General Business Conditions Pictet & Cie (Europe) S.A., Luxembourg

Section 1: Introduction Article 1 – Scope of application These General Business Conditions (composed of the General Terms (as defined under section 2.), the Special Terms (as defined under section 3) and the Appendices) govern the relationship between Pictet & Cie (Europe) S.A (hereinafter the “Bank”) and its clients, who are any person(s) to whom the Bank agrees to provide investment and/or custody or any other services, including its successor(s) in title or personal representative(s) and duly appointed attorneys (hereinafter the “Client”). The Client has accepted the General Business Conditions by signing an account application form to receive the Bank’s services (hereinafter the “Application Form”) or by entering into or subscribing to any of the services provided by the Bank. The Bank is a Luxembourg-authorised credit institution regulated by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg and registered with the Luxembourg Trade and Companies Register under number B32060. The Bank is also member of the Pictet Group, which gives it access to a worldwide network of services. In addition, the Bank uses the services of tied agents registered with the authorities of their European country of establishment. They have an exclusive relationship with the Bank and their main purpose is to promote the Bank’s investment and ancillary services. Any further information, including the list of countries where tied agents are registered, is available upon request. These General Business Conditions are legally binding and supersede any earlier agreement provided in respect of the same services. The General Business Conditions are applicable to existing and future relationships and future amendments, as decided from time to time, and are fully applicable to and binding on the Client. In addition to these General Business Conditions, the relationship between the Bank and the Client is governed by: – the Application Form, the Mandate Strategy (as defined below under section 3, II), the Client Profile (being the form or any other document, signed by the Client or not, outlining the Client’s risk profile, investment objectives and time horizon and any other document designated as such by the Parties) (collectively with the General Business Conditions, the “Agreement”); – any specific agreement entered into by the Client and the Bank. Unless agreed otherwise in writing, in the event of discrepancies between these General Business Conditions and a specific agreement, the specific agreement would prevail; – any general fee schedule or fee schedules applicable to a specific type of service provided by the Bank, as may be amended from time to time; – the agreements concluded with other banks in Luxembourg or abroad; – the general practices applicable to certain types of business and, inter alia, to transactions on regulated markets, Multilateral Trading Facilities (or “MTF”, being authorised multilateral systems generally operated by an investment firm which brings together multiple third-party buyers and sellers in financial instruments and which is subject to non-discretionary rules) or Organised Trading Facilities (or “OTF”, being multilateral systems which are not an MTF, in which multiple third-party buying and selling interests in bonds, structured finance products, emission allowances or derivatives are able to interact in a way that results in a contract or are handled through the intermediary of foreign correspondents). – any (i) applicable rule, regulation, custom and practice of the relevant exchange or market (and any clearing house) and (ii) all applicable laws and regulations, including, but not limited to, the rules, regulations, requirements, determinations, practices and guidelines of any governmental or self-regulating organisation which we or (if applicable) a Pictet Group company is a member of or is subject to, including those of the CSSF or any other regulatory or supervisory authority, in each case, for the time being in force (hereinafter the “ Applicable Law”) applicable to transactions entered into in relation to financial assets, cash and/or other assets under these General Business Conditions. If there is a conflict between these requirements and the docondLUXen_v8.0a_15022021BP 1/98 TAGD000TTT TAGO000TTT TAGA000TTT TAGB000TTT TAGRA01TTT provisions of these General Business Conditions, then such requirements will prevail over the provisions of these General Business Conditions. Nothing in these General Business Conditions will exclude or restrict any duty or liability which the Bank incurs towards the Client and which arises under the Luxembourg regulatory system. The Bank emphasises to the Client that no person in any territory other than the Grand Duchy of Luxembourg may enter into the Agreement unless, in the relevant territory, such an Agreement can lawfully be entered into by that person without contravention of any registration or other legal or regulatory requirements. Any person outside the Grand Duchy of Luxembourg proposing to enter into the Agreement must be content that to do so would be fully compliant with any Applicable Law or regulations, and that any necessary governmental or other consents have been obtained.

docondLUXen_v8.0a_15022021BP 2/98 Article 2 – Contents These General Business Conditions comprise: General Business Conditions Section 1: Introduction 1 Article 1 Scope of application Article 2 Contents 3 Section 2: General terms applicable to all services (the “General Terms”) 8 Article 3 Scope Article 4 Entry into force of the Agreement Article 5 Client relationship 5.1 Signatures 5.2 Joint accounts 5.3 Bare ownership accounts 9 5.4 Powers of attorney and right of information 5.4.1 Common provisions 5.4.2 Powers of attorney 10 5.4.3 Right of information 5.5 Succession 5.6 Incapacity Article 6 Communications and correspondence between the Bank and the Client 11 6.1 Correspondence sent to the Client 6.2 Client instructions 12 6.2.1 Form of instructions 6.2.2 Processing of instructions 6.2.3 Evidence of execution of Client instructions 13 6.2.4 Information to be provided to the Client prior to execution 6.3 General provisions regarding the use of E-Banking Services 6.3.1 User due diligence 6.3.2 Confidentiality and security 14 6.3.3 Granting and cancelling of access rights 6.3.4 Change in services offered 6.3.5 Availability of E-Banking Services 6.3.6 Exclusion of the Bank’s liability regarding E-Banking Services 6.4 General provisions for the use of electronic and fax communications 15 Article 7 Personal data processing and transfer of information 16 7.1 Data processing and privacy notice 7.2 Recordings 7.3 Outsourcing and delegation to third parties 17 7.3.1 Outsourcing 7.3.2 Delegation 7.4 Exchange of information for tax purposes 7.5 Confidentiality 18 Article 8 Client obligations and liabilities 19 8.1 The Client’s general obligations docondLUXen_v8.0a_15022021BP 3/98 8.1.1 Client information 8.1.2 Ownership of the assets 8.1.3 Compliance with the Client’s applicable laws and regulations 20 8.1.4 Compliance with the Client’s tax obligations 8.2 Indemnity Article 9 The Bank’s liability Article 10 Fees, interest charges and expenses 21 Article 11 General right of set-off 22 Article 12 Conflicts of interest Article 13 Prescription Article 14 Objections Article 15 Evidence 23 Article 16 Complaints Article 17 Amendments to the General Business Conditions Article 18 Termination of the business relationship Article 19 Interpretation and Severability 24 Article 20 Applicable Law 25 Article 21 Place of jurisdiction Article 22 Client acceptance Section 3: Special Terms 26 I. Banking and Custody Services Special Terms Article 23 Provisions applicable to any types of deposits 23.1 Cash and custody accounts 23.2 Acceptance and remittance of assets 23.3 Unicity of accounts 23.4 General pledge of the Bank 27 23.4.1 Pledged assets 23.4.2 Enforcement of the pledge 23.4.3 Commitments-to-assets ratio 28 23.5 Third-party pledges 23.6 Timeframe for restitution of the Client’s assets 23.7 Liability of the Bank as custodian 23.8 Liability of the Client as depositor 23.9 Sub-custodians 29 23.10 Transactions processed by the Bank 23.11 Value dates 30 23.12 Sufficient assets and short sales 23.13 Liability for non-execution 23.14 Unclaimed custody assets Article 24 Provisions applicable to cash deposits 31 24.1 Currency deposits 24.2 Foreign currency deposits 24.3 Account balancing, interest and exchange rates 24.4 Payment services 32 docondLUXen_v8.0a_15022021BP 4/98 24.4.1 Scope of application 24.4.2 Payment services provided by the Bank 24.4.3 Information to be provided by the Client 33 24.4.4 Authorisation, receipt and execution of payment orders 24.4.4.1 Receipt of payment orders 24.4.4.2 Execution of the payment order 24.4.4.3 Time taken for execution and value date 34 24.4.5 Irrevocability of a payment order 24.4.6 Refusal of a payment order 24.4.7 Notice of unauthorised or incorrectly executed payment transactions 24.4.8 Debit interest rates and exchange rates 35 24.4.9 Communication 24.4.10 Amendments 24.5 Fiduciary deposits 24.6 Deposit guarantee 36 24.7 Open banking services for cash positions Article 25 Specific provisions applicable to the deposit of precious metals Article 26 Provisions specific to deposits and the administration of Securities and other financial instruments 37 26.1 Deposits of securities and other financial instruments 26.2 Withdrawal of Securities and other financial instruments 26.3 Protection of Securities and financial instrument deposits 26.4 Securities lending 38 26.5 Administration services for Securities and corporate actions 26.6 Class actions 39 II. Investment Services Special Terms 40 Part A: Terms applicable to all investment services Article 27 Investment services Article 28 Client classification Article 29 Appropriateness and suitability of financial services provided by the Bank or transactions in financial instruments 41 29.1 Client information 29.2 Professional client 29.3 Determination of the investment profile 29.3.1 Joint account 29.3.2 Accounts held by a legal entity 29.3.3 Accounts held by minor or incapable persons 29.4 Assessment of suitability and appropriateness 42 29.5 Target market 29.6 Choice of investments 43 Article 30 Order of execution, best execution and Order Execution Policy Article 31 Reporting 44 Article 32 Commissions received and paid 32.1 Monetary benefits received 32.2 Non-monetary benefits received docondLUXen_v8.0a_15022021BP 5/98 32.3 Commissions paid 32.4 Client information 45 Article 33 Risks related to financial services and financial instruments 33.1 General risks 33.2 Risks related to specific investments 33.2.1 Leverage 33.2.2 Investing in certain regulated Undertakings for Collective Investment (UCI) 33.2.3 Investing in packaged retail and insurance-based products 33.2.4 Transactions in options, financial futures forwards and other derivatives 33.2.4.1 Risks 46 33.2.4.2 Maturity, exercise and liquidation 33.2.4.3 Collateral 47 33.2.4.4 Communication of information 33.2.4.5 Information on the legal obligations governing OTC derivatives transactions 33.2.5 Private equity funds (“Private Equity Investment”) 49 33.2.6 Financial instruments where the underlying is traded on a trading venue 33.2.7 Investments in crypto assets 50 Part B: Discretionary management services provided by the Bank Article 34 Mandate Article 35 Authority Article 36 Investment strategy 51 Article 37 Debits 52 Article 38 Conflicts of interests Article 39 Client transactions Article 40 Suitability 53 Article 41 Credit interaction Article 42 Portfolio performance 42.1 Valuation 42.2 Reporting Article 43 Fees Article 44 Consequences of the termination of the Mandate Strategy 54 Part C: Advisory Article 45 Advisory agreement Article 46 Mandate Article 47 Authority Article 48 Investment Strategy and suitability 55 Article 49 Investment decisions and execution of orders Article 50 Ex-ante costs and pre-trade suitability assessment 56 Article 51 Fees and commissions Article 52 Liability of the Bank Article 53 Consequences of the termination of the Mandate Strategy Part D: Execution only and reception and transmission of orders 57 Article 54 Execution only 54.1 Scope of the service docondLUXen_v8.0a_15022021BP 6/98 54.2 Execution of the Client’s orders Article 55 Reception and transmission of orders 58 Part E: Investment services provided by a third party 59 Article 56 Mandate Article 57 Limits Article 58 Liability of the Bank Article 59 Suitability, appropriateness and reporting 60 59.1 Suitability test 59.2 Appropriateness test 59.3 Reporting Article 60 Means of communication Article 61 Termination of the relationship with the independent asset manager 61 Part F: Investment services provided by another entity of the Pictet Group Article 62 Mandates 62.1 Mandate for reception and transmission of orders 62.2 Mandate for client servicing Article 63 Access to the Account and confidentiality waiver 62 Appendices: Appendix 1: Order-execution policy – Pictet & Cie (Europe) S.A. 63 Appendix 2: Policy for handling conflicts of interest 71 Appendix 3: General description of risks pertaining to financial instruments 75 Appendix 4: Basic information about the protection of deposits 89 Appendix 5: Pictet Group Privacy Notice 93

docondLUXen_v8.0a_15022021BP 7/98 Section 2: General terms applicable to all services (the “General Terms”)

Article 3 – Scope This section of the General Business Conditions governs all business relationships between the Bank and the Client and is applicable to all services provided by the Bank.

Article 4 – Entry into force of the Agreement By signing the Application Form or any other document requesting the Bank to provide services, the Client asks the Bank to enter into a business relationship. The Agreement enters into force when the Bank accepts such a request by: (i) providing the investment services specified in the Application Form or any other agreement; and/or (ii) acting as custodian in respect of the financial assets and providing the custodial services; and/or (iii) acting as banker in respect of cash deposited in the Client’s Account (as applicable and as defined below). This can be the case only if the Bank’s client identification requirements, anti-money laundering and terrorism financing checks (including in respect of any party authorised to give instructions on the Client’s behalf) and any other internal requirements have been completed to the Bank’s satisfaction. The “Account” designates all accounts, sub-accounts linked to the same account and held by the Client with the Bank, regardless of (i) their nature (single or joint accounts, term accounts or not, etc.); (ii) the account number; (iii) their currency; (iv) their special nature; (v) the interest rates applicable thereto; (vi) the identity of any joint account holders.

Article 5 – Client relationship 5.1 Signatures Only signatures provided to the Bank in writing are valid vis-à-vis the Bank until it receives written revocation thereof, without the Bank’s having to take into account any contrary entries in the Luxembourg Business Registers or any other commercial register or oﬃcial publication. If the Bank fails to detect fraudulent use or misuse of the Client’s signature, whether genuine or false, on documents, and carries out transactions on the basis of such documents, the Bank will, except in the case of gross negligence in verifying such documents, be released of its obligation to restore to the Client the assets deposited with the Bank by the latter and sent astray by the fraudulent use of such documents.

5.2 Joint Accounts If two or more Clients are co-holders of a joint Account, their obligations under the Agreement will be joint and several. As a consequence, each co-holder will be individually as well as jointly responsible for all the obligations in the Agreement, including the entire amount of any fees, charges or costs on the Account. The joint and several liability relates solely to the right of disposal of joint account holders vis-à-vis the Bank, irrespective of their internal relationships, with particular reference to the ownership rights of joint account holders and their legal assigns. Unless otherwise agreed in writing, if the Bank has to take a position regarding the ownership of assets credited to a joint account vis-à-vis any competent authorities, a creditor operating the Account seizure or any other third party, and without prejudice to any other agreements between the co- holders to which the Bank is not a party and does not (nor is required to) have knowledge of, it may deem that the co-holders will be entitled to the assets in equal parts. Any notice, correspondence or information given to one co-holder will be deemed to be given to all of them. The Bank may credit to the Account of the joint account holders monies received for the account of any one such joint account holder. The co-holders may choose in the Application Form between an individual or a collective regime of signature on the Account. If no speciﬁc instructions were given by the Clients, the Account will be treated as an individual signature Account, and the Bank may act on the instructions of any of the joint account holders. When the Client has elected an individual signature regime, each co-holder will have the right to use, individually and independently from the other co-holders, all funds and all assets to accomplish all deeds of management, to establish all rights of pledge and to withdraw all funds and assets. The payment or the remittance of funds and/or assets made to one of the joint holders will thus release the Bank with respect to all the account holders and their legal beneficiary(ies). The same will apply in the event of the closing of the Account by one of the co-holders. However, the Bank reserves the right to request written instructions from each co-holder, or a court order if, in its absolute discretion, it considers it to be appropriate and fair given the circumstances, or if the Bank was informed of a dispute between the joint account holders. In addition, each co-holder has the right to block the use of the individual signature regime. From the moment of receipt of this request in writing, the Account may be operated solely with the joint agreement of all the joint account holders. This will enter into effect as soon as possible, but not later than after five (5) business days (being any day other than a Saturday, a Sunday a

docondLUXen_v8.0a_15022021BP 8/98 public holiday or a bank holiday in the Grand Duchy of Luxembourg, hereinafter “Business Day”), and the Bank will not take responsibility in this respect until the end of the fifth Business Day following receipt of the request. On the death or legal incapacity of any one or more joint account holders, the Agreement will not terminate: – If a collective signature regime applies to the Account, the deceased or incapable accountholder will be represented by their successors, assignees and/or representatives. – If an individual signature regime applies to the Account, and subject to the fiscal regulations or legislation in force, the Bank may treat the remaining joint account holders as the only persons entitled to or interested in the Account. Each co- holder will retain all their rights to use the Account individually and independently from the other co-holders. All funds and assets may be remitted upon the signature either of a surviving co-holder or of the eligible claimants of the deceased co-holder, subject to the relevant legal or statutory regulations. – The above mentioned does not apply when the deceased co-holder was a resident of the Grand Duchy of Luxembourg as defined by Luxembourg fiscal law. Upon receipt of the knowledge of their death, the Luxembourg applicable law obliges the Bank to block the Account(s) and to inform the indirect taxation department (Administration de l’enregistrement,des domaines et de la TVA) of their various account balances.

5.3 Bare ownership accounts Unless otherwise agreed in writing, when the Client wishes to open an Account where the ownership is split into bare ownership and usufruct, two separate Accounts will be needed and linked together. The first Account opened with the Bank is the bare ownership account and will be in the name of both the bare owner and the usufructuary, both being beneficial owners. Unless otherwise agreed, orders relating to the bare ownership account which are not instructions related to the management or the administration of the assets of the bare ownership account must be signed jointly by the bare owner and the usufructuary. This includes orders regarding the exercise of subscription rights. The Bank will credit the bare ownership account with the proceeds, such as gross proceeds of the sale or redemption of the assets. New securities resulting from the exercise of subscription rights or free allocation rights will be credited to the bare ownership securities account. The second Account being the usufruct account, to be opened with the Bank (subject to the Bank’s agreement), will be in the name of the sole usufructuary and will be credited with the income generated by the bare ownership account as long as the Bank has not been notified of the usufructuary’s death. Such income will consist of interest, dividends and similar income. The usufructuary and the bare owner should instruct the Bank regarding the person authorised to manage or grant an asset management mandate on the assets deposited on the bare ownership account. Absent such instruction, the Bank may consider by default that the usufructuary is the sole person authorised to manage the assets on the Account (without having any right of disposal) and/or to entrust an asset management mandate to a third party.

5.4 Powers of attorney and right of information 5.4.1 Common provisions The Client may appoint in writing the persons allowed to represent them in their relationship with the Bank (the “Attorney”). In the performance of duty, the Attorney is authorised to request access to the Account, including through the Bank’s electronic banking services provided by the Bank. Under no circumstances may the Attorney request access for a third party. The Client accepts that by granting such access, the Attorney will be able to see the transactions that were carried out on the Account before the Attorney was appointed. The Bank may choose to accept only mandates and powers of attorney granted using the templates provided by the Bank to this effect. The Bank is authorised, without having to justify itself, to refuse to recognise and give effect to a power of attorney or a mandate and to refuse to execute instructions given by a personal representative. In any event, the Bank is free to ask any person it contacts to provide any details to identify and determine the powers of said person. The Bank has the right to refuse to act upon the request of someone whose identity and powers it deems not established in a satisfactory way. Unless expressly provided otherwise, mandates and other powers of attorney in connection with the relationship between the Bank and the Client will remain in force until the Business Day following the day the Bank receives a revocation or a request for change sent by the Client or by any other person authorised to do so, including the heirs, the testamentary executor, the curator, the bankruptcy administrator or any other similar parties. Unless expressly stipulated otherwise, the agent or proxy holder has the same powers as the Client themselves. The Bank is under no obligation to enquire into the reasons why a personal representative wishes to carry out a particular transaction, subject to the legal and regulatory provisions on combating money laundering and terrorism financing. The Client or their beneficial owners alone bear the risk of any abuse, losses or damages that they may suffer as a result of transactions carried out by a personal representative.

docondLUXen_v8.0a_15022021BP 9/98 The General Business Conditions, the Appendices, the Agreement and any other document or agreement applicable to the Client are applicable to the Client’s personal representative. The Client is responsible for notifying their personal representative of the applicable General Business Conditions or any other applicable provisions. The power of attorney or the right of information will terminate upon the death of the Attorney or the loss of their legal capacity. The Attorney will not be succeeded in said capacity by their heirs or assigns. The death or loss of legal capacity of one or more of the Attorneys will not aﬀect the type of signature powers of the power of attorney.

5.4.2 Powers of attorney When the Attorney is granted a full power of attorney, they will be authorised to exercise all rights, authority and powers (except the right of substitution) in relation to the Account, including (without limitation) the right to withdraw, pledge and manage the assets held in the Account but excluding the right to close the Account. If a limited power of attorney is granted, the Attorney has the same rights (such as providing instructions in relation to the purchase and sale of assets in the Account) but without having the right or with a limited right to dispose of/transfer/withdraw the cash and assets held in the Account. In all cases, a pledge on the Client’s assets granted by the Attorney is possible solely to guarantee the Client’s commitments. Should there be more than one Attorney, and unless speciﬁed otherwise in writing, they are deemed to have been granted an individual power on the Account. Powers of attorney will not terminate upon the death of the Client, the loss of their legal capacity or their being adjudicated absent. Nevertheless, in the event of the Client’s death, the Bank reserves the right not to execute any instructions received from the Attorney in relation to transfers of assets.

5.4.3 Right of information The power of attorney holder with a right of information is authorised by the Client to take cognisance through any means of any kind of information relating to the Account and the assets deposited in said Account and to access and/or take copies of all documents (such as contractual documentation, account-opening forms, valuation statements, account statements, correspondence, etc.) issued by the Bank or the Client, and to give discharge to the Bank on the Client’s behalf, in the event of remittance. The Client gives the Attorney full powers to check on movements and approve the balances of the Account on the Client’s behalf. The Attorney has no powers to withdraw or to otherwise dispose of the assets, securities or deposits in the Account, or to give instructions about their management or administration.

5.5 Succession In the event of death, it is the responsibility of the co-owners or beneficiaries of the deceased to notify the Bank. Under no circumstances is the Bank required to seek information about the Client’s death (in particular from publications in newspapers or the media). If the Bank has not received a death certificate, it will not assume any responsibility for any transactions carried out after the death by the deceased’s co-owners, personal representatives or agents. Except in the event of gross negligence, the Bank cannot be held liable for errors in the identification of the heirs or the order of succession of the deceased Client if it has relied on apparently convincing documents to remit the assets of the deceased. Powers of attorney given on the basis of the Bank’s templates do not terminate upon the death of the Client unless they are revoked by the Client’s heirs. The proxy holder will not, however, be authorised to dispose of any assets in the form of transfers or withdrawals unless these relate to the payment of invoices directly linked to the death or costs incurred by the deceased before the date of death. Management or other mandates granted to professional third parties do not terminate upon the death of the Client and will remain in force until their revocation by the co-holders or heirs. Discretionary investment management mandates granted to the Bank do not terminate upon the death of the Client and will remain in force until they are revoked by the co-holders or heirs. In the absence of a mandate granted by the Client before their death, the Bank may under no circumstances be considered responsible for managing the deceased Client’s assets if no management mandate has been duly signed by the Client’s representatives to this effect.

5.6 Incapacity In the event of the Client’s incapacity, the Bank will need to be notified accordingly. Under no circumstances is the Bank required to seek information regarding the Client’s incapacity through publications, registrations or other sources. If the Bank has not received a legally binding notification, it will not assume any responsibility for any transactions carried out by the Client, the Client’s personal representatives or agents. docondLUXen_v8.0a_15022021BP 10/98 Powers of attorney given on the basis of the Bank’s templates will not terminate upon declaration of incapacity (déclaration d’incapacité) of the account holder unless they are revoked by the account holder’s guardian or representative. Management or other mandates granted to professional third parties will not terminate upon the Client’s incapacity and will remain in force until they are revoked. Discretionary investment management mandates granted to the Bank, including with respect to the management and risk profile of the Client, will not terminate upon receipt of the Client’s declaration of incapacity and will remain in force until they are revoked. If the Bank has not received a mandate granted by the Client before the date of the notification of the Client’s incapacity, under no circumstances may it be deemed responsible for managing the assets of the deceased Client if no management mandate has been duly signed by the Client’s representatives for this purpose. However, the Bank reserves the right to refuse to carry out payment instructions if it has not received legally valid instructions from a competent authority in accordance with Applicable Law.

Article 6 – Communications and correspondence between the Bank and the Client 6.1 Correspondence sent to the Client In accordance with the mailing instructions provided by the Client, the Bank will send to the Client the Client’s correspondence, including but not limited to account statements, transaction confirmations, applicable tax reports and invoices, any documentation or information (including, but not limited to, offering documents, key investor information documents, other marketing and pre/post sales documents and communications) relating to the services or the financial assets and/or any other notice, instruction, demand, confirmation, statement or request (hereinafter the “Correspondence”). These documents will be sent in the language(s) chosen by the Client (which the Client confirms that they fully understand), using any of the following means: (a) E-banking services: Unless otherwise instructed in the Application Form or any other kind of instruction, the Bank will provide the Client with remote access to their Account through the Bank’s electronic banking services (hereinafter “E-Banking Services”) and will send the Client all the Correspondence through that channel. All Correspondence sent through E-Banking Services is presumed to have been received and read 2 (two) days after it has been placed at the disposal of the Client on the system; or (b) Post or courier: The Correspondence that is not sent to the Client through E-Banking Services will be sent by post (registered or not) or by courier. Correspondence sent to the Client via courier or post, is deemed to have been received by the Client when it has been sent to the most recent address provided by the Client and within the normal postal delivery time. If any Correspondence sent to the Client by courier or post is returned undelivered, it will be retained by the Bank together with all future Correspondence for such period as deemed appropriate, after which the Bank may destroy it. Said Correspondence is considered to have been delivered on the day following the date it bears. In such a case, the Bank is not obliged to print the Correspondence but merely to keep it for the Client to access through its computer system, and it will print the Correspondence only if the Client so requests. The documents kept in this way are also deemed to have been delivered to the Client on the Business Day following the date of issue stated on the documents. The Bank may never be held liable for any loss or expense suffered by the Client as a result of the non-delivery, improper delivery or delay in delivery of any Correspondence. (c) E-mail Under some circumstances, to guarantee swift delivery of information to the Client, the Bank might decide to send information such as mandatory pre-trade documentation to the Client by e-mail. Such information is presumed to have been received by the Client as soon as it has been sent by the Bank’s systems to the Client’s e-mail address. The Client remains fully responsible for the use of this communication medium in application of Article 6.4 below regarding general provisions for the use of electronic and fax communications. (d) Any other medium agreed with the Client. In respect of any joint accounts, any Correspondence delivered to one party to the joint account or to an agent of such party will be deemed to have been delivered to all parties to the joint account. The Client agrees that it is their responsibility to review the Correspondence promptly and to notify the Bank within thirty (30) days after receipt of any error, omission or improper payment or transfer, otherwise the Correspondence will be deemed to have been accepted by the Client. In such cases, the Client will be precluded from asserting any claim against the Bank based on any error, omission, improper payment or transfer disclosed in any Correspondence. The Client is aware that any Correspondence sent by means other than E-Banking Services is at the entire risk of the Client and that the Bank may charge additional costs in such cases. docondLUXen_v8.0a_15022021BP 11/98 Where, for the purposes of Applicable Law and more specifically the MiFID regulations, information must be provided to the Client on a durable medium, the Client acknowledges that they have regular access to the internet so that any means of electronic communication (E-Banking Services, e-mail or other electronic communications) is considered an appropriate medium for the Client. Notwithstanding any present or future agreements regarding the Correspondence, the Bank is authorised to contact the Client directly by any means whatsoever, in the event of an emergency, a breach by the Client of one of their obligations or when the Bank is required to do so by any Applicable Law, or when it deems it appropriate to do so. Except in the event of gross negligence on the part of the Bank, risks of any kind, such as losses, delays, misunderstandings, errors, alterations and multiple shipments resulting from the use, interruption or failure of any means and systems of communication and transmission, in particular by post, telephone, electronic means, as well as by any public or private transport company, are borne exclusively by the Client.

6.2 Client instructions 6.2.1 Form of instructions All instructions will be given by the Client in writing and signed before being sent to the Bank by ordinary post, courier, registered mail or delivered by hand. Said instructions should comply with the agreed signature regime and the specimens of signature deposited with the Bank. Notwithstanding the above, and unless the Client has expressly instructed the Bank otherwise, the Bank may accept and execute instructions received from the Client (or their representatives) by telephone, as described below. The Bank may also accept such instructions through electronic communication or fax, subject to the general provisions for the use of electronic or fax communications as stated below. The Bank is allowed to execute these instructions (investment instructions or transfer of assets instructions) regardless of the amount concerned. However, the Bank reserves the right to refuse to execute an instruction or to ask the Client for a telephone conﬁrmation. The Client recognises that, when using such means of communication, the Bank may be in a position where it will be unable to apply its Order Execution Policy (Appendix 1). The Client also accepts that when instructions are not signed, the Bank will be unable to check that the Client’s signature complies with the specimen signatures deposited with the Bank. In any event, the Client will bear any loss arising from the use or abusive use of ordinary mail, telephone, electronic communications, fax communications, or any other means of communication used to send instructions to the Bank, including but not limited to losses associated with any kind of delays, delays in execution of instructions, other losses, the alteration or double transmission of instructions, the failure of delivery or receipt of instructions as well as the ambiguity of an instruction, and the Bank will be relieved from its obligation to return the assets in such circumstances. The same applies for any loss arising from the fraudulent use by a third party of the real or falsiﬁed Client signature. The Bank will be considered to have acted on a valid instruction of the Client and will be exempted from its obligation to return the embezzled assets. Any instruction given by the Client’s personal representative will be considered by the Bank as having been issued directly by the Client themselves, and all provisions applicable to the Client’s instructions will apply to the representative’s instructions.

6.2.2 Processing of instructions The Bank is authorised to act on instructions given by or in the name of the Client and to execute orders in accordance with the information contained in such instructions. The Client accepts full liability for any errors, omissions or ambiguities contained in such information, which may lead to the refusal or the incorrect or delayed execution of the order. When the Bank receives an instruction, it reserves the right, and without incurring any liability in this regard, to suspend execution of an instruction and request the Client to provide additional information and supporting documents as it may deem necessary, such as a written or a telephone confirmation of the instruction, or additional elements to enable the Bank to comply with its legal obligations including anti-money laundering and terrorism financing or MiFID. The Bank may also, without incurring any liability in this regard, refuse to execute an instruction, inter alia when: (i) the instruction is related to transactions or financial instruments the Bank or the Client does not usually deal with; (ii) the Client is in breach of one of their obligations towards the Bank; (iii) the execution of the instruction might lead to the Bank’s having a credit risk exposure; (iv) the Bank has received an injunction or order from any competent court or competent authority to freeze funds or any other specific measure taken by a competent court or a competent authority in the context of preventing or investigating a crime or for any other reason; (v) the Bank deems that the transaction to be executed might be in conflict with its obligations under Applicable Law. docondLUXen_v8.0a_15022021BP 12/98 As far as permitted by Applicable Law, if the Bank suspends the execution or refuses such execution, it will take reasonable steps to notify the Client promptly, giving the reasons for its decision to suspend or refuse execution. The Client is responsible for checking whether their instruction has been duly received and executed by the Bank. Once the Bank has received the Client’s instruction, it may not be possible for the Client to change it. Instructions may be given individually or in the form of a standing instruction. The Bank may, at its own discretion, refuse to act on any standing instruction in accordance with the above terms. Standing instructions will remain in force until cancelled or amended. Standing instructions may be set up, amended or terminated in writing only (including by e-mail). The crediting to an Account of an amount resulting from a transaction whose settlement is not known or not concluded at the time of the booking will, unless agreed otherwise, be made “under the usual reserves”. If the transaction is not carried out, the Bank will be expressly authorised to debit the Account without notice. Instructions will be carried out only if there is sufficient funding and provided that the signature matches the registered specimen.

6.2.3 Evidence of execution of Client instructions The recordings of transactions in the account statements, overviews and/or any Correspondence sent by the Bank to the Client by any means whatsoever (including electronically) will constitute sufficient evidence of the execution of the Client’s instructions. In the absence of such evidence, recordings of a transaction in the Bank’s books will be deemed to constitute sufficient evidence instead. Unless there is evidence to the contrary, the Bank’s records alone will be sufficient to evidence that any order instructions given by any communication means, and in particular those given verbally or by telephone, were carried out in accordance with the Client’s instructions. If necessary and notwithstanding the provisions of Article 1341 of the Civil Code, the Bank will be allowed to provide any legally permissible means of evidence of execution of such instructions, in particular by giving testimony.

6.2.4 Information to be provided to the Client prior to execution The Client declares that they are aware that, for all instructions sent by telephone, electronic communication or fax communication, they might not be able to obtain the information, either wholly or partially, that the Bank would have been able to provide them with about the planned transactions if such instructions had been given in signed form. In particular, the Client conﬁrms that when they place instructions for purchases or subscriptions involving undertakings for collective investment (within the meaning of the Luxembourg law of 17 December 2010 pertaining to undertakings for collective investment in transferable securities, as may be amended from time to time, hereinafter “UCI”) by telephone, electronic communication, fax, or any other means of communication the Client will, in good time and before placing the instruction, familiarise themselves with the latest Key Information Document (or “KID”, summarising the key investor information) corresponding to their investment for which a KID is mandatory. The Client conﬁrms that they are well aware that the KIDs relating to UCIs distributed through the Bank are available from the Bank, upon request, during the usual opening hours.

6.3 General provisions regarding the use of E-Banking Services To allow the Client to access E-Banking Services, the Bank will provide the Client with remote access to their Account. Additionally, the Client may request, in the Application Form or through a specific agreement, access to their Account through the E-Banking Services for their representatives, holders of powers of attorney, holders of a right of information or an external asset manager (hereinafter, individually and including the Client defined as the “User”). The Client is responsible for warning the other Users of the risks mentioned in this article. The functionalities of the E-Banking Services provided to the User will depend on their place of residence and their powers over the Client’s Account. Access to certain features may be denied or rescinded. The User undertakes to inform the Bank of any change of address. The User, once authorised by the Bank, may access the E-Banking Services only if their identity is duly authenticated by the Bank’s system. The User will use only the means provided to them by the Bank to authenticate their identity vis-à-vis the Bank. Once the User’s identity has been duly authenticated by the system, the Bank will automatically deem any message or notification it receives from the User via the E-Banking system as having been sent by the User. The User will ensure that their information is accurate and will remain entirely liable for the use of the authentication means.

6.3.1 User due diligence The User will be the sole person liable for acquiring, installing, configuring, managing and maintaining the hardware (including the means of authentication given to the Client at the time of accepting the General Business Conditions or any time thereafter) docondLUXen_v8.0a_15022021BP 13/98 required for accessing the Bank’s E-Banking Services. In addition, the User will be liable for ensuring the security, integrity and confidentiality of their environment. In this event, the User must take all appropriate measures to prevent the risk of any viruses, infiltration and/or unauthorised attempts to access, collect, copy or destroy information sent to the User through E- Banking Services. Lastly, the User is liable for the access to any hardware provided by the Bank. The User must take any measures necessary to prevent the abusive or illicit use of E-Banking Services and protect access to the services available. For security reasons, every User is recommended to regularly change the passwords required for accessing the system. Furthermore, the User will keep the means of authentication strictly confidential and ensure they are kept in a secure location. The User will remain entirely liable for any damages incurred or caused as a result of non-compliance with this obligation. If there is a reason to believe that the authentication means have been lost, divulged or used fraudulently, the User must immediately notify the Bank and request that their access to E-Banking Services be blocked. If the authentication means are to be communicated electronically to the User, the Bank is allowed to use the e-mail address provided in the Account Opening Form or any other e-mail address provided to the Bank for that purpose. In addition, the User is informed and agrees that the Bank’s E-banking services are developed at Pictet Group level and that the Bank may provide Banque Pictet & Cie SA in Geneva with access to the User’s e-mail address so that Banque Pictet & Cie SA in Geneva can provide the User with information or its means of authentication.

6.3.2 Confidentiality and security Access to E-Banking Services is protected by a highly secure system using up-to-date technology, including access filters, the use of electronic certificates and data encryption. This security system is controlled by Banque Pictet & Cie SA in Geneva, which also provides the technical interface related to said E-Banking Services. Provided that the User complies with these conditions of use, the technology used by the Bank should ensure that the use of E-Banking Services remains confidential.

6.3.3 Granting and cancelling of access rights Unless decided otherwise, the Client is granted access to E-banking Services. The Client may at any time request the granting or removal of a User’s access (including for the Client themselves). All requests to cancel access to E-Banking Services must be sent to the Bank in writing. The Client may not cancel their own access when no other means of sending the Correspondence have been agreed with the Bank.

6.3.4 Change in services oﬀered The Bank may cancel, change or otherwise modify the services oﬀered by E-Banking Services as technical aspects of the system and applicable legislation evolve. The Bank will inform the User thereof in an appropriate manner. The Bank reserves the right to deny access to E-Banking Services at any time without having to indicate its reason(s) for doing so. As soon as use of E-Banking Services has been terminated, the User undertakes to return to the Bank all the hardware provided to access and use the services.

6.3.5 Availability of E-Banking Services The Bank will aim to ensure that the E-Banking Services are available as often as possible. Nevertheless, incidents requiring maintenance to the systems may occur, preventing E-Banking Services from being used temporarily. The Bank will not be liable for the technical risks related to, inter alia, any power failure, disconnection, time-out or system failure, disturbance or overloading or locking up of the systems or networks involved therewith.

6.3.6 Exclusion of the Bank’s liability regarding E-Banking Services Except in the event of gross professional misconduct on its part, the Bank may not be held liable in any event whatsoever, particularly in (but not limited to) the following cases: a) misuse by a former User of the access to E-banking Services or the hardware provided by the Bank; b) communication or transmission error resulting from the use of E-Banking Services, particularly in the event of a loss of power, disconnections caused by a telecommunication company or any other public or private intermediary, or any other type of failure related to the computer systems involved; c) interruption of transactions in progress causing direct or indirect losses or a missed gain; d) misuse by a third party of the internet; internet does not enable the identity of the actual sender or addressee of a message to be veriﬁed with absolute certainty; e) interception by a third party, loss or modiﬁcation of an electronic message sent to or from the Bank; f) information provided or transferred only in part;

docondLUXen_v8.0a_15022021BP 14/98 g) information made available to the User that comes from sources outside of the Bank; h) incidents resulting from network overload, breakdown or interruption of the networks or systems; and i) misuse by a third party by way of a virus, inﬁltration and/or unauthorised attempts to access the system by force or to otherwise collect, copy or destroy information sent to the User by E-Banking Services.

6.4 General provisions for the use of electronic and fax communications Unless otherwise provided in writing, the Client, either by (i) providing an e-mail address or a fax number to the Bank or by (ii) making use of these means of communication in its business relationship with the Bank, is considered as having given its explicit consent to the use of these communication means, and the Bank may deem it legitimate to send to and receive from the Client communications or instructions (e.g. relating to an investment or fund transfer) to be executed and transmitted electronically and/or by fax. The Bank may, inter alia, provide certain documents in compliance with applicable regulations (e.g. basic information sheets, key information material, prospectuses and reports). In such cases, the Client authorises the Bank to make these documents available or send these documents to the Client and/or their representative(s) electronically and/or by fax, rather than sending hard copies to the Client and/or their representative(s) by post. The Client accepts that the same applies to any communication with the Client’s representatives and in particular anyone vested with a power of attorney, a management power or right of information. Electronic communications include any electronic means of communication used to transfer data, information and/or files (including, without limitation, e-mail, instant text messaging (IMS) or other means such as text messages (SMS/texts)), other than the Bank’s E-Banking Services. The Client confirms that they are aware of the increased risks associated with electronic and fax communications, and in particular the fact that said communications pass through public and private infrastructures which are beyond the Bank’s control and offer no particular security protections. Moreover, the Client: i. confirms that they are fully aware that electronic communications may be easily intercepted, modified, manipulated or destroyed and that they could be viewed and used by unauthorised or unintended third parties (e.g. in cases of hacking). Moreover, they may also not arrive at the intended destination or may arrive with a delay or in another form than the one originally sent. As a result, the confidentiality and authenticity of communications transmitted electronically cannot be guaranteed. In particular, the Bank is not capable or liable for verifying the identity of the purported sender of the electronic communication. Furthermore, using electronic means of communication can lead to damaging consequences (e.g. computer viruses). It is up to the Client and their representative to take the recommended steps to protect against risks associated with electronic communications, in particular by safeguarding the means of authentication (e.g. usernames or passwords) by changing these regularly, by installing and updating appropriate protection mechanisms (e.g. antivirus software, firewalls) on their IT hardware, and by carefully choosing the service providers used (e.g. internet service provider and e-mail address provider). The Client and their representative must notify the Bank immediately if they have any suspicions or detect any security breaches or failures (e.g. virus or fraud by a third party) that are likely to have or have already had an impact on their electronic communications with the Bank. ii. confirms that they are fully aware that fax communications can easily be intercepted, modified, manipulated or destroyed. They can be viewed or used by unauthorised parties and may not arrive at their intended destination or may arrive with a delay or in another form than the one originally sent. In particular, the Client’s attention is drawn to the risk of the faxed communication being incomplete, an error being made in the fax line chosen or a wrong connection being made by the switchboard or network operator. As a result, the confidentiality and authenticity of fax communications cannot be guaranteed. In particular, the Bank has no possibility of verifying the identity of the purported sender of the fax. It is up to the Client and their representative to take the recommended steps to be protected against the risks associated with fax communications, in particular by preventing any misuse of the fax line by a third party. The Client and their representative must notify the Bank immediately if they have any suspicions or detect any security breaches or failures (e.g. fraud by a third party) that are likely to have or have already had an impact on their faxed communications with the Bank. iii. understands that no guarantee can be made that communications sent electronically or by fax are received or regularly read or viewed. As a result, if the communication to be sent is urgent, the Client and their representative should select other means of communication (e.g. telephone). It may also happen that communications sent electronically or by fax fail to arrive at the Bank or arrive at the Bank with a delay as a result of the Bank’s protection mechanisms (e.g. firewalls and antispam screening) or for any other reason (e.g. overloading or other disruption of networks). The same risk also applies to communications sent to the Client and their representative. Furthermore, even if the communication arrives at the Bank, it may not be viewed or dealt with within the expected time, particularly if the addressee at the Bank is absent. As a rule, communications received electronically or by fax are not read or viewed outside regular business hours (i.e. between 8.30 and 17.00 CET, as amended from time to time) on Business Days. Moreover, communications sent electronically or by fax docondLUXen_v8.0a_15022021BP 15/98 might be dealt with after another communication received via other means (e.g. by telephone) even if the former was received at the Bank before the latter. iv. acknowledges that the Bank uses or relies on the address(es), phone/fax number(s) or other details for electronic or fax communications (hereinafter “Electronic Contact Details”) of which the Client or their representatives have specifically notified the Bank, and/or on those details commonly used by the Client or their representative in their dealings with the Bank. The Client and their representative are responsible for notifying the Bank immediately of any change to their Electronic Contact Details. Likewise, it is up to them to notify the Bank immediately if they have suspicions or detect any unauthorised access to their Electronic Contact Details or any abuse of such Details. The representative is presumed to be using electronic communications with the Client’s agreement under all circumstances, and the Bank has no control over the use of electronic or fax communications by the Client’s representative. The Client and their representative are presumed to have received electronic or fax communications sent by the Bank to the Electronic Contact Details that the Bank holds, at the time and on the date as recorded on the Bank’s systems. v. accepts that the Bank reserves the right to insist on a signed instruction provided in writing or any other means intended to cross-check the Client’s identity and/or their representative’s identity and legitimacy, with the understanding that the Client and their representative may not hold the Bank to blame for any delay or failure to act on such grounds. In general, it is up to the Client and their representative to make sure that they forestall any risk of misunderstanding arising out of a message communicated electronically and one communicated via other means (e.g. risk of double execution). vi. agrees that the Bank may forward to the Client or their representative electronically rather than in hard-copy form certain documents (e.g. basic information sheets, key information material, prospectuses or reports) which the Bank is duty bound to provide in accordance with legal and regulatory provisions or arising out of the relationship binding the Bank to the Client and/or their representative. The Client will alone bear all liability for the associated risks involved with electronic or fax communications. Under no circumstances may the Bank be held liable, subject to any serious misconduct, for any direct or indirect loss or any damage, claim or other cost whatever arising out of or relating to the use of electronic or fax communications, especially in connection with failure to execute or delayed execution of an instruction received electronically or by fax, unauthorised actions by a third party or other harmful consequences. The Client, moreover, explicitly agrees not to pursue any claim with regard to the Bank for failing to comply with banking secrecy, its duty of confidentiality or with legal provisions pertaining to data protection. In this regard, the Client’s attention is drawn to this fact; and in particular the Client agrees that their personal details may be transmitted during electronic or fax communications to jurisdictions that do not provide the same standards of data protection as Luxembourg. The Client is required to point out to their representative that the Bank may apply this liability waiver to the representative.

Article 7 – Personal data processing and transfer of information 7.1 Data processing and privacy notice The Bank is subject to obligations when processing personal data concerning the Client. For more detailed information on this matter, please refer to the Pictet Group Privacy Notice in Appendix 5, which is also available on the website www.group.pictet/privacynotice, as well as at the Bank’s offices. The Bank also processes the personal data of any Related Persons of the Client. The Pictet Group Privacy Notice defines “Related Person” as an individual or entity whose information is provided to the Bank by a Client or third party and/or who otherwise comes to the Bank’s knowledge in connection with the business relationship between the Bank and the Client. The Client confirms that they have communicated the contents of the Pictet Group Privacy Notice to any Related Person and obtained to the extent necessary any consent required in this context. The Client releases the Bank from any liability in this respect.

7.2 Recordings The Bank is required to record telephone conversations and electronic communications which give rise to or are likely to give rise to transactions. Moreover, the Bank may also record telephone conversations and electronic communications under other circumstances, chieﬂy to retain proof of any commercial transactions, to manage its provision of services and to check compliance of transactions with the Client’s instructions. These recordings have the same evidential value as an original document written by the Client. The recordings are stored by the Bank for a period of at least ﬁve (5) years; this period may be extended to seven (7) years at the request of the relevant authorities or for an even longer period, as stipulated in law. The Client is entitled to request a copy of recordings relating to their business relationship with the Bank, where applicable.

docondLUXen_v8.0a_15022021BP 16/98 7.3 Outsourcing and delegation to third parties 7.3.1 Outsourcing The Bank may decide to outsource certain activities, as detailed below, to Pictet Group entities or, to a limited extent, to third parties (hereinafter the “Service Providers”) that may be located in Luxembourg, within the European Union or in third countries. The outsourcing, in part or in full, of these activities is required to allow the Bank to provide the relevant services to the Client in the most efficient way and to optimise its efforts to prevent money laundering and terrorist financing. The provision of outsourced services may require access to or transmission of the Client’s data (as referred to in the Pictet Group Privacy Notice, Appendix 5). Any transmission of said data, whether with or without names, is done for specific purposes, such as asset management, order execution, safekeeping of assets, as well as risk and compliance control in relation to financial, legal and reputational risks facing the Bank and the Group. The Client is informed that the Bank, the Pictet Group entities and the Service Providers are either required by the law that applies to them to maintain professional secrecy or contractually bound by the Bank to a strict obligation of confidentiality. The activities covered by this article may include, but are not limited to: • IT services, including data hosting, maintenance, development, production, etc.; and/or • transaction processing and services (including drafting and sending of correspondence and reporting, for which names and addresses need to be communicated); and/or • risk and compliance issues. During its contractual relationship with the Bank, the Client expressly acknowledges and accepts that the Bank may outsource all or part of its activities, as indicated above, to Service Providers and that, as a result, the Bank may communicate all types of information held by the Bank, including Client data such as personal identification data and banking information, to the Service Providers to allow them to perform their tasks. The Bank adheres to the strictest ethical standards and has set procedures to supervise the Service Providers and protect the Client’s interests, in particular in terms of professional secrecy. In this context, the Bank ensures that the Service Providers show proof of sufficient standards regarding data protection, this being ensured, inter alia, by a contractual service agreement between the Bank and the Service Providers.

7.3.2 Delegation To the largest extent permitted by Applicable Law, where the Bank informs the Client that it has engaged the services of third parties, whether individuals or legal entities (including other Pictet Group companies), to manage the Client’s assets, execute the Client’s orders or keep their assets under custody, the Bank may be held liable vis-à-vis the Client solely for not exercising customary care in selecting and instructing such third parties. If the third party is chosen or proposed by the Client, the Bank may not be held liable under any circumstances subject to Applicable Law. The same applies in the case of an asset manager directly appointed by the Client.

7.4 Exchange of information for tax purposes The Client expressly accepts that the Bank may provide and send any information to Luxembourg or foreign authorities if the law authorises or requires it to do so. In particular, such information would concern the Client’s tax status, certain information about their personal situation, such as their tax residence or domicile for tax purposes, and data about their Account. The Client and any beneficial owner holds the Bank harmless against any damage that may be incurred as a consequence of the Client’s own negligence in respect of the above-mentioned obligations. In addition, to comply with the requirements of: (i) the Luxembourg regulation implementing the intergovernmental agreement between the United States of America and Luxembourg on the Foreign Account Tax Compliance Act (or FATCA); (ii) the Luxembourg regulations regarding Common Reporting Standard (the “CRS Law”); (iii)the qualified intermediary agreement (or QI) signed between the Bank and the US Internal Revenue Service, the Bank is required to obtain and communicate certain Client information. As a result, the Client is required to respond to the Bank’s requests for information and undertakes to notify the Bank of any subsequent change to any information provided as soon as possible. If the Client’s Account is identified as being a reportable US account under the terms of FATCA and/or a reportable account under the terms of the CRS Law, the Bank will annually submit certain personal and financial information to the Luxembourg tax authorities (Administration des contributions directes), which, in turn, will pass the data on to either the US tax authorities (Internal Revenue Service) or the tax authorities in the Client’s country of domicile. docondLUXen_v8.0a_15022021BP 17/98 On 25 May 2018, Council Directive 2018/822/EU (“DAC 6”) introduced mandatory disclosure rules for intermediaries to be applied by the member states (following domestic implementation) from 1 July 2020. It should be noted that although the rules do not take effect until 1 July 2020, the obligation to disclose will (from that date) apply to structures implemented as early as 25 June 2018. Pursuant to the rules, advice given and services rendered regarding cross-border tax planning arrangements that qualify as so-called Reportable Cross-Border Arrangements (within the meaning of DAC 6) may need to be reported to the relevant tax authorities, by intermediaries (within the meaning of DAC 6) or by the taxpayer themselves. The relevant tax authorities will thereafter automatically exchange this information within the EU through a centralised database. To be compliant with DAC 6, the Bank will monitor cross-border arrangements and may, from 1 July 2020 onwards and to the extent that the relevant cross-border arrangement meets one of the hallmarks laid out by DAC 6, be required to disclose these arrangements to the relevant tax authorities as outlined above The Client is also informed and accepts that, in application of the US Qualified Intermediary Act (“QI”) and the agreement the Bank has signed with the Internal Revenue Services (“IRS”), the Bank may have to send certain client information to the IRS or to the Bank’s US depository. The Client undertakes to compensate the Bank for any cost, penalty or tax that the Bank might be obliged to incur on account of any non-compliance by the Client with obligations to provide the requisite information. In this respect, the Bank, at its sole discretion, may close the Account of a Client who fails to comply with requests for information pursuant to the rules and regulations referred to in this article.

7.5 Confidentiality Without prejudice to the provisions contained above, and in accordance with the Applicable Law regarding banking secrecy, the Bank will maintain the highest level of Client data confidentiality and will take all reasonable steps to ensure the confidentiality of Client data. Notwithstanding the foregoing, the Client agrees that the Bank may disclose information concerning the Client, its cash, financial assets, and/or other assets to other entities within the Pictet Group, to the Bank’s professional advisers and to third parties, including by way of outsourcing. The Client therefore agrees to waive any applicable confidentiality requirements, notably, but not limited to, those under Article 41 of the Luxembourg law of 5 April 1993 on the financial sector, as may be amended from time to time, where the Bank discloses information considered as confidential in accordance with Applicable Law. This includes in particular the disclosure of information within the Pictet Group, to the Bank’s professional advisers and to third parties, each located in any country in which the Bank conducts business, has a service provider or which is otherwise relevant to any service or transaction relating to or under these General Business Conditions: a) as the Bank may consider to be reasonably necessary to be disclosed to open the Accounts or to carry out or facilitate any transaction or service (including wealth planning services) relating to or under these General Business Conditions; or b) as the Bank may consider to be reasonably necessary to comply with the request or requirement of any court of competent jurisdiction, regulatory body or agency or by virtue of any Applicable law; or c) as the Bank may consider to be reasonably necessary in connection with the performance or enforcement of its rights under these General Business Conditions; or d) as the Bank may consider to be reasonably necessary to be disclosed to any person to whom it delegates any of its duties or obligations under or in connection with these General Business Conditions. The Client, in full knowledge of the facts, further authorises communication by e-mail between the Bank and professional third parties providing services to the Client, including but not limited to paying agents, domiciliary agents, brokers, fund administrators, (alternative) investment managers, investment advisors, barristers, auditors, notaries or solicitors. The Bank emphasises to the Client that there is no guarantee of integrity and security when such means of communication are used. The Client confirms that they have informed any third parties whose information the Client has transferred to the Bank in the context of their contractual relationship, to the extent that such information is considered as confidential in accordance with Applicable Law, and that such third parties will have consented to such transfer in respect of any confidentiality requirements. The Client agrees that all information, recommendations and advice provided by the Bank to the Client will be treated as confidential by the Client and may not be disclosed to third parties except as required by Applicable Law.

docondLUXen_v8.0a_15022021BP 18/98 Article 8 – Client obligations and liabilities 8.1 The Client’s general obligations 8.1.1 Client information To allow the Bank to meet its regulatory obligations, a Client requesting financial investment services to be provided by the Bank will submit the following complete and accurate information to the Bank: (a) the origin of their wealth and assets; (b) their risk profile; (c) details of their knowledge and experience of financial instruments; and (d) the personal information provided in the Application Form (name, status, residence and domicile, or, where relevant, that of the trust if the undersigning person is the trustee); (e) any further information that may be reasonably requested by the Bank or its affiliates from time to time or that may be requested or required by any competent authority. The Client will also provide the Bank with all the necessary information to carry out specific transactions. Among other things, the Client undertakes to inform the Bank of any company of which they are a director, officer or employee which is subject to any restrictions on dealing in securities. The Client will also give clear and precise instructions, particularly by giving exact details of the beneficiaries of fund transfers (name and account number) and indicating how these orders are to be executed. The Bank cannot be held liable in the event of ambiguous or imprecise instructions and reserves the right to postpone or refuse to execute said orders. The Client will also provide the Bank, on its own initiative, with all necessary information concerning their personal situation and their tax status in Luxembourg and abroad and confirm that this information is correct and complete. Any change in the Client’s tax status or personal situation must be notified to the Bank as soon as possible, but no later than thirty (30) days after the change. In relation to any information provided, the Client: (a) commits to immediately (and not later than thirty days after having been provided with the information) notify the Bank of any material change to the information provided (giving full details of that change), including, but not limited to, their name, business name, marital status, nationality, address or tax residence, and any information which could turn out to be important as regards their relationship with the Bank; the Client is under the same obligation as regards the persons authorised to act on their behalf; said obligation stands even if notice of such change is given by way of an entry in a public register or any other form of publication; (b) warrants that any such further details or particulars of the change provided to the Bank will be complete and correct; and (c) acknowledges and accepts that a failure to provide such information may adversely affect the Bank’s ability to provide the services under the Agreement and/or the quality of its services. In particular the Bank must be informed of any changes in the Client’s financial situation, including their capacity to incur losses, and/or knowledge and experience of investment, their investment goals, including their risk tolerance, and, in particular, of any changes that affect or may affect the Bank’s ability to determine the adequacy or suitability of a service which the Bank may be led to supply to the Client. If the Client omits to inform the Bank of such changes, the latter cannot be held liable for any prejudice the Client may suffer as a result. Any document that may be required by the Bank must be presented in its original form. However, the Bank reserves the right, at its own discretion, to accept copies in print or digital format as long as they are legible and complete. Paper copies should be certified by a public officer to be true and correct copies of the original. Digital copies may be accepted on condition that they are digitalised and certified as true and correct copies of the original by a digitalisation or records management service provider within the meaning of the Luxembourg applicable laws regarding electronic copies and the presumption of their conformity with the original.

8.1.2 Ownership of the assets The Client warrants and undertakes that, subject to anything disclosed in the Mandate Strategy or beneficial ownership documentation, the cash and financial assets are and will during the continuance of the Agreement remain free from any charge, lien, pledge or encumbrance other than as created pursuant to these General Business Conditions and are legally and beneficially owned by the Client, unless the undersigned acts as trustee, in which case the cash and the financial assets will be legally owned by the Client and beneficially owned by the relevant beneficiary. The Client agrees that they will not create or permit the existence of any such charge, lien, pledge or encumbrance and/or restriction other than in favour of the Bank or except as is imposed by law, judicial decision or with the prior written consent of the Bank.

docondLUXen_v8.0a_15022021BP 19/98 8.1.3 Compliance with the Client’s applicable laws and regulations The Client warrants and undertakes that all applicable laws have been and will be complied with in respect of each such transaction or dealings with the Bank, including in respect of any licences, notifications and filings required by Applicable Law. The Client warrants and confirms that the execution, delivery and performance of these General Business Conditions and any transactions do not and will not violate, contravene, conflict with or constitute a default under any provision of the Client’s constitutional documents or any law, regulation, rule, degree, order, judgment or charge, contract, trust deed or other instrument binding on the Client or any of their financial assets. The Client warrants and undertakes that they have, and will continue to have, throughout the term of their business relationship with the Bank, all necessary consents (and, if the Client is a legal entity, that the natural persons representing it vis-à-vis the Bank have, and will continue to have, throughout the term of the business relationship, all necessary representation powers in accordance with the Client’s constitutional documents) and authorities (all of which are fully in force and effect in accordance with the terms thereof) and the capacity to enter into the Agreement and enable all transactions in cash and financial assets to be effected, and enable assets or other entitlements to be held by a securities depository. The Client agrees that the warranties and undertakings given above are given for the Bank’s benefit and may be repeated in any agreement made by the Bank or its affiliates (directly or indirectly on the Client’s behalf) in accordance with the Agreement.

8.1.4 Compliance with the Client’s tax obligations The Bank draws the Client’s attention to the fact that the Client is solely responsible for complying with their tax obligations. The Bank is not liable for verifying or ensuring that the Client has complied with their tax obligations. In addition, the Bank informs the Client that the Bank does not provide assistance of any sort and in particular regarding tax matters and that the Bank cannot be held liable under any circumstances for the Client’s failure to comply with their tax obligations. The Bank can provide the Client with certain documents and information, which may be used by the Client to comply with their tax obligations. In addition the Bank draws the Client’s attention to the fact that its services do not include the provision of advice on matters of taxation, law, regulation, accountancy or other specialist matters and, unless otherwise agreed in writing, the Bank will not be required to have regard to such matters in providing any services to the Client under the Agreement. If required, the Bank strongly recommends the Client to consult an independent tax adviser.

8.2 Indemnity The Client commits to release, indemnify and hold the Bank, its subsidiaries/affiliates and any third party, as well as their employees, governing bodies and agents (hereinafter, the “Indemnitees”) harmless from any liability, claim, fee, cost or harm of any nature (hereinafter, the “Claims”) that the Indemnitees may incur directly or indirectly, independently of the Client’s fault, in connection with any act or omission related to the Client’s Account, including the execution and/or non-execution of an instruction given by the Client, except in cases of intentional misconduct or gross negligence by the Indemnitee. The Client also undertakes to reimburse and/or advance to the Indemnitees, upon first demand, all legal costs and expenses incurred or to be incurred by the Indemnitees in any lawsuit in connection with the Claims. The Client authorises the Bank to debit from their Account any amount owed to any of the Indemnitees in connection with Claims. Every Indemnitee is authorised to personally demand the enforcement of these indemnification provisions.

Article 9 – The Bank’s liability Without prejudice to the specific restrictions contained herein, the Bank assumes only an obligation to use its best endeavours in the context of providing services to the Client in the course of the business relationship (obligation de moyen). The Bank, its affiliates, partners, directors, officers and employees will act in good faith and with reasonable skill and care in providing the services under the Agreement but, subject thereto, to the extent permitted by Applicable law, neither the Bank nor any affiliate will be liable for any loss incurred by the Client unless such loss results directly from the gross negligence, wilful default or fraud of the Bank, its affiliates’ directors, partners, officers or employees. Losses include, inter alia, all liabilities, costs, expenses, damages and losses (including any direct, indirect or consequential losses, loss of profit, loss of reputation and all interest, penalties and legal and other reasonable professional costs and expenses). Notwithstanding the above terms and any other provision of the Agreement, the Bank will have no liability to the Client in respect of the services under the Agreement or otherwise for: (a) any indirect, incidental, special, consequential, unforeseeable or punitive loss; (b) any loss of profits, loss of opportunity, loss of reputation or goodwill or any loss of information; (c) any decline in the value of any financial asset, however this arises; (d) any delay or change in market conditions before any transaction is effected;

docondLUXen_v8.0a_15022021BP 20/98 (e) the negligence, wilful default or fraud, or acts and omissions of counterparties, including, without limitation, their agents, directors, officers or employees and any loss arising from the insolvency (or its equivalent) of any counterparty, including, but not limited to, any broker, dealer, bank, clearance system, settlements or payments system, exchange agent or other third party, however arising, even if the breaching party has been advised of the possibility of such losses; (f) any taxation (meaning all forms of taxation, whether in Luxembourg or elsewhere in the world, whenever imposed (including, without limitation, income tax, corporation tax, inheritance tax, national insurance, stamp duty, stamp duty reserve tax, value added tax, customs and other import or export duties) and all statutory, governmental, state, provincial, local governmental or municipal impositions, duties and levies and all related penalties, charges, costs and interest assessed upon or payable, directly or indirectly, by the Client, including taxation arising in connection with the Bank’s management of the Client’s assets where the Bank acts within the scope of its authority, except for any taxation attributable to the Bank’s or any affiliate’s gross negligence, wilful default or fraud. Without prejudice to any claim the Client may have against the Bank, the Client agrees that, to the fullest extent permissible by Applicable Law, none of the Bank’s or its affiliates’ directors, non-executive directors, partners or employees will have any personal liability to the Client under the Agreement. The Bank’s maximum aggregate liability to the Client in relation to the services provided under the Agreement will not, under any circumstances, exceed the value of the cash and financial assets held in the Client’s Account(s) from time to time. In addition, the Bank will have no liability to any person(s) other than the Client or its successors in title, including, but not limited to, any person appointed by the Client under a power of attorney or otherwise authorised by the Client to give investment instructions. The Bank will act in good faith and with due skill and care in the selection, use and monitoring of nominees, sub-custodians, agents and delegates. However, the Bank excludes its liability for the acts or omissions of any nominee, sub-custodian, agent or delegate, to the largest extent permitted by Applicable Law. In any event, the Bank accepts no responsibility for losses of any kind suffered by the Client as a result of the Bank’s failure to comply with the terms of the Agreement which result from circumstances outside its reasonable control. These circumstances would include, but are not limited to, acts of God, fires, strikes, terrorism, power failures or shortages, intervention by exchanges or regulators, court orders or any failure or error of any equipment, computer system, telecommunications, internet service provider, intermediary, agent, exchange, counterparty or any other person.

Article 10 – Fees, interest charges and expenses All the services provided by the Bank to the Client are subject to the applicable fees. The Bank will directly debit the Client’s Account with all relevant fees, such as: – sums due to the Bank for payment for its services; – fees charged for custody, brokerage and any other expenses relating to the safekeeping of the Client’s assets or the execution of orders by the Bank, its correspondents or any other third parties, whether individuals or legal entities; – interest charges on debit and credit balances at the rate fixed by the Bank; – negative interest, if applicable, at the rate set by the Bank; – taxes, duties and withholding charges due to Luxembourg or foreign authorities. The Bank applies the fees in force at the time, a schedule of which is available to the Client at the Bank’s offices. The Client states that they have considered and accept the Bank’s fee schedule and conditions, which were disclosed to them at the same time as these General Business Conditions. Whenever the Client submits to the Bank transactions for execution, the Client will be deemed to have accepted whichever of the Bank’s fee schedules is in force at the time. Unless otherwise stipulated in the General Business Conditions, the Bank is authorised to amend at any time its conditions regarding the interest rates, fees, commission and other charges due from the Client, giving the Client one month’s prior notice. The Bank’s fee schedule will be amended to reflect these changes and made available to the Client under the conditions described above. Insofar as the law makes provision for an obligation of this kind, the Bank informs the Client of the amendments made to its fee schedule. If the Client does not accept the amendment to the fee schedule, they have the right to terminate their relationship with the Bank with immediate effect. The Client remains liable for the fees, interest and expenses due, even if payment is not demanded until after the Account has been closed. The Client acknowledges the possible existence of other costs for the Client, including taxes, in respect of transactions relating to financial instruments or investment services that are not paid via the Bank or levied by it.

docondLUXen_v8.0a_15022021BP 21/98 Article 11 – General right of set-off The Client hereby waives the benefit of Article 1253 of the Luxembourg Civil Code and agrees that the Bank has a general right of set-off over all the Client’s present and future assets and claims as security for any and all potential, conditional or future claims that the Bank might have against the Client, regardless of the date on which they become due or the currency in which they are denominated with the consequence that the Bank may at its sole discretion apply all amounts received from the Client to clear its debit balance. Without prejudice to the Bank’s rights under Applicable Law, the Bank may, without prior notice, set off against any Client liability any amount owed by the Bank to the Client including any amount standing to the credit of any of the Accounts (whether the Client’s assets are credited to or deposited on one or several accounts) in or towards satisfaction of any other amount owed to the Bank by the Client, whether or not such amount is due and payable or whether or not contingent or any part or parts thereof. For such purpose, the Bank may make such currency conversions as may be necessary at the then prevailing spot rates for the sale and purchase of the relevant currencies. Client liabilities may include all present and future liabilities and obligations at any time due, owing or incurred by the Client to the Bank, both actual and contingent and whether incurred solely or jointly or as principal or surety or in any other capacity together with any of the following matters relating to or arising in respect of those liabilities and obligations such as: (i) overdrafts, personal and other loans or facilities and further advances of money, (ii) guarantees and indemnities to the Bank and any of the Client’s other contingent liabilities, (iii) discounts, commissions, fees, legal expenses and other lawful charges and expenses, (iv) all accrued interest payable by the Client to the Bank, whether under these General Business Conditions or under the terms of any other agreement entered into between the Client and the Bank, (v) any claim for damages or restitution, (vi) any claim as a result of any recovery by the Client of a payment, prepayment, repayment, redemption or defeasance or discharge of those liabilities or obligations on the grounds of preference or otherwise and (vii) any amounts which would be included in any of the above but for the discharge, non-provability, unenforceability or non-allowance of those amounts in any bankruptcy, insolvency or other proceedings. The provisions of this article will survive the termination of these General Business Conditions.

Article 12 – Conflicts of interest The Bank is required to have arrangements in place to manage conflicts of interest with its clients and between different clients. The Bank operates in accordance with a Conflicts of Interest Policy (attached in Appendix 3), put in place for this purpose, which identifies those situations in which there may be a conflict of interest and the steps taken to manage those conflicts. Where the arrangements under the Conflicts of Interest Policy are not sufficient to manage a particular conflict so that a risk of material damage to the Client’s interests cannot be prevented, the Client will, where appropriate, be informed of the nature of the conflict so as to enable said Client to make an informed decision as to how they wish to proceed. Where the Bank considers that the only way to adequately manage a conflict will be to avoid it, the relevant activity to which the conflict relates may need to be terminated and the Client will be informed accordingly. The Client accepts that securities of companies that the Bank may advise on or buy, sell or recommend for the Client may have directors or officers who are also directors or officers of a Pictet Group company or have banking or other relationships with the Pictet Group. The Bank will not be liable to account to the Client for any profit, commission or remuneration made or received from or by reason of any transaction carried out where there is a conflict of interest or any connected transactions, nor will the Bank’s fees be decreased, unless otherwise provided for. The Bank may advise on or cause the portfolio of assets to contain financial assets where the Bank or another Pictet Group company is involved in the issue, offer for sale, underwriting, sub-underwriting, management or arrangement.

Article 13 – Prescription Without prejudice to the speciﬁc provisions contained in these General Business Conditions and under Applicable Law, legal proceedings against the Bank will be time-barred after two years. This period runs from the date of the commission or omission of the facts alleged against the Bank. Any legal action initiated after that date will be time-barred.

Article 14 – Objections Notwithstanding the above, any objections regarding mistakes, discrepancies or irregularities found by the Client in account statements or extracts, securities statements or any other document or Correspondence received from the Bank, must be presented in writing and submitted to the Bank upon receipt of the communication in question no later than thirty (30) days from dispatch or such communications being made available (e.g. via Pictet Connect) to the Client. Nevertheless, any objections regarding the execution of an instruction to invest or to transfer assets must be submitted to the Bank at the latest three (3) days (or any other longer period imposed by Applicable Law) after the instruction was executed by the Bank.

docondLUXen_v8.0a_15022021BP 22/98 It is the Client’s responsibility to take the initiative to inform themselves of the state of execution of their instructions. If the Client does not receive a confirmation of execution, they must make their objections known within the same period of time. If no dispute or complaint is made within these time periods, the contents of the Correspondence will be deemed to have been acknowledged and approved by the Client. In any event, the Bank is authorised to rectify by simple balancing entries any material errors found in the statements. The value of the assets in the Account as stated in the Correspondence is intended for guidance only and should not be interpreted as a confirmation by the Bank or as reflecting their precise financial value.

Article 15 – Evidence 1. Unless there is proof to the contrary, the books and records of the Bank will be considered conclusive evidence. Evidence against computer or other recordings made by the Bank of original documents may be produced by the Client only by means of a document of the same nature or an original document. 2. The Client and the Bank expressly agree that, notwithstanding the provisions of Article 1341 of the Civil Code, the Bank may, where it is useful or necessary to do so, substantiate its allegations by any means legally permissible in conducting its business, such as by way of witness statements or upon oath.

Article 16 – Complaints Any complaints, clearly indicating the Client’s name and their account number as well as the grievances and information needed to handle the complaint, must ﬁrst be sent to:

Pictet & Cie (Europe) S.A. Complaints 15A, Avenue J. F. Kennedy L-1855 Luxembourg

The Bank will send a response to all the issues raised by the Client within 1 (one) month. When a complaint is received, the Bank will send to the Client an acknowledgment letter within 10 (ten) Business Days after receipt of the complaint, except when the complaint can be resolved within this period. The Bank will notify the Client with a holding reply if all the issues cannot be resolved within 1 (one) month after receipt of the complaint. If the Client is unsatisﬁed with the Bank’s response or has not received a response, the Client may send their complaint to the Bank’s management, marked ‘For the attention of the Corporate Secretary’. If, after submitting a complaint to the Bank’s management, the Client has not received an answer or a satisfactory reply within one month after receipt, the Client may lodge a complaint with the CSSF within one year of the Client’s ﬁling their complaint with the Bank. Such complaint may be made by post to the CSSF at 283 route d’Arlon, L-2991 Luxembourg, by using an online form available at www.cssf.lu or via email at [email protected]. Details of the Bank’s complaint-handling procedure may be obtained from the Bank upon request.

Article 17 – Amendments to the General Business Conditions Particularly in the case of changes in legal or regulatory provisions applicable to the banking sector, changes in banking practice or in conditions on ﬁnancial markets, the Bank reserves the right to amend these General Business Conditions at any time, including the Appendices hereto, or to add new provisions. If the Bank intends to amend these General Business Conditions governing its relationship with the Client, or to add new provisions, it will inform the Client immediately, detailing the provisions or articles it intends to amend or add. Such amendments are deemed to have been accepted by the Client if the Bank does not receive a written objection within thirty (30) days of the Bank’s providing information to the Client about the amendments. This provision does not apply to changes requested by Applicable Law or to changes to the Appendices which will be immediately applicable upon communication. If the Client objects to any such amendments, they have the right to terminate their relationship with the Bank with immediate eﬀect.

Article 18 – Termination of the business relationship Each party may terminate the business relationship at any time, without giving reasons. If the Bank intends to terminate the relationship, and without prejudice to any specific termination provisions applicable to specific types of services under these General Business Conditions, it will give the Client one month’s prior notice. Notwithstanding the above, if the balance of an Account falls to EUR 0 (zero) or becomes negative for at least 3 (three) months without the Client’s having communicated their intention to maintain the Account with the Bank, the Bank may, at its sole discretion and good judgement, close such Account without reasonable notice. docondLUXen_v8.0a_15022021BP 23/98 If (i) the Client is in breach of any of their obligations towards the Bank; or (ii) the Client becomes insolvent; or (iii) security interests granted to the benefit of the Bank are insufficient to secure the Bank’s rights; or (iv) security interests requested by the Bank have not been granted by the Client; or (v) the Bank may incur liability as a result of continuing its relationship with the Client; or (vi) any transactions undertaken by the Client appear to be contrary to public-order rules or good morals; or (vii) the Client is in breach of their obligation to act in good faith; or (viii) an event that the Bank deems, at its sole discretion, as materially impairing its confidence and faith that the Client will duly fulfil its obligations under these General Business Conditions, should occur; or (ix) the Client has ceased all communications with the Bank and their Account is dormant and all the Bank’s attempts to contact them have been unsuccessful, the Bank may, subject to Applicable Law, terminate its relationship with the Client without prior notice and with immediate effect, in which case the present General Business Conditions will terminate and cease to apply (except where otherwise provided herein). Upon termination of the contractual relationship between the Bank and the Client, all of the Bank’s claims against the Client become due and payable, including any deferred or contingent claims. The termination of the business relationship implies the termination of all services provided by the Bank through the Special Terms, the Mandate Strategy or any other specific agreement. Said termination is without prejudice to the General Business Conditions, the specific terms and any fees and charges included in the Bank’s fee schedules, which remain applicable until the effective closure of the Accounts. The termination is also without prejudice to the specific terms which remain valid after termination, such as terms regarding guaranties, loans or other credit agreements. Termination will be without prejudice to the completion of any transactions that are still ongoing at the time the termination becomes effective. In addition, the Client undertakes to release the Bank from any obligations it has entered into on behalf of the Client or by acting on the Client’s instructions. The Client may be required to provide customary guarantees until the full and irrevocable settlement or extinction of any obligations towards the Bank. The Client undertakes to take all useful measures to settle and close their Account and to communicate to the Bank the details of an account they hold with another bank to enable the Bank to transfer the Client’s assets as soon as possible. However, the Bank may choose not to follow the Client’s transfer instructions if it considers that they are inappropriate or represent a legal and/or reputational risk for the Bank. In the absence of appropriate instructions from the Client within the time limits set by the Bank, the Bank may cease to provide, in full or in part, its services, block the Account and all debits or credits, deliver any assets held in the Account in physical form and at the sole risk of the Client or liquidate such assets and make available any proceeds therefrom to the Client in such manner as it may deem appropriate. In the event of illiquid assets, the Bank may take any measure it deems useful, including, where appropriate, removing such assets from the Account without paying any consideration to the Client. In such cases, the Client will no longer have any right in connection with such assets, even if they increase in value. If the assets are held on behalf of the Client with a third-party bank, the Bank will be fully discharged from any liability by assigning to the Client any claim it may have against such third- party bank for delivery of the assets held with the latter. The contractual relationship between the Bank and the Client is not terminated upon the Client’s death, the loss of their legal capacity or their being adjudicated absent, insolvent or bankrupt. The same applies if the Client is placed under administration or guardianship or, in the case of a legal entity, is wound up and liquidated. Nevertheless, the Bank’s claims against the Client become immediately due and payable in the event of one of these events, even if the claims in question are deferred or contingent.

Article 19 – Interpretation and Severability Unless otherwise expressly stated, all terms forming part of these General Business Conditions are supplemental to each other. In the event of any inconsistency and unless otherwise stated in these General Business Conditions or the context otherwise requires, the provisions of the Special Terms will prevail over the corresponding provisions of the General Terms. References in these General Business Conditions to the singular include the plural and vice versa. Reference to any document or agreement (including these General Business Conditions) will be deemed to include reference to such document or agreement as amended, novated, supplemented or replaced from time to time. Reference to provisions of ordinances, statutes, rules or regulations will be deemed to include reference to such provisions as amended, modiﬁed or re-enacted from time to time. Headings used in these General Business Conditions are solely for convenience and will not aﬀect the interpretation of these General Business Conditions. The French version of these General Business Conditions and of all other contractual agreements prevails over any other version in another language.

docondLUXen_v8.0a_15022021BP 24/98 If one or more articles of these General Business Conditions, or of any other contractual document between the Client and the Bank, were to be declared null and void or inapplicable in whole or in part, such article or articles are deemed to be replaced by an article or articles that are valid and achieve the same or a similar commercial purpose. In any event, such total or partial nullity or inapplicability will not aﬀect the other elements of such General Business Conditions or such other contractual document.

Article 20 – Applicable Law The Agreement and the contractual relationship between the Bank and the Client in general are subject exclusively to Luxembourg law.

Article 21 – Place of jurisdiction The courts of the Grand Duchy of Luxembourg will have exclusive jurisdiction in any dispute between the Client and the Bank; however, the latter may instigate legal proceedings in any other jurisdiction(s) which, in the absence of the foregoing forum selection, would be competent to resolve any dispute between the Client and the Bank.

Article 22 – Client acceptance The Client declares that they have carefully read these General Business Conditions, including the General Terms, the Special Terms and any Appendices hereto, accepts them fully and has received a copy of them. The Client acknowledges that they have noted, understood and accepted the Appendices to these General Business Conditions, which form an integral part thereof.

docondLUXen_v8.0a_15022021BP 25/98 Section 3: Special Terms

I. Banking and Custody Services Special Terms Unless otherwise speciﬁed in writing, banking and custody services (deposit-taking and safekeeping services with respect to cash, precious metals and ﬁnancial instruments deposited on the Account) provided by the Bank to the Client will be provided in accordance with the provisions set out hereunder.

Article 23 – Provisions applicable to any types of deposit 23.1 Cash and custody accounts By agreeing to open an Account in the Client’s name, the Bank undertakes to: – receive sums in cash, securities or other ﬁnancial assets that are transferred to the Client’s Account and/or – hold the assets deposited by the Client in safekeeping; and/or – execute instructions from the Client to transfer funds, provided that the Client holds suﬃcient assets for the transactions in question. The Bank nevertheless reserves the right, without having to justify its decision, to decline to accept assets and, at its sole discretion, to refuse to carry out transactions suggested to it by the Client.

23.2 Acceptance and remittance of assets The Bank is not under any obligation to: – invest any cash balance in the Account or manage the assets deposited therein, unless specifically agreed in writing with the Client; in particular, the Bank has no obligation to inform the Client of any potential losses owing to changes in market conditions or of the value of the assets entrusted to it and/or debts accruing to Accounts, or of any circumstances which could unfavourably influence or endanger the value of these assets and/or debts. – credit to the Client’s Account funds or other assets transferred to the Client if the Client’s name and Account number are not accurately stated by the originator of the transfer. If the Client’s Account number and name do not match, the Bank may either return the assets or keep them without crediting the Account pending clearer instructions. The same applies in the event of the originator indicating a code name or pseudonym along with the account number. For all payment, transfer or disposal instructions, the Bank retains the right, subject to its Order Execution Policy, to determine the place and method of execution that it considers appropriate for execution of the transaction in question (payment in cash, transmission of funds, transfers, cheques or any other method of payment normally used in banking practice) or to obtain from the Client details of an account at another bank to which the assets may be transferred. Current legislation or certain international payment systems may require the originator and beneficiary to be identified. The Bank hereby draws the Client’s attention to the fact that it may be necessary to reveal personal details relating to the Client in the transfer documents when transferring funds, financial instruments or precious metals, and the Client hereby instructs the Bank to communicate this information. The Bank may also, in certain circumstances, require the Client to supply identity documents relating to the beneficiary of such transfers. When issuing transfer instructions, to ensure the Client’s order is executed correctly, the Client must indicate the beneficiary’s bank, including the international identification code (BIC – Bank Identifier Code), the international account number (International Bank Account Number or IBAN), the full name of the beneficiary’s account, and the originator’s name, address and account number. If this information is not given, the Bank cannot be liable for any damages resulting therefrom. If the information indicated is inaccurate, the Bank may not be held liable if the order is not executed or if the order is executed incorrectly. The Bank will make its best reasonable efforts to recover the amounts and be entitled to charge the fees incurred in recovering the funds.

23.3 Unicity of accounts All accounts, sub-accounts linked to the same account and held by the Client, regardless of (i) their nature; (ii) being joint accounts; term accounts or not; (iii) the account number; (iv) their currency; (v) their special nature; (vi) the interest rates applicable thereto; (vii) the identity of any joint account holders, will legally constitute elements of the same single and indivisible Account. As a result of this unicity of accounts, all the reciprocal obligations between the Client and the Bank are carried out in relation to this one Account, and all debit and credit transactions, once converted to the currency chosen by the Bank, are at any time, and particularly when the Account is closed, transformed into a single amount owed or owing.

docondLUXen_v8.0a_15022021BP 26/98 More particularly, the Bank may immediately reverse an entry by debiting the Account, while preserving in full its right to seek redress on any other legal basis, or from the joint debtors and guarantors, for all the commitments, of whatever nature, direct or indirect, present or future, real or potential, that the Client may have towards it. Similarly, it is expressly stipulated that all the Client’s assets, as well as the guarantees and securities of all kinds granted by the Client on the occasion of a particular transaction or with a view to covering the debit balance of an account or a sub account, will cover the debit balance of the Account as a whole. Unless otherwise agreed, the debit balance of the Account, including any interest and applicable fees and commissions, will be immediately due and payable by the Client. Unless otherwise agreed, the Bank is entitled at all times to offset any credit and debit items posted to accounts automatically and without giving any formal notice or seeking any authorisation. To do so the Bank is authorised to carry out currency conversions. All the obligations arising and transactions carried out by the Client with the Bank under these General Business Conditions are connected. The Bank may therefore abstain from performing its obligations if the Client does not perform any of their own obligations hereunder, irrespective of whether these relate to a different account. As the Client’s obligations are indivisible, the Bank may seek performance of the Client’s obligations, even in respect of a different account, and, in the event of the Client’s death, towards each of the Client’s legal heirs or assigns.

23.4 General pledge of the Bank 23.4.1 Pledged assets As security for all the present and future obligations and commitments contracted by the Client towards the Bank, including all the related incidentals such as interest, commissions, fees, taxes and other charges, legal expenses, notification expenses, even abroad or extrajudicial, incurred with the aim of recovering the said obligations or commitments, in terms of principal, interest, incidentals and fees (the “Liabilities”), the Client pledges, as a first-ranking pledge, in favour of the Bank, all the present and future claims they have vis-à-vis the Bank and all the assets they have deposited from time to time with the Bank, including any fungible precious metals (within the meaning of the Grand Ducal Regulation dated 18 December 1981 relating to fungible deposits of precious metals, as amended) deposited with the Bank or with third parties (hereinafter, “the Assets”). Such pledge will be perfected, in respect of any Assets consisting in claims or book entry financial instruments custodied with the Bank by the signing of the Application Form and, if applicable, by making an account entry in the Bank’s books or by any other measure that may be applicable. As regards precious metals, dispossession is validly effected in accordance with Article 6 of the Grand Ducal Regulation dated 18 December 1981 relating to fungible deposits of precious metals, as amended either (a) in case of fungible precious metals held by way of account, by depositing such fungible precious metals in a special account held with the Bank or a third-party depositary designated by the parties; or (b) in the case of fungible precious metals represented by a non-endorsable registered certificate, through a transfer for security purposes entered in the registers of the Bank or of a designated third-party depositary (where applicable); or (c) in the case of the metals represented by an endorsable or bearer instrument, through the transfer for security purposes of such certificate to the Bank or to a designated third-party depositary. Notwithstanding the existence of the general pledge, the Bank authorises the Client to give instructions relating to the Assets provided that the Bank will be expressly authorised to oppose the instructions or other measures decided on by the Client, if it judges at its sole discretion that these measures could threaten the value of the Assets as established by the Bank. The Bank is at all times authorised to convert the Assets into the currency of the Liabilities at the Bank’s prevailing exchange rate.

23.4.2 Enforcement of the pledge At any time where the Client has failed to perform or make a payment of an obligation or any Liabilities towards the Bank by the relevant due date, the Bank is authorised, at its discretion and without any further notice, to enforce, in accordance with the applicable provisions of Luxembourg law (including the Law of 5 August 2005 on ﬁnancial collateral arrangements, as amended, which applies to all Assets consisting in “ﬁnancial collateral” within the meaning of such law and fungible precious metals in accordance with the Grand Ducal Regulation dated 18 December 1981 relating to fungible deposits of precious metals, as amended), the pledge on the Assets, severally or together, in full or in part, including the right to realise and appropriate the Assets at the fair market value thereof determined by the Bank acting in good faith and whose determinations and valuations will be binding (save in case of manifest error) and/or take advantage of any other realisation or enforcement method permissible under Applicable Law. All amounts received or recovered by the Bank in the exercise of such right will be applied by the Bank against the Liabilities. The Bank is free to determine the order of allocation of such proceeds from realising the Assets without becoming in any way liable.

docondLUXen_v8.0a_15022021BP 27/98 If the Client fails to perform their obligations within two days upon receipt of a registered letter of formal notice requesting the same, the Bank is entitled to realise or set off the pledged assets as defined below, at its discretion and in the order which suits it, to the amount of its claim, in capital, interest, fees, expenses and all other incidental charges. The Bank is entitled to act as counterparty and acquire the Client’s assets on a regulated market, an MTF, an OTF or off market, on conditions identical to those from which any other purchaser would benefit. The Client will remain personally liable for any debit balance that may remain after the Assets have been realised in full. If the business relationship is terminated, the pledge will continue to apply until all the Client’s Liabilities towards the Bank have been reimbursed fully, irrevocably, unconditionally and effectively.

23.4.3 Commitments-to-assets ratio If the ratio of the Client’s assets to their Liabilities vis-à-vis the Bank (whether matured or not or contingent) no longer meets the Bank’s criteria, the Bank may require the Client to pledge such additional collateral as it deems necessary. If it cannot obtain such collateral within the time prescribed, or if it is unable to contact the Client, the Bank may enforce the pledge and realise the Client’s assets.

23.5 Third-party pledges The Client by constituting the pledge declares and confirms that the assets are free of any claims and liens and have not already been pledged or otherwise set aside as collateral. The Client also confirms that the assets will not be sold or encumbered by another pledge or assigned as collateral for another guarantee in any form whatsoever without the prior written consent of the Bank. Notwithstanding the above, and subject to the Bank’s prior written consent, the Bank may agree to waive its first rank (premier rang) on the general pledge granted pursuant to Article 23.4 above on all or part of the assets, in favour of a third party. If the Bank were to accept such a waiver, the Client irrevocably and unconditionally accepts the automatic creation of a new pledge on the assets ranking immediately below the third-party beneficiary of the first-ranking pledge. The second-ranking pledge would remain valid until the earlier of the following two dates: the date on which the third-party beneficiary of the first-ranking pledge notifies the Bank that the contract governing it (i) has ended or (ii) has been discharged. Once the third party’s first- ranking pledge comes to an end the Bank’s rank will be automatically reinstated and the Bank will recover all its rights under the general pledge as described here above. As the Bank is not party to the contract governing the third-party pledge, the Client agrees that the Bank bears no liability in relation to the valuation of the assets given into pledge and will under no circumstances bear any liability in this respect other than the liability for gross negligence regarding its professional obligations as custodian of the assets subject to the third-party pledge.

23.6 Timeframe for restitution of the Client’s assets Depending on their nature, assets deposited with the Bank may be returned only after a certain period of time, the duration of which may vary. In particular, the Bank may request that a reasonable notice period be applied if the Client wishes to withdraw cash or ﬁnancial instruments from their Account, in accordance with banking practice.

23.7 Liability of the Bank as custodian The Bank’s liability towards the Client will cease upon withdrawal of the assets held with the Bank. The restitution of any assets deposited on the Account will take place at the Bank’s registered oﬃce during the opening hours of the Bank’s premises. However, the Bank reserves the right to make the assets available via a correspondent. The Bank is responsible for the safekeeping of any assets in custody and will apply the same care as it would apply with respect to its own assets. In its capacity as custodian, the Bank will not be bound by any obligations other than those pursuant to Articles 1927 et seq. of the Civil Code, unless otherwise provided under any other Applicable law. Except in the event of gross negligence and unless otherwise prescribed by Applicable Law, the Bank will not be liable for damages to the assets held in custody. In any event, the Bank’s liability is limited to the value of the assets held in custody on the day of discovery of any damages to the assets by the Bank.

23.8 Liability of the Client as depositor The securities, precious metals and other ﬁnancial instruments deposited with the Bank, must, at all times, be of good delivery, i.e. authentic, without apparent defects, in good condition, not dismembered (where applicable), and free of any encumbrance such as, in particular, opposition, forfeiture, sequestration. They must also be eligible for safekeeping without breaching any applicable legal or regulatory obligations.

docondLUXen_v8.0a_15022021BP 28/98 Under no circumstances may any certificates of deposit issued by the Bank to the Client be transferred or pledged. In the event of material errors, the Bank is entitled to provide evidence beyond and against the content of such certificates, using any means offered by Applicable Law. Custody fees are calculated in accordance with the applicable fee schedules. In addition, the Bank reserves the right to debit the Client’s Account for all services and extraordinary expenses, the amounts of custody fees of its correspondents and any insurance costs incurred by the Bank at the express request of the Client or on its own initiative if it deems this necessary.

23.9 Sub-custodians Assets in financial instruments belonging to the Bank’s Clients are usually registered in the Bank’s name in the books of a sub- custodian or in a clearing system for financial instruments (the “Correspondents”). When the Bank selects the Correspondents, it will ensure that the Client’s assets are deposited with Correspondents established in a jurisdiction where specific regulations and supervisory rules regarding the safekeeping and custody of financial instruments on behalf of third parties apply. Where the custody of financial instruments on behalf of another person is subject to specific regulations and supervisory rules in the jurisdiction where the Correspondent is established, the Bank will deposit financial instruments held on behalf of its Clients with this Correspondent only if the latter is subject to such regulation and supervision. The Bank will not deposit financial instruments held on behalf of its Clients with a Correspondent in a third country in which there are no regulations governing the safekeeping and custody of financial instruments on behalf of another person, except if at least one of the following conditions is met: – the nature of the financial instruments or of the investment services linked to such financial instruments requires that they are deposited with a third party in that third country; or – the Client to whom the financial instruments belong falls within the category of professional clients within the meaning of Applicable Law and has asked the Bank in writing to deposit their assets with a third party in that third country. These assets may be subject to taxes, charges, restrictions and other measures imposed by the authorities in the country where the Correspondent for financial instruments is based. The Bank assumes no liability and makes no undertakings towards the Client as a result of the above-mentioned measures or any other measure beyond the Bank’s control. The Bank and its Correspondents are expressly authorised to keep in their custody, or to entrust to the custody of professional depositories, securities, precious metals or other valuables, in the form of either an open or a collective safekeeping account, with the Client acquiring a right to a share in the securities, precious metals or other valuables collectively deposited. The laws and customary practices of the place of custody are reserved. Custody of these assets is undertaken solely for the Client’s account and at their sole risk and peril. The Client has also been informed that, in certain circumstances, Applicable Law may require the Bank to open a segregated account directly in the Client’s name at the correspondent bank, fund administrator, transfer agent or broker-dealer. The Client expressly authorises the Bank to provide Correspondents, issuing companies, correspondent banks, fund administrators, transfer agents, broker-dealers or any competent authority with the Client’s identifying information, including (without limitation) their first and last name and address, documents in the Bank’s possession, the Client’s tax identification numbers and their tax residence. The Client bears a share, proportional to their stake in the assets the Bank holds with these Correspondents, of all consequences, particularly economic and legal, that might affect the total assets the Bank holds with these Correspondents or in the country where the assets are invested and which affect the position of the Correspondents. Each Client therefore bears a share, proportional to their stake in the total financial instruments or specific precious metals held by the Bank, in any losses affecting the financial instruments or specific precious metals held on their behalf. These consequences may result, for example, from measures taken by the authorities in which the Correspondent is based or in third countries, or from bankruptcy, liquidation, force majeure, insurrection, war or other acts beyond the Bank’s control. Clients whose Account has a credit balance in euros or foreign currencies bear a share proportional to the total balance, up to the full amount of the total balance, of the financial and/or legal disadvantages and losses which may affect the overall credit amounts that the Bank holds in the respective foreign currencies in Luxembourg or abroad and which directly or indirectly result from one of the above-mentioned events. The Client is responsible for replying in a timely manner to any request from the Bank about all the rights related to holding financial instruments.

23.10 Transactions processed by the Bank Cash, securities and other assets are, in all cases, credited to the Client’s Account subject to collection or delivery. The Client authorises the Bank to debit from their Account, on the value date, amounts or assets credited in error, even if the amount in the Account has been expressly or tacitly acknowledged. docondLUXen_v8.0a_15022021BP 29/98 The Client may not object to the Bank’s claim for repayment or restitution on the grounds that they have already disposed of the funds or assets which were credited to their Account in error or that they were entitled, in good faith, to believe that the funds or assets in question were intended for them. Generally, transactions processed by the Bank and, more specifically, payments of paper instruments such as cheques, physical securities and similar transferable securities remitted for collection are subject to final payment to the Bank. In this regard, all the Bank’s obligations will be subject to the effective receipt by the Bank on behalf of the Client of final payment or delivery. Notwithstanding the above, the Bank may agree to credit the Client’s Account with the countervalue of a transaction in progress and, more particularly, with paper instruments remitted for collection on the Client’s Account before their effective payment to the Bank. In such cases, this credit is understood to be under reserve of final payment (sauf bonne fin). The Bank is entitled to reverse any transaction called into question and/or to re-debit the Client’s Account for the amount of any paper instrument remitted for collection if it is not paid or if the ability to dispose of the countervalue is impaired. Until any resulting debit balance is recovered, the Bank retains the right to demand full payment in respect of such paper instruments, including any costs, interest and incidental expenses, from all debtors or guarantors. The Bank is authorised to exercise these rights for its own benefit and will be entitled to raise claims in cases of unpaid paper instruments.

23.11 Value dates When executing transfers or stock exchange orders on the Client’s Account or calculating amounts in favour of the latter, the Bank determines the value date on which the transaction is entered, in conformity with normal professional practice and Applicable Law.

23.12 Sufficient assets and short sales Unless otherwise agreed, short sales (or sale of financial instruments not owned by the Client) are not allowed, meaning that the Client will own the financial assets which are being sold. In any event, the Client must advise the Bank before sending the order and the Bank has the right to refuse it. No short-sale orders will be effected by the Bank unless the Client has confirmed beforehand that the relevant financial assets are or will be available for delivery and settlement. At the Client’s request the Bank may agree to lend the Client financial assets to facilitate the execution and settlement of short sales. Any such loan will take place pursuant to a stock-lending agreement, which must be separately entered into between the Bank and the Client. The Bank will have absolute discretion as to where it sources financial assets from to cover any short sales, including sourcing the financial assets from another affiliate. Each short sale will be closed out upon notice, by the Bank or the Client, of not less than the standard settlement time for the financial assets sold short on the exchange or in the clearing house through which the relevant financial assets sold short were originally delivered. When a short sale is closed out, the Client must deliver or procure delivery of equivalent financial assets to the Bank (such as securities, cash or other property of identical type, nominal value, description and amount as those financial assets) not later than the expiry of the notice periods set out above in accordance with the Bank’s instructions. Notwithstanding any other provision in these General Business Conditions, the Client agrees to indemnify the Bank for any losses reasonably and properly incurred by the Bank as a direct result of such failure to deliver equivalent financial assets in time. The Client is responsible for complying with all Applicable Law in connection with any short sales, including, Regulation (EU) No. 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps or its future changes. The Client acknowledges that they are aware of the risks involved in short-selling transactions as described in the General Description of Risks pertaining to Financial Instruments, and in particular the fact that they might be forced to purchase the securities at an unfavourable price.

23.13 Liability for non-execution Incorrect execution or the execution of an unauthorised transfer or debit order are normally borne by the Bank, unless the Bank can provide proof that the transaction was authenticated, duly recorded and booked and unaﬀected by any shortcoming, particularly a technical failing.

23.14 Unclaimed custody assets In the event of an account becoming dormant or inactive, the Bank reserves the right to undertake internal and/or external research through specialised professionals with a view to re-establishing contact with the Client, with all costs being borne by the Client, always subject to any limits set out under Applicable Law. The assets deposited in the account may, where applicable and at the Bank’s sole discretion, be subject to liquidity management in accordance with the Bank’s internal procedures.

docondLUXen_v8.0a_15022021BP 30/98 If necessary, and following the conditions and the expiry of the periods prescribed under the Applicable Law, the Bank may deposit the unclaimed assets with the Caisse de Dépôts et Consignations or any other authorised body prescribed under Applicable Law, without being held liable in this respect. It may also hold the Client’s assets in an internal non-interest-bearing account until it receives an instruction from the Client regarding the account to which the assets are to be transferred.

Article 24 – Provisions applicable to cash deposits 24.1 Currency deposits The Bank provides a currency deposit and safekeeping service enabling the Client to deposit cash in their Account. The Client may, inter alia, deposit cash and cheques, receive payments or bank transfers, withdraw money, draw cheques, give payment instructions, make bank transfers, at all times within the limits of the Account balance. Each transaction is duly recorded, in particular with a view to sending periodic account statements. The Account may also be used for other banking transactions, notably other deposits, the opening of credit lines, credit cards, debit cards, standing payment instructions, etc. The Client may dispose of their currency assets by giving instructions to the Bank to sell, transfer or, subject to the Bank’s prior agreement, otherwise dispose of such assets. If the relevant currency is not available, the Bank may, but will not be obliged to, return the funds by refunding a corresponding amount but in a diﬀerent currency, in which case any foreign exchange or other losses will be borne by the Client. Cash withdrawal and deposit services at the Bank’s premises are provided during the opening hours of the Bank. When the Client wishes to withdraw an amount equal to or greater than ten thousand (10,000) Euros on a given date, they must notify Bank at least three Business Days before that date. Furthermore, the parties agree that the Bank will be released from its obligation to repay, by paying the requested amount other than in cash, for example, by means of a bank transfer or delivery of a cheque. Issuance of credit cards by the Bank will be subject to the Client’s complying with any speciﬁc rules and regulations applicable in this respect.

24.2 Foreign currency deposits The Bank may accept deposits in currencies other than the euro. Upon express request by the Client, the Client may dispose of, at their discretion and unless otherwise agreed with the Bank, any assets denominated in currencies other than the euro, in accordance with applicable rules and regulations. Notwithstanding the foregoing, the Client accepts that they will assume full responsibility in cases where they ask the Bank to deposit assets in currencies that the Bank does not normally deal with and where the Bank is obliged to sub-deposit the assets with a third-party sub-custodian established in a country whose legislation or political and economic environment does not guarantee the restitution or timely restitution of the assets. To the widest extent authorised by Applicable Law, the Bank will not be accountable for either the solvency of the correspondents/sub-custodians or for negligence by them in the course of their activities. Instructions given by the Client in the form of a sale or transfer order, or in any other form approved in advance by the Bank, will result in debiting the balance of the Account in the currency in which the Account is denominated, unless otherwise requested by the Client. If the Client expressly requests that the Account be debited in a different currency, the corresponding amount will be debited from the Account at the exchange rate applicable on the date of execution of the order. If the currency in question is not available, the Bank may return the corresponding amount in a different currency of its choice. However, the Bank will under no circumstances be obliged to do so. The Client will bear any foreign exchange-related or other losses. Amounts to be credited or debited in foreign currencies will be credited or debited in the relevant currencies, unless the Client instructs otherwise in good time, or if the transaction exceeds the Account balance in the respective currency. If the Client’s deposits are denominated in other foreign currencies only, any amounts may be credited or debited in one of these currencies at the Bank’s discretion. Credit and debit transfers to and from third parties will be processed in accordance with the same procedure. In the case of cross-border credit transfers which do not fall within the scope of the Payment Services Directive, the date of acceptance of the transfer will be the date indicated on the confirmation of the execution order.

24.3 Account balancing, interest and exchange rates The Bank will stop the accounting as it sees fit, generally at the end of the month or the year, or at the end of the business relationship with the Client in accordance with Applicable Law. In the absence of any specific agreement to the contrary, the following provisions will apply: No interest is earned on Accounts with a credit balance, regardless of the currency. Furthermore, the Bank will apply a negative interest rate to the credit balance of current accounts in currencies where central banks have introduced such negative interest rates, subject to the conditions set in the Bank’s fee schedule. The negative interest rates charged will be adjusted according to the changes in the official negative rates, without notice. docondLUXen_v8.0a_15022021BP 31/98 In addition, interest charges (and eventually penalty interests) set by the Bank are due on all debit balances, automatically and without formal notice, without prejudice to any other claim that the Bank may have against the Client. Each Account is charged debit interest individually. This provision may not be interpreted as authorising the Client in any way whatsoever to overdraw their Account(s). Unless otherwise agreed, any sums owed to the Bank by the Client are due and payable immediately, even if the Bank does not expressly demand repayment thereof. In cases where statutory, regulatory or administrative restrictions apply, the Bank may hold the Client’s accounts in a currency other than that initially agreed upon without incurring any liability for any loss or damages that the Client may suffer as a result thereof. The Bank may debit any other account held by the Client if the Client does not hold an account in the currency of a transaction or if the collateral is insufficient. When carrying out a foreign-exchange transaction, the Bank applies the applicable exchange rate increased by a fee provided for in the Bank’s Fee Schedule or as otherwise agreed with the Client. As exchange rates vary daily, the Client agrees that they will ascertain in advance the exchange rate applicable to a specific transaction. The Client agrees that any change in interest and exchange rates will apply immediately and without notice if the changes are based on the reference interest or exchange rates. Information on the interest rate applicable following such change will be made available to the Client at the Bank’s premises or will be provided to the Client on request. Changes in interest or exchange rates (even where these are fixed) that are more favourable to the Client will be applied without prior notice.

24.4 Payment services The terms used throughout this article will have the meaning ascribed to them in the Luxembourg law of 10 November 2009 on payment services as may be amended from time to time (the “PS Law”).

24.4.1 Scope of application Payment transaction means an act, initiated by the payer or on their behalf or by the payee, of placing, transferring or withdrawing funds, irrespective of any underlying obligations between the payer and the payee, such as deposits into and withdrawals from a payment account, direct debits, credit transfers, standing orders, etc. Member State means the member states of the European Union as well as states that are parties to the Agreement in the European Economic Area other than Member States of the European Union (“EEA”), within the limits set by such Agreement and related acts. This article exclusively applies to payment transactions undertaken by the Bank in euros or in another currency and more particularly in: a) a currency of a Member State, where both the payer’s (being a natural or legal person who holds a payment account and authorises a payment order from that payment account) and the payee’s (being a natural or legal person who is the intended recipient of funds involved in a payment transaction) payment services providers are located in the EEA; b) a currency which is not the currency of a Member State, where both the payer’s and the payee’s payment services providers are located in the EEA; c) any currency where only one of the payment services providers is located in the EEA with respect to those parts of the payment transaction that are carried out in a Member State. As provided by Applicable Law, excluded from the scope of application of this article are all “cash-to-cash” foreign-exchange transactions where the funds are not held on a payment account, cheque-related transactions and transactions to service assets and securities, including notably the disbursement of dividends and income. These rules apply without prejudice to the provisions of the European Regulation 260/2012 of 14 March 2012, laying down technical and commercial requirements for credit transfers and direct debits in euro adopted in the framework of the Single Euro Payments Area (“SEPA” or Single Euro Payments Area), which aims at creating an integrated market for payments in euro.

24.4.2 Payment services provided by the Bank The Bank may provide the Client with the following payment services with respect to the Account the Client uses to execute payment transactions (hereinafter referred to as the “Payment Account”): a. services enabling the placing of cash in the Payment Account and withdrawing cash from such Account; b. execution of direct debit and credit transactions, including one-oﬀ direct debits; c. execution of credit transfers, including standing orders; d. money remittance; docondLUXen_v8.0a_15022021BP 32/98 Such payment transactions enable the transfer of funds to the Payment Account: (i) from the Payment Account to another payment account held with a payment services provider located in a Member State or a third country, or (ii) from a payment account held with a payment services provider located in a Member State or a third-party country.

24.4.3 Information to be provided by the Client The Client hereby agrees that when they initiate a payment order which indicates a beneficiary, the Bank can act upon it only if the payment order contains all the data and information required for the transaction to be correctly executed. More specifically, a payment order must include at least the following information: the payee’s first name and surname (or, where appropriate, the company name); the Payment Account number; the payee’s bank account details (in the form of the payee’s International Bank Account Number (IBAN), if the payee is resident inside SEPA, i.e. in one of the countries that are members of the European Payments Council); the amount to be transferred; the currency and, where applicable, the date for undertaking the transaction; the payee’s address; the international identifier of the payee’s payment services provider (Bank Identifier Code (BIC) or similar identifier); the reason for the transfer and any other relevant information. In the event of a discrepancy between the IBAN provided by the Client and any other information given by the Client regarding the identity of the beneficiary, the Bank may, without incurring any liability, base itself solely on the Unique Identifier. In this case, the funds will be deemed to have been transferred to the beneficiary intended by the Client. In the event of improper execution, the Bank will nevertheless endeavour, to the extent that this is reasonable and at the exclusive expense of the Client, to recover the funds transferred to a third party that is not the beneficiary intended by the Client, without, however, incurring any liability in this respect.

24.4.4 Authorisation, receipt and execution of payment orders A payment order will be deemed to have been authorised upon the mere receipt of such payment order by the Bank in accordance with these General Business Conditions.

24.4.4.1 Receipt of payment orders A payment order will be deemed to have been received by the Bank (including in the case of a payment transaction initiated by the payee to which the Client has not yet consented): – if sent by post, at the time of its actual receipt by the Bank; – if sent by e-mail, at the time of its actual receipt by the Bank; – in the case of communication by telephone (only where the order is being transmitted by the Client), at the time when the order is communicated orally to the Bank; – if sent by fax, at the time when the Bank’s receipt of the fax is completed. – in the case of transmission via the SWIFT (Society for Worldwide Interbank Financial Telecommunication) interbank messaging network, upon receipt by the Bank. The Bank will accept no other form of communication, regardless of whether the payment transaction is initiated by the Client or by a third party. It is hereby expressly agreed that the electronic transmission of credit transfer orders through the Bank’s E- Banking Services is not possible, but this does not preclude the Client from accessing their Payment Account through this means for consultation purposes. If the Bank receives a payment order from the Client by e-mail or fax and it has doubts about the authenticity of the order, the Bank reserves the right, inter alia, to contact the Client and ask them to give their consent to the execution of the order. If the time of receipt is not a Business Day for the Bank, the order is deemed to have been received on the next Business Day. The Bank will set a cut-off time for the receipt of orders. Beyond this cut-off time, the payment order will be deemed to have been received on the next Business Day. The cut-off time will depend on the currency(ies) used in the payment transaction and on the Bank’s correspondent(s) for these currencies.

24.4.4.2 Execution of the payment order The Bank executes payment orders as soon as feasible after they have been received, unless the Client has explicitly and clearly given consent for a later execution time. If the payer’s and the payee’s payment accounts are both held at the Bank, the Bank is wholly responsible for the transaction end- to-end; if this is not the case, the Bank is solely responsible for the relevant process stage of the transaction, i.e. making the funds available to the payee’s payment services provider, by debiting the Payment Account, or making funds received for the Client available by crediting the latter’s Payment Account.

docondLUXen_v8.0a_15022021BP 33/98 When the Bank executes a credit transfer order, it will transfer the amount requested by the Client without applying deductions, with the Bank’s fees for performing each payment transaction levied on top of the amount transferred.

24.4.4.3 Time taken for execution and value date In the event of an incoming payment transaction, the Bank will make the funds available to the Client without delay and assign a credit value date that is no later than the date on which the Bank itself received the funds, when the payment transaction is denominated in euros or in a currency of a Member State that is not part of the euro area, provided that there has been no currency conversion operation or that a single conversion has been undertaken in the relevant Member State. If the date on which the Bank receives the funds is not a Business Day, the Bank will make the funds available to the Client by the next Business Day at the latest, and it will assign a value date that is no later than the next Business Day. In the case of cross-border transfers, the previous article is applicable only to those transfers denominated in euros. With the execution of a credit transfer order from the Client, the Payment Account will be debited on the same day as the order is received, provided that it arrives before the cut-off time set for the currency. If the order is received after the relevant currency cut- off time, the Payment Account will be debited on the next Business Day. The debit value date cannot be earlier than the time when the payment transaction amount is debited from the Client’s Payment Account. The amount will be credited to the account of the payee’s payment service provider no later than the end of the following Business Day, provided that the payee is located in a country where the Directive is still applicable. This timeframe is extended by one more Business Day for paper-initiated payment transactions, i.e. for payment transactions received by letter, fax, e-mail or any other document (e.g. printing out)). To allow for execution of some payment transactions, the Bank and the Client may decide by mutual consent that execution of the payment order will start on a specific day or on the day on which the Client has the funds available in their account for the transfer or debit to be carried out.

24.4.5 Irrevocability of a payment order The Client may not rescind a payment order once the Bank has started to process it. If the order has been authorised for an agreed day (for example, taking the form of a standing order), the Client may rescind the order at the latest by the end of the Business Day before the day agreed for the funds to be debited. Once that deadline has passed, the payment order becomes deﬁnitive and can no longer be rescinded. Any requests for revocation of payment orders will follow the same rules as requests for execution of payment orders in terms of their receipt as these rules are set out above.

24.4.6 Refusal of a payment order If the Bank declines to execute a payment order, it will notify the Client of the reason for its refusal, as well as providing details of the procedure to be followed to correct any factual error that lay behind the refusal, unless prohibited by law.

24.4.7 Notice of unauthorised or incorrectly executed payment transactions The Client must inform the Bank as soon as possible about any unauthorised or incorrectly executed payment transactions. The Client can obtain rectification from the Bank if the Client gives notification about the transaction no later than thirteen months after the debit date. In the case of an unauthorised transaction, the Bank will refund to the Client the amount of this transaction without delay once it has become aware of this and at the latest by the end of the next Business Day, unless the Bank suspects fraud and notifies the relevant authorities in writing of its suspicions. It is, however, made quite clear that the Client must bear the losses incurred as a result of unauthorised payment transactions if such losses stem from fraudulent acts or serious negligence on the Client’s part. If a payment transaction initiated by the Client has not been executed or has been incorrectly executed as a result of a mistake by the Bank, the Bank will refund to the Client the amount of the transaction and, where appropriate, restore the debited Payment Account to the state in which it would have been if that transaction had not been undertaken, unless the Bank can prove that the amount of the payment transaction was received by its correspondent for the payee’s account in accordance with the legal provisions in force. If the relevant amount is refunded, the value date on which the Payment Account is credited cannot be any later than the date on which it was debited. At the Client’s request, the Bank must also undertake all reasonable efforts to track the payment transaction involved and provide the Client with its investigation findings free of charge. If the Client is the payee in a payment transaction that has not been executed or has been incorrectly executed, the Bank is liable for proper execution of the payment to the Client only from the time at which the amount involved in the transaction was transmitted to the Bank by its correspondent. The Bank will make the amount involved in the transaction immediately available to the Client and, where appropriate, credit the Payment Account with the relevant amount. In the event of belated execution of a payment transaction, the value date on which the Payment Account is credited will be no later than the value date which would have been assigned if the transaction had been correctly executed.

docondLUXen_v8.0a_15022021BP 34/98 24.4.8 Debit interest rates and exchange rates a. Debit interest rates Interest is due on all debit balances in the Payment Account pursuant to these General Business Conditions. b. Exchange rates The Bank sets each exchange rate with reference to the interbank market rate. The rate applied to each payment transaction will feature on the transaction notiﬁcation sent to the Client. The Bank adds its own cash margins to each exchange rate, depending on the currencies used.

24.4.9 Communication The Bank will inform the Client in writing of any attempt or threat of fraud or proven act of fraud in connection with any payment transaction involving the Payment Account. Likewise, the Bank will inform the Client in writing of any operational incident or measures that it might have had to take to lessen the damaging eﬀects of the incident, in cases where this incident has had or might have been liable to have implications for the Client’s ﬁnancial interests.

24.4.10 Amendments Any amendment to this article regarding Payment Services will be notified to the Client no later than two months before coming into effect, and the Client will be deemed to have accepted the amendment if the Client has not notified the Bank before the amendment enters into force that they do not accept it. In the latter case, the Client may terminate at no cost the provision of payment services by the Bank before the date when the amendment comes into effect. The only changes that apply immediately are modifications to interest and exchange rates, as set out in Article 24.3.

24.5 Fiduciary deposits If the Client opted for the fiduciary deposits service in the account-opening form or signed a specific agreement with the Bank in this regard, said fiduciary deposit service allows the Client to instruct the Bank to make in the Bank’s name (or any entity of the Pictet Group), but for the Client’s account and at the Client’s sole risk, deposits in euros and/or foreign currencies (hereinafter referred to individually as “Fiduciary Deposits”) with third-party banks (hereinafter referred to individually as the “Third-Party Bank”). Such Fiduciary Deposits and the relevant contracts will be subject to the Luxembourg regulation governing fiduciary deposits. To proceed, the Client will need to provide the Bank, in a way the Bank deems appropriate (including through E-banking services), with, for each Fiduciary Deposit, the designated Third-Party Bank, the amount, the currency, and the starting and ending date for single instructions (or the period for recurring instructions). The Client is hereby informed and acknowledges that they will bear the risk ensuing from a default by the Third-Party Bank (creditor risk). They also acknowledge that the Fiduciary Deposit could be subject to the regulations in force in the country of the Third-Party Bank, including tax and bankruptcy regulations. The Bank may provide the Client with a proposal from the Third-Party Bank with which the deposit could be made and the terms and conditions of the Fiduciary Deposit, but under no circumstances will the Bank be liable for reviewing the financial stability and solvency or assessing the financial conditions of the Third-Party Bank. The Bank may also propose, if possible, the currency, amount and length of the renewal (if any), as well as the terms and conditions applicable to each Fiduciary Deposit. The Client may also issue specific instructions regarding Fiduciary Deposits or choice of the Third-Party Bank with which the Fiduciary Deposit will be made. The amount of all Fiduciary Deposits may not exceed the assets available to the Client on the Account. The only obligation that the Bank, acting in this context in its capacity as fiduciary agent, will have vis-à-vis the Client is to transfer to the Client the principal and interest received from the Third-Party Bank where the deposit is made, in accordance with the provisions of the Luxembourg regulations regarding Fiduciary Deposits and all new regulations which might be applicable to fiduciary contracts in the future. If the Third-Party Bank does not honour its obligations, the Bank will be under the obligation vis-à-vis the Client to assign its claim solely against the Third-Party Bank where the deposit was made. The Client agrees to indemnify and hold harmless the Bank for any claims, obligations, costs or expenses (including legal fees), losses and damages incurred by the Bank in connection with the execution of Fiduciary Deposits. The Bank will charge the fees and commissions for each transaction in accordance with the applicable fee schedules. The authority provided to the Bank pursuant to this article may be revoked at any time; however, such termination will not be permitted to interrupt transactions already in progress. The authority will not expire upon the death of the Client, in the event of their being adjudicated absent, losing the exercise of their legal rights, or being declared insolvent or bankrupt. docondLUXen_v8.0a_15022021BP 35/98 24.6 Deposit guarantee The Bank has joined the FGDL (Fonds de garantie des dépôts Luxembourg – Deposit Guarantee Fund Luxembourg), a public institution set up to protect the clients of its member institutions in Luxembourg in the event of their insolvency. This system guarantees compensation for depositors (individuals and non-financial undertakings) up to a maximum of EUR 100,000 per depositor, irrespective of the number of accounts held by any one depositor. However, the deposit guarantee is increased to EUR 2,500,000 in certain cases, provided for by Applicable Law. For joint or collective accounts, the maximum guarantee applies to each depositor. For more information, please see the “Depositor Information Template” or the FGDL’s website.

24.7 Open banking services for cash positions The Client may make use of third-party payment service providers (hereinafter the “Third-Party Provider” or “TPP”), in which case the Bank will provide such TPP with access to the Payment Account. In the context of the present General Business Conditions, a TPP can be: (i) an “Account Information Service Provider” or “AISP”, which is a TPP that provides an online service allowing the Client to receive consolidated information about the Client’s different payment accounts held with different payment services providers such as the Bank; or (ii) a “Card-Based Payment Instrument Issuer” or “CBPII”, which is a PSP that issues card-based payment instruments that can be used to initiate a payment transaction from a payment account held with another PSP. In certain circumstances the Client may grant read-only access to an AISP, allowing it to access some information related to its Payment Account held with the Bank, such as the cash balance and the history and details, subject to the Client’s Payment Account being accessible online. Under no circumstances can the AISP be granted any authority to give payment orders to the Bank. It is the AISP’s responsibility to ensure that any information it holds about the Client’s Account is secure. The Client may also allow a CBPII to send instructions to the Bank to find out whether cash is available in the Client’s Payment Account to meet a card payment. To appoint the AISP or CBPII, the Client should follow the AISP or CBPII’s internal procedures, of which the Client should have received a copy. If the Client wishes to terminate the services provided by the TPP, they should follow the TPP’s procedure to do so and make sure the TPP ceases to provide services or otherwise act on the Client’s consent or permission. After appointing the AISP or CBPII, and to allow them to send instructions to the Bank and effectively access the Client’s Payment Account held with the Bank, the Client will transmit to the Bank its valid consent to do so, using the Bank’s online authentication processes and the Client’s security credentials. The authorisation given by the Client to the Bank is valid for up to 90 days. During that period, the AISP or CBPII may request access to the Client’s Account as many times as they wish. Once the 90-day period has elapsed, the Client will need to renew their authorisation following the same process. If duly authorised by the Client following this procedure, the AISP/CBPII will be treated by the Bank as duly authorised agents of the Client. For the avoidance of doubt, it is confirmed that the Bank will not have any separate contractual relationship with the AISP and CBPII appointed by the Client. The Client alone is responsible for (i) appointing a duly authorised AISP(s) or CBPII(s), (ii) entering into appropriate contract(s) with each relevant AISP or CBPII to define the conditions in which they will provide their services to the Client and (iii) subjecting the AISP or CBPII to the Bank’s General Business Conditions and any other specific agreements executed between the Bank and the Client. Notwithstanding the above, the Bank reserves the right, in particular for security and fraud management purposes, to check whether an AISP or CBPII authorised by the Client for providing services in relation to the Client’s Payment Account held with the Bank, is duly authorised/registered to provide such services. The Client expressly acknowledges and accepts that, for the purpose of performing this verification, the Bank may validly and exclusively rely on the public registers made available to the public by the CSSF and/or the European Banking Authority, and will not assume any liability if it appears that the information available on this register is not correct or no longer accurate.

Article 25 – Speciﬁc provisions applicable to the deposit of precious metals The Bank may agree to provide collective custody of non-fungible precious metals, depending on their nature. In this case, these are duly individualised and will be returned to the Client at the Client’s request. The Bank may also provide collective custody of fungible precious metals, depending on their nature. In this case, the Bank will be obliged only to deliver to the Client a precious metal of the same type, the same form and the usual quality as the ones deposited with the Bank or instead to issue a refund to the Client by handing over securities or ﬁnancial instruments of the same nature.

docondLUXen_v8.0a_15022021BP 36/98 Precious metals deposited with the Bank must be tradable on the relevant market and of good delivery. The Bank reserves the right to carry out all customary checks to establish the authenticity of the precious metals deposited, including checks performed by a specialised third-party entity, at the Client’s sole expense. These fungible and non-fungible precious metals are held by Banque Pictet & Cie SA (Geneva) and stored in Switzerland, or, where applicable, with another Swiss bank subject to the supervision of the Swiss Financial Market Supervisory Authority (FINMA). The Bank may request reasonable notice before accepting precious metal deposits. Precious metals held in custody, whether fungible or not, will be returned to the Client in accordance with the speciﬁcities and procedures agreed for this purpose. The Bank may request reasonable notice for the withdrawal of precious metals in accordance with banking practice. The Bank’s liability towards the Client will cease as soon as the items held in custody are withdrawn. If the Client transfers precious metals held in custody to third parties, the Bank will carry out any instructions received in accordance with procedures agreed upon with the Client on a case-by-case basis (including provisions on fees and commissions). Such transfers will take place only at the Client’s request and at their own risk and peril. Transportation, transfer and custody fees will be borne exclusively by the Client.

Article 26 – Provisions specific to deposits and the administration of securities and other financial instruments 26.1 Deposits of securities and other financial instruments Upon the opening of a securities Account, the Bank will provide a deposit service to the Client, whereby the latter will be able to deposit securities and other financial instruments (hereinafter, the “Securities”) to their Account as part of their assets with the Bank.

26.2 Withdrawal of Securities and other ﬁnancial instruments If the Client wishes to fully or partially withdraw Securities held in physical form, they must give appropriate notice to the Bank to this end. In the event of a partial or total withdrawal of Securities deposited with a sub-custodian, the Bank will return the Securities to the Client within a reasonable period of time (as the Securities in question can be held with sub-custodians). The Client agrees that the withdrawal of dematerialised securities held with a central securities depository is not permitted. Dematerialised securities may be sold or transferred to another account on the Client’s instructions, in accordance with applicable regulations. In all cases, the laws relating to dematerialised securities will apply. If the Client wishes to transfer Securities held in custody to third parties, the Bank will carry out the transfer in accordance with the agreed procedures, the costs, transfer fees and commissions to be borne by the Client. Such transfers will be made solely at the Client’s request and at their own risk and peril.

26.3 Protection of Securities and financial instrument deposits Financial instruments registered in the Client’s name with the Bank are segregated from the Bank’s own financial instruments and from those of other Clients for accounting purposes. The Bank typically deposits financial instruments in its name with a professional depositary of financial instruments or through a clearing system or securities settlement system (each a “Sub-Custodian”). Sub-custody agreements are in principle governed by the law of the place of establishment of the Sub-Custodian. As required by law, the Bank maintains separate accounts at the level of its Sub-Custodians – one account for all its Clients’ financial instruments and an account to which its own financial instruments are credited. In some countries outside the European Union, a separation between Clients’ financial instruments and the Bank’s own financial instruments may not be legally or practically possible. If the Bank becomes the subject of insolvency proceedings, the Clients’ financial instruments held with the Bank will be protected and will not form part of the Bank’s assets in accordance with Applicable Law. However, such proceedings may result in delays in the transfers of financial instruments to the Client. If, in the context of such insolvency proceedings, there should be limited availability of a specific financial instrument, all Clients whose portfolio comprises such financial instrument will share the loss on a pro rata basis, unless the loss can be recovered by financial instruments of the same nature, owned by the Bank. In addition, the protection mechanisms of the Luxembourg Investor Compensation Scheme (Système d’indemnisation des investisseurs au Luxembourg - “SIIL”), which is managed and administered by the Council for the Protection of Depositors and Investors (Conseil de Protection des Déposants et des Investisseurs – “CPDI”, a body of the CSSF), will apply in this case. The SIIL covers eligible non-professional investors up to a total of EUR 20,000, under certain conditions, if the Bank is unable to repay investors the monies owing to them or belonging to them and held by the Bank on their behalf in relation to investment transactions, or if the Bank is unable to return the financial instruments belonging to Clients but held, administered or managed by the Bank. For further information: www.cssf.lu. If a Sub-Custodian becomes the subject of insolvency proceedings, the applicable laws of many countries provide that the financial instruments deposited with such Sub-Custodian are in principle protected, subject to any possible delays in transfers docondLUXen_v8.0a_15022021BP 37/98 of financial instruments to the Client and the risk of limited availability of certain financial instruments. In a limited number of countries outside the European Union, however, it is possible that financial instruments in sub-custody are included in insolvency proceedings and that depositors have no right to recover them. Should this be the case, or should the Bank be able, for any reason whatsoever, to recover only an insufficient number of financial instruments of a specific category from the Sub- Custodian with a view to satisfying its Clients’ rights in relation to these financial instruments, it is agreed that the Clients concerned will share the loss in proportion to their deposited financial instruments. Clients cannot exercise their rights over financial instruments against a Sub-Custodian of the Bank. In some countries, some or all of the Sub-Custodians have a privilege or preferential right over the financial instruments in custody or have terms and conditions providing for loss-sharing in the event of default of their own sub-custodian(s). This may lead to situations where the Bank will not be able to recover a sufficient number of financial instruments to satisfy its Clients’ rights. In these cases, the pro rata loss-sharing rule described above will apply.

26.4 Securities lending The Bank may lend Securities (the “Lent Securities”) held by it on behalf of the Client, provided that it obtains the Client’s express prior authorisation to this end, and that the use of Lent Securities are limited to the speciﬁc conditions which the Client has agreed to. The Bank will ensure that Lent Securities may be used only under the speciﬁc conditions agreed with the Client. The Bank will inform the Client in advance of the conditions under which the return of the Lent Securities may be requested and the risks associated with the use of Lent Securities.

26.5 Administration services for Securities and corporate actions In addition to deposit-taking services with respect to Securities, the Bank will provide administration services associated with Securities held on behalf of the Client. In this capacity, the Bank will perform acts related to administration of Securities, such as the collection of any proceeds thereof, in accordance with the provisions set out below: The Bank will also, and to the extent possible, monitor, in accordance with the information available to it, any operations that might be carried out in respect of Securities held in custody. The Bank will have only a subsidiary role regarding such monitoring duties, as the main responsibility for this will belong to the Client. In any event, the Bank’s liability is limited to an obligation of using its best endeavours (obligation de moyen), and the Bank will be liable solely for its gross negligence. With respect to operations related to Securities, capital increases, subscription rights, discretionary dividend distributions, securities exchanges, reinvestment of dividends, etc., both in Luxembourg and abroad, the Bank will handle the following kinds of operations – Mandatory operations: Mandatory operations will be carried out by the Bank, the Client being notified of such execution through bank statements. At the Client’s request, the Bank can provide the details of the operation prior to execution through the E-Banking Services. – Optional operations (operations for which a choice must be made): Unless the Client has entrusted the management of their assets to the Bank or to a professional third party, or signed a specific agreement in this regard with the Bank, the optional operations will be executed following the Client’s instructions. Provided it has the necessary information and the time allowing it to do so, the Bank will provide the Client with the required information regarding the upcoming optional operation. If the Client does not provide any instructions or if instructions are received by the Bank at a time where it can no longer be executed, the Bank will not carry out the operation, or, if applicable, use the default option as communicated to the Client. – Other operations The communication of the details for operations which are not mandatory or optional will be done through the Bank’s E- Banking Services at the Client’s express request. The Bank will not represent the Client at general and extraordinary shareholder meetings or in court unless the Client has signed a specific agreement or given the Bank a proxy to that effect, the terms of which are fully applicable. For this service, and in addition to compensation for any expenses incurred, the Bank is entitled to request and debit directly from the Client’s account a fee for the service provided, which will vary, depending on the nature of the operation in question. By granting a discretionary management agreement to the Bank, the Client expressly waives all needs to be informed and consulted before a shareholder meeting. This means the Client declines all information they would be entitled to as holder of European shares in application of the European Directive 2017/828 and its implementing regulation 2018/1212 “SRD II”) laying down minimum requirements as regards transmission of information and facilitation of the exercise of shareholders’ rights.

docondLUXen_v8.0a_15022021BP 38/98 In any event, the Bank may decide to represent the Client but without obligation to do so. The Client authorises the Bank to communicate all required information to whom it may concern to allow it to take part in the shareholder meeting. For all representations (especially in the case of units and shares of UCIs), the Bank reserves itself the right not to vote or to vote only in favour of the proposals put forth by the governing bodies of the company (or the management company as the case may be). Voting rights will not be exercised if (i) a local law or company’s article of association/bylaws do not allow for it, or (ii) if the Bank is unable to exercise only a portion of the voting rights attached to its stake in the company. The Bank’s liability regarding the exercise (or non-exercise) of voting rights is limited to its gross negligence. All the obligations assumed by the Bank with regard to the operations described above are subject to the fact that, in cases where the Client is not directly registered in the issuer’s register, but rather indirectly through one or more depositaries (including in cases where the Bank acts as nominee), certain information on the issuer or the Securities might not be communicated to the Client in good time or not communicated at all. In this respect, the Bank may be held liable only in the event of gross negligence on its part. In particular, the Bank assumes no obligation for the exercise of voting or any similar rights attached to Securities held indirectly by the Client (including in cases where the Bank acts as nominee), in particular monitoring the invitations to general meetings, the right to attend and to vote at general meetings or the right to take legal action against the issuer. Unless otherwise expressly agreed between the Client and the Bank, the Bank will not be required to act as the Client’s agent, commission agent, nominee or in another similar capacity in order to exercise the Client’s rights.

Class actions Class actions are legal rights for the beneﬁcial owner of an Investment and are not something that the Bank can undertake on the Client’s behalf, nor can the Bank give legal advice on the action the Client should take. Accordingly, in accepting these General Business Conditions, the Client understands and agrees that the Bank will not advise or act for the Client in any legal proceedings, including bankruptcies or class actions. It is important for the Client to seek their own legal advice regarding such legal proceedings. The Bank will use reasonable endeavours to pass on to the Client information notiﬁed to the Bank in relation to a class action. However, the Bank will not actively search for such information and cannot be held liable if it received information and did not pass it on to the Client.

docondLUXen_v8.0a_15022021BP 39/98 II. Investment Services Special Terms

Part A: Terms applicable to all investment services Article 27 – Investment services The Bank may at its sole discretion and at the request of the Client agree to provide the following investment services: (a) discretionary investment management; and/or (b) advisory; and/or (c) execution-only; and/or (d) reception and transmission of orders; (e) dealing on own account (f) placing of financial instruments. A specific agreement specifying the basis on which the investment services are to be provided, including, without limitation, information about the proposed investment strategy (or strategies) (if applicable), information about the applicable costs and associated charges and any specific investment restriction agreed on (if applicable), will be concluded for each service provided to the Client (the “Mandate Strategy”), the terms of which and unless provided otherwise, supersede the following General Business Conditions. Unless otherwise agreed, the Mandate Strategy will be related to the assets deposited or to be deposited at any time, on a specific sub-account defined in the Mandate Strategy (hereinafter the “Portfolio”). The investment services may be provided to the Client in relation to its Portfolio, whether deposited with the Bank or with a third party. By completing the Application Form, the Client requests the Bank to act as a custodian of the Client’s assets. Where the Client has another custodian, the Client authorises the Bank to issue to such other custodian such instructions as considered appropriate in connection with the settlement of any transaction or any other matter relating to the provision by the Bank of services to the Client.

Article 28 – Client classification In application of MiFID regulations, clients qualify as retail (or private), professionals or eligible counterparts with a corresponding level of regulatory protection for each, depending on their knowledge and experience in investment matters (e.g. professional clients are deemed to have the necessary knowledge and experience to invest in all asset classes). The following are considered as eligible counterparties: investment firms, credit institutions, insurance companies, undertakings for collective investment in transferable securities (within the meaning of the Luxembourg law of 17 December 2010, as may be amended from time to time, hereinafter “UCITS”) and their management companies, pension funds and their management companies, other financial institutions authorised or regulated, national governments and their corresponding offices including public bodies that deal with public debt at national level, central banks and supranational organisations. The following are considered as per se professionals: large companies meeting certain criteria or entities that are authorised or regulated to operate in financial markets (e.g. credit institutions, investment firms, insurance companies, collective investment schemes and management companies of such schemes, pension funds and management companies of such funds, etc.), governments and other public agencies, and institutional investors. All the Bank’s other Clients that do not qualify as per se professionals or eligible counterparties are considered to be private/retail by default, giving them the highest level of regulatory protection. In some cases the Client may ask to change their classification: – a private/retail Client may elect to be categorised as an elective professional investor, provided that they request this in writing, waiving the highest level of protection afforded by MiFID II in return for fewer regulatory protections and providing that at least two of the following three criteria are met: • the Client has carried out transactions of a significant size on the relevant market at an average frequency of ten per quarter over the previous four quarters; • the size of the Client’s financial instrument portfolio exceeds EUR 500,000, or the equivalent in other currencies; • the Client works or has worked in the financial sector for at least one year in a professional position that requires knowledge of the transactions or services envisaged. – the category of eligible counterparty may be granted to certain per se professional clients, provided that they are not mandated to receive investment advisory services and/or discretionary portfolio management services.

docondLUXen_v8.0a_15022021BP 40/98 Article 29 – Appropriateness and suitability of financial services provided by the Bank or transactions in financial instruments 29.1 Client information In application of the MiFID regulations, while providing investment services, the Bank will assess the appropriateness and suitability of the investment services the Client wishes to subscribe to or the transactions in financial instruments it would like to make. To allow the Bank to do so, and to carry out its assessment, the Bank requires certain information from the Client, including information about their investment profile, namely their personal and financial circumstances, their investment experience and their investment objectives. The Client agrees that the information they provide must be complete and accurate. The profile will be applicable to the Client’s Account, including all Portfolios, unless a specific profile is determined for a specific Portfolio. If the Client fails to provide the necessary information, the Bank may be unable to provide investment services or may not be able to fully assess the Client’s circumstances when providing the investment services in relation to the Portfolio. The Client will notify the Bank promptly in writing of any information that may be relevant for the provision of investment services, in particular any material changes in the Client’s circumstances, financial condition, dependants, financial objectives or any other matter that the Client believes may be relevant to enable the Bank to carry out a suitability assessment. If the Client fails to inform the Bank of any changes to the information they have provided, the Client will be solely liable for any damage that may result from this; and under no circumstances can the liability of the Bank be engaged in this respect. In addition to the information provided by the Client, the Bank may also take into account any information provided by the Client when giving instructions or a specific order, for the purpose of assessing the suitability and appropriateness.

29.2 Professional client When the Bank provides the investment services of dealing on own account, execution of orders, reception and transmission of orders on behalf of the Client, or placing of financial instruments to a Client classified as a professional client, the Bank may assume that the Client has the necessary knowledge and experience to understand the risks related to the instruments or the transaction contemplated by the Client. When the Bank provides the investment services of investment advice or discretionary portfolio management to a Client classified as a professional client, the Bank may assume that the Client has the necessary knowledge and experience regarding the products, transactions and services for which it is classified as a professional client and to understand the risks involved in the transaction or the management of the Portfolio. Where investment advice is provided to professional clients classified as such by law, the Bank may assume that the Client is financially able to bear any related investment risks consistent with the Client’s investment objectives.

29.3 Determination of the investment proﬁle A single risk proﬁle must be determined for each account, irrespective of the number and/or legal status of the accountholders.

29.3.1 Joint account In the case of an Account with more than one accountholder, the Bank will collect information on the experience and knowledge of the Client or, in the case of investment advice or portfolio management, on the investment objectives and ﬁnancial situation of the Client as well, taking into account the joint relationship and not the situation of each co-owner taken separately. In this case, the co-owners will agree together whose investment proﬁle will be determined and used and the Bank will not be required to intervene in this respect. The co-owners authorise the Bank to use the information provided by the relevant person when evaluating the appropriateness or suitability with respect to the joint account.

29.3.2 Accounts held by a legal entity If the Client is a legal entity, it will also provide the Bank with a single risk profile. Regarding knowledge and experience, the Client will act through their legal representatives, who will collect the information from the most relevant persons to make sure that the information provided matches the Client’s profile. The Client confirms that the information provided by their representatives serves the Client’s best interests and that the Bank may fully rely on it.

29.3.3 Accounts held by minor or incapable persons If the accountholder is a minor or incapable person, their legal representatives will be fully liable for acting in the accountholder’s best interests and for providing the Bank with the accountholder’s risk proﬁle. The Bank may fully rely on the information provided and will have no liability in this regard.

docondLUXen_v8.0a_15022021BP 41/98 29.4 Assessment of suitability and appropriateness When the Bank provides portfolio management or investment advice, it performs a suitability assessment; in other words the Bank determines whether the proposed transaction in financial instruments or another transaction to be entered into corresponds to the investment objectives of the Client, the Client’s risk tolerance, their financial situation, whether the Client is financially able to bear the risks related to the transaction, including their ability to bear losses, and whether they have the necessary experience and knowledge to understand the risks involved in the transaction or the management of its Portfolio. If the Client refuses to provide the information required about their knowledge, experience, financial situation, investment objective, risk tolerance and ability to bear losses, the Bank will not be able to provide the requested service, in accordance with Applicable Law. Where, when carrying out portfolio management or giving investment advice, the Bank considers that, in light of the information provided by the Client, a product or investment is not suitable for the Client, the Bank will not recommend or decide to trade in such product or investment. The Client understands that the assessment of suitability as described above is designed to ensure that any investment decisions or advice meets the Client’s requirements and circumstances from time to time and therefore to enable the Bank to act in the Client’s best interests. Where the Bank provides the investment services of dealing on own account, execution of orders, reception and transmission of orders or placing of financial instruments, the Bank will only assess the appropriateness, i.e. whether the Client has the necessary experience and knowledge to understand the risks related to a product, a transaction or service performed or requested. If the Client refuses to provide the necessary information concerning its experience and knowledge, the Bank may provide the relevant service but will nevertheless inform the Client that the Bank was not in a position to determine whether the relevant service was appropriate for the Client. Notwithstanding the above, the Bank also informs the Client that the Bank is not obliged to assess whether the instrument or service supplied or proposed is appropriate for the Client when the investment is in relation to services provided on the Client’s initiative, which comprise simply executing and/or receiving and transmitting the Client’s orders, with or without any auxiliary services, (to the exclusion of the granting of credits or loans) geared toward enabling the Client to undertake transactions relating to one or more financial instruments involving: – a share listed for trading on (i) a regulated market, or (ii) on an equivalent market in a third country, or (iii) on an MTF, when such shares are the shares of companies, (to the exclusion of (i) share units in collective investment schemes that are not UCITS and (ii) shares which involve a derivative), or money-market instruments, to the exclusion of those involving derivatives or which comprise a structure that would make it hard for the Client to understand the risks being run; – a bond (or any other form of debt instrument) listed for trading on (i) a regulated market or (ii) an equivalent market in a third country or (iii) on an MTF, to the exclusion of those involving a derivative or which comprise a structure that would make it hard for the Client to understand the risks being run; – a share or UCITS share unit, to the exclusion of some structured UCITSs; – structured deposits, to the exclusion of those comprising a structure that would make it hard for the Client to understand the risks being run with regard to the yield or the cost of exiting early from the product; – or any other non-complex financial instruments.

29.5 Target market In accordance with the regulations in force, for financial instruments a target market of eligible clients is identified. This target market is identified by the manufacturer of the instruments and will be respected by the Bank where, according to the regulations in force, it is considered to be the distributor of the instruments. The target market determines in particular the level of knowledge, experience, risk tolerance and ability to bear losses that the Client must have to invest in the financial instrument. When performing portfolio management, the Bank may consider it appropriate to invest in a financial instrument for which the Client does not meet the criteria of the target market when this investment is justified for reasons of portfolio diversification or hedging. Where the service does not consist of portfolio management, but investment advice, execution of orders, reception and transmission of orders, or placing of financial instruments, the Bank will inform the Client, where applicable, when the Client does not form part of the identified target market and may restrict the Client from investing in the relevant financial product. However, it is understood that the assessment of the appropriateness of the Client’s investment profile to the target market of the instrument the Client intends to invest in will be made on the basis of the information provided by the Client. In the event of dealing on own account, execution of orders, reception and transmission of orders, or placing of financial instruments, this information will be limited to the Client’s knowledge and experience. docondLUXen_v8.0a_15022021BP 42/98 29.6 Choice of investments Except when the Bank provides execution-only services and unless otherwise indicated in the Mandate Strategy, there will be no restrictions on the types or categories of financial assets in respect of which the Bank may provide advice or invest in or the markets on which transactions may be carried out, or the amount or proportion of the assets which may be invested in any category of investment or in any one investment. The financial assets in which the Bank may deal (in the exercise of its discretion or on an execution-only basis) or in relation to which advice may be provided may, without limitation, include: (a) financial assets which are not traded on or under the rules of a regulated market or an MTF; (b) financial assets which are non-readily realisable investments and/or in respect of which there may be difficulties in establishing an open market price or, if buying the financial assets, in later making a quick sale; (c) options, futures and contracts for differences (for example, swaps), whether exchange traded or over the counter, and that may result in the Client’s having a short position in respect of the relevant investments. Such transactions may be either physically settled or cash settled; (d) financial assets which are the subject of price stabilisation (a price-supporting process that may take place in the context of new issues under applicable regulations); (e) investments in regulated or unregulated UCIs (including hedge funds and private equity funds), in respect of which the Client may not have the right to cancel;

Article 30 – Order of execution, best execution and Order Execution Policy The Bank will, where applicable, provide the Client with best execution in accordance with its Order Execution Policy (details of which are set out in Appendix 2) and Applicable Law. In accepting these General Business Conditions, the Client confirms that they have read, understood and accepted the Order Execution Policy. The Bank will notify the Client of any material changes to the Order Execution Policy in accordance with these General Business Conditions and Applicable Law. The Bank is not obliged to verify the conditions (including any duty of information) applicable to transactions executed on markets on which the Client requests the Bank to act, and the Client will assume in full any loss or expense which could result therefrom, including those losses and expenses incurred by the Bank. All instructions to deal will be carried out as soon as possible during normal dealing hours for the relevant market and in accordance with the provisions of the General Terms. The Client acknowledges and accepts that: (a) the market price of any order the Client places in response to and within the timescales given for acceptance may have moved in the time between the Bank giving the Client the price and the execution of the Client’s order. Such movement may be to the Client’s advantage or disadvantage; and (b) there may be a delay in execution because orders are executed by reference to time of receipt. Where the relevant exchange is closed, the Bank will present the Client’s order for execution when the exchange next re-opens or, where a large number of orders have been received while the market is closed, as soon as reasonably practicable after the market re-opens. The Client authorises the Bank (and, if applicable, any Pictet Group company) as its agent to complete, execute and deliver any documentation and to give instructions to any intermediate broker on its terms of business which the Bank (or, if applicable, another Pictet Group company) may at its discretion appoint to act in connection with the investment services provided to the Client. This authority is irrevocable until termination of the agreement regarding investment services. Subject to Applicable Law and in accordance with the Order Execution Policy, the Bank may aggregate any order, including, where relevant, an order in respect of any execution-only transaction with its own (and those of a Pictet Group company) or with those of other clients. Aggregation may, on some occasions, operate to the Client’s disadvantage while on other occasions it may be to the Client’s advantage. For the avoidance of doubt, the Bank will not carry out an order or a transaction for its own account in aggregation with another client order if it is likely that the aggregation of the orders and transactions will work to the overall disadvantage of any client whose order is to be aggregated. The Bank will ensure that orders are allocated on a fair and reasonable basis and in accordance with the requirements of Applicable Law. Where the Client gives the Bank an order to buy or sell shares admitted to trading on a regulated market at a specified price limit or better and for a specified size (known as a limit order) and the Bank cannot immediately execute that order under prevailing market conditions, the Bank is under a regulatory obligation to make the order public to the market unless the Client expressly instructs the Bank not to do this. By accepting these General Business Conditions, the Client is expressly instructing the Bank not to make public any limit order that the Bank cannot immediately execute. The Client may at any time revoke this instruction for any particular transaction where the Client requires immediate publication of the relevant limit order.

docondLUXen_v8.0a_15022021BP 43/98 Article 31 – Reporting The Bank will issue a confirmation in writing (which may or may not be in electronic format) via E-Banking Services (unless the Client opted out of using E-Banking Services) in respect of each transaction carried out on the Client’s behalf. Each such confirmation will record the essential details of the transaction in accordance with Applicable Law. In addition, and unless stated otherwise for a specific service, if the Client is a private/retail Client and their Portfolio comprises positions in financial instruments with leverage, or if transactions involving the eventuality of possible liabilities are undertaken in this Portfolio, the Bank will notify the Client when the value of their Portfolio drops by 10% from its initial value during a given reference period and for every multiple of 10% thereafter. Such information will be notified by the Bank at the very latest at the end of the Business Day during which this threshold was exceeded or, in the event of the threshold being exceeded on a non-Business Day, by the end of the next Business Day.

Article 32 – Commissions received and paid 32.1 Monetary benefits received When providing investment services other than portfolio management or investment advice, and to enable the Client to benefit from diversified investment opportunities, the Bank offers a wide range of products, in particular UCIs of the Pictet Group, third-party UCIs or other financial products to which the Client may subscribe at their own initiative. The Bank also provides information or makes it available to the Client (prospectuses, historic performance, etc.). In return, the promoter of the UCIs, the issuer, manufacturer or similar of these financial instruments may remunerate the Bank with a commission generally calculated on the basis of subscription fees and/or management fees. This commission varies from case to case, depending on the asset classes, the realised/outstanding investments, the valuation of the financial instrument, its periodicity, the rates negotiated under various agreements, the number of units in circulation, etc. Making such UCIs available to the Client implies that the Bank will assess the experience of the asset managers, follow the fund industry and analyse the underlying financial instruments and processes. For the Bank this means having a dedicated infrastructure (analysis of the investment strategy, follow-up of the development and performance, meeting and maintaining contact with the UCIs’ asset managers), which ultimately enhances the quality of the service rendered to the Client. The Bank may benefit from the same commissions when providing investment advice or issuing a general recommendation. The investment by the Client in such a wide range of products offered by the Bank is intended to optimise investor satisfaction and contribute to maximising the risk/return ratio of investments through diversification via varied asset classes, diverse geographical areas, broader or more specific market segments and targeted management styles. By providing the Client with such information and enabling them to benefit from the Bank’s infrastructures and have access to such a wide range of products which the Bank has previously analysed and for which it produces enhanced periodic reports, the Bank offers a high value- added service. The Bank also enables the Client to access information about their Portfolio electronically. Although the Bank provides advice on a non-independent basis, the Bank’s asset selection policy is based on objective quantitative and qualitative criteria such as performance, and its recurrence, management style adopted, ability to manage risk, ability to outperform the market, the rigour in respecting a management style, quality, solidity and reputation of the counterparty, etc. The Bank’s structural organisation, its systems, the separation of duties and activities and, more generally, its conflict of interest management policy aim to ensure that its advice and recommendations are not influenced by the amount of these commissions. The products are thus selected by a department that is independent from the department responsible for negotiating and paying commissions. In exchange for these services and continual monitoring, and unless provided otherwise, in addition to the fees and commissions determined contractually or in application of pricing conditions, the remuneration of the Bank also consists of the inducements received on a recurring basis, which are thus kept by the Bank. Where the Bank provides discretionary portfolio management and receives commissions as described above in connection with this activity, the Bank will return the commissions to the Client as soon as reasonably possible after receiving them.

32.2 Non-monetary benefits received When the Bank provides investment services consisting of execution of orders and non-independent investment advice, it may receive from its suppliers non-monetary benefits such as financial analysis, information, equipment and marketing material, which it may use, inter alia, to determine the selected investment strategy as well as to enhance the investment advice provided. These suppliers are selected on the basis of objective quantitative and qualitative criteria, and the selection does not take these benefits into account. Furthermore the supplier selection procedure is subject to the Bank’s policy on the management of conflicts of interest.

32.3 Commissions paid The Bank may remunerate its intermediaries (business providers and other Group entities). This remuneration consists in paying them a commission, which is intended to enhance the quality of the service provided to the Client. docondLUXen_v8.0a_15022021BP 44/98 32.4 Client information The Bank will inform the Client on an ex-post basis of the exact amount of the beneﬁts received or paid. Minor non-monetary beneﬁts may be described in a generic way.

Article 33 – Risks related to financial services and financial instruments 33.1 General risks The Client acknowledges that the Bank has drawn the Client’s attention to the General Description of Risks Pertaining to Financial Instruments in Appendix 4 of these General Business Conditions. The Client should not deal in investments or subscribe to investment services unless they understand their nature and the extent of their exposure to risks and potential losses. The Bank does not give any warranty as to the performance or profitability of any investment sold or purchased under these General Business Conditions, whether or not an investment is purchased or sold as a result of the Bank’s advice or under its discretion. The value of the Client’s investments and any income derived therefrom may fall as well as rise and investors may not get back the amount invested. The Client acknowledges that they are aware of the volatility of the markets and the random nature of the investments that can be made via these markets. Past performance is no guarantee of future results, whether for an investment product or an investment strategy. The Client will assume sole responsibility for their investments in terms of the opportunity, return, liquidity and compliance with the Client’s investment objectives and experience. The Client agrees that any instruction they send to the Bank is received, transmitted and executed on the Client’s behalf and at the Client’s expense, and they acknowledge that they are fully informed of the risks and consequences attached to the orders that the Bank processes in accordance with these General Terms and Conditions. The Client expressly acknowledges that the Bank provides its services without any obligation of result (obligation de résultat), and that they have no guarantee of maintaining the value of their investments.

33.2 Risks related to specific investments 33.2.1 Leverage If the Client were to initiate transactions in leveraged products, and unless such products are complex products as defined by Applicable Law, the Client will be considered to have adequate knowledge of the mechanisms and risks specific to this type of investment.

33.2.2 Investing in certain regulated Undertakings for Collective Investment (UCI) Where units in regulated UCIs are acquired, the Client may not, where relevant, have any right under Applicable Law (as amended or re-enacted from time to time) to cancel any such transactions, i.e. a “cooling-off period” may not apply. Where the Bank recommends a purchase of a UCITS or sells a unit in a UCITS fund to a Client pursuant to an “Execution-only” transaction, the Bank will provide the Client with a key investor information document before executing the Client’s order and on taking the Client’s order the Bank will ask them to confirm that they have read and understood such document. This document contains information prescribed by Applicable Law. If the Bank receives the Client’s order by telephone, the Bank will supply the relevant key investor information document to the Client via e-mail or E-Banking Services so that the Client can read such document prior to placing the order. The Client will not be able to purchase UCITS funds unless they confirm that they have read and understood the key investor information document prior to placing the order with the Bank. Where the Bank recommends the purchase of a UCI that is not a UCITS fund, the Bank will provide the Client with a key features document or key features illustration (as applicable to the type of investment the Client is purchasing) before the transaction is completed. This document contains information prescribed by Applicable Law. If the Bank receives the Client’s order by telephone, the Bank will provide the Client with a verbal summary of this information and supply the relevant key features document or key features illustration to the Client immediately after the transaction is completed. To do this, the Bank requires the Client’s explicit consent, which is provided by the Client’s acceptance of these General Business Conditions.

33.2.3 Investing in packaged retail and insurance-based products In application of the European regulations regarding packaged retail and insurance-based products (or “PRIIPs”) a Key Information Document (a “KID”) has to be provided to a private/retail Client whenever the Client purchases units of an investment fund or a structured (or similar) product, or even a derivative instrument, outside of a discretionary management.

33.2.4 Transactions in options, financial futures forwards and other derivatives The Bank may, subject to Applicable Law, enter into any kind of derivatives transactions on the Client’s behalf in exchange- traded as well as over-the-counter (or “OTC”, meaning outside a regulated market as defined by MiFID) derivatives. OTC derivatives may be entered into with third parties by the Bank, acting as an agent for the Client on an undisclosed principal basis. docondLUXen_v8.0a_15022021BP 45/98 33.2.4.1 Risks The Client confirms that they are aware of the nature and the risks connected to transactions in leveraged products, and that trading in derivatives may be highly speculative in nature and could result in significant losses. These risks are more fully described in the brochure “General description of risks pertaining to financial instruments”, of which the Client acknowledges that they have received a copy. The Client confirms that they are aware of these risks or have been duly informed of them. In particular, the Client confirms that they are fully aware that they may be forced to buy back the securities to which the Transactions on derivative instruments relate at an unfavourable market value and that the risk of loss is higher than for traditional instruments, since it is always possible that all the capital invested may be lost. Furthermore, the Client is aware that these transactions in derivative instruments are suitable only for investors who have the necessary knowledge and are in a position to bear a partial or total loss of their investment, it being specified that in the worst case, they might not lose just their initial investment but also additional payments (additional collateral calls). By using the Bank’s derivatives trading services, the Client confirms that they are willing and able to evaluate and bear all of the risks of engaging in derivatives transactions.

33.2.4.2 Maturity, exercise and liquidation The Client further confirms that they understand the functioning of transactions in derivative instruments and in particular the way in which these are carried out, as well as the regulations and practices applicable to the markets and/or stock exchanges concerned. The Client likewise confirms that they agree to comply with these regulations and practices. Certain derivatives transactions may be subject to exercise at any time. This comprises options, such as transactions in futures, options on futures, options, contracts for difference or in any other derivatives if and to the extent that such contracts are executed on, by reference to or subject to the rules of an exchange (hereinafter the “Contracts”) The Client alone is responsible for determining whether or not to exercise a Contract that comprises an option. The Bank will have no responsibility for exercising any such Contract purchased by the Client unless and until it receives acceptable and timely instructions from the Client indicating the action to be taken. The Client undertakes to give to the Bank instructions concerning their open positions no later than 2 (two) Business Days before the expiry date of the contract. If the Bank does not receive the Client’s instructions within the aforementioned time limits, the Bank is entitled to, but not obliged to, close the position on the expiry day. The Bank may from time to time contact the Client and provide them with information about their expiring options positions. However, the Bank has no obligation to do so and will have no liability vis-à-vis the Client for failure to provide this information or for any inaccuracies in the information. The Bank reserves the right to refuse at any time, at its own absolute discretion, any operation which is not in compliance with its business policy, applicable market and/or relevant stock exchange rules. The Bank reserves the right to refuse to accept from other brokers Contracts executed by or through such brokers and to be allocated/given up to the Bank for clearance or carrying in the Client’s Account unless said Client and such other broker have previously entered into a written agreement with the Bank with respect to such allocation/give-up, on terms acceptable to the Bank, including (without limitation) with respect to the setting of any limits on the number or categories of Contracts that the Bank is prepared to accept. The Bank reserves the right to refuse to execute an order for a Contract which is to be allocated/given up to another clearing broker unless the Client and such other clearing broker have previously entered into a written agreement with the Bank with respect to such allocation/give-up, on terms acceptable to the Bank. The Bank will have the right, whenever it deems, at its absolute discretion, that such action is necessary or desirable: (i) to limit the size and number of open Contract positions (net or gross) which may at any time be outstanding in the Client’s Account and without regard to the capacity or capacities in which such Account is held by the Client and whether or not such positions are being carried in one or more Accounts; (ii) to refuse the acceptance of orders for new positions or the allocation or transfer of positions by any other broker for the Client’s Account; and (iii) to require the reduction of open positions carried with the Bank in the Client’s Account. The Bank may impose limits on the total commitment and/or exposure which the Client may incur under Contracts based on a percentage of the value of assets credited to the Client’s Accounts. For the avoidance of doubt, with respect to such rights, the Bank may at its discretion close out any one or more positions in the Client’s Account to reduce open positions carried with the Bank in the Client’s Account.

docondLUXen_v8.0a_15022021BP 46/98 33.2.4.3 Collateral Where the Client enters into derivatives transactions in accordance with and pursuant to these terms and conditions, the Client undertakes to maintain at all times during the term of such transactions, cash or other assets with the Bank in an amount corresponding to, at least, the amount of its liabilities under such transactions. The Client acknowledges that this may result in the Client’s having to provide margin payments unless the Client has sufficient cash or assets held by the Bank in the Client’s Accounts. Providing margin payments means that the Client will be required to make further variable payments against their potential liabilities under the derivative transaction instead of settling the whole liability on maturity of the transaction. The movement in the market price of the Client’s assets and/or derivatives transactions will affect the amount of margin payment the Client will be required to make. The Client undertakes to ensure to maintain and make payments of such coverage amount, whether in cash or securities (at the Bank’s discretion), without the Bank having to notify the Client, in any form whatsoever, of there being, at any time, insufficient coverage amount. Where the value of the cash and/or assets provided as coverage falls below the amount of the Client’s liabilities in respect of which such coverage amount is due, the Client must provide additional collateral. The cash and assets provided by the Client to the Bank pursuant to this clause will be subject to the general pledge granted by the Client to the Bank according to these General Business Conditions, including, without limitation, the right for the Bank to take any action necessary or convenient to the Bank if the Client fails to provide such additional collateral within the timeframe required by the Bank, to liquidate or terminate all or part of the derivatives transactions, to enforce the pledge and realise the cash and assets provided as coverage pursuant to this clause and/or take any other measure to ensure the relevant collateral coverage. The Client further authorises the Bank to transfer all or part of the pledged assets, whether derivative instruments or assets pledged to its counterparty/ies, to cover the relevant operation. The Bank may also make the entering into derivatives transactions subject to signature by the Client of a Credit Framework Agreement or any other specific agreement it deems suitable. This will be the case for short sales and uncovered transactions in options, financial futures and forwards.

33.2.4.4 Communication of information The Client is informed that the Bank is subject to the obligation to report Transactions in OTC derivatives to a trade repository in Luxembourg or abroad pursuant to Regulation (EU) No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (hereinafter “EMIR”) or any other regulation applicable in the Client’s country of domicile or residence, and accepts that the Bank may transmit any relevant information to this eﬀect. The Client is informed and accepts that the Bank may be required under US law to provide the US market supervisory authorities (e.g. the Commodity Futures Trading Commission/CFTC), at their request, with all details relating to Derivatives Transactions processed in the United States, and in particular the Client’s name. The Client expressly authorises the Bank to provide such information and to waive professional secrecy obligations in this respect. The same applies to countries with similar legislation.

33.2.4.5 Information on the legal obligations governing OTC Derivatives Transactions a. Obligation to request and maintain a LEI Each entity subject to EMIR must acquire and maintain (periodic renewal) a “Legal Entity Identifier” (hereinafter “LEI”) and determine the status under EMIR applicable to it. The LEI enables the entity to be identified when a derivatives transaction is reported to the trade repository. Insofar as the Client is subject to EMIR, they are informed of their obligation to communicate their LEI and their classification to the Bank by means of the account application form or a specific questionnaire, which is subject to these General Terms and Conditions. Any subsequent changes or renewals to this information (LEI and status) must be immediately communicated to the Bank because, if no valid LEI has been provided, the Client may be restricted or forbidden to trade in financial instruments and derivatives subject to regulatory reporting in jurisdictions in which LEIs must be reported. The Bank cannot be held liable for any damage resulting from inaccurate or incomplete information regarding the LEI or the related client status. More specifically, the Client will bear all the consequences if the lack of a LEI code prevents the Client from trading in certain financial instruments and derivatives or when the Client’s trades and reporting are continued despite the incorrect information. Finally, the Client is made aware that a change to their status may result in a change in its regulatory obligations under EMIR. b. Mandate for the application and renewal (including automatic renewal and data maintenance) of a LEI The entity subject to EMIR should request the LEI from a local operating unit, namely an official register duly accredited and approved by the Global Legal Entity Identifier Foundation (Basel, Switzerland) to issue LEIs and related company information. By providing the Bank with a specific mandate, and subject to the applicable fees which the Bank may amend from time to time, the Client may provide the Bank with a specific mandate to request, on their behalf, a local operating unit to provide the LEI

docondLUXen_v8.0a_15022021BP 47/98 and/or carry out the necessary steps to renew such LEI. For this purpose, the Client commits to provide the Bank with all the necessary information requested to enable the Bank to provide the services. If the Bank has not received the required information by up to 30 business days before the date of setting up the LEI or its expiration, the Bank will not be liable for any damage in relation to the fact that the Client’s LEI could not be set up/renewed within 30 days before its expiration. The same applies if the LEI cannot be set up/renewed because the information provided is wrong, missing or incomplete. The Client acknowledges and agrees that only one single LEI may be requested for a legal entity and that it is prohibited to request a second LEI through the Bank or any other LEI service provider for the same legal entity. The Client is authorised to use the LEI that the Bank has registered on its behalf for any other useful purpose, including for its relationship with another financial institution. The issuance of a LEI and its yearly renewal are subject to requirements established by the Global Legal Entity Identifier Foundation and the relevant local operating unit chosen. The Bank may be required by mandatory law or by its local operating unit to change or provide additional Client information to keep its LEI active. Such additional information may require the Client to provide (or execute) further details or documents. The Client has understood that a LEI and its related data are publicly available information which is accessible for consultation on the internet. The Client expressly allows all necessary data to be made public to comply with the requirements relating to the obtaining or renewal of a LEI. To that extent, they fully release the Bank from its obligation to keep such information confidential. The Client also acknowledges that the Bank may delegate to Banque Pictet & Cie SA the provision of the mandate and authorises the Bank to communicate to Banque Pictet & Cie SA any Client information needed for that purpose. Termination of the mandate given to the Bank is subject to 30 business days’ prior written notice to the end of a month, unless it is terminated with immediate effect for any reason provided for in these General Business Terms. In the event of termination, the Client is responsible for taking all the necessary steps in relation to the transfer of its LEI, and the Bank will have no further obligations vis-à-vis the Client. In the event of termination without prior notice and because of the termination of the banking relationship, the mandate related to the LEI will terminate only once the last transactions on financial instruments requiring the reporting of the LEI (e.g. in the event of sale, transfer or deposit) have expired or the instruments have been transferred. c. Bank and Client reporting obligations The Client is informed that the Bank is subject to the obligation (i) to report OTC derivatives transactions (reporting); (ii) to mitigate risk, which mainly includes the confirmation and periodic assessment of derivatives transactions, the reconciliation and compression of portfolios and the exchange of margin; and (iii) to clear through a central counterparty (clearing) in the cases provided for by EMIR. The Client is aware that they may also be subject to some or all of the obligations set out above, depending on the Client’s classification under EMIR. With regard to the obligation to report to a central repository, insofar as the Client has an obligation of their own, if the Client wishes the Bank to do this reporting on their behalf, the Client must sign a delegation agreement. In the absence of the signature of such an agreement, the Bank cannot be held liable for the fact that the Client has not fulfilled their own reporting obligation. The same applies in the event of delegation of the obligations regarding risk mitigation. In this regard,the Client is informed of the Bank’s obligation, applicable depending on the Client’s classification, to periodically evaluate at the applicable market price outstanding OTC derivatives transactions not cleared with a central counterparty. In addition, the parties must confirm their OTC derivatives transactions that have not been cleared with a central counterparty within the statutory period. If the Client does not contest an OTC derivatives transaction within 2 (two) days of receipt of the confirmation notified to them by the Bank, they will be deemed to have tacitly accepted the transaction. The Client is also informed of the obligation, applicable depending on the Client’s classification, of portfolio reconciliation, which consists of a comparison of the derivatives transactions recorded in the Bank’s books with the derivatives transactions recorded in the Client’s books in order to identify any potential contradictions or discrepancies. In principle, this obligation is carried out by the Bank for its own account and for the Client’s account, as is the obligation to compress outstanding OTC derivatives transactions to mitigate the risk of default of one of the counterparties. The Client is informed that margin exchange obligation, applicable to the Client’s classification, may include the obligation to exchange initial margin or variation margins regarding a derivatives transaction. As a result and insofar as the Bank or the Client are subject to such an obligation, the Client authorises the exchange of margin and understands the risks involved. Notwithstanding the above, and unless explicitly agreed to the contrary, if the Client is subject to EMIR obligations and has signed a discretionary management agreement with the Bank or another entity of the Pictet Group, the Client is deemed to have appointed the Bank as its delegate to carry out the Client’s reporting in relation to all in-scope OTC and ETD derivative contracts traded on the Account. This mandate applies only to transactions executed with the Bank on OTC and ETD derivative contracts across all asset classes (rates, credits, equities, commodities and FX) for which the Bank or Banque Pictet & Cie SA is a broker or counterparty.

docondLUXen_v8.0a_15022021BP 48/98 The Bank will, on a best-eﬀort basis, without incurring any liability for incorrect data or delayed trade reports: (i) submit trade reports on T+1 to the relevant approved trade repository (approved by the ESMA); (ii) submit collateral and valuation reports on T+1 to the relevant approved trade repository; and (iii) handle daily exception management, including error handling. The Client, as the legal counterparty of the trade, will remain the ultimate party responsible for regulatory compliance with EMIR and is aware that any change to the EMIR information must be communicated to the Bank in due time as it might impact the accuracy of the reporting.

33.2.5 Private equity funds (“Private Equity Investment”) Where the Client chooses to make a Private Equity Investment, the Bank will make the investment in its name (or the name of the Bank’s nominee), acting as the Client’s agent on the terms and conditions of the documentation (as amended or substituted from time to time) relating to the Private Equity Investment (for example, the subscription agreement, the limited partnership agreement or the articles of association and/or the prospectus, together the “Investment Documents”) and, if applicable, a summary or report of the Private Equity Investment (together with the Investment Documents, the “Reports”). The Client acknowledges that while the Bank may be entitled to request amendments to the Investment Documents, it is under no obligation to review and/or negotiate the Investment Documents on the Client’s behalf. Where the Private Equity Investment is on a list of recommended investments published by the Bank, it will not provide the Client with the Investment Documents unless specifically requested by the Client. Where the Client requests the Investment Documents, the Client may be required to sign a non-disclosure agreement (in a form and on terms satisfactory to the Bank). Where the Private Equity Investment is not on a list of recommended investments published by the Bank, it must provide the Client with the Investment Documents. The Client acknowledges and agrees to be bound by the Investment Documents even when these are not provided to the Client. In all circumstances, the Client confirms that they have reviewed and approved the Reports and obtained independent legal and/or tax advice regarding the same. The Client acknowledges that the contents of the Reports are confidential and should not be used for any purpose other than the Private Equity Investment. The Bank’s responsibility for assessing the appropriateness and/or suitability of the Private Equity Investment will depend on whether the Client subscribed to a discretionary investment management, advisory or execution-only service with the Bank. The information contained in the Reports does not alter the Client or the Bank’s rights and obligations under these General Business Conditions. The Bank assumes no liability or responsibility for the accuracy or completeness of the Reports, and it reserves the right to modify the information contained in the Reports at any time without notifying the Client. The Client acknowledges that investing in private equity is suitable only for investors who are able and willing to bear the full loss of their Private Equity Investment in any circumstances. The Client acknowledges that their Private Equity Investment represents a commitment only, which may be drawn at the discretion of the manager or administrator of the private equity fund. Therefore, the Client may ultimately invest less than expected. The Client authorises the Bank to accept on their behalf any proposal by the manager of the private equity fund to reduce the size of the Client’s commitment. The Client’s commitments in Private Equity Investments will at all times be covered by sufficient assets and will be subject to the general pledge of the Bank as explained in these General Business Conditions. The Bank may also subject the entering into Private Equity Investments to the signature by the Client of a Credit Framework Agreement or any other specific agreement it deems suitable. The Client undertakes to ensure that sufficient collateral is provided and replenished, the amount of which may be determined by the Bank on a case-by-case basis, without the Bank being obliged to notify the Client, formally or otherwise, in the event of a shortfall in the collateral. If the collateral falls below the set amount, the Client is obliged to provide additional collateral immediately.

33.2.6 Financial instruments where the underlying is traded on a trading venue European regulations to improve the efficiency, soundness and transparency of markets in financial instruments require the reporting to the relevant national authority of information related to transactions on financial instruments traded on a trading platform (i.e. listed instruments), financial instruments where the underlying is a financial instrument traded on a trading venue (i.e. listed underlying instruments), or financial instruments where the underlying is an index or basket composed of financial instruments traded on a trading venue (i.e. the index or basket is composed of listed instruments). The obligation applies even if those transactions were not carried out on a trading venue. The transaction details to be reported include identifying client data or, in cases where the investment decision is made under a power of representation, relevant identifying data for the decision-maker (e.g. the person holding general power of attorney). The Bank must provide a national identification number for all natural persons and report the Legal Entity Identifier (”LEI”) for all legal entities (to be obtained by the Client from a valid provider and duly renewed as required). If the Bank does not have such information, it will not be able to execute any of the above-mentioned transactions (e.g. buying and selling). docondLUXen_v8.0a_15022021BP 49/98 33.2.7 Investments in crypto assets Where the Client wishes to invest in a financial instrument whose underlying is linked to a virtual/crypto currency or the performance thereof (such as a fund, an Exchange Traded Fund (or ETF), an Exchange Traded Note (or ETN), and/or a structured product) (hereinafter the “Crypto Investment”), the Client accepts the following for all transactions related to the Crypto Investment carried out by the Bank on behalf of and at the request and sole risk of the Client: The Client hereby confirms that the Bank has not given any advice or recommendation on the Crypto Investment and that the decision to make the Crypto Investment was taken by the Client on their own initiative. The Client further confirms that they have sufficient assets, knowledge and experience in business and financial matters to be able to evaluate the merits and the risks inherent to the Crypto Investment. In addition, the Client confirms that they have made their own evaluation of the risks involved in the Crypto Investment and, based on their evaluation, they understand that they could lose their entire investment, including the principal and the return on the Crypto Investment, if any. Furthermore, they are able to bear the entire loss of the Crypto Investment. In addition, the Client agrees and acknowledges that the Crypto Investment may have specific tax implications and that it is the Client’s own responsibility to seek the advice of tax experts to determine their tax obligations, particularly in their country of residence or domicile.

Part B: Discretionary management services provided by the Bank Article 34 – Mandate If the Client appoints the Bank as discretionary investment manager of its Portfolio through a Mandate Strategy and the Bank accepts this appointment, the services provided to the Client will be subject to this section and to the specific provisions of the Mandate Strategy as amended from time to time. Unless specifically agreed otherwise, the Bank will provide only portfolio management services on behalf of and at the exclusive risk of the Client if there is a Mandate Strategy to this effect. The Bank reserves the right not to agree to manage certain financial assets that the Client may wish to entrust to it. For the avoidance of doubt, the Bank may delegate any part of its discretionary management service to another Pictet Group company.

Article 35 – Authority Subject to the terms of the Mandate Strategy, the Bank will have the following authority: i. Investment discretion Complete discretion to act, on the Client’s behalf, as an agent to buy, sell, hold, exchange, convert or otherwise deal in investments, to subscribe to issues of securities, to accept placings, offers for sale, underwritings and sub-underwritings of any securities, to effect transactions on any markets, to enter into spot or forward foreign exchange contracts, place and withdraw cash from deposit (including the conclusion and management of fiduciary deposits), as and when the Bank thinks fit or otherwise to act as it judges appropriate in relation to the Client’s portfolio on the understanding that the Client will be bound by the Bank’s acts under these Investment Services Special Terms; ii.- Brokers Authority and power in accordance with the Bank’s Order Execution Policy to effect or arrange transactions through or with any person, firm or company selected by the Bank; iii. Underwriting Authority and power to commit the Client to underwriting any issue or offer for sale of securities, with the Client incurring obligations as an underwriter or sub-underwriter; iv. Futures and margins Authority and power to buy, sell, hold and generally deal in all futures contracts (and options), including, without limitation, contracts with respect to financial instruments and any group or index of securities or other assets and in connection with those contracts to cause the custodian (being the Bank or another entity) to deposit any margin payment or property as collateral with any agent or broker and to grant security interests in that collateral, all on such terms and conditions as the Bank reasonably considers appropriate; v. Derivatives Authority and power to grant, buy, sell, exercise, permit to expire and otherwise to acquire, dispose of, hold and generally deal in all forms of options in any combination, including over-the-counter options and other derivatives (including, without limitation, swaps and structured products) on such terms and conditions as the Bank reasonably considers appropriate;

docondLUXen_v8.0a_15022021BP 50/98 vi. Collective investment schemes and hedge funds Authority and power to buy, sell, hold, exchange, convert and generally deal in UCIs and/or any other investment vehicles, provided that the Client hereby acknowledges that any such vehicle may itself invest directly or indirectly, through a long or a short position, in any investment, including futures, options, contracts for differences (e.g. swaps) and non-readily realisable investments, and that a hedge fund manager may impose their own eligibility conditions for investment. In the event of investment in a UCI, the diversification of the investments must be assessed in relation to the underlying assets of such UCI. The Client declares that they are aware that by investing in units of UCIs, the financial results do not depend exclusively on the Bank but also on the skills and actions of the persons responsible for the management of such UCIs; vii. Dealing outside organised investment exchanges Authority and power in accordance with the Bank’s Order Execution Policy to enter into transactions in financial assets which are not effected on or under the rules of an organised investment exchange; viii. Illiquid investments including private equity investments Authority and power to enter into transactions in financial assets which are not readily realisable investments and/or in respect of which there may be difficulties in establishing an open market price or, if buying the financial assets, in later making a quick sale such investments may include private equity fund investments which may involve complex tax and legal considerations and can give rise to considerable risks; ix. Short positions Authority and power to enter into transactions in options, futures and contracts for differences that may result in the Client’s having a short position by selling investments which the Client does not own at the time; x. Stabilisation Authority and power to enter into transactions in investments which are the subject of price stabilisation; xi. Corporate actions Authority to engage in so-called mandatory corporate actions as well as so-called optional corporate actions or other kind of corporate actions in accordance with Article 26.4, without obligation to provide the Client with information on the details of the transactions, unless the Client makes an express request to this effect. xii. Borrowing Authority to undertake borrowing in respect of the Portfolio, including temporary overdrafts on the Client’s Account(s), for short-term liquidity management purposes, to settle a mismatched, delayed or failed transaction or for other unforeseen circumstances consistent with the efficient management of the Portfolio in accordance with the Mandate Strategy. The Client will be liable for all fees, costs and expenses which may arise out of any such properly incurred borrowing or overdrafts, including any applicable interest charged; and xiii. Other Authority to take all routine or day-to-day decisions and do all such other things, for all purposes necessary or desirable at the Bank’s absolute discretion, in relation to the management of the financial assets as the Bank determines appropriate, subject to the overriding principles of suitability and acting honestly, fairly and professionally in accordance with the Client’s best interests.

Article 36 – Investment strategy In the Mandate strategy the Client will choose an investment strategy for the Portfolio which is in line with their investment profile. The terms used, the investment horizons, and other elements used in relation to the chosen investment strategy are given for information purposes only. The asset classes and, more particularly, the investment limits relating to them are given for information purposes in the context of ordinary asset management: the Bank tries to the extent possible to comply with this objective but, since it is only required to use its best endeavours (obligation de moyen), it is expressly authorised to exceed it temporarily in the event of particular events that are internal or external to the management of the assets. The Client is aware that, irrespective of their investment profile and the investment strategy chosen, losses are possible, in particular on account of unfavourable market developments. The Client also acknowledges that performance and management profile are not synonymous, as the Bank may have to take decisions to maintain the investment strategy (risk profile and asset classes) chosen by the Client and that these could have a negative impact on performance. The Client acknowledges that the Bank’s investment strategies enable it to execute the mandate using all types of financial instruments with variable allocations and terms, in particular within the limits of the investment strategy chosen by the Client. The Bank’s investment strategies and the proportion of financial instruments of each category in the Portfolio are defined by the Bank’s investment department

docondLUXen_v8.0a_15022021BP 51/98 bodies, normally enabling the Bank to best meet the objectives chosen by the Client in light of financial market conditions. The Portfolio may therefore focus on certain financial products or instruments, invest in only a very small number of financial instruments or even in a single financial instrument, which might increase the risks involved. The Client acknowledges that investment in the assets underlying the investment strategy may not always be made immediately but may require some time, analysis and favourable market conditions. This is particularly true when the assets contributed constitute a Portfolio that was previously invested or when the Client has changed the chosen investment strategy, in which case the Bank and the manager must find the most appropriate time to replace the existing securities with those requested by the Client. Moreover, the Bank may under no circumstances be held liable for the consequences of such a change in investment strategy and the interruption of continuity in the management of the assets. The Client accepts that in the event of remarks and/or particular constraints given in the Mandate Strategy, these may influence the asset allocation and/or investment strategy chosen. The Client accepts that the Bank will try to reconcile them as best it can, but without any obligation to succeed in this respect (obligation de résultat). In the event of incompatibility, the remarks and/or particular constraints will prevail. The Bank reserves the right to contact the Client and postpone the execution of the mandate in the event of incompatibility or difficulties arising from said remarks and/or constraints. When making investment decisions, the Bank is not obliged to take into account the tax treatment of the outcome of the management in the light of the Client’s particular tax status.

Article 37 – Debits Transactions carried out on behalf of the Client by the Bank will not cause the Client’s Accounts to be in debit, except in the context of ordinary management operations, when liquidating investments relating to one or more of the aforementioned ﬁnancial instruments creating (a) commitment(s) on behalf of the Client or on behalf of the Bank acting for the Client, or if a line of credit has been granted to the Client, in which case the operations carried out by the Bank may be carried out only within the limits of said line of credit. However, the Client expressly authorises the Bank to temporarily debit their Account, if necessary, to take advantage of investment opportunities while waiting to liquidate one or more other investments. The Client further acknowledges that their Account may be temporarily in debit owing to certain pending purchase or sale orders or owing to diﬀerences between the respective value, liquidation or payment dates. Without prejudice to the other rights the Bank may have under the General Business Conditions, and apart from deducting its remuneration, costs and incidental expenses related to the exercise of its mandate, the Bank is not authorised to make total or partial withdrawals from the assets under Management.

Article 38 – Conﬂicts of interest In carrying out its discretionary management mandate, the Bank may in certain circumstances be in potential conﬂict-of-interest situations. The Client expressly authorises the Bank, provided that the transaction is carried out at normal market conditions, to: – enter into relations with other companies and/or banks, whether or not they belong to the Pictet Group; – act as the Client’s counterparty or products developed by the Pictet Group, where the Pictet Group is a market maker, etc., of which the Client is aware and which the Client accepts; – invest in products newly issued or subscribed to by the Pictet Group; – invest in products in which it or persons and/or other entities of the Pictet Group may be involved as promoters, advisers and/or managers, and/or administrators and/or service providers.

Article 39 – Client transactions For the duration of the Bank’s appointment as discretionary investment manager of the Client’s Portfolio, the Client undertakes not to deal, except through the Bank, with any of the investments included in the Portfolio or to authorise anyone else so to deal. The Bank will not be obliged to execute the Client’s orders in respect of the Portfolio where these are, in the Bank’s opinion, inconsistent with the Mandate Strategy and its investment. These operations will be carried out under the exclusive responsibility of the Client. The Bank is under no obligation to advise on specific instructions given by the Client and their execution will not result in any implicit revocation of the Mandate Strategy. The Client also acknowledges that any intervention on their part may have adverse effects on the investment profile determined by the Bank and the management profile chosen by the Client. The Client therefore declares that they accept all the consequences, including those on performance, compliance with the investment profile and the management profile. The Client understands that withdrawals of assets from the Portfolio during the term of the mandate may have a negative effect on the outcome of the management as the Bank may have to liquidate financial instruments at times when the market is not favourable and the diversification of the Portfolio may be affected. Furthermore, the Bank may not be able to respond immediately to a request for withdrawal of funds from the Client, as the units of certain UCIs are available for redemption at more or less long intervals only.

docondLUXen_v8.0a_15022021BP 52/98 Article 40 – Suitability The Bank has a regulatory obligation not to eﬀect or arrange a discretionary transaction for the Client unless the transaction is suitable for the Client. The Bank will determine such suitability based on the information that the Client provided to the Bank in accordance with these Investment Services Special Terms. The Bank will keep the Mandate Strategy under review and may, from time to time, suggest to the Client such amendments as are appropriate in the Bank’s opinion. However, the Mandate Strategy will not be deemed to have been breached as a result of any event or circumstance outside the Bank’s reasonable control, including changes in the price or value of assets in a Portfolio owing to movements in the market, including movements in exchange rates, or any amalgamation, reconstitution, conversion or exchange or other change in the nature or type of an investment. Any change which the Client wishes to make to the Mandate Strategy (including the investment restrictions) will be discussed with and agreed to by the Bank in advance and must be conﬁrmed by the Client in writing. The limitations to the Bank’s liability as described in these General Business Conditions fully apply.

Article 41 – Credit interaction The Client accepts that if the Portfolio under management is pledged or given as security in connection with a credit granted to a Client or a third party, this may have a (potentially negative) interaction with the investment profile. Indeed, the assessment of the value of the pledge of the Portfolio under management in the context of the guarantee may have a direct influence on the nature of the eligible financial instruments that may constitute the Portfolio and therefore on the chosen management policy and profile.

Article 42 – Portfolio performance 42.1 Valuation As far as possible, the Bank carries out a valuation of the Portfolio every Business Day on the basis of market value, prices provided by professional providers of financial information or the net asset value provided by UCIs. Some UCIs provide a net asset value only at more or less long intervals, and for less liquid financial instruments the stock exchange prices may not reflect the real value of these instruments. The Bank cannot be held liable for inaccurate financial information provided by the sources described above or received from third parties and on which it relies for the management of the Portfolio. The Bank provides the Client with reference values to allow the Client to measure the performance of their Portfolio but it does not provide benchmarked investment services. The Client agrees that any underperformance of a specific reference value against which the Bank’s performance is measured will not in itself constitute negligence or a breach of the Bank’s duty under the Agreement.

42.2 Reporting In addition to the daily transaction reporting as provided for in these Investment Services Special Terms, the Client will be provided with a statement every three months, including a valuation report of all cash, investments and/or other assets comprising the Portfolio as well as all transactions relating to the Portfolio. The Bank will also notify the Client if the value of their Portfolio under discretionary management agreement during a given reference period drops by 10% from its initial value and for every multiple of 10% thereafter. Such information will be notified by the Bank at the very latest at the end of the Business Day during which this threshold was exceeded or, in the event of the threshold being exceeded on a non-Business Day, by the end of the next Business Day. The Bank is not obliged to inform the Client in the event of depreciation due to withdrawals in cash or financial instruments from the Account. Each year the Bank will inform the Client of all costs and charges relating to the management of the Portfolio and the related financial instruments. The Client may ask to receive a breakdown by item. All communications will be provided through the Bank’s E-Banking Services or through the other communication means chosen by the Client, with the Client bearing all the consequences of said choice.

Article 43 – Fees Without prejudice to the Bank’s other rights over the Account, in accordance with the law and the General Business Conditions, the Bank is authorised to charge a commission as remuneration for the services provided. This commission will be independent of the remuneration due to it, where applicable, in its capacity as custodian, as well as of the costs relating to the transactions carried out within the framework of this mandate, the remuneration and costs of which will be borne directly by the Client. The Client authorises the Bank to receive its remuneration by debiting the Account that may potentially be covered by the proceeds from the sale of securities.

docondLUXen_v8.0a_15022021BP 53/98 Article 44 – Consequences of the termination of the Mandate Strategy The Client is aware that a termination or withdrawal of assets under Management before the end of the investment horizon may have adverse consequences on the investment strategy followed by the Bank and may entail negative financial consequences for the Client. Ongoing operations are not affected by the termination of the Mandate Strategy. The Bank may, at its own discretion, sell, at the Client’s risk, certain structured products or other non-transferable products that the Bank considers it is unable to keep in the Client’s Portfolio once the management mandate has been terminated. The Client will bear all the financial consequences of such resale, even if they are unfavourable to the Client and without the Client’s being able to claim that the Bank has not acted in its interests. The termination of the Mandate Strategy will result in the Bank’s discharge. The Client therefore irrevocably undertakes to consider all transactions carried out on their Portfolio as accepted in advance and ratified by them by operation of law.

Part C: Advisory Article 45 – Advisory agreement Where the Client wishes to receive advice by the Bank in connection with investment decisions to be taken for their Portfolio, they will sign a speciﬁc agreement to this eﬀect with the Bank. In principle, the Bank does not provide the Client with advice on the management of the Client’s Portfolio outside such an agreement, but if this were the case, the Bank would provide advice or express opinions concerning the management of the Client’s assets but only with an obligation to use its best endeavours (obligation de moyen), and only being liable for gross negligence on its part. In the event of a plurality of Clients, the Bank will execute the instructions issued by each Client individually. However, such Clients are jointly and severally liable towards the Bank even if the Bank has acted on the individual instructions of only one Client.

Article 46 – Mandate Where this service has been chosen in respect of the Portfolio, the Client appoints the Bank as investment advisor of its Portfolio following the terms set out in these Investment Services Special Terms and the Client’s Mandate Strategy as amended from time to time. By accepting this appointment, The Bank, will advise the Client so that they can make their own informed investment decisions in relation to the Portfolio. The Bank will advise the Client, who will act in their own interest and to the best of their knowledge and ability. From time to time, the Bank may, at its sole discretion, provide information, advice and recommendations at its own initiative, for example, in relation to general market trends and general investment themes. However, the Bank will not be under any obligation to provide ongoing advice in relation to the management of the Client’s Portfolio unless the Bank has agreed in writing to maintain the Client’s Portfolio under constant review and provide specific recommendations from time to time. The Bank is therefore under no obligation to contact the Client spontaneously in the event of price fluctuations or market opportunities. The Bank also reserves the right not to give an opinion on values that are not monitored by it or for which it considers that it does not have sufficient data. Under no circumstances will the Bank advise the Client on life insurance policies, pensions or saving schemes. Furthermore, the Bank’s advisory mandate does not include legal or tax advice. Neither is the Bank obliged, when providing advice, to take into account the tax treatment of the transactions advised by it with regard to the Client’s particular tax status. The Client is therefore invited to obtain appropriate expert advice before initiating transactions regarding the Portfolio. The Client is aware and accepts that the Bank may use services or advice provided by third parties, including other entities of the Pictet Group, for the purpose of providing advice to the Client. In this case, if the Bank merely relays the advice provided by third parties to the Client, the Bank will to the extent possible not assume any responsibility for the quality of such advice.

Article 47 – Authority At the Client’s request, the Bank will advise the Client on the transactions that it considers appropriate, reasonable or necessary, in particular with regard to the purchase, subscription, sale or arbitrage of transferable securities, rights or coupons or other securities or ﬁnancial instruments held in the Portfolio, as well as on any other type of product, in line with the Mandate Strategy. Unless otherwise agreed, and subject to the investment restrictions set out in the Mandate Strategy, the Bank’s advice is based on a broad range of investments, some of which may have been issued or provided by another Pictet Group company.

docondLUXen_v8.0a_15022021BP 54/98 In certain circumstances the Bank may find itself in a situation of potential conflict of interest. If so, the Client expressly authorises the Bank to: – enter into relations with other companies and/or banks belonging to the Pictet Group; – advise on investments for which the Pictet Group acts as counterparty or products developed by the Pictet Group where it is a market maker, etc.), on regulated markets, MTFs, OTFs or off-market; – advise on investments in products newly issued or subscribed to by the Pictet Group; – advise on investments in which the Pictet Group or persons related to it may be involved as promoters, management advisers and/or managers, and/or directors and/or service providers. Since the Bank’s investment advice will be provided on a non-independent basis, the Bank is subject to less stringent rules, in particular with regard to the process of selecting the financial instruments that are recommended to the Client, links with suppliers or issuers of financial instruments, etc. Advice may therefore relate, whether or not exclusively, to financial products or instruments issued or distributed by the Pictet Group or any entity with close links (i.e. where the Bank holds a certain percentage of the shares/voting rights or controls these entities) or any other close legal or economic relationship with the Pictet Group.

Article 48 – Investment strategy and suitability Whenever the Bank recommends an investment to the Client, it will take reasonable steps to ensure that the recommendation is suitable for the Client, in accordance with the Bank’s obligations under Applicable Law. The Bank will determine such suitability based on the Mandate Strategy and the information that the Client provided in accordance with the provisions of these Investment Services Special Terms. In this context, the Client declares that they have been notified by the Bank of the importance of keeping the Bank informed of any change in the information communicated so that the Bank can carry out a suitability test in relation to the investment advice provided. Unless otherwise provided in the Mandate Strategy, the Bank will periodically review the Portfolio against the Mandate Strategy. If the Bank advises the Client that a particular investment is not suitable or not appropriate as far as the Client’s knowledge, experience and risk profile are concerned, the Bank will accept instructions on a non-advised basis only. In doing so, it will be authorised to take into account the General Description of Risks Pertaining to Financial Instruments to assess the appropriateness of the instruction. Unless the Client qualifies as a professional or an eligible counterparty under MiFID, the Bank will provide the Client with a periodic assessment of the suitability of the investments recommended. If the Client has made particular remarks and/or constraints in the Strategy Mandate, these are likely to influence the asset allocation and/or the chosen investment profile. The Client accepts that the Bank will try to reconcile them as best it can with the profile chosen by the Client, but without any obligation of result (obligation de résultat). In the event of incompatibility, the remarks and/or particular constraints will prevail. The Bank reserves the right to contact the Client and postpone the execution of the mandate in the event of incompatibility or difficulties arising from the said remarks/constraints. The terms used in the Mandate Strategy, the investment horizons and other elements used in connection with the advisory profile mention investment philosophies that are given for information purposes only. The investment horizon is, for example, the recommended and necessary minimum indicative investment period to minimise the risks of loss. As this is a “moving horizon”, it applies to the evolution of the Portfolio over time and is in no way linked to the date of signature of these General Business Conditions. When providing the advice, the Bank may therefore deviate from these elements, in particular depending on developments on the financial markets or the duration of the investments. In particular, the Client is aware that, irrespective of the chosen investment strategy, losses are possible, in particular on account of unfavourable market trends. Moreover, past results do not constitute a guarantee of future results for the Client. The Client also declares that they are aware that the outcome of investments in units of UCIs depends as well on the skills of the management body of such UCIs.

Article 49 – Investment decisions and execution of orders The Client alone makes the ﬁnal investment decisions and remains free to decide whether or not to follow the Bank’s advice or to give speciﬁc instructions for the execution of any transaction relating to their assets. The Client will assume full responsibility with respect to opportunity, return, liquidity and compliance with the Mandate Strategy. The Client undertakes not to initiate a transaction if they do not understand all the risks relating to such a transaction. It is in the Client’s interest to transmit their instructions promptly to ensure that these instructions are carried out promptly, as the Bank’s advice, given the volatility of the markets, is valid only at the time when it is issued. In this context, the Client expressly acknowledges that they have read and accepted the Bank’s Order Execution Policy. Insofar as necessary, the Client expressly authorises the Bank to execute their orders outside a regulated market or an MTF or OTF.

docondLUXen_v8.0a_15022021BP 55/98 Article 50 – Ex-ante costs and pre-trade suitability assessment The Client receives an ex-ante estimate of the aggregate costs and charges for the acquisition of a ﬁnancial instrument, enabling the Client to assess the costs to which they could be exposed in the event of an investment decision. This document also analyses the impact of such costs on the potential return on the instrument. Prior to any investment advice and any related transaction, the Client will also receive an investment proposal in a durable medium, specifying the advice given and how it is suitable for the Client. The Bank will indicate whether the recommended services or instruments are likely to require the Client to request a periodic review of the agreed terms and will draw the Client’s attention to this possible need. Where the agreement to buy or sell a ﬁnancial instrument is concluded using a means of distance communication that does not allow prior transmission of the aforementioned statement on suitability, the Client, while being hereby informed that they still have the possibility to delay the said transaction until the declaration of suitability has been provided to them in advance on a durable medium in accordance with the means of communication agreed with the Bank, hereby expressly accepts that the suitability report will be provided to them only after the conclusion of the transaction without undue delay.

Article 51 – Fees and commissions Without prejudice to the Bank’s other rights in respect of the Account or the Portfolio, the Bank is authorised to deduct a commission from the Account as remuneration for the services provided. This commission will be independent of the remuneration due to the Bank, where applicable, in its capacity as custodian, as well as of the expenses relating to the transactions carried out within the framework of the Mandate, the remuneration and expenses for which will be borne directly by the Client. This remuneration will be in accordance with the current applicable rates, which are permanently available to the Client and which the Client acknowledges having taken note of. The Client also understands that the Bank may receive, in the context of the investment advice to be provided, rights, commissions or other monetary or non-monetary beneﬁts from companies belonging to the Group or even from third parties. It is agreed that, unless otherwise provided, these commissions will be kept by the Bank as additional remuneration. Further information on the Bank’s inducement policy is available in the Policy for Handling Conﬂicts of Interest (see Annex). The Client will be informed at least once a year of the total amount of inducements received by the Bank.

Article 52 – Liability of the Bank The Bank may not be held liable for any loss in value of the Account, or for fluctuations in the Portfolio’s performance resulting from the investment advice it may have provided to the Client, or for any error of appreciation or judgment in the choice of recommended investments or loss of opportunity, except in the event of gross negligence or fraud on its part. The Bank may not be held liable for any losses suffered by the Client due to a change in the investment profile or termination of the mandate before the end of the investment horizon set by the Client or a withdrawal of assets during the course of the mandate. The Client understands that the Bank cannot be aware at all times of the benefits that every possible type of investment may have for the Client and which will be carried out if the Client so wishes. Advice provided over the phone is only preliminary and should not be considered as definitive. Such advice may require confirmation in writing. The Bank may not under any circumstances and in no way be held liable for failing to recommend to the Client a product or transaction that it considers unsuitable for the Client in light of the Mandate Strategy. As the Client is free to choose their investment options and is under no obligation to act on the advice given by the Bank, the Bank may not be held liable if the composition of the assets in the Portfolio does not comply with the investment strategy. The Bank will not be liable for the accuracy of the information it receives from third parties and on which it relies to provide its own advice to the Client. Without prejudice to the Bank’s obligation to act in the interest of the Client, the Client is aware and accepts that the Bank may suggest to the Client investments that are identical with or similar to those suggested to other clients, whether it acquires or sells identical investments for its other clients or its own account.

Article 53 – Consequences of the termination of the Mandate Strategy The Client is aware that terminating the mandate before the end of the investment horizon set and withdrawing assets from the Portfolio during the course of the mandate may have negative effects on the objectives pursued by the Client as these objectives may, in principle, be achieved only at the end of the investment horizon applicable to the investment profile requested by the Client. The termination of the advisory mandate will have no effect on ongoing transactions and will result in discharge of the Bank’s liability. docondLUXen_v8.0a_15022021BP 56/98 Part D: Execution-only and reception and transmission of orders Article 54 – Execution-only 54.1 Scope of the service Where this service has been chosen in relation to an Account, the Bank will effect a transaction within the Client’s Portfolio only on the Client’s specific instructions. Unless otherwise agreed, the Bank will not manage or monitor the Portfolio or provide any investment advice, investment management services or personal recommendations to the Client. The Bank will not assess whether execution-only transactions are suitable for the Client, nor will it give the Client any warranty as to the suitability of investments. The Bank will assess the appropriateness of any execution-only transaction or service in relation to complex products. This means that the Bank will seek information from the Client to determine whether the Client has the relevant knowledge and experience to understand the risks involved in the transaction or service envisaged. If the Client fails to provide any information or sufficient information in this regard, there is a risk that the Bank will not be able to assess whether the Client has the necessary knowledge and experience to understand the risks involved. In such circumstances, if the Client still wishes to proceed, the Bank may do so without being able to determine that the transaction or service is appropriate for the Client. If the Bank considers that a transaction or service is not appropriate for the Client, it may: i. accept the Client’s order but warn them that it may not be appropriate and that they might be exposing themselves to risks that fall outside their knowledge and experience; or ii. refuse the order where the Bank does not believe it is in the Client’s best interests to proceed. The Bank has no obligation under Applicable Law to assess the appropriateness of execution-only transactions or services in relation to non-complex products. As a result, the Client will not benefit from the assessment of the appropriateness. As amended by Applicable Law from time to time, non-complex products include: shares traded on regulated markets, bonds or other forms of securitised debt and units in UCIs. Complex instruments include but are not limited to: derivatives transactions, structured products, hedge funds and private equity funds. Investment trusts are neither automatically non-complex nor automatically complex. For the avoidance of doubt, the Bank is required to assess the appropriateness of execution-only transactions in relation to non-complex products where the Bank also grants the Client a credit, loan or overdraft facilities.

54.2 Execution of the Client’s orders The execution of orders relating to financial instruments applies to any execution of an instruction regarding an Account with the Bank, regardless of whether the instruction is given by the Client themselves, their authorised representatives or as part of a discretionary management service to which the Client has subscribed. In accordance with the instructions given by the Client, the Bank will execute or arrange for the execution of instructions or other transactions in Luxembourg or abroad in accordance with the time limits, laws and customs of their place of execution. Place of execution means a regulated market, an MTF or OTF, a systematic internaliser, a market maker or other liquidity provider, or an entity that performs similar tasks in a third country. Unless specifically instructed otherwise by the Client, the Bank may in particular decide to execute the Client’s orders outside a regulated market or an MTF or OTF approved by the Client. All instructions are executed in accordance with the rules and practices of the financial markets concerned. Unless otherwise instructed by the Client, the Bank reserves the right to choose the place and method of execution of the instructions and the intermediary responsible for the execution. This is done in the Client’s interest and to obtain the best possible result in accordance with the Bank’s Order Execution Policy as delivered to the Client and which the Client declares that they have read and accepted. The costs relating to the execution of these instructions will be borne by the Client. The Client declares that they are fully aware that in some jurisdictions the regulations applicable to transactions involving financial instruments and similar vehicles require the identity and assets of the direct or indirect poolers or beneficial owners of these instruments to be disclosed. Failure to comply with these requirements may result in the financial instruments being frozen (meaning it is possible that voting rights cannot be exercised, dividends or other payments cannot be received, or financial instruments cannot be sold or become subject to restrictions preventing control to be exercised over them). The Client expressly authorises the Bank to disclose, at its own discretion, without delay and without having to inform the Client in advance, the identity of the Client and/or the beneficial owner and the assets they have placed in financial instruments and similar vehicles, if the regulations, whether national or foreign, of the market on which the Bank is acting on the Client’s behalf so require. The Bank accepts no liability for any losses the Client may suffer as a result of such information being disclosed. In addition, local regulations may require the Bank to open an account or sub-account with a local custodian or broker or other central depository for any investor in the relevant country. The Client hereby expressly authorises and instructs the Bank to set

docondLUXen_v8.0a_15022021BP 57/98 up an account or sub-account in the Client’s name with the custodian, broker or central depository in the country concerned for securities traded and/or issued in said country and agrees to provide the Bank with all the information necessary for this purpose. The Client acknowledges that if they send the Bank special instructions concerning the execution of a transaction order, such instructions may prevent the Bank from adopting the procedures (and in particular the Order Execution Policy) aimed at obtaining the best possible result with regard to such transaction order. In such a case, the Bank will execute the instructions in accordance with the specific instructions received. The Bank may not be held liable in the event of non-execution or late, partial or erroneous execution of an instruction, except in the event of gross negligence or fraud on the part of the Bank. The Bank executes and transmits orders to buy or sell securities, currencies and other investments at the Client’s risk, in accordance with the instructions received and the laws, rules and customary practices of the regulated markets, MTFs or OTFs to which they are transmitted. If no specific instructions were given by the Client, the Bank will select the place and arrangements for execution of the orders. It may in particular decide to execute the Client’s orders outside a regulated market, an MTF or an OTF, which the Client declares that they agree to. The Client must bear the costs relating to the execution of their orders, and if it is not possible or unlawful to execute the transaction, the Client alone will bear all losses, damage or other consequences arising therefrom. The Bank is at liberty to execute orders with either itself or another of its clients as the counterparty. The Bank chooses the local intermediaries (brokers) to whom it entrusts the execution of orders. The Bank is not obliged to check the conditions (including any duty of information) applicable to transactions executed on markets on which the Client requests the Bank to act; the Client undertakes to assume in full any loss or expense which could result therefrom, including those incurred by the Bank. The Bank does not accept liability for any delays in executing orders as a result of the obligations legally incumbent upon it, such as the obligation to determine whether a service or investment product under consideration is appropriate for the Client. If the Bank considers that an investment service or product is not appropriate for the Client, the Bank reserves the right to request confirmation of the order from the Client. In this case, the Bank may be held liable for any damages that the Client may incur only if the Bank failed to execute the order or executed it too late. If the Bank is unable to reach the Client to warn them of the trade, it is agreed that the Bank may keep the warning with the rest of the Client’s held mail that is kept on file at the Bank.

Article 55 – Reception and transmission of orders Where this service is provided to the Client, instructions must be sent by the Client to the Bank in accordance with section 2 of these General Business Conditions. Once sent, instructions may be cancelled only if they have not already been executed and if they can still be cancelled in accordance with the provisions of the Mandate Strategy. The Client is informed and accepts that, when an instruction is transmitted to a third-party broker on behalf of the Client, the Bank may, where applicable, receive commission retrocessions from the professional to whom the instruction is transmitted. In certain circumstances, and in compliance with Applicable Law, it is agreed that these commissions and retrocessions will remain vested in the Bank as additional remuneration. Where the Client has authorised another entity of the Pictet Group to receive and transmit orders to the Bank, such orders will be processed in accordance with the rules of such transmitting entity and relevant Luxembourg laws and regulations.

docondLUXen_v8.0a_15022021BP 58/98 Part E: Investment services provided by a third party Article 56 – Mandate Where the Client grants an investment management or a reception and transmission of orders mandate to an independent asset manager, the Client must inform the Bank in the manner prescribed by the Bank. The Bank reserves the right to refuse, at its discretion, the independent asset manager chosen by the Client and will under no circumstances be held liable for the compliance by said manager with that manager’s local laws and regulations, including the rules regarding the right to provide investment or other services to the Client. If the Bank accepts the independent asset manager, it will act as the simple custodian of the Client’s assets, and any act performed by the independent asset manager in relation to the Client’s Account will be subject to these General Business Conditions, including the Order Execution Policy.

Article 57 – Limits When the Client gives a mandate to the independent asset manager, they authorise the management, administration and transmission of orders by the independent asset manager on the assets deposited by the Client with the Bank, and it is understood that: – The independent asset manager is not authorised to withdraw all or part of these securities, deposits or assets or to dispose of them in any way whatsoever, unless this involves reinvestment operations, or to pledge them as security for debts other than those of the Client. Nevertheless, unless instructed otherwise, the Client expressly authorises the Bank to carry out the instructions of the independent asset manager relating to the payment of a management fee owed by the Client to the independent asset manager. The Bank is under no obligation to check or verify the calculation of the management and/or performance fee or whether the amount is actually due. – Unless agreed by the Bank, the independent asset manager is not authorised to be substituted by a third party in the exercise of their client identification duties, if any. The independent asset manager may delegate their management powers or other duties to an entity pertaining to the same group of companies. Other delegations are subject to the Bank’s approval. – Transactions carried out on the Client’s Account will not cause the Client to be in debit, unless credit facilities have been granted to the Client, in which case the debit balance on the Client’s Account may not exceed the limit of these credit facilities. However, it is expressly agreed that the Account may be temporarily in debit without limitation if there are discrepancies between the respective liquidation or payment dates. – The Client also authorises the independent asset manager to access all documents and information relating to the Client’s Account with the Bank, including by e-mail or via computer access. In particular, this authorisation includes the right of the independent asset manager to request and receive from the Bank copies of correspondence relating to the Client’s Account. – The Client will ratify in advance any potential acts and omissions of the independent asset manager. In addition, the Client authorises the independent asset manager to communicate to the Bank for execution all transfer instructions the independent asset manager has received from the Client in relation to the assets deposited on the Account (cash and securities). The independent asset manager will be solely liable for verifying the authenticity and the content of the instructions received before sending them to the Bank. In such case the Bank will not apply its usual procedures and contact the Client for confirmation of the instruction but will seek such confirmation with the independent asset manager once the procedures between them have been put in place and the independent asset manager has undertaken to abide by them. The Bank reserves the right, at any time, to set up new conditions or to limit the independent asset manager’s powers to transmit transfer instructions.

Article 58 – Liability of the Bank It is expressly agreed that the Bank has no management power over the Client’s Account and that, under no circumstances, except within the very strict framework of the execution of orders given by the independent asset manager to the Bank, may the Bank be considered as the Client’s authorised representative or that of the independent asset manager. Likewise, the independent asset manager may under no circumstances be considered as the Bank’s auxiliary, authorised representative or partner. The Client acknowledges that it is the independent asset manager’s responsibility to comply with all legal requirements and, in particular, to comply with the provisions of MiFID. Thus, it is the independent asset manager’s responsibility to ensure that the Client provides all the information necessary to enable the independent asset manager to provide ﬁnancial services in accordance with the Client’s investment proﬁle. The Bank will therefore not verify the suitability and appropriateness of the investments made by the independent asset manager on behalf of the Client. Moreover, the Bank will not be under any obligation to advise or inform the Client in this respect.

docondLUXen_v8.0a_15022021BP 59/98 Furthermore, the Client acknowledges without reservation that the Bank is not aware of the terms of the mandate binding the Client to the independent asset manager and that the Bank will not incur any liability for the instructions, management and actions of the independent asset manager that are not in accordance with the said mandate. The Client undertakes to release the Bank from any claims that may be made against it on these grounds. The Bank may not be held liable for the instructions given by the independent asset manager, for the information communicated to the independent asset manager in the course of their activity, or for the acts and omissions of the independent asset manager.

Article 59 – Suitability, appropriateness and reporting As the Bank is a third party to the agreement concluded with the independent asset manager, it has no duties or obligations whatsoever regarding the execution of said agreement, and in particular in controlling the given investment orders or instructions. When applicable, the independent asset manager will be liable for determining the Client’s investor risk proﬁle so that the independent asset manager can carry out the suitability and appropriateness tests as follows:

59.1 Suitability test A suitability test is required under MiFID for either a discretionary portfolio management or an advisory mandate. The independent asset manager must ensure that the Client’s investments and the transactions carried out on the Account are suitable for the Client’s risk profile based on the Client’s investment experience, financial situation (including the ability to bear potential losses) and investment objectives. For any advice on financial instruments, the independent asset manager must provide the private/retail Client with a pre-trade suitability statement describing the proposed transaction(s), the associated risks and the impact they will have on the Client’s portfolio as well as how they comply with the Client’s preferences, objectives and risk profile. In the event of a discretionary management, the independent asset manager will provide the Client with a suitability statement of the portfolio vis-à-vis the risk profile. It is in the Client’s best interest to provide the independent asset manager with clear, complete and correct information and to promptly update the independent asset manager on any subsequent changes of circumstances that may impact or change the risk profile.

59.2 Appropriateness test For private/retail clients who have not given execution-only instructions or a mandate for reception and transmission of orders, the independent asset manager will have to carry out an appropriateness test. Again, it is in Client’s interest to be as clear, complete and accurate as possible in the information given to the independent asset manager to allow the appropriate services to be provided. The independent asset manager must therefore ensure that the Client is fully aware of the risks inherent to the service or financial instrument in question when placing an order directly by verifying the Client’s knowledge and experience in relation thereto. If appropriate, the independent asset manager will notify the Client if the chosen transaction is not appropriate vis-à-vis the Client’s knowledge and experience. Such notification is also mandatory whenever the independent asset manager has insufficient information about the Client’s investment experience to conduct such transaction. If the Client still wishes to go ahead with the transaction in question, the independent asset manager will execute it at the Client’s risk.

59.3 Reporting The Client will be provided with all reporting prepared by the depository bank; all other reporting will be provided by the independent asset manager. Contrary to what is stated in Article 31, the Bank will notify private/retail Clients whose portfolio comprises positions in ﬁnancial instruments with leverage or transactions involving possible liabilities when the value of the positions during a given reference period drops by 10% from its initial value and for every multiple of 10% thereafter. Such information will be notiﬁed by the Bank at the very latest at the end of the Business Day during which this threshold was exceeded or, if the threshold is exceeded on a non-Business Day, by the end of the next Business Day.

Article 60 – Means of communication By granting a mandate to the independent asset manager, the Client accepts that the Bank and the independent asset manager may communicate by any means. The Client alone will bear the risks associated with the use by themselves or by the independent asset manager of a means of transmission such as telephone, telex, fax, e-mail, computer transmission and other similar means, particularly in the event of error, misunderstanding, alteration or abuse by third parties. The Bank may be held liable for any damage linked to these risks solely in the event of fraud or serious misconduct on its part. docondLUXen_v8.0a_15022021BP 60/98 Furthermore, the Client accepts that the independent asset manager may receive direct access to any information relating to the Client’s account, in particular via E-Banking Services, including access to transactions, and declares that the Client accepts the risks associated with such a service. The Bank will not incur any liability in the event of failure or non-functioning of the IT hardware and services made available to the independent asset manager. In particular, the Bank may not be held liable for the information provided by third parties and uploaded in its computer system or for the consequences of disturbances in its processing systems. It is understood that, unless otherwise agreed, communications relating to transactions on so-called mandatory, optional or any other corporate actions will not be sent to the Client but to the independent asset manager, who is responsible for taking the appropriate decisions. It will therefore also be the independent asset manager’s responsibility to communicate said information to the Client if this proves necessary.

Article 61 – Termination of the relationship with the independent asset manager The foregoing provisions will remain in force until the day following receipt by the Bank of a written revocation by the Client or by the independent asset manager (as notified by the Client to the Bank) of the mandate conferred on the latter. For the avoidance of doubt, the liability provisions will survive the termination of the mandate. In all cases, the Bank may terminate the mandate of the independent asset manager with immediate effect without prior formal notice under the conditions provided for herein or when it notices that its liability may be engaged by the continuation of its relationship with the independent asset manager or that the operations it carries out appear to be contrary to public order or morality or in the event of the occurrence of any event likely, in the Bank’s opinion, to undermine its confidence in the mutual relations. The Client accepts that when they terminate their relationship with the independent asset manager, the Bank will treat their instructions like those of any other Client and that all the conditions, in particular the rates, normally applicable to Clients for any service provided by the Bank after the said termination, will apply to the Client.

Part F. Investment services provided by another entity of the Pictet Group Article 62 – Mandates Through the Account-Opening Form the Client may appoint another entity of the Pictet Group (hereinafter the “Pictet Entity”) to provide them with the services described below. The services provided by the Pictet Entity will be subject to the contractual terms set between the Client and the Pictet Entity, the Bank remaining a third party to those agreements.

62.1 Mandate for reception and transmission of orders To allow a Pictet Entity to provide the Client with the investment services the Client has agreed upon (the Bank being a third party to such agreement), the Client will, through the Account-Opening Form, grant the Pictet Entity a mandate for reception and transmission of orders on the Account. In such case, the Bank will be acting as the simple custodian of the Client’s assets, applying its General Business Conditions (including Order Execution Policy) to the instructions received from the Pictet Entity. It is understood that the Pictet Entity is not authorised to withdraw all or part of these securities, deposits or assets or to dispose of them in any way whatsoever, unless this involves reinvestment operations. Nor is it allowed to pledge them as security for debts other than those of the Client. Nevertheless, the Client expressly authorises the Bank to carry out the instructions of the Pictet Entity relating to the payment of its fees, without the Bank being obliged to check or verify the calculation of the fees or whether the amount is actually due. The Client acknowledges that, in relation to the investments instructions transmitted to the Bank for execution, it is the Pictet Entity’s responsibility to comply with all legal requirements and, in particular, to comply with the provisions of MiFID. Thus, it is the Pictet Entity’s responsibility to ensure that the Client provides all the information necessary to enable it to provide the ﬁnancial services in accordance with the Client’s investment and risk proﬁle. The Bank will therefore not verify the suitability and appropriateness of the investments made by the Pictet Entity on behalf of the Client. The Bank will not be under any obligation to advise or inform the Client in this respect. It is agreed that the Pictet Entity may instruct the Bank for communications relating to transactions on so-called mandatory, optional or any other corporate actions, to be sent not to the Client but directly to the Pictet Entity, which will be responsible for taking the appropriate decisions.

62.2 Mandate for Client servicing Where the Client requests a Pictet Entity to provide them with Client servicing, the Pictet Entity will be allowed to act as an intermediary between the Bank and the Client, or between the Client and the Bank’s service providers (i.e. another Pictet Entity, an independent manager, etc.) and transmit all kinds of information.

docondLUXen_v8.0a_15022021BP 61/98 This includes information sent by the Client to the Bank (including payment instructions given directly by the Client and to be executed on the Account) or information sent by the Bank to the Client (such as information, documents, requests, etc.). It will be the Pictet Entity’s responsibility to verify the authenticity and the content of the instructions received before sending it to the Bank.

Article 63 – Access to the Account and confidentiality waiver By appointing the Pictet Entity, the Client allows the Bank to provide access to all documents and information regarding the Client and the Account (including correspondence). Such access may be provided by all means, including by e-mail, E-Banking or via any kind of computer access. In particular, this authorisation includes the right of the Pictet Entity to request and receive from the Bank copies of correspondence relating to the Client’s Account. The provisions of Article 7.5 regarding confidentiality and the waiver of applicable confidentiality requirements, in particular, but not limited to, those under Article 41 of the Luxembourg law of 5 April 1993 on the financial sector as may be amended from time to time, will be fully applicable where the Bank discloses information considered as confidential in accordance with Applicable Law.

For further information regarding new regulations, general and speciﬁc information, such as the applicable General Business Conditions, fee schedules, etc., the Client can go to:

www.group.pictet/eu‐information/luxembourg

For further information regarding payment services please go to: https://www.group.pictet/psd2-documentation

In both cases, identiﬁer: PictetLuxembourg1989

docondLUXen_v8.0a_15022021BP 62/98

APPENDIX 1 Order Execution Policy – Pictet & Cie (Europe) S.A.

docondLUXen_v8.0a_15022021BP 63/98 MIFID II

Order Execution Policy – Pictet & Cie (Europe) S.A.

2020

1. PURPOSE AND SCOPE OF APPLICATION Specific client instructions 3. EXECUTING ORDERS Where specific instructions have been Purpose given by the client or one of the client’s Order execution factors To comply with the new MiFID II1 duly authorised representatives, Pictet When executing client orders within legal framework effective from 3 shall forward and/or execute the order the Pictet Group, the Bank undertakes January 2018, Pictet & Cie (Europe) in accordance with the instructions to take sufficient steps to secure the S.A. (hereinafter referred to as ‘Pictet’ received. Where the client’s best possible outcome for its clients, or ‘the Bank’) will strive to take instructions relate to part of the order, taking account of the following adequate steps to secure for all clients, the Bank will continue to apply the execution factors: price, costs, speed, as defined below, the best possible following policy to those aspects of the likelihood of execution and settlement, execution of their orders in relation to order not covered by these specific size, nature or any other consideration financial instruments. The Bank also instructions. relevant to execution of the order. undertakes to act in its clients’ best The client must be informed that, in interests when placing orders with or detailing specific instructions for Order execution criteria forwarding orders to third parties for execution or transmission of a Pictet determines the importance of execution, as detailed below. This particular order, the client is waiving the above execution factors with Policy constitutes an overview of how the principle of best execution. respect to the following criteria: trades and orders are executed, the • the client’s characteristics; factors that are likely to affect • the features of the order in question; execution timing and the way in 2. THE BANK’S ROLE IN THE PROCESSING which market volatility can exert an AND EXECUTION OF CLIENT ORDERS • the features of the financial impact on the handling of orders instruments in the order; when buying or selling financial • When the Bank processes an order • the characteristics of the execution instruments. for execution for a client, it takes venues to which this order can be sufficient steps to secure the best directed; possible outcome considering Scope of application • any other factor related to the various execution factors (concept of Provisions stipulated in this document settlement conditions of the order. ‘best execution’). apply to all private, per se professional Nevertheless, according to the and elective professional clients, when • The Bank may execute a client’s provisions of MiFID II, total price such clients place orders with Pictet or order acting in its capacity as agent remains, in most instances, the main when the Bank receives and places or as principal. In the latter case, the factor to be considered. The term orders with or forwards orders to Bank will be trading for its own ‘price’ should be taken to mean third parties for execution. These account. primarily the price of the financial provisions also encompass orders • The Bank is not a direct member of instrument along with execution- placed as a result of the Bank’s a network of execution venues. The related costs (execution and decisions to trade financial Bank forwards its clients’ orders settlement). For some client orders, instruments in its clients’ names. directly to the trading floor of one Pictet may decide that other execution This document applies to financial of the Pictet Group entities, Banque factors are of greater relevance. In instruments as set out and defined in Pictet & Cie S.A. (hereinafter certain circumstances, the Bank MiFID II; a list of such instruments is referred to ‘Pictet Geneva’) or, reserves the right to set a specific provided in the Glossary. on an exceptional basis, to a few predominant factor (speed of carefully selected broker-dealers. execution, likelihood of settlement), Pictet Geneva acts on the basis of its which will then guide the above- 1 Directive 2014/65/EU of 15 May 2014 on dealing experience to determine the mentioned appraisal process. Markets in Financial Instruments and relative importance of the variety of Nevertheless, the principles outlined amending Directive 2002/92/EC and criteria and factors to execute the above may be challenged when a client Directive 2011/61/EU. orders appropriately. order is likely to have a market impact

docondLUXen_v8.0a_15022021BP 64/98 domiexecpolLUXen_v2.0c_08102020BP or in the event of exceptional For reasons of cost and efficiency, 4. PROCESSING OF CLIENT ORDERS circumstances. In such eventualities, Pictet Geneva has chosen not to the client accepts that the execution systematically link up with all Client transactions will be processed criteria described above may be possible execution venues. A and executed in a fast and equitable reviewed or even disregarded. In any relationship with new brokers/dealers, manner. Whenever Pictet processes event, the Bank shall nonetheless act in MTFs, OTFs or SIs will only be orders for its clients, in principle: the client’s interest. established if the improvements these a) the executed orders are registered in In the annex of this document is a list will generate are notable and the client’s name and invoiced outlining the importance assigned to significant in terms of price and quickly and precisely; each execution factor for each asset liquidity. As regards orders involving class. financial instruments traded on a b) all client orders are executed regulated market or in a multilateral promptly and in the order in which In the case of products traded over the trading facility, the Bank authorises they were received unless: counter (OTC), the Bank will draw on Pictet Geneva to resort to another mechanisms instituted by Pictet • the client (including the client’s execution venue to fulfil its duty to Geneva to offer a fair price depending asset manager or power of secure best execution for the order, on the type of instrument and the attorney) issues other instructions subject to any formal objection to this nature of the order, either by offering (such as care, max. 1/3 volume, made by the client. In some an appropriate price quote for VWAP, closing, opening, etc.), circumstances where a particular products issued by the Pictet Group or • the nature of the order or execution venue delivers the best by picking the best possible prevailing market conditions possible outcome on a regular basis for counterparty from its own network. make this difficult to achieve, a specific type of asset (including costs

in this assessment), Pictet Geneva may • the client’s best interests call for a Execution venues reserve the right to concentrate its different procedure; The Bank takes a selective and executions on this one venue. c) the relationship manager is pragmatic approach to choosing the Attached is a list of execution venues informed of any difficulties in different execution venues, which are in which the Pictet Group has the executing an order, insofar as this subject to regular reviews. greatest confidence for fulfilling its is possible.

Whenever several execution venues obligations to take all sufficient are feasible, Pictet Geneva will base its measures to secure, in most cases, the Aggregation and allocation of orders choice on the venue it considers the best possible outcome for clients. Client orders may be aggregated, best depending on the execution offset or cumulated for execution criteria and factors relating to the Verification of best execution purposes provided that the following order. On account of its screening The client may request that the quality conditions are met: process, the Bank does not offer its of execution be checked. This check • the aggregation of orders or clients an option to choose the will be made with respect to transactions does not, in principle, execution venue. measurable criteria (benchmarks, such work to the disadvantage of any of Pictet Geneva may use only the as arrival price, VWAP2). Upon request the clients whose order is to be following execution venues or a from the client, the Bank will provide aggregated; combination thereof: clients with proof that its execution • the rules concerning the order • regulated markets; policy has been observed. allocation policy are applied • multilateral trading facilities (MTFs); As for limit orders, the conditions correctly. of best execution are deemed to be • organised trading facilities (OTFs); The Bank is not obliged to inform met once the orders are sent to the client if the Bank is combining • systematic internalisers (SIs); the reference market. However, orders/transactions. In addition, this • other securities dealers located in or depending on the size of the order, procedure may operate, on some outside Europe; the Bank is authorised to exercise its occasions, to the client’s disadvantage power of discretion in the client’s best • other entities of the Pictet Group and, on others, to the client’s interests by not divulging to other acting as banking counterparty or advantage. market players the full extent of market maker, such as Pictet If the aggregated order is part- pending limit orders. Canada S.E.C. (Canadian Markets), executed, the corresponding

Pictet Overseas (US markets) and operations are, in principle, allocated

Pictet Global Market (UK) Limited in proportion to the size of the orders

(UK markets); received.

• other liquidity providers. 2 VWAP (volume-weighted average price)

docondLUXen_v8.0a_15022021BP 65/98 domiexecpolLUXen_v2.0c_08102020BP 5. FOLLOW-UP, UPDATE AND MONITORING Modification of these rules This document may be subject to Regular checks (monitoring) change. Any material change in the The Bank ensures that the processing of orders will be organisational structure in place specifically notified to clients. makes it possible to monitor the effectiveness of these rules. In Client acceptance particular, the various departments As specified in the Bank’s General involved (including the Compliance Business Terms, in submitting an unit) will check regularly whether the order for execution, the client is execution procedures outlined in this confirming agreement with the order document allow for the best possible execution policy outlined in the above outcome to be obtained, and will provisions stipulated in compliance assess whether amendments are with MiFID II. required in terms of execution. The client also hereby acknowledges The Bank will regularly check the that some asset classes are likely to be quality of order execution by Pictet traded OTC by the Bank or Pictet Geneva and other intermediaries Geneva. OTC trading can have where orders are not forwarded for repercussions, particularly with execution to Pictet Geneva. regard to credit risk, and potential conflicts of interest if the Bank is Periodic review of order execution acting as principal. policy The Bank will review the order execution policy and its related rules once a year or whenever any material changes are made. The Bank undertakes to inform its clients of any material changes to these rules. Moreover, the Bank will make the following information available on its Internet site: https://www.group.pictet/media/10881/ download • the ranking of the top five execution venues used for executing orders, along with the ranking of the top five counterparties to which orders have been forwarded for execution (first publication of the report on 30 April 2018); • a comprehensive overview of the execution quality being obtained.

Pictet & Cie (Europe) S.A. 15A, avenue J. F. Kennedy Boîte postale 687 L-2016 Luxembourg Tél. +352 46 71 711 Fax +352 22 48 68 www.pictet.com

docondLUXen_v8.0a_15022021BP 66/98 domiexecpolLUXen_v2.0c_08102020BP Annex 1 Main to the Order Execution Policy venues used by Pictet Geneva and importance given to each execution factor by category of ﬁnancial instrument

BEP – Asset Class Family – Execution factors & venues for client order ﬂow

Asset classes (RTS 28 – Sub asset-classes (RTS 28 – Product coverage Execution factors Execution venues Best execution) Best execution) under normal market conditions For information only (valid for 2017 and subject to change) (a) Equities – shares & (i) Tick size liquidity bands 5 and – Equities 1. Price/liquidity • SIX depositary receipts 6 (over 2,000 trades per day) – ADR (American Depositary 2. Size • Euronext Paris Receipt)/GDR (Global 3. Speed • Euronext Amsterdam (ii) Tick size liquidity bands 3 and Depositary Receipt) 4. Likelihood of execution for less • Deutsche Bank 4 (80 to 1,999 trades per day) – ETFs liquid equities • BATS- Chi-x – Equity-like products • Pictet Canada • Pictet Global Market Ltd (ii) Tick size liquidity bands 3 and • ITG 4 (80 to 1,999 trades per day) • Citigroup (b) Debt instruments (i) Bonds – Bonds listed on a RM 1. Price/liquidity • SIX – Convertible 2. Size • Barclays Group – Corporate bonds 3. Likelihood of execution for less • Citigroup – Sovereign debt (foreign liquid market • UBS Investment Bank currency) Bonds • JP Morgan – Supranational bonds • Bank of America Merrill Lynch • HSBC • Credit Suisse • Goldman Sachs • BMTF • Tradeweb • MarketAxess (ii) Money market instruments – Supranational bonds 1. Price/liquidity • BNS 2. Size • BMTF 3. Likelihood of execution for less • Tradeweb liquid market • MarketAxess • SIX • Barclays Group • Credit Suisse • Goldman Sachs (c) Interest rate (i) Futures and options admitted – DCIs/PMLIs 1. Price • Banque Pictet & Cie SA derivatives to trading on a trading venue – Eonia/TOIS /FED (“BPSA”) as principal – IRS – OIS (ii) Swaps, forwards, and other – Bond futures (Euribor, euro, 1. Price • Eurex interest rates derivatives dollar) • UBS – Bond options + short-term rates (Euribor, euro, dollar) (d) Credit derivatives (i) Futures and options admitted N/A N/A N/A to trading on a trading venue (ii) Other credit derivatives – CDS – indices 1. Price/liquidity • BMTF – Single-name credit default 2. Size • JP Morgan swaps (CDS ) 3. Likelihood of execution for less • BNP Paribas liquid market (e) Currency derivatives (i) Futures and options admitted – FX options 1. Price/liquidity • BPSA as principal to trading on a trading venue – NDF options (ii) Swaps, forwards and other – FX accumulators 1. Price/liquidity • BPSA as principal currency derivatives – DCIs as Pictet Issuer – FX forwards – NDF – NDF swaps (f) Structured ﬁnance Not detailed in appendix 1 of N/A N/A N/A instruments RTS 28

docondLUXen_v8.0a_15022021BP 67/98 domiexecpolLUXen_v2.0c_08102020BP (g) Equity derivatives (i) Options and futures admitted – Equity options 1. Price/liquidity • Eurex to trading on a trading venue – Index futures and options • UBS

(ii) Swaps and other equity – Equity futures and options, 1. Price/liquidity • Eurex derivatives including reverse • UBS – Options and swaps on equities or indices – single

(h) Securitized (i) Warrants and certificate – Capital Protected Note 1. Price/liquidity • Barclays derivatives derivatives – Certificates 2. Likelihood of execution for less • BNP Paribas – Certificates with leverage liquid market • Societe Generale – Certificates such as baskets/ • HSBC PEC certificates/Reverse • RBC convertibles • UBS – Exotic covered warrants • Natixis – Participation certificates • Goldman Sachs – Share certificates • BPSA as issuer – Warrants on equities (except those traded on the SIX)

(ii) Other securitized derivatives – Rights (dividends, etc.) 1. Price/liquidity • SIX – Yield enhancement 2. Size • Euronext Paris 3. Speed • Euronext Amsterdam 4. Likelihood of execution for less • Sub-custodian liquid equities (i) Commodities (i) Futures and options admitted – Commodity futures and options 1. Price/liquidity • Eurex derivatives to trading on a trading venue listed on a trading venue • UBS (metals, agricultural, energy, other commodities) (ii) Other commodities derivatives – OTC Commodity futures and 1. Price/liquidity • BPSA as market maker options (metals and other 2. Speed • BNP Paribas commodities) 3. Broker quality • Société Générale – Murabaha 4. Likelihood of execution for less – Precious metals options liquid equities – Precious metals swaps (j) Contracts for Not detailed in appendix 1 of – CFD 1. Price/liquidity • Goldman Sachs difference RTS 28 2. Broker quality (k) Exchange traded Not detailed in appendix 1 of N/A N/A N/A products (exchange RTS 28 traded funds, exchange traded notes and exchange traded commodities) (l) Emission allowances Not detailed in appendix 1 of N/A N/A N/A RTS 28

(m) Other instruments Not detailed in appendix 1 of N/A N/A N/A RTS 28

Outside MiFID 2 – ATFs N/A • BPSA as principal – Alternative and structured • Broker network funds (with underlying options) – Deposits – Fiduciary deposits – Fund units (hedge funds, UCITs, etc.) – FX spot transactions

docondLUXen_v8.0a_15022021BP 68/98 domiexecpolLUXen_v2.0c_08102020BP Annex 2 Glossary

Private (retail) client Retail clients are typically less experienced investors and receive more regulatory protection.

Professional client per se Clients meeting the conditions laid down in Section I of Annex II of Directive 2014/65/EU.

Professional client on request Clients meeting two of the three conditions laid down in Section II of Annex II of Directive 2014/65/EU.

Execution Relates to transactions to be carried out, or in the process of being carried out, whether as principal or agent, including the execution instruction of a transaction to another person.

Execution factors Price, costs, speed, likelihood of execution, or any other relevant factor.

Financial instrument Financial instruments listed in Section C of Annex I of Directive 2014/65/EU: 1. Transferable securities; 2. Money-market instruments; 3. Units in collective investment undertakings; 4. Options, futures, swaps, forward rate agreements and any other derivative contracts relating to securities, currencies, interest rates or yields, emission allowances or other derivatives instruments, financial indices or financial measures which may be settled physically or in cash; 5. Options, futures, swaps, forwards and any other derivative contracts relating to commodities that must be settled in cash or may be settled in cash at the option of one of the parties other than by reason of default or other termination event; 6. Options, futures, swaps, and any other derivative contract relating to commodities that can be physically settled provided that they are traded on a regulated market, a MTF, or an OTF, except for wholesale energy products traded on an OTF that must be physically settled; 7. Options, futures, swaps, forwards and any other derivative contracts relating to commodities, that can be physically settled not otherwise mentioned in point 6 of this section and not being for commercial purposes, which have the characteristics of other derivative financial instruments; 8. Derivative instruments for the transfer of credit risk; 9. Financial contracts for differences; 10. Options, futures, swaps, forward rate agreements and any other derivative contracts relating to climatic variables, freight rates or inflation rates or other official economic statistics that must be settled in cash or may be settled in cash at the option of one of the parties other than by reason of default or other termination event, as well as any other derivative contracts relating to assets, rights, obligations, indices and measures not otherwise mentioned in this Section, which have the characteristics of other derivative financial instruments, having regard to whether, inter alia, they are traded on a regulated market, OTF, or an MTF; 11. Emission allowances consisting of any units recognised for compliance with the requirements of Directive 2003/87/EC (Emissions Trading Scheme).

docondLUXen_v8.0a_15022021BP 69/98 domiexecpolLUXen_v2.0c_08102020BP docondLUXen_v8.0a_15022021BP 70/98

APPENDIX 2 Policy for handling conﬂicts of interest

docondLUXen_v8.0a_15022021BP 71/98 MIFID

Policy for handling conﬂicts of interest

November 2020 1. INTRODUCTION might not be in the client’s interest, other than the commission or fees but on the grounds of considerations normally charged for this service

and interests specific to other parties, As these situations may give rise to The EU Markets in Financial such as the Bank itself, its conflicts of interest, it should be Instruments Directive (MiFID), the Management, its employees, the stressed that the Bank and other EU Alternative Investment Fund Pictet Group to which it belongs or companies in the Pictet Group are not Managers Directive (AIFMD) and even another client. involved in the business of investment the EU Undertakings for Collective banking. The Bank is not engaged in Investment in Transferable Securities any commercial banking. Directive (UCITS V), as well as their 4. IDENTIFYING CONFLICTS OF INTEREST Furthermore, the Bank does not respective transposition in undertake any investment research Luxembourg law (hereinafter referred or analysis, this being conducted by to collectively as “the Regulations”) For the purpose of detecting different other entities of the Pictet Group. require investment firms/depositaries types of conflicts of interest liable to to introduce and apply organisational occur when providing investment or and administrative provisions so that associated services or a combination 5. HANDLING CONFLICTS OF INTEREST all reasonable steps can be taken to of such services are being provided to pinpoint, monitor and handle conflicts clients, which might damage a client’s of interest. interests, the Bank must take due As far as those investment/depositary account of situations or eventualities services and business and associated The purpose of this document is to where the Bank, one of its employees services provided by or on behalf of lay down in broad terms the policy of or a person or entitly directly or the Bank are concerned, the Bank has Pictet & Cie (Europe) S.A. (hereinafter indirectly tied to the Bank via a pinpointed those circumstances that the “Bank”) for handling conflicts of management, execution or controlling are liable to give rise to a conflict with interest, in accordance with the relationship: a distinct risk of being detrimental to Regulations. The Bank re-evaluates the interests of one or more clients. • might be likely to make a financial and reviews this policy regularly at Bearing this in mind, the Bank has gain or avoid a financial loss at the least once a year to ensure that it is stipulated procedures and steps to client’s expense; adequate for its size and organisational be taken to prevent and handle such structure as well as for the type, scale • has an interest in the outcome of a conflicts of interest. and complexity of its business service provided to the client or a Pictet’s guiding principles operations. transaction undertaken on the Pictet’s purpose is to forge responsible client’s behalf that is different from relationships with its clients, staff, the client’s own interest in that the community at large and 2. SCOPE OF APPLICATION outcome; businesses in which it invests. With

• is prompted, for financial or other this in mind, Pictet has formulated This policy applies to Pictet & Cie reasons, to favour the interests of five guiding principles to inform its (Europe) S.A. in Luxembourg and to another client or group of clients actions: Independence: Pictet’s all its branch offices. over those of the client concerned; independence, rooted in its Swiss heritage and safeguarded by the • undertakes the same professional absence of external shareholders, 3. DEFINITION business as the client; makes it possible for Pictet to • receives or will receive from the concentrate on its clients’ interests; There is deemed to be a conflict of client or a person other than the Long-term thinking: providing proof interests if, as part of the process of client a benefit in relation to the of Pictet’s unwavering commitment providing an investment service, the service supplied to the client, in the to its clients; Partnership: meaning Bank is likely to take a decision that form of money, goods or services, it can favour win-win solutions;

docondLUXen_v8.0a_15022021BP 72/98 doconfpolLUXen_v2.1b_09102020BP Responsibility: aiming to achieve Employees’ transactions 6. PASSING ON INFORMATION TO excellence through perseverance and The Bank has adopted a set of rules CLIENTS fostering a culture of fairness and governing transactions made for inclusion; Entrepreneurial spirit: employees’ own accounts and has If the Bank becomes aware that demonstrating its initiative-taking put in place a supervisory system measures taken pursuant to this policy and ensuring it is striving constantly to monitor these. might not prove adequate enough to to improve. Training guarantee, with a reasonable degree of Qualities being fostered by Pictet In order to ensure permanently high assurance, that the risk of damaging its Pictet’s Partners are keen to promote standards in providing services to clients’ interests cannot be avoided, it three qualities: (i) utmost integrity by clients, staff regularly undergo shall endeavour to resolve this conflict focusing, under all circumstances, on training courses relevant to their and shall inform, in writing, the what is in the client’s best interest; professional responsibilities. relevant client about the general nature Pictet works for its clients, not the The purpose of this training mainly to of the conflict of interests and/or its other way round – clients must never prevent or to limit any person from source so that the client can take their be treated simply as a conduit for exercising an inappropriate influence investment decision with full distributing products; (ii) excellence on the way in which a person involved knowledge of the facts. when it comes to investment to fulfil carries out investment services or The message notifying the client: Pictet clients’ expectations; and (iii) activities or ancillary services. Pictet as a fortress to protect clients’ • must indicate clearly that the assets and Pictet’s business activities. Remuneration of staff organisational and administrative The remuneration scheme for measures taken by the Bank to Separation of functions (functional, members of staff involves, in prevent or handle conflicts of hierarchical and contractual) equitable proportions, a ‘fixed salary’ interest are not sufficient to The Bank has put in place an component and a ‘variable bonus’ guarantee with a reasonable degree organisational structure that aims component to appropriately reflect of certainty that the risk of harming to monitor and even prevent any the position held, the employee’s the client's interest will be avoided. exchange of information between contribution to the company’s profits, those people involved in business his/her conduct over time, the • must include a specific description activities involving a potential risk of importance given to the role of of the conflict of interest explaining a conflict of interests if that exchange the team in the work, the overall the general nature of the conflict, the of information might be liable to performance of the business unit to sources, and the risks incurred by damage the interests of one or more which that employee belongs and of the client and the measures taken clients (“Chinese Wall”). the Group overall. Remuneration is to attenuate these risks.

This separation prevents a person not directly related to specific transactions or types of financial from being involved simultaneously 7.LIST OF ACTIVITIES AND SERVICES instruments, whether they are or consecutively in more than one LIABLE TO LEAD TO CONFLICTS OF investment service or activity or products issued by the Pictet Group INTEREST distinct ancillary services if doing or third parties. so could jeopardise the appropriate Personal benefits and gifts The Bank undertakes to keep and to management of conflicts of interest. In-house rules stipulate restrictions regularly update a list of the types of applied to benefits and gifts for In-house regulations investment services and activities and members of staff where the estimated Various rules of behaviour have been ancillary services for which a conflict value exceeds fixed limits. included in in-house regulations, most of interest involving a risk of harming notably in the Bank’s code of conduct Compliance Department the interest of one or more clients has and ethics. Staff are, in particular, In accordance with regulatory arisen or is liable to arise. This list is duty-bound to act in an honest, fair requirements, the Bank has a team kept by the Bank's Compliance and professional manner and in focused on compliance. One of its Department, which undertakes to clients’ best interests. Moreover, any tasks is to monitor and check that keep the managing bodies informed information intended for clients must rules pertaining to the handling of of through written reports at least be clear, exact and not misleading. conflicts of interest are complied with. once a year.

Pictet & Cie (Europe) S.A. 15A, avenue J. F. Kennedy P.O. Box 687 L-2016 Luxembourg Tel. +352 46 71 711 Fax +352 22 48 68 www.pictet.com docondLUXen_v8.0a_15022021BP 73/98 doconfpolLUXen_v2.1b_09102020BP docondLUXen_v8.0a_15022021BP 74/98

APPENDIX 3 General description of risks pertaining to ﬁnancial instruments

docondLUXen_v8.0a_15022021BP 75/98 General description of risks pertaining to ﬁnancial instruments

1 Introduction 1.1 This Brochure is provided to you as a retail client of the bank. It contains two parts: the first deals with risks involved in a portfolio and their influence on performance; the second contains warnings about the nature and risks associated with different types of investment, in compliance with the Bank’s duties to provide information under investor protection rules. 1.2 This Brochure does not disclose all possible risks or all different types of investment. It is intended to cover only the main risks which may be relevant to your portfolio and the risks involved in dealing with such products. The different kinds of financial instrument are explained in part 2, whereas details regarding the types of risk are given in part 3.

2 Risk issues in a portfolio 2.1 There is a fundamental rule in ﬁnance: higher risk should be compensated by a higher return over the long term. Returns on government bonds are regarded as risk-free and are used as the starting point for calculating any kind of ﬁnancial return. These risk-free interest rates may come with various additional returns (risk premia) that investors can expect to receive when investing in assets that integrate the corresponding risks. Return on a risky asset = Risk-free return + Return from various risk premia

Historical returns: Causes: – Long-term return on US equities: 9.5% in USD – Volatility of the economic cycle – Long-term return on US government bonds: 3,5% in USD – Risk of total loss of capital – Risk premium for US equities over the long term: 6% – Fundamental risks associated with the companies – Risks connected to ﬁnancial markets

2.2 Performance et risk For example, the annual return from the US equity market over a period of nearly 200 years works out at around 9% in USD. This is 6 percentage points higher than the return on US government bonds. This premium is the additional compensation for taking on a higher risk: equities go through pronounced cycles of optimism and pessimism, during which annual returns can swing between -60% and +150%. Unfortunately, these risk premia are neither fixed nor guaranteed. The 6% risk premium for US equities is therefore a historical average. The first decade of the 21st century demonstrated that it is possible to endure several years of hefty losses despite a largely positive long-term risk premium. The Dow Jones Total Return index1 fell by 56% between October 2007 and March 2009, and then took nearly five years to regain its former level. The return on investment is not guaranteed over the long term either: there is a real risk of extreme drawdowns2 on equities. Some major markets have suddenly closed down completely in the aftermath of a change in political regime: Russia when Communism arrived in the early 20th century; China and the Shanghai market when the Mao government

1 US index of the 30 biggest US stocks including dividend payments. 2 Drawdown: peak-to-trough decline of an investment or fund over a given period. docondLUXen_v8.0a_15022021BP 76/98 dosperiskfiCHELUXen_v1.0c_19022021BP took over; the Cairo stock exchange when Nasser came to power in the 1950s; the Tehran stock exchange. On each occasion, investors saw the value of their stocks slashed to nothing from one day to the next. The existence of risk premia therefore shows that a certain degree of uncertainty regarding future returns has to be lived with, but, if we take a market as a whole over a relatively long investment horizon, these historical risk premia are quite likely to provide a reliable indication of the additional returns that can be expected from investing in a financial asset. 2.3 Risk factors A company’s size, for example, is a risk factor. Historically, US market performance has exceeded 10% for investors buying into funds indexed on small caps – i.e. companies with relatively small capitalisations (the market value of their outstanding shares). These investors have been compensated for the additional risk connected with this market segment, in which the companies are more vulnerable to a head-on attack by an industry giant, while also being less inclined to communicate and usually covered by a smaller number of analysts. Numerous factors are involved: more can be earned by investing in a heavily indebted company, a company with little liquidity or one subject to highly cyclical final demand, such as the paper industry. Over 200 systematic risk factors3 have been identified that deliver better returns than the market in exchange for higher risk. 2.4 Classification of risk factors There is no official classification, because research on the subject began comparatively recently. To make classification easier, we distinguish between two main categories: a. Risk associated with the investment itself (underlying risk): If an investor acquires a corporate bond in the paper sector, he will mainly be exposed to the paper cycle with its very volatile margins, as well as to the risk associated with the quality of the strategy adopted by the company’s management and the degree of prudence with which the latter manages the company’s balance sheet. 1. Fundamental risk: this is the risk stemming from economic activity. – Risk connected with economic cycles4 – The magnitude of economic cycles may lead to sizeable losses, or even to the company going bankrupt if the recession continues for too long. – This risk may also be connected with the product cycle. It may be because technology has become obsolete as new ways of doing things are developed. – Governance and information risk5 – Agency theory6 states that the interests of shareholders and management should be aligned; experience shows that this alignment does not necessarily occur. – The company may communicate inadequately or ineptly and the information it supplies may be misunderstood by investors. 2. Credit risk: this is the risk of losing all or part of the investment because of excessive use of borrowing. Debt is the most frequently used method of increasing returns on equity, but, in exchange, the leverage effect creates a balance-sheet risk, which is essentially the risk of default through excessive borrowing7. b. Risk associated with framework conditions for the investment (financial market risk): A corporate bond in the paper sector is not the only security traded on financial markets. Investors have an extremely broad range of investment opportunities available to them, and they may weigh up one return against another in terms of market opportunities and the risk associated with these investments. Central banks play an important role by setting short-term interest rates, while the optimism or pessimism of investors will account for the shape of the rest of the yield curve. Governments of the countries where securities are listed show a varying degree of political and regulatory openness towards foreign investors.

3 This number is no doubt exaggerated because it includes factors that are statistically unreliable, since the statistical calculations used in finance are unfortunately less rigorous than those used in exact sciences like chemistry or physics. 4 One could also include risks relating to raw materials, those relating to insufficient size of the business or insufficient diversification of types of business, which exposes the company to a specific shock, etc. 5 One could also include specific risks connected with the equity class (dividend risk, reinvestment risk) or connected with the real estate cycle [special taxes, determination of net asset values of real estate investment trusts (REITs) or real estate companies]. 6 Agency theory goes back a long way, since Adam Smith was already writing about it in the 18th century. It shows the sometimes divergent interests between principal and agent. 7 Other risks: counterparty risk [guarantee, risks relating to undertakings for collective investment in transferable securities (UCITS), etc.]. docondLUXen_v8.0a_15022021BP 77/98 dosperiskfiCHELUXen_v1.0c_19022021BP 1. Risks connected with the framework conditions of the economy – Interest-rate risk8 – Policy on budgetary deficits on the part of governments, giving rise to fears of future tax rises – The central bank’s monetary policy is not adequate to deal with price rises (if inflation rates are too high) or the unemployment rate (if real interest rates are too high) – Risks connected with the length of the investment: time has a value in finance (known as the time value of money). Longer-term investments should earn higher returns over a complete economic cycle. – Risk connected with the yield curve: investing in a 5-year maturity rather than a 2-year maturity exposes the investor to inflation risk for a longer period. The current yield to maturity may be insufficient to compensate for this risk at maturity. – Risk connected with the passage of time: option-selling strategies see the option price decline with every day that passes, especially as the maturity date approaches. By contrast, certain strategies see their risk decline with the passage of time: these include ‘buy & hold’ strategies, which benefit from reduction in volatility historically observed in relation to equities as the time horizon lengthens. 2. Political9 and regulatory risk – Relative taxation of labour and capital – Measures that restrict free trade – Companies forced to accept greater responsibility for environmental damage or harm caused by their products – Restricted access to certain sectors of activity – Restrictions on right to private property (nationalisation). 3. Risks connected with the organisation of financial markets – Risks connected with price setting10: the market is a place where investors can trade their investments as efficiently as possible and set prices that are as close as possible to intrinsic values. A market needs to be as liquid as possible in order to facilitate these exchanges. However, the 2008 crisis showed that too much worldwide uncertainty can upset these price-setting mechanisms. In bear markets in particular, the price of different assets tends to decrease simultaneously, thus reducing the benefits of diversified portfolios. – Risk of lack of liquidity: this is the risk of not being able to sell the investment on the market instantly when there is no continuous listing. These illiquid investments therefore receive greater compensation: private equity, hedge funds. – Risks connected with volatility: volatility is the ‘fear index’ par excellence which reacts to the lack of visibility over the investments. Options are the assets which allow investors to manipulate this risk most directly, along with derivative instruments and structured products. – Counterparty risks connected with the soundness of the financial intermediary11 providing the product (bankruptcy, execution, securities lending, etc.). 2.5 Diversification risk Let us now take a more detailed look at the risk of insufficient diversification, one of the risks associated with financial markets. Products connected to an asset class enable investors to use diversification to avoid the risk of the portfolio becoming too concentrated. The volatility of a portfolio of 50 securities will thus be lower than the volatility of a portfolio comprising a single company. This is because the 50 companies operate in different, uncorrelated sectors, so they will not all be affected equally if there is an economic crisis, for example. Generally, it is estimated that 25 to 50 securities from different sectors are enough to reduce the market volatility of a portfolio substantially.

8 These different policies have an impact on the exchange rates used to convert the investment currency. 9 The emerging markets entail specific risks because they joined the financial markets more recently. 10 Other risks connected with financial products: prepayment risk, liquidation risk. 11 Financial intermediaries are subject to specific risks, such as potential conflicts of interest, the risk connected with the safekeeping of securities, operational risks, etc.

docondLUXen_v8.0a_15022021BP 78/98 dosperiskﬁCHELUXen_v1.0c_19022021BP By the same reasoning, a portfolio composed of a single asset class will not be as diversiﬁed as a balanced portfolio and will carry a greater risk of drawdowns and volatility. As a general rule, the risk of a product connected to a single asset class is therefore situated between the risk connected with a portfolio consisting of a single security and that of a balanced portfolio invested in several uncorrelated asset classes.

This chart, for example, illustrates the historic "! behaviour of an US Equity Growth 5012 mandate "! !! compared with a balanced portfolio in USD.

Between 30 September 2007 and 28 February 2009, "! the US Equity Growth 50 mandate experienced a drawdown of 47.7% compared with 32% for a USD !! portfolio, along with annual volatility of 14.6% for "! the US Equity Growth 50 as opposed to 6.5% for

the USD portfolio. !!

"! !! !! !! !! ! ! ! ! ! ! " ! ! ! ! ! ! !

2.6 The two aspects of risk We have thus considered the two aspects of risk: – A negative aspect: the occurrence of risk is never pleasant, and the aim of compliance and regulation is to make investors aware of these risks. An investor should never be able to say: “I didn’t know that”. – A positive aspect: the investor receives an additional risk premium as compensation for a potential disadvantage.

3 Detailed definitions of general risks related to underlying and financial markets 3.1 Credit risk Credit risk is the risk due to uncertainty in the counterparty’s ability to fulfil their obligations. As there are many types of counterparties, ranging from individuals to sovereign governments, as well as many different types of obligations, ranging from car loans to derivatives transactions, credit risk takes many forms (for example, the risk of bankruptcy, the risk of not meeting a margin call). Institutions manage credit risk in many different ways. You should be aware that the credit risk of a counterparty is closely linked to that counterparty’s default probability, credit exposure and recovery rate. The credit risk of institutions that issue financial instruments is analysed by so-called ‘rating agencies’ (Moody’s, Standard & Poor’s, Fitch, etc.). These assign a certain score or ‘rating’ to institutions, based on their analysis of the issuer’s capacity to meet their financial commitments. As a result, a AAA rating is considered as the safest, whereas a D rating indicates that the issuer is in default of honouring its financial obligations.

12 This mandate invests in 50 US companies regarded as undervalued for no fundamental reason.

docondLUXen_v8.0a_15022021BP 79/98 dosperiskﬁCHELUXen_v1.0c_19022021BP Some credit rating scales:

S&P Fitch Moody’s AAA AAA Aaa Prime AA+ AA+ Aa1 High AA AA Aa2 Less risky AA- AA- Aa3 A+ A+ A1 Average superior A A A2 A- A- A3 BBB+ BBB+ Baa1 Middle inferior BBB BBB Baa2 BBB- BBB- Baa3 BB+ BB+ Ba1 Speculative BB BB Ba2 BB- BB- Ba3 B+ B+ B1 Very speculative More risky B B B2 B- B- B3 CCC+ CCC Caa1 Important Risks CCC Caa2 Highly speculative CCC- DDD Caa3 Default

Sources: Standard & Poor’s, Fitch and Moody’s websites

3.2 Interest-rate risk Interest-rate risk is a risk to which the earnings or market value of an investment are exposed on account of fluctuating interest rates. Interest rates can go up or down and may not work in your favour. Generally, bonds and securities are exposed to this risk. When you invest in securities and bonds, it is important to be aware of this risk to enable you to take appropriate action should future interest rates not be in your favour. A classic example is the effect of an interest-rate cut on the value of a bond. If an existing bond offers an interest rate of 3% and new bonds only offer 2%, then the existing bond will increase in value. The opposite will, of course, happen if rates go up. 3.3 Currency risk Currency risk exists when you invest in a currency different from your reference currency. If you are a European resident and you buy shares in USD, the performance of your investment is not only linked to the share price, but also to the fluctuation of the USD against the euro or Swiss franc. Currency risk may even exist for financial instruments (for example structured products) that are quoted in euros or Swiss francs, as they can be linked to an underlying instrument in another currency. 3.4 Inflation risk Inflation can be defined as an increase in the general level of prices of certain basic consumer goods, such as food, beverages, energy, etc. The consequence of such an increase in prices is that the same amount of money will enable you to buy fewer goods than before the increase in prices. Inflation risk is the risk that the inflation rate is higher than the yield (or interest rate) you receive on a given investment, resulting in a loss in value of the capital initially invested. 3.5 Regulatory and legal risk This is the risk that a change in laws or regulations will have a material impact on a security and investments in a given sector or market. A change in laws or regulations made by the government or a regulatory body can increase the costs of operating a business, reduce the attractiveness of investment and/or change the competitive landscape, and, as such, alter the profit potential of an investment. This risk is unpredictable and may vary from market to market. In emerging markets, such risk may be higher than in more developed markets. For example in emerging markets, the inadequacy or absence of regulatory measures can give rise to increased danger of market manipulation or insider trading, while the absence of financial market supervision can affect the enforceability of legal rights.

docondLUXen_v8.0a_15022021BP 80/98 dosperiskfiCHELUXen_v1.0c_19022021BP 3.6 Market risk Markets can be developed in many different ways, so the pricing of investments in each market is dependent on a range of factors, such as supply and demand, and other economic influences. In emerging markets, social, economic and political changes can also influence these factors and, as such, the profitability of any investment in this market. You should also be aware that trading conditions may differ in every market. Under certain trading conditions, it may be difficult or impossible to liquidate a position. This may occur, for example, at times of rapid price movement if the price rises or falls in one trading session to such an extent that, under the rules of the relevant exchange, trading is suspended or restricted. Placing a stop-loss order or limit order are well-known steps geared towards limiting risks, but they will not necessarily limit your losses to the intended amounts, because market conditions may make it impossible to execute such an order at the stipulated price. If a so-called ‘market disruption event’ (for example the issuer of a financial instrument defaulting on payments) were to happen, this may have significant consequences for structured products linked to this instrument. As a result, structured products are often reimbursed before maturity in case a market disruption event occurs, but generally not at par. 3.7 Liquidity risk Liquidity risk is the risk that you will not always be able to obtain an appropriate price for your investment when you sell it due to lack of demand on the relevant market. When certain securities and derivatives are impossible to sell or can only be sold with difficulty and at a steeply reduced price, the market is said to be ‘illiquid’. Liquidity risk occurs especially with shares in unlisted or poorly capitalised companies, investments with sale restrictions and certain structured products. 3.8 Clearing house protections On many exchanges, the performance of a transaction by the bank (or a third party with whom we are dealing on your behalf) is ‘guaranteed’ by the exchange or clearing house. However, this guarantee is unlikely in most circumstances to cover you and may not protect you if we, or another party, were to default on obligations owed to you. 3.9 Settlement risk The risk is that one party may fulfil its obligation on settlement of a financial instrument, but the other might not, leaving the non-defaulting party in the position of having paid out under the contract and received nothing in return. This arises mainly in transactions where there is a time-lag between the parties fulfilling their obligations under the contract. The most common example is in foreign exchange markets because each currency must be delivered in its home country. Due to time zone differences, several hours can elapse between a payment being made in one currency and the offsetting payment being made in another currency. 3.10 Insolvency risk A credit institution’s insolvency or that of any other brokers involved in the transaction may lead to positions being liquidated or closed out without your consent. In certain circumstances, you may not get back the actual assets which you lodged as collateral and may have to accept any available payments in cash. 3.11 Contingent liability risk Contingent liability transactions, which are margined, require you to make a series of payments against the purchase price, instead of paying the whole purchase price immediately. If you trade in future contracts for difference (CFDs) or sell options, you may sustain total loss of the margin you deposit with your firm to establish or maintain a position. If the market moves against you, you may be called upon to pay substantial additional margin at short notice to maintain the position. If you fail to do so within the time required, your position may be liquidated at a loss, and you will be responsible for the resulting deficit. Even if a transaction is not margined, it may still carry an obligation to make further payments in certain circumstances over and above any amount paid when you entered into the contract.

docondLUXen_v8.0a_15022021BP 81/98 dosperiskfiCHELUXen_v1.0c_19022021BP 4 Risks related to financial products The risk factors described in the preceding pages are present to varying degrees in financial products intended for investors. 4.1 Money-market instruments Money market instruments are financial instruments that make short-term (maximum 397 days) cash or bond investments with banks, governments or corporates. They often take the form of an investment fund or a certificate. As the objective of these instruments is to be a short-term and low-risk investment, returns and the level of risk are in principle close to those of cash investments.

Main risks: – Credit risk – Interest-rate risk – Inﬂation risk

4.2 Bonds A bond is a financial instrument that represents a loan to an entity such as a company, a government or even a supranational entity. When you buy or subscribe to bonds, you become a creditor of the issuer of the bonds. Generally, interest is paid to you as lender, and the amount of the loan is repaid at term. Some bonds generate a return linked to the performance of a real or notional pool of underlying assets. In such circumstances, the return you receive will depend how the underlying pool performs. Bonds have a nominal or par value, which will be returned to you when the bond matures at term. However, because bonds are traded on bond markets, the price you pay for a bond on the so-called ‘secondary’ market may be more or less than the nominal/par value. If you choose to invest in bonds, there is a risk you will lose some or all of the money invested. The value of your investment may be diminished by a number of factors, including rising interest rates, inflation, a worsening credit rating or even default by the bond issuer. Bonds can be bought and sold in the market (listed or ‘over the counter’), with their prices varying from day to day. A rise or fall in the market price of a bond does not always affect what you will receive if you hold the bond until it matures. You will only receive the nominal/par value of the bond (plus any coupon payment to which you have been entitled during your ownership of the bond), irrespective of what you paid for it.

Diﬀerent types of bonds exist: – Zero-coupon bonds to which no interest coupon is attached. Instead, these are issued at a discount to their nominal/par value and redeemed on maturity ‘at par’ (= 100%). For example, a zero-coupon bond is issued at 80% and reimbursed 5 years later at 100%. – Floating-rate bonds whose interest rate can move as a function of certain predetermined criteria. For example, the rate is linked to the annual rate of inﬂation. – Convertible bonds/cum warrants where the investor has the choice, at maturity, to be redeemed either in cash or in a predetermined number of shares. – Subordinated bonds are subordinated to ordinary bonds in the event of any failure to pay or bankruptcy.

Main risks: – Credit risk – Interest-rate risk – Inﬂation risk – Liquidity risk

docondLUXen_v8.0a_15022021BP 82/98 dosperiskfiCHELUXen_v1.0c_19022021BP 4.3 Equities A share is an instrument representing a shareholder’s rights in a company. Shares may carry fixed, variable or no entitlement to a dividend. The extent of a shareholder’s ownership in a company depends on the number of shares owned in relation to the total number of outstanding shares. Shareholders become co-owners of the company and participate in the company’s development as well as in opportunities for profit and losses. Some shares are bought on stock exchanges. Their values can go down as well as up in line with market conditions. These shares are termed ‘quoted’ or ‘listed’. As for unlisted shares or shares in small companies, there is an additional risk of losing money when such shares are bought and sold due to possible low liquidity. Shares have exposure to all major risk types listed below, and share prices may undergo unforeseeable price fluctuations, causing a risk of loss. Investing in shares concentrated in a specific sector is considered to be a higher-risk strategy due to concentrated exposure to the market sector in question. Shares in companies incorporated in emerging markets may be harder to buy and sell than shares in companies in more developed markets. Moreover, such companies may also not be regulated as strictly as in more developed markets. If a company goes into liquidation, its shareholders rank behind the company’s creditors (including its subordinated creditors) in the event of realisation and distribution of the company’s assets. This means that a shareholder will normally only receive money from the liquidator if there are any liquidation proceeds remaining once all the company’s creditors have been paid in full.

Certain specific types of share or equity-like instruments: – Private equity: non-listed shares or instruments used to finance new companies/activities. These types of investment are often limited to certain (professional) investors, as they are relatively risky and illiquid. – Depository receipts (‘Global Depositary Receipts’, ‘American Depositary Receipts’, etc.): generally speaking, these instruments can be defined as giving the right to a certain number of foreign shares which the issuer of the receipt holds on behalf of the holder of the receipt itself. These are normally traded in the same way as shares, but on a foreign market or execution venue. Their price is linked to the price of the underlying shares. In principle, they have a right to a dividend, but no voting right. – Preference shares: these have certain special privileges as regards dividends (for example a fixed dividend), but, as such, they often have no voting rights.

Main risks: – Market risk – Currency risk – Insolvency risk – Liquidity risk

4.4 Reverse convertibles Reverse convertibles can be considered as hybrid instruments between a (high-)yield investment and a derivative (short put). They have a nominal value with a predeﬁned interest rate. However, the interest payments and/or ﬁnal reimbursement depend on the performance of an underlying instrument, such as a stock index or a share. So, if the underlying performs well, the investor will normally receive a cash reimbursement. However, if the underlying does not perform well, the investor will receive either a number of shares or a reduced amount of cash, resulting in a capital loss.

Main risks: – Credit risk – Interest-rate risk – Market risk – Liquidity risk

docondLUXen_v8.0a_15022021BP 83/98 dosperiskﬁCHELUXen_v1.0c_19022021BP 4.5 Warrants A warrant is a negotiable instrument that confers on its holder, for a predetermined period of time and for a predetermined price, a contractual right (but not an obligation) to subscribe to securities, usually of the issuer, or, in the case of an issue by a ﬁnance subsidiary, its parent. The securities subject to the right may be equity shares, in which case the warrants are known as ‘equity warrants’, or other debt securities, known as ‘debt warrants’. Relatively small movements in the underlying security result in disproportionately large movements, either unfavourable or favourable, in the warrant’s price. You should understand that the subscription right which a warrant confers is invariably limited in time, with the consequence that, if the investor fails to exercise this right within the predetermined time-scale, the investment becomes worthless. You should not buy a warrant unless you are prepared to sustain a total loss of the money you have invested plus any commission or other transaction charges. Some other instruments are also called warrants, but these are actually options (for example a right to acquire securities exercisable against someone other than the original issuer of the securities, often called a ‘covered warrant’).

Main risks: – Credit risk – Market risk – Liquidity risk

4.6 Collective investment products Collective investment products, often referred to as ‘investment funds’, can take several legal forms. They can be either open-ended (when they continuously offer their shares for sale or purchase to investors, based on their net asset value) or closed-ended (when there are a fixed number of shares that cannot be redeemed as easily as open- ended funds). Such products include ‘mutual funds’, ‘investment trusts’, ‘unit trusts’, ‘investment companies with variable capital’ (SICAVs), ‘undertakings for collective investments in transferable securities’ (UCITS), ‘exchange- traded funds’ (ETFs), ‘real estate investment trusts’ (REITs) and ‘hedge funds’. These are all investment vehicles that invest their assets in the securities of other issuers or in cash, in accordance with their own internal rules or ‘investment policy’. The value of an investment in a collective investment product is determined by the value of the underlying investment made by the product’s managers [its net asset value (NAV), which is usually – but not always – calculated on a daily basis]. As such, any income received from investing in a collective investment scheme may vary with the dividends or interest paid by the underlying investments, which means it could fall as well as rise. In the case of certain specific funds, such as hedge funds, there may be limits to the ability to redeem units, and such funds may also engage in shorting or leveraging techniques. Collective investment products that focus on a country, sector or market index may exhibit greater volatility than the wider market; as such, they should be considered as higher risk than more widely invested collective investment products. It may not be possible to trade units or shares in collective investment products if there is no liquid market. You should be aware that, as an investor in a collective investment vehicle, you will often have none of the rights connected with direct individual investment within the investment vehicle (for example, discounts on the issuer’s products and the right to attend the company’s annual general meeting and vote on important matters). In the case of exchange-traded funds (ETFs), which often have the characteristic of tracking an underlying index, prices can vary during the day, as ETFs are traded on a stock exchange in the same way as shares.

13 See also paragraph 4.8 for a general description of other derivatives.

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Main risks: – Interest-rate risk – Market risk – Liquidity risk – Currency risk

4.7 Structured products Structured products are packaged pursuant to a certain investment strategy and are composed of several financial instruments, often a zero-coupon bond or money-market instrument, together with a derivative instrument. They can, among other things, take the form of a so-called ‘euro medium-term note’ (EMTN), which have a nominal value and interest or bonus payments (if any) expressed as a percentage, like bonds. Many varieties exist, such as products linked to a specific index, a basket of shares or even oil certificates. Generally speaking, structured products can be divided between those offering capital protection at maturity and those that do not offer any capital protection. For those offering capital protection, it is important to note that this protection only exists at maturity and provided that neither the issuer nor guarantor is in a situation of payment default. Furthermore, due to the important number of varieties of structured product that exist, it is important that you carefully read the information specific to each product you may wish to invest in, as risks and characteristics differ for each type. Lastly, it is important to bear in mind that, during the life of a structured product, its value on the secondary market may be below 100% (‘below par’), even for those offering capital protection at maturity.

Main risks: – Credit risk – Interest-rate risk – Market risk – Liquidity risk – Currency risk

4.8 Derivatives A derivative is a financial instrument, the value of which is derived from the value of an underlying asset. Rather than trade or exchange the asset itself, an agreement is entered into to exchange money, assets or some other value at or before a future date and at a predetermined price, based on the underlying asset. A premium may also be payable to acquire the derivative. There are many types of derivative, but options, futures and swaps are among the most common. An investor in derivatives often assumes a high level of risk, so investments in derivatives should be made with caution, especially for less experienced investors or investors with a limited amount of capital to invest. Derivatives usually have a high risk associated with them, predominantly as there is a reliance on how the underlying assets perform. Options or futures can allow a person to pay only a premium to have exposure to the performance of an underlying asset. While this can often lead to handsome returns if the investor has made correct assumptions about performance, it can also lead to a 100% loss (the premium paid) if incorrect. Options or futures sold ‘short’ or uncovered (i.e. without the seller owning the asset at the time of the sale) may lead to losses that are higher than the invested amount if, depending on the nature of the derivative, the price of the underlying asset falls or rises significantly. If a derivative transaction is particularly large or if the relevant market is illiquid (as may be the case with many privately negotiated off-exchange derivatives), it may not be possible to initiate a transaction or liquidate a position at an advantageous price.

docondLUXen_v8.0a_15022021BP 85/98 dosperiskfiCHELUXen_v1.0c_19022021BP ‘On-exchange derivatives’ are subject, in addition, to the risks of exchange trading generally, including potentially the requirement to provide margin. ‘Off-exchange derivatives’ may take the form of unlisted transferable securities or bilateral over-the-counter (OTC) contracts. Although these forms of derivative may be treated differently, both arrangements may be subject to credit risk of the issuer (if transferable securities) or the counterparty (if OTCs), and, like any contract, they are also subject to the particular terms of the contract (whether a one-off transferable security or OTC, or a master agreement), as well as the risks identified below. In particular, with an OTC contract, the counterparty may not be bound to close out or liquidate this position, so it may not be possible to terminate a loss- making contract. Derivatives can be used for speculative purposes or as hedges to manage other investment risks. In all cases, the suitability of the transaction for the particular investor should be very carefully considered. You are therefore advised to ask about the terms and conditions of the specific derivatives and associated obligations (e.g. the circumstances under which you may become obligated to make or take delivery of an underlying asset and, in respect of options, expiration dates and restrictions on the time for exercise). Under certain circumstances, the specifications of outstanding contracts (including the strike price of an option) may be modified by the exchange or clearing house to reflect changes in the underlying assets. Normal pricing relationships between the underlying asset and the derivative may not exist in all cases. The absence of an underlying reference price may make it difficult to assess fair value. We would also refer investors to the “Risks Involved in Trading Financial Instruments” brochure issued by the Swiss Bankers Association (SBA) for more detailed information on derivative investments. Clients wishing to deal in derivatives will find more detailed information in this document.

Main risks: – Credit risk (mainly in the case of OTC derivatives) – Interest-rate risk – Market risk – Liquidity risk – Currency risk – Settlement risk (mainly in the case of OTC derivatives) – Insolvency risk (mainly in the case of OTC derivatives)

5 Sustainability risk Sustainability risk is the risk arising from any environmental, social or governance events or conditions that, were they to occur, could cause a material negative impact on the value of the investment. Specific sustainability risks will vary for each investment, and include but are not limited to the following: Environmental risk: The risk posed by the exposure to issuers that may potentially be causing or affected by environmental degradation and/or depletion of natural resources. Environmental risk may result from air pollution, water pollution, waste generation, depletion of freshwater and marine resources, loss of biodiversity or damages to ecosystems. Environmental risks may negatively affect the value of investments by impairing assets, productivity or revenues, or by increasing liabilities, capital expenditures or operating and financing costs. Transition risk: The risk posed by the exposure to issuers that may potentially be negatively affected by the transition to a low carbon economy due to their involvement in exploration, production, processing, trading and sale of fossil fuels, or their dependency upon carbon intensive materials, processes, products and services. Transition risk may result from several factors, including rising costs and/or limitation of greenhouse gas emissions, energy-efficiency requirements, reduction in fossil fuel demand or shift to alternative energy sources, due to policy, regulatory, technological and market demand changes. Transition risks may negatively affect the value of investments by impairing assets or revenues, or by increasing liabilities, capital expenditures or operating and financing costs.

docondLUXen_v8.0a_15022021BP 86/98 dosperiskfiCHELUXen_v1.0c_19022021BP Physical risk: The risk posed by the exposure to issuers that may potentially be negatively affected by the physical impacts of climate change. Physical risk includes acute risks arising from extreme weather events such as storms, floods, droughts, fires or heatwaves, and chronic risks arising from gradual changes in the climate, such as changing rainfall patterns, rising sea levels, ocean acidification, and biodiversity loss. Physical risks may negatively affect the value of investments by impairing assets, productivity or revenues, or by increasing liabilities, capital expenditures or operating and financing costs. Social risk: The risk posed by the exposure to issuers that may potentially be negatively affected by social factors such as poor labour standards, human rights violations, damages to public health, data privacy breaches, or increased inequalities. Social risks may negatively affect the value of investments by impairing assets, productivity or revenues, or by increasing liabilities, capital expenditures or operating and financing costs. Governance risk: The risk posed by the exposure to issuers that may potentially be negatively affected by weak governance structures. For companies, governance risk may result from malfunctioning boards, inadequate remuneration structures, abuses of minority shareholders or bondholders’ rights, deficient controls, aggressive tax planning and accounting practices, or lack of business ethics. For countries, governance risk may include governmental instability, bribery and corruption, privacy breaches and lack of judicial independence. Governance risk may negatively affect the value of investments due to poor strategic decisions, conflicts of interest, reputational damages, increased liabilities or loss of investor confidence. Our investments take into account sustainability risks, by integrating in the investment process Environmental Social and Corporate Governance (ESG) factors, based on proprietary and third-party research, to evaluate both investment risks and opportunities. Consequent impacts to the occurrence of sustainability risks can be many and varied according to a specific risk, region or asset class. Generally, when a sustainability risk occurs for an asset, there will be a negative impact and potentially a partial or total loss of its value. However, the integration of sustainability risk analysis should mitigate the impact of such risks on the value of the investments and could help enhance long-term risk adjusted returns for investors.

6 A case study Let us look at an example in order to summarise risk premia. In this case study, a financial management consultant suggests that his clients invest in 10-year US government bonds with a yield to maturity of 3%, a 30-year BBB bond issued by Petrobras in Brazilian reals, and Petrobras shares. We wish to identify the risk premia for these various investments. 6.1 Credit risk Compensates for investment in a diversified portfolio of BBB corporate bonds in USD with a 10-year yield to maturity of 4.7%. In addition to the previous compensation of 3%, we have: – a premium of 1.3%, which is compensation for the balance-sheet risk – a premium of 0.4%, which is compensation for the AAA-BBB balance-sheet spread rating. These spreads vary according to the monetary policies of the central banks and investors’ risk appetite. The table below shows the ratings awarded by the main agencies. 6.2 Inflation risk and exchange-rate risk Compensates for the currency risk by taking an identical BBB bond (but this time in Brazilian reals) with a yield to maturity of 5.4%, i.e. an additional premium of 0.7% for the 10-year inflation differential between Brazil and the United States (it is assumed that this differential accounts fully for the exchange rate). 6.3 Time value of money Investing in a 30-year US government bond gives a return of 3.5%. The extra 0.5% compensates for the 30-year inflation risk compared with the previous 10 years. By definition, 30-year bonds are more sensitive to rate movements because of the weighting of the latest cash flow in the calculation of the bond’s value. This is known as ‘duration risk’.

docondLUXen_v8.0a_15022021BP 87/98 dosperiskﬁCHELUXen_v1.0c_19022021BP The table below illustrates the duration calculation for a bond with a maturity of 10 years.

120

100 Cash Flows 80 Bond Duration 60 7.04 years

0 12345678910

This example assumes that Petrobras issues 30-year corporate bonds and that the term premium is ﬁxed for all bond categories.

6.4 Equity risk Compensates for the higher risk incurred by shareholders as compared with bondholders in the event of default. The cost of equity of Petrobras is estimated at 13.4%. The expected returns will increase on a straight line assuming that arbitrage is linked to market eﬃciency: any additional risk unit will earn an identical additional return. This assumption is useful if a long-term horizon is under consideration. Below is a table showing the respective principal risk premia for Petrobras shares and 30-year corporate bonds issued by the same company in Brazilian reals for an investor based in USD. Prices and expected returns are stable.

Financial assets: Expected risk Low High

Petrobras shares (13.4%)

Petrobas corp. High bonds 10Y in real (5.4%) Petrobras bonds 30Y BBB

in real (5.9%) Expected return, time

US Corporate 10Y BBB (4.7%) Low Low High Capacity to take risk US government 10Y (3.0%) Financial assets: High Low Investor: Investor: Sensitivity to unexpected variation of risk

Some premia are linked: the risk premium connected with equities, for example, covers the default risk to which a bondholder is subject, but the volatility risk for equity returns has no counterpart for bonds. The expected return of 13.4% on Petrobras shares is therefore considerably higher than the initial proposal of 3% for US 10Y government bonds, but the risks are also much higher. Equities Bonds US risk-free rates 3.0% 3.0% US risk-free rates Risk currencies/inﬂation in Brazil (emerging markets) 0.7% 0.7% Risk currencies/inﬂation in Brazil (emerging markets) Equity risk premium in Brazil 8.8% 1.3% Balance sheet/AAA Rating risks 0.5% 30Y term premium

Risk premium related to Petrobas 0.9% 0.4% Spread rating AAA-BBB (activity, balance sheet, beta = 1.1) 13.4% 5.9%

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APPENDIX 4 Basic information about the protection of deposits

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Deposits at Pictet & Cie (Europe) S.A. are protected by: Fonds de garantie des dépôts Luxembourg (Deposit Guarantee Fund Luxembourg) (1)

Limit of protection: EUR 100,000 per depositor per credit institution (2)

If you have more than one deposit at the same credit institution: All your deposits at the same credit institution are aggregated and the total is subject to the EUR 100,000 limit (2)

If you have a joint account with another person(s): The EUR 100,000 applies to each depositor separately (3)

Reimbursement period in case of credit institution’s failure: 7 working days (4)

Currency of reimbursement: Euro

Fonds de garantie des dépôts Luxembourg Address (head office): 283, route d’Arlon, L-1150 Luxembourg Contact: Postal address: L-2860 Luxembourg E-mail address: [email protected] Tel.: (+352) 26 25 1-1 Fax: (+352) 26 25 1-2601

More information: www.fgdl.lu

(1) Scheme responsible for the protection of your deposit

(2) Overall limit of protection If a deposit is unavailable because a credit institution is unable to meet its financial obligations, depositors are repaid by a deposit guarantee scheme. This repayment covers up to EUR 100,000 per credit institution. All of a client’s deposits at the same credit institution are added together to determine the maximum amount. If, for instance, a depositor holds a savings account with EUR 90,000 and a current account with EUR 20,000, they would be repaid the maximum amount of EUR 100,000 only. In cases provided for in Article 171(2) of the Law of 18 December 2015 on the resolution, reorganisation and winding- up measures of credit institutions and certain investment firms and on deposit guarantee and investor compensation schemes, deposits are protected for over EUR 100,000 subject to a limit of EUR 2,500,000. More information can be found at: www.fgdl.lu.

docondLUXen_v8.0a_15022021BP 90/98 docondanexLUXen_v1.0a_19112020BP (3) Limit of protection of joint accounts In the case of joint accounts, the EUR 100,000 limit applies to each depositor. However, deposits in an account to which two or more persons are entitled as members of a business partnership, association or grouping of a similar nature that does not have a distinct legal personality are aggregated and treated as if made by a single depositor for the purpose of calculating the EUR 100,000 limit.

(4) Reimbursement The deposit guarantee scheme covering accounts at Pictet & Cie (Europe) S.A. is Fonds de garantie des dépôts Luxembourg (Luxembourg Deposit Guarantee Fund, Head office address: 283, route d’Arlon, L-1150 Luxembourg, postal address: L-2860 Luxembourg, e-mail address: [email protected], tel: (+352) 26 25 1-1, fax: (+352) 26 25 1-2601, www.fgdl.lu). It will repay your deposits up to EUR 100,000 within 7 working days. If you are not repaid within 7 days, you should contact the deposit guarantee scheme as the timeframe to claim reimbursement may be barred after a certain period. Further information can be obtained under www.fgdl.lu.

Other important information In general, all retail depositors and businesses are covered by deposit guarantee schemes. Exceptions for certain deposits are stated on the website of the deposit guarantee scheme. Your credit institution will also inform you on request whether certain products are covered or not. If deposits are covered, the credit institution will mention this on the account statement. Any liabilities of the depositor towards the credit institution are taken into account when calculating the repayable amount, provided they have fallen due on or before the date on which the relevant administrative or judicial authority confirms that deposits at the institution are unavailable.

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APPENDIX 5 Pictet Group Privacy Notice

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1) Who is responsible for your We process information and personal data relating to you and/or any Related personal data and whom Person of yours [Related Person(s) and you together hereafter the “Data can you contact? Subject(s)”]. We essentially do so in connection with our existing and/or prospective business relationships, including your use of our websites (together hereafter the “Business Relationship”). We can do so either as controller or as joint controller (hereafter the “Controller”).

A “Related Person” means an individual or entity whose information you or a third party provides to us and/or which otherwise comes to our knowledge in connection with our Business Relationship. A Related Person may include, ?>=<;:<98=<7;6;=54<=83<2;1<0<4;/5.=8/-<8,.5/<8/<56+78*55<8)<0<.86+09*(<2;;1<0< =/>:=55-<:5'78/<8/<+/8=5.=8/<8)<0<=/>:=(<2;;;1<0<986;955<8/9=(<2;$1<0<:>?:=09=;07<;9=5/5:=<8%95/<;9<09<0..8>9=(<2$1<0<.89=/877;9#< +5/:89(<2$;1<0<+0*55<8)<0<45:;#90=54<+0*659=(<2$;;1<09=1(<8/<2$;;;1< an employer or contractor. In this regard, we ask you to liaise with any and all of your Related Persons and transmit to them this Privacy Notice and the information contained therein.

Should you have any questions about this Privacy Notice, your Controller or, more generally, the processing of your (or your Related Persons’) personal data, you .09<.89=0.=<*8>//< 0=0< /8=5.=;89<,.5/<0=<09*<8)<=!5< following addresses:

! ! ! Route des Acacias 60 ""<8< 1211 Geneva 73 Bayside Executive Park, Building No. 1 %;5/7094 5:=<0*<=/55=<094<705<804-<0::0>< <0!060:< :%;5/709440=0+/8=5.=;89+;.=5=".86 ?0!060:40=0+/8=5.=;89+;.=5=".86

! ! ! $59>5<""<59954*< 1000 de la Gauchetiere West, Suite 3100 <>56?8>/# Montreal QC H3B 4W5 Luxembourg Canada 5>/8+540=0+/8=5.=;89+;.=5=".86 98/=!065/;.040=0+/8=5.=;89+;.=5=".86

! ! <0/;90<8>75$0/4< Route des Acacias 60 0/;90<0*<;909.;07< 59=5/< < 8%5/< 1211 Geneva 73 ;9#0+8/5< %;5/7094 0:;040=0+/8=5.=;89+;.=5=".86 +0640=0+/8=5.=;89+;.=5=".86

docondLUXen_v8.0a_15022021BP 94/98 adgdprinfen_v1.1a_14072020BP -,+*),+('&%,$#+#"+$,)#*! +$" , #!*!#+* ")+(,$),$+"&!*#!" (+,+*)!(! + your personal data? under data protection, contract, professional or banking secrecy, as the case may be. Personal data we process are also subject to said obligations. This Privacy Notice deals with the way we process (i.e. collect, use, store, transmit ")+"#,)!(,+* ,+")+)"$,((+",)*#!" (+$",$#!,+, ,+,),*#,)+*(+#,+ “Processing” or “Processing Operations”) personal data. This Privacy Notice does not replace, and is subject, to our applicable contractual terms and conditions. We may conduct our Processing Operations either directly or indirectly, through other parties that process personal data on our behalf (hereafter the “Processors”). We are responsible only for the Processing of personal data as per this Privacy Notice.

3) What personal data “Personal data” include any information that makes it possible to identify a do we process? *#')*+,)(" +!),$#+,+ )(#+ *,+(') *,+")+! !),$#+,+*((")#+ number or data combination). Personal data of Data Subjects we process may include: +!, #! $*#!" +*#*+,+ *,(+*),((,(+#,," ,+ '&,)(+,*!+*),((,(+ &'(! ,((+$" #*$#+! ")*#!" +,)(" *+$*)*$#,)!(#!$(+,+*#,+"+&!)#+$"' #)+"+&!)# • professional information, e.g. employment and job history, title, professional ( !(+",)(+"+* ") , +!, #! ,)(+!((',+&+'&!$+&"!,(+,+*((")#+!, #! $*#!" +$*)+#* + !, #! $*#!" + '&,)+ *#!" *+! (')* $,+ '&,)+("$!*+(,$')!#+ '&,)+") + ,)!# + * $!*+! ")*#!" +,+ * $!*+* +$),!#+!(#")+! ")*#!" +&* +,#*!(+ ),$")+)"+#,+,&#+$",$#!" +, ")$,, #+" $, • transaction/investment data, e.g. current and past investments, investment )" ,+! ,(#, #+),,), $,(+* +! ,(#,+*"' #+ '&,)+* +*',+"+ (*),(+,+)",+! +*+#)* (*$#!" +(,,)*$ '!),)+"+(*),(+#)* (*$#!" +,#*!( • management and security data, e.g. records of presence on our premises, ),'#*#!" +$,$ (+* +&*$ )"' +$,$ ( • cookie information, e.g. cookies and similar technologies on websites and in emails (please also see our Cookie Policy).

4) For what Purposes and on We collect and process personal data for the purposes (hereafter the “Purposes”) what legal bases do we process and based on the legal bases set out in this Privacy Notice. personal data? As a general comment, we essentially base our Processing on: (i) performance of a contract to which you are a party or a Related Person is related (as well as to take ),$" #)*$#'*+(#,(+*#+"')+")+*+,*#,+,)(" (+), ',(#+!!+"')+'#+#"+$"+ !#+*+,*+")+),'*#")+"&!*#!" +!!!+#,+')('!#+"+"')+,!#!*#,+! #,),(#+ ! $'! +#*#+"+"#,)+!$#,#+)"'+, #!#!,(+* +!+,)")* $,+"+*+#*( + $*))!,+"'#+! +#,+'&!$+! #,),(#+,+#"+),, #+")+,#,$#+", $,( "),+(,$! $*+,+$",$#+* +)"$,((+,)(" *+*#*+*(+ ,$,((*)+")+ performance of a contract to which you are a party and/or a Related Person is related, which encompasses the following Processing Operations (which may also be based on other lawful bases): • the opening and management of your and/or Related Person’s account or Business ,*#!" (!+!#+'(+! $'! +*+),*#,+",)*#!" (+")+"')+!, #! $*#!" • any other related services provided by any service provider of the Controller(s) * +)"$,((")(+! +$" ,$#!" +!#+"')+'(! ,((+,*#!" (! • management, administration and distribution of investment funds, including any ancillary services related to these activities, or the processing of subscription, conversion and redemption requests in investment funds, as well as for maintaining the ongoing relationship with respect to holdings in such investment ' (

docondLUXen_v8.0a_15022021BP 95/98 adgdprinfen_v1.1a_14072020BP • management of requests for proposals and/or due diligence, the provision of services (including the invoicing and payment of fees) and management of the Business Relationship and related communication with you.

We also collect and process personal data in connection with compliance with legal and regulatory obligations to which we are subject, including to: 3210/.-,+2/*+0-)(2,/'&%+)$#$-/)2$/2"#$#2!& +'$2# /&$210/,&'$2#),2+0.-'+ • comply with legal obligations relating to accounting, compliance with legislation /)2%#0+$2-)2)#)'-#2-)$0&%+)$2/&$/&0'-)(2/0+-()2#'$-.-$2#),2&#-+,2 1#0$-'-1#$-/) • carry out any other form of cooperation with, or reporting to, competent administrations, supervising authorities, law enforcement authorities and other 1& -'2#&$/0-$-+2+(2-)2$+2+,2/2#)$-%/)+2#&),+0-)(2#),2'/% #$-)(2 $+00/0-%2)#)'-)(2 2/0210+.+)$-/)2#),2,+$+'$-/)2/2'0-%+2&),+02 $#2#2+(20+1/0$-)(2/2)#%+2#,,0+2,#$+2/2 -0$2$#2-,+)$-'#$-/)2)&% +02 (TIN), account number and account balance to tax authorities under the /%%/)2+1/0$-)(2!$#),#0,2 ! 2/02 /0+-()2''/&)$2 #2 /%1-#)'+2'$2 2/02/$+02$#2+(-#$-/)2$/210+.+)$2$#2+.#-/)2#),20#&,2#2#11-'# + 3210+.+)$20#&,2 0- +02'/00&1$-/)2#),2$+210/.--/)2/2)#)'-#2#),2/$+02 services to persons subject to economic or trade sanctions on an ongoing basis -)2#''/0,#)'+2-$2/&02 210/'+,&0+2#2+2#2$/20+$#-)2 2#),2 /$+020+&-0+,20+'/0,2/02'0++)-)(21&01/+ 32,+#2-$2#'$-.+2-)$0#(0/&120-2%#)#(+%+)$21&0&#)$2$/2-'20-2-)2$+0%2 of markets, credit, default, processes, liquidity and image as well as operational #),2+(#20-2%&$2 +2-,+)$-+,2-%-$+,2#),2%/)-$/0+, • record conversations with Data Subjects (such as telephone and electronic communications), in particular to document instructions or detect potential or #'$&#20#&,2#),2/$+02/*+)'+

The Processing Operations outlined above may rely on other lawful bases and potentially do substantially rely on the performance of a task carried out in the public interest.

&0$+0%/0+2+2%#210/'+21+0/)#2,#$#2-)2'/))+'$-/)2-$2+(-$-%#$+2-)$+0+$2 we pursue in order to: • assess certain characteristics of the Data Subjects on the basis of personal data 10/'++,2#&$/%#$-'#210/-)( 2++2#/2!+'$-/)22 +/ 32,+.+/12/&02&-)+2+#$-/)-12-$2/& • improve our internal business organisation and operations, including for risk %#)#(+%+)$ • use this information in Pictet Group entities for market studies or advertising purposes, unless Data Subjects have objected to use of their personal data for %#0+$-)( • assess our risk and take related business decisions with regard to risk %#)#(+%+)$ • communicate personal data to other Pictet Group entities, in particular to (�#)$++2#)2+'-+)$2#),2#0%/)-+,2+0.-'+2#),2-)/0%2"#$#2!& +'$2# /&$2 +0.-'+2/*+0+,2 2-'$+$20/&12+)$-$-+ • establish, exercise and/or defend actual or potential legal claims, investigations /02-%-#0210/'++,-)( • record conversations with Data Subjects (such as telephone and electronic communications) to verify instructions, enforce or defend our interests or rights, assess, analyse and improve the quality of our services, train our employees and manage risks. • conduct audits and/or regularly reviews on you or your Related Person.

docondLUXen_v8.0a_15022021BP 96/98 adgdprinfen_v1.1a_14072020BP To the extent one or more of our Processes of personal data presupposes that you give your prior consent thereto, we will contact you and seek your consent in due time. The provision of personal data may be mandatory, e.g. with regard to our compliance with legal and regulatory obligations to which we are subject. Please be aware that failing to provide such information may preclude us from pursuing a Business Relationship with, and/or from rendering our services to, you.

We may assess certain characteristics of the Data Subjects on the basis of personal automated decision-making? 5434210/.-,,-524+3/*43).4(('2&10/%()$#"2)$21403).+(4023/210/!)5-2 4342 +-.3,2)32 1-0,/$4(),-52/-0,24$5245!).-2/02)$/0*43)/$2/$2/+0210/5+.3,24$52,-0!).-,2/023/,-2 /2/+024()43-,24$52+,)$-,,21403$-0,2-2*4'24(,/2+,-23-.$/(/#)-,234324((/2+,23/2 identify the level of risks linked to a Data Subject or to activity on an account. +03-0*/0-2-2#-$-04(('25/2$/32+,-24+3/*43-525-.),)/$*4)$#2)$2./$$-.3)/$2 with our Business Relationship and/or Data Subjects. Should we do so, we will comply with applicable legal and regulatory requirements.

6) What sources do we use to To achieve the Purposes, we collect or receive personal data: collect your personal data? • directly from the Data Subjects, e.g. when contacting us or through (pre ) ./$304.3+4(25/.+*-$343)/$2,-$325)0-.3('23/2+,24$5/0 • indirectly from other external sources, including any publicly available sources -#2 2/02 2,4$.3)/$,2(),3,2 22 1-.)4(('2 -,)#$43-52 43)/$4(,2& "2 lists], information available through subscription services (e.g. Bloomberg, World Compliance PEP list) or information provided by other third parties.

7) Do we share your personal If necessary or useful to achieve the Purposes, we reserve the right to disclose data with third parties? or make accessible the personal data to the following recipients, provided this is legally or otherwise authorised or required: • public/governmental administrations, courts, competent authorities (e.g. %$4$.)4(2,+1-0!),/0'24+3/0)3)-,"2/02%$4$.)4(2*40-324.3/0,2&-#23)051403'2/02 .-$304(25-1/,)340)-,20/-0,2-.4$#-,24$520-#),3-0," 2).3-320/+12-$3)3)-,2/023)051403'20/.-,,/0,2343210/.-,,21-0,/$4(254342/$2/+02 -4(24$5/023/2).2-2/+3,/+0.-2.-034)$234,,2/2/+0,2&/+3,/+0.)$#" • auditors or legal advisors. We undertake not to transfer personal data to any third parties other than those listed above, except as disclosed to Data Subjects from time to time or if required by applicable laws and regulations applicable to them or by any order from a court, governmental, supervisory or regulatory body, including tax authorities.

In the course of our Business Relationship, we may disclose, transfer and/or outside our jurisdiction of store personal data abroad (hereafter “ ”): (i) in connection incorporation? with the conclusion or performance of contracts directly or indirectly related to our Business Relationship, e.g. a contract with you or with third parties in your )$3-0-,32&))"2-$23-2./**+$).43)/$2),2$-.-,,40'23/2,4-#+40524$2/!-00)5)$#2 1+().2)$3-0-,32/02&)))"2)$2-.-13)/$4(2.4,-,25+('2/0-,--$2'2411().4(-2(4,2&-#2 disclosures of certain trades made on an exchange to international trade registers). International Transfers may include the transfer to jurisdictions that: (i) ensure an adequate level of data protection for the rights and freedoms of Data Subjects 4,20-#405,23/20/.-,,)$#2&))"2-$-%320/*245-+4.'25-.),)/$,24,20-#405,23-)02 level of data protection (e.g. adequacy decisions from the European Commission /023-2 ),,2-5-04(2 43420/3-.3)/$24$52$/0*43)/$2 /**),,)/$-0"2/02&)))"25/2 $/32-$-%320/*2,+.245-+4.'25-.),)/$,24$525/2$/32/-024$245-+43-2(-!-(2/2 5434210/3-.3)/$2$23-2(4-02.4,-2-2)((2-$,+0-234324110/10)43-2,4-#+405,240-2 provided, e.g. by using standard contractual data protection clauses established by the European Commission.

docondLUXen_v8.0a_15022021BP 97/98 adgdprinfen_v1.1a_14072020BP Should you wish to have further information as regards International Transfers or /..-,.-+/*)('/&)%$/-#'"(!,$( / (,&( ,$-')( , */ *(,$-(/*/(-,*) *+, ( )-('))( Section 1 above).

9) What are your rights in You have the right, subject to applicable local data protection legislation, to: connection with data (-)$)'*(/ )''(*,"(/ #(-) )+)(/( ,.!(,&"(*)(.)-', /(#/*/()(,# protection? (+&(/..-,.-+/*)"(-)$)'*(-) *+ /*+, (,-()-/'$-)(,&(*)(.)-', /(#/*/(*/*(/-)( + / $-/*) • request that personal data be erased when the Processing is no longer necessary for the Purposes, or is not or no longer lawful for other reasons, subject however *,(/..+ /)(-)*) *+, (.)-+,#'('))() *+, ((), • request a restriction of Processing of personal data where the accuracy of the personal data is contested, the Processing is unlawful, or if the Data Subjects /)(, ) *)#(*,(*)(-, )''+ % • object to the Processing of personal data, in which case we will no longer process the personal data unless we have compelling legitimate grounds to do so (e.g. *)()'*/+' ) *"() )- +')(,-(#)&) )(,&()%/( /+ ' (-) )+)(*)(.)-', /(#/*/(+ ('*-$ *$-)#"( , , !($')#(/ #( / + ) -)/#/)( &,- /*(#/*/(.,-*/++*!(-+%* • obtain a copy of, or access to, the appropriate or suitable safeguards which we may have implemented for transferring the personal data outside the European +, (,-(+)-/ # ( , ./+ (*,(,$-(/*/(-,*) *+, ( )-('))() *+, ((/,) (+ (-)/*+, (*,(*)( -, )''+ %(,&(.)-', /(#/*/(/ #"(&/++ %(/ !('/*+'&/ *,-!(-)',$*+, (,&(*)( /)-"( )(/( , ./+ *(+ (-)/*+, (*,(*)(-, )''+ %(,&(.)-', /(#/*/(+*(*)(-))/ *( data protection supervisory authority. Even if a Data Subject objects to the Processing of personal data, we are nevertheless /,)#(*,( , *+ $)(*)('/ )(+&(*)(-, )''+ %(+'(+ ()%/!( / #/*,-!(++ ( ) )''/-!( &,-(.)-&,- / )(,&(/( , *-/ *(*,(+ (*)(/*/($ ) *(+'(/(./-*!(+++ ( ) )''/-!( &,-(.)-&,- / )(,&(/(*/'( /--+)#(,$*(+ (*)(.$+ (+ *)-)'*(,-(+ ( ) )''/-!(&,-(*)( purposes of the legitimate interests we pursue, including the establishment, exercise or defence of legal claims. We will not, however, use the Data Subject’s personal data for direct marketing purposes if the Data Subject asks us not to do so. Subject to the limitations set forth in this Privacy Notice and/or in applicable local data protection laws, you can exercise the above rights free of charge by contacting ,$-(/*/(-,*) *+, ( )-

'(/( /)-(,&(.-+ +.)"()(-)*/+ (.)-', /(#/*/(&,-(/'(, %(/'()( ))#(*)( data kept or stored? same to achieve the Purposes. By the same token, we will delete or anonymise personal data (or equivalent) once they are no longer necessary to achieve the Purposes, subject however: (i) to any applicable legal or regulatory requirements *,('*,-)(.)-', /(#/*/(&,-(/(, %)-(.)-+,#(,-(++ (*,()'*/+'+ %"() )- +'+ %(/ #,-( defending actual or potential legal claims, investigations or similar proceedings, including legal holds, which we may enforce to preserve relevant information.

Status as of June 2020

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