Disclosure - Trading strategy publications

Pictet Canada L.P.

Banque Pictet & Cie SA

Please refer to important Disclosure Information from Banque Pictet & Cie SA.

Pictet Canada L.P. 

Pictet Canada L.P. (''PC''), member of IIROC, discloses that all opinions and estimates contained in this report constitute Author's judgement as of the date of this report, are subject to change without notice and are provided in good faith but without legal responsibility. The content of this report does not constitute legal, accounting or tax advice or individually tailored investment advice. This report is prepared for general circulation to clients and has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

Disclosures on securities analyst recommendations

Banque Pictet & Cie SA is the issuer of this report.

PC did not, for any company mentioned in this report:

a) Manage or co-manage a public offering in the past 12 months.

b) Receive any compensation for investment banking services in the past 12 months.

c) Does not expect to receive or intend to seek compensation for investment banking services in the next 3 months.

As of the end of the month immediately preceding the date of this report (or at the end of the second most recent month if the report date is less than 10 calendar days after the end of the most recent month),  PC did not, for any company mentioned in this report:

d) Beneficially own 1% or more of any class of common equity securities.

PC does not act as a market maker for any securities mentioned in this report.

The report prepared by Banque Pictet & Cie SA may include certain quantitative formulas depending on the ratios or other criteria selected, the universe of securities, and the formula employed by the analysts. PC does not represent that all mathematical models used by Banque Pictet & Cie SA's analysts are inherently objective. Many such models are based on subjective formulas where analysts select or can change the inputs: for example, particular performance ratios or consensus earnings estimate, that may lead different analysts to different conclusions or interpretations. Therefore, this report must not be considered as an objective quantitative research report and may include biases inherent to the analysts’ views. This report does not constitute the investment policy of PC, but merely the different assumptions, views and analytical methods of the analysts mentioned who prepared it.

PC is not aware of any potential or actual, material conflict of interest at the time of distribution of this research report other than the ones disclosed by Banque Pictet & Cie SA, the issuer of the report.

For questions, please contact: PTS Montréal +1 514 350 6216

Pictet Overseas Inc.

IMPORTANT DISCLOSURES

Banque Pictet & Cie SA

Please refer to important Disclosure Information from Banque Pictet & Cie SA at the end of the attached report.

Pictet Overseas Inc. United States

Pictet Overseas Inc., member of FINRA and SIPC, discloses that all opinions and estimates contained in this report constitute Author's judgement as of the date of this report, are subject to change without notice and are provided in good faith but without legal responsibility.

The content of this report does not constitute legal, accounting or tax advice or individually tailored investment advice. This report is prepared for general circulation to clients and has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

Disclosures on securities analyst recommendations

Banque Pictet & Cie SA, the issuer of this report, is not a member of FINRA. Therefore, Banque Pictet & Cie SA, its employees, and the research analyst(s) of Banque Pictet & Cie SA who prepared this report are not subject to FINRA Rule 2241.Rule 2241 applies only to Pictet Overseas Inc. (hereafter "PO").PO did not, for any company mentioned in this report:

a) Manage or co-manage a public offering in the past 12 months.

b) Receive any compensation for investment banking services in the past 12 months.

c) Does not expect to receive or intend to seek compensation for investment banking services in the next 3 months.As of the end of the month immediately preceding the date of this report (or at the end of the second most recent month if the report date is less than 10 calendar days after the end of the most recent month), 

PO did not, for any company mentioned in this report:

d) Beneficially own 1% or more of any class of common equity securities.PO does not act as a market maker for any securities mentioned in this report.

The report prepared by Banque Pictet & Cie SA may include certain quantitative formulas depending on the ratios or other criteria selected, the universe of securities, and the formula employed by the analysts. PO does not represent that all mathematical models used by Banque Pictet & Cie SA's analysts are inherently objective. Many such models are based on subjective formulas where analysts select or can change the inputs: for example, particular performance ratios or consensus earnings estimate, that may lead different analysts to different conclusions or interpretations. Therefore, this report must not be considered as an objective quantitative research report and may include biases inherent to the analysts’ views. This report does not constitute the investment policy of PO, but merely the different assumptions, views and analytical methods of the analysts mentioned who prepared it.

PO is not aware of any potential or  actual, material conflict of interest at the time of distribution of this research report other than the ones disclosed by Banque Pictet & Cie SA, the issuer of the report.

For questions, please contact: PTS Montreal +1 514 350 6216.