Pictet Wealth Management

Recording disclaimerThese recordings are not intended for and shall neither be provided to nor used by persons who are citizens of, domiciled or resident in, or entities registered in a country or jurisdiction in which its distribution, publication, provision or use would violate current laws and regulations. The information and data furnished in these recordings are disclosed for information purposes only. The Pictet Group is not liable for them nor do they constitute advice, an offer, an invitation or recommendation to buy, sell or subscribe to any financial instruments or services. All information and opinions expressed herein were obtained in good faith from sources believed to be reliable. Unless specifically stated otherwise, such information is indicative only and may change without notice. The market value of financial instruments may vary in particular on the basis of economic, financial or political changes, the remaining term, the market conditions, the volatility and solvency of the issuer or the reference issuer. Moreover, exchange rates may have a positive or negative effect on the value, the price or the income of the securities or the related investments mentioned in these recordings. Forecasts and past performance are not reliable indicators or guarantee of future results, and the addressees of these recordings are fully responsible for any investments they make. No express or implied warranty is given as to future performance. Any performance shown does not take into account commissions and costs (which negatively impact the performance). The content of these recordings can only be seen and/or used by its addressee. The Pictet Group is not liable for the use, transmission or exploitation of the content of these recordings. Any form of reproduction, copying, disclosure, modification and/or publication of the content is under the sole liability of the addressee, and no liability whatsoever will be incurred by the Pictet Group. The addressee of these recordings agrees to comply with the applicable laws and regulations in the jurisdictions where they use the information reproduced in these recordings.These recordings are issued by the Pictet Group. These recordings and their contents may be cited provided that the source is indicated. All rights reserved. Copyright 2019. The Pictet Group includes the entities mentioned in the report published under the following link: www.group.pictet/reports