This document is issued by Pictet Asset Management SA. It is neither directed to, nor intended for distribution to or use by any person or
entity who is a citizen or resident of, or domiciled or located in, any locality, state, country or jurisdiction where such distribution,
publication, availability or use would be contrary to law or regulations. Only the latest version of the fund's prospectus, regulations,
annual and half-yearly reports may be relied upon as the basis for investment decisions. These documents are available from
FundPartner Solutions (Suisse) S.A., 60 Route des Acacias, 1211 Geneva 73.

The information or data presented in this document are not to be considered as an offer or solicitation to buy, sell or subscribe
to any securities or financial instruments.

Information, opinions or estimates contained in this document reflect a judgement at the original date of publication and are
subject to change without notice. Pictet Asset Management SA has not taken any steps to ensure that the securities referred to in this
document are suitable for any particular investor, and this document is not to be relied upon in substitution for the exercise of
independent judgement. Tax treatment depends on the individual circumstances of each investor and may be subject to change
in the future. Before making any investment decision, investors are recommended to obtain specific advice from an industry
professional.

The value and income of any of the securities or financial instruments mentioned in this document may fall as well as rise, and,
as a consequence, investors may receive less than originally invested. Risk factors are listed in the fund's prospectus and are
not intended to be reproduced in full in this document.

Past performance is not a guarantee or a reliable indicator of future performance. Performance data do not include the
commissions and fees charged at the time of subscribing to or redeeming units.

Investors' attention is drawn to the fact that this document is the sole responsibility of Pictet Asset Management SA. Neither BNP Paribas
nor its subsidiaries can be held liable, under any circumstances, for the contents of this document, including its compliance with
legislation in force. BNP Paribas and its subsidiaries decline all responsibility with regard to possible losses, either direct or
indirect, or any other damages incurred by the investor or by a third party, stemming from their reading of this document.
The Fund aims at capturing market opportunities by dynamically adjusting its exposure between dynamic and defensive assets.
In case the dynamic allocation fails to generate positive performance due to adverse market conditions, the Fund benefits from
a financial partial protection which consists in continuously protecting at least 85% of the invested capital. This partial protection
is provided by BNP Paribas, with whom the Fund has entered a hedging agreement for this purpose.

Investors' attention is drawn to the fact that, under the terms of the hedging agreement and the fund's prospectus, the sum
being protected is liable to be adjusted downwards in some circumstances, with the upshot that the sum paid by BNP Paribas
in the event of the partial-protection mechanism being activated will not necessarily equal the full difference between the fund's
effective value and 85% of its peak historical value.

The partial protection only covers adverse market conditions. All other sources of risk, including but not limited to operational
risks, are not covered by BNP Paribas.

ISIN Funds name Devise Calculation date VNI Monthly reports KIID
CH0199626950Structured Fund-Optimal Allocation-PCHF09.12.201691.37
CH0283342407Structured Fund-Optimal Allocation-HP EUREUR09.12.201693.26
CH0263539626Structured Fund-Optimal Allocation-XCHF09.12.201692.24
CH0199624088Structured Fund-Optimal Allocation-RCHF09.12.201691.16

The Structured Fund – Optimal Allocation investment fund, incorporated under Swiss law, offers 85% protection of invested capital. It is primarily invested in assets traded on money, bond and equity markets, chiefly through Pictet Group’s theme-based funds.

The Structured Fund – Optimal Allocation fund possesses several attractive benefits for investors: