AZ Equity - Al Mal MENA A-AZ FUND (ACC)/  LU2458361552  /

The Sub-fund is Feeder of the "AZ Fund 3 - Al Mal MENA Equity" Sub-fund (the Master). The Feeder shall permanently invest at least 85% of its assets in the MASTER (USD) class of said Master. The objective, investment policy and risk profile of the Feeder and the Master are similar. The Master's investment objective is to achieve long-term capital growth by actively investing, directly or indirectly, at least 60% of its assets in equities of companies domiciled in the Middle East (Kingdom of Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Bahrain, Oman), in North Africa (Egypt, Morocco, Tunisia) or in the Near East (Lebanon, Jordan, Palestine) (the "Target Regions") and/or in companies that conduct all or part of their commercial activities in Target Regions. Indirect exposure to the above-mentioned types of issuer will be achieved, inter alia, by investing in derivative financial instruments, UCITS and/or other UCIs as well as structured products eligible for a UCITS, such as participation notes and/or equity-linked notes. The Master is mainly composed of liquid securities traded on regulated markets that the Investment Manager considers undervalued compared with their fair value. The Master may also invest up to 20% of its net assets in equities of companies that are not domiciled and/or that do not conduct all or part of their commercial activities in Target Regions. The Master"s prospectus provides that, in exceptionally unfavourable market conditions (such as the 9/11 attacks or the collapse of Lehman Brothers in 2008), on a temporary basis and for as long as is strictly necessary, the Sub-fund may invest up to 100% of its net assets in cash, bank deposits and/or money market instruments, if justified by the interests of investors.

The Sub-fund is Feeder of the "AZ Fund 3 - Al Mal MENA Equity" Sub-fund (the Master). The Feeder shall permanently invest at least 85% of its assets in the MASTER (USD) class of said Master. The objective, investment policy and risk profile of the Feeder and the Master are similar. The Master's investment objective is to achieve long-term capital growth by actively investing, directly or indirectly, at least 60% of its assets in equities of companies domiciled in the Middle East (Kingdom of Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Bahrain, Oman), in North Africa (Egypt, Morocco, Tunisia) or in the Near East (Lebanon, Jordan, Palestine) (the "Target Regions") and/or in companies that conduct all or part of their commercial activities in Target Regions.