ZEST ASSET MANAGEMENT SICAV -ZEST Amelanchier R Retail Shares/  LU2064303469  /

The investment objective of the Sub-Fund is to generate absolute returns without any emphasis on any specific currency, industrial, geographic, or market sector. The Investment Manager will in general also use a "value" approach rather than a "growth" approach of investments, but this could change depending on market conditions. The Sub-Fund is actively managed without reference to any benchmark meaning that the Investment Manager has full discretion over the composition of the Sub-Fund's portfolio. The Sub-Fund shall invest primarily in a widely diversified portfolio of eligible asset classes such as equities, equity-related securities (including, but not limited to, convertible bonds, equity linked notes, financial derivative instruments underlying equities or equity indices (e.g. options, futures), low exercise price warrants and warrants on equities); fixed income instruments; money market instruments; cash and cash equivalents. It is understood that, investments in fixed income instruments may represent up to 100% of the Sub-Fund's net assets. However, investments in fixed income instruments rated below Ba2/BB by Moody's, S&P or Fitch, (at issue or issuer level), shall be limited to 45% of the net assets; money market instruments are not subject to any rating constraint; equities, equity-related securities may represent up to 100% of the Sub-Fund's net assets; China A-Shares shall be limited to 5% of the Sub-Fund's net assets. However, the Sub-Fund may indirectly invest in China A-Shares via eligible target funds, without limitation. Among the fixed income instruments, the Sub-Fund may invest maximum 15% of its net assets in Contingent Convertible Bonds, rated at least B-/B3 (by Moody's, S&P or Fitch) and issued by banking institutions rated at least investment grade (by Moody's, S&P or Fitch), located in OECD countries. The allocation will be done either directly or indirectly through UCITS and/or UCIs, whose investment policy is in line with that of the Sub-Fund. Financial derivative instruments shall be used for hedging purposes and for investment purposes. Options will generally be used for implementing the synthetic long or short strategy, CFDs or futures may also be used to optimize leverage.

The investment objective of the Sub-Fund is to generate absolute returns without any emphasis on any specific currency, industrial, geographic, or market sector. The Investment Manager will in general also use a "value" approach rather than a "growth" approach of investments, but this could change depending on market conditions. The Sub-Fund is actively managed without reference to any benchmark meaning that the Investment Manager has full discretion over the composition of the Sub-Fund's portfolio. The Sub-Fund shall invest primarily in a widely diversified portfolio of eligible asset classes such as equities, equity-related securities (including, but not limited to, convertible bonds, equity linked notes, financial derivative instruments underlying equities or equity indices (e.g. options, futures), low exercise price warrants and warrants on equities); fixed income instruments; money market instruments; cash and cash equivalents.