Pictet Asset Management Inc

5. Fees and Compensation

PAMI receives no fees or other compensation from any prospective client it has solicited and that has
been referred to PAM Affiliates. For greater clarity the following is explained:

   •       PAMI does not deduct fees from any PAM Affiliate clients’ assets or bill such clients for any
           fees incurred;
   •       PAMI does not provide advisory services as part of its business model;
   •       PAMI does not provide management services as part of its business model;
   •       Prospects successfully referred to PAM Affiliates as clients do not pay PAMI any fees in
           advance and supervised persons do not accepts compensation from such clients of PAM
           Affiliates for any reason related to the sale of securities or other investment products.

To obtain information about Fees and Compensation of the PAM Affiliates for Prospects successfully
referred to PAM Affiliates as clients, please refer to the PAM Affiliates respective Investment Adviser
Brochures- Form ADV part 2. Further identification details about how to access and locate such PAM
Affiliates information may be found in Section 4 above.

However, the PAM Affiliates for which PAMI provides marketing services in North America will pay or
reimburse PAMI for the expenses it incurs on their behalf, along with a reasonable mark-up to ensure the
financial viability and adequacy of PAMI as a good corporate and fiscal citizen in Canada.