BANOR SICAV - GREATER CHINA EQUITY - I - EUR- Cap./  LU1082251650  /

Banor Capital Ltd manages the investments of this Fund. We aim to provide you with annual positive returns, over time. A positive return may not be achieved at all times. We invest in shares of companies that are incorporated or make significant business in Mainland China, Hong Kong and Taiwan. We can also invest in bonds (loans) issued by such companies. We may also invest in shares and bonds issued by non-Chinese companies. We also invest in non-exchange traded financial contracts that provide us with direct influence from the movements in shares. Given their characteristics, these financial instruments may have a significant influence on the return of the Fund. We take investment decisions on the basis of our analysis of companies' financial figures, notably their earnings per share, cash flows, and book value. The latter is derived from private transactions occurring on such companies. This analysis allows us to buy or sell companies which price is significantly different to the result of our analysis. We also favour companies whose potential for their market value to trend towards their intrinsic value is attractive. This Fund is actively managed meaning that the investment manager has, subject to the stated investment objectives and policy, discretion over its portfolio, with no reference or constraint to any benchmark.

Banor Capital Ltd manages the investments of this Fund. We aim to provide you with annual positive returns, over time. A positive return may not be achieved at all times. We invest in shares of companies that are incorporated or make significant business in Mainland China, Hong Kong and Taiwan. We can also invest in bonds (loans) issued by such companies. We may also invest in shares and bonds issued by non-Chinese companies. We also invest in non-exchange traded financial contracts that provide us with direct influence from the movements in shares. Given their characteristics, these financial instruments may have a significant influence on the return of the Fund.