La Ley Orgánica de Calidad de la Educación de

Type of share Activated ISIN code Initial min. Currency of the class Subscrip- tion and redemption currencies Dividend distribution Fees (max%) * Manage- ment Service Custodian Bank

I 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.

47. PICTET – GREATER CHINA

The Compartment is an investment vehicle for inves- tors:

• Who wish to invest in shares of companies par- ticipating in the growth of the Chinese economy by making investments in China, Taiwan and Hong Kong.

• 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 will invest at least two-thirds of its total assets or wealth in equities issued by companies that are headquartered in and/or conduct their main activity in Hong Kong, China or Taiwan.

This compartment will hold a diversified portfolio, generally composed of securities issued by listed companies. These securities may be ordinary or pref- erence shares, convertible bonds and, to a lesser ex- tent, warrants on transferable securities and options. In addition, the Compartment may also invest up to 10% of its net assets in UCIs, including other com- partments of the Fund pursuant to the provisions 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, however, that the ac- quisition of derivative instruments involves cer- tain risks that could have a negative effect on the performance of the Compartment. In addition, due to their volatility, warrants present an above- average economic risk.

Investors should be aware that, due to the politi- cal and economic situations in the above-named countries, investment in this Compartment pre- sents greater risk and is intended only for in-

vestors who are able to bear and assume this increased risk.

Tax risk

The tax treatment of dividends and capital gains from investments in Chinese A Shares has not yet been confirmed by the Chinese State Admin- istration of Taxation (SAT). The official withhold- ing rate applicable to dividends and capital gains is normally 20%, unless a lower rate has been agreed. If this tax and its retroactive application become definite, the tax will then be taken into ac- count in the calculation of the compartment’s NAV. 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 Golden Dragon 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: PAM Ltd., PAM HK

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 last 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 3 Banking Days following the applicable NAV calculation date.

Shares not yet issued that may be activated at a later date HI EUR, HP EUR and HR EUR shares as defined in the section “Sub-classes of Shares”.

Initial subscription price: the net asset value of the corresponding shares converted to EUR, on the day they are activated.