PURCHASE AGREEMENT
Panorama Trust (the "Trust"), a Massachusetts business trust, and
Pictet International Management Limited (the "Buyer") hereby agree as follows:
1. The Trust hereby offers the Buyer and the Buyer hereby purchases
one (1) share (the "Share") at $10 per share of the Trust's Pictet Eastern
European Fund (the "Fund"), with par value of $.001 per share. The Share is the
"initial share" of the Fund. The Buyer hereby acknowledges receipt of a purchase
confirmation reflecting the purchase of the Share, and the Trust hereby
acknowledges receipt from the Buyer of funds in the amount of $10 in full
payment for the Share.
2. The Buyer represents and warrants to the Trust that the Share
purchased by the Buyer is being acquired for investment purposes and not for the
purpose of distribution.
3. The Trust represents that a copy of its Declaration of Trust,
dated May 23, 1995, is on file in the Office of the Secretary of the
Commonwealth of Massachusetts.
4. This Agreement has been executed on behalf of the Trust by the
undersigned officer of the Trust in her capacity as an officer of the Trust. The
obligations of this Agreement shall be binding only upon the assets and property
of the Fund and not upon the assets and property of any other fund of the Trust.
5. This Agreement may be executed in counterparts, each of which
shall be deemed to be an original, but such counterparts shall, together,
constitute only one instrument.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement
as of the 12th day of March, 1997.
PANORAMA TRUST
Attest:
____________________________ By: ________________________
Attest: PICTET INTERNATIONAL MANAGEMENT LIMITED
____________________________ By: ________________________
