Introduction to

PICTET

March 2021

For professional investors only 1.

2 Introduction to Pictet Asset Management For professional investors only OUR GUIDING PRINCIPLES

To build responsible partnerships

Independence Partnership Having no external shareholders means we Pictet is a partnership in a narrow, legal have the independence of mind to always act sense, but also in a wider sense, in our clients’ interests. This in turn benefits embodying trust, respect, inclusion and investment performance. diversity

Entrepreneurial spirit Responsibility Long-term thinking But these principles are meaningless if we We have a sense of responsibility to both We resist the temptations of short-term don’t stay true to our entrepreneurial present and future generations, to the real fashion in favour of long-term, sustainable origins. economy and the wider world. decision-making.

3 Introduction to Pictet Asset Management For professional investors only FOUR BUSINESSES, ONE FOCUS

Presence – 30 offices

Staff1 – 4,950+ employees

Assets under management or custody2 – EUR 598bn PICTET GROUP

ASSET WEALTH ALTERNATIVE ASSET MANAGEMENT3 MANAGEMENT3 INVESTMENTS3 SERVICES3

Pictet Asset Management Pictet Pictet Alternative Advisors Pictet Asset Services EUR 220bn EUR 236bn EUR 29bn4 EUR 185bn

Specialist asset manager , Pioneer in public and Custody, offering investment wealth solutions and private alternative fund services and solutions and services family office services investments trading services

1Permanent FTE employees only. 2Exclusion of inter-business line double counting, shares in Pictet funds managed by AM are held by WM and AS clients. The term ‘Assets under Management or custody’ includes the assets of private and institutional clients looked after by the Pictet Group. As of December 2018, loans and overdrafts are no longer included in the AuM calculation. These assets may for example be managed through individual discretionary mandates, benefit from value services such as investment advice, or simply under deposit. 3The sum total of all the business lines includes inter-business line double counting. 4Incorporates NAV as well as commitments (includes PAM and PWM assets plus both discretionary and advisory assets). Source: Pictet Asset Management, 31.03.2021

4 Introduction to Pictet Asset Management For professional investors only STRONG FINANCIALS BACKED BY HIGH CREDIT RATING

GROUP FINANCIAL SUMMARY

ANNUAL REPORT 31.12.2020

Operating income EUR 2,608m Consolidated profit EUR 522m Equity EUR 2.9bn 1 Solvency ratio 18.6% 1In Pictet’s case, Basel III CET1 and Total solvency ratio are identical, namely the ratio of equity to risk-weighted assets. These measures aim to reflect the economic strength of a financial institution by taking into account the riskiness of its assets and its operations. Please note these figures were converted from CHF using rates as of 31.03.2021 (CHF/EUR 1.106134) Source: Pictet Group, 31.12.2020

RATINGS

FITCH MOODY’S DEFINITION1

Long term deposits2 AA- Aa2 Very high credit quality Short term deposits F1+ Prime-1 Highest credit quality Viability rating AA- N/A Very high fundamental credit quality

Adjusted Baseline Credit Assessment N/A a1 Upper-medium grade intrinsic financial strength Rating outlook Stable Stable

1Provided by FitchRatings and Moody’s Investors service

2The AA- rating by Fitch has remained unchanged since it was assigned in 2005. Moody’s long-term deposit rating was assigned in 2009 and upgraded to Aa2 in 2015. The Group’s financial solidity means it can weather even severe market turmoil. Its conservative approach is reflected in its strong liquidity and solvency, the very high quality of its assets and its high credit ratings. Additionally, the technical infrastructure and contingency planning of the firm ensure secure operational and business continuity. Source: Pictet Group, 31.03.2021

5 Introduction to Pictet Asset Management For professional investors only OUR MOST VALUABLE ASSET – OUR PEOPLE

› Average tenure – 7 Managing Partners – 20 years – 42 Equity Partners – 18 years › Employee turnover rate1: 5.4% › We believe our compensation scheme is robust throughout market cycles

Pictet employees

300

250

200

150

100

50

0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Total Number of Pictet employees (Indexed to 100) MSCI World Index EUR (Indexed to 100)

Group employees (permanent only excluding retirements). Source: MSCI World (EUR), Pictet Group, 31.03.2021

1Turnover formula: Total leavers over 12 months/current staff (excludes ex-retirements). Source: Pictet Group (People Analytics Team) , 31.03.2021.

6 Introduction to Pictet Asset Management For professional investors only 2. Pictet Asset Management

7 Introduction to Pictet Asset Management For professional investors only A FOCUSED MULTI-BOUTIQUE ASSET MANAGER

› Dedicated to investment management for institutional investors and financial intermediaries since 19801 › Led by executive committee members out of London and , with an average tenure of 17 years › Top management and senior investment staff under long-term compensation system to ensure tenure of talent › Annual staff turnover of 4.5%2 › 1,000+ employees, including 380+ investment professionals, across 18 offices3 › EUR 220bn4 assets under management › Our strategic capabilities – Absolute Return, Thematics, Emerging Markets and Multi Asset

1No nor proprietary trading. 2Permanent employees only. Turnover = Total Permanent Leavers / Total Permanent as at 31st March 2021 . 3Investment professionals: senior management, portfolio managers, research analysts, traders and risk managers 4Please note that the assets stated include all assets either managed or distributed by Pictet Asset Management. Source: Pictet Asset Management, 31.03.2021

8 Introduction to Pictet Asset Management For professional investors only OUR INVESTMENT BELIEFS

› We believe in the pre-eminence of active manager skill rather than simple style and carry bias. Our managers aim to deliver alpha coupled with high active share and/or astute management of market risk. › We believe Environmental, Social and Governance (ESG) considerations can help us make better long-term investment decisions for our clients. › We do not aspire to be all things to everyone: we are a focused multi-boutique asset manager, investing where we can add value for our clients. › We have no single investment approach, we empower each team to be independent to encourage innovation and accountability. › 28 product specialists allow our 188 investment managers to focus on their primary task of making investment decisions. › We manage risk as much as portfolios. is an integral part of our decision making, and risk monitoring is an independent function. Strong oversight is ensured through formal bi-annual manager reviews attended by our Chairman, CEO and respective CIO. › We favour clients’ interests over asset growth and would not hesitate to close strategies to protect alpha and investors.

Source: Pictet Asset Management, 31.03.2021

9 Introduction to Pictet Asset Management For professional investors only ASSETS UNDER MANAGEMENT

Evolution of assets (EURbn)* Asset class (EURbn)**

240 Active Equities Multi-Asset Passive Equities FUNDS 220 MANDATE <1% MULTI ASSET 220 USD 206 4% DEVELOPED 5% MARKETS MULTI ASSET 22% 21% GBP DEVELOPED MARKETS 200 EMERGING 31% MULTI ASSET 185 MARKETS 6% EUR 36.4 87.6 28.5 EMERGING 180 THEMATICS 63% MARKETS MULTI ASSET JPY 78% 165 69% QUEST <1% MULTI ASSET 160 152 CHF

140

120 Fixed Income & Money Markets Alternatives

100 AUM in billion EUR billion in AUM 17% MONEY MARKET 13% MULTI-STRATEGY 29% 80 6% LONG/SHORT EQUITY GLOBAL & REGIONAL BONDS 14% 44% 52.3 18% 15.0 LONG/SHORT FIXED INCOME 60 EMERGING DEBT FOHF/PRIVATE EQUITY¹ 25% CORPORATE BONDS & HIGH YIELD 34% 40

20

0 DEC-17 DEC-18 DEC-19 DEC-20 MAR-21

Source: *Data as at end of each calendar year. AUM rounded to the nearest billion. Please note that total AuM post 2015 includes assets distributed and managed by Pictet Asset Management. Prior to 2015, only assets managed by Pictet Asset Management are included. **Total AUM: EUR 220bn.1Managed by Pictet Alternative Advisors SA. Source: Pictet Asset Management, 31.03.2021

10 Introduction to Pictet Asset Management For professional investors only AUM BY STRATEGIC CAPABILITY

% AUM STRATEGIES ACTIVE1 PASSIVE1 AUM1

67% 19%

Equities 56% Developed Markets 17,996 28,256 124,000

Emerging Markets 5,550 8,144

Quest 3,202 -

Thematics 60,852 -

Fixed Income 26% Regional Bonds 8,345 4,600 52,299

Emerging Bonds 7,560 -

Corporate & High Yield Bonds 8,713 -

Money Markets 23,081 -

Hedge Funds 5% Equity Market Neutral 1,913 - 12,030

Equity Directional 3,164 -

Fixed Income Relative Value 91 -

Fixed Income Event Driven 239 -

Fixed Income Absolute Return 2,362 -

Multi Strategy 4,261 -

AuM 147,329 41,000 188,329

1Million EUR. Source: Pictet Asset Management, 31.03.2021

11 Introduction to Pictet Asset Management For professional investors only OUR ASSETS ARE OUTPERFORMING (ASSET WEIGHTED)

We take calculated risk with the aim of beating at least two-thirds of our peers and outperforming benchmarks two-thirds of the time.

Peer Group Benchmark

100% 100%

16% 16% 90% 90% 21% 20% 27% 30% 34% 34% 80% 38% 80% 41%

70% 70%

60% 60%

50% 50%

84% 84% 40% 40% 79% 80% 73% 70% 66% 66% 30% 62% 30% 59%

20% 20%

10% 10%

0% 0% DIC-17 DIC-18 DIC-19 DIC-20 MAR-21 DIC-17 DIC-18 DIC-19 DIC-20 MAR-21 ABOVE BMK BELOW BMK ABOVE MEDIAN BELOW MEDIAN

Note: Data as at December of each calendar year. Performance ranking is asset weighted over a 3 year period. Peer group data: All Pictet AM’s peer groups median excluding indexed funds and clones. Benchmark data: All Pictet AM’s composites excluding indexed funds and clones. Source: Pictet Asset Management: Factset (Peer), BOne (Benchmark), 31.03.2021

12 Introduction to Pictet Asset Management For professional investors only 3 Strategic capabilities

13 Introduction to Pictet Asset Management For professional investors only OUR STRATEGIC CAPABILITIES

THEMATICS ABSOLUTE RETURN MULTI ASSET EMERGING MARKETS

Innovating since 1995 An expression of Pictet’s DNA Heritage Early believers Driven by Megatrends Ambitious returns, Mastering asset allocation Deep and broad knowledge risk controlled

From the 1990s onwards, By leveraging Pictet Asset Pictet has been championing As early entrants into emerging Pictet Asset Management’s Management’s core strengths diversified portfolios since markets we combine deep innovative thematic equity of active and prudent portfolio 1805. Building on this market knowledge with a strategies have looked beyond management, our absolute expertise, our Multi Asset disciplined approach to risk to benchmarks to offer investors return strategies optimise teams deploy outlook-driven create a diverse range of bond, the opportunity to capitalise on investor returns whilst meeting and tactical allocation to equity and absolute return the most powerful trends their risk tolerance. generate attractive returns over strategies helping investors shaping our world. the course of an economic capitalise on the dynamism of cycle. the emerging world.

Source: Pictet Asset Management

14 Introduction to Pictet Asset Management For professional investors only OUR STRATEGIC CAPABILITIES – THEMATICS

THEMATIC EQUITIES

APPROACH Exposure to companies benefiting from megatrends

ROLE IN Complementary growth engine A WIDER › PORTFOLIO Low overlap with global equity indices › Exposure to long-term and global structural trends Source of long-term diversification

PRODUCTS Biotech (1995) Water (2000) Premium Brands (2005) Security (2006) Clean Energy (2007) Digital (2008) Timber (2008) Global Megatrend Selection (2008) Global Environmental Opportunities (2014) Health (2015) Robotics (2015) Global Thematic Opportunities (2016) Nutrition (2017) Smart City (2018) Human (2020)

1995 SINCE

team years’ years’ tenure 46members1 17 exp (avg) 8 (avg)

1Investment professionals only. Source: Pictet Asset Management, data as at 31.03.2021

15 Introduction to Pictet Asset Management For professional investors only OUR STRATEGIC CAPABILITIES – ABSOLUTE RETURN

FOCUS EQUITIES FIXED INCOME HEDGE FUNDS

APPROACH MARKET NEUTRAL RELATIVE VALUE MARKET NEUTRAL Our strategies seek to achieve high › Global EM (Sirius) invests in EM Multi-strategy is a diversified portfolio single-digit net returns over the cycle sovereign bonds, rates and FX aiming to achieve steady market neutral with low correlation to equity markets. instruments. returns that are uncorrelated to traditional asset classes, with a conservative volatility DIRECTIONAL EVENT DRIVEN profile. Our strategies aim to achieve long-term › Distressed and special situations capital growth with strong focuses on financially stressed and capital protection in down markets. distressed companies, predominantly in .

ABSOLUTE RETURN › Absolute Return adopts a flexible and unconstrained approach, underpinned by three principles: long term, value and robust.

PRODUCTS MARKET NEUTRAL RELATIVE VALUE Multi-strategy (2004) Europe Agora (2011) Global EM Sirius (2019) Diversified Alpha (2014) Japan Akari (2018) Global Aquila (2020) EVENT DRIVEN Distressed and special situations (2019) DIRECTIONAL Greater China Mandarin (2007) ABSOLUTE RETURN Europe Corto (2010) Absolute Return Fixed Income (2013) Global Atlas (2016) Global Fixed Income Opportunities (2018) Global Atlas Titan (2020)

SINCE 2007 2011 2004

Source: Pictet Asset Management, data as at 31.03.2021

16 Introduction to Pictet Asset Management For professional investors only OUR STRATEGIC CAPABILITIES – MULTI ASSET

MULTI ASSET

GLOBAL › Global presence & investment platform THINKING – Across London, Hong Kong, Milan, Tokyo, Geneva and – Supported by our Strategy Unit and our Economic Analysis team

LOCAL Local implementation drives how we run our clients’ portfolios IMPLEMENTATION › – Investment strategies made to suit investors’ specific needs – Our global presence provides us with key insights on local markets

› Strategies designed based on 2 factors: – Investment currency

USD GBP EUR JPY CHF – ‘Relative’ or ‘Absolute Return’

SINCE 19671

team years’ years’ tenure 43members2 17 exp (avg) 8 (avg)

Asset allocation views provided by our STRATEGY UNIT (PSU) & ECONOMIC ANALYSIS TEAM

1Refers to the first institutional multi-asset mandate managed by the Pictet Group prior to the creation of Pictet Asset Management in 1980 as dedicated asset management entity of the Group. The team managing the mandate transferred to Pictet Asset Management. 2Investment professionals only. Source: Pictet Asset Management as at 31.03.2021

17 Introduction to Pictet Asset Management For professional investors only OUR STRATEGIC CAPABILITIES – EMERGING MARKETS

FOCUS EQUITIES FIXED INCOME HEDGE FUNDS EMERGING MARKETS MULTI ASSET

APPROACH Began investing in global Pioneers in emerging debt We believe the EM universe Asset allocation matters as emerging equities in 1989. investing, starting in 1998 and provides compelling alpha performance sources change over Since then, we have been gradually developing our expertise opportunities to deliver the time. We offer a single asset- managing a range of global, to offer a comprehensive range of uncorrelated returns investors are allocation solution to the full regional and country strategies strategies covering sovereign and seeking. This is the element breadth and complexity of emerging for clients around the world. corporate debt. that underpins our hedge fund markets strategies.

PRODUCTS ACTIVE SOVEREIGN DEBT RELATIVE VALUE ACTIVE

Global Global Hard (1998) Liquid Global Macro EM FI - Emerging Markets Multi Asset Global EM (1991) Asian (2006) Sirius (2019) (2021) EM Sustainable (2010) Global Local (2006) EM High Dividend (2012) Latin American (2007) DIRECTIONAL Greater China Long/short EQ - EM ST Local (2008) Mandarin (2007) Regional Global IG (2012) Emerging Europe (1994) Chinese (2015) Asia ex Japan (1995) Sustainable EMD blend (2019) Greater China (2003) CORPORATE DEBT Country Global (2012) India (1996) ST EM (2014) Russia (2008)

INDEXATION Pacific ex Japan (2002) Emerging markets (2004) India (2011) China (2011) Russia (2011)

18 SINCE 1989 1998 2007 2021

18 Introduction to Source: Pictet Asset Management, 31.03.2021 Pictet Asset Management For professional investors only 4 Sustainability

19 Introduction to Pictet Asset Management For professional investors only OUR DRIVING PRINCIPLES

“We are convinced that Environmental, Social and Governance (ESG) considerations can help us make better Responsibility is in our DNA. long-term investment decisions for our clients. It’s the way we conduct investment research meetings, We are committed to integrating material ESG criteria in build our investment process, our investment processes and ownership practices with a report to clients, as well as view to enhance returns and/or mitigate risks. how we engage as a firm. It can not be a tick-the-box We embed ESG in our risk management and reporting tools exercise. in order to maintain high standards of transparency and accountability. Laurent Ramsey Managing Partner, Pictet Group Co-CEO, Pictet Asset Management

We believe in responsible capitalism and take a holistic view that considers the complex interactions between economy, society and the environment.”

20 Introduction to Pictet Asset Management For professional investors only RESPONSIBLE INVESTMENT AT PICTET ASSET MANAGEMENT

Key milestones

First strategies Founding member incorporating Pictet-Water, of Swiss Launch of first EM sustainable our first environmental Early UNPRI Sustainable Finance UNPRI Debt sustainable criteria fund signatory (SSF) A+ rating since fund 1990s 2000 2007 2014 2017 2019

1999 2006 2013 2016 2018 2020 Launch of First SRI Member of Launch of our Triggered SSF initiative Research partnership first SRI mandate for the IIGCC thematic blog - to encourage index on Climate Change fund Emerging mega.online providers to ban and EM with Oxford Markets controversial weapons University manufacturers from mainstream indices Our approach: five main pillars

1. Integrate ESG into investment processes 2. Engage with companies 3. Systematically exercise 4. Be transparent with 5. Act as stewards and risk management and governments voting rights clients of responsible investing

Firmwide exclusions e.g. Protect and promote the rights controversial weapons and Active engagement to improve and interests of our clients as Report on ESG metrics Lead industry-wide initiatives thermal coal extraction ESG practices shareholders at portfolio level and educate

Source: Pictet Asset Management

21 Introduction to Pictet Asset Management For professional investors only ESG INTEGRATION INTO INVESTMENT PROCESSES AND RISK MANAGEMENT

Today, all our strategies incorporate ESG criteria into their investment processes and consider sustainability risks. Product classification is subject to approval by the CSSF

POSITIVE IMPACT BEST-IN-CLASS / CORE STANDARDS ESG POSITIVE TILT INTEGRATED

APPROACH These strategies aim to deliver a Best-in-Class strategies seek to invest in These strategies promote These strategies integrate material securities of issuers with low sustainability financial return alongside risks while avoiding those with high environmental and/or social ESG risks and opportunities into achieving a positive and sustainability risks, subject to good characteristics by excluding investment decisions to measurable impact by investing governance practices. harmful activities in sectors complement financial analysis. in companies that provide Positive Tilt strategies seek to increase the such as oil and gas, tobacco, Portfolios may invest in securities weight of securities with low sustainability solutions to environmental and/or risks and/or to decease the weight of adult entertainment or with high sustainability risks. social problems. securities with high sustainability risks, gambling. subject to good governance practices.

PRODUCTS EQUITIES EQUITIES EQUITIES EQUITIES* Biotech Family Digital Developed & Emerging Markets Water Quest Emerging Sustainable Global Megatrend Selection Indexation Clean Energy Quest Europe Sustainable Premium Brands FIXED INCOME Timber Quest Swiss Sustainable Robotics Developed & Emerging Markets Nutrition FIXED INCOME Security credit Global Environmental Global Sustainable Credit Japanese Equity Opportunities Global bonds Opportunities Sustainable Emerging Debt Blend Japanese Equity Selection Health Quest Global Equities MULTI ASSET CHF Sustainable Bonds Dynamic Allocation Global Thematic Opportunities Swiss Sustainable Equities Tracker Multi Asset Global Opportunities Smart City World ex Swiss Sustainable Human Equities Tracker ALTERNATIVES Equity Market Neutral Global Credit Hedge Funds Long/Short

INVESTMENT Concentrated Focused Screened Unconstrained UNIVERSE

*Examples of ESG Integrated strategies. Source: Pictet Asset Management, 10.03.2021 Subject to CSSF approval 22 Introduction to Pictet Asset Management For professional investors only 5 Appendix

23 Introduction to Pictet Asset Management For professional investors only RISK MANAGEMENT

We take and manage risk to generate superior returns for our clients. But we do so in a disciplined and professional way.

PRE-INVESTMENT DURING INVESTMENT POST INVESTMENT Risk calibration Risk management & control Quality review What: Define investment What: On-going monitoring of What: In-depth semi-annual process, review guidelines and compliance with investment formal reviews focusing on, statutory regulations (pre and restrictions and exposure to amongst others; performance post trade monitoring of investment risks (e.g. tracking drivers, risk metrics (including investment restrictions and error, liquidity, volatility) liquidity) and process changes regulatory requirements)

Who: Investment team, Who: Investment team, Who: Senior management*, senior management* and independent risk management independent risk management compliance teams and compliance teams & performance team

Note: *Chairman, CEO & CIO. Source: Pictet Asset Management

24 Introduction to Pictet Asset Management For professional investors only A WORLDWIDE PRESENCE THROUGH 18 OFFICES

SEVEN INVESTMENT CENTRES*

CENTRE INVESTMENT ACTIVITIES

London Developed and Emerging equities, Developed and Emerging Government bonds, Emerging Tokyo* Hedge fund bonds and equities Montreal Osaka Geneva Thematic equities, Developed Shanghai Government bonds, Developed New York Taipei Corporate bonds (incl. High Yield), Hong-Kong* Active Quantitative equities, Indexation, Multi-Asset, Hedge Singapore* fund equities Zurich Thematic equities, Swiss equities, Geneva* Multi-Asset Zurich* Milan Multi-Asset London* Hong Kong Chinese bonds and equities Luxembourg (incl Hedge fund equities) Frankfurt Singapore Emerging Government bonds, Milan* Emerging Corporate bonds Paris Madrid Tokyo Multi-Asset and Japanese equities (incl. Hedge fund equities) Amsterdam Brussels

Source: Pictet Asset Management, 31.03.2021

25 Introduction to Pictet Asset Management For professional investors only OUR REPRESENTATIVE CLIENT LIST1

North America UK & Continental Europe Japan Other / Far East

PUBLIC FUNDS Canada Post City of Zürich City of Springfield Police Officers' And Fonds de Réserve pour les Retraites Firefighters' Retirement System Leicestershire County Council Pension Fund West Yorkshire Pension Fund Treasurer of States of Jersey

MUTUAL Ivy Funds IST Nomura Securities SH Asset Management FUNDS Principal Global Investors LLC Daiwa Securities Litman Gregory SMBC Nikko Securities John Hancock MUFJ Morgan Stanley Manulife Securities of Mitsubishi UFJ Mizuho Bank Sumitomo Mitsui Banking Corp Sumitomo Mitsui Trust Bank INSURANCE/ Manulife Allianz Global Investors HypoVereinsbank CORPORATES/ Novartis Groupe Mutuel Manpower Prudential Retirement Insurance & Annuity Medtronic Co Deutsche Bank SEB Fondo Pensione Intesa San Paolo

FOUNDATIONS/ Y's Men International ENDOWMENTS

1Clients named are those who consent solely to disclosure of their name for the purposes of marketing to other existing and potential institutional clients. By disclosure of their names, such clients neither approve nor disapprove nor endorse our services, products or performance. Source: Pictet Asset Management, 31.03.2021

26 Introduction to Pictet Asset Management For professional investors only GROUP’S MANAGING & EQUITY PARTNERS

Managing Partners SEVEN MANAGING PARTNERS Owners – Over 40 partners Renaud de Planta (Senior Partner) since 1805 Rémy Best, Marc Pictet, Bertrand Demole, Laurent Ramsey, Boris Collardi, Sébastien Eisinger

Continuity – Terms of the ASSET WEALTH ALTERNATIVE ASSET partners overlap ensuring MANAGEMENT MANAGEMENT^ INVESTMENTS SERVICES their knowledge, experience and values are Takuhide Hagino Alberto Valenzuela Nicolas Campiche Claude-Joseph Pech Xavier Barde Zsolt Kohalmi absorbed and passed on Fabio Paolini Grégory Petit Raymond Sagayam without interruption Bernd Uhe Niall Quinn Christèle Hiss Holliger Equity Partners Elizabeth Dillon Christian Schroder Lorenz Reinhard Who – Top managers as Paul-Marie Dacorogna Philippe De Weck Philippe Liniger equity owners based on: Hans Peter Portner Gaspare La Sala their strategic importance Elif Aktug Giovanni Viani to the group, demonstrated Jean-Claude Erne Andres Sanchez Balcazar professional impact and Epaminondas Pantazopoulos Luca Di Patrizi track record as role models Victor Aerni Markus Signer Yves Bruggisser Derick Bader Why – To foster strong Christopher Mouravieff-Apostol Olivier Ginguené retention of top managers Christophe Donay Andrea Delitala César Pérez Ruiz Hervé Thiard Marc Briol Gonzalo Rengifo Abbad Peter Wintsch Dominique Benoit Claude Haberer Heinrich Adami Pierre-alain Wavre

^Incorporates equity partners within corporate functions. Source: Pictet Group (People Analytics Team), 31.03.2021

27 Introduction to Pictet Asset Management For professional investors only OUR ASSETS ARE OUTPERFORMING (EQUALLY WEIGHTED)

We take calculated risk with the aim of beating at least two-thirds of our peers and outperforming benchmarks two-thirds of the time.

Peer Group Benchmark

100% 100%

90% 90% 25% 25% 26% 28% 30% 34% 33% 33% 37% 35% 80% 80%

70% 70%

60% 60%

50% 50%

40% 40% 74% 75% 75% 72% 70% 67% 67% 63% 65% 66% 30% 30%

20% 20%

10% 10%

0% 0% DIC-17 DIC-18 DIC-19 DIC-20 MAR-21 DIC-17 DIC-18 DIC-19 DIC-20 MAR-21 ABOVE BMK BELOW BMK ABOVE MEDIAN BELOW MEDIAN

Note: Data as at end of each calendar year. Performance ranking is equally weighted over a 3 year period. Peer group data: All Pictet AM’s peer groups median excluding indexed funds and clones. Benchmark data: All Pictet AM’s composites excluding indexed funds and clones. Source: Pictet Asset Management: Factset (Peer), BOne (Benchmark), 31.03.2021

28 Introduction to Pictet Asset Management For professional investors only For more information

This material is for distribution of the world by Pictet Asset For US investors, Shares sold in Investment Adviser and its to professional investors only. Management Limited, which is the United States or to US activities are conducted in full assetmanagement.pictet However it is not intended for authorised and regulated by the Persons will only be sold in compliance with the SEC rules distribution to any person or Financial Conduct Authority, private placements to applicable to the marketing of entity who is a citizen or and may not be reproduced or accredited investors pursuant affiliate entities as prescribed resident of any locality, state, distributed, either in part or in to exemptions from SEC in the Adviser Act of 1940 ref. country or other jurisdiction full, without their prior registration under the Section 17CFR275.206(4)-3. where such distribution, authorisation. 4(2) and Regulation D private publication, or use would be placement exemptions under contrary to law or regulation. For UK investors, the Pictet the 1933 Act and qualified and Pictet Total Return clients as defined under the Information used in the umbrellas are domiciled in 1940 Act. The Shares of the preparation of this document is Luxembourg and are recognised Pictet funds have not been based upon sources believed to collective investment schemes registered under the 1933 Act be reliable, but no under section 264 of the and may not, except in representation or warranty is Financial Services and Markets transactions which do not given as to the accuracy or Act 2000. Swiss Pictet funds violate United States securities completeness of those sources. are only registered for laws, be directly or indirectly Any opinion, estimate or distribution in offered or sold in the United forecast may be changed at any under the Swiss Fund Act, they States or to any US Person. The time without prior warning. are categorised in the United Management Fund Companies Investors should read the Kingdom as unregulated of the Pictet Group will not be prospectus or offering collective investment schemes. registered under the 1940 Act. memorandum before investing The Pictet group manages in any Pictet managed funds. hedge funds, funds of hedge Pictet Asset Management Inc. Tax treatment depends on the funds and funds of private (Pictet AM Inc) is responsible individual circumstances of equity funds which are not for effecting solicitation in each investor and may be registered for public North America to promote the subject to change in the future. distribution within the portfolio management services Past performance is not a guide European Union and are of Pictet Asset Management to future performance. The categorised in the United Limited (Pictet AM Ltd) and value of investments and the Kingdom as unregulated Pictet Asset Management SA income from them can fall as collective investment schemes. (Pictet AM SA). well as rise and is not guaranteed. You may not get For Australian investors, Pictet In Canada Pictet AM Inc is back the amount originally Asset Management Limited registered as Portfolio Manager invested. (ARBN 121 228 957) is authorized to conduct exempt from the requirement to marketing activities on behalf This document has been issued hold an Australian financial of Pictet AM Ltd and Pictet AM in Switzerland by Pictet Asset services license, under the SA. In the USA, Pictet AM Inc. Management SA and in the rest Corporations Act 2001. is registered as an SEC

29 Introduction to Pictet Asset Management For professional investors only