Pictet & Cie (Europe) SA, Hong Kong Branch

Disclosure of Monetary and Non-Monetary Benefits and other sales related Information

The following information is provided to you by Pictet & Cie (Europe) S.A., Hong Kong Branch (“Pictet HK Branch”) pursuant to paragraphs 8.3 and 8.3A of the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission. The disclosure of the information contained in this document does not affect any applicable fees chargeable to you by Pictet HK Branch and/or its affiliates. Please refer to the document “Private Banking Fee Schedule” for the standard fees and commissions. Unless otherwise specified by Pictet HK Branch, the information set out herein (as may be amended by Pictet HK Branch from time to time and notified to you accordingly) shall apply to each transaction done by Pictet HK Branch and/or its associates within the Pictet Group on behalf of their/its clients.

A. Disclosure of monetary benefits and capacity 

Type of investment product Monetary or other benefits1 to be received by Pictet HK Branch and/or its associates Capacity in respect of the distribution of the investment product
Fixed Income - non Swiss Franc (e.g., Bonds, etc.) Up to 1%2 of the investment amount Principal3
Investment Funds (e.g., equity funds, bond funds, money market funds, hedge funds, private equity funds, etc.) Pictet HK Branch and/or its associates will benefit from the origination and distribution of the investment product Agent
Structured Products (e.g. dual currency investment, equity-linked note, FX-linked note, commodity-linked note, interest-linked note, etc.) Up to 1% of the investment amount Agent
Over-the-Couter Derivatives (e.g., over-the-counter options on equity / commodity / foreign exchange / interest rate, etc.) Up to 1% of the investment amount Agent
Foreign Exchange Spots, Forwards and Swaps Up to 1% of the transaction amount for transaction amount equal to or over USD100,000

Up to 2% of the transaction amount for transaction amount below USD100,000
Principal
Commodities Up to 1% of the investment amount Principal3

Pictet HK Branch and/or its associates may from time to time benefit from the origination and/or distribution of other investment products not specified above.

Pictet HK Branch and/or its associates may receive rebates or retrocessions from product issuers and the amounts to be received are determined based on a pre-defined set of criteria. Such monetary benefits are not quantifiable or attributable to specific investment transactions to be conducted by clients prior to or at the point of sale.

B. Disclosure of Affiliation with Product Issuer

Where the investment product is issued by an entity belonging to the Pictet Group, Pictet HK Branch is affiliated with the product issuer

C. Disclosure of Discount Arrangement

Pictet HK Branch and/or its associates may from time to time offer you a discount on the fees and/or charges payable by you at its absolute discretion. In determining whether or not it is appropriate to give a discount to any client, Pictet HK Branch and/or its associates will consider a number of factors, including without limitation the nature of the investment product and the fee or commission arrangements Pictet HK Branch and/or its associates has/have with the issuers of the investment product. Unless otherwise notified by Pictet HK Branch, Pictet HK Branch does not offer any discount of the fees and/or charges payable by you.

Notes

1 Monetary benefits include, inter alias, trading profit made by Pictet HK Branch and/or its associates, remuneration such as distribution fee, retrocession received from its associates, management fees and initial fees received from the product issuer from the origination and/or distribution of investment products.

2 The maximum monetary benefits (in the form of a percentage ceiling of the investment amount) have been rounded up to the nearest whole percentage point.

3 Under some circumstances where Pictet HK Branch acts as an agent, the abovementioned monetary benefits are not applicable.  Please refer to the document “Private Banking Fee Schedule” for the standard fees and other charges and costs.