ZEST ASSET MANAGEMENT SICAV - ZEST DERIVATIVES ALLOCATION FUND R1/  LU1216085701  /

The Sub-Fund aims to seek a consistent, absolute return while placing emphasis on the preservation of capital in the medium to long term. The investment strategy is based on risk spreading as a means of diversifying investments and makes an extensive use of options and derivatives to reduce the overall portfolio risk. The use of financial derivative instruments, such as call and put options, will be mostly used to reduce the risk. The Sub-Fund is actively managed. The Sub-Fund has no benchmark index and is not managed in reference to a benchmark index. The allocation of the portfolio between the different eligible asset classes, within the meaning of Article 41(1) of the Law of 2010, may vary according to the Investment Manager's expectations being understood that the Sub-Fund will invest: - at all times at least 51% of its net assets in such asset's classes, - in securities of issuers are that are incorporated under the laws of, and/or have their registered office in, and/or that derive the predominant part of their economic activity from countries of the EEA, Switzerland, USA and/or Canada. The investment policy will be flexible in terms of currency, rating and sector allocation. The Sub-Fund may also invest in American, European and International/ Global Depositary Receipts, respectively ADRs, EDRs or IDRs/ GDRs, where underlying securities are issued by companies domiciled in any emerging or frontier countries and then traded on a Regulated Market outside the respective emerging or frontier countries, mostly in the USA or Europe.

The Sub-Fund aims to seek a consistent, absolute return while placing emphasis on the preservation of capital in the medium to long term. The investment strategy is based on risk spreading as a means of diversifying investments and makes an extensive use of options and derivatives to reduce the overall portfolio risk. The use of financial derivative instruments, such as call and put options, will be mostly used to reduce the risk. The Sub-Fund is actively managed. The Sub-Fund has no benchmark index and is not managed in reference to a benchmark index.