La función social y educativa de la Escuela

Type of share Activated ISIN code Initial min. Currency of the class Subscrip- tion and redemption curren- cies** Dividend distribution Fees (max%) * Manage-

ment Service Custodian Bank

I 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

I JPY ü LU0999321713 (1) JPY JPY – 1.20% 0.40% 0.30%

* Per year of the average net assets attributable to this type of share. ** The conversion costs will be charged to the Compartment.

41. PICTET – BIOTECH

The Compartment is an investment vehicle for inves- tors:

• Who wish to invest in shares in the biotechnol- ogy sector worldwide.

• Who are willing to bear significant variations in market value and thus have a low aversion to risk.

• Who have a long-term investment horizon (at least 7 years).

Investment policy and objectives

This compartment aims to achieve growth by invest- ing in equities or similar securities issued by biop- harmaceutical companies that are at the forefront of innovation in the medical sector. The Compart- ment will invest at least two-thirds of its total assets or wealth in equities issued by companies operating in this sector. Geographically, the Compartment’s investment universe is not restricted to a particular area. However, in light of the particularly innova- tive nature of the pharmaceutical industry in North America and Western Europe, the vast majority of investments will focus on these regions.

To capitalise on particularly innovative projects in the medication field, the Biotech Compartment may in- vest up to 10% of its net assets in Private Equity and/ or unlisted securities.

This Compartment will hold a diversified portfolio composed, within the limits of the investment restric- tions, of securities in listed companies. These secu- rities may be ordinary or preference shares, and to a lesser extent warrants on transferable securities and options. In addition, the Compartment may also invest up to 10% of its net assets in UCIs, including other compartments of the Fund pursuant to the pro- visions of Article 181 of the 2010 Act.

The Compartment will not invest more than 10% of its assets in bonds or any other debt security (includ- ing convertible bonds and preferenial shares), money market instruments, derivatives and/or structured products whose underliers are, or offer exposure to, bonds or similar debt and interest-rate securities. By analogy, investments in undertakings for collec- tive investment whose main objective is to invest in the above-listed assets are also included in the 10% limit.

The Compartment may also invest in structured products, such as bonds or other transferable securi- ties whose returns are linked to the performance of an index, transferable securities or a basket of trans- ferable securities, or an undertaking for collective in- vestment, for example.

The Compartment may enter into securities lending agreements in order to increase its capital or its rev- enue or to reduce its costs or risks.

The Compartment may use derivative techniques and instruments for efficient management, within the lim- its specified in the investment restrictions.

Investors should be aware that, due to the political and economic situations in Emerging Countries, investment in this compartment presents greater risk and is intended only for investors who are able to bear and assume this increased risk. This compartment is generally only suitable for inves- tors seeking a long-term investment.

Investors should be aware that the acquisition of derivative instruments involves certain risks that could have a negative effect on the performance of the Compartment. In addition, due to their volatil- ity, warrants present an above-average economic risk.

With regard to securities lending agreements, if the borrower (i.e. the counterparty) of securities loaned by the Compartment defaults on payment, there is a risk of delayed recovery (which may limit the Com- partment’s ability to meet its commitments) or risk of loss of rights on the guarantee held. This risk, how- ever, is mitigated by the solvency analysis of the bor- rower performed by the Pictet Group. The securities lending agreements are also subject to the risk of con- flict of interest between the Fund and another entity of the Pictet Group, including the Agent providing services related to the securities lending agreements. Risk management method: relative value at risk (VaR), comparing the VaR of the compartment with the VaR of the benchmark, the MSCI World index.

Expected leverage: 0%. Depending on market condi- tions, the leverage may be greater.

Method of calculating leverage: sum of notional amounts. Risk profile

The Compartment is subject to certain risks inherent in 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, and investors may not recover the entire value of the capi- tal initially invested.

Manager: Sectoral

Base currency of the Compartment: USD Remittance of orders

Subscription

By 3:00 pm on the Banking Day preceding the NAV calculation date.

Redemption

By 3:00 pm on the Banking Day preceding the NAV calculation date.

Conversion

The most restrictive time period of the two compart- ments concerned.

Frequency of NAV calculation

Each Banking Day as well as the first calendar day of the month, unless that day is a Saturday or a Sunday. However, the Board of Directors reserves the right not to calculate the NAV or to calculate a NAV that cannot be used for trading purposes due to closure of one or several of the markets in which the Fund is

invested and/or which it uses to value a material part of the assets.

For further information, please refer to our website www.pictetfunds.com.

Payment value date for subscriptions and redemptions Within 2 Banking Days following the applicable NAV calculation date.