BANOR SICAV - MISTRAL LONG SHORT EQUITY - R - EUR- Cap./  LU0510654410  /

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 shares and bonds (loans) issued by Italian, Spanish and French companies that are dealt in on a stock exchange. We may also invest in such shares and bonds issued by other companies. A large proportion of the companies we invest in are medium size companies. We also invest in non-exchange traded financial instruments that provide us with influence from the movements in shares. Given their characteristics, these financial instruments may have a significant influence on the return of the Fund. We may also invest in shares and bonds issued by non-European companies having a presence in Italy, Spain or France, 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. We take investment decisions on the basis of our analysis of companies' financial figures, notably their earnings per share, cash flows, and market value. The latter is derived from public transactions occurring on such companies. This analysis allows us to buy or sell companies which market price is significantly different to the result of our analysis.

We aim to provide you with annual positive returns, year on year. A positive return may not be achieved at all times.