securities may be ordinary or preferred shares,convertible bonds and, to a lesser extent, warrantsand options.This compartment may also invest in securities tradedon the Russian Trading System (RTS) and the MoscowInterbank Currency Exchange (MICEX) markets,which are considered regulated markets.In addition, the compartment may also invest up to10% of its net assets in UCIs.The compartment will not invest more than 10% ofits assets in bonds or any other debt security (includingconvertible bonds and preference shares), moneymarket instruments, derivatives and/or structuredproducts whose underlyers are, or offer exposure to,bonds or similar debt and interest-rate securities.By analogy, investments in undertakings for collectiveinvestment whose main objective is to invest inthe above-listed assets are also included in the 10%limit.Investments in debt instruments as defined by the EuropeanDirective 2003/48/EC will not exceed 15%.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns are linked to the performance of anindex, transferable securities or a basket of transferablesecurities, or an undertaking for collective investment,for example.The compartment may use derivative techniques andinstruments for the purpose of efficient managementwithin the limits defined in the investment restrictions.Investors should be aware, however, that the acquisitionof derivative instruments involves certainrisks that could have a negative effect on theperformance of the compartment. In addition, dueto their volatility, warrants present an above-averageeconomic risk.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the MSCI Russia 10/40 index.Expected leverage: 0%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Due to the composition of the portfolio or the portfoliomanagement techniques that may be used, thenet asset value of the compartment may experiencehigh volatility.Manager: PAM LtdConsolidation currency of the compartment: USDRisk factorsInvestors should be aware that, due to the politicaland economic situations in emerging countries, investmentin this compartment presents greater riskand is intended only for investors who are able tobear and assume this increased risk. This compartmentis generally only suitable for investors seeking along-term investment.Investment in this compartment is subject, amongother risks, to political risks, capital repatriation restrictions,counterparty risks, and volatility and/orilliquidity risks in the markets of the emerging countriesin question.Political and economic risksIn most of the countries in which the compartmentinvests, the governments are implementing policiesof economic and social liberalisation. Although it ispresumed that these reforms should be beneficial tothese economies in the long term, there is no assurancethat these reforms will be continued or that theywill achieve the expected results.These reforms may be challenged or slowed by politicalor social events, or by national or internationalarmed conflicts. All these political risks may affect thecapital gains objectives set for the compartment.Volatility and illiquidity risksDue to the above-mentioned risk of instability causedby political and economic developments, the ratesfor transferable securities in which the compartmentThe original French text is the legally binding version. 187

invests may fluctuate significantly in short-term periods.Although the compartment intends to invest predominantlyin listed securities or in securities tradedon regulated markets, some risk of illiquidity may stillexist, due to the relatively undeveloped nature of thestock markets in the countries in question comparedto those of the more developed countries in WesternEurope. Due to the risk of volatility, this compartmentcan only be recommended for long-term investments.The risk is accentuated by the risk of illiquidity, which,in crisis periods, may give rise to suspension of thecalculation of the net asset value and temporarily impedethe right of shareholders to redeem their shares.Risk linked to investments in a single countryGiven that the transferable securities belonging to agiven country tend to be affected by identical factors,this compartment risks being more volatile than afund investing in a more diversified manner. By investingprimarily in a single country, this compartment ismore exposed to market, political and economic risksin the country in which they are traded.Accounting standardsIn addition, in some emerging markets, the applicableaccounting and auditing standards are not as strict asthose applied in Western European countries. Consequently,the accounting and financial informationon the companies in which the compartment investsmay be more cursory and less reliable.Ownership of securitiesIn most Eastern European countries, the legal environmentand laws governing ownership of securitiesare imprecise and do not provide the same guaranteesas the laws in Western European countries. Additionally,in the past there have been cases of fraudulentand falsified securities. There is thus a greater risk forthis compartment and its shareholders.Counterparty and transaction risksThe Fund and the Custodian Bank are required touse local service providers for the safekeeping of thecompartment’s assets and for the execution of securitiestransactions.Although the Fund and the Custodian Bank intend touse only the best-qualified service providers in eachof the markets concerned, the choice of providers insome countries may be very limited and even the bestqualifiedproviders may not offer guarantees comparableto those given by financial institutions andbrokerage firms operating in developed countries.Consequently, in spite of the oversight and controlexercised by the Custodian Bank over the compartment’sassets and the service providers jointly designatedwith the Fund, the quality of the services thatthe Fund and the Custodian Bank may obtain withregard to the execution of transactions on securitiesand their custody may be less reliable. Investorsshould be aware that this compartment, and thereforeits shareholders will bear the associated risks.Remittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 1:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 1:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationsEach banking day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin 4 Banking Days following the applicable NAVcalculation date.Shares not yet issued that may be activated at a later dateP dy EUR, HP EUR and HR EUR shares as defined inthe section “Sub-classes of Shares”.Initial subscription price: The net asset value of thefollowing shares on the day of activation: of the P dyUSD share converted to EUR for P dy EUR sharesand of the P EUR and R EUR shares for HP EUR andHR EUR shares.188 The original French text is the legally binding version.

PICTET – RUSSIAN EQUITIESType of share Activated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %) *ServiceCustodianBankI USD ü LU0338482002 1 million USD USD – 1.90% 0.80% 0.30%P USD ü LU0338482267 – USD USD – 2.40% 0.80% 0.30%P dy USD ü LU0338482424 – USD USD ü 2.40% 0.80% 0.30%R USD ü LU0338482770 – USD USD – 2.90% 0.80% 0.30%Z USD ü LU0340081248 – USD USD – 0% 0.80% 0.30%I EUR ü LU0338482937 (1) EUR EUR – 1.90% 0.80% 0.30%P EUR ü LU0338483075 – EUR EUR – 2.40% 0.80% 0.30%P dy EUR – LU0474968533 – EUR EUR ü 2.40% 0.80% 0.30%R EUR ü LU0338483158 – EUR EUR – 2.90% 0.80% 0.30%I GBP ü LU0859479239 (1) GBP GBP – 1.90% 0.80% 0.30%P dy GBP ü LU0338483232 – GBP GBP ü 2.40% 0.80% 0.30%HP EUR – LU0650148660 – EUR EUR – 2.40% 0.85% 0.30%HR EUR – LU0650148744 – EUR EUR – 2.90% 0.85% 0.30%* Per year of the average net assets attributable to this type of share.(1) USD 1,000,000 converted to EUR or GBP on the day of the NAV calculation.The original French text is the legally binding version. 189

53. PICTET – TIMBERInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in shares of companies worldwideactive in the silviculture value chain;• Who are willing to bear significant variations inmarket value and thus have a low aversion to risk.Investment policy and objectivesThis compartment applies a strategy for capitalgrowth by investing at least two-thirds of its total assets/ wealth in shares or any other securities relatedto shares issued by companies active in the financing,planting, and management of forests and wooded areasand/or in the processing, production and distributionof wood for construction and other servicesand products derived from wood contained in the silviculturevalue chain.This compartment will hold a diversified portfoliocomposed, within the limits of the investment restrictions,of securities in listed companies. These securitiesmay be ordinary or preferred shares, convertiblebonds and, to a lesser extent, warrants and options.The investment universe is not limited to a specificgeographic region.In addition, the compartment may also invest up to10% of its net assets in UCIs.The compartment will not invest more than 10% ofits assets in bonds or any other debt security (includingconvertible bonds and preference shares), moneymarket instruments, derivatives and/or structuredproducts whose underlyers are, or offer exposure to,bonds or similar debt and interest-rate securities.By analogy, investments in undertakings for collectiveinvestment whose main objective is to invest inthe above-listed assets are also included in the 10%limit.Investments in debt instruments as defined by the EuropeanDirective 2003/48/EC will not exceed 15%.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns are linked to the performance of anindex, transferable securities or a basket of transferablesecurities, or an undertaking for collective investment,for example.The compartment may use derivative techniques andinstruments for the purpose of efficient managementwithin the limits defined in the investment restrictions.Investors should be aware that, due to the politicaland economic situations in emerging countries,investment in this compartment presents greaterrisk and is intended only for investors who areable to bear and assume this increased risk. Thiscompartment is generally only suitable for investorsseeking a long-term investment.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment. In addition, due to their volatility,warrants present an above-average economicrisk.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the MSCI World index.Expected leverage: 0%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Due to the composition of the portfolio or the portfoliomanagement techniques that may be used, thenet asset value of the compartment may experiencehigh volatility.Manager: PAM LtdSub-Manager: PAM S.A.Consolidation currency of the compartment: USDRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationsEach banking day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.190 The original French text is the legally binding version.

Payment value date for subscriptions and redemptionsWithin 3 Banking Days following the applicable NAVcalculation date.Shares not yet issued that may be activated at a later dateHI EUR and P dy EUR shares.Initial subscription price: The net asset value of thefollowing shares on the day of activation: of the P dyUSD share converted to EUR for P dy EUR sharesand of the I USD share converted to EUR for HI EURshares.PICTET – TIMBERType of share Activated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %)*ServiceCustodianBankI USD ü LU0340557262 1 million USD USD – 1.20% 0.45% 0.30%P USD ü LU0340557775 – USD USD – 2.40% 0.45% 0.30%P dy USD ü LU0340558237 – USD USD ü 2.40% 0.45% 0.30%R USD ü LU0340558583 – USD USD – 2.90% 0.45% 0.30%Z USD ü LU0434580600 – USD USD – 0% 0.45% 0.30%I EUR ü LU0340558823 (1) EUR EUR – 1.20% 0.45% 0.30%P EUR ü LU0340559557 – EUR EUR – 2.40% 0.45% 0.30%P dy EUR – LU0434580519 – EUR EUR ü 2.40% 0.45% 0.30%R EUR ü LU0340559805 – EUR EUR – 2.90% 0.45% 0.30%I dy GBP ü LU0448837087 (1) GBP GBP ü 1.20% 0.45% 0.30%P dy GBP ü LU0340560480 _ GBP GBP ü 2.40% 0.45% 0.30%HI EUR – LU0434580865 (1) EUR EUR – 1.20% 0.50% 0.30%HP EUR ü LU0372507243 – EUR EUR – 2.40% 0.50% 0.30%HR EUR ü LU0434580436 – EUR EUR – 2.90% 0.50% 0.30%* Per year of the average net assets attributable to this type of share.(1) USD 1,000,000 converted to EUR or GBP on the day of the NAV calculation.The original French text is the legally binding version. 191

54. PICTET – AGRICULTUREInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in the securities of companiesthat contribute to and/or profit from the valuechain in the agricultural sector;• Who are willing to bear significant variations inmarket value and thus have a low aversion to risk.Investment policy and objectivesThis compartment applies a strategy for capitalgrowth by investing primarily in shares issued bycompanies contributing to and/or profiting from thevalue chain of the agricultural sector. The compartment’sinvestment universe is not limited to a specificgeographic region.Within this value chain, the primarily targeted companieswill be those which are active in production,processing and supply, as well as the production ofagricultural equipment.The risks will be minimised in a general environmentof geographic diversification.The Management Company will continuously monitorpolitical and economic events in the countries inwhich the compartment invests, preferring securitieswith high growth potential and companies withtargeted activity rather than large, more well-knowngroups.This compartment will hold a diversified portfoliocomposed, within the limits of the investment restrictions,of securities in listed companies. These securitiesmay be ordinary or preferred shares and, to alesser extent, warrants and options.In addition, the compartment may also invest up to10% of its net assets in UCIs.The compartment will not invest more than 10% ofits assets in bonds or any other debt security (includingconvertible bonds and preference shares), moneymarket instruments, derivatives and/or structuredproducts whose underlyers are, or offer exposure to,bonds or similar debt and interest-rate securities.By analogy, investments in undertakings for collectiveinvestment whose main objective is to invest in theabove-listed assets are also included in the 10% limit.Investments in debt instruments as defined by the EuropeanDirective 2003/48/EC will not exceed 15%.If the manager deems it necessary in the best interestof the shareholders, the compartment may hold upto 100% of its net assets in liquidities, e.g. deposits,money market instruments, money market investmentfunds within the above-mentioned limits.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns are linked to the performance of anindex, transferable securities or a basket of transferablesecurities, or an undertaking for collective investment,for example.The compartment may use derivative techniques andinstruments for the purpose of efficient managementwithin the limits defined in the investment restrictions.Investors should be aware that, due to the politicaland economic situation in emerging countries,investment in this compartment presents greaterrisk and is intended only for investors who areable to bear and assume this increased risk. Thiscompartment is generally only suitable for investorsseeking a long-term investment.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment. In addition, due to their volatility,warrants present an above-average economicrisk.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the MSCI World index.Expected leverage: 0%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Due to the composition of the portfolio or the portfoliomanagement techniques that may be used, thenet asset value of the compartment may experiencehigh volatility.Manager: PAM LtdSub-Manager: PAM S.A.Consolidation currency of the compartment: EURRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.192 The original French text is the legally binding version.

RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationsEach banking day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin 3 Banking Days following the applicable NAVcalculation date.Shares not yet issued that may be activated at a later dateHI USD, HP USD and HR USD shares.Initial subscription price: The net asset value on theday of activation of the I EUR, P EUR and R EURshares converted to USD.PICTET – AGRICULTUREType of share Activated ISIN code Initial min. BasecurrencyDividenddistributionSubscriptionand redemptioncurrencies**ManagementFees (max %)*ServiceCustodianBankI EUR ü LU0366533882 1 million EUR EUR – 1.20% 0.45% 0.30%P EUR ü LU0366534344 – EUR EUR-USD – 2.40% 0.45% 0.30%P dy EUR ü LU0366534690 – EUR EUR-USD ü 2.40% 0.45% 0.30%R EUR ü LU0366534773 – EUR EUR-USD – 2.90% 0.45% 0.30%Z EUR ü LU0474969341 – EUR EUR – 0% 0.45% 0.30%I USD ü LU0428745664 (1) USD USD – 1.20% 0.45% 0.30%P USD ü LU0428745748 – USD USD – 2.40% 0.45% 0.30%P dy USD ü LU0428745821 – USD USD ü 2.40% 0.45% 0.30%R USD ü LU0428746043 – USD USD – 2.90% 0.45% 0.30%I dy GBP ü LU0448837160 (1) GBP GBP ü 1.20% 0.45% 0.30%P dy GBP ü LU0366534856 – GBP GBP ü 2.40% 0.45% 0.30%HI USD – LU0474969424 (1) USD USD – 1.20% 0.50% 0.30%HP USD – LU0474969697 – USD USD – 2.40% 0.50% 0.30%HR USD – LU0474969770 – USD USD – 2.90% 0.50% 0.30%* Per year of the average net assets attributable to this type of share.** The conversion costs will be charged to the compartment.(1) EUR 1,000,000 converted to USD or GBP on the day of the NAV calculation.The original French text is the legally binding version. 193

55. PICTET – GLOBAL MEGATREND SELECTIONInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in securities reflecting investmentsin Pictet thematic open-ended investmentfunds;• Who are willing to bear significant variations inmarket value and thus have a low aversion to risk.Investment policy and objectivesThe compartment will apply a strategy for capitalgrowth by investing at least two-thirds of its total assets/wealthin equities or in any other security linkedto equities, issued by companies throughout theworld.It will be composed of a palette of securities reflectinginvestments in Pictet thematic open-ended investmentfunds, based on an equal weighting of eachtheme, which will normally be adjusted monthly. Ifthe manager deems that market conditions require,the thematic equal-weighting will be suspended untilmarket conditions return to normal.The risks will be minimised in a general environmentof geographic diversification.The Management Company will continuously monitorpolitical and economic events in the countries inwhich the compartment invests, preferring securitieswith high growth potential and companies withtargeted activity rather than large, more well-knowngroups.This compartment will hold a diversified portfoliocomposed, within the limits of the investment restrictions,of securities in listed companies. These securitiesmay be ordinary or preferred shares and, to alesser extent, warrants and options.In addition, the compartment may also invest up to10% of its net assets in UCIs.The compartment will not invest more than 10% ofits assets in bonds or any other debt security (includingconvertible bonds and preference shares), moneymarket instruments, derivatives and/or structuredproducts whose underlyers are, or offer exposure to,bonds or similar debt and interest-rate securities.By analogy, investments in undertakings for collectiveinvestment whose main objective is to invest inthe above-listed assets are also included in the 10%limit.Investments in debt instruments as defined by the EuropeanDirective 2003/48/EC will not exceed 15%.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns are linked to the performance of anindex, transferable securities or a basket of transferablesecurities, or an undertaking for collective investment,for example.The compartment may use derivative techniques andinstruments for the purpose of efficient managementwithin the limits defined in the investment restrictions.Investors should be aware that, due to the politicaland economic situation in emerging countries,investment in this compartment presents greaterrisk and is intended only for investors who areable to bear and assume this increased risk. Thiscompartment is generally only suitable for investorsseeking a long-term investment.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment. In addition, due to their volatility,warrants present an above-average economicrisk.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the MSCI World index.Expected leverage: 0%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM LtdSub-Manager: PAM S.A.Consolidation currency of the compartment: USDRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 1:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 1:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.194 The original French text is the legally binding version.

Frequency of NAV calculationsEach banking day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin 3 Banking Days following the applicable NAVcalculation date.Shares not yet issued that may be activated at a later dateHP CHF shares.Initial subscription price: The net asset value on theday of activation of the P CHF shares.PICTET – GLOBAL MEGATREND SELECTIONType of share Activated ISIN code Initial min. BasecurrencyDividenddistributionSubscriptionand redemptioncurrencies**ManagementFees (max %)*ServiceCustodianBankI USD ü LU0386856941 1 million USD USD – 1.20% 0.45% 0.30%P USD ü LU0386859887 – USD USD-EUR – 2.40% 0.45% 0.30%P dy USD ü LU0386863137 – USD USD-EUR ü 2.40% 0.45% 0.30%R USD ü LU0386865348 – USD USD-EUR – 2.90% 0.45% 0.30%Z USD ü LU0386869092 – USD USD – 0% 0.45% 0.30%I EUR ü LU0386875149 (1) EUR EUR – 1.20% 0.45% 0.30%P EUR ü LU0386882277 – EUR EUR – 2.40% 0.45% 0.30%P dy EUR ü LU0386885296 – EUR EUR ü 2.40% 0.45% 0.30%R EUR ü LU0391944815 – EUR EUR – 2.90% 0.45% 0.30%P CHF ü LU0386891260 – CHF CHF – 2.40% 0.45% 0.30%I dy GBP ü LU0448837244 (1) GBP GBP ü 1.20% 0.45% 0.30%P dy GBP ü LU0386899750 – GBP GBP ü 2.40% 0.45% 0.30%HP CHF – LU0474969853 – CHF CHF – 2.40% 0.50% 0.30%HI EUR ü LU0474969937 (1) EUR EUR – 1.20% 0.50% 0.30%HP EUR ü LU0474970190 – EUR EUR – 2.40% 0.50% 0.30%HR EUR ü LU0474970273 – EUR EUR – 2.90% 0.50% 0.30%* Per year of the average net assets attributable to this type of share.** The conversion costs will be charged to the compartment.(1) USD 1,000,000 converted to EUR or GBP on the day of the NAV calculation.The original French text is the legally binding version. 195

56. PICTET – US EQUITY VALUE SELECTIONInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in shares issued by companieswith headquarters in and/or whose main activitiesare conducted in the United States;• Who are willing to bear variations in market valueand thus have a low aversion to risk.Investment policy and objectivesThe compartment aims to offer investors the opportunityto benefit from the potential growth in the USequity market, through shares that the manager considersas undervalued.The compartment will invest primarily in equities andsimilar securities (such as American depository receipts(ADRs), REITs (Real Estate Investment Trusts)of large capitalisation companies that are domiciledin or whose administrative headquarters are locatedin the United States, or that conduct the majority oftheir business in the United States or that are tradedon a regulated market there.The portfolio will be composed of a limited selectionof securities that have the best outlook in the opinionof the manager. This compartment may invest to alesser extent in convertible bonds.In addition, the compartment may also invest up to10% of its net assets in UCIs.Investments in debt instruments as defined by the EuropeanDirective 2003/48/EC will not exceed 15%.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns may for example be linked to the performanceof an index, transferable securities or abasket of transferable securities, or an undertakingfor collective investment.The compartment may use derivative techniques andinstruments (in particular warrants) for efficient management,within the limits specified in the investmentrestrictions.If the manager deems it necessary in the best interestof the shareholders, the compartment may hold upto 100% of its net assets in liquidities, e.g. deposits,money market instruments, money market investmentfunds (within the 10% limit mentioned above).Investors should be aware, however, that the acquisitionof derivative instruments involves certainrisks that could have a negative effect on theperformance of the compartment. In addition, dueto their volatility, warrants present an above-averageeconomic risk.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the Russell 1000 Value index.Expected leverage: 0%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Due to the composition of the portfolio or the portfoliomanagement techniques that may be used, thenet asset value of the compartment may experiencehigh volatility.Manager: Westwood Management CorpConsolidation currency of the compartment: USDRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationEach banking day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin 2 Banking Days following the applicable NAVcalculation date.Shares not yet issued that may be activated at a later dateZ USD and HI EUR shares.Initial subscription price: The net asset value on theday of activation of I USD shares for Z USD sharesand I USD shares converted to EUR for HI EURshares.196 The original French text is the legally binding version.

PICTET – US EQUITY VALUE SELECTIONType of share Activated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %) *ServiceCustodianBankI USD ü LU0407233310 1 million USD USD – 0.90% 0.30% 0.30%P USD ü LU0407233401 – USD USD – 1.80% 0.30% 0.30%P dy USD ü LU0434579933 – USD USD ü 1.80% 0.30% 0.30%R USD ü LU0434579776 – USD USD – 2.50% 0.30% 0.30%Z USD – LU0434580196 – USD USD – 0% 0.30% 0.30%R EUR ü LU0434580279 – EUR EUR – 2.50% 0.30% 0.30%HI EUR – LU0434580352 (1) EUR EUR – 0.90% 0.35% 0.30%HP EUR ü LU0407233583 – EUR EUR – 1.80% 0.35% 0.30%HR EUR ü LU0434579859 – EUR EUR – 2.50% 0.35% 0.30%* Per year of the average net assets attributable to this type of share.(1) USD 1,000,000 converted to EUR on the day of the NAV calculation.The original French text is the legally binding version. 197

57. PICTET – ENVIRONMENTAL MEGATREND SELECTIONInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in the securities of companiesin line with Pictet’s theme funds focused on theenvironment;• Who are willing to bear significant fluctuations inmarket value and thus have a low aversion to risk.Investment policy and objectivesThe compartment applies a capital growth strategy,by investing principally in equities, or in any othertransferable security linked to or similar to equities(including structured products as described below),issued by companies throughout the world (includingemerging countries).It will invest mainly in securities issued by companiesactive in agriculture, silviculture, clean energy or water.Investments in unlisted securities and in listed securitiesin Russia other than on the RTS and the MICEXstock exchanges, and investments in UCI other thanthose listed in §1 of the investment restrictions section,will not together exceed 10% of the compartment’snet assets.Risks will be minimised by diversified geographicdistribution of the portfolio.The management company will continuously monitoreconomic and political events in the countries inwhich the compartment invests and it will give preferenceto securities with high growth potential andto companies with targeted activity rather than morerenowned large companies.In addition, the compartment may also invest up to10% of its net assets in undertakings for collective investment(UCI).If the manager deems it necessary and in the best interestof the shareholders, the compartment may holdup to 100% of its net assets in liquidities, e.g. deposits,money market instruments, and money marketinvestment funds (within the above-mentioned 10%limit).Investments in debt instruments as defined by the EuropeanDirective 2003/48/EC will not exceed 15%.The compartment may also invest in structured products,such as in particular credit linked notes, certificatesor any other transferable security whose returnsare linked to, among others, an index that adheres tothe procedures stipulated in Article 9 of the regulationsof the Grand Duchy of Luxembourg of 8 February2008 (including indexes on commodities, preciousmetals, volatility, etc.), currencies, interest rates,transferable securities, a basket of transferable securities,or an undertaking for collective investment, incompliance with the regulations of the Grand Duchyof Luxembourg of 8 February 2008.The compartment may use derivative techniques andinstruments for efficient management within the limitsstipulated in the investment restrictions.Investors should be aware that, due to the politicaland economic environments in emerging countries,investment in this compartment presentsgreater risk and is intended only for investorswho are able to bear and assume this increasedrisk.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the MSCI World index.Expected leverage: 0%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM LtdSub-Manager: PAM S.A.Consolidation currency of the compartment: EURRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 50% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the50% limit is not exceeded.SubscriptionBy 1:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 1:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.198 The original French text is the legally binding version.

Frequency of NAV calculationEach banking day as well as the first calendar day ofthe month, unless the first of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin 3 Banking Days following the applicable NAVcalculation date.Shares not yet issued that may be activated at a later dateZ EUR, HI USD, HP USD, HR USD and HP CHFshares.Initial subscription price: The net asset value on theday of their activation of the I EUR share for Z EURshares, and the I EUR, P EUR and R EUR shares respectivelyconverted to USD for HI USD, HP USD andHR USD shares, to CHF for HP CHF shares.PICTET– ENVIRONMENTAL MEGATREND SELECTIONType of share Activated ISIN code Min. initialinvestmentBasecurrencySubscriptionandredemptioncurrency **DividenddistributionManagementFees (max %)*ServiceCustodianBankI EUR ü LU0503631631 1 million EUR EUR-USD – 1.20% 0.45% 0.30%P EUR ü LU0503631714 – EUR EUR-USD – 2.40% 0.45% 0.30%P dy EUR ü LU0503631805 – EUR EUR-USD ü 2.40% 0.45% 0.30%R EUR ü LU0503631987 – EUR EUR-USD – 2.90% 0.45% 0.30%Z EUR – LU0503632019 – EUR EUR – 0% 0.45% 0.30%I USD ü LU0503632100 (1) USD USD – 1.20% 0.45% 0.30%P USD ü LU0503632282 – USD USD – 2.40% 0.45% 0.30%P dy USD ü LU0503632449 – USD USD ü 2.40% 0.45% 0.30%R USD ü LU0503632522 – USD USD – 2.90% 0.45% 0.30%P CHF ü LU0503632795 _ CHF CHF – 2.40% 0.45% 0.30%I dy GBP ü LU0503632878 (1) GBP GBP ü 1.20% 0.45% 0.30%P dy GBP ü LU0503632951 _ GBP GBP ü 2.40% 0.45% 0.30%HP CHF – LU0503633173 _ CHF CHF – 2.40% 0.50% 0.30%HI USD – LU0503633256 (1) USD USD – 1.20% 0.50% 0.30%HP USD – LU0503633330 – USD USD – 2.40% 0.50% 0.30%HR USD – LU0503633504 – USD USD – 2.90% 0.50% 0.30%* Per year of the average net assets attributable to this type of share.** The conversion costs will be charged to the compartment.(1) EUR 1,000,000 converted to USD or GBP on the day of the NAV calculation.The original French text is the legally binding version. 199

58. PICTET – HIGH DIVIDEND SELECTIONInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in the shares of companiesworldwide, from which regular dividend distributionsare expected;• Who are willing to bear significant fluctuations inmarket value and thus have a low aversion to risk.Investment policy and objectivesThis compartment will invest mainly in shares andsimilar securities (including structured products asdescribed below) of companies from which high, orhigher dividends than those of their reference market,are expected.The choice of investments will not be limited to aparticular sector of economic activity. However, dependingon market conditions, the investments maybe focused on a limited number of economic activitysectors.Risks will be minimised by diversified geographicdistribution of the portfolio. The compartment mayinvest in any country (including emerging countries).Investments in unlisted securities and in listed securitiesin Russia other than on the RTS and the MICEXstock exchanges, and investments in UCI other thanthose listed in §1 of the investment restrictions section,will not together exceed 10% of the compartment’snet assets.Risks will be minimised by a diversified geographicallocation of the portfolio.The management company will constantly monitoreconomic and political events in the countries inwhich the Compartment invests, and it will give preferenceto securities with high growth potential and tocompanies with targeted activity rather than to large,better known companies.In addition, the compartment may also invest up to10% of its net assets in undertakings for collective investment(UCI).The compartment will not invest more than 10% of itsnet assets in bonds or any other debt security (includingconvertible bonds and preference shares), moneymarket instruments, derivatives and/or structuredproducts whose underlyers are, or offer exposure to,bonds or similar debt and interest-rate securities.By analogy, investments in undertakings for collectiveinvestment whose main objective is to invest in theabove-listed assets are also included in the 10% limit.If the manager deems it necessary and in the best interestof the shareholders, the compartment may holdup to 100% of its net assets in liquidities, e.g. deposits,money market instruments, and money marketinvestment funds within the above-mentioned limits.Investments in debt instruments as defined by the EuropeanDirective 2003/48/EC will not exceed 15% ofthe compartment’s net assets.The compartment may also invest in structured products,such as in particular credit linked notes, certificatesor any other transferable security whose returnsare linked to, among others, an index that adheres tothe procedures stipulated in Article 9 of the regulationsof the Grand Duchy of Luxembourg of 8 February2008 (including indexes on commodities, preciousmetals, volatility, etc.), currencies, interest rates,transferable securities, a basket of transferable securities,or an undertaking for collective investment, incompliance with the regulations of the Grand Duchyof Luxembourg of 8 February 2008.The compartment may use derivative techniques andinstruments for efficient management within the limitsstipulated in the investment restrictions.Investors should be aware that, due to the politicaland economic environments in emerging countries,investment in this compartment presentsgreater risk and is intended only for investors whoare able to bear and assume this increased risk.Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment.Investors should be aware that there is no guaranteethat the compartment’s investments willprovide dividend income. Past dividend income isnot an indicator of future dividend income.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the MSCI World index.Expected leverage: 0%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM LtdSub-Manager: PAM S.A.Consolidation currency of the compartment: EURRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 50% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are car-200 The original French text is the legally binding version.

ied forward to the next Banking Day on which the50% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationEach banking day as well as the first calendar day ofthe month, unless the first of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin 3 Banking Days following the applicable NAVcalculation date.Shares not yet issued that may be activated at a later dateI dy EUR, P dy USD, I dy CHF, R CHF, HP SGD andHP dm SGD shares.Initial subscription price:The net asset value on the day of activation of the IEUR share for I dy EUR shares, of the P USD sharefor P dy USD shares, of the I dy EUR share convertedto CHF for I dy CHF shares, of the R EUR share convertedto CHF for R CHF shares, of the P SGD sharefor HP SGD shares, and of the P dm SGD share forHP dm SGD shares.PICTET– HIGH DIVIDEND SELECTIONType of share Activated ISIN code Min. initialinvestmentBasecurrencySubscriptionandredemptioncurrency **DividenddistributionManagementFees (max %)*ServiceCustodianBankI EUR ü LU0503633769 1 million EUR EUR-USD – 1.20% 0.45% 0.30%I dy EUR – LU0503634064 1 million EUR EUR-USD ü 1.20% 0.45% 0.30%P EUR ü LU0503634221 – EUR EUR-USD – 2.40% 0.45% 0.30%P dy EUR ü LU0503634577 – EUR EUR-USD ü 2.40% 0.45% 0.30%P dm EUR (2) ü LU0550966351 – EUR EUR-USD ü 2.40% 0.45% 0.30%R EUR ü LU0503634734 – EUR EUR-USD – 2.90% 0.45% 0.30%R dm EUR (2) ü LU0503635038 _ EUR EUR-USD ü 2.90% 0.45% 0.30%Z EUR ü LU0650147423 _ EUR EUR-USD – 0% 0.45% 0.30%I USD ü LU0503635111 (1) USD USD – 1.20% 0.45% 0.30%P USD ü LU0503635202 – USD USD – 2.40% 0.45% 0.30%P dy USD – LU0503635384 – USD USD ü 2.40% 0.45% 0,30%P dm USD (2) ü LU0503635467 – USD USD ü 2.40% 0.45% 0.30%R USD ü LU0503635541 – USD USD – 2.90% 0.45% 0.30%R dm USD (2) ü LU0503635624 – USD USD ü 2.90% 0.45% 0.30%I dm GBP (2) ü LU0503635897 (1) GBP GBP ü 1.20% 0.45% 0.30%P dm GBP (2) ü LU0503635970 – GBP GBP ü 2.40% 0.45% 0.30%P SGD ü LU0592898539 – SGD SGD – 2.40% 0.45% 0.30%P dm SGD (2) ü LU0592898968 – SGD SGD ü 2.40% 0.45% 0.30%HP SGD – LU0605342848 – SGD SGD – 2.40% 0.50% 0.30%HP dm SGD (2) – LU0605342921 – SGD SGD ü 2.40% 0.50% 0.30%I dy CHF – LU0503636192 (1) CHF CHF ü 1.20% 0.45% 0.30%P dy CHF ü LU0503636275 – CHF CHF ü 2.40% 0.45% 0.30%P CHF ü LU0503636358 – CHF CHF – 2.40% 0.45% 0.30%R CHF – LU0503636432 – CHF CHF – 2.90% 0.45% 0.30%* Per year of the average net assets attributable to this type of share.** The conversion costs will be charged to the compartment.(1) EUR 1,000,000 converted to USD, GBP or CHF on the day of the NAV calculation.(2) No tax reporting for the dm sub-class of shares will be provided for German investors.The original French text is the legally binding version. 201

59. PICTET – BRAZIL INDEXInvestor type profileThe compartment is an investment vehicle for investors:• who wish to replicate the performance of theMSCI Brazil Index;• who are willing to bear significant variations inmarket value and thus have a low aversion to risk.Investment policy and objectivesThe objective of this compartment is to enable investorsto benefit from the growth of the Brazilian equitiesmarket by replicating the composition of theMSCI Brazil Standard Index (net dividend reinvested)(NDUEBRAF) (hereinafter the “Benchmark Index”).This compartment will invest in equities and similarsecurities that are included in the Benchmark Indexand/or in derivative financial instruments offeringexposure to securities that are included in the BenchmarkIndex or other techniques and instruments ontransferable securities (such as ADRs and GDRs).The compartment will ensure it maintains a securitiesweighting identical to that of the index and ensurethat the effect on the tracking error is negligible.The compartment may, in application of Article 44 ofthe Law of 2010, invest up to 20% (and even 35% inexceptional market circumstances) of its net assets inthe same issuer in order to replicate the compositionof its Benchmark Index.Investments in assets subject to application of the EuropeanDirective 2003/48/EC will not exceed 15% ofthe compartment’s net assets.For hedging purposes or efficient management, andwithin the limits of the investment restrictions set outin the prospectus, the compartment may use any typeof financial derivative whose underlyers are a componentof the index and that are traded in a regulatedand/or over-the-counter (OTC) market if obtainedfrom a leading financial institution that specializes inthese types of transactions.The compartment will not invest in UCIs.If the manager deems it necessary and in the bestinterest of the shareholders and to ensure adequateliquidity, the compartment may hold liquidities suchas deposits and money market instruments, amongothers.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the MSCI Brazil index.Expected leverage: 0%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Due to the composition of the portfolio or the portfoliomanagement techniques that may be used, thenet asset value of the compartment may experiencehigh volatility.Manager: PAM Ltd, PAM S.A.Consolidation currency of the compartment: USDRisk factorsInvestors should be aware that, due to the politicaland economic situations in emerging countries, investmentin this compartment presents greater riskand is intended only for investors who are able tobear and assume this increased risk. In principle, thiscompartment can only be offered to investors whowish to make a long-term investment.Investment in this compartment is subject, amongother risks, to political risks, capital repatriation restrictions,counterparty risks, and volatility and/orilliquidity risks in the markets of the emerging countriesin question.No guarantee can be given as to the effective attainmentof the investment objective; in addition, thecompartment may not fully replicate the performanceof the Benchmark Index.Investors should be aware that the acquisition ofderivative financial instruments involves certainrisks that could have a negative impact on the performanceof the compartment.Remittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. Subscription, conversionand/or redemption requests received for a NAV calculatedon days following a day (other than a Saturdayor Sunday) when the stock market is closed inBrazil will be processed on the following NAV calculationdate.SubscriptionBy 12:00 noon one Banking Day preceding the NAVcalculation date.RedemptionBy 12:00 noon one Banking Day preceding the NAVcalculation date.202 The original French text is the legally binding version.

ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationEach banking day as well as the first calendar day ofthe month, unless the last day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin 2 Banking Days following the applicable NAVcalculation date.Calculation of the NAVThe effect of net asset value corrections, more fullydescribed in the section “Calculation of the net assetvalue”, will not exceed 3%.Shares not yet issued that may be activated at a later dateP dy USD, Z USD and I EUR shares, as defined in thesection “Sub-classes of Shares”.Initial subscription price: The Net Asset Value of theP USD and I USD share, and for the I EUR share, thenet asset value of the I USD share converted to EURon the day it is activated.PICTET – Brazil INDEXType of share Activated ISIN code Min. initialinvestmentBasecurrencySubscriptionandredemptioncurrency **DividenddistributionManagementFees (max %)*ServiceCustodianBankI USD ü LU0625733687 1 million USD USD – 0.45% 0.10% 0.30%IS USD ü LU0625733760 1 million USD USD – 0.45% 0.10% 0.30%P USD ü LU0625733927 – USD USD – 0.60% 0.10% 0.30%P dy USD – LU0625734065 – USD USD ü 0.60% 0.10% 0.30%R USD ü LU0625734149 – USD USD – 1.20% 0.10% 0.30%Z USD – LU0625734222 – USD USD – 0% 0.10% 0.30%I EUR – LU0625734578 (1) EUR EUR – 0.45% 0.10% 0.30%P EUR ü LU0625734818 – EUR EUR – 0.60% 0.10% 0.30%R EUR ü LU0625735039 – EUR EUR – 1.20% 0.10% 0.30%I GBP ü LU0859479403 (1) GBP GBP – 0.45% 0.10% 0.30%* Per year of the average net assets attributable to this type of share.** The conversion costs will be charged to the compartment.(1) USD 1,000,000 converted to EUR or GBP on the day of the NAV calculation.The original French text is the legally binding version. 203

60. PICTET – CHINA INDEXInvestor type profileThe compartment is an investment vehicle for investors:• who wish to replicate the performance of theMSCI China;• who are willing to bear significant variations inmarket value and thus have a low aversion to risk.Investment policy and objectivesThe objective of this compartment is to enable investorsto benefit from the growth of the Chinese equitiesmarket by replicating the composition of theMSCI China Standard Index (net dividend reinvested)(NDEUCHF) (hereinafter the “Benchmark Index”).This compartment will invest in equities and similarsecurities that are included in the Benchmark Indexand/or in derivative financial instruments offeringexposure to securities that are included in the BenchmarkIndex or other techniques and instruments ontransferable securities (such as ADRs and GDRs).The compartment will ensure it maintains a securitiesweighting identical to that of the index and will ensurethat the effect on the tracking error is negligible.The compartment may, in application of Article 44 ofthe Law of 2010, invest up to 20% (and even 35% inexceptional market circumstances) of its net assets inthe same issuer in order to replicate the compositionof its Benchmark Index.Investments in assets subject to application of the EuropeanDirective 2003/48/EC will not exceed 15% ofthe compartment’s net assets.For hedging purposes or efficient management, andwithin the limits of the investment restrictions set outin the prospectus, the compartment may use any typeof financial derivative whose underlyers are a componentof the index and that are traded in a regulatedand/or over-the-counter (OTC) market if obtainedfrom a leading financial institution that specializes inthese types of transactions.The compartment will not invest in UCIs.If the manager deems it necessary and in the bestinterest of the shareholders and to ensure adequateliquidity, the compartment may hold liquidities suchas deposits and money market instruments, amongothers.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the MSCI China index.Expected leverage: 0%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Due to the composition of the portfolio or the portfoliomanagement techniques that may be used, thenet asset value of the compartment may experiencehigh volatility.Manager: PAM Ltd, PAM S.A.Consolidation currency of the compartment: USDRisk factorsInvestors should be aware that, due to the politicaland economic situations in emerging countries, investmentin this compartment presents greater riskand is intended only for investors who are able tobear and assume this increased risk. In principle, thiscompartment can only be offered to investors whowish to make a long-term investment.Investment in this compartment is subject, amongother risks, to political risks, capital repatriation restrictions,counterparty risks, and volatility and/orilliquidity risks in the markets of the emerging countriesin question.No guarantee can be given as to the effective attainmentof the investment objective; in addition, thecompartment may not fully replicate the performanceof the Benchmark Index.Investors should be aware that the acquisition ofderivative financial instruments involves certainrisks that could have a negative impact on the performanceof the compartment.Remittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. Subscription, conversionand/or redemption requests received for a NAV calculatedon days following a day (other than a Saturdayor Sunday) when the stock market is closed inHong Kong will be processed on the following NAVcalculation date.SubscriptionBy 12:00 noon, two Banking Days preceding the NAVcalculation date.RedemptionBy 12:00 noon, two Banking Days preceding the NAVcalculation date.204 The original French text is the legally binding version.

ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationEach banking day as well as the first calendar day ofthe month, unless the last day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin 2 Banking Days following the applicable NAVcalculation date.Calculation of the NAVThe effect of net asset value corrections, more fullydescribed in the section “Calculation of the net assetvalue”, will not exceed 1%.Shares not yet issued that may be activated at a later dateP dy USD, Z USD and I EUR shares, as defined in thesection “Sub-classes of Shares”.Initial subscription price: The Net Asset Value of theP USD and I USD share, and for the I EUR share, thenet asset value of the I USD share converted to EURon the day it is activated.PICTET – CHINA INDEXType of share Activated ISIN code Min. initialinvestmentBasecurrencySubscriptionandredemptioncurrency **DividenddistributionManagementFees (max %)*ServiceCustodianBankI USD ü LU0625736789 1 million USD USD – 0.45% 0.10% 0.30%IS USD ü LU0625736946 1 million USD USD – 0.45% 0.10% 0.30%P USD ü LU0625737167 – USD USD – 0.60% 0.10% 0.30%P dy USD – LU0625737324 – USD USD ü 0.60% 0.10% 0.30%R USD ü LU0625737597 – USD USD – 1.20% 0.10% 0.30%Z USD – LU0625737670 – USD USD – 0% 0.10% 0.30%I EUR – LU0625737753 (1) EUR EUR – 0.45% 0.10% 0.30%P EUR ü LU0625737910 – EUR EUR – 0.60% 0.10% 0.30%R EUR ü LU0625738058 – EUR EUR – 1.20% 0.10% 0.30%I GBP ü LU0859479585 (1) GBP GBP – 0.45% 0.10% 0.30%* Per year of the average net assets attributable to this type of share.** The conversion costs will be charged to the compartment.(1) USD 1,000,000 converted to EUR or GBP on the day of the NAV calculation.The original French text is the legally binding version. 205

61. PICTET – INDIA INDEXInvestor type profileThe compartment is an investment vehicle for investors:• who wish to replicate the performance of theMSCI India Index;• who are willing to bear significant variations inmarket value and thus have a low aversion to risk.Investment policy and objectivesThe objective of this compartment is to enable investorsto benefit from the growth of the Indian equitiesmarket by replicating the composition of the MSCIIndia Standard Index (net dividend reinvested) (NDE-USIA) (hereinafter the “Benchmark Index”).This compartment will invest in equities and similarsecurities that are included in the Benchmark Indexand/or in derivative financial instruments offeringexposure to securities that are included in the BenchmarkIndex or other techniques and instruments ontransferable securities (such as ADRs and GDRs).The compartment will ensure it maintains a securitiesweighting identical to that of the index and ensurethat the effect on the tracking error is negligible.The compartment may, in application of Article 44 ofthe Law of 2010, invest up to 20% (and even 35% inexceptional market circumstances) of its net assets inthe same issuer in order to replicate the compositionof its Benchmark Index.Investments in assets subject to application of the EuropeanDirective 2003/48/EC will not exceed 15% ofthe compartment’s net assets.For hedging purposes or efficient management, andwithin the limits of the investment restrictions set outin the prospectus, the compartment may use any typeof financial derivative whose underlyers are a componentof the index and that are traded in a regulatedand/or over-the-counter (OTC) market if obtainedfrom a leading financial institution that specializes inthese types of transactions.The compartment will not invest in UCIs.If the manager deems it necessary and in the bestinterest of the shareholders and to ensure adequateliquidity, the compartment may hold liquidities suchas deposits and money market instruments, amongothers.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the MSCI India index.Expected leverage: 0%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Due to the composition of the portfolio or the portfoliomanagement techniques that may be used, thenet asset value of the compartment may experiencehigh volatility.Manager: PAM Ltd, PAM S.A.Consolidation currency of the compartment: USDRisk factorsInvestors should be aware that, due to the politicaland economic situations in emerging countries, investmentin this compartment presents greater riskand is intended only for investors who are able tobear and assume this increased risk. In principle, thiscompartment can only be offered to investors whowish to make a long-term investment.Investment in this compartment is subject, amongother risks, to political risks, capital repatriation restrictions,counterparty risks, and volatility and/orilliquidity risks in the markets of the emerging countriesin question.No guarantee can be given as to the effective attainmentof the investment objective; in addition, thecompartment may not fully replicate the performanceof the Benchmark Index.Investors should be aware that the acquisition ofderivative financial instruments involves certainrisks that could have a negative impact on the performanceof the compartment.Remittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. Subscription, conversionand/or redemption requests received for a NAV calculatedon days following a day (other than a Saturdayor Sunday) when the stock market is closed inIndia will be processed on the following NAV calculationdate.SubscriptionBy 12:00 noon, two Banking Days preceding the NAVcalculation date.RedemptionBy 12:00 noon, two Banking Days preceding the NAVcalculation date.206 The original French text is the legally binding version.

ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationEach banking day as well as the first calendar day ofthe month, unless the last day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin 2 Banking Days following the applicable NAVcalculation date.Calculation of the NAVThe effect of net asset value corrections, more fullydescribed in the section “Calculation of the net assetvalue”, will not exceed 1%.Shares not yet issued that may be activated at a later dateP dy USD, Z USD and I EUR shares, as defined in thesection “Sub-classes of Shares”.Initial subscription price: The Net Asset Value of theP USD and I USD share, and for the I EUR share, thenet asset value of the I USD share converted to EURon the day it is activated.PICTET – India INDEXType of share Activated ISIN code Min. initialinvestmentBasecurrencySubscriptionandredemptioncurrency **DividenddistributionManagementFees (max %)*ServiceCustodianBankI USD ü LU0625738215 1 million USD USD – 0.45% 0.10% 0.30%IS USD ü LU0625738488 1 million USD USD – 0.45% 0.10% 0.30%P USD ü LU0625738561 – USD USD – 0.60% 0.10% 0.30%P dy USD – LU0625738728 – USD USD ü 0.60% 0.10% 0.30%R USD ü LU0625739023 – USD USD – 1.20% 0.10% 0.30%Z USD – LU0625739379 – USD USD – 0% 0.10% 0.30%I EUR – LU0625739536 (1) EUR EUR – 0.45% 0.10% 0.30%P EUR ü LU0625739619 – EUR EUR – 0.60% 0.10% 0.30%R EUR ü LU0625739700 – EUR EUR – 1.20% 0.10% 0.30%I GBP ü LU0859480161 (1) GBP GBP – 0.45% 0.10% 0.30%* Per year of the average net assets attributable to this type of share.** The conversion costs will be charged to the compartment.(1) USD 1,000,000 converted to EUR or GBP on the day of the NAV calculation.The original French text is the legally binding version. 207

62. PICTET – LATAM INDEXInvestor type profileThe compartment is an investment vehicle for investors:• who wish to replicate the performance of theMSCI Latam Index;• who are willing to bear significant variations inmarket value and thus have a low aversion to risk.Investment policy and objectivesThe objective of this compartment is to enable investorsto benefit from the growth of the Latin Americanequities market by replicating the composition of theMSCI Latam Standard Index (net dividend reinvested)(NDUEEGFL) (hereinafter the “Benchmark Index”).This compartment will invest in equities and similarsecurities that are included in the Benchmark Indexand/or in derivative financial instruments offeringexposure to securities that are included in the BenchmarkIndex or other techniques and instruments ontransferable securities (such as ADRs and GDRs).The compartment will ensure it maintains a securitiesweighting identical to that of the index and ensurethat the effect on the tracking error is negligible.The compartment may, in application of Article 44 ofthe Law of 2010, invest up to 20% (and even 35% inexceptional market circumstances) of its net assets inthe same issuer in order to replicate the compositionof its Benchmark Index.Investments in assets subject to application of the EuropeanDirective 2003/48/EC will not exceed 15% ofthe compartment’s net assets.For hedging purposes or efficient management, andwithin the limits of the investment restrictions set outin the prospectus, the compartment may use any typeof financial derivative whose underlyers are a componentof the index and that are traded in a regulatedand/or over-the-counter (OTC) market if obtainedfrom a leading financial institution that specializes inthese types of transactions.The compartment will not invest in UCIs.If the manager deems it necessary and in the bestinterest of the shareholders and to ensure adequateliquidity, the compartment may hold liquidities suchas deposits and money market instruments, amongothers.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the MSCI EM Latin America index.Expected leverage: 0%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Due to the composition of the portfolio or the portfoliomanagement techniques that may be used, thenet asset value of the compartment may experiencehigh volatility.Manager: PAM Ltd, PAM S.A.Consolidation currency of the compartment: USDRisk factorsInvestors should be aware that, due to the politicaland economic situations in emerging countries, investmentin this compartment presents greater riskand is intended only for investors who are able tobear and assume this increased risk. In principle, thiscompartment can only be offered to investors whowish to make a long-term investment.Investment in this compartment is subject, amongother risks, to political risks, capital repatriation restrictions,counterparty risks, and volatility and/orilliquidity risks in the markets of the emerging countriesin question.No guarantee can be given as to the effective attainmentof the investment objective; in addition, thecompartment may not fully replicate the performanceof the Benchmark Index.Investors should be aware that the acquisition of derivativefinancial instruments involves certain risksthat could have a negative impact on the performanceof the compartment.Remittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. Subscription, conversionand/or redemption requests received for a NAV calculatedon days following a day (other than a Saturdayor Saturday) on which the stock market is closedin either Brazil or Mexico, or when the cumulativecapitalisation in the MSCI LATAM index of countriesin which the stock market is closed exceeds 10% willbe processed on the following NAV calculation date.For Peru the American stock market will be takeninto consideration for the calculation of the 10%.SubscriptionBy 12:00 noon one Banking Day preceding the NAVcalculation date.208 The original French text is the legally binding version.

RedemptionBy 12:00 noon one Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationEach Banking Day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin two Banking Days following the applicableNAV calculation date.Calculation of the NAVThe effect of net asset value corrections, more fullydescribed in the section “Calculation of the net assetvalue”, will not exceed 2%.Shares not yet issued that may be activated at a later dateP dy USD, Z USD and I EUR shares, as defined in thesection “Sub-classes of Shares”.Initial subscription price: The Net Asset Value of theP USD and I USD share, and for the I EUR share, thenet asset value of the I USD share converted to EURon the day it is activated.PICTET – LATAM INDEXType of share Activated ISIN code Min. initialinvestmentBasecurrencySubscriptionandredemptioncurrency **DividenddistributionManagementFees (max %)*ServiceCustodianBankI USD ü LU0625739965 1 million USD USD – 0.50% 0.10% 0.30%IS USD ü LU0625740039 1 million USD USD – 0.50% 0.10% 0.30%P USD ü LU0625740112 – USD USD – 0.75% 0.10% 0.30%P dy USD – LU0625740468 – USD USD ü 0.75% 0.10% 0.30%R USD ü LU0625740625 – USD USD – 1.50% 0.10% 0.30%Z USD – LU0625740971 – USD USD – 0% 0.10% 0.30%I EUR – LU0625741276 (1) EUR EUR – 0.50% 0.10% 0.30%P EUR ü LU0625741433 – EUR EUR – 0.75% 0.10% 0.30%R EUR ü LU0625741516 – EUR EUR – 1.50% 0.10% 0.30%I GBP ü LU0859480591 (1) GBP GBP – 0.50% 0.10% 0.30%R GBP ü LU0650147340 – GBP GBP – 1.50% 0.10% 0.30%* Per year of the average net assets attributable to this type of share.** The conversion costs will be charged to the compartment.(1) USD 1,000,000 converted to EUR or GBP on the day of the NAV calculation.The original French text is the legally binding version. 209

63. PICTET – RUSSIA INDEXInvestor type profileThe compartment is an investment vehicle for investors:• who wish to replicate the performance of theMSCI Russia index;• who are willing to bear significant variations inmarket value and thus have a low aversion to risk.Investment policy and objectivesThe objective of this compartment is to enable investorsto benefit from the growth of the Russian equitiesmarket by replicating the composition of theMSCI Russia Standard Index (net dividend reinvested)(NDEUSRU) (hereinafter the “Benchmark Index”).This compartment will invest in equities and similarsecurities that are included in the Benchmark Indexand/or in derivative financial instruments offeringexposure to securities that are included in the BenchmarkIndex or other techniques and instruments ontransferable securities (such as ADRs and GDRs).The compartment will ensure it maintains a securitiesweighting identical to that of the index and ensurethat the effect on the tracking error is negligible.The compartment may, in application of Article 44 ofthe Law of 2010, invest up to 20% (and even 35% inexceptional market circumstances) of its net assets inthe same issuer in order to replicate the compositionof its Benchmark Index.Investments in assets subject to application of the EuropeanDirective 2003/48/EC will not exceed 15% ofthe compartment’s net assets.For hedging purposes or efficient management, andwithin the limits of the investment restrictions set outin the prospectus, the compartment may use any typeof financial derivative whose underlyers are a componentof the index and that are traded in a regulatedand/or over-the-counter (OTC) market if obtainedfrom a leading financial institution that specializes inthese types of transactions.The compartment will not invest in UCIs.If the manager deems it necessary and in the bestinterest of the shareholders and to ensure adequateliquidity, the compartment may hold liquidities suchas deposits and money market instruments, amongothers.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the MSCI Russia index.Expected leverage: 0%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Due to the composition of the portfolio or the portfoliomanagement techniques that may be used, thenet asset value of the compartment may experiencehigh volatility.Manager: PAM Ltd, PAM S.A.Consolidation currency of the compartment: USDRisk factorsInvestors should be aware that, due to the politicaland economic situations in emerging countries, investmentin this compartment presents greater riskand is intended only for investors who are able tobear and assume this increased risk. In principle, thiscompartment can only be offered to investors whowish to make a long-term investment.Investment in this compartment is subject, amongother risks, to political risks, capital repatriation restrictions,counterparty risks, and volatility and/orilliquidity risks in the markets of the emerging countriesin question.No guarantee can be given as to the effective attainmentof the investment objective; in addition, thecompartment may not fully replicate the performanceof the Benchmark Index.Investors should be aware that the acquisition of derivativefinancial instruments involves certain risksthat could have a negative impact on the performanceof the compartment.Remittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. Subscription, conversionand/or redemption requests received for a NAV calculatedon days following a day (other than a Saturdayor Sunday) when at least one of the following threestock markets is closed: RTS, London IOB, MICEX,will be processed on the following NAV calculationdate.SubscriptionBy 12:00 noon, two Banking Days preceding the NAVcalculation date.RedemptionBy 12:00 noon, two Banking Days preceding the NAVcalculation date.210 The original French text is the legally binding version.

ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationEach banking day as well as the first calendar day ofthe month, unless the last day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin 2 Banking Days following the applicable NAVcalculation date.Calculation of the NAVThe effect of net asset value corrections, more fullydescribed in the section “Calculation of the net assetvalue”, will not exceed 1%.Shares not yet issued that may be activated at a later dateP dy USD, Z USD and I EUR shares, as defined in thesection “Sub-classes of Shares”.Initial subscription price: The Net Asset Value of theP USD and I USD share, and for the I EUR share, thenet asset value of the I USD share converted to EURon the day it is activated.PICTET – Russia INDEXType of share Activated ISIN code Min. initialinvestmentBasecurrencySubscriptionandredemptioncurrency **DividenddistributionManagementFees (max %)*ServiceCustodianBankI USD ü LU0625741789 1 million USD USD – 0.45% 0.10% 0.30%IS USD ü LU0625741862 1 million USD USD – 0.45% 0.10% 0.30%P USD ü LU0625741946 – USD USD – 0.60% 0.10% 0.30%P dy USD – LU0625742167 – USD USD ü 0.60% 0.10% 0.30%R USD ü LU0625742241 – USD USD – 1.20% 0.10% 0.30%Z USD – LU0625742324 – USD USD – 0% 0.10% 0.30%I EUR – LU0625742670 (1) EUR EUR – 0.45% 0.10% 0.30%P EUR ü LU0625742753 – EUR EUR – 0.60% 0.10% 0.30%R EUR ü LU0625742837 – EUR EUR – 1.20% 0.10% 0.30%I GBP ü LU0859480914 (1) GBP GBP – 0.45% 0.10% 0.30%* Per year of the average net assets attributable to this type of share.** the conversion costs will be charged to the compartment.(1) USD 1,000,000 converted to EUR or GBP on the day of the NAV calculation.The original French text is the legally binding version. 211

64. PICTET – EMERGING MARKETS HIGH DIVIDENDInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in shares issued by companieswhose headquarters are located in and/orthat conduct their main activities in emergingmarkets, to generate regular distribution of revenues;• Who are willing to bear significant variations inmarket value and thus have a low aversion to risk;• Who have a long-term investment horizon (atleast 7 years).Investment policy and objectivesThis compartment will invest mainly in shares andsimilar securities of companies whose headquartersare located in and/or that conduct their main activityin emerging countries and for which it is expectedthat dividends are higher or greater than those oftheir reference market.The choice of investments will not be limited to aparticular geographic sector, a particular sector ofeconomic activity or a given currency. However, dependingon market conditions, the investments maybe focused on one country or on a limited number ofcountries and/or one economic activity sector and/orone currency.Emerging countries are defined as those considered,at the time of investing, as industrially developingcountries by the International Monetary Fund, theWorld Bank, the International Finance Corporation(IFC) or one of the leading investment banks. Thesecountries include, but are not limited to, the following:Mexico, Hong Kong, Singapore, Turkey, Poland,the Czech Republic, Hungary, Israel, South Africa,Chile, Slovakia, Brazil, the Philippines, Argentina,Thailand, South Korea, Colombia, Taiwan, Indonesia,India, China, Romania, Ukraine, Malaysia, Croatiaand Russia.Investments in unlisted securities and in Russia otherthan on the RTS and the MICEX stock exchanges, willnot exceed 10% of the compartment’s net assets.The compartment may invest up to 10% of its net assetsin UCIs.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns may for example be linked to the performanceof an index, transferable securities or abasket of transferable securities, or an undertakingfor collective investment.The compartment will not invest more than 10% ofits assets in bonds or any other debt security (includingconvertible bonds and preference shares), moneymarket instruments, derivatives and/or structuredproducts whose underlyers are, or offer exposure to,bonds or similar debt and interest-rate securities.By analogy, investments in undertakings for collectiveinvestment whose main objective is to invest inthe above-listed assets are also included in the 10%limit.Investments in debt securities in the meaning of EuropeanDirective 2003/48/EC shall not exceed 15%.To ensure that the portfolio is managed effectivelyand for hedging purposes, and within the limits of theinvestment restrictions set out in the body of the prospectus,the compartment may use any type of financialderivative instrument traded on a regulated and/or over-the-counter (OTC) market if obtained froma leading financial institution that specializes in thistype of transaction. In particular, the compartmentmay, among other investments but not exclusively, investin warrants, futures, options, swaps (such as totalreturn swaps, contracts for difference) and futurescontracts with underlying assets compliant with thelaw of 17 December 2010 and the compartment’s investmentpolicy, as well as currencies (including nondeliverableforwards), interest rates, transferablesecurities, a basket of transferable securities, indices(for example commodities, precious metals, and volatility,etc.) and undertakings for collective investment.If the manager deems it necessary and in the best interestof the shareholders, the compartment may holdup to 100% of its net assets in liquidities, i.e. deposits,money market instruments, and monetary-type UCIsand/or UCITS (within the above-mentioned 10% limitfor UCIs).Investors should be aware that the acquisition ofderivative financial instruments involves certainrisks that could have a negative impact on the performanceof the compartment.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the MSCI Emerging Markets index.Expected leverage: 0%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum the of notionalamounts.Risk profileThe compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Due to the composition of the portfolio or the portfoliomanagement techniques that may be used, thenet asset value of the compartment may experiencehigh volatility.212 The original French text is the legally binding version.

Managers: PAM LtdConsolidation currency of the compartment: USDRisk factorsInvestors should be aware that, due to the politicaland economic environments in emerging countries,investment in this compartment presents greater riskand is intended only for investors who are able tobear and assume this increased risk. In principle, thiscompartment can only be offered to investors whowish to make a long-term investment.Investment in this compartment is subject, amongother risks, to political risks, capital repatriation restrictions,counterparty risks, and volatility and/orilliquidity risks in the markets of the emerging countriesin question.Political and economic risksIn most of the countries in which the compartmentinvests, the governments are implementing policiesof economic and social liberalisation. Although it ispresumed that these reforms should be beneficial tothese economies in the long term, there is no assurancethat these reforms will be continued or that theywill achieve the expected results.These reforms may be challenged or slowed by politicalor social events, or by national or internationalarmed conflicts (such as the conflict in the former Yugoslavia).All these political risks may affect the capitalgains objectives set for the compartment.Volatility and illiquidity risksDue to the above-mentioned risk of instability causedby political and economic developments, the pricesfor transferable securities in which the compartmentinvests may fluctuate significantly in short-term periods.Although the compartment intends to invest predominantlyin listed securities or in securities tradedon regulated markets, some risk of illiquidity may stillexist, due to the relatively undeveloped nature of thestock markets in the countries in question comparedto those of the more developed countries in WesternEurope. Due to the risk of volatility, this compartmentcan only be recommended for long-term investments.The risk is accentuated by the risk of illiquidity, which,in crisis periods, may give rise to suspension of thecalculation of the net asset value and temporarily impedethe right of shareholders to redeem their shares.Currency exchange risksThe compartment’s investments will be mainly denominatedin the national currency of the issuer.Although the use of forward exchange contracts isenvisaged for hedging foreign currency exposure, investorsshould be aware that, at present, there are noestablished markets that allow hedging operations. Itmust therefore be expected that exchange risks cannotalways be hedged and the volatility of the currenciesin the countries in which the compartmentinvests may affect the net asset value of the compartment.Accounting standardsIn addition, in some emerging markets, the applicableaccounting and auditing standards are not as strict asthose applied in Western European countries. Consequently,the accounting and financial informationon the companies in which the compartment investsmay be more cursory and less reliable.Ownership of securitiesIn most Eastern European countries, the legal environmentand laws governing ownership of securitiesare imprecise and do not provide the same guaranteesas the laws in Western European countries. Additionally,in the past there have been cases of fraudulentand falsified securities. There is thus a greater risk forthis compartment and its shareholders.Counterparty and transaction risksThe Board of Directors and the Custodian Bank willhave to utilise local service providers for the safekeepingof the compartment’s assets and for the executionof securities transactions.Although the Board of Directors and the CustodianBank intend to use only the best-qualified service providersin each of the markets concerned, the choiceof providers in some countries may be very limitedand even the best-qualified providers may not offerguarantees comparable to those given by financialinstitutions and brokerage firms operating in developedcountries.Consequently, in spite of the oversight and control ofthe compartment’s assets exercised by the CustodianBank and the service providers jointly designated bythe Board of Directors, the quality of the services thatthe Board of Directors and the Custodian Bank mayobtain with regard to the execution of transactions onsecurities and their custody may be less reliable. Investorsshould be aware that this compartment, andtherefore its shareholders, will bear the risks relatedto its investments.Remittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 50% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the50% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.The original French text is the legally binding version. 213

Frequency of NAV calculationsEach banking day as well as the last calendar day ofthe month, unless the last day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin 4 Banking Days following the applicable NAVcalculation date.Shares not yet issued that may be activated at a later dateZ EUR, I dy USD, I dm USD, R dy USD, R dm USD, Idy GBP, P dy GBP, I dy EUR, I dm EUR, P dy EUR, Rdy EUR, I CHF, I dy CHF, P CHF, P dy CHF, R CHF, HPdm EUR, HI EUR, HI dm EUR and HR dm EUR sharesas defined in the section “Sub-classes of Shares”.Initial subscription price: The net asset value of thecorresponding shares, on the day they are activated.214 The original French text is the legally binding version.

PICTET – EMERGING MARKETS HIGH DIVIDENDType of share Activated ISIN code Min. initialinvestmentBasecurrencySubscriptionand redemptioncurrenciesDividenddistributionManagementFees (max %) *ServiceCustodianBankI dm USD (2) – LU0725970015 1 million USD USD ü 1.20% 0.40% 0.30%I dy USD – LU0725970106 1 million USD USD ü 1.20% 0.40% 0.30%I USD ü LU0725970361 1 million USD USD – 1.20% 0.40% 0.30%P dm USD (2) ü LU0725970445 – USD USD ü 2.40% 0.40% 0.30%P dy USD ü LU0725970528 – USD USD ü 2.40% 0.40% 0.30%P USD ü LU0725970791 – USD USD – 2.40% 0.40% 0.30%R dm USD (2) – LU0725970874 – USD USD ü 2.90% 0.40% 0.30%R dy USD – LU0725970957 – USD USD ü 2.90% 0.40% 0.30%R USD ü LU0725971096 – USD USD – 2.90% 0.40% 0.30%Z USD ü LU0725971179 – USD USD – 0% 0.40% 0.30%I CHF – LU0725971252 (1) CHF CHF – 1.20% 0.40% 0.30%I dy CHF – LU0725971336 (1) CHF CHF ü 1.20% 0.40% 0.30%P CHF – LU0725971419 – CHF CHF – 2.40% 0.40% 0.30%P dy CHF – LU0725971500 – CHF CHF ü 2.40% 0.40% 0.30%R CHF – LU0725971682 – CHF CHF – 2.90% 0.40% 0.30%I dm EUR (2) – LU0725971765 (1) EUR EUR ü 1.20% 0.40% 0.30%I dy EUR – LU0725971849 (1) EUR EUR ü 1.20% 0.40% 0.30%I EUR ü LU0725971922 (1) EUR EUR – 1.20% 0.40% 0.30%P dm EUR (2) ü LU0725972060 – EUR EUR ü 2.40% 0.40% 0.30%P dy EUR – LU0725972144 – EUR EUR ü 2.40% 0.40% 0.30%P EUR ü LU0725972227 – EUR EUR – 2.40% 0.40% 0.30%R dm EUR (2) ü LU0725972490 – EUR EUR ü 2.90% 0.40% 0.30%R dy EUR – LU0725972573 – EUR EUR ü 2.90% 0.40% 0.30%R EUR ü LU0725972656 – EUR EUR – 2.90% 0.40% 0.30%Z EUR – LU0725972730 – EUR EUR – 0% 0.40% 0.30%I dy GBP – LU0725972813 (1) GBP GBP ü 1.20% 0.40% 0.30%I dm GBP (2) ü LU0778877257 (1) GBP GBP ü 1.20% 0.40% 0.30%I GBP ü LU0725972904 (1) GBP GBP – 1.20% 0.40% 0.30%P dy GBP – LU0725973035 – GBP GBP ü 2.40% 0.40% 0.30%P dm GBP (2) ü LU0778877331 – GBP GBP ü 2.40% 0.40% 0.30%P GBP ü LU0725973118 – GBP GBP – 2.40% 0.40% 0.30%HP EUR ü LU0725973209 – EUR EUR – 2.40% 0.45% 0.30%HP dm EUR (2) – LU0778877844 – EUR EUR ü 2.40% 0.45% 0.30%HI EUR – LU0725973381 (1) EUR EUR – 1.20% 0.45% 0.30%HI dm EUR (2) – LU0778878065 (1) EUR EUR ü 1.20% 0.45% 0.30%HR EUR ü LU0725973464 – EUR EUR – 2.90% 0.45% 0.30%HR dm EUR (2) – LU0778878222 – EUR EUR ü 2.90% 0.45% 0.30%* Per year of the average net assets attributable to this type of share.(1) USD 1,000,000 converted to EUR, CHF or GBP respectively on the day of the NAV.(2) No tax reporting for the dm sub-class of shares will be provided for German investors.The original French text is the legally binding version. 215

65. PICTET – EMERGING MARKETS SUSTAINABLE EQUITIESInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in the shares of companieswhose headquarters are located in and/or thatconduct their main activity in emerging marketsby identifying the sector leaders that put sustainabledevelopment into practice;• Who are willing to bear price variations and thushave a low aversion to risk;• Who have a medium- to long-term investmenthorizon (at least 7 years).Investment policy and objectivesThis compartment will invest mainly in shares andsimilar securities (such as ADRs and GDRs) of companieswhose headquarters are located in and/or thatconduct their main activity in emerging countries,and that incorporate sustainable development principlesin their activities.The emerging countries are defined as those which,at the time of the investment, are included in the universeof the MSCI Emerging Markets Index.The manager uses appropriate information sourceson environmental, social and corporate governanceaspects to evaluate companies and define the investmentuniverse. The portfolio is constructed using aquantitative method that adapts the portfolio accordingto financial stability, and the objective is to builda portfolio with superior financial and sustainablecharacteristics.Investments in unlisted securities and in Russia otherthan on the RTS and the MICEX stock exchanges, willnot exceed 10% of the compartment’s net assets.In addition, the compartment may also invest up to10% of its net assets in undertakings for collective investment(UCI).Investments in debt securities in the meaning of EuropeanDirective 2003/48/EC will not exceed 15%.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns may for example be linked to the performanceof an index, transferable securities or abasket of transferable securities, or an undertakingfor collective investment.To ensure that the portfolio is managed effectivelyand for hedging purposes, and within the limits of theinvestment restrictions set out in the body of the prospectus,the compartment may use any type of financialderivative instrument traded on a regulated and/or over-the-counter (OTC) market if obtained froma leading financial institution that specializes in thistype of transaction. In particular, the compartmentmay, among other investments but not exclusively, investin warrants, futures, options, swaps (such as totalreturn swaps, contracts for difference) and futurescontracts with underlying assets compliant with thelaw of 17 December 2010 and the compartment’s investmentpolicy, as well as currencies (including nondeliverableforwards), interest rates, transferablesecurities, a basket of transferable securities, indices(for example commodities, precious metals, and volatility,etc.) and undertakings for collective investment.If the manager deems it necessary and in the best interestof the shareholders, the compartment may holdup to 100% of its net assets in liquidities, for example,among others, deposits, money market instruments,and monetary-type UCIs and/or UCITS (within theabove-mentioned 10% limit for UCIs).Investors should be aware that the acquisition ofderivative financial instruments involves certainrisks that could have a negative impact on the performanceof the compartment.Risk factorsInvestors should be aware that, due to the politicaland economic situations in emerging countries, investmentin this compartment presents greater riskand is intended only for investors who are able tobear and assume this increased risk. In principle, thiscompartment can only be offered to investors whowish to make a long-term investment.Investment in this compartment is subject, amongother risks, to political risks, capital repatriation restrictions,counterparty risks, and volatility and/orilliquidity risks in the markets of the emerging countriesin question.Political and economic risksIn most of the countries in which the compartmentinvests, the governments are implementing policiesof economic and social liberalisation. Although it ispresumed that these reforms should be beneficial tothese economies in the long term, there is no assurancethat these reforms will be continued or that theywill achieve the expected results.These reforms may be challenged or slowed by politicalor social events, or by national or internationalarmed conflicts (such as the conflict in the former Yugoslavia).All these political risks may affect the capitalgains objectives set for the compartment.Volatility and illiquidity risksDue to the above-mentioned risk of instability causedby political and economic developments, the pricesfor transferable securities in which the compartmentinvests may fluctuate significantly in short-term periods.Although the compartment intends to invest predominantlyin listed securities or in securities tradedon regulated markets, some risk of illiquidity may stillexist, due to the relatively undeveloped nature of thestock markets in the countries in question comparedto those of the more developed countries in WesternEurope. Due to the risk of volatility, this compartmentcan only be recommended for medium- to long-terminvestments. The risk is accentuated by the risk ofilliquidity, which, in crisis periods, may give rise tosuspension of the calculation of the net asset valueand temporarily impede the right of shareholders toredeem their shares.216 The original French text is the legally binding version.

Currency exchange risksThe compartment’s investments will be mainly denominatedin the national currency of the issuer.Although the use of forward exchange contracts isenvisaged for hedging foreign currency exposure, investorsshould be aware that, at present, there are noestablished markets that allow hedging operations. Itmust therefore be expected that exchange risks cannotalways be hedged and the volatility of the currenciesin the countries in which the compartmentinvests may affect the net asset value of the compartment.Accounting standardsIn addition, in some emerging markets, the applicableaccounting and auditing standards are not as strict asthose applied in Western European countries. Consequently,the accounting and financial informationon the companies in which the compartment investsmay be more cursory and less reliable.Ownership of securitiesIn most Eastern European countries, the legal environmentand laws governing ownership of securitiesare imprecise and do not provide the same guaranteesas the laws in Western European countries. Additionally,in the past there have been cases of fraudulentand falsified securities. There is thus a greater risk forthis compartment and its shareholders.Counterparty and transaction risksThe Board of Directors and the Custodian Bank willhave to utilise local service providers for the safekeepingof the compartment’s assets and for the executionof securities transactions.Although the Board of Directors and the CustodianBank intend to use only the best-qualified service providersin each of the markets concerned, the choiceof providers in some countries may be very limitedand even the best-qualified providers may not offerguarantees comparable to those given by financialinstitutions and brokerage firms operating in developedcountries.Consequently, in spite of the oversight and control ofthe compartment’s assets exercised by the CustodianBank and the service providers jointly designated bythe Board of Directors, the quality of the services thatthe Board of Directors and the Custodian Bank mayobtain with regard to the execution of transactions onsecurities and their custody may be less reliable. Investorsshould be aware that this compartment, andtherefore its shareholders, will bear the risks relatedto its investments.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the MSCI Emerging Markets index.Expected leverage: 0%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Due to the composition of the portfolio or the portfoliomanagement techniques that may be used, thenet asset value of the compartment may experiencehigh volatility.Manager: PAM S.A., PAM LtdConsolidation currency of the compartment: USDRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 50% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the50% limit is not exceeded.SubscriptionBy 12:00 noon, two Banking Days preceding the NAVcalculation date.RedemptionBy 12:00 noon, two Banking Days preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Payment value date for subscriptions and redemptionsWithin 2 Banking Days following the applicable NAVcalculation date.Frequency of NAV calculationEach Banking Day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Shares not yet issued that may be activated at a later dateI dy GBP, P dy GBP, HI EUR, HP EUR and HR EURshares as defined in the section “Sub-classes ofShares”.Initial subscription price: The net asset value of thecorresponding shares, on the day they are activated.The original French text is the legally binding version. 217

PICTET – EMERGING MARKETS SUSTAINABLE EQUITIESType of share Activated ISIN code Min. initialinvestmentBasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %) *ServiceCustodianBankI USD ü LU0725973548 1 million USD USD – 1.20% 0.40% 0.30%P USD ü LU0725973621 – USD USD – 2.40% 0.40% 0.30%P dy USD ü LU0725973894 – USD USD ü 2.40% 0.40% 0.30%R USD ü LU0725973977 – USD USD – 2.90% 0.40% 0.30%Z USD ü LU0725974199 – USD USD – 0% 0.40% 0.30%I EUR ü LU0725974272 (1) EUR EUR – 1.20% 0.40% 0.30%P EUR ü LU0725974439 – EUR EUR – 2.40% 0.40% 0.30%P dy EUR ü LU0725974512 – EUR EUR ü 2.40% 0.40% 0.30%R EUR ü LU0725974603 – EUR EUR – 2.90% 0.40% 0.30%I GBP ü LU0772171699 (1) GBP GBP – 1.20% 0.40% 0.30%P GBP ü LU0772171772 – GBP GBP – 2.40% 0.40% 0.30%I dy GBP – LU0725974785 (1) GBP GBP ü 1.20% 0.40% 0.30%P dy GBP – LU0725974868 – GBP GBP ü 2.40% 0.40% 0.30%HI EUR – LU0725974942 (1) EUR EUR – 1.20% 0.45% 0.30%HP EUR – LU0725975089 – EUR EUR – 2.40% 0.45% 0.30%HR EUR – LU0725975162 – EUR EUR – 2.90% 0.45% 0.30%* Per year of the average net assets attributable to this type of share.(1) USD 1,000,000 converted to EUR or GBP on the day of the NAV calculation.218 The original French text is the legally binding version.

66. PICTET – QUALITY GLOBAL EQUITIESInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest worldwide in the shares oftop quality companies (in terms of soundness andfinancial stability);• Who are willing to bear variations in market valueand thus have a low aversion to risk;• Who have a medium- to long-term investmenthorizon (at least 5 years).Investment policy and objectivesThis compartment aims to enable investors to benefitfrom growth in the worldwide equity market (includingin emerging countries).This compartment will invest primarily in shares andsimilar securities of companies that the manager considersto be of superior quality in terms of soundnessand financial stability.In addition, the compartment may also invest up to10% of its net assets in UCIs.The compartment will not invest more than 10% ofits assets in bonds (including convertible bonds andpreference shares) and any other debt security in themeaning of European Directive 2003/48/EC, moneymarket instruments, derivatives and/or structuredproducts and/or undertakings for collective investment(UCIs) whose underlyers are, or offer exposureto, bonds or similar debt and interest-rate securities.The compartment may also invest in structured productssuch as bonds or other transferable securitieswhose returns could be, for example, related to theperformance of an index in accordance with Article9 of the regulations of the Grand-Duchy of Luxembourgof 8 February 2008, transferable securities ora basket of transferable securities, or an undertakingfor collective investment in accordance with the regulationsof the Grand Duchy of 8 February 2008.The compartment may use derivative techniques andinstruments for hedging or for efficient portfoliomanagement within the limits stipulated in the investmentrestrictions.If the manager deems it necessary and in the best interestof the shareholders, the compartment may holdup to 100% of its net assets in liquidities, for example,among others, deposits, money market instruments,and monetary-type UCIs and/or UCITS (within theabove-mentioned 10% limit for UCIs).Investors should be aware that, due to the politicaland economic environments in emerging countries,investment in this compartment presentsgreater risk and is intended only for investorswho are able to bear and assume this increasedrisk.Investors should be aware, however, that the acquisitionof derivative instruments involves certainrisks that could have a negative effect on theperformance of the compartment.In principle, this compartment can only be offeredto investors who wish to make a medium- to longterminvestment.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the MSCI World index.Expected leverage: between 0 and 15%. Depending onmarket conditions, the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange ratesThe capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM S.A., PAM LtdConsolidation currency of the compartment: USDRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy12:00 noon, on the Banking Day preceding theNAV calculation date.RedemptionBy 12:00 noon, on the Banking Day preceding theNAV calculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationEach Banking Day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin two Banking Days following the applicableNAV calculation date.The original French text is the legally binding version. 219

Shares not yet issued that may be activated at a later dateP dy EUR, HI EUR, HP EUR, HR EUR, HZ EUR, I CHF,P CHF, P dy CHF, R CHF, Z CHF, HI CHF, HP CHF, HZCHF, I GBP and P GBP shares as defined in the section“Sub-classes of Shares”.Initial subscription price: The net asset value of thecorresponding shares, on the day they are activated.PICTET – QUALITY GLOBAL EQUITIESType of share Activated ISIN code Min. initialinvestmentBasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %)*ServiceCustodianBankI USD ü LU0845339554 1 million USD USD – 1.20% 0.45% 0.30%P USD ü LU0845339638 – USD USD – 2.40% 0.45% 0.30%P dy USD ü LU0845339711 – USD USD ü 2.40% 0.45% 0.30%R USD ü LU0845339802 – USD USD – 2.90% 0.45% 0.30%Z USD ü LU0845339984 – USD USD – 0% 0.45% 0.30%I EUR ü LU0845340057 (1) EUR EUR – 1.20% 0.45% 0.30%P EUR ü LU0845340131 – EUR EUR – 2.40% 0.45% 0.30%P dy EUR – LU0845340214 – EUR EUR ü 2.40% 0.45% 0.30%R EUR ü LU0845340305 – EUR EUR – 2.90% 0.45% 0.30%Z EUR ü LU0845340487 – EUR EUR – 0% 0.45% 0.30%HI EUR – LU0845340560 (1) EUR EUR – 1.20% 0.50% 0.30%HP EUR – LU0845340644 – EUR EUR – 2.40% 0.50% 0.30%HR EUR – LU0845340727 – EUR EUR – 2.90% 0.50% 0.30%HZ EUR – LU0845340990 – EUR EUR – 0% 0.50% 0.30%I CHF – LU0845341022 (1) CHF CHF – 1.20% 0.45% 0.30%P CHF – LU0845341295 – CHF CHF – 2.40% 0.45% 0.30%P dy CHF – LU0845341378 – CHF CHF ü 2.40% 0.45% 0.30%R CHF – LU0845341451 – CHF CHF – 2.90% 0.45% 0.30%Z CHF – LU0845341535 – CHF CHF – 0% 0.45% 0.30%HI CHF – LU0845341618 (1) CHF CHF – 1.20% 0.50% 0.30%HP CHF – LU0845341709 – CHF CHF – 2.40% 0.50% 0.30%HZ CHF – LU0845341881 – CHF CHF – 0% 0.50% 0.30%I GBP – LU0845341964 (1) GBP GBP – 1.20% 0.45% 0.30%P GBP – LU0845342004 – GBP GBP – 2.40% 0.45% 0.30%* Per year of the average net assets attributable to this type of share.(1) USD 1,000,000 converted to EUR, CHF or GBP on the day of the NAV calculation.220 The original French text is the legally binding version.

67. PICTET – QUALITY EUROPEAN EQUITIESInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in the shares of top companies(in terms of soundness and financial stability)and whose registered headquarters are locatedin Europe and/or whose main activities are conductedthere;• Who are willing to bear variations in market valueand thus have a low aversion to risk;• Who have a medium- to long-term investmenthorizon (at least 5 years).Investment policy and objectivesThis compartment’s objective is to enable investors tobenefit from growth in the European equities market.This compartment will invest mainly in shares andsimilar securities of companies that have their registeredoffice in Europe or that carry out most of theireconomic activity in Europe and that the managerconsiders as being of superior quality in terms ofsoundness and financial stability.In addition, the compartment may also invest up to10% of its net assets in UCIs.The compartment will not invest more than 10% ofits assets in bonds (including convertible bonds andpreference shares) and any other debt security in themeaning of European Directive 2003/48/EC, moneymarket instruments, derivatives and/or structuredproducts and/or undertakings for collective investment(UCIs) whose underlyers are, or offer exposureto, bonds or similar debt and interest-rate securities.The compartment may also invest in structured productssuch as bonds or other transferable securitieswhose returns could be, for example, related to theperformance of an index in accordance with Article9 of the regulations of the Grand-Duchy of Luxembourgof 8 February 2008, transferable securities ora basket of transferable securities, or an undertakingfor collective investment in accordance with the regulationsof the Grand Duchy of 8 February 2008.The compartment may use derivative techniques andinstruments for hedging or for efficient portfoliomanagement within the limits stipulated in the investmentrestrictions.If the manager deems it necessary and in the best interestof the shareholders, the compartment may holdup to 100% of its net assets in liquidities, for example,among others, deposits, money market instruments,and monetary-type UCIs and/or UCITS (within theabove-mentioned 10% limit for UCIs).Investors should be aware, however, that the acquisitionof derivative instruments involves certainrisks that could have a negative effect on theperformance of the compartment.In principle, this compartment can only be offeredto investors who wish to make a medium- to longterminvestment.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the MSCI Europe index.Expected leverage: between 0 and 15%. Depending onmarket conditions, the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange ratesThe capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM S.A., PAM LtdConsolidation currency of the compartment: EURRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 3:00 pm, on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm, on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationEach Banking Day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin two Banking Days following the applicableNAV calculation date.Initial subscriptionInitial subscription will take place from 25 to 29 November2013, until 3:00 pm. The payment value datewill be 4 December 2013. The initial subscriptionprice will be EUR 100.The original French text is the legally binding version. 221

PICTET – QUALITY EUROPEAN EQUITIESType of share Activated ISIN code Min. initialinvestmentBasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %) *ServiceCustodianBankI EUR ü LU0845342186 1 million EUR EUR – 0.90% 0.40% 0.30%P EUR ü LU0845342269 – EUR EUR – 1.80% 0.40% 0.30%P dy EUR ü LU0845342343 – EUR EUR ü 1.80% 0.40% 0.30%R EUR ü LU0845342426 – EUR EUR – 2.50% 0.40% 0.30%Z EUR ü LU0845342699 – EUR EUR – 0% 0.40% 0.30%* Per year of the average net assets attributable to this type of share.222 The original French text is the legally binding version.

68. PICTET – GLOBAL MAJOR PLAYERSInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in the shares of large-capitalisationcompanies with a strong presenceworldwide and/or that have a solid competitivepresence in a large market;• Who are willing to bear variations in market valueand thus have a low aversion to risk;• Who have a medium- to long-term investmenthorizon (at least 5 years).Investment policy and objectivesThis compartment aims to achieve capital growthby investing mainly in shares and similar securitiesof large-capitalisation companies with a strong presenceworldwide and/or a solid competitive position ina major market segment.The compartment may invest in any country (includingemerging countries), in any economic sector andin any currency. However, depending on market conditions,the investments may be focused on one or alimited number of countries and/or one economic activitysector and/or one currency.The compartment will not invest more than 10% ofits assets in bonds (including convertible bonds andpreference shares) and any other debt security in themeaning of European Directive 2003/48/EC, moneymarket instruments, derivatives, structured productsand/or undertakings for collective investment (UCIs)whose underlyers are, or offer exposure to, bonds orsimilar debt and interest-rate securities.In addition, the compartment may also invest up to10% of its net assets in UCIs.Investments in unlisted securities and in Russia otherthan on the RTS and the MICEX stock exchanges willnot exceed 10% of the compartment’s net assets.The compartment may also invest in structured productssuch as bonds or other transferable securitieswhose returns could be, for example, related to theperformance of an index in accordance with Article9 of the regulations of the Grand-Duchy of Luxembourgof 8 February 2008, transferable securities ora basket of transferable securities, or an undertakingfor collective investment in accordance with the regulationsof the Grand Duchy of 8 February 2008.The compartment may use derivative techniques andinstruments for hedging or for efficient portfoliomanagement within the limits stipulated in the investmentrestrictions.If the manager deems it necessary and in the bestinterest of the shareholders, the compartment mayhold up to 100% of its net assets in liquidities, such asdeposits, money market instruments, and monetarytypeUCIs and UCITS (within the above-mentioned10% limit).Investors should be aware that the acquisition ofderivative instruments involves certain risks thatcould have a negative effect on the performance ofthe compartment.Investors should be aware that, due to the politicaland economic environments in emerging countries,investment in this compartment presentsgreater risk and is intended only for investorswho are able to bear and assume this increasedrisk.Risk management method: Relative value at risk (VaR),comparing the VaR of the compartment with the VaRof the benchmark, the MSCI AC World index.Expected leverage: 0%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange ratesThe capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM S.A., PAM LtdConsolidation currency of the compartment: USDRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 3:00 pm, on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm, on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationEach Banking Day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin three Banking Days following the applicableNAV calculation date.The original French text is the legally binding version. 223

Shares not yet issued that may be activated at a later dateI EUR, P EUR, P dy EUR, R EUR, Z EUR, I CHF, PCHF, I dy GBP, P dy GBP, HI EUR, HP EUR, HR EUR,HI CHF and HP CHF shares as defined in the section“Sub-classes of Shares”.Initial subscriptionInitial subscription will take place from 25 to 29 November2013, until 3:00 pm. The payment value datewill be 5 December 2013. The initial subscriptionprice will be USD 100.Initial subscription price: The net asset value of thecorresponding shares, on the day they are activated.PICTET – GLOBAL MAJOR PLAYERSType of share Activated ISIN code Min. initialinvestmentBasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %)*ServiceCustodianBankI USD ü LU0845342772 1 million USD USD – 1.20% 0.45% 0.30%P USD ü LU0845342855 – USD USD – 2.40% 0.45% 0.30%P dy USD ü LU0845342939 – USD USD ü 2.40% 0.45% 0.30%R USD ü LU0845343077 – USD USD – 2.90% 0.45% 0.30%Z USD ü LU0845343150 – USD USD – 0% 0.45% 0.30%I EUR – LU0845343234 (1) EUR EUR – 1.20% 0.45% 0.30%P EUR – LU0845343317 – EUR EUR – 2.40% 0.45% 0.30%P dy EUR – LU0845343408 – EUR EUR ü 2.40% 0.45% 0.30%R EUR – LU0845343580 – EUR EUR – 2.90% 0.45% 0.30%Z EUR – LU0845343663 – EUR EUR – 0% 0.45% 0.30%I CHF – LU0845343747 (1) CHF CHF – 1.20% 0.45% 0.30%P CHF – LU0845343820 – CHF CHF – 2.40% 0.45% 0.30%I dy GBP – LU0845344042 (1) GBP GBP ü 1.20% 0.45% 0.30%P dy GBP – LU0845344125 – GBP GBP ü 2.40% 0.45% 0.30%HI EUR – LU0845344398 (1) EUR EUR – 1.20% 0.50% 0.30%HP EUR – LU0845344471 – EUR EUR – 2.40% 0.50% 0.30%HR EUR – LU0845344554 – EUR EUR – 2.90% 0.50% 0.30%HI CHF – LU0845344711 (1) CHF CHF – 1.20% 0.50% 0.30%HP CHF – LU0845344802 – CHF CHF – 2.40% 0.50% 0.30%* Per year of the average net assets attributable to this type of share.(1) USD 1,000,000 converted to EUR, CHF or GBP on the day of the NAV calculation.224 The original French text is the legally binding version.

Annex 3: Balanced Compartments and othercompartmentsThis Annex will be updated to account for any change in an existing compartment or when a new compartmentis created.69. PICTET – PICLIFEInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in the shares and bonds oflisted companies, as well as in money market instrumentsthroughout the world;• Who seek a moderate but more stable capitalgrowth than that through exposure to equities;• Whose base currency is the Swiss franc;• Who are willing to bear variations in market value.Investment policy and objectivesThe aim of this compartment is to enable investors tobenefit from the general investment strategy of PictetAsset Management SA, by providing the opportunityto invest in an overall balanced portfolio that will bebroadly inspired by the investment policy applicableto the Swiss pension funds.The compartment will invest principally in equitiesand fixed-income securities throughout the world. Inaddition, the compartment may also invest up to 10%of its net assets in undertakings for collective investment(UCI).If the manager deems it necessary and in the best interestof the shareholders, the compartment may holdup to 100% of its net assets in liquidities, e.g. deposits,money market instruments, and money marketinvestment funds (within the 10% limit mentionedabove).The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns may for example be linked to the performanceof an index, transferable securities or abasket of transferable securities, or an undertakingfor collective investment.The compartment may conduct credit default swaps.A credit default swap is a bilateral financial agreementunder which a counterparty (the “protectionbuyer”) pays a premium against an undertaking bythe “protection seller” to pay a certain amount if thebase issuer is the subject of a credit risk stipulated inthe contract. The protection buyer acquires the rightto sell a particular bond issued by the base issuerat its face value (or at another base value or strikeprice) if a credit risk arises. A credit risk generallyincludes bankruptcy, insolvency, court-ordered reorganisation/liquidation,rescheduling of debts or nonpaymentof debts payable. The International Swapsand Derivatives Association (ISDA) has publishedstandardised documentation for these transactions,included in the ISDA Master Agreement.To hedge against certain credit risks for particularbond issuers in the portfolio, the compartment maypurchase credit default swaps.The compartment may, when it is in its sole interest,sell credit default swaps in order to acquire specificcredit risks and/or acquire protection without holdingthe underlying assets, within the limits defined inthe investment restrictions.The Fund may only conduct credit default swaptransactions with leading financial institutions thatspecialise in this type of transaction, and with strictadherence to the standardised provisions of the ISDAmaster agreement protocol.The compartment may use derivative techniques andinstruments for the purpose of efficient managementwithin the limits defined in the investment restrictions.Investors should be aware that the acquisition ofderivative instruments nonetheless involves certainrisks that could have a negative effect on theperformance of the compartment. In addition, dueto their volatility, warrants present an above-averageeconomic risk.Risk management method: Absolute value-at-risk approach.Expected leverage: 80%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profileThe compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM S.A., PAM LtdConsolidation currency of the compartment: CHFThe original French text is the legally binding version. 225

Remittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 12:00 noon on the Banking Day preceding theNAV calculation date.RedemptionBy 12:00 noon on the Banking Day preceding theNAV calculation date.Frequency of NAV calculationsEach banking day as well as the first calendar day ofthe month, unless this day is a Saturday or a Sunday.Payment value date for subscriptions and redemptionsWithin 3 Banking Days following the applicable NAVcalculation date.Shares not yet issued that may be activated at a later dateI CHF, P dy CHF and Z CHF shares:Initial subscription price: The net asset value of PCHF shares on the day of the new shares’ activation.ConversionThe most restrictive time period of the two compartmentsconcerned.PICTET – PICLIFEType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %)*ServiceCustodianBankI CHF – LU0474970869 1 million CHF CHF – 1.00% 0.20% 0.05%P CHF ü LU0135488467 – CHF CHF – 1.50% 0.20% 0.05%P dy CHF – LU0474971081 – CHF CHF ü 1.50% 0.20% 0.05%R CHF ü LU0404529314 – CHF CHF – 2.00% 0.20% 0.05%S CHF ü LU0135488897 – CHF CHF – 0.50% 0.20% 0.05%Z CHF – LU0474971248 – CHF CHF – 0% 0.20% 0.05%* Per year of the average net assets attributable to this type of share.226 The original French text is the legally binding version.

70. PICTET – ABSOLUTE RETURN GLOBAL DIVERSIFIEDInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in a well-diversified portfolioof shares and bonds worldwide;• Who are willing to bear variations in market valueand thus have a low aversion to risk;• Who have a medium-term investment horizon (atleast 3 years).Investment policy and objectivesThis compartment aims to provide investors withan absolute positive return primarily by investingin a broad and extremely diversified selection of assets.All the various strategies aim to provide investorswith a return greater than its benchmark index,EONIA (the “Euro Over Night Index Average” whichreflects the average weighted rate of interbank investmentsfrom one day to the next in the eurozone).This compartment invests primarily both in internationalequities and international bonds (convertibleand non-convertible), in treasury certificates,provided they are transferable securities issued oninternational markets, and in any other transferablesecurities officially listed for trading on a stock exchange,in money market instruments and options.In addition, the compartment may also invest up to10% of its net assets in UCIs.In order to reduce its exposure to market risk, thecompartment may temporarily hold up to 100% of itsassets in liquid instruments and/or money market instruments.The compartment may also use derivative techniquesand instruments for efficient management, within thelimits specified in the investment restrictions.The compartment will achieve its investment policyby positioning itself for growth and/or the volatilityof the markets. To achieve this management objective,the compartment may use derivative instrumentswhose underlyings are market volatility, includinginstruments such as “volatility swaps” or “varianceswaps” that may generate a profit due to the differencebetween implicit volatility and actual volatilityover a defined period of time.The compartment may also take credit risks on variousissuers by means of credit derivative instrumentson indexes or on a basket of issuers.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns are linked to the performance of anindex, transferable securities or a basket of transferablesecurities, or an undertaking for collective investment,for example.For diversification of risk, the compartment mayuse derivative financial instruments whose underlyingsare commodities indexes, limited to 10% of thecompartment’s net assets per index. It is understoodthat the total value of the commitments of derivativefinancial instruments, whose underlyings are commoditiesindexes held by the compartment in each ofwhich it invests more than 5% of its assets, cannotexceed 40% of the value of its assets.The compartment may also invest in credit linkednotes.Risk factorsThe use of derivative instruments, however, involvescertain risks that could have a negative effecton the performance of the compartment.Investors should be aware that, due to the politicaland economic situations in emerging countries,investment in this compartment presents greaterrisk and is intended only for investors who areable to bear and assume this increased risk.The risks associated with credit-linked notes aremore fully described in the main body of the prospectus.Risk management method: Absolute value-at-risk.Expected leverage: 250%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM Ltd, PAM S.A.PAM S.A. and PAM Ltd may utilise the skills of all theFund’s managers and allocate to them the managementof some or all of the assets.Consolidation currency of the compartment: EURRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 12:00 noon on the Banking Day preceding theNAV calculation date.RedemptionBy 12:00 noon on the Banking Day preceding theNAV calculation date.The original French text is the legally binding version. 227

ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationsEach banking day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin 2 Banking Days following the applicable NAVcalculation date.Shares not yet issued that may be activated at a later dateP USD, HR CHF, HZ USD, HR USD, HI AUD and HZAUD shares.Initial subscription price: The net asset value of thecorresponding share, converted to USD, CHF, USDor AUD on the day they are activated.PICTET – Absolute Return Global DiversifiedType of share Acti vated ISIN code Initial min. BasecurrencyDividenddistributionSubscriptionand redemptioncurrencies**ManagementFees (max %)*ServiceCustodianBankI EUR ü LU0247079386 1 million EUR EUR – 0.70% 0.30% 0.20%P EUR ü LU0247079469 – EUR EUR-USD – 1.50% 0.30% 0.20%P dy EUR ü LU0247079543 – EUR EUR-USD ü 1.50% 0.30% 0.20%R EUR ü LU0247079626 – EUR EUR-USD – 2.20% 0.30% 0.20%Z EUR ü LU0247081523 – EUR EUR – 0% 0.30% 0.20%P USD – LU0317174695 – USD USD – 1.50% 0.30% 0.20%HI CHF ü LU0407040277 (1) CHF CHF – 0.70% 0.35% 0.20%HP CHF ü LU0407040863 – CHF CHF – 1.50% 0.35% 0.20%HR CHF – LU0407041754 – CHF CHF – 2.20% 0.35% 0.20%HZ CHF ü LU0409319968 – CHF CHF – 0% 0.35% 0.20%HI USD ü LU0407042059 (1) USD USD – 0.70% 0.35% 0.20%HP USD ü LU0407042489 – USD USD – 1.50% 0.35% 0.20%HR USD – LU0407043024 – USD USD – 2.20% 0.35% 0.20%HZ USD – LU0474971321 – USD USD – 0% 0.35% 0.20%HI GBP ü LU0409320032 (1) GBP GBP – 0.70% 0.35% 0.20%HP GBP ü LU0829098770 – GBP GBP – 1.50% 0.35% 0.20%HP dy GBP ü LU0409320115 – GBP GBP ü 1.50% 0.35% 0.20%HZ GBP ü LU0409320206 – GBP GBP – 0% 0.35% 0.20%HI JPY ü LU0409320388 (1) JPY JPY – 0.70% 0.35% 0.20%HZ JPY ü LU0409320461 – JPY JPY – 0% 0.35% 0.20%HI AUD – LU0474971594 (1) AUD AUD – 0.70% 0.35% 0.20%HZ AUD – LU0474971677 – AUD AUD – 0% 0.35% 0.20%* Per year of the average net assets attributable to this type of share.** The conversion costs will be charged to the compartment.(1) EUR 1,000,000 converted to CHF, USD, GBP, JPY or AUD respectively on the day of the NAV calculation.Performance fee:The manager will receive a performance fee for all shares of the compartment, except for Z shares, provisionedevery valuation day and paid annually, based on the net asset value (NAV), equivalent to 20% of the performanceof the NAV per share (measured against the “high water mark”) versus the index shown in the table below foreach class of shares since the last payment of the performance fee.228 The original French text is the legally binding version.

Type of shareIndexShare classes denominated in EUR and USD EONIA + 2%Hedged share classes denominated in CHF LIBOR CHF Overnight + 2%Hedged share classes denominated in USD LIBOR USD Overnight + 2%Hedged share classes denominated in GBP LIBOR GBP Overnight + 2%Hedged share classes denominated in JPY LIBOR JPY Overnight + 2%Hedged share classes denominated in AUD LIBOR AUD Overnight + 2%The performance fee is calculated on the basis of the NAV after deducting all fees, liabilities and managementfees (but not the performance fee), and then adjusted to take account of all subscriptions and redemptions.The performance fee is based on the outperformance of the NAV per share, multiplied by the number of sharesin circulation during the calculation period. No performance fee is due if the NAV per share before the performancefee is lower then the high water mark for the calculation period in question.The high water mark is defined as the greater of the following two values:• The last recorded historical net asset value per share for which a performance fee was paid; and• The NAV of 30 March 2012.The dividends paid to shareholders will be deducted from the high water mark.A provision will be created for the performance fee on each calculation day. If the NAV per share decreases duringthe calculation period, the provisions created for the performance fee will be reduced accordingly. If theseprovisions drop to zero, no performance fee is payable.If shares are redeemed at a date other than that on which a performance fee is paid and a provision has beencreated for performance fees, the performance fees for which a provision has been created that are assigned tothe shares redeemed will be paid at the end of the period, even if the performance fee provision no longer existsat that date. Capital gains that have not been realised can be taken into account in the calculation and paymentof performance fees.When subscriptions are made, the calculation of the performance fee is adjusted to prevent the subscriptionfrom having an impact on the amount of provisions for performance fees. For the purposes of this adjustment,the outperformance of the net asset value per share compared to the minimum rate of return up to the subscriptiondate is not taken into consideration in the calculation of the performance fee. The amount of this adjustmentis based on the product of the number of shares subscribed times the positive difference between the subscriptionprice and the high water mark adjusted by the minimum rate of return on the date of the subscription. Theamount of this accumulated adjustment is used to calculate performance fees up to the end of the period concernedand is adjusted to account for subsequent redemptions in the period.The reference period corresponds to the Fund’s financial year.The performance fee (F) is calculated as follows:F = 0If [(B / E – 1) – X] 0The new high water mark = If F>0; DIf F=0; EBased on:A = Number of outstanding sharesB = NAV/share before the performance feeC = Rate of the performance fee (20%)D = NAV/share after the performance feeE = High Water MarkF = Performance feeX = Minimum return based on the index shown in the table above for each class of shares accumulated ateach valuation date since the last payment of a performance feeThe original French text is the legally binding version. 229

71. PICTET – ABSOLUTE RETURN GLOBAL CONSERVATIVEInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in a well-diversified portfolioof shares and bonds worldwide;• Who are willing to bear variations in marketvalue and thus have a low to medium aversion torisk;• Who have a short/medium-term investment horizon(at least 2 years).Investment policy and objectivesThis compartment aims to provide investors withan absolute positive return primarily by investingin a broad and extremely diversified selection of assets.All the various strategies aim to provide investorswith a return greater than its benchmark index,EONIA (the “Euro Over Night Index Average” whichreflects the average weighted rate of interbank investmentsfrom one day to the next in the eurozone).This compartment will have a more conservativemanagement approach than the Absolute ReturnGlobal Diversified compartment by aiming to limitthe volatility of the portfolio.This compartment invests primarily both in internationalequities and international bonds (convertibleand non-convertible), in treasury certificates,provided they are transferable securities issued oninternational markets, and in any other transferablesecurities officially listed for trading on a stock exchange,in money market instruments and options.In addition, the compartment may also invest up to10% of its net assets in UCIs.In order to reduce its exposure to market risk, thecompartment may temporarily hold up to 100% of itsassets in liquid instruments and/or money market instruments.The compartment may also use derivative tech niquesand instruments for efficient management, within thelimits specified in the investment restrictions.The compartment will carry out its investment policyby positioning itself for growth and/or volatility ofthe markets. To achieve this management objective,the compartment may use derivative instrumentswhose underlyings are market volatility, includinginstruments such as “volatility swaps” or “varianceswaps” that may generate a profit due to the differencebetween implicit volatility and actual volatilityover a defined period of time.The compartment may also take credit risks on variousissuers by means of credit derivatives on indexesor on a basket of issuers.The compartment may also invest in structured products,such as bonds or other transferable securitieswhose returns are linked to the performance of anindex, transferable securities or a basket of transferablesecurities, or an undertaking for collective investment,for example.For diversification of risk, the compartment mayuse derivative financial instruments whose underlyingsare commodities indexes, limited to 10% of thecompartment’s net assets per index. It is understoodthat the total value of the commitments of derivativefinancial instruments, whose underlyings are commoditiesindexes held by the compartment in each ofwhich it invests more than 5% of its assets, cannotexceed 40% of the value of its assets.The compartment may also invest in credit-linkednotes.Risk factorsThe use of derivative instruments involves certainrisks that could have a negative effect on the performanceof the compartment.Investors should be aware that, due to the politicaland economic situations in emerging countries,investment in this compartment presents greaterrisk and is intended only for investors who areable to bear and assume this increased risk.The risks associated with credit-linked notes aremore fully described in the main body of the prospectus.Risk management method: Absolute value-at-risk approach.Expected leverage: 175%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profileThe compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM Ltd, PAM S.A.PAM S.A. and PAM Ltd may utilise the skills of allthe Fund’s managers, allocating the management ofsome or all of the assets to them.Consolidation currency of the compartment: EURRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.230 The original French text is the legally binding version.

SubscriptionBy 12:00 noon on the Banking Day preceding theNAV calculation date.RedemptionBy 12:00 noon on the Banking Day preceding theNAV calculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationsEach banking day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin 2 Banking Days following the applicable NAVcalculation date.Shares not yet issued that may be activated at a later dateHI CHF, HP CHF, HR CHF, HZ CHF, HI USD, HPUSD, HR USD, HZ USD, HI GBP, HP dy GBP, and HZGBP shares.Initial subscription price: The net asset value of thecorresponding shares converted to USD, CHF orGBP respectively, on the activation day.PICTET – Absolute Return Global ConservativeType of share Acti vated ISIN code Initial min. BasecurrencySubscriptionand redemptioncurrencies**DividenddistributionManagementFees (max %)*ServiceCustodianBankI EUR ü LU0309034717 1 million EUR EUR – 0.50% 0.30% 0.20%P EUR ü LU0309034980 – EUR EUR-USD – 1.00% 0.30% 0.20%P dy EUR ü LU0309035011 – EUR EUR-USD ü 1.00% 0.30% 0.20%R EUR ü LU0309035102 – EUR EUR-USD – 1.45% 0.30% 0.20%Z EUR ü LU0309035284 – EUR EUR – 0% 0.30% 0.20%HI CHF – LU0474971750 (1) CHF CHF – 0.50% 0.35% 0.20%HP CHF – LU0474971834 – CHF CHF – 1.00% 0.35% 0.20%HR CHF – LU0474971917 – CHF CHF – 1.45% 0.35% 0.20%HZ CHF – LU0474972139 – CHF CHF – 0% 0.35% 0.20%HI USD – LU0474972212 (1) USD USD – 0.50% 0.35% 0.20%HP USD – LU0474972303 – USD USD – 1.00% 0.35% 0.20%HR USD – LU0474972485 – USD USD – 1.45% 0.35% 0.20%HZ USD – LU0474972568 – USD USD – 0% 0.35% 0.20%HI GBP – LU0474972642 (1) GBP GBP – 0.50% 0.35% 0.20%HP dy GBP – LU0474972998 – GBP GBP ü 1.00% 0.35% 0.20%HZ GBP – LU0474973293 – GBP GBP – 0% 0.35% 0.20%* Per year of the average net assets attributable to this type of share.** The conversion costs will be charged to the compartment.(1) EUR 1,000,000 converted to CHF, USD or GBP respectively on the day of the NAV.The original French text is the legally binding version. 231

72. PICTET – CONVERTIBLE BONDSInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in a well-diversified portfolioinvested primarily in convertible bonds worldwide;• Who are willing to bear price variations and thushave a medium aversion to risk.Investment policy and objectivesThe objective of the compartment is to seek capitalgrowth in absolute terms by investing primarily in adiversified portfolio of convertible bonds as well as insynthetic convertible transferable securities and convertiblepreferred shares.The compartment may also invest in:- warrants- reverse convertible bonds- shares or any other equity-type transferable securities- sukuks- high-yield bondsIf the manager deems it necessary in the best interestof the shareholders, the compartment may hold upto 100% of its net assets in liquidities, e.g. a deposits,money market instruments, money market investmentfunds (within the 10% limit mentioned below).In addition, the compartment may also invest up to10% of its net assets in UCIs.The compartment may also invest in structured productssuch as bonds or other transferable securitieswhose returns are, for example, related to changes inan index, transferable securities or a basket or transferablesecurities or an undertaking for collective investment,such as but not exclusively equity-linkednotes, credit-linked notes and participation notes.The compartment may use techniques and derivativeinstruments for efficient management within thelimits prescribed by the investment restrictions, includingbut not exclusively, total return swaps (TRSs),contracts for difference (CFDs), asset-swapped convertibleoption transactions (ASCOTs).The compartment may also take credit risks on variousissuers by means of credit derivatives (such ascredit default swaps) on indexes or on a basket of issuers.Risk factorsThe use of derivative instruments involves certainrisks that could have a negative effect on the performanceof this compartment.Investors should be aware that, due to the politicaland economic situation in the emerging countriesin which it invests some of its assets, investmentin this compartment presents greater risk and isintended only for investors who are able to bearand assume this increased risk.The risks associated with credit-linked notes aremore fully described in the main body of the prospectus.Risk management method: Absolute value-at-risk approach.Expected leverage: 175%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: Jabre Capital Partners S.A.Consolidation currency of the compartment: EURRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.SubscriptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.RedemptionBy 3:00 pm on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Frequency of NAV calculationsEach banking day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Payment value date for subscriptions and redemptionsWithin 3 Banking Days following the applicable NAVcalculation date.Shares not yet issued that may be activated at a later dateHR USD and MG CHF shares.Initial subscription price: The net asset value of thecorresponding shares converted to USD or CHF respectively,on the activation day.232 The original French text is the legally binding version.

PICTET – CONVERTIBLE BONDSType of share Activated ISIN code Initial min. BasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %) *ServiceCustodianBankI EUR ü LU0366534930 1 million EUR EUR – 1.20% 0.35% 0.22%P EUR ü LU0366535077 – EUR EUR – 2.40% 0.35% 0.22%P dy EUR ü LU0366535234 – EUR EUR ü 2.40% 0.35% 0.22%MG EUR ü LU0476845440 – EUR EUR – 2.40% 0.35% 0.22%R EUR ü LU0366535317 – EUR EUR – 3.45% 0.35% 0.22%I USD ü LU0476845523 (1) USD USD – 1.20% 0.35% 0.22%P USD ü LU0476845879 – USD USD – 2.40% 0.35% 0.22%MG USD ü LU0483012075 – USD USD – 2.40% 0.35% 0.22%MG CHF – LU0483012661 – CHF CHF – 2.40% 0.35% 0.22%HI CHF ü LU0472927788 (1) CHF CHF – 1.20% 0.40% 0.22%HP CHF ü LU0472927861 – CHF CHF – 2.40% 0.40% 0.22%HR CHF ü LU0472927945 – CHF CHF – 3.45% 0.40% 0.22%HI GBP ü LU0537804238 (1) GBP GBP – 1.20% 0.40% 0.22%HI USD ü LU0472928083 (1) USD USD – 1.20% 0.40% 0.22%HP USD ü LU0472928166 – USD USD – 2.40% 0.40% 0.22%HMG USD ü LU0482541280 – USD USD – 2.40% 0.40% 0.22%HR USD – LU0472928240 – USD USD – 3.45% 0.40% 0.22%* Per year of the average net assets attributable to this type of share.(1) EUR 1,000,000 converted to CHF, USD or GBP on the date of the NAV calculation.Performance fee:The compartment will also pay a performance fee in accordance with the conditions below:The performance fee is calculated on the basis of the excess net asset value (“NAV”) per share of the relevantcompartment over a reference NAV.The reference period corresponds to the Fund’s financial year.The performance fee is calculated on the basis of the NAV after deducting all fees and liabilities and the managementfee (but not the performance fee), and adjusted to account for all subscriptions and redemptions in thereference period.If shares are redeemed at a date other than the date of the payment of the performance fees, when a performancefee has been provisioned, the portion of the performance fee attributable to redeemed shares will be paid at theend of the period.The subscription adjustment consists of removing, from the provision for the performance fee calculated on thenumber of underlying shares, the performance fee related to the underlying shares subscribed in the periodprior to the subscription date. Thus, for these shares, no performance fee will be provisioned for performanceprior to the subscription date.The performance fee is calculated for each NAV calculation day at a rate of 20% applied to the difference betweenthe NAV per share on that valuation day and the reference NAV multiplied by the number of shares incirculation.On each calculation day, a provision representing the performance fee calculated on the basis of the differencebetween the NAV per share and the reference NAV is deducted from the net assets of the compartment and theprovision made on the previous valuation day reversed. When the NAV per share is less than the reference NAV,the provision is zero; it can never be negative.The original French text is the legally binding version. 233

In application of the High Water Mark principle, the reference NAV is the last NAV per share that generatedpayment of a performance fee. The first reference NAV will be the initial subscription price. The reference NAVwill be accounted for after deduction of the performance fee.When there is a possible dividend distribution during the period, the reference NAV will be reduced by theamount distributed per share.The performance fee (F) is calculated as follows:If B ≤ E, F = 0If B > E, F = A * T * (B- E)The reference NAV per share of the following period =E if at the end of the period F = 0G if at the end of the period F > 0Based on:A = Number of outstanding sharesB = NAV/share before the performance feeE = Reference NAV/share for the periodF = Daily performance feeG = NAV/share after performance fee at the end of the periodT = Performance fee rateAn adjustment to account for subscriptions and redemptions is made but not indicated in the above formula.234 The original French text is the legally binding version.

73. PICTET – GLOBAL FLEXIBLE ALLOCATIONInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in a mixed portfolio composedof shares, bonds and other classes of assetsof different countries and economic sectors;• Whose base currency is the euro;• Who are willing to bear variations in market value;• Who have an investment horizon of 3 years orlonger.Investment policy and objectivesThe objective of the compartment is to enable investorsto benefit from the growth of the financialmarkets via a portfolio that offers exposure to the followingclasses of assets: currencies, all types of debtsecurities (public or private), money market instruments,shares and similar securities, real estate, indiceson volatility and commodities.The compartment will thus invest primarily as follows:- directly in the securities/asset classes listedabove;- in transferable securities (for example structuredproducts as described below) linked to performanceor offering exposure to the securities/assetclasses mentioned in the preceding paragraph;- via derivative financial instruments whose underlyingsare the securities mentioned in thepreceding paragraph or assets offering exposureto these securities/asset classes.It is understood that the compartment will not directlyhold property assets or commodities and thatin, the case of indirect investment, the manager willensure that no physical delivery is permitted.The choice of investments will not be limited to a geographicsector (including emerging countries) , a particularsector of economic activity or a given currency.However, depending on market conditions, the investmentsmay be focused on one country or on a limitednumber of countries and/or one economic activity sectorand/or one currency and/or one class of assets.The compartment may invest up to 50% of its assetsin the markets of emerging countries.In addition, the compartment may also invest up to10% of its net assets in undertakings for collective investment(UCI).To ensure that the portfolio is managed effectivelyand for hedging purposes, and within the limits of theinvestment restrictions set out in the body of the prospectus,the compartment may use any type of financialderivative instrument traded on a regulated and/or over-the-counter (OTC) market if obtained froma leading financial institution that specializes in thistype of transaction. In particular, the compartmentmay, among other investments but not exclusively, investin warrants, futures, options, swaps (such as totalreturn swaps, contracts for difference) and futurescontracts with underlying assets compliant with thelaw of 17 December 2010 and the compartment’s investmentpolicy, as well as currencies (including nondeliverableforwards), interest rates, transferablesecurities, a basket of transferable securities, indices(for example commodities, precious metals, and volatility,etc.) and undertakings for collective investment.The compartment will achieve its investment policyby backing growth trends and/or market volatility. Toachieve this management objective, the compartmentmay use derivative instruments whose underlyers aremarket volatility, including instruments such as forexample “volatility swaps” or “variance swaps” thatmay generate a profit due to the difference betweenimplicit volatility and actual volatility over a definedperiod of time.The compartment may also take credit risks on variousissuers by means of credit derivatives (such ascredit default swaps) on an issuer, an index or a basketof issuers.The compartment may also invest in structured products,such as in particular credit linked notes, certificatesor any other transferable security whosereturns are linked to, among others, an index thatadheres to the procedures defined in Article 9 of theregulations of the Grand Duchy of Luxembourg of8 February 2008 (including indices on commodities,precious metals, volatility, etc.), currencies, interestrates, transferable securities, a basket of transferablesecurities, or an undertaking for collective investment,in compliance with the regulations of theGrand Duchy of Luxembourg of 8 February 2008.The compartment may also invest in structured productswithout embedded derivative instruments whichgive rise to cash payments, linked to growth in commodities(including precious metals).For diversification of risk, the compartment may usederivative financial instruments whose underlyersare commodities indices, limited to 10% of the compartment’snet assets per index. It is understood thatthe total value of the commitments of derivative financialinstruments, whose underlyers are commoditiesindices held by the compartment in each of whichit invests more than 5% of its assets, cannot exceed40% of the value of its assets.If the manager deems it necessary and in the best interestof the shareholders, the compartment may holdup to 100% of its net assets in liquidities, for example,among others, deposits, money market instruments,and monetary-type UCIs and/or UCITS (within theabove-mentioned 10% limit for UCIs).Risk factorsThe use of derivative financial instruments involvescertain risks that could have a negative effecton the performance of this compartment.Investors should be aware that, due to the politicaland economic situation in the emerging countriesin which it invests some of its assets, investmentThe original French text is the legally binding version. 235

in this compartment presents greater risk and isintended only for investors who are able to bearand assume this increased risk.The risks associated with credit-linked notes aremore fully described in the main body of the prospectus.Risk management method: Absolute value-at-risk approach.Expected leverage: 180%. Depending on market conditions,the leverage may be greater.Method of calculating leverage: The sum of the notionalamounts.Risk profileThe compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM S.A., PAM LtdConsolidation currency of the compartment: EURRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 50% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the50% limit is not exceeded.SubscriptionBy 12:00 noon on the Banking Day preceding theNAV calculation date.RedemptionBy 12:00 noon on the Banking Day preceding theNAV calculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Payment value date for subscriptions and redemptionsWithin 3 Banking Days following the applicable NAVcalculation date.Frequency of NAV calculationsEach Banking Day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Shares not yet issued that may be activated at a later dateHZ CHF and HR USD shares as defined in the section“Sub-classes of Shares”.Initial subscription price: The net asset value of thecorresponding shares, on the day they are activated.PICTET – GLOBAL FLEXIBLE ALLOCATIONType of share Activated ISIN code Min. initialinvestmentBasecurrencySubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %)*ServiceCustodianBankI EUR ü LU0726358681 1 million EUR EUR – 0.65% 0.35% 0.10%P EUR ü LU0726358764 – EUR EUR – 1.35% 0.35% 0.10%P dy EUR ü LU0726358921 – EUR EUR ü 1.35% 0.35% 0.10%R EUR ü LU0726359069 – EUR EUR – 1.95% 0.35% 0.10%Z EUR ü LU0726359143 – EUR EUR – 0% 0.35% 0.10%HI CHF ü LU0726359226 (1) CHF CHF – 0.65% 0.40% 0.10%HP CHF ü LU0726359572 – CHF CHF – 1.35% 0.40% 0.10%HZ CHF – LU0726359655 – CHF CHF – 0% 0.40% 0.10%HI GBP ü LU0726359739 (1) GBP GBP – 0.65% 0.40% 0.10%HP GBP ü LU0726359812 – GBP GBP – 1.35% 0.40% 0.10%HI USD ü LU0726360075 (1) USD USD – 0.65% 0.40% 0.10%HP USD ü LU0726360158 – USD USD – 1.35% 0.40% 0.10%HR USD – LU0726360232 – USD USD – 1.95% 0.40% 0.10%* Per year of the average net assets attributable to this type of share.(1) EUR 1,000,000 converted to CHF, USD or GBP on the date of the NAV calculation.236 The original French text is the legally binding version.

Performance fee:The manager will receive a performance fee, provisioned every valuation day and paid annually, based on thenet asset value (NAV), equivalent to 10% of the performance of the NAV per share (measured against the “highwater mark”) versus the index shown in the table below for each class of shares since the last payment of theperformance fee.Type of shareShare classes denominated in EURHedged share classes denominated in CHFHedged share classes denominated in GBPHedged share classes denominated in USDIndexCitigroup EUR 3 monthsCitigroup CHF 3 monthsCitigroup GBP 3 monthsCitigroup USD 3 monthsThe performance fee is calculated on the basis of the NAV after deducting all fees, liabilities and managementfees (but not the performance fee), and then adjusted to take account of all subscriptions and redemptions.The performance fee is based on the outperformance of the NAV per share, multiplied by the number of sharesin circulation during the calculation period. No performance fee is due if the NAV per share before the performancefee is lower then the high water mark for the calculation period in question.The high water mark is defined as the greater of the following two values:• The last recorded historical net asset value per share for which a performance fee was paid; and• The initial NAV per share.The dividends paid to shareholders will be deducted from the high water mark.A provision will be created for the performance fee on each calculation day. If the NAV per share decreases duringthe calculation period, the provisions created for the performance fee will be reduced accordingly. If theseprovisions drop to zero, no performance fee is payable.If shares are redeemed at a date other than that on which a performance fee is paid and a provision has beencreated for performance fees, the performance fees for which the provision has been created that are assigned tothe shares redeemed will be paid at the end of the period, even if the performance fee provision no longer existsat that date. Capital gains that have not been realised can be taken into account in the calculation and paymentof performance fees.When subscriptions are made, the calculation of the performance fee is adjusted to prevent the subscriptionfrom having an impact on the amount of provisions for performance fees. For the purposes of this adjustment,the outperformance of the net asset value per share compared to the minimum rate of return up to the subscriptiondate is not taken into consideration in the calculation of the performance fee. The amount of this adjustmentis based on the product of the number of shares subscribed times the positive difference between the subscriptionprice and the high water mark adjusted by the minimum rate of return on the date of the subscription. Theamount of this accumulated adjustment is used to calculate performance fees up to the end of the period concernedand is adjusted to account for subsequent redemptions in the period.The reference period corresponds to the Fund’s financial year.The performance fee (F) is calculated as follows:F = 0If [(B / E – 1) – X] 0The new high water mark = If F>0; DIf F=0; EBased on:A = Number of outstanding sharesB = NAV/share before the performance feeC = Rate of the performance fee (10%)D = NAV/share after the performance feeE = High Water MarkF = Performance feeX = Minimum return based on the index shown in the table above for each class of shares accumulated ateach valuation date since the last payment of a performance feeThe original French text is the legally binding version. 237

74. PICTET – MULTI ASSET GLOBAL OPPORTUNITIESInvestor type profileThe compartment is an investment vehicle for investors:• Who wish to invest in a mixed portfolio composedof shares/units of undertakings for collective investment(UCI) and/or undertakings for collectiveinvestment in transferable securities (UCITS) investingin shares, bonds and other classes of assetsof different countries and economic sectors;• Who are willing to bear variations in market value;• Who have an investment horizon of 3 years orlonger.Investment policy and objectivesThis compartment’s objective is to enable investorsto benefit from the growth of the financial marketsthrough a professionally managed portfolio of UCIsand/or UCITS (including, without limitation, othercompartments of the Fund), pursuant to the provisionsof Article 191 of the Law of 2010 as indicated inthe “investment restrictions” section), that offer exposureto the following asset classes: currencies, alltypes of debt instruments (public or private), moneymarket instruments, equities and similar securities,real estate, and volatility and commodities indices.The compartment may, on an ancillary basis, invest inother eligible assets, in particular directly in equities,debt instruments, money market instruments, structuredproducts (as described below), and derivativeinstruments that offer exposure to the above-mentionedasset classes.It is understood that the compartment will not directlyhold property assets or commodities and thatin, the case of indirect investment, the manager willensure that no physical delivery is permitted.Exposure of the underlying assets of the TargetFunds (whether other compartments of the Fundor other UCIs and/or UCITS) will not be limited to ageographic sector (including emerging countries), aparticular sector of economic activity or a given currency.However, depending on market conditions,this exposure may be focused on one country or ona limited number of countries and/or one economicactivity sector and/or one currency and/or one classof assets.The compartment may invest or be exposed for upto 50% of its net assets in markets of emerging countries.To ensure that the portfolio is managed effectivelyand for hedging purposes, and within the limits of theinvestment restrictions set out in the body of the prospectus,the compartment may use any type of financialderivative instrument traded on a regulated and/or over-the-counter (OTC) market if obtained froma leading financial institution that specialises in thistype of transaction. In particular, the compartmentmay invest in warrants, futures, options, swaps (suchas total return swaps, contracts for difference andcredit default swaps) and futures contracts with underlyingassets compliant with the Law of 17 December2010 and the compartment’s investment policy,as well as among others currencies (including nondeliveryforwards), interest rates, transferable securities,a basket of transferable securities, indices (forexample, on commodities, precious metals, and volatility,etc.) and undertakings for collective investment.For diversification of risk, the compartment may usederivative financial instruments whose underlyersare commodities indices, limited to 10% of the compartment’snet assets per index. It is understood thatthe total value of the commitments of derivative financialinstruments, whose underlyers are commoditiesindices held by the compartment in each of whichit invests more than 5% of its assets, cannot exceed40% of the value of its assets.The compartment will achieve its investment policyby backing growth trends and/or market volatility. Toachieve this management objective, the compartmentmay use derivative instruments whose underlyers aremarket volatility, including instruments such as, forexample, futures contracts and options on volatility,volatility swaps or variance swaps. Such derivativeinstruments may generate a profit due to the differencebetween implicit volatility and actual volatilityover a defined period of time.The compartment may also invest in structured products,such as in particular credit-linked notes, certificatesor any other transferable security whosereturns are linked to, among others, an index thatadheres to the procedures stipulated in Article 9 ofthe Regulation of the Grand Duchy of Luxembourg of8 February 2008 (including indices on commodities,precious metals, volatility, etc.), currencies, interestrates, transferable securities, a basket of transferablesecurities, or an undertaking for collective investment.The compartment may also invest in structured productswithout embedded derivative instruments whichgive rise to cash payments, linked to growth in commodities(including precious metals).If the manager deems it necessary and in the best interestof the shareholders, the compartment may holdup to 100% of its net assets in liquidities, for example,among others, deposits, money market instruments,and monetary-type UCI and/or UCITS.Risk factorsThe use of derivative financial instruments involvescertain risks that could have a negative effect on theperformance of this compartment.Investors should be aware that, due to the politicaland economic situation in the emerging countries inwhich it invests some of its assets, investment in thiscompartment presents greater risk and is intendedonly for investors who are able to bear and assumethis increased risk.The risks associated with credit-linked notes are morefully described in the main body of the prospectus.238 The original French text is the legally binding version.

Risks linked to investments in other UCIsThe investment of the compartment in other UCIs orUCITSs involves the following risks:• Fluctuations in the currency of the country inwhich that UCI/UCITS fund invests, or the regulationsgoverning exchange control, the applicationof tax regulations of the various countries, includingwithholding, and changes in governmental,economic or monetary policies of the countriesconcerned, can have an effect on the value of aninvestment represented by a UCI/UCITS in whichthe compartment invests; in addition, it shouldbe noted that the net asset value per share of thecompartment can fluctuate in the wake of thenet asset value of the UCI/UCITS in question, inparticular where the UCI/UCITS funds that investmainly in equities are concerned, due to thefact that they present volatility greater than thatof UCI/UCITS funds that invest in bonds and/orother liquid financial assets;• Also due to the fact the compartment will investin other UCI/UCITS funds, the investor is exposedto a possible duplication of fees and charges;• Nonetheless, the risks linked to investments inother UCI/UCITS are limited to the loss of the investmentmade by the compartment.Risk management method: Absolute value-at-risk approach.Expected leverage: 300%. Depending on market conditions,the leverage may be greater.Method of calculation of leverage: The sum of the notionalamounts.Risk profile:The compartment is subject to certain risks inherentin any investment, such as the following:• risks specific to a given market• variations in exchange rates• variations in interest rates.The capital invested may fluctuate up or down, andinvestors may not recover the entire value of the capitalinitially invested.Manager: PAM S.A., PAM LtdConsolidation currency of the compartment: EURRemittance of ordersThe shares may be subscribed, converted and redeemedeach Banking Day. When more than 25% ofthe assets serving as a base for the calculation of theNAV are listed on markets that are closed, subscription,conversion and/or redemption requests are carriedforward to the next Banking Day on which the25% limit is not exceeded.Subscription:By 10:00 am on the Banking Day preceding the NAVcalculation date.RedemptionBy 10:00 am on the Banking Day preceding the NAVcalculation date.ConversionThe most restrictive time period of the two compartmentsconcerned.Payment value date for subscriptions and redemptionsWithin three Banking Days following the applicableNAV calculation date.Frequency of NAV calculationEach Banking Day as well as the first calendar day ofthe month, unless the first day of the month is a Saturdayor a Sunday.Shares not yet issued that may be activated at a later dateP dy EUR, R dy EUR or Z EUR shares as defined in thesection “Sub-classes of Shares”.Initial subscription price: The net asset value of thecorresponding shares, on the day they are activated.Initial subscriptionInitial subscription will take place from 6 to13 May 2013 until 3:00 pm. The payment value datewill be 17 May 2013. The initial subscription price willbe EUR 100.PICTET – MULTI ASSET GLOBAL OPPORTUNITIESType of shareISIN codeMin. initialinvestmentBasecurrencyActivatedSubscriptionandredemptioncurrenciesDividenddistributionManagementFees (max %)*ServiceCustodianBankI EUR ü – 1 million EUR EUR – 0.65% 0.35% 0.10%P EUR ü – – EUR EUR – 1.35% 0.35% 0.10%P dy EUR – – – EUR EUR ü 1.35% 0.35% 0.10%R EUR ü – – EUR EUR – 2.10% 0.35% 0.10%R dy EUR – – – EUR EUR ü 2.10% 0.35% 0.10%Z EUR – – – EUR EUR – 0% 0.35% 0.10%* Per year of the average net assets attributable to this type of share.The original French text is the legally binding version. 239

Performance fee:The manager will receive a performance fee, provisioned every valuation day and paid annually, based on thenet asset value (NAV), equivalent to 10% of the performance of the NAV per share (measured with respect tothe “high water mark”) versus the EONIA (Euro Over Night Index Average) index, which reflects the weightedaverage rate of interbank investments from one day to the next in the eurozone) since the last payment of theperformance fee.The performance fee is calculated on the basis of the NAV after deducting all fees, liabilities and managementfees (but not the performance fee), and then adjusted to take account of all subscriptions and redemptions.The performance fee is based on the outperformance of the NAV per share, multiplied by the number of sharesin circulation during the calculation period. No performance fee is due if the NAV per share before the performancefee is lower then the high water mark for the calculation period in question.The high water mark is defined as the greater of the following two values:• The last recorded historical net asset value per share for which a performance fee was paid; and• The initial NAV per share.The dividends paid to shareholders will be deducted from the high water mark.A provision will be created for the performance fee on each calculation day. If the NAV per share decreases duringthe calculation period, the provisions created for the performance fee will be reduced accordingly. If theseprovisions drop to zero, no performance fee is payable.If shares are redeemed at a date other than that on which a performance fee is paid and a provision has beencreated for performance fees, the performance fees for which the provision has been created that are assigned tothe shares redeemed will be paid at the end of the period, even if the performance fee provision no longer existsat that date. Capital gains that have not been realised can be taken into account in the calculation and paymentof performance fees.When subscriptions are made, the calculation of the performance fee is adjusted to prevent the subscriptionfrom having an impact on the amount of provisions for performance fees. For the purposes of this adjustment,the outperformance of the net asset value per share compared to the minimum rate of return up to the subscriptiondate is not taken into consideration in the calculation of the performance fee. The amount of this adjustmentis based on the product of the number of shares subscribed times the positive difference between the subscriptionprice and the high water mark adjusted by the minimum rate of return on the date of the subscription. Theamount of this accumulated adjustment is used to calculate performance fees up to the end of the period concernedand is adjusted to account for subsequent redemptions in the period.The reference period corresponds to the Fund’s financial year.The performance fee (F) is calculated as follows:F = 0If [(B / E – 1) – X] 0The new high water mark = If F>0; DIf F=0; EBased on:A = Number of outstanding sharesB = NAV/share before the performance feeC = Rate of the performance fee (10%)D = NAV/share after the performance feeE = High Water MarkF = Performance feeX = Minimum return based on the EONIA accumulated at each valuation date since the last payment of aperformance fee240 The original French text is the legally binding version.

For further information, please contact us at:www.pictetfunds. hkTel. +852 3191 1880E-mail: info@pictetfunds. asia