BANOR SICAV - EURO BOND ABSOLUTE RETURN - I - EUR - Dis./  LU0451395577  /

Banor Capital Ltd manages the investments of this Fund. We aim to provide you with annual positive returns, year on year. A positive return may not be achieved at all times. We mainly invest in bonds (loans) in euros issued by European companies. These bonds pay fixed or variable interest rate. We also invest in bonds that can be converted into shares of their issuer (convertible bonds) and in bonds issued by non-European issuers. We may also invest in shares and bonds issued by nonEuropean companies and in units of investment funds. We may invest up to 10% of the assets of the sub-fund in bonds guaranteed by assets (ABS-Asset Backed Securities) or real estate properties (MBS-Mortgage Backed Securities)and up to 20% in Cocos (Contingent convertible capital instruments) are hybrid instruments issued by banks and having both the characteristics of bonds and of shares; they are also allowed. Finally, we invest in units of other funds which themselves invest in the above mentioned instruments

Banor Capital Ltd manages the investments of this Fund. We aim to provide you with annual positive returns, year on year. A positive return may not be achieved at all times.