ZEST ASSET MANAGEMENT SICAV -ZEST Flexible Bond Retail Cap EUR/  LU0840527872  /

The Sub-Fund mainly invests in any kind of debt instruments (including bonds, convertible bonds) and Money Market Instruments or assimilated products (such as commercial papers, and in general instruments with a maturity lower than twelve months) denominated in any currencies and issued by rated issuers with a Standard & Poor's rating of at least BB (or an equivalent rating issued by another main rating agency). The Sub-Fund is actively managed without reference to any benchmark. Investments in debt instruments, convertible and Contingent Convertible Bonds will be focused on securities issued by European and North American issuers. Investments in above-mentioned debt instruments issued by rated issuers with a Standard & Poor's rating below BB (or an equivalent rating issued by Moody's or Fitch) will be limited to 10% of the Sub-Fund's net assets. For money market instruments, the short-term rating (issued by one or more of the main agencies (Moody's, S&P & Fitch) at issue or issuer level) shall be at least P3/A3. Among the convertible bonds, the Sub-Fund may invest maximum 40% of its net assets in Contingent Convertible Bonds (which must have a mechanical trigger), 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), and located in OECD countries. For investment and hedging purposes, the Sub-Fund may use financial derivatives, such as exchange traded futures and options on rates, currency and bonds, but to the exclusion of total return swaps. The remaining assets may be invested in any other eligible assets. Direct investments in equities shall be limited to 10% maximum of nets assets and shall be allowed only for equities resulting of conversion of a Contingent Convertible Bonds. The Sub-Fund may invest a maximum of 10% of its assets in units or shares of other UCITS and/or UCIs in order to be eligible as a coordinated UCITS. The Sub-Fund may also hold ancillary liquid assets (i.e. bank deposits at sight, such as cash held in current accounts with a bank accessible at any time) up to 20% of its net assets for treasury purposes. The aforementioned limit shall only be temporarily breached for a period of time strictly necessary when, because of exceptionally unfavourable market conditions, circumstances so require and where such breach is justified having regard to the interests of the Shareholders. The Sub-Fund may also hold on ancillary basis money markets instruments dealt in on the money market rather than on the regulated markets, for example treasury and local authority bills, certificates of deposit, commercial papers, medium-term notes and bankers' acceptances. The Sub-Fund will neither invest directly in the Chinese market of A-Shares, the Indian market of P-Notes nor will invest directly in Russia but may indirectly be exposed to these countries / specific assets via eligible target funds.

The Sub-Fund mainly invests in any kind of debt instruments (including bonds, convertible bonds) and Money Market Instruments or assimilated products (such as commercial papers, and in general instruments with a maturity lower than twelve months) denominated in any currencies and issued by rated issuers with a Standard & Poor's rating of at least BB (or an equivalent rating issued by another main rating agency). The Sub-Fund is actively managed without reference to any benchmark. Investments in debt instruments, convertible and Contingent Convertible Bonds will be focused on securities issued by European and North American issuers. Investments in above-mentioned debt instruments issued by rated issuers with a Standard & Poor's rating below BB (or an equivalent rating issued by Moody's or Fitch) will be limited to 10% of the Sub-Fund's net assets.