Monte Paektu: Medicina de norte de China

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 EUR ü LU0155300493 1 million EUR EUR – 0.90% 0.40% 0.30%

I dy EUR ü LU0953042735 1 million EUR EUR ü 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%

Z dy EUR ü LU1032528819 – EUR EUR ü 0% 0.40% 0.30%

32. PICTET – SMALL CAP EUROPE

The Compartment is an investment vehicle for inves- tors:

• Who wish to invest in shares issued by compa- nies with headquarters in Europe and/or whose main activities are conducted in Europe.

• 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 small-cap- italisation companies that are headquartered in and/ or have their main activity in Europe.

European small-capitalisation companies are compa- nies that, at the time of investment, have a capitalisa- tion of less than 3.5 billion euros.

The Compartment will invest a minimum of 75% of its net assets in shares issued by companies that have their registered headquarters in the European Eco- nomic Area (excluding Liechtenstein).

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 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 Europe Small Cap 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 S.A.

Base currency of the Compartment: EUR 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 The Banking Day following the applicable NAV cal- culation date.