ZEST ASSET MANAGEMENT SICAV - Zest Mediterraneus Absolute Value Fund I/  LU1216091261  /

The Sub-Fund aims to seek a consistent, absolute return while placing emphasis on the preservation of capital in the medium term. The Sub-Fund is actively managed without reference to any benchmark. In order to achieve its investment objective, the Sub-Fund intends to invest principally in long and synthetic short positions on equity and equity related securities (including, but not limited to, convertible bonds, equity linked notes, low exercise price warrants and warrants on equities) of issuers, 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 European countries even if listed elsewhere. The Investment Manager will provide a broad diversification through the asset class with a view to exploit pricing anomalies which occur from time to time. The Sub-Fund will also take net long or net short positions without any corresponding hedges. The Sub-Fund may allocate up to 100% to equities. On an ancillary basis, the Sub-Fund may be invested in assets other that those referred to in the core policy, such as debt instruments (issued by corporate or state issuers), fixed income securities, money market instruments, according to the Investment Manager's expectations. The allocation will be done either directly or indirectly through other UCITS and/or UCIs, including UCITS/UCIs which are established as Exchange Traded Funds, whose investment policy is in line with that of the Sub-Fund.

The Sub-Fund aims to seek a consistent, absolute return while placing emphasis on the preservation of capital in the medium term. The Sub-Fund is actively managed without reference to any benchmark. In order to achieve its investment objective, the Sub-Fund intends to invest principally in long and synthetic short positions on equity and equity related securities (including, but not limited to, convertible bonds, equity linked notes, low exercise price warrants and warrants on equities) of issuers, 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 European countries even if listed elsewhere.