Pictet-EUR Short Term Corporate Bonds I

This Compartment invests principally in a diversified portfolio of bonds and other debt securities (including money market instruments): − denominated in EUR or in other currencies as long as the securities are generally hedged in EUR; and − investment grade companies; and/or − having a minimum rating, at the time of acquisition, equivalent to BBB- as defined by the Standard & Poor’s rating agency or an equivalent rating from other recognised rating agencies. When there is no official rating system, the Board of Directors will decide on acquiring transferable securities with identical quality criteria. The Compartment will not invest, at the time of acquisition, in bonds that have a rating of less than B- as defined by the Standard & Poor’s rating agency or an equivalent rating from other recognised rating agencies.