ZEST ASSET MANAGEMENT SICAV - ZEST Butterfly 2 I/  LU2510112902  /

The investment objective of the Sub-Fund is to generate absolute returns, while placing emphasis on the preservation of capital in the long term, by focusing on investments in Europe and North America within the equities and fixed income markets. The investment strategy primarily identifies equity stocks and fixed income instruments to create a balanced portfolio. 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 will mainly invest in equities and equity-related securities (including ADR and GDR up to 10% of the net assets). Investments in equities will be limited to the 45% of the net assets; in debt securities (including but not limited to convertible bonds and other fixed income securities). Investments in debt securities will be limited to 65% of the net assets; investments in noninvestment grade debt securities shall be limited to 30% of the net assets. In the event of downgrading to non-investment grade, the Sub-Fund may continue to hold debt securities which have been downgraded, provided that the maximum exposure to noninvestment grade securities will be limited to a maximum of 35% of the net assets; investments in non-rated bonds will be limited to 10% of the net assets.

The investment objective of the Sub-Fund is to generate absolute returns, while placing emphasis on the preservation of capital in the long term, by focusing on investments in Europe and North America within the equities and fixed income markets. The investment strategy primarily identifies equity stocks and fixed income instruments to create a balanced portfolio. 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.