ZEST ASSET MANAGEMENT SICAV - ZEST DYNAMIC OPPORTUNITIES FUND R1/  LU0438908914  /

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 mainly invests in any kind of debt instruments (including bonds, convertible bonds) and Money Market Instruments or assimilated products denominated in any currencies. The allocation of the portfolio between the different fixed income securities (in particular convertible bonds, other corporate bonds, government bonds and money market instruments) may vary according to the Investment Manager's expectations. The Sub-Fund can be exposed to investment grade debt securities and non-investment grade debt securities (including non-rated debt securities up to 10%), in proportions that will vary according to financial market conditions and investment opportunities. The Sub-Fund can also be exposed to debt securities from CCC-/Caa3 to CCC+/Caa1 (S&P, Moody's) up to maximum 10% of its net asset value. It is understood that, in the event of downgrading in the credit ratings of a security or an issuer to distressed or defaulted, the Sub-Fund may, at the discretion of the Investment Manager, and in the best interests of the Compartment's unitholders, continue to hold those debt securities which have been downgraded, provided that in any case the Sub-Fund's maximum exposure to distressed or defaulted securities will be limited to a maximum of 10% of its net assets. In addition, the Sub-Fund may invest a maximum of: - 10% of its assets in units or shares of other UCITS and/or UCIs (including those established as Exchange Traded Funds) in order to be eligible as a coordinated UCITS, within the meaning of Directive 2009/65/EC; - 10% of its net assets, in Asset Backed Securities ("ABS"); and - 20% of its net assets in contingent convertible bonds.

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 mainly invests in any kind of debt instruments (including bonds, convertible bonds) and Money Market Instruments or assimilated products denominated in any currencies. The allocation of the portfolio between the different fixed income securities (in particular convertible bonds, other corporate bonds, government bonds and money market instruments) may vary according to the Investment Manager's expectations.